Lanzhou ramen track is on fire, especially when I heard that every shopping center in the inner ring of Shanghai has at least one brand of Lanzhou ramen, let the author, who grew up eating Lanzhou beef noodle in Lanzhou, had an illusion: "I quit my job and go back to my hometown to learn beef noodle at the beef noodle training center, and it's still time to start my own business and realize financial freedom! "

However, after comparing the "Capital Ramen", which is valued at several hundred million dollars, with the authentic Lanzhou beef noodles, I decided to continue to write.

Why is it that Lanzhou ramen has become so popular across the country?

The first is cheap, good quality and cheap to eat, but the entry of capital makes Lanzhou ramen into the beef noodles in the "Hermes".

One DU Finance In Haidian Huangzhuang new Zhongguan shopping plaza Zhang Lala store, in accordance with the Lanzhou people eat beef noodles, "meat, eggs, vegetables, three fly", ordered a noodle (27 yuan), a beef (18 yuan), four very small dishes platter (16 yuan), an egg (3 yuan),

The first is cheap, but the entry of capital has made the Lanzhou noodles "Hermes". *** It cost $63.50, and if I hadn't come to review it, I wouldn't have been able to afford to spend so much on beef noodles.

And locally in Lanzhou, One DU Finance in the popular store mill ditch along the beef noodles, ordered a noodle (8 yuan), a beef (9 yuan), four small dishes (8 yuan), an egg (2 yuan), *** spent 27 yuan.

You might say, that snail noodles in Liuzhou local is still only 8 yuan, out not also sell expensive? But for 27 bowls of Zhang Lala, 26 bowls of Chen Xianggui, and 26 bowls of Ma Ji Yong, they are not selling expensive, but too expensive!

Compare this to Beijing's oldest Northwest restaurant, Western Mahua, and the Oriental Palace, which has already hit the national scene, and the prices range from just 15-22 yuan a bowl.

(Western Mawa and Oriental Palace of beef noodles, different stores prices vary slightly, basically floating between 15-22 yuan)

Eat all the Beijing beef noodles of the author also has a discovery, Zhang Lala's amount of noodles is really small, if it is a big meal boys, more or less a little bit can not eat enough, it is said to be able to renew the noodle for free, but the order did not have a clear reminder; the amount of small dishes is also very small, the Lanzhou Ramen small dish plate. The Lanzhou Ramen dish is as big as a girl's palm, while the Zhang Lala dish is not as big as a girl's palm.

Left for Lanzhou local beef noodles, right for Zhang Lala, (to show fairness will be scaled to about the size of the bowl), you see, please compare the amount of their own, Lanzhou beef noodles meat thick, Zhang Lala meat is very thin

Let's talk about the taste, as a purebred Lanzhou people, I give Zhang Lala hit 50-60% of the degree of restitution (authentic Lanzhou beef noodles are still very tasty, the higher the degree of reduction, the better the taste), the taste is really good, and the taste is very good, and the taste is very good. (authentic Lanzhou beef noodles are still very good, the higher the degree of reduction, the better the flavor), the flavor can only be described as general. After investigating several Lanzhou people who have eaten Zhang Lala in Beijing, we generally believe that Zhang Lala and various street noodle shops with "authentic Lanzhou beef noodle" signboards are almost the same, while in Beijing's Western Mawar, Oriental Palace, Mazilu, for the authentic beef noodle reductions can reach 70-80%.

Local Lanzhou beef noodles on the left, Zhang Lala on the right

Lastly, let's compare the amount of meat we all care about: Zhang Lala's noodles come with some torn strips of beef, but not a lot of it, a little more meat than local Lanzhou beef noodles, but about the same as the average "langlai" noodles in Beijing and Shanghai.

Zhang Lala meat intuitive experience

There are also some small slots: for example, four small dishes of roasted bran, lotus root strips should be out of the cooking package, the other is not sure if it is a cooking package; the table is still flying through the table size of a number of flies; tendon meat is not boiled and now cut, but cut in the refrigerator, not only the plate is too cold, the meat is also more or less a little bit fishy.

There is also a small episode, Zhang Lala recharge 200 will send 200 yuan of dishes drink coupons, the guests at the table asked the waiter to recharge to send dessert coupons to redeem the sweet spirits drink waiter said no, the table little brother questioned: "I'm here every time times no", and then again and coworkers lamented, this is the drawbacks of entrepreneurial business! ah.

In fact, I would like to say to the little brother, many Lanla store after October winter does not do sweet grains, and I do not know whether his drink can be redeemed successfully in the future.

Some marketers believe that pure authentic Lanzhou beef noodles may not exist, more importantly, or how to make the industry bigger and stronger.

There is nothing wrong with this, for example, has been listed on the bottom of the sea in fact is not the most authentic Sichuan hot pot, sip feed feed is not authentic Taiwanese hot pot, too two pickled fish ninety-nine cents nine or even where the cuisine is not, the opening of a street full of Szechuan cuisine many are innovative dishes.

But want to take Lanzhou ramen listing cash, truly can not be too optimistic.

There are two main reasons for capital to support Lanzhou ramen:

First, Lanzhou ramen has been y rooted in people's hearts and minds, and does not need to do market education;

Second, China's catering chain rate is still very low, only 10%, while the U.S. has more than 50%, which means that the growth of China's space is still very large.

The first is not a problem, let's focus on the second.

Do chains always succeed? Or does chaining up the price of food and drink make it a sure thing?

For the 27 yuan a bowl of Lanzhou ramen, there is a car called Taoyuan眷村, at that time is also the top of the soybean milk and doughnut Hermes debut, doughnut and soybean milk than the Lanzhou ramen is also popular, and Taoyuan眷村 to take the route and the current capital of the same ramen, raise the price of the high-level business district, will be the original three or five dollars of soybean milk and doughnut burrito, raised to more than 10 yuan.

A bowl of soy milk at Taoyuan Family Village costs $8, a doughnut $6, a bowl of bean curd brain $16, and a burrito sandwich is almost always $25 or more

A per capita spend of more than $35, combined with a two-hour queue, has made capital curious about Taoyuan Family Village.

In 2017, Taoyuan眷村 completed its A round of financing, with Junlian Capital and Mingyao Asset as investors, while Taoyuan眷村 began to expand in Beijing, Tianjin, Hangzhou, Suzhou, Nanjing, Wuhan, Wuhan, Xiamen, Hefei, Chongqing, Chengdu, Shenzhen, and many other cities with the heat of financing. But from last year, people for high pricing, light luxury meal Taoyuan Folk Village freshness has passed, the breakfast sector Hermes, but also because of the cost-effective, opened their own store closure wave.

And I must throw some cold water on Lanzhou Ramen, which is too expensive for the primary market.

The author has been to Zhang Lala, for example, previously planned to raise funds at a valuation of 390 million yuan. I counted, at present, Beijing, Shanghai, Guangzhou has opened Zhang Lala has 40 stores, an average of a store worth 10 million. Chen Xianggui has 76 stores, valued at 1 billion, an average of a store more than 10 million.

Of course, capital investment Lanzhou ramen are the future to be listed, with reference to the market value of Haidilao or ninety-nine cents nine than the number of stores, a store more than 10 million market value is still low, should be valued at 100 million yuan / store, then Lanzhou ramen chain brands should be ten billion valuation, Sequoia to only 15 at that time when the letter of intent to invest in the Maki-Yong 10 hospitals should be adhering to this principle.

But discerning people know, Lanzhou ramen low barriers to entry, the market is in a state of complete competition, obviously not run out of several listed ramen.

And if you don't go public, how long will the investment pay off?

Haidian Huangzhuang Zhang Lala, for example, I counted in detail, the store has about 15 4-person table, 20 people around the card table, dining can accommodate about 80 people, according to my observation, 11:30 pm -13:00 peak, the turnover rate can be reached about 3 times, many people have chosen to comment on the public's signature single meal (guest unit price of 30 yuan), plus the Meituan takeaway platform monthly sales of 2800 single, set meal unit price is slightly higher at 39.9 yuan.

Then it can be roughly estimated that Zhang Lala's daily flow of 80X30X3X2 = 14,400 yuan, the monthly flow of 432,000 yuan, plus takeout income of 112,000 yuan, total monthly income of up to 544,000 yuan, the annual income of up to 6,528,000 yuan, with reference to the net interest rate of 99% nine 9.20%, let's improve a little bit of even 10%, the yearly return on investment of 650,000 yuan.

In accordance with the price of $10 million to invest in a store, not counting the time value of money to recover the investment needs to be at least 15 years, but also to ensure that the 15 years of the noodle shop can be opened, which is not a cost-effective deal for professional venture capital organizations.

Lanzhou Ramen was able to raise money because the current single-store model is relatively beautiful.

For example, at present, Zhang Lala, Chen Xianggui, Ma Ji Yong three "giants", all along the carving master beef brisket, Huang Taiji, Taoyuan眷村 opening of the fire, tell the capital, "we can make money".

But with the expansion, and can not take the current single-store model multiplied by the total number of stores in the future, in accordance with this valuation to find the capital withdrawals to take re-expansion.

This single-store model has been big brother Haidilao overthrown, before Haidilao proud of the turnover rate has now become the biggest cause of the big dive in the stock price.