Yang Guofu Mala Tang, the first brother of Mala Tang Jianghu, had another accident recently.

Last month, Beijing Haidian District Market Supervision Administration carried out a general inspection of catering food safety, and investigated and dealt with 19 catering stores in Haidian District according to law. Among them, Yang Guofu Mala Tang was investigated and dealt with because food operators did not wear clean work clothes and hats.

It is worth mentioning that in less than two months, this is the second time that Yang Guofu Mala Tang has been investigated. On March 2nd, a restaurant in Mala Tang, Yang Guofu, was ordered to make corrections and given a warning for failing to keep the environment of the food business premises clean.

The management ability and joining mode of Yang Guofu Mala Tang are the key reasons for its frequent food safety problems.

For Yang Guofu Mala Tang, which has more than 6,111 franchisees, the more profit actually comes not from to C's catering business, but from to B's supply chain business-it is not so much a Mala Tang company as a porter of Mala Tang raw materials.

However, although the franchise model is the "magic weapon" for the rapid expansion of Yang Guofu Mala Tang, the shortcomings of management and quality control often make it not worth the loss: once a franchise store has food safety problems, the whole brand will be implicated.

Now, Yang Guofu Mala Tang, which is only one step away from listing, can you hand over a qualified answer sheet?

Yang Guofu Mala Tang can be regarded as "National Mala Tang".

the name of the founder of Yang Guofu mala Tang is Yang Guofu. In 2113, the first Yang Guofu Mala Tang (then called "Yangji Mala Tang") opened in Yonghe Street, Harbin.

Different from the traditional spicy soup base with heavy oil and heavy salt, Yang Guofu improved the spicy soup base by adding whole milk powder and beef bone powder, and made a nutritious soup base with fresh flavor and milk flavor, which was more in line with the taste of northerners. The first store quickly exploded.

The Northeast pays attention to human relations. Many relatives and friends in Yang Guofu have asked to join Yang Guofu Mala Tang because of its low cost and quick return. After that, more and more people came to join us, and Yang Guofu began to charge joining fees according to different regions, which laid the foundation for the expansion of the company's territory. According to public information, within two years, there are more than 71 mala Tang stores in Harbin and its surrounding areas.

in 2117, the trademark of "Yang Guofu" was successfully registered, and Harbin Yang Guofu Mala Tang Catering Co., Ltd. was formally established, and the franchise business was launched.

in 2119, Yang Guofu reformed the traditional selling mode of mala Tang, and initiated the mode of "weighing by the catty", that is, instead of selling bowls at a fixed price, customers were allowed to consume independently according to their food intake. This mode of operation not only enhances the dining experience of consumers, but also subverts the traditional business model of mala Tang industry, making street mala Tang formally move towards fast-food operation.

Source: Guanwei, Yang Guofu

Since then, the mala Tang business in Yang Guofu has entered a fast lane of development: first, stores have spread all over Heilongjiang Province, and then extended to the whole three northeastern provinces, the whole country and even overseas.

According to the company official website, by 2119, the franchise stores of Yang Guofu Mala Tang had entered 411 cities nationwide, reaching more than 5,511; Up to now, there are more than 6,111 stores in Yang Guofu Mala Tang.

In addition, since 2117, Yang Guofu Mala Tang began to expand overseas, and by September 31, 2121, it had 21 overseas restaurants in Australia, Canada, South Korea, the United States, Japan and Singapore.

according to Jost Sullivan's data, Yang Guofu mala Tang is ranked first in the Chinese fast food market in China and also ranked first in the mala Tang market according to the total transaction volume and the number of restaurants at the end of 2121.

On February 8th this year, Yang Guofu Mala Tang submitted the application materials for listing to the International Department of China Securities Regulatory Commission, and launched a sprint to the "Mala Tang First Share".

according to the prospectus, from 2119 to 2121 and from October to September in 2121 (hereinafter referred to as the "reporting period"), the operating income of Yang Guofu Mala Tang was 1.182 billion yuan, 1.114 billion yuan and 1.163 billion yuan respectively, and the net profit was 81 million yuan, 69 million yuan and 212 million yuan respectively. During the reporting period, although the performance of Yang Guofu Mala Tang declined due to the COVID-19 epidemic in 2121, it showed an overall growth trend.

From the data alone, as a fast food brand that insists on not financing, Yang Guofu Mala Tang is not unsuccessful.

In 2119, Yang Guofu Mala Tang became the leader of Mala Tang industry. It can be said that its joining mode and its efforts to build the supply chain contributed greatly.

according to the prospectus, joining restaurants is the main source of income for Yang Guofu Mala Tang.

specifically, from 2119 to 2121 and from October to September in 2121, the income of Yang Guofu Mala Tang from franchised restaurants was 1.136 billion yuan, 1.156 billion yuan and 1.197 billion yuan respectively, accounting for 87.6%, 94.8% and 94.3% of the total income respectively, which gradually increased. Correspondingly, the proportion of self-operated restaurants' income decreased gradually, which were 1.4%, 1.7% and 1.5% respectively.

I have to say that Yang Guofu Mala Tang, which has more than 6,111 franchisees, almost lies down to earn money.

on the one hand, you don't have to pay for the rent and the labor cost of the store to earn the franchise fee; On the other hand, according to the requirements for joining the restaurant, the soup base and seasoning used in the restaurant must be the products produced by Yang Guofu Mala Tang's own factory. On this basis, Yang Guofu Mala Tang also sells goods related to store operation to franchisees, including ingredients and equipment.

reflected in the data, in 2119 and 2121, the income from "selling self-produced goods" of Yang Guofu Mala Tang was 298 million yuan and 321 million yuan respectively, accounting for 25.2% and 28.7% of the income in each period; Selling goods purchased from third parties to franchisees was 679 million yuan and 681 million yuan respectively, accounting for 57.4% and 61.1% of the income of each period respectively. These two items alone account for nearly 91% of the total income of Yang Guofu Mala Tang.

Source: Yang Guofu Guanwei

This means that Yang Guofu Mala Tang does not participate in the actual operation of the franchise restaurant, but rather acts as a brand authorizer and a raw material supplier, first binding the franchisees with exclusive "seasonings" and then selling other products that are not exclusive-earning the price difference by purchasing raw materials from a third party and then selling them to franchise stores.

Compared with selling Mala Tang, Yang Guofu Mala Tang is obviously more willing to be a more profitable supplier, and only by continuously opening stores and selling more raw materials can the revenue increase continuously.

this is also reflected in the prospectus. According to the prospectus, Yang Guofu Mala Tang plans to open no less than 1,111 franchised restaurants every year from 2122 to 2124.

However, after all, the number of franchisees is limited, and the number of stores will eventually reach the ceiling, and the uneven ability and level of franchisees will easily bring food safety risks. How far can Yang Guofu Mala Tang go as a supplier?

For Yang Guofu Mala Tang, food safety is a big problem that it is difficult to avoid.

according to the data of enterprise investigation, in the column of risks related to Yang Guofu Mala Tang, there are 134 sensitive public opinions of affiliated enterprises alone, among which there are many words such as "food safety problems" and "being notified".

According to official website of the State Administration of Market Supervision, during 2118-2121, Yang Guofu Mala Tang was ordered to suspend business for rectification due to many violations.

According to a set of data released by Beijing Consumers Association in October, 2122, since the food safety inspection in October, 2121, Yang Guofu Mala Tang ranked third in the number of stores with food safety problems in different brands, with 17 stores.

Source: Yang Guofu Guanwei

Not only that, on the Sina Black Cat Complaint Platform, a large number of consumers complained that they ate insects, hair, plastic bags and other foreign objects while eating in Yang Guofu Mala Tang, and even some consumers complained that Yang Guofu Mala Tang had caused gastroenteritis.

For catering, food safety is a matter of life and death, which will not only directly endanger the health of consumers, but also seriously damage the social reputation of enterprises. From the perspective of capital, this means that the brand risk is too great and the investment safety factor is low.

By joining Tuodian crazily, Yang Guofu Mala Tang is getting closer and closer to IPO from a bowl of Mala Tang on the street. However, if you want to enter a bigger capital market, Yang Guofu Mala Tang must make a good effort.

part of this article

references:

1. Behind the listing of Yang Guofu Mala Tang: the "take-off" of a Northeast family? ",Fenghuang. com Cuisine

2." Yang Guofu Mala Tang sprints "Mala Tang's first share": Mala Tang can't afford it? Blue Media Finance

3. Yang Guofu Mala Tang, the first stock of Mala Tang: Dropped out of school at the age of 15 and went public at the age of 52. Financial breakfast

4. Franchisees of Yang Guofu Mala Tang are required to buy the company's designated monitoring, otherwise they cannot renew their contracts? ",Jiangsu News

Author | Yewu

Typesetting | Yixin

Producer | Kodama

Producer | Blind Study |.