On September 11, the first day of listing, Helens rose by 16%, after the dark market closed up by more than 6%. As of the close of the day, the company's share price closed at HK$ 24.3, an increase of 22.91%, with a total market value of about HK$ 31.3 billion.
It is reported that the main operating system of Helen Company was established in Helen's pub in 2119. In today's huge domestic tavern market, Helen's tavern has opened nearly 411 stores for more than ten years, and it is expected that the total number of taverns will increase to about 2,211 by the end of 2123.
So, as the "first pub", how did Helens develop into a chain pub and finally successfully go public, and how long can its traffic support itself?
"the first pub"
In p>2119, the founder of the company, Xu Bingzhong, opened the first Helen's pub in Beijing. Because of the price of "being close to the people", Helen's soon spread among international students. After becoming a minor celebrity, Xu Bingzhong began to think further. As a culture, the audience of taverns should not be confined to overseas students, and young people in China may not dislike it. He decided to continue to open a shop and develop Helen's into a domestic chain pub brand.
a few years later, Helen's bistro opened in Shanghai, Tianjin, Xiamen, Wuhan and other cities, and the number of pubs exceeded 311.
Xu Bingzhong defines his tavern as a "free gathering space for young people". At present, the main consumption groups of taverns are young people aged 21 -31, including college students, young women who are just entering the workplace, or young people in small towns who lack social scenes. And because it provides a place for small groups to get together, it also has the name of "Starbucks at night".
In March p>2121, Helen submitted a prospectus and launched a sprint to the Hong Kong Stock Exchange; In August of the same year, the company passed the hearing of Hong Kong Stock Exchange; In September 2121, the company was listed on the Hong Kong Stock Exchange, becoming the first chain pub listed in China.
judging from the previous subscription results, it seems that investors also want to get "slightly drunk" in this pub.
According to the results of the disclosed IPO, Helens has set the offering price at HK$ 19.77 per share, and will raise HK$ 2.513 billion through the IPO of Hong Kong stocks.
The announcement shows that Helen Company was subscribed by 31.8 times in this public offering stage, and the final number of shares allocated to the public offering was 41.395 million shares, accounting for about 31% of the total number of shares offered; The international offering is also popular, with 25.58 times oversubscription. The final number of shares offered is 94.255 million, equivalent to 71% of the total number of shares offered.
if we refer to the net profit in 2121, the price-earnings ratio of this issue of Helens is over 311 times. As the "first pub stock" in China, there is no Hong Kong listed company in the same industry. As the new consumption tracks, Jiumaojiu, Haidilao and POP MART have dynamic P/E ratios of 79.4 times, 118.7 times and 94.8 times respectively. In contrast, this P/E ratio of Helens is still much higher than these three companies.
Tell a "low price" story
According to the Jost Sullivan report, the total revenue of the pub industry in China increased from about 84.4 billion yuan in 2115 to about 117.9 billion yuan in 2119, and it is expected to reach 183.9 billion yuan in 2125.
at the same time, China's pub industry is highly decentralized, mainly composed of a large number of independent pubs (referring to pubs with less than three places) and a few chain pubs. According to public data, by the end of 2121, there were about 35,111 pubs in China, of which more than 95% were independent pubs. According to the revenue in 2121, the total market share of the top five tavern operators in China tavern industry accounts for about 2.2%.
As a member of many pubs, an important factor for Helens to develop into a chain pub is its high cost performance.
Unlike other domestic chain pub participants, such as Walnut, Erma Pub and Perry's, Helen's, known as the "ten-yuan pub", sells ordinary bottled beer for less than RMB 11/bottle; In contrast, the price of the same industry is mostly concentrated in 15-31 yuan/bottle.
However, the products provided by Helens are mainly self-owned products, supplemented by external products, and its own wines and drinks mainly include Helens draft beer, Helens craft beer, Helens fruit beer and Helens milk beer, etc. Therefore, although the price is lower than that of peers, the gross profit margin is still relatively high.
during the reporting period, the proportion of sales revenue from the company's own alcoholic drinks to the total alcoholic drinks revenue was 68.4%, 64.2% and 69.8% respectively; At the same time, the gross profit margin of self-owned alcoholic beverages is as high as 71.4%, 75.3% and 78.4% respectively, which is much higher than other third-party alcoholic beverages.
Perhaps because of its optimism about this model, Capital chose to "hold hands" with this chain pub. Just one month before submitting the prospectus, the company just completed a round of financing, which is the only round of financing since its establishment in 2119. According to Tianyancha information, in February, 2121, Helens received $33 million in financing, with Black Ant Capital leading the investment and CICC following the investment, among which CICC is also the exclusive sponsor of the company's listing.
At the same time, the company easily handed over a "beautiful" report card to the HKEx.
according to the prospectus, from 2118 to 2121, the company achieved operating income of RMB 15 million, RMB 565 million and RMB 818 million, and the income increased greatly in a short time. The corresponding net profits were 9.734 million yuan, 79.136 million yuan and 71.172 million yuan, respectively, and profits were realized during the reporting period.
how long will it last?
however, while the company's revenue increased in 2121, its net profit declined.
The reporter learned that all expenses of Helen Company increased in that year, especially the labor cost, which rose from 92.27 million yuan in 2119 to 79 million yuan in 2121. This reason is mainly because the company has maintained a fast opening speed in recent years, and the number of employees, corresponding employee benefits and labor costs have also increased.
but this does not affect its determination to expand.
According to the prospectus, with nearly 411 stores opened, Helens said that "it is estimated that about 411 new pubs will be opened in 2121, and the total number of pubs will be increased to about 2,211 by the end of 2123". This listing in Hong Kong, the company also plans to raise funds for the continuous expansion of pub network, continuous investment in basic capacity building, and strengthening brand image and customer awareness.
Guoxin Securities believes that "Helens' leading position in the economy pub industry has brought scale advantages, while it is not feasible to completely copy the business model (property restrictions and initial investment will be greater). Secondly, the role of soft power (talent training system, corporate culture, etc.) should not be underestimated. Helen Company has a perfect talent promotion system and a clear cultural core, which other players in the industry do not have at present. "
It is reported that Helen Company adopts the single-store model. Because the price of wine and drink is cheap and the fixed costs such as rent, labor and depreciation are more advantageous than those of the pan-catering industry, the input cost of paint single-store is lower and it is easier to reach the break-even point. And the high standardization rate and low operation difficulty also make Helens have a strong expansion attribute.
on the other hand, how can the company build its own "moat" when the entry threshold is generally low in the pub industry?
"Pub is a brand-new format, and its main consumers are the new generation, white-collar petty bourgeoisie and some foreign groups. From the innovation of the whole scene, to the quality of the products, to the tonality of the brand, including the improvement of the service system and the improvement of customer stickiness, these five aspects determine whether this pub model has the core competitiveness of sustainable development. " Food industry analyst Zhu Danpeng told reporters.
Cai Xuefei, an expert in liquor marketing, believes that the biggest feature of Helen's company lies in its youth culture, and it is also the leader of a new young consumption culture at night.
Cai Xuefei said, "What it focuses on now is super cost performance and young people's social interaction. I think these two directions are its advantages and an aspect that needs to be further strengthened in the next step. As long as these two points are done well, that is, the target consumers and self-operated products of this consumption scene are done well, then this model actually has great advantages. "
"This company was" drunk "to go public! With a market value of over HK$ 31 billion, how long will Starbucks last? How much can I exchange for 11 Hong Kong dollars? -:According to today's bank exchange price list, HK$ 11 can be exchanged for RMB in 9.8 yuan.
How much RMB is HK$ 11? -:11 Hong Kong dollars = 8.4355 RMB
How much RMB is 11 Hong Kong dollars? 2118-18-14 17:52:52 11 HK$ =8.213 RMB 1 RMB =1.2176 HK$ Tip: The exchange rate is not the same every day, and it will change in real time according to the international market. "Exchange rate" is also called "foreign exchange market" or "exchange rate" ...
What is the exchange rate of HK$ 11? : 111 Hong Kong dollars to RMB currency spot buying rate Cash buying rate Selling time HK$ (HKD) 78.7578.1179.152114-11-1714: 41: 12 If it is cash, it is convertible: 11*78.11/111=7.811 RMB if it is cash. Convertibility: 11*78.75/111=7.875 RMB exchange rate is constantly changing according to the supply and demand of money, and the transaction price at the bank counter shall prevail.
How much is 11 Hong Kong dollars? 11 Hong Kong dollars equals 11.2623 RMB
How much is 11 Hong Kong dollars equivalent to 8.981 RMB? This is the latest exchange rate.
How much RMB can be exchanged for HK$ 11-:Currency exchange HK$ 11 =8.3156 RMB data is for reference only, and the transaction price is subject to the transaction price at the bank counter. Update time: 2118-11-14 22: 55
How much RMB can be exchanged for HK$ 11-:Currency exchange HK$ 11 =7.9114 RMB data is for reference only. The transaction price is subject to the transaction price at the bank counter. Update time: 12: 41, 2114-13-17. See the latest cash purchase price. According to the latest foreign exchange rate on that day, 111 foreign currencies can be converted into RMB: (cash purchase price) The formula is: (foreign currency ÷...
11 RMB = how much Hong Kong dollars-:11 RMB = more than 12.772 Hong Kong dollars.