Haidilao, a hot pot restaurant with 320 restaurants, submitted its listing application to the Hong Kong Stock Exchange on the evening of May 17. This means that it will exert its strength again in the capital market.
Performance: It broke through10 billion for the first time last year.
On the evening of May 17, Haidilao International Holdings submitted an application for listing on the Hong Kong Stock Exchange. In the scattered Chinese food market, Haidilao once again attracted attention with its income of 654.38+006 billion yuan.
According to the prospectus, the total income of Haidilao was 2.0 10637 billion yuan, and the income increased from 5.757 billion yuan in 20 15 to 7.808 billion yuan in 20 16, and further increased to10637 in 20 10637. The annual profit increased from 465,438+02,000 yuan in 2065,438+05 to 65,438+06,438+94,000 yuan in 2065,438+07, with a compound annual growth rate of 70.5%.
As can also be seen from the prospectus, in 20 17 years, the total number of customers served by Haidilao in the world reached 106 million. On average, each customer spends 94.6 yuan, and 98.2% people are willing to eat again. Every restaurant in Chinese mainland has an average of 65,438+0,478 visitors every day.
As an important indicator of revenue and net profit, the number of stores opened and the turnover rate continued to grow.
The prospectus shows that the number of stores opened has increased rapidly in the last three years. The number of stores has increased from 65,438+02 in 2065,438+07 to 320 at the end of 2065,438+07, including 296 restaurants in Chinese mainland and 24 restaurants overseas, which is equivalent to opening more than 65,438+000 restaurants every year. This year, we plan to speed up again and open 180 to 220 restaurants. Its overall turnover rate is also improving. 20 15 4 times a day, 20 16 4.5 times a day and 20 17 5 times a day.
Profit rate: it is possible to face an inflection point
According to public information, Haidilao restaurants generally break even in the first month within 1 to 3 months. From 20 15 to 20 16, most restaurants in Haidilao realized cash investment recovery in 6 months to 13 months. Judging from the specific income composition of Haidilao, catering contributed more than 90% of the income, and its take-away business reached 200 million yuan a year. Haidilao said that he was the first hot pot restaurant to launch takeaway business, and launched takeaway business in more than 40 cities across the country.
As can be seen from the profit statement presented in the prospectus, the total profit (after tax) of Haidilao in 20 15 is RMB 4 10/00000, accounting for 7.1%of the total income of that year; The total profit in 20 16 was 979 million yuan, accounting for 12.5% of the total income in that year. Revenue doubled and profit margin increased by 5.4%. In 20 17, the total profit of submarine fishing that broke through the10 billion mark was165438+94 million RMB, which was more than 200 million yuan higher than that in 20 16, and the profit rate was only 1 1.2%. The total income of Haidilao in 20 17 years exceeded10 billion RMB.
At the same time, due to the rapid expansion of Haidilao, its net current liabilities have increased significantly. It is clearly stated in the prospectus that from 20 15 to now, Haidilao has obvious net current liabilities. As of March 3 1, 20 15, 20 16, 20 17 and 20 18, its net current liabilities were 60.4 million yuan, 385.6 million yuan and1respectively. Haidilao believes that in order to expand its catering network, its capital expenditure is expected to continue to grow, so it is necessary to ensure sufficient cash flow to resist financial risks.
Layout: The business extends to many fields.
Haidilao's reputation goes far beyond the catering industry. After more than 20 years of development, Haidilao is no longer a simple hot pot chain. In addition to hot pot, Haidilao also extends its business to supply chain, decoration, management training and other fields.
According to the listing information, Zhang Yong and his wife * * * hold about 62.70% of the total issued share capital of the company. There are about 50,000 employees in the company, and the average annual salary of each employee is 60,000 yuan.
Haidilao attaches great importance to capital operation. In addition to participating in the New Third Board Company, Haidilao also set up an investment company for capital operation. The share price of Yihai International, a subsidiary of Haidilao, rose nearly 12.43% yesterday. 20 17 Haidilao's maocai brand U Ding You (U Ding maocai) landed on the New Third Board. The industry believes that Haidilao's overall landing in the capital market will help it accelerate its overseas expansion.
The service details of Haidilao are also praised by the market, which is something that ordinary catering enterprises can't learn.
First of all, the waiter has great power, and the core of Haidilao is authorization. The waiter has the right to give any table of guests free of charge, not one or two dishes. Secondly, the staff dormitory should have property management, the room has a computer and wifi, and the aunt is responsible for washing clothes and cooking. Third, there is compensation for management leaving. The manager resigned (for more than a year) and paid 80 thousand. The community manager (about 5 branches) resigned and paid 200,000 yuan; The regional manager left and sent a hot pot restaurant, about 8 million yuan. It is said that there are hundreds of managers and above in Haidilao, and only three people get paid by Haidilao.
Risk: There are many food safety accidents.
Haidilao also disclosed several previous food safety accidents in detail in the prospectus, and admitted that food safety is a challenge in the process of rapid expansion in the future.
On August 25th last year, some media reported that there were sanitary problems in the operation of two restaurants in Beijing. The video shows that there are mice in the kitchen, greasy food residues stick to the dishwasher, and a worker is using a spoon to repair the sewer blockage. On the same day, Haidilao issued an apology statement. At the same time, the company hired a third-party professional pest control company to provide pest control services for all restaurants; Designate 7: 00 a.m. to 9: 00 a.m. as the daily restaurant cleaning and hygiene inspection time; Decorate the restaurant into an open kitchen restaurant or install surveillance video in the kitchens of all restaurants.
At the same time, Haidilao also revealed that Haidilao's restaurant in Singapore was deducted 12 points for handling food by hand and selling unclean food, and was suspended for two weeks by Singapore's National Environment Agency from February 10 to February 23 this year, and was fined 800 Singapore dollars (about RMB 38 1 1 yuan). Last year, another restaurant in Haidilao, Singapore, was fined 300 Singapore dollars (about 1.429 RMB) for preparing food in a potentially polluted workplace.
Haidilao said that the company believes that the frequency and care of inspections are rare in the industry. A large number of people are involved in food quality control, and more than 500 designated employees are directly responsible for food quality and safety.