It is reported that Helen's main operating system was established in Helen's pub in 2009. In today's huge domestic pub market, Helen's pubs have opened nearly 400 stores for more than ten years, and it is estimated that the total number of pubs will increase to about 2,200 by the end of 2023.
Then, as the "first pub", how did hellens develop into a chain pub and finally go public successfully, and how long can its traffic support itself?
"The first pub"
In 2009, Xu, the founder of the company, opened the first Helen bar in Beijing. Because of the price of "being close to the people", Helen's statement quickly spread among international students. After becoming famous, Xu Zhongbing began to think further. As a culture, the audience of pubs should not be limited to overseas students, and young people in China may not dislike it. He decided to continue to open stores and develop hellens into a domestic chain pub brand.
A few years later, Helen's bistros opened in Shanghai, Tianjin, Xiamen, Wuhan and other cities, with more than 300 pubs.
Xu defines his own bar as "a free gathering place for young people". At present, the main consumers of pubs are young people aged 20 -30, including college students, young people who have just entered the workplace, women who enjoy themselves, or young people in small towns who lack social scenes. And because it provides a meeting place for small groups, it is also known as "Starbucks at night".
In March 20021year, Helen submitted a prospectus and launched a sprint to the Hong Kong Stock Exchange; In August of the same year, the company heard through the Hong Kong Stock Exchange; In September, 20021,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 drink "slightly drunk" in this pub.
According to the disclosed IPO results, hellens has set the issue price at HK$ 654,380+09.77 per share, and will raise HK$ 2,565,438,300 through the IPO of Hong Kong stocks.
The announcement shows that Helen Company was subscribed for 30.8 times in this public offering stage, and the final number of shares allocated in this public offering was 40.395 million shares, accounting for about 30% of the total number of shares issued this time; International distribution is also very popular, oversubscribed by 25.58 times. The final number of shares sold was 94.255 million shares, equivalent to 70% of the total number of shares sold.
If we refer to the net profit in 2020, Helen's P/E ratio is more than 300 times. As the "first pub stock" in China, there is no Hong Kong listed company in the same industry. As a new consumption track, the dynamic P/E ratios of Jiumaojiu, Haidilao and POP MART are 79.4 times, 108.7 times and 94.8 times respectively. In contrast, hellens's P/E ratio is still much higher than these three companies.
Tell the story of "low price"
According to yost Sullivan's report, the total revenue of the pub industry in China increased from about RMB 84.4 billion in 20 15 to about RMB10/79 billion in 20 19, and it is expected to reach RMB183.9 billion in 2025.
At the same time, the bar industry in China is highly dispersed, mainly composed of a large number of independent bars (referring to bars in less than three places) and a few chain bars. According to public data, by the end of 2020, there are about 35,000 bars in China, of which more than 95% are independent bars. According to the revenue in 2020, the total market share of the top five tavern operators in China tavern industry is about 2.2%.
As a member of many pubs, an important factor for hellens to develop into a chain pub is its high cost performance.
Different from other domestic tavern chain participants, such as Walnut Wine, Ermayina Tavern and Perry Bar, Helen Bar is called "Ten Yuan Tavern", and the price of ordinary bottled beer is less than 65,438 yuan/bottle; In contrast, the prices of the same industry are mostly concentrated in 15-30 yuan/bottle.
However, the products provided by hellens are mainly self-owned products, supplemented by external products. Self-owned wines and drinks mainly include hellens draft beer, hellens craft beer, hellens fruit beer and hellens milk beer. Therefore, although the price is lower than that of peers, the gross profit margin is actually relatively high.
During the reporting period, the sales revenue of the company's own alcoholic beverages accounted for 68.4%, 64.2% and 69.8% of the total alcoholic beverage revenue respectively; At the same time, the gross profit margin of self-owned liquor is as high as 765, 438+0.4%, 75.3% and 78.4% respectively, which is much higher than other third-party liquors.
Perhaps it is because of optimistic about this model that capital chose to "hold hands" with this chain pub. Just one month before submitting the prospectus, the company just completed the A round of financing, which is the only round of financing since the company was established in 2009. According to Tianyancha's information, hellens received $33 million in financing in February, 20021year, with Black Ant Capital leading the investment and CIC following the investment, among which CIC was also the exclusive sponsor of the company's listing.
At the same time, the company also easily handed over a "beautiful" report card to the Hong Kong Stock Exchange.
According to the prospectus, from 20 18 to 2020, the company realized operating income of1150,000 yuan, 565 million yuan and 8180,000 yuan respectively, and the income increased substantially in a short time; The corresponding net profits were 9.734 million yuan, 7.965438+0.36 million yuan and 70.072 million yuan, respectively, and they all achieved profits during the reporting period.
How long will it last?
However, although the company's revenue increased in 2020, its net profit declined.
The reporter learned that all expenses of Helen Company increased in that year, especially the labor cost rose from 92,276,543.8 million yuan in 2065,438+09 to 6,543.8+079 million yuan in 2020. This reason is mainly because the company has maintained a rapid 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 400 bars opened, hellens said that "it is estimated that about 400 bars will be opened in 20021year, and the total number of bars will increase to about 2,200 by the end of 2023". This listing in Hong Kong, the company also plans to use the raised funds to continuously expand the pub network, continuously invest in basic capacity building, and strengthen brand image and customer awareness.
Guosen Securities believes that "hellens's first position in the economy pub industry brings scale advantages, and 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.). ) not to 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 hellens adopts the single-store model. Because the price of wine and drinks is cheap, the fixed costs such as rent, labor and depreciation are more advantageous than those of pan-catering industry, so the input cost of a single paint shop is lower and it is easier to reach the break-even point. The high standardization rate and low operation difficulty also give hellens a strong expansion attribute.
On the other hand, how can the company establish its own "moat" when the entry threshold of the pub industry is generally low?
"Bar 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 product, 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 told reporters.
Cai, an expert in liquor marketing, believes that the biggest feature of Helen Company lies in its young culture, and it is the leader of new and young consumer culture at night.
Cai said, "What it is concerned about now is the super cost performance and the socialization of young people. 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, that is, the target consumers and self-operated products of this consumption scene are done, then this model actually has great advantages. "
"This company was' drunk' to go public! With a market value of over HK$ 30 billion, how long can Starbucks last? /kloc-how much can I exchange for 0/0 Hong Kong dollars? -:According to today's bank exchange price list, 10 Hong Kong dollars can be exchanged for 9.8 yuan RMB.
10 HKD = how much RMB? -: 10 HKD = 8.4355 yuan
/kloc-how much is 0/0 Hong Kong dollars equal to RMB? All the answers are 20 1 8-08-1417: 52: 5210 HKD =8.2 13 RMB1RMB =1.2655. ...
10 How much is Hong Kong dollars? : 100 the spot buying price (HKD) of Hong Kong dollars to RMB is 78.7578.179+14-14: 46438 Convertibility:10 *. ), converted at the cash purchase price: 10 * 78.75/.
What is the Hong Kong dollar 10? RMB: HK$ 65,438 +00 is RMB 65,438 +00.2623.
How much is 10 Hong Kong dollars equivalent to RMB -: 10 Hong Kong dollars =8.98 1 RMB, which is the latest exchange rate.
/kloc-how much RMB can I exchange for 0/0 Hong Kong dollars? -:The currency exchange is HK$ 65,438 +00 =8.3056 RMB. The transaction is based on the transaction price at the bank counter. Update time: 20 18-0 1-04 22:55.
/kloc-how much RMB can I exchange for 0/0 Hong Kong dollars? -:Currency exchange 10 HKD =7.90 14 RMB. The conversion data is for reference only. The transaction price at the bank counter shall prevail. Update time: 2014-03-1712: 40. ...
10 RMB = how many Hong Kong dollars -: 10 RMB = 12.772 Hong Kong dollars or more is calculated at the exchange rate of 3013.12.11.
What is the Hong Kong dollar 10? -:HK$ 65438 +0 =0.8776. So it's 8.70 yuan.