The performance of Bama tea industry has grown rapidly, with the compound growth rates of its revenue from 20 18 to 2020 of 3 1.7% and 58.3% respectively. However, it also suggests that changes in important franchisees will adversely affect their performance.
Recently, the Gem of Bama Tea Industry, a national chain brand enterprise of all-tea, accepted the listing, and plans to issue shares not less than 25% of the total share capital after the issuance, and plans to raise 683 million yuan.
Relying on the production and procurement mode of "independent production+customized procurement" and the sales mode of "offline direct sales+online direct sales+offline joining", the performance of Bama tea industry has grown rapidly, with the compound growth rates of revenue and net profit attributable from 20 18 to 2020 of 3 1.7% and 58.3% respectively. However, it also suggests that changes in important franchisees will adversely affect their performance.
At present, Wang's three brothers and two family members hold 62.8% of the shares of Bama Tea, which is the actual controller. Among them, eldest brother Wang Wenbin and his wife hold 32.84% of the shares. Based on the latest share transfer price of Bama Tea Industry in June, 2020, 5438+065438+ 10, the net worth of Mr. and Mrs. Wang Wenbin before IPO was 692 million yuan, and the predecessors of five actual controllers reached13190,000 yuan.
Wang Wenbin, the actual controller of Bama Tea Industry
However, the three entrepreneurs married by Wang Wenbin are richer. They control three well-known companies, namely Anta Sports, Seven Wolves and Colliers Holdings.
According to Forbes data, as of April 19, Ding Shizhong, the controller of in-laws Anta Sports and chairman of the board of directors, and his family were worth about 69.8 billion yuan. According to Hurun's data, as of August 28, 2020, Zhou, the family controller and chairman of the board of directors of the Seven Wolves Group, had a net worth of 2.8 billion yuan; Gao's in-laws, the founder of Colliers Group, are worth 6.5 billion yuan.
The rich got married, and the three in-laws totaled 53.8 billion in August last year.
According to the prospectus,1July 1997, Shenzhen Xiyuan Tea Co., Ltd., the predecessor of Bama Tea Industry, was established. Wang Wenbin and Wang Wenli contributed RMB 300,000 and RMB 200,000 respectively, holding 60% and 40% of the shares, and the two brothers served as chairman and supervisor respectively.
After nearly 65,438+04 years of development, the actual controllers of Bama tea industry are his wife and his wife Wu He, and they are brothers. As of April 5 this year, five people held a total of 62.8% of the shares of Bama Tea.
Eldest brother Wang Wenbin is currently the director of Bama Tea Industry, holding 25.28% of the shares, which is the highest among the five actual controllers. His wife Chen Yajing holds 7.56% of the shares.
Based on the price of 27.63 yuan/share when Jingyuan Yi San bought Bama Tea in June 5438+065438+ 10, 2020, the net worth of Wang Wenbin and his wife before the IPO of Bama Tea was 692 million yuan, and the net worth of the top five actual controllers was13190,000 yuan.
However, compared with his three in-laws, Wang Wenbin's personal wealth is not outstanding now.
According to the prospectus, Jpua's father-in-law is the actual controller of Anta Sports, a Hong Kong stock company. According to the 2020 annual report of Anta Sports, Ding Shizhong is the chairman and CEO of Anta Sports.
By the end of 2020, Ding Shizhong and the companies controlled by him held a total of 665,438+0.39% of the shares of Anta Sports, but the annual report did not disclose in detail the specific shareholding ratio of Ding Shizhong in the above-mentioned controlled companies. Forbes real-time ranking of the world's richest people shows that Ding Shizhong and his family were worth 654.38+07 billion US dollars (about 69.8 billion yuan) on April 7, 2009.
Ding Shizhong, actual controller and chairman of the board of directors of Anta Sports.
According to the prospectus, Queen Wang Wenbin married Zhou Shiyuan, Zhou's son.
According to public information, Zhou is the actual controller and director of Seven Wolves in A-share companies, the ultimate controlling shareholder and chairman of Huixin Small Loan in Hong Kong stock companies, and the ultimate controlling shareholder of Hong Kong stock companies.
By the end of 2020, Zhou held 65,438+05.09% of the shares of Seven Wolves and 65,438+06.33% of the holding shares; By the end of June 2020, it held 1 1.34% shares of Huixin Small Loan. Based on the closing prices of the three companies on April 16, the total price of the whole company was 669 million yuan and 102 million Hong Kong dollars respectively (about 755 million yuan in total).
Zhou is currently the chairman of the board of directors of Seven Wolves Group, the controlling shareholder of Huixin Small Loan, holding 37.82% of the shares. By the end of September 2020, the net assets of Seven Wolves Group were 765,438+0.10.90 billion yuan. Therefore, according to the Hurun Report, on August 28, 2020, Zhou's net worth was 2.8 billion yuan.
Zhou Wei Yong, actual controller of Seven Wolves, chairman of the board of directors of Seven Wolves Group.
In addition, Wang Jiajia, another daughter of Wang Wenbin and his wife, married Colliers, the actual controller of Colliers Holding Group Co., Ltd. (hereinafter referred to as Colliers Holdings).
Colliers Holdings official website shows that it was founded by its chairman Gao in 1995. It is an urban comprehensive industrial operator with its business covering five fields, namely real estate, energy, commerce, education and capital, and its headquarters is located in Nanjing, Jiangsu.
However, the national enterprise credit information publicity system shows that it is the controlling chairman and Gao is the general manager. Colliers Holdings has a registered capital of 2 billion yuan. Previously, Gao and his wife He Hong held 93.4% and 6.6% shares respectively. In March and April of 2020, Colliers became a shareholder and Eric withdrew. As of May, 2020 14, the shareholding ratios of Colliers and Gaos were 5 1% and 49% respectively.
At present, there is no public information to disclose the relationship between high strength and high strength. However, some Nanjing real estate people told sohu finance that Gaohe is a father-son relationship. According to the Hurun Report, Gao's net assets on August 28, 2020 were 6.5 billion yuan.
Gao Gao, founder of Colliers Holdings
Hurun Report also shows that on August 28, 2020, Ding Shizhong's net assets were 44.5 billion yuan. Therefore, on August 28th, 2020, the total net worth of Wang Wenbin's three in-laws was 53.8 billion.
We have cooperated with Quanzhou enterprises such as Jiu Wang Mu, 36 1 Degree and Hengan.
In addition to Colliers Holdings, Bama Tea, Anta Sports and Seven Wolves have one thing in common, all of which made their fortunes in Quanzhou City, Fujian Province.
According to the report of China News Service on June 5438+ 10, 2007, Bama Tea Industry is located in Longmen Town, Anxi County, the birthplace of Tieguanyin, which originated from the time-honored "Xinji" tea shop a hundred years ago. Its founder, the Wang family, is a descendant of Wang Shirang who discovered and cultivated Tieguanyin during the Qianlong period of the Qing Dynasty.
According to public information, Seven Wolves 1990 was founded in Jinjiang, and Anta originated from 199 1 in a shoemaking workshop in Jinjiang. Anxi County and Jinjiang City belong to Quanzhou City.
The relationship between Bama Tea and these two companies may last a long time. But in public information, their intersection can be traced back to 20 1 1 year at the earliest. According to the press release circulating on the Internet, Buck, a brand of Tieguanyin owned by Bama, was held in Quanzhou in May, 201/.
The press release also said that entrepreneurs such as President of Anta, President of Xtep Ding, President Wang Liangxing, Chairman of the Board of Directors of Seven Wolves Zhou, Chairman of Sanan Optoelectronics, Chairman of Zhong Jun Real Estate and Chairman of Hengan Group Xu Liuqing attended the event. Public information shows that the hometown of these entrepreneurs is Quanzhou.
Photo of the Eight Horses Tea Party (May 20 1 1)
May 20 13, Bama Tea completed the first round of private financing. Wang Wenli, the chairman of Bama Tea Industry, said in an interview with 2 1 Century Business Herald that Jiuwangmu customized 30,000 copies of Bama tea products in 20 12, and the number increased to 50,000 in 20 13.
In addition, Bama Tea claimed that it had developed high-end customized cooperation with nearly 100 enterprises, including China Ping An, China Mobile, Minsheng Bank, Hengan Group, Seven Wolves, 36 1 degree and other listed companies or their parent companies. The hometown of the founder of Jiuhe 36 1 degree is also in Jinjiang City.
Another draft shows that by May 20 14, the list of companies and institutions that carry out customized cooperation announced by Bama Tea Industry will add Anta, Sanan Optoelectronics, Sanshu, IDG Capital, Tiantu Capital and Peking University HSBC Business School. Among them, the hometown of Sanshu's founder is Putian City in the north of Quanzhou, and IDG Capital and Tiantu Capital are the investors in the first round of financing of Bama Tea.
It can be said that the actual controller of Bama Tea has woven a dense business relationship network for the company by using geographical or financial ties. In this case, the marriage between Quanzhou entrepreneurs and Hezhou seems logical.
According to the media "The Road to Marriage", "The wedding of Zhou Shiyuan, the eldest son of Mr. Zhou, the chairman of Seven Wolves, and Qianjin, the chairman of Bama Tea (note: here should be a niece)" was held on 20 12 1. According to the media "Tea World", the wedding of "Ding Siqing, the son of Wang Wenbin, the actual controller of Bama Tea Industry, and the daughter of Ding Shizhong, the owner of Anta Sports" was held in June 5438 +2020 10.
However, these two symbolic marriages did not contribute much to the specific performance of Bama tea industry.
Bama Tea sells tea and related products to Seven Wolves and their affiliated enterprises, including Seven Wolves Holdings and Huixin Small Loan, subsidiaries of Seven Wolves Group. In the last three years, the sales were 49,400 yuan, 34,000 yuan and 9 1.8 million yuan respectively, and the cumulative sales were 1.44 million yuan.
Bama Tea also sells tea and related products to Anta Sports and its affiliated enterprises. In the last three years, the sales amount was 55,200 yuan, zero was 53 1 0,000 yuan, and the cumulative sales amount was 1 0,083 yuan.
The company owned by the real controller's cousin has been the largest supplier for two consecutive years.
As mentioned above, Bama Tea has a strong strength in oolong tea products including Tieguanyin, leading or participating in six national standards related to oolong tea. The gross profit margin of its oolong tea products from 20 18 to 2020 has always exceeded 6 1%, and the gross profit margin is also the highest among all product categories.
From 20 18 to 2020, the proportion of oolong tea revenue in the main business income decreased from 43.3% to 33. 1%, and the proportion in the gross profit of the main business decreased from 49.7% to 39.6%. Due to the strategic transformation from Tieguanyin to various teas, the revenue and gross profit margin of oolong tea have dropped significantly, but it is still the core product of Bama tea industry.
At the same time, black tea and white tea are growing rapidly. The proportion of total income of main business increased from 15.04% to 27. 16%, and the proportion of total gross profit of main business increased from 15.59% to 28.49%. Bama Tea said that this was mainly due to the rapid growth of black tea and white tea market in the same period, as well as its adjustment and improvement of product lines, and increased promotion and channel construction.
But the new growth point of these businesses mainly comes from external procurement. According to Bama Tea, Tieguanyin and some rock teas (both oolong teas) are produced independently, and a small amount of tea products are packaged separately, while most other products are produced and supplied by suppliers.
In the last three years, the main business income of customized purchased products of Bama Tea Industry accounted for 52.6%, 60. 1% and 54.3% respectively. Based on this calculation, its revenue from customized purchased products in 2020 is about 672 million yuan, accounting for 53.9% of the revenue.
In terms of sales model, Bama Tea has also achieved rapid business development with the help of external forces.
From 20 18 to 2020, the proportion of main business income and gross profit of offline direct channels decreased by 8.7 percentage points and 9.6 percentage points respectively, while that of online direct channels increased by 1.7 percentage points and 2.8 percentage points respectively, and that of offline franchise channels increased by 7 percentage points and 6.8 percentage points respectively.
Bama Tea said that this is mainly due to the gradual improvement of its omni-channel sales system of "direct selling+joining" and "online+offline"; And offline direct channels have the highest gross profit margin, while online direct channels and offline franchise channels have lower gross profit margins.
Bama Tea also pointed out that joining mode is an important part of its channel expansion. However, if important franchisees change, or seriously violate the franchise contract, or can't understand their brand concept and development goals well, it will have an adverse impact on their business performance and brand image.
To sum up, through the production and procurement mode of "independent production+customized procurement" and the sales mode of "offline direct sales+online direct sales+offline joining", the income of Bama tea industry has increased from 765.438+09 billion yuan to 65.438+24.7 billion yuan in the last three years, with a compound annual growth rate of 36.5438+0.7%; The net profit returned to the mother increased from 43.8264 million yuan to 654.38+0.10.00 billion yuan, with an average compound annual growth rate of 58.3%.
With the change of business model, the top five customers and suppliers of Bama Tea have also been adjusted.
In 20 18, its second and third largest customers were offline direct sales, and its fourth and fifth largest customers were offline franchisees. By 2020, in addition to the third largest customer of offline direct sales, the second largest, fourth largest and fifth largest customers will join offline.
However, JD.COM under the network direct selling mode has been its biggest customer in the last three years. In 2020, JD.COM contributed 56.3662 million yuan in sales, accounting for 4.6% of the main business income.
Bama tea industry JD.COM proprietary flagship shop
In 20 18 and 20 19, its first customers were Fujian Wuji Tea Co., Ltd. (hereinafter referred to as Fujian Wuji), supplying customized finished tea of rock tea and black tea. By 2020, its biggest customer will be Menghai Yang Pin Tea Co., Ltd., which supplies customized Pu 'er tea (black tea).
It is worth noting that Cai, the cousin of the three Wang brothers, once held a 50% stake in Fujian Wuji, and the transaction between the two parties was a related party transaction. In 2020, the income of rock tea and black tea in Bama tea industry increased by 10.4%, but its purchase of Fujian black-bone chicken decreased by 54.3%. In February this year, Cai transferred all his Fujian Wuji shares to non-related parties.