Production/Daily Financial Report
Xiabu Xiabu (0520.HK) Management Aftershock is not over. On the evening of June 28th, a 3,000-word article by Zhao Yi was circulated on the Internet, saying that she was dismissed from all her posts by the board of directors on May 20th without any prior notice, and between the lines, she refuted the accusation that "the performance of some sub-brands failed to meet the expectations of the board of directors".
At the time of the incident, she said that she was on the high-speed rail. Because there was no room for conference call, she had to run to the toilet and squat for nearly an hour with a notebook. Not surprisingly, this is probably the most "tasteful" presidential recall process in history.
When this happened, the share price of Xiabu Xiabu plummeted. In addition to the impact of high-level personnel turmoil, it is certainly inseparable from its past performance and major uncertainties in the future. And the beginning of a series of problems and contradictions entangled in sipping and sipping can't help but make the outside world sigh: Why does sipping and sipping, which once pioneered small hot pot, become increasingly unsuitable for market changes?
The story will always end, and the capital will eventually withdraw.
Why did you suddenly fire the president?
According to public information, in 20 12, Zhao Yi joined Xiabu Xiabu as a professional manager, took charge of finance and served as the chief financial officer. Previously, she held senior management positions in Unilever, Sony Ericsson and McDonald's. Under her leadership, Xiabu Xiabu was successfully listed on the Hong Kong Stock Exchange on 20 14.
It can be said that Zhao Yi contributed greatly to the growth of Xiabu Xiabu from a private enterprise to a large group facing the public today. He Guangqi, the founder of Xiabu Xiabu, personally admitted this, not only praised her as a "genius", but also pushed her to the position of CEO on 20 19.
If the story ends here, it is also a business story.
But now Zhao Yi is not allowed to participate in the management of the company. Following the expected dismissal of CEO on May 2 1 4, on June 14, Xiabu announced the "Proposal" to dismiss its executive director on the grounds that Zhao Yi's management style and philosophy were obviously different from other members of the board of directors, and he Guangqi, the founder, took over.
Obviously, such a sudden dismissal of senior executives reflects that contradictions within the company may be further intensified. The reason why we say "go further" is that the drama of executives leaving their jobs and stock prices plummeting has been staged more than once in the process of feeding.
On April 16 this year, Xiabu announced that Zhang Zhenwei had resigned as CEO and resigned from all positions in the company. After Zhang Zhenwei leaves, the heads of all departments and regions will report directly to He Guangqi. On April 19, the first trading day after Zhang Zhenwei resigned, the share price of Xiabu Xiabu plummeted by more than 20%. The lowest share price reached HK$ 1 1.26, the lowest in half a year, and the market value of the company directly evaporated by HK$ 2 1 100 million.
The stock price has fallen, and the top management has left. Today's sipping is quite "a tree falling apart". Not only that, in March this year, Gaochun Capital cleared all the nearly1.1.40 billion shares held by its two major funds. At the same time, Morgan Stanley also reduced its shareholding from 654.38+004 billion shares to 0.654.38+02 billion shares, and its shareholding ratio decreased from 9.25% to 0.93%.
Performance is full of fatigue, and new products are hard to lead the way.
The current bleak situation can not only prove the decline in recent years, but also have a far-reaching impact on the future.
The "Daily Financial Report" learned that the financial data of Xiabu Xiabu in recent years was bleak, and there was no obvious improvement in the later period of the epidemic. The financial report shows that since 20 18, the company began to decline, and its profit declined for three consecutive years. In 2020, the company's performance was seriously affected by the epidemic, with revenue of 5.455 billion yuan, down 9.5% year-on-year. The net profit was only 6.5438+0.837 million yuan, down 99.4% year-on-year, not far from the loss.
In addition, it is worth noting that the growth rate of net profit has declined for five consecutive years. From 20 16 to 2020, the net profit growth rate of Xiabu Xiabu is 39.74%, 14. 17%, 10.07%, -37.7 1% and-99.36 respectively.
(Cartography: Daily Financial Report)
Worst of all, due to the blind expansion after listing and the misjudgment of the situation to upgrade consumption, prices are getting higher and higher, word of mouth is declining rapidly, and customer attendance is getting lower and lower.
Generally speaking, the turnover rate is one of the most important indicators for any catering enterprise to inspect the operation of restaurants. High turnover rate means that in limited space and limited business hours, the turnover rate of seats can be increased and the income can be doubled, and vice versa. The data shows that from 20 17 to 2020, the turnover rate is 3.3, 2.8, 2.6 and 2.3 respectively, which is also gradually decreasing.
"Refutation" is superficial and "action" is honest. We found that probably Zhao was pessimistic about Xia Buxia early in the morning. In June and April this year, she reduced her shareholding twice, accumulating more than 30 million Hong Kong dollars.
"Daily Financial Report" noticed that in the face of the general trend of consumption upgrading and the bottleneck of the development of cheap hot pot, Xiabu Xiabu tried to approach the route of "network celebrity", "high-end" and "luxury" to create a "together" brand, and planned to make adjustments in brand image, product structure, store environment and service mode. However, the "exquisite feeling" created by money is inevitably reflected in the unit price of customers. In fact, the current unit price of 126.6 yuan has exceeded that of Haidilao 1 10.05438+0 yuan. Some netizens even said, "I might as well use this money to eat Haidilao, at least the service is good."
It is difficult for veterans with fierce market competition to have a new "party"
According to "2020-202 1 China Hotpot Industry Development Report", the total revenue of China Hotpot Market will reach 888 billion yuan in 2020. As a category with high standardization, mature format and scattered overall pattern, hot pot has become the first choice of many catering entrepreneurs.
However, according to the data of Prospective Industry Research Institute, the concentration of this industry is not high. Haidilao, which has the highest market share of 20 19, has a market share of only 2.2%, while Xiabu Xiabu is less than 1%, and the top five players account for 5.5% of the hot pot market.
Now, the founder He Guangqi is out of the mountain again, but he is facing a different market situation. Nowadays, there are many experts in hot pot Jianghu, and various hot pot restaurants and online celebrity shops emerge one after another.
Several popular hot pot brands almost all rely on the model of "hot pot+special items" to circle their loyal customers. For example, "Tan Duck Blood" focuses on duck blood hot pot; Unique pot-stewed hot pot "Xianhezhuang"; "Banu", which is famous for its hairy belly, has played its own differentiated operation and gained a firm foothold in the hot pot track.
In addition, the consumption pattern of "eating hot pot at home" has also sprung up everywhere. Brands such as pot circle food exchange, lazy bear hot pot and rice-fried ingredients for family hot pot have also received tens of millions of levels of financing. Even new fresh e-commerce companies, such as Box Horse, Daily Fresh, Ding Dong Shopping, etc., rely on their own supply chain and logistics advantages to provide hot pot home delivery services.
Even if the hot pot industry has a huge market, it is hard to say that it is good to sip in the face of competitors with so many backgrounds. At present, two of its senior executives have left their posts one after another, and they need a helm who can get rid of the sluggish growth. It may also be the helpless choice of founder He Guangqi to go into battle nine years later.