Gu Ming landed on the Hong Kong Stock Exchange, and the market value of “King of Small Town Milk Tea” was nearly 22 billion yuan

(Photo source: Visual China)

Blue Whale News February 12 (Reporter Shao Yuting)Lantern FestivalXi, China’s new tea and beverage industry ushered in another milestone event。2months12Day,guming（01364.HK) Officially listed on the Hong Kong Stock Exchange, becoming the new tea drink in China after Naixue’s tea and tea hundreds“The third strand.

The final offering price of Gu Ming is per share9.94Hong Kong dollars, net funding from global offering17.21billion Hong Kong dollars. At the same time, Guming also introduced Tencent, Yuansheng Capital, etc.5Famous cornerstone investors, cumulative subscriptions7100million dollars(about5.53billion Hong Kong dollars)Offer shares.

at the issue price9.94HK $/Based on stock calculation, Guming’s total market value is230billion Hong Kong dollars.2months12On the 20th, the lowest price in Guming was 8.93 yuan, closing9.3HK $/Shares fell below the issue price, and the total market value217billion Hong Kong dollars.

“Wang Yun ‘an, the king of milk tea in the town, is worth breaking80billion Hong Kong dollars

The listing of Gu Ming pushed founder Wang Yun ‘an to the peak of wealth.

Wang Yun ‘anIs a native of a small town in Zhejiang85Later, he made tea drinks across borders with a professional background in materials science, broke regional restrictions with a standardized franchise model, and became the king of milk tea in the town.

2020Nian Guming completed two rounds of financing, with a total amount of6.74100 million yuan, investors include Longzhu, Sequoia, a subsidiary of MeituanAbbeay Streetetc., of which, Dragon Ball’s cost per share is2.33Yuan, Sequoia’s cost per share is2.4Yuan,IPOLater, Longzhu held shares as7.74%; Sequoia holds shares3.73%。

According to the prospectus, Wang Yun ‘an holds shares in Gu Ming’s shareholder structure after listing40.28%, concerted action person Qi Xia holds shares18.43%, Ruan Xiudi holds shares12.81%, Ms. Pan Pingping holds shares2.57%, total control of Gu Mingchao60%Equity constitutes absolute control.according tocurrentlymore than 200billion Hong Kong dollarstotal market valueCalculation, Wang Yun ‘anthePersonal worth exceeds80billion Hong Kong dollars。

as“The first stock of new tea drinks”，naixue tea（02150.HK) in2021The market value exceeded at the time of listing in 2000300Hong Kong dollars 100 million, held by founders Peng Xin and Zhao Linsuper40%, value once reached120billion Hong Kong dollars. However, setbacks in high-end positioning and continued losses have led tocompanymarket valueseriousshrunk。According to financial reports,2024first half of, Nai Xue’s tea was recordedrevenue25.44100 million yuan, down year-on-year1.9%, adjusted net loss4.38billion YuanPeng Xin and his wife hold shares58.73%。as of2months12Day, the company totalThe market value is only about20billion Hong Kong dollars,Based on this calculation, Peng XincoupleThe shareholding value is only approximately10billion Hong Kong dollars。

Listed on the Hong Kong Stock Exchange last yearChabaidao（02555.HK), there is close26billion Hong Kong dollars offundraisingScale, current total market value of the company145billion Hong Kong dollars.2024In the first half of 2010, founder Wang Xiaokun and his wife held approximately61.3%Based on this calculation, the couple’s worth is close to 90billion Hong Kong dollars.

In addition, this year1In August, Gu Ming passed a board resolution and a shareholder resolution, submitting to Yu2024years12months31Announcement of appointment by existing shareholders listed on the company’s register of shareholders on the day of17.4With a dividend of 100 million yuan, Wang Yun ‘an also earned7.52With a dividend of 100 million yuan, the wealth value further increased.

The loss of franchisees accelerates, sinking market competition becomes fierce

2021yearsto2023years and2024In the first three quarters of the year, Gu Ming’s operating income was RMB43.84100 million yuan,55.59100 million yuan,76.76billion Yuan and64.41billion Yuan; Adjusted net profit is RMB7.70100 million yuan,7.88100 million yuan,14.59billion Yuan and11.49100 million yuan.

According to the prospectus, press2023yearsGMVIn terms of the number of stores, Guming is the largest mass ready-made tea shop brand in China (10Yuan-20Yuan price band), and it is also the second largest freshly made tea shop brand in China with full price.

2010In 2010, Wang Yun ‘an opened the first store in Guming in his hometown, and its core product pricing is concentrated on13-16Mid-end section of the Yuan Dynasty, layout simultaneously10Drainage funds below yuan and19High-end models above yuan will form full price coverage.2024In the first three quarters of the year, Guming launched85The new products form a troika with fruit tea, milk tea, and tea coffee as the core.

superAHot items such as cheese grapes, coconut ice cream lattes and other popular items have captured a group of diehard fans. The prospectus shows that as of2024years9months30On the day, Guming Mini programs registered members1.35Billion yuan, quarterly active members exceed4300Wan,2023Annual average quarterly repurchase rate53%。

from2010Since opening its first store in Taizhou, Zhejiang in 1998, Guming has approved“regional encryption”Strategy to quickly penetrate second-tier and below cities through franchise model, the proportion of supply chain revenue under the franchise model exceeds that90%, outstanding asset-light characteristics。as of2024years9months30In Japan, the total number of Guming stores reached9778Home, where80%Located in second-tier cities and below, township stores account for a high proportion40%, becoming the tea brand with the highest market coverage in China。

Gu Ming said that as of2024years9months30Day, its nationwide17Several provinces have established a layout and will continue to increase the density of store networks. At the same time, the company still has other17The provinces have not yet been deployed, which together brings them broad room for growth.

But2024In the first three quarters of the year, Gu Ming shared the same storeGMVdecreased by0.7%, Zhejiang Base Camp same-store sales decline0.8%, some regional markets are becoming saturated, and the loss rate of franchisees has also increased from2022years of9.5%rose to2024years of11.7%。Gu Ming said that as expansion accelerates, competition among franchisees may accelerate the loss of franchisees. Today,honey snow ice cityAnd Shanghai’s aunt is also accelerating Hong Kong stocksIPO, sinking market competition will further become white-hot.

theIPO, Gu Ming plans to use the amount raised25%Used for supply chain upgrades,25%Invest in digital construction,20%Strengthen the brand, and the remaining funds will be used for franchisee support and product research and development.