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On the afternoon of March 17, Zhang Zhenwei finished his keynote speech at the "China Catering Innovation Conference".
After calmly stepping off the stage, he said goodbye to his friends: "I'm going to say goodbye first.
"
From: Visual China
What he wants to leave is the current public speech scene, but also the Coucou hot pot he created.
Under his leadership, Coucou opened more than 140 stores in just four years, creating an industry miracle of opening 11 stores every month, and thus became a popular brand of Xiabuxiabu, driving its share price soaring.
Five or six times.
Now, the hero, he is forced out of the game, causing the capital market to diverge on the future development of Xiabuxiabu, and the stock price has fallen freely.
On March 15th, Hillhouse Capital liquidated Xiabu, followed by a liquidation reduction by Morgan Stanley.
The "fleeing" of big capital seems to be an emphasis on talents, but it is actually a concern about the future growth of the brand.
However, the expected growth problem may not be the exclusive trouble of Cocoa, nor is it limited to the present, but the long-term commonality of the catering industry.
It can be seen that since the end of last year, Haidilao, Xiabu, and Jiumaojiu have experienced stock price surges one after another.
Among them, Xiabu and Jiumaojiu both increased by more than five times, and then continued to fall.
At present, Haidilao and Xiabuxiabu have basically fallen back to their previous points, while Jiu Maojiu still has an increase of nearly 80%.
Under the background of the epidemic, the current performance of catering companies can never look good.
Therefore, the market's emphasis on the ability of companies to withstand the epidemic and their future growth is the key factor that drives investor expectations.
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In contrast, Tai Er’s future same-store growth is more imaginative, Haidilao still has room to catch up, and the uncertainty of getting together is the greatest.
But as good as the second, it still has to face the escalation of investors' scrutiny-the market's demand for enterprises has evolved from "explosive products" to "continuous production of explosive products.
"
3.
Explosive brands are hard to find, and the second growth curve is a mystery3.
Explosive brands are hard to find, and the second growth curve is a mystery
Continuously launching hot brands and creating second, third and more growth curves are the coveted capabilities of every catering company.
For example, between the contraction of the Jiu Mao Jiu brand and the expansion of Tai Er, Jiu Mao Jiu is still trying to incubate new hot brands.
From the perspective of layout, Jiumaojiu has "pressed" the second growth curve on hot pot-currently there are two hot pot restaurants, and the first one jumped up two weeks after opening, occupying the hot pot hot pot list in Dianping.
Number one.
However, although the beginning of the story is fascinating, it is still unknown whether it can become the next hot sub-brand.
Jiumaojiu is not alone, and Xiabuxiabu also strives to explore the second growth curve in addition to the main growth.
Its focus is on the condiment business-seasonings, dips and bases, etc.
However, there is a Haidilao-based supply chain company "Jade is in the front", and Xiabuxiabu wants to make a hot pot condiment, which is quite difficult.
Compared with them, although Haidilao has deployed multiple brands: incubation and extended acquisition of catering (Hanshe Chinese cuisine, noodle restaurants), none of them have outstanding results.
The main brand Haidilao has always been the lifeline of the group.
From this point of view, Haidilao is more urgent to prove to the market the growth of its new business.
Either in the initial stage or in the exploratory stage, the space for the three new formats to be explored is limited.
As for the development of subsequent stories, long-term follow-up is required.
Conclusion
Conclusion
In the days when the epidemic hit and store business was restricted, Haidilao, Coucou, and even Tai Er, who vowed to “not do takeout”, tried to develop takeout “for survival”.
But in the end, it is the main business that saves the performance and allows them to bear the risk of the epidemic.
Seizing the opportunity to obtain a low-cost store (point) position, Haidilao and Taier, whose supply chain is relatively resistant, are aggressively expanding their stores.
The "fragile" coup on the supply side appears to be cautious in expanding the store.
In addition, in terms of growth expectations, Haidilao and Coucou, one may reach the store expansion ceiling in advance, and the other has limited room for improvement in customer unit prices, which inevitably makes investors doubtful.
In contrast, Tai Er performed better in both aspects, with higher certainty, which may be the reason for the relatively strong stock price.
Source: WeChat public account: outside and inside
Note: All pictures in the article are reprinted on the Internet, and infringement will be deleted!
Note: All pictures in the article are reprinted on the Internet, and infringement will be deleted!
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