Good shop ＂clearance＂ Zhao Yiming snacks earned 133% and still chose to retreat

"Tiger Investment Finance" learned that the local "high-end" snack brand boutique in Wuhan ushered in a big move. Previously, Liangpin Store had invested in "Zhao Yiming Snacks", and thought that the two sides would continue to cooperate with each other. Unexpectedly, Liangpin Store recently announced that it had cleared all the shares of Zhao Yiming Snacks for 105 million yuan.

Author |BB

01 snacks collection shop becomes a new favorite

Nowadays, young people do not blindly follow the trend to choose brands in shopping choices, and more and more people value cost performance, which has also led to the rise of many new formats of economy.

One of them is the "snack collection store" which focuses on cost performance. With the three advantages of "low price, abundant goods and fast product update", the snack collection store has quickly become the new favorite of young consumers.

According to the Research Report on Leisure Snacks Industry in China in 2022, the annual compound growth rate of leisure snacks market in China has remained above 11% in the past seven years, and it is expected to exceed 1.5 trillion yuan in 2022. According to the report, at present, there is still much room for the growth of leisure snack channels in China.

Counting from 2019, when Snack Discount 4.0 was born, the snack discount track four years ago has formed a preliminary pattern, namely, "two super-strong". The "two super-strong" are Wanchen creatures with busy snacks and listed products. According to institutional statistics, they account for 18.5% and 17.5% of the market share respectively, and the rest are divided by regional brands such as Snack Youming, Zhao Yiming and Sugar Nest.

Let’s take a look at "Zhao Yiming Snacks", one of today’s protagonists. Since August, Zhao Yiming snacks, a snack discount brand, has been changing frequently. Since August 16th, its stores have exceeded 2,000. Later, the BI digital project was launched with Guanyuan Data to jointly build the digital operation capability of the supply chain.

According to the latest news, Zhao Yiming Snacks released the sales data during the National Day, and the total sales of its 2,300 offline stores nationwide exceeded 413 million, with a total of 10.75 million consumers.

It is understood that Zhao Yiming snacks started in 2015 and developed rapidly in the past three years. As of September this year, the total number of stores in Zhao Yiming snacks has reached 2,200, and the second-store rate has reached more than 65%. Enterprises claim that each store is profitable.

Zhao Yiming snacks, which are developing rapidly, are naturally favored by capital. On February 22nd this year, Zhao Yiming Snacks completed the 150 million yuan Series A financing. This round of financing was led by Black Ant Capital, followed by good shops.

Good shops bet on "Zhao Yiming Snacks", which can be regarded as accelerating the layout and expansion of snack chain. After all, the more snack shops in Zhao Yiming, the more offline stores there are.

The vigorous development of "Zhao Yiming Snacks" has also given investors enough confidence. Most people in the industry believe that the two sides will continue to cooperate. Unexpectedly, the good shop recently chose to "clear" the shares of Zhao Yiming Snacks for 105 million yuan.

02 internal and external troubles broke out together.

On October 16th, Liangpin Store announced that Guangyuan Juyi, a wholly-owned subsidiary of the company, held a 3% stake in Zhao Yiming. Guangyuan Juyi intends to sign the Equity Transfer Agreement with Shanghai Yihai Enterprise Management Consulting Partnership (Limited Partnership) ("Transferee I") and Xiamen Heiyi No.3 Overseas Connection Venture Capital Partnership (Limited Partnership) ("Transferee II").

Among them, 1.5% equity of Zhao Yiming was transferred to transferee I at a price of RMB 52,499,682; Transfer 1.5% equity of Zhao Yiming to transferee II at a price of RMB 52,499,682. After the completion of this transaction, Guangyuan Juyi no longer holds the equity of Zhao Yiming.

This transaction really puzzled many investors. Because in April this year, Guangyuan Juyi signed an investment agreement with Zhao Yiming Food Company, with an investment of 45 million yuan, accounting for 3% of the shares.

And Zhao Yiming snacks are also quite powerful after financing. Combined with the aforementioned "good news", the market value is naturally rising. According to the share transfer price of 105 million yuan announced by Liangpin Store, this investment is expected to generate an investment income of about 60 million yuan.

That is to say, in the half year of investing in Zhao Yiming Food Company, good shops made a big profit of 133%. From the outside world, for such high-quality assets, good shops don’t want to continue to chase after the investment, at least they are waiting for their shares to continue to appreciate and take a ride on the development of snacks in Zhao Yiming.

Good shops choose to do the opposite and get out of Zhao Yiming snacks. However, this incident did not dispel the goal of good shops marching into snack shops.

In this announcement, Liangpin Store also stated that the transaction is based on its own business development needs, so as to improve the efficiency of asset operation. The company will continue to expand the distribution of discount snack business and seize the opportunity of discount snack market.

In addition to capital investment, the good shops themselves have also left the market, joined the "hand-to-hand combat" of snack sales, and opened their own discount brand "Snacks Hard Home". Up to now, the brand has laid out five stores in Wuhan, and the store efficiency is 50% better than that of good shops. According to the plan, at least 500 "snack stubborn home" stores will be opened in 2023.

Some outside investors believe that snack shops mainly use low-price strategies through some well-known brands that everyone has heard of, and then sell some cheap goods, which may be inconsistent with the "high-end" positioning of good shops.

Some people in the industry also analyzed that Liangpin Store and Zhao Yiming Snacks have established a good business cooperation relationship. As two different formats and forms of offline stores, the two sides still have the possibility of continuous cooperation in the future.

No matter what the specific reasons are, it is an established fact that good shops choose to empty Zhao Yiming shares, and it will take time to verify what means will be used to deepen the distribution of discount snacks in the future.