Another pet stock is going to be listed, and the gross profit margin is higher than that of the pet shares! Cat food revenue doubled | IPO

Cat dogs have become an important indicator of the young man’s happiness index. More and more young people express the envy of others will say: “Some friends are young to gently, it is really awkward.”

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

This is also shown in the data, according to Franist Shari data, 2020 China’s pet e-commerce market is 29.458 billion yuan, a year-on-year increase of 29.4%. In 2019, the double eleven, cat food sales is more infantty child milk powder, the first Tmall International import goods, became a veritable “second maternal product”.

The “domestication” of pet food has also gradually become the trend of the capital market. A shares of mid-pet shares and Pediti also ushered in a big rose in 2020.

On December 17, the China Securities Regulatory Commission official website issued a bubble pet pre-disclosure and updated prospectus, and A shares were expected to welcome another pet food producer.

Interestingly, the mid-pet shares tried to acquire babble pets, announced on July 17, 2019, which is planned to buy bubble pets, is not less than 51% stake. On July 31, the same year, the major asset restructuring of both parties was terminated, and it was lackless for 1 month.

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

In terms of equity, Wang Yingchun, Chairman and General Manager of Fu Bei Pets, is 53.66% of its shareholders. At the same time, the deputy general manager of the Fu Bei Pets, the Director Huang Li shares 5.83%, the director and procurement supply center supervisor Wang Chun holds 4.99%.

In addition, Yida Capital Shares 12.58%, Haifu Industry Fund Holdings 6.10%, Zhongbi Fund (SS) Holdings 3.05%, Shengyuan Investment Shares 2.29%, Kaifeng Investment Holdings 1.68%, deep and put 0.30% of the stock, mostly joined the trace pet shareholder in July 2019. At that time, the Fu Bei Pet had got 300 million B round financing.

Dog food, cat food accounted for half

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

In 2018, in 2019, in the first half of 2020 and 20201, the business income of Fu Bei pets was 307 million yuan, 405 million yuan, 664 million yuan and 434 million yuan, net profit of 47.70.47 million yuan, 84.444 million yuan, 1.66 billion yuan and 104 million yuan, overall presented growth trend.

From the income structure, dog food, cat food is the main source of advertising of the bubble pet.

Among them, the revenue of dog food is in 2018. In 2019, in the first half of 2020 and 2021, 69.46%, 61.76%, 51.23% and 48.35% respectively, and the ratio of cat food is 29.68%, 36.92%, respectively. 47.60% and 50.48%.

The prospectus shows that the bubble pets come from dog grain in the income of 221 million yuan, 249 million yuan and 340 million yuan.

In 2019, the increase in 2020 was 12.67%, 36.54%, respectively. The growth rate of their cat food revenue was 64.15%, 112.14%, respectively.

In the first half of 2018 – In the first half of 2021, the gross profit margins of the company’s dog grain products were 37.22%, 41.56%, 42.60% and 41.98%, and the gross profit margin was stable; the gross profit margins of the company’s cat food products were 43.68%, 44.96%, 41.63% and 39.33%, the gross profit margin decreased.

Self-branded and foundry “two legs walk”

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

During the reporting period, the two main business of the bubbles were foundiers and their own brands (Bisle, love, etc.).

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

Among them, ODM / OEM business revenue is relatively high, 193 million yuan, 2.25 million yuan, 382 million yuan and 254 million yuan, accounting for 63.23%, 55.85%, 57.54% and 58.58%, and exceeds 50%. Self-branded business income is 112 million yuan, 178 million yuan, 282 million yuan and 180 million yuan, accounting for 36.77%, 44.15%, 42.46%, and 41.42%, respectively.

In terms of gross profit margins, the gross profit margin of the independent brand business is higher than the gross profit margin of the ODM / OEM business, from 55.03% and 33.75%, respectively (excluding shipping). In its own brand business, the gross profit margin of the online B2C is the highest, during the reporting period, the gross profit margin of the online B2C exceeds 70%.

However, it is worth paying attention.

又一家宠物股要上市,毛利率比中宠股份还高!猫粮收入一年翻倍 | IPO见闻

The gross profit margin of the Fubei Pets 2020 is higher than the mid-pet shares and Pedy.

The company weighs the higher gross interest rate. With the company’s optimization of the company’s ODM customer structure, the scale of the ODM customer procurement of the medium and high-end pet food is rising, and the sales of higher gross profit margin is relatively high. Increased, the larger price of gross profit margin is continuously improved, so the company’s main business gross profit margin has a rise.

Main food raw material list announced

The bubble pet disclosed the company’s main raw material procurement amount and its proportion of procurement, where the raw material accounted for TOP6 is chicken powder, chicken oil, fish powder, soy separation protein, corn, and wheat.

According to the present invention, the chicken powder is in the process of separating edible chicken process. The product is obtained by high temperature cooking, sterilizing, degreasing, drying, pulverizing the product, and soy separation protein is a high-quality protein raw material, from Low temperature degrading soy is produced for raw materials.

Among them, chicken powder in 2018, 2019 and 2020 procurement amount is 304.298 million yuan, 389.395 million yuan, 56.6.92 million yuan, accounting for 16.66%, 17.08%, 15.28%, respectively; the purchase of chicken oil purchases respectively It was 11.22%, 9.59%, 9.16%, declined year by year.

R & D costs are low

During the reporting period, the R & D expenses of the Fubei pet were 96.547 million yuan, 73.668 million yuan, 12.36.03 million yuan and 6.18 million yuan, accounting for 3.14%, 1.82%, 1.86% and 1.42%, respectively, R & D costs, respectively, R & D costs, respectively, R & D costs, 6.1866,800 yuan, 12.366 million yuan, accounting for 3.14%, 1.82%, 1.86% and 1.42%, R & D cost Lower.

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