Recently, Zhao Liying a group of ancient costume photos became popular, holding a fan to cover her face, smiling sweetly, looking forward to her appearance, passers-by saw it and thought it was a new drama. However, the beautiful ancient costume style is actually in the advertisement. This advertisement is called "Inheritance", which is an advertisement of the domestic bird's nest brand Yan's House . Zhao Liying serves as the spokesperson of Yan's House. The official website of
Yanzhiwu said that as soon as "Inheritance" was released, the topic "Zhao Liying Mid-Autumn Festival Oriental ceremony" was immediately searched on Weibo. As of 14:00 on the same day, the number of topic readings reached 54.15 million, and the number of discussions reached 125,000. Zhao Liying's ancient costume image was praised: "There are beautiful women in the East, and bird's nests are nourished".
is different from the booming commercials, the IPO road of Yanzhiwu is not smooth. On September 21, the official website of the China Securities Regulatory Commission showed that Yanzhiwu, which was originally scheduled to attend the meeting on the 22nd, withdrew its IPO application materials, and the Issuance Examination Committee decided to cancel its review. Therefore, the house of swallows temporarily missed the "first share of bird's nest".
makes the outside world wonder, what was Yan Zhiwu thinking about the sudden withdrawal of the order the day before the meeting? There are views that, or related to the current changes in the consumption environment, the company has adjusted its strategic planning. During the IPO process of
Yanzhiwu, the China Securities Regulatory Commission also had some doubts. In its feedback in April, Yanzhiwu was asked to explain "whether there is false propaganda" and "whether it uses a lot of advertising and marketing to support its performance".
Zhao Liying, Lin Zhiling , Carina Lau endorsement, 700 million advertising expenses in 3 years
"Eat bird's nest, choose the house of swallows", "Oriental nourishment, inheritance for thousands of years", this is the slogan of "The House of Swallows".
Yan's House is mainly engaged in the research and development, production and sales of bird's nest products. The products include the bowl-packed series of instant bird's nest at room temperature represented by "Wan Yan", the "Yan's House" series of fresh stewed bird's nest, traceable dried bird's nest, and bird's nest dumplings, bird's nest moon cakes and other high-quality bird's nest products. According to the prospectus of
, Yanzhiwu has built an omni-channel sales model combining offline franchise and online retail, and has gradually grown into a leading enterprise in the domestic bird's nest industry.
ranked according to the quantity of imported bird's nest traceable by CAIQ. From 2019 to 2021, Yanzhiwu ranked first among domestic bird's nest importers. According to the statistics of Beijing Zhongyan Century Consulting Co., Ltd. , from 2019 to 2021, the sales of bird's nest products packaged by Yanzhiwu will lead the country. In terms of
's performance, from 2019 to 2021, Yanzhiwu's revenue was 951 million yuan, 1.299 billion yuan and 1.499 billion yuan respectively, and the net profit in the same period was 79 million yuan, 120 million yuan and 167 million yuan respectively. It is not difficult to see that the main data of Yan's House has shown an increasing trend year by year.
Yanzhiwu's performance has been increasing year by year, which is related to the large-scale marketing and advertising expenses. According to the prospectus of
, from 2019 to 2021, the sales expenses of Yanzhiwu were 308 million yuan, 317 million yuan and 391 million yuan respectively. Among the marketing expenses, 60% are advertising expenses, totaling 692 million yuan in three years.
Specifically, from 2019 to 2021, the advertising expenses of Yanzhiwu were 187 million yuan, 237 million yuan and 267 million yuan respectively, accounting for 19.72%, 18.27% and 17.85% of sales revenue respectively.
public information shows that in 2008, Yanzhiwu invited Carina Lau to speak; in 2018, Lin Zhiling became the Yanzhiwu brand spokesperson; in 2022, Zhao Liying took over as the brand spokesperson. In terms of research and development expenses of
, from 2019 to 2021, Yanzhiwu invested 18.7424 million yuan, 17.6642 million yuan and 18.9464 million yuan respectively, and research and development expenses accounted for less than 2% of operating income, which was much lower than the proportion of advertising expenses.
From the perspective of employee structure, Yanzhiwu has a total of 1,705 employees, 849 of which are production personnel, followed by 587 of sales personnel, and the least is R&D personnel, with a total of 47 people.
Yanzhiwu stated in the prospectus that the company strives to improve product quality through R&D innovation. By the end of 2021, the company has 12 invention patents, 6 utility model patents, and 10 design patents.
this timeIPO, Yanzhiwu plans to raise 1.019 billion yuan, of which 453 million yuan is expected to be invested in the ecological industrial park construction project, 213 million yuan in marketing network construction and brand promotion projects, 190 million yuan in supplementary working capital, and R&D center upgrade construction projects. 164 million yuan. From the data comparison of
, it can be seen that the Bird's Nest of Yan's House has the characteristics of "emphasis on marketing and light on research and development". In its feedback, the China Securities Regulatory Commission asked to explain the company's business-driven model, 's competitive strategy, , and whether it supported performance by reducing product unit price promotions and mass advertising.
Empress Dowager Cixi relies on bird's nest to nourish? The efficacy of bird's nest is suspected. On the official website of
Yan's House, there is a saying that "a good bowl of bird's nest nourishes the world". In the prospectus of
, Yan Zhiwu stated that ancient herbal medicine classics such as "Benjing Fengyuan", "Bencao Renewal", " Compendium of Materia Medica Supplements ", " Materia Medica Seeking Truth " and so on have records on the efficacy of bird's nest. The main effects of bird's nest can be summarized as: nourishing qi and resolving phlegm, nourishing kidney and lungs, nourishing spleen and stomach, and regulating deficiency.
Yanzhiwu also said that experimental studies have shown that the main components of bird's nest are moisture, lipids, sialic acid , protein , amino acid , carbohydrate , etc. Sialic acid has beneficial effects in immune regulation, anti-aging, promoting cell growth, and so on.
The China Securities Regulatory Commission showed in the feedback document that Carina Lau, the previous spokesperson of the House of Swallows, once said that the secret of her maintenance is "to eat bird's nest and only choose the bird's nest in the House of Yan", saying that she "eats a bowl of bird's nest in the House of Yan" every day. .
also wrote in some adverts promoting bird's nests in the House of Swallows, Qing Dynasty emperors lived a long life by eating bird's nests, and the Empress Dowager Cixi also relied on bird's nests for nourishment, so that the Queen Mother still had the same appearance in her sixties... Bird's nest has the effect of prolonging life.
The China Securities Regulatory Commission requested in its feedback that a specific list should indicate the specific publicity caliber of the company's advertisements and other related publicity materials, whether there are compliance risks such as false publicity in the relevant publicity, and whether the company is subject to administrative penalties for this. In the past two years, the efficacy of bird's nest has been questioned. As early as 2020, Internet celebrity anchor Simba brought bird's nest "overturned" and was identified as "fake bird's nest, real sugar water", and the nutritional value of bird's nest caused heated discussions.
Not long ago, the cover news reported that Wang Silu, a national senior food inspector, said that from the nutritional ratio, there is nothing special about bird's nest. , Dairy food, not only has high protein content, but also the key is cheap." In the prospectus of
, Yanzhiwu said that the market demand for bird's nest as a traditional tonic is constantly increasing, but the basic pharmacological research on bird's nest needs to be strengthened. The company will actively carry out research cooperation with well-known universities and well-known medical teams at home and abroad to promote the pharmacological research of bird's nest.
At present, Yanzhiwu is a leading company in the industry. In terms of revenue scale, it is still relatively small compared to the tens of billions of other industry leaders, which also shows that the bird's nest industry has a lot of room for development. In the
capital market, there is no listed company whose main business is bird's nest, so that the comparable companies listed by Yanzhiwu are Dong'e Ejiao , Bama Tea, and Tianfu Mingcha.
Yanzhiwu is the player most likely to sprint for the "first share of bird's nest". As early as ten years ago, Yanzhiwu launched its IPO. According to the media, in 2011, Yanzhiwu had more than 500 stores nationwide, and Yanzhiwu with a certain scale began to plan to go public in Hong Kong.
China News Network and other reports, at that time, due to the outbreak of the "poisonous blood swallow" incident in the bird's nest industry where the content of nitrite was seriously exceeded, the house of swallows was also affected and was forced to suspend the listing plan. In 2021, Yanzhiwu once again hit Hong Kong stock , but to no avail. After two failed Hong Kong stock IPOs, Yanzhiwu switched to A stock .
Before the A-share IPO restarted, Yanzhiwu also carried out a series of mergers and acquisitions, aiming to reduce the proportion of related transactions and clear obstacles for listing. However, Yan Zhiwu cancelled the order the day before the meeting.
believes that the reasons for withdrawing the materials may be related to changes in the capital market and consumption environment, and Yanzhiwu will adjust its strategic planning. The withdrawal of the issuance request will not have an impact on the company's operations.
We will continue to pay attention to the IPO progress of Yanzhiwu.
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