Sino-Singapore Jingwei, June 27 (Yan Shuxin) Recently, it was reported that the emerging dairy company Adopting a Cow Holding Group Co., Ltd. (hereinafter referred to as Adopting a Cow) has completed the listing counseling.

  As for whether the above news is true, on the 24th, the adoption of a cow told Sino-Singapore Jingwei that the relevant information on the IPO is subject to the content of the China Securities Regulatory Commission.

According to the documents previously disclosed by the Zhejiang Securities Regulatory Bureau, the adoption of a cow is planned to be listed on the A-share market.

  Adopt a Cow was established in 2014 and launched the "Adopt a Cow" brand in 2016.

The brand story of "the old real estate cannon disappeared for three years, just to make a good cup of milk", coupled with the gameplay of adopting a cow for 2,999 yuan, made it quickly popular in the industry.

  According to public reports, in 2021, adopting a cow has achieved annual sales of 2 billion yuan, and has successfully ranked among the top three dairy products sales on the Tmall platform, second only to Yili and Mengniu.

Online sales account for about 70%

  Adopt a cow was established in July 2014, mainly engaged in the development, production and sales of dairy products and fresh milk, as well as the operation of modern ranches.

  The Tianyancha APP shows that adopting a cow has completed the B round of financing in December 2021, and investors include Meituan Longzhu, Dehong Capital, etc.

Up to now, Adopt A Cow has completed 5 rounds of financing. Its founder, Xu Xiaobo, directly holds about 45.61% of Adopt A Cow and is the company's largest shareholder.

  Source: Screenshot of Tianyancha APP

  In public reports, Xu Xiaobo claimed to have started his business since he was in his twenties. He got involved in real estate in his early years and caught up with the good times, accumulating a considerable amount of wealth.

In 2012, Xu Xiaobo originally wanted to bring back a few cans of milk powder for his son from Hong Kong, but was questioned by the customs because he did not understand the purchase restriction order, and was detained in a small dark room for 4 hours.

  Xu Xiaobo said that the "Little Black House Incident" stung him, so he decided to give up his 13-year status as a real estate developer, build a ranch by himself, and make a cup of assured milk that the Chinese people can afford.

  According to public reports, Xu Xiaobo imported Holstein cows from Australia in 2014, and established the first ranch in the ancient city of Hebei, the Convoy Ranch, which cost 460 million.

After that, the story of "the old real estate gun disappeared for three years, just to make a good cup of milk" was widely spread in the industry.

  It is reported that since December 22, 2016, the adoption of a cow has been published on hundreds of we-media platforms, including crowdfunding, Wu Xiaobo Channel, 10:00 Reading, COFCO Healthy Life, Dad Evaluation, etc., in the form of content output. brand to spread.

  In November 2017, Xu Xiaobo revealed that with the method of "turning the brand into content and disseminating it on the platform that produces the content", in the past year, the adoption of a cow has covered a total of 200 million people without spending a penny on advertising. .

  Adopt a cow The vast majority of sales come online.

It is reported that adopting a cow has been launched successively on platforms such as NetEase Yanxuan, Original Life, Daily Youxian, JD.com and Yunji since July 2017.

In October 2021, adopting a cow revealed that the annual sales of adopting a cow had reached 2 billion yuan, of which online sales accounted for about 70%.

  According to the listing counseling materials for adopting a cow, the Tmall flagship store of the "Adopt a Cow" brand ranked first in sales of the flagship store in the dairy industry during the "Double Eleven" period in 2020; during the "618" period in 2021, the company will be listed on Tmall The platform's dairy product sales ranking ranked only after the two major brands of Yili and Mengniu, and the sales ranking of the brand flagship store ranked first in the industry.

  However, in March 2021, adopting a cow said in an interview with the media that most of its product sales occurred in e-commerce channels such as Tmall. Although the gross profit is about 30%, a large part of the cost is spent on e-commerce In terms of traffic costs of the platform, the cost of acquiring customers is high, and the marketing investment is large, so it has not yet been able to achieve profitability.

This "adoption" is not his adoption

  In addition to the brand story, what makes adopting a cow popular is its "adopting" model.

  As early as January 2017, Adopting a Cow and Wu Xiaobo Channel launched two "adoption" activities: one is to pay 2,999 yuan to obtain the right to adopt a dairy cow; the other is to spend 10,000 yuan to become a joint rancher, which not only has the right to Adopt a cow and enjoy the bonus of ranching operation.

  In April 2020, adopting a cow also launched the "Cow Breeder Recruitment Program" to milk card members on its WeChat public account, the specific content includes "rebates for purchasing goods", "commissions for sharing", "invite friends to scan the code" Binding can return commission", etc., referred to as "micro-business-style milk selling".

  Source: Screenshot of the official WeChat account of adopting a cow

  In fact, it was not until May 2020 that Adopting a Cow officially announced its "adopting" model. One is the "Cloud Adoption" online development game; the other is "Joint Adoption", which means adopting a cow in conjunction with Wu Xiaobo Channel and Dunhuang. IP, etc. have launched co-branded cards. By purchasing milk cards, consumers can regularly enjoy services such as door-to-door product delivery and parenting guides. The third is real-name adoption, that is, to become a real cattle raising partner. Consumers can purchase a dairy farm one year in advance By pre-ordering milk, the highest tier members can also name the cows, get photos and growth data of the cows, and more.

  On June 24, the person in charge of adopting a cow introduced to Sino-Singapore Jingwei that the "cloud adoption" is still in progress. Adopt" actually mainly invites some authoritative users, such as Dad Wei, Wang Han, Chen Shu, Du Haitao, Luo Yonghao, etc.

  At the same time, the person in charge explained that "real-name adoption" is not the same as "cattle partner".

At present, in the small program of adopting a cow, the "cattle partner" is a kind of hierarchical membership system.

Users who purchase the "milk card" product for adopting a cow can become a "cattle partner", and then they can enjoy membership discounts, product peripherals, membership activities and other related benefits.

  Sino-Singapore Jingwei noticed that among the membership levels for adopting a cow, the highest level is "cattle partner", and members who reach this level can obtain "adoption rights" and "ranch tours" and other rights.

However, the customer service of the Tmall flagship store for adopting a cow said that the "right to adopt" is an activity launched by the brand. Previously, some cattle-raising partners were invited to visit the ranch. Currently, it is temporarily closed due to the epidemic.

  According to the introduction of adopting a cow, it has accumulated more than 19 million users and more than 16 million members.

  Dairy analyst Song Liang told Sino-Singapore Jingwei that the "adoption" model of adopting a cow is essentially the same as the membership system of other brands. The distance from consumers, the so-called "adoption" is more of a marketing tool.

  "If you really adopt a cow, to be honest, the concept is a bit false, because usually the milk is squeezed together, and then produced as a product and sold to consumers." Song Liang said.

  On June 22, Sino-Singapore Jingwei consulted the customer service of the official mall for adopting a cow as a consumer to inquire about adoption.

At present, the existing "adoption" activities, one is to participate in the "cloud adoption" online, and the other is to purchase the annual card to provide milk.

  Zhu Danpeng, a Chinese food industry analyst, mentioned that adopting a cow was initially marketed with the help of the concept of "adoption", and after a certain amount of customer traffic, the layout of heavy assets such as pastures was increased.

  According to the official introduction of adopting a cow, as of April 2021, it has 7 modern pastures and 1 processing plant, serving more than 20 million families in total.

Part of the raw milk is sourced from outside pastures

  Adopting a cow starts from the milk source from the very beginning, with the slogan "The milk will be good when the cow is raised well", and its Tmall flagship store even declares that "every bottle comes from the five good cows", and the daily consumption of the cow's milk is good. The cost of food is about 80 yuan, and there is also a SPA, a medicated bath...

  In December 2020, the relevant staff of Hebei Adopt A Cow Dairy Co., Ltd. (Adopt A Cow used to use the name) introduced to the media that all products under the "Adopt A Cow" brand currently use its own milk source.

  However, this statement was quickly "slapped in the face".

According to the 2020 annual report of Mutong Technology, a dairy enterprise listed on the New Third Board (after correction), in 2020, Hangzhou Adoption Yituniu Biotechnology Co., Ltd. was its largest customer, with a purchase amount of 45.3989 million yuan, accounting for 17.94% of Mutong Technology's current revenue. %.

  Source: Screenshot of Mutong Technology's 2020 Annual Report

  Mutong Technology mainly sells fresh milk and various dairy products, while Hangzhou Adopt One Cow Biotechnology Co., Ltd. is a wholly-owned subsidiary of Adopt One Cow.

  In terms of adopting a cow, it responded in April 2021 that the company has ended its cooperation with Mutong Technology in early 2021, and the company's overall development direction is to use its own milk sources as much as possible.

  However, on June 22, when Zhongxin Jingwei consulted the customer service of the official mall for adopting a cow as a consumer, the other party claimed that all the products for adopting a cow were milk from its own pasture.

When asked about how many pastures there are now for adopting a cow, the customer service said, "There are 4 dairy cows that have started to supply milk. They are located in Shandong, Heilongjiang, Shanxi, and Xi'an, with about 60,000 Holstein cows."

  "Our production factory is a foundry factory, and the milk is from our own pasture. At present, we do not have our own factory for processing." The customer service introduced that the foundry factories that adopted a cow include Bright Dairy Co., Ltd. East China Center Factory, Jiangsu Junlebao Dairy Co., Ltd., Zhongken Huashanmu Dairy Co., Ltd., Tianjin Guangmingmeng Dairy Co., Ltd., etc.

  Only 4 of the 7 farms are supplying milk, and they all rely on OEM?

Two years ago, it purchased raw milk from outside, and now it has achieved self-sufficiency?

  On June 24, the adoption of a cow responded to Sino-Singapore Jingwei saying that as of May 2022, most of the company's milk sources are its own milk sources, and a small portion of the remaining raw milk comes from well-known domestic suppliers of high-quality raw milk such as Australia and Asia , the raw milk of A2 and Jersey series products are all 100% own milk source.

"The company will also continue to invest in pastures, increase the number of its own pastures, and expand the scale of dairy farming."

  Regarding the foundry, the adoption of a cow said that most of the products currently adopted for a cow have been produced by its own factories.

In 2020, the Shandong Intelligent Manufacturing Base to adopt a cow was announced to be put into operation. By the end of 2021, there will be 9 production lines with a daily processing capacity of more than 800 tons and an annual output of 300,000 tons of dairy products.

  In Zhu Danpeng's view, it is impossible for all the products to come from its own milk source for adopting a cow, "Even Yili and Mengniu have not been able to provide all milk sources by themselves, and there are also some cooperative milk sources. Source." Sino-Singapore Jingwei saw that among the top five customers of Mutong Technology in 2020, Mengniu Dairy (Taiyuan Co., Ltd.) ranked second.

  As for the OEM model, dairy expert Wang Dingmian believes that for a dairy company, if it adopts the OEM model, it will lack a certain degree of autonomy in the control of milk sources, raw materials, and quality control, and there are some potential risk.

  However, Song Liang believes that if the OEM has modern factories and equipment, and has a very rigorous production safety management system, there is no problem for the company to adopt the OEM model.

"It doesn't mean that to make dairy products, there must be factories and milk sources. We must encourage the market to flourish, realize product diversification, and allow some niche products to meet the individual needs of consumers, but the premise is to ensure our own supply. The chain system is safe and reliable.”

  "From the information disclosed by adopting a cow, most of the factories that manufacture for it are from large enterprises, and the potential risks may be lower. The most critical issue for the company at present is how to further improve and consolidate the product industry chain." Zhu Danpeng If so.

(Sino-Singapore Jingwei APP)

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