"Pickled cabbage fish" swims into the real estate Jiu Maojiu company to buy a property for 1.1 billion?
Chairman Huang: I'll buy it
According to the Red Star Capital Bureau, on the evening of October 3, the well-known catering brand Jiumaojiu (09922.HK) announced that it would terminate the 1.1 billion acquisition of a 26% stake in the Guangzhou International Financial City project under Country Garden.
At the same time, Guan Yihong, chairman of the company, will become the new main buyer according to the terms of the previous agreement.
In just 4 days, the main body of the acquisition plan of the real estate project changed from Jiumaojiu Company to Guan Yihong.
The stock price of Jiumaojiu has also experienced a roller coaster situation of first falling and then rising.
only 4 days
The company terminates the 1.1 billion property purchase plan
According to public information, Jiumaojiu is a catering group with Chinese-style restaurant chain operation as its core. It was listed on the Hong Kong stock market in January 2020. Factory”, “Lai Meimeishan Grilled Fish with Vine Peppers” and other catering brands in different segments.
On the evening of September 29, Jiumaojiu announced that it would acquire the real estate project of Country Garden (02007.HK) at a price of not more than 1.1 billion yuan.
The Target Company is mainly engaged in real estate development and property management; it has obtained the land use rights of the target land located in Guangzhou International Financial City, Tianhe District, Guangzhou City, and is engaged in the construction and development of the Guangzhou International Finance Tiandi Project on the target land; it will become a large-scale commercial and office projects.
Jiumaojiu said that the Guangzhou IFC project is located in Guangzhou International Financial City, Tianhe District, Guangzhou City, which is located in the core prime location of Guangzhou’s business and commercial district.
The Target Properties will be part of the Company's measures to maintain and develop its core youth and fashion culture, and the Company currently intends to relocate its headquarters to the Target Properties.
After the announcement of the acquisition, Jiu Maojiu was once rumored to cross the border into real estate, and the stock price plummeted by 20%.
Subsequently, the relevant person in charge of the company responded to the Shanghai Stock Exchange, saying that buying an office building is not to enter real estate, but only for self-use office.
However, just 4 days later, Jiumaojiu announced that it had abandoned the plan and terminated the acquisition of 26% equity and sales debt of Guangdong Property Rights Exchange Group Investment and Development Co., Ltd., that is, terminated the acquisition of 26% equity and sales debt of Guangzhou Guojin Tiandi Project Company. .
While announcing the termination of the acquisition, Jiumaojiu also announced that Guan Yihong, the company's chairman, executive director and controlling shareholder, has informed the company that he is willing to seek cooperation with Country Garden's Zhongshan Bitui Real Estate Development Co., Ltd. (hereinafter referred to as "Zhongshan City"). Beatrice”) cooperation opportunities.
After friendly discussion and negotiation, on October 3, Zhongshan Bicui and the target company confirmed that they agreed to terminate the sale and purchase framework agreement and the transactions contemplated thereunder; The terms and conditions entered into the agreement with Guan Yihong.
As of the announcement date, Jiumaojiu has not advanced any funds or consideration under the Sale and Purchase Framework Agreement, and the company does not need to pay any compensation for termination.
After the announcement was issued, the stock price of Jiu Maojiu recovered significantly. As of the close on October 3, Jiu Maojiu closed at HK$14.46 per share, up 12.27%, with a total market value of HK$21.023 billion.
According to the Hurun Report website, Guan Yihong ranks 2,532nd in the 2022 Hurun Global Rich List with a net worth of 9 billion yuan.
Net profit fell by nearly 70% in the first half of the year
Taier's turnover rate is declining year by year
Jiu Maojiu, who gave up the acquisition of 1.1 billion real estate projects, is not rich in itself.
On the evening of September 19, Jiu Maojiu updated its 2022 semi-annual report.
In the first half of the year, the company achieved revenue of 1.899 billion yuan, a year-on-year decrease of 6.04%; net profit attributable to the parent was 57.7 million yuan, a year-on-year decrease of 69%, and the decline was far greater than the revenue.
Restaurant operation is the main source of income for Jiu Mao Jiu. In the first half of 2022, the revenue of this segment was 1.534 billion yuan, a year-on-year decrease of 9.86%, accounting for 80.3% of revenue.
Although the takeaway business has increased, contributing revenue of 356 million yuan, an increase of 17.8%, but it still cannot fill the loss gap caused by the suspension of business.
During the reporting period, the operating profit at the Jiumaojiu restaurant level was 278 million yuan, a year-on-year decrease of 31.36%.
The Red Star Capital Bureau noticed that the revenue contribution of the two major hematopoietic brands of Jiu Maojiu, Jiu Mao Jiu Northwest Cai and Tai Er Pickled Cabbage Fish, also declined, by 17.9% and 7.4% respectively.
Among same-store sales (restaurants that have been open for at least 150 days during the reporting period), the sales of Jiumaojiu Northwest Cuisine was 267 million yuan, down 9.6%; Taier Pickled Cabbage Fish was 955 million yuan, down 23.2%.
In recent years, Tai'er is undoubtedly the most profitable sub-brand of Jiu Maojiu, contributing more than 70% of the profit. In 2018, Tai'er's turnover rate was as high as 4.9 times/day, and in 2019, it dropped slightly to 4.8 times/day, and The Haidilao of the myth of the turnover rate is evenly matched.
But in the first half of 2022, its turnover rate has dropped to 2.9 times/day, compared with 3.7 times/day in the same period last year.
In the first half of the year, the turnover rate of Jiu Mao Jiu Northwest Cuisine was 1.8 times/day, which was the same as last year.
However, Jiumaojiu still needs to open new stores to complete the network expansion plan.
In the first half of the year, Jiumaojiu opened 37 new stores, including 35 Tai Er and 2 counseling hot pot.
The stores of Jiu Mao Jiu Northwest Cuisine decreased from 91 in the same period last year to 77, and the brand’s revenue ratio also decreased from 18.9% to 16.5%.
Jiumaojiu said that it has completed the restaurant network expansion plan for Tai Er as stated in the prospectus, and will "continue to develop the Chongqing Hotpot Factory and Lai Meili brand, which we believe have huge growth potential."
Chengdu Business Daily-Red Star News reporter Xie Yutong