Once alert the alarm letter due to a letter!Difficulties in Jule ipo to solve the single difficulties in the product area?

Jule's past IPO received a warning letter from the Securities Regulatory Commission because of the non -disclosure of the company's funds and other matters. At the same time, nearly 80 % of the company's income comes from Sichuan Province, and over half of the income comes from a single product milk -containing drink

"Investment Times" researcher Li Lu

In recent years, consumers' consumer demand for milk -containing beverages has begun to show differentiation and personalized characteristics. The ingredients of milk -containing beverages have gradually diversified, and they are no longer limited to "juice+milk", "fruit juice+fruit, milk+milk". The situation is extended to the mix of various ingredients such as vegetables, cereals, and soda.

Sichuan Jule Food Co., Ltd. (hereinafter referred to as Jule) is an old -fashioned company in developing, producing and selling dairy drinks and dairy products located in Sichuan. The company's main products include milk -containing beverages, fermented milk, Basal sterilization milk, and sterilization milk. In 1996, "yogurt milk" milk -containing drinks were launched, and followed by "chewing yogurt", "yogurt", "milk", "milk", Wait for multiple series.

Recently, Jule shares submitted a prospectus to the Shenzhen Stock Exchange and intended to be listed on the motherboard. The researcher of "Investment Times" noticed that Ju Le shares is no longer a novice IPO. In December 2017, the company plans to log in to the Shenzhen Stock Exchange's small and medium -sized board, but the company withdrew materials on March 30, 2018 and terminate the IPO review. In July 2019, the company opened the road of IPO for the second time, and then suspended again due to the issuance letter from the Securities Regulatory Commission. In June 2020, it disclosed the updated version of the prospectus on the official website of the Securities and Futures Commission.

In this IPO, Jule Co., Ltd. planned to raise 1.363 billion yuan, of which 339 million yuan was used in Gulan County Julemus herd breeding project, 279 million yuan for the reconstruction and expansion project of Wenjiang dairy production base, 179 million yuan for marketing The network center upgrade construction project and 172 million yuan for the annual output of 120,000 tons of dairy production base projects. In addition, there are 300 million yuan to supplement liquidity.

Looking at the prospectus, the Researcher of the Investment Times noticed that one of the reasons for Jule's many folding ipo was the internal control problem that could not be ignored. In addition, nearly 80 % of the company's income came from Sichuan Province, with high regional concentration. At the same time, excessive dependence on milk -containing beverages has a certain risk of operating stability.

In the past, IPO was issued a warning letter

"Investment Times" researcher noticed that in the second IPO process, Ju Le was issued a warning letter by the China Securities Regulatory Commission.

According to the latest prospectus, on April 21, 2020, the China Securities Supervision and Administration Commission issued the "Decision on Adopting a Warning Letter to Sichuan Jule Food Co., Ltd." (hereinafter referred to as the decision). : During the first public offering of shares and listing of Jule shares in the previous application, there are cumulative points of the company's campaign to misappropriate the company's funds of 95.789 million yuan. Successively and other issues such as defects and rebates are inaccurate. Therefore, the regulatory agency decided to take administrative regulatory measures with alert letter from Jule.

After the Securities Regulatory Commission issued a warning letter, Jules stopped her second IPO journey.

Jule shares stated in this prospectus that the incidents of the company's cashier misappropriation of funds were fraudulent behaviors conducted by employees for the purpose of occupying assets. No property losses are caused. Jule shares fired and reported the party; the accounting supervisor of the branch company and the company's financial director and financial manager were punished.

Kikle said that in response to major internal control problems, the company has rectified and further strengthened monetary fund management. Specific measures include the company's headquarters and branches and subsidiaries. Flowing water check; further improve the internal control system for bank accounts and monetary funds; further improve the system of separation of incompatible posts; replace the bank account of Meishan Branch, and strictly implement the bill registration and inventory system.

It is worth noting that the above -mentioned regulatory measures reflect not only the problems of Jule shares in internal control. The omissions disclosed by this matter have drawn a large question mark for the quality and authenticity of the company's letter.

Although in this prospectus, Jule shares said that the impact of the above supervision measures on the company has been eliminated, and it does not constitute a substantial obstacle to the company's first public offering of shares and listing. The fact that the company cannot bypass.

In addition to the above -mentioned internal control issues, the prospectus also disclosed another illegal act of the company. On January 11, 2022, the Meishan City Emergency Administration issued the "Administrative Penalty Decision", determining that the Kiku Le Meishan Branch did not set up obvious safety warning signs in the limited space operating place of milk tanks and sewage pump pumps, which violated the "Workers The provisions of Article 19 (2) of Trade Enterprise Limited Space Operation Safety Management and Supervision The Interim Provisions on Article 19 (2) of Article 19 ((2) of Article 19 ((2) of Article 19 ((2) of Article 19 (2) of Article 19 ((2) of Article 19 (2) of Article 19 (2) of Article 19 (2) of Article 19 (2), it is decided to provide administrative penalties of 25,000 yuan.

Single product type

The prospectus shows that from 2019 to 2021 (hereinafter referred to as the reporting period), Jule Co., Ltd. realized operating income of 829 million yuan, 994 million yuan, and 1.421 billion yuan, respectively. Yuan, all showing a growth trend.

However, from a structure, Jule shares rely more on a single product type such as milk -containing beverages. During the reporting period, the company's revenue from milk -containing beverages was 611 million yuan, 647 million yuan, and 732 million yuan, respectively, accounting for 73.91%, 65.31%, and 51.68%of main business revenue, respectively, accounting for more than half of the proportion of more than half. Essence

Not only that, the gross profit margin of Jule Co., Ltd. is lower than the average level of comparable companies in the same industry. According to the prospectus data, in 2020 and 2021, the company's gross profit margin of milk -containing beverages after the company was 38.9%and 39.02%, which is the category with the highest gross profit margin among the company's products. In the same period, the gross profit margin of the company's milk drinks was 41.86%and 39.41%, respectively, all higher than Jule shares.

In terms of improving the company's product market competitiveness and profitability, R & D investment is a factor that cannot be ignored. However, Jule's investment in R & D is also slightly weak. During the reporting period, the company's R & D expenses were 1.9966 million yuan, 2.8171 million yuan, and 6.2813 million yuan, respectively, accounting for 0.24%, 0.28%, and 0.44%of operating income during the same period. They were 0.54%, 0.57%, and 0.66%, respectively. Although the overall research and development cost rate of the industry is low and the R & D expenses of Jule shares have improved in the past three years, the company's R & D expense ratio is still at the middle and lower levels in the industry.

In addition, as of December 31, 2021, a total of 1,932 employees in Jule shares, of which the number of employees of college and college degree accounted for 91.05%. The "Investment Times" researcher saw through public information that the proportion of people in the comparable company in the same industry accounted for about 80%, which is generally lower than Jule shares. In other words, Jule Co., Ltd. is not a leader in the industry regardless of the investment in research and development funds or talent allocation.

Kikle shares composition according to the income divided by product type

Data source: company prospectus instructions

High regional concentration

As a local enterprise in Sichuan Province, the sales area of ​​Jule Co., Ltd. is mainly concentrated in Sichuan Province. During the reporting period, the company's sales revenue in the Sichuan Province market was 811 million yuan, 907 million yuan, and 1.059 billion yuan, respectively, accounting for 98.07%, 91.53%, and 74.72%of the current main business revenue, respectively.

In order to expand the provincial market, the company acquired Heilongjiang Huifeng Dairy Co., Ltd. (hereinafter referred to as Huifeng Dairy) in 2020, intending to make up for sales channels in the Northeast, East China region and other places. According to the prospectus, the main business of Huifeng dairy products is the production and sales of dairy products. The main products are chewing yogurt, Russian -flavored charcoal yogurt and other special products. In addition, Heilongjiang Jule Huifeng Youhuo Animal Husbandry Co., Ltd. (hereinafter referred to as Huifeng Youmu) is a wholly -owned subsidiary of Huifeng Dairy.

Although the regional concentration of Jule shares has been reduced by the acquisition of Huifeng dairy products, it also brings a lot of reputation risks to the company. "Investment Times" researcher saw from the black cat complaint platform that Huifeng Youmu has repeatedly complained by consumers due to problems such as product food quality and false publicity. For example, some consumers drank stones in Huifeng Youmu's yogurt, some consumers complained that the yogurt bottle mouth of Huifeng Youmu has black foreign objects, and consumers drink similar plastic in the yogurt of Huifeng Youmu. Forex.

In addition to consumer complaints, Huifeng Dairy was also warned by the state regulatory authorities. According to the official website of the Shanxi Provincial Market Supervision and Administration Bureau, on October 25, 2021, the chewing yogurt (yellow peach+oat) colonies produced by Huifeng Dairy Daqing Branch did not meet the national standards of food safety and were by the Shanxi Provincial Market Supervision Administration Bureau Notice.

In addition, the risk of high concentration of suppliers in Jule shares. During the reporting period, the proportion of the amount purchased by the company's five major raw material suppliers accounted for 64.50%, 62.09%, and 51.15%, respectively. In addition, the company's largest supplier during the reporting period is its affiliated party Gansu Qianjian Animal Husbandry Technology Co., Ltd. (hereinafter referred to as Qianjian Animal Husbandry). It is 32.19%, 30.51%and 23.78%. According to the prospectus, the company began to cooperate with the North -scale ranch with the forward animal husbandry in 2015. Essence

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