Last month, Beijing Haidian District Market Supervision Administration carried out a food and beverage safety inspection, and investigated and dealt with Haidian District 19 food and beverage outlets according to law. Among them, Yang Guofu Mala Tang was investigated because the food business operators did not wear clean work clothes and work caps.

It is worth mentioning that in less than two months, this is the second time that Yang Guofu Mala Tang has been investigated. On March 2nd, a restaurant in Mala Tang, Yang Guofu, was ordered to make corrections and given a warning for failing to keep the environment of food premises clean.

The management ability and joining mode of Yang Guofu Mala Tang are the key reasons for its frequent food safety problems.

For Yang Guofu Mala Tang, which has more than 6,000 franchisees, more profits actually come not from to C's catering business, but from to B's supply chain business-it is not so much a Mala Tang company as a porter of Mala Tang raw materials.

However, although the franchise model is the magic weapon for the rapid expansion of Yang Guofu Mala Tang, the shortcomings of management and quality control often make it not worth the loss: once a franchise store has food safety problems, the whole brand will be implicated.

Now, can Yang Guofu Mala Tang, which is only one step away from listing, hand over a qualified answer sheet?

Yang Guofu Mala Tang is regarded as "national Mala Tang" by Tang Can.

The founder of Yang Guofu Mala Tang is Yang Guofu. In 2003, the first Yang Guofu Mala Tang (then called "Yangji Mala Tang") opened in Yonghe Street, Harbin.

Different from the traditional spicy soup with heavy oil and heavy salt, Yang Guofu improved the spicy soup by adding whole milk powder and beef bone powder, and made a nutritious soup with milk taste, which was more in line with the taste of northerners. The first store soon exploded.

Northeast pays attention to human relations, and many relatives and friends in Yang Guofu ask to join Yang Guofu Mala Tang because of its low cost and quick return. After that, more and more people came to join us, and Yang Guofu began to charge joining fees according to different regions, which laid the foundation for the company's territory expansion. According to public information, within two years, there were more than 70 mala Tang stores in Harbin and surrounding areas.

In 2007, the trademark of "Yang Guofu" was successfully registered, and Harbin Yang Guofu Mala Tang Catering Co., Ltd. was formally established and started its franchise business.

In 2009, Yang Guofu reformed the traditional sales model of Mala Tang, and initiated the model of "weighing by catty", that is, bowls were no longer sold at a fixed price, but customers were allowed to consume independently according to their food intake. This business model not only improves the dining experience of consumers, but also subverts the traditional business model of mala Tang industry, making street mala Tang formally move towards fast food management.

Source: Yang Guofu Guan Wei.

Since then, the mala Tang business in Yang Guofu has entered the fast lane of development: first, there are stores all over Heilongjiang Province, and then it has expanded to the whole three northeastern provinces, the whole country and even overseas.

According to the company official website, by 20 19, the franchise stores of Yang Guofu Mala Tang have entered 400 cities across the country, reaching more than 5,500; Up to now, there are more than 6,000 stores in Yang Guofu Mala Tang.

In addition, from 20 17, Yang Guofu Mala Tang began to expand overseas. By September 30th, 2002 1 year, the number of overseas restaurants in Australia, Canada, Korea, USA, Japan and Singapore had reached 21home.

According to Jost Sullivan's data, Yang Guofu Mala Tang ranks first in the Chinese fast food market in China, and also ranks first in the mala Tang market in terms of the total transaction volume and the number of restaurants by the end of 2020.

On February 8th this year, Yang Guofu Mala Tang submitted the application materials for listing to the International Department of China Securities Regulatory Commission, and launched a sprint to the "Mala Tang First Share".

According to the prospectus, from 20 19 to 2020 and from 20021/kloc-0 to September (hereinafter referred to as the "reporting period"), the operating income of Yang Guofu Mala Tang was165438+82 million yuan and1/kloc-respectively. During the reporting period, in 2020, although the performance of Yang Guofu Mala Tang declined due to the COVID-19 epidemic, it showed an overall growth trend.

From the data alone, as a fast food brand that insists on not financing, Yang Guofu Mala Tang is not unsuccessful.

It took 19 years for Yang Guofu Mala Tang to become the leader of Mala Tang industry. It can be said that its joining mode and efforts to build a supply chain have contributed.

According to the prospectus, joining restaurants is the main source of income for Yang Guofu Mala Tang.

Specifically, from 20 19 to 2020 and from 20021/0 to September, the income of Yang Guofu Mala Tang from franchised restaurants was 654.38+0036 billion yuan, 654.38+0056 billion yuan and 654.38+0097 billion yuan respectively, accounting for the total income. Accordingly, the proportion of self-operated restaurants' income decreased gradually, which were 1.4%, 0.7% and 0.5% respectively.

I have to say that Yang Guofu Mala Tang, which has more than 6,000 franchisees, is almost lying down to earn money.

On the one hand, you don't need to pay the rent and the labor cost of the store to earn the franchise fee; On the other hand, according to the requirements of the joining restaurant, the soup and seasoning used in the restaurant must be the products produced by Yang Guofu Mala Tang's own factory. On this basis, Yang Guofu Mala Tang also sells goods related to store operation to franchisees, including ingredients and equipment.

Reflected in the data, in 20 19 and 2020, the income from "selling self-produced goods" of Yang Guofu Mala Tang was 298 million yuan and 320 million yuan respectively, accounting for 25.2% and 28.7% of the income in each period; "Selling goods purchased from third parties to franchisees" is 679 million yuan and 680 million yuan respectively, accounting for 57.4% and 665,438+0.1%respectively. These two items alone account for nearly 90% of the total income of Yang Guofu Mala Tang.

Source: Yang Guofu Guan Wei.

This means that Yang Guofu Mala Tang does not participate in the actual operation of the restaurant, but as a brand licensor and raw material supplier, it binds the franchisee with exclusive "seasoning" first, and then sells other products that are not exclusive-by buying raw materials from a third party and then selling them to the franchisee to earn the difference.

Compared with selling Mala Tang, Yang Guofu Mala Tang is obviously more willing to be a more profitable supplier. Only by constantly opening stores and selling more raw materials can the income increase continuously.

This is also reflected in the prospectus. According to the prospectus, Yang Guofu Mala Tang plans to open no less than 65,438+0,000 franchised restaurants every year from 2022 to 2024.

However, after all, the number of franchisees is limited, and the number of stores will eventually reach the ceiling. The uneven ability and level of franchisees can easily bring food safety risks. How far is Yang Can Guo Fu Mala Tang as a supplier?

For Yang Guofu Mala Tang, food safety is an unavoidable problem.

According to the survey data of enterprises, in the column of risks related to Yang Guofu Mala Tang, there are only 134 sensitive public opinions of related enterprises, among which there are many words such as "food safety issues" and "being notified".

Official website, State Administration of Market Supervision, showed that Yang Guofu Mala Tang was ordered to suspend business for rectification due to repeated violations during 20 18~202 1.

According to a set of data released by Beijing Consumers Association in June 5438+ 10, 2022, since the food safety inspection in June 5438+ 10, 2026, among the stores with food safety problems of different brands, Yang Guofu Mala Tang ranked third with 17.

Source: Yang Guofu Guan Wei.

Not only that, on Sina Black Cat Complaint Platform, a large number of consumers complained that they ate insects, hair, plastic bags and other foreign bodies while dining at Yang Guofu Mala Tang, and even some consumers complained that Yang Guofu Mala Tang caused them to eat gastroenteritis.

For catering, food safety is a matter of life and death, which will not only directly endanger the health of consumers, but also seriously damage the social reputation of enterprises. From the perspective of capital, this means that the brand risk is too great and the investment safety factor is low.

By joining Tuodian crazily, Yang Guofu Mala Tang is getting closer and closer to IPO from a bowl of Mala Tang on the street. However, if you want to enter a larger capital market, Yang Guofu Mala Tang must work hard.

Some references in this article:

1. Behind the listing of Yang Guofu Mala Tang: the "take-off" of a Northeast family? ",phoenix net food.

2. "Yang Guofu Mala Tang sprints" Mala Tang's first stock ":Mala Tang Tang Can can't afford it?" , blue media finance

3. The First Share of Mala Tang, Yang Guofu Mala Tang:/kloc-Dropped out of school at the age of 0/5 and went public at the age of 52, financial breakfast.

4. Franchisees of "Yang Guofu Mala Tang" need to purchase the company's designated monitoring, otherwise they can't renew their contracts? ",Jiangsu News

Author | Wild Fog

Typesetting | Yixin

Producer | Koichi

Production | blind learning