Since the beginning of this year, Chinese companies have been heating up in the United States to go public. Since May, there have been extremely polar, curriculum standard technology, and special sea international landing in the United States.The pace of beauty listing.Recently, there is another Guangdong old -fashioned IPO.

Public information shows that the holding company of Guangdong Rongye Food Co., Ltd. Wing Yip Food Holdings Group Limited (hereinafter referred to as “Rongye Food”) has recently updated the prospectus in the US Securities Regulatory Commission (SEC).For “wyhg”.

It is reported that Rongye Food Plan issues 2.5 million ADS, and it is expected that the first public offering price will be between $ 4 and $ 5 per share.In 2018, Rongye Food (China) Holding Group Co., Ltd. was listed on Kosdap Kosdaq, South Korea, with a stock code of 900340.

Greenway learned that Rongye Food is a meat processing company from Zhongshan, Guangdong.It is said that Rongye’s flavor originated from the Guangxu years of the Qing Dynasty. After four generations, it has a history of more than 100 years.More than a hundred years ago, Wang Tianfu, the founder of Rongye Lawei, was a secret recipe for one. The flavor was different. Therefore, Kaifang was sold and was loved by the public.

In terms of equity structure, before the issuance, Wang Xiantao, director and chairman of the company, held 16.71% of the equity, and the director and CEO Wang Tingfeng held 26.96% of the equity.

After years of development, the company has formed three major product matrices including traditional waxy, casual snacks, and quick -frozen foods, and actively developed prefabricated vegetable products.Rongye Foods’ meat pickled products include pickles, pickled meat, meat, chicks, and waxy ducks. Casual foods include instant sausages, meat, duck neck, duck feet, etc.Beef cake and frozen chicken breast slices.

Pickled meat products, picture source: prospectus

From the perspective of income structure, in 2022 and 2023, the sales revenue of cured meat products of Rongye Food accounted for more than 60%, and the income of casual foods accounted for about 30%, and the proportion of quick -frozen food revenue was relatively low.

Income detail, picture source: prospectus

In terms of performance, in 2022 and 2023, Rongye Food’s revenue was about US $ 131 million and US $ 134 million, respectively, with corresponding net profit of about 11.194 million US dollars and US $ 1.409 million, respectively.

According to the Fifrrishalin report, in fiscal 2022, according to the retail sales of pickles in mainland China, Rongye Food ranked second with 9.2% of the market share.

The main component of the company’s operating performance, picture source: prospectus

In 2022 and 2023, the gross profit margin of Rongye Food was 35.13%and 33.91%, of which the gross profit margin in 2023 decreased year -on -year.The company’s gross profit margin is mainly affected by the sales price and income costs charged to customers.

The operating performance of Rongye Food is affected by fluctuations in the price of raw materials, especially pork, beef, poultry and other meat raw materials.In 2022 and 2023, the company’s raw materials accounted for 90.17% and 88.69% of the total cost of product sales, respectively, accounting for relatively large. If the price of meat raw materials increased in the future, the company’s procurement cost may be raised, which will affect the company’s gross profit margin and profitability.Essence

In addition, the company is also facing the pressure of increasing labor costs.In recent years, with the development of my country’s economy and the increase in average salary, the average salary level of Rongye Food has also increased, and the company expects its labor costs to continue to increase.