Foreigners also love goji berry health, 87% of income depends on Europe and America

Wolfberry Futures “Middle-aged people can’t help but soak goji berries in a thermos” is a ridiculous sentence that has been widely quoted since it was uttered from the sketch actor Jia Bing. “Soaking wolfberries in a thermos cup” was also included in the original Rocket Girl 101’s classic “Calorie” as the lyrics, becoming an episode of the movie “The Richest Man in Xihong City”, spreading the idea that health is more important than money.

Recently, Wolfberry Company Wolfberry Futures, a wolfberry company from Ningxia, has updated its IPO prospectus submitted to the ChiNext.

However, it is worth mentioning that the main market of Wolfberry’s wolfberry products is not in China. In 2019, more than 80% of the company’s products are sold overseas. Is it true that foreigners also love wolfberry health?

Export is the mainstay

Wolfberry (full name: Ningxia Wolfberry Wolfberry Industry Co., Ltd.) has been mainly engaged in the research and development, production and sales of wolfberry and wolfberry deep-processed products since its establishment.

The company’s products mainly include 3 categories of wolfberry dried fruit, wolfberry juice and wolfberry deep-processed products. They are the main source of Wolffbury’s revenue.

From 2017 to 2019, Wolff Bridge’s revenue was 121 million yuan, 182 million yuan, and 264 million yuan, respectively. Among them, the company’s export sales revenue was 89 million yuan, 156 million yuan and 232 million yuan, accounting for 73.59%, 85.95% and 87.83% of the main business revenue in the same period. It can be seen that the company’s market is mainly in overseas regions.

According to the prospectus, Wolfberry’s export products are mainly wolfberry concentrate juice and dried wolfberry fruits. Wolfberry juice concentrate is mainly sold to Young Living in the United States, which purchases wolfberry juice concentrate and produces mixed fruit juice beverages by blending with other juices.

Dried wolfberry fruits are sold to American ABB&Germany ABI, Australia Arrow Foods, Dutch Nutland BV, French BROUSSE VERGEZ and other companies.

In 2019, Wolfberry’s dried wolfberry fruit and wolfberry juice export sales were 117 million yuan and 111 million yuan respectively. According to statistics from the Ningxia Department of Commerce, the export value of dried wolfberry fruits and wolfberry juice in Ningxia during the same period was 230 million yuan and 120 million yuan respectively.

This means that Wolfberry’s dried wolfberry fruit and wolfberry juice exports accounted for 50.79% and 92.29% of Ningxia’s entire region, respectively, and they are the main force in the export of Ningxia wolfberry products.

Fengyun Capital found that although Wolffbury’s main business income increased significantly, the net profit of each period during the reporting period was not high.

From 2017 to 2019, the net profit of each period of Wolff Berry was 18,756,900 yuan, 65,954,100 yuan, and 88,439,700 yuan, respectively, with rapid growth.

The net cash flows from operating activities during the same period were RMB 3.6803 million, RMB 26,613,400, and RMB 36.62 million. The ratio of net cash flow generated by the company’s operating activities to net profit was 19.62%, 40.35% and 41.41%, respectively. In other words, more than half of the net profit for each year is just book figures.

On the other hand, from the end of 2017 to the end of 2019, the book balances of Wolffbury’s accounts receivable were 22,589,100 yuan, 56.973 million yuan, and 98.183.8 million yuan, accounting for 18.57%, 30.62% and 36.85 of current operating income, respectively. %. The proportion is increasing year by year.

At the same time, the accounts receivable in each period accounted for 10.64%, 18.05% and 25.16% of the total assets of the current period, which are also rising.

According to the prospectus, from the end of 2017 to the end of 2019, the proportions of the book balances of Wolffbury’s accounts receivable within 1 year were 88.04%, 92.75% and 98.24%, which accounted for relatively high proportions. In this regard, Wolff Barry said: “The main customers have not experienced long-term defaults on payment, and the risk of bad debts in accounts receivable is relatively small.”

In addition, from 2017 to 2019, the company actually wrote off bad debts of 213,300 yuan, 0, and 3,460,600 yuan, respectively, accounting for 0.94%, 0, and 3.52% of the balance of accounts receivable.

So what is the situation of accounts receivable collection at the end of 2019?

Fengyun Capital has noticed that among Wolfbray’s top two customers-American ABB&German ABI, the balance of accounts receivable of American Young Living accounted for a large amount, reaching 92.74%.

The prospectus shows that by the end of July 2020, the accounts receivable of Young Living in the United States at the end of 2019 have been fully recovered. At the end of 2019, the balance of accounts receivable related to ABB & ABI in Germany was 52.071 million yuan. By the end of July this year, 42.468 million yuan had been recovered. Some of the dried fruit of wolfberry failed the second organic test, sales returned and price cut sales reduced the accounts receivable 7.856 million yuan, and 3.4146 million yuan. Both parties agreed to extend the credit period.

So far, Wolff Barry’s sales collection situation is fairly stable.

Competition in the core product industry is intensifying, and the expansion of non-core products is too radical?

From the perspective of the sales revenue structure of each product during the reporting period, dried goji berry fruit and goji berry juice contributed a lot and are the company’s core products.

The previous article also mentioned that wolfberry juice concentrate is mainly sold to Young Living in the United States, and dried wolfberry fruits are sold to foreign companies such as ABB in the United States and ABI in Germany.

And now the growth rate of accounts receivable is much faster than the growth rate of main business income, which also reflects the intensified competition in the industry. Under this circumstance, in order to find new growth points for performance, Wolffberry turned its goal to deep processing products of wolfberry.

According to the prospectus, the deep-processed products of wolfberry mainly include wolfberry juice beverage, wolfberry powder, wolfberry seed oil, etc. At present, Wolfberry’s wolfberry deep-processed products mainly include wolfberry powder and wolfberry seed oil. Moreover, Wolffberry said that high value-added products represented by wolfberry juice beverage, wolfberry powder, and wolfberry seed oil will be the main products for the consumption upgrade of domestic wolfberry products in the future, and there is huge room for market growth.”

From the perspective of the gross profit margin of each product, the gross profit margin of wolfberry juice (concentrated wolfberry juice, wolfberry juice) is not low, and the contribution of gross profit accounts for nearly 60% of the company’s gross profit. And the proportion of sales revenue in 2019 reached 46%.

The IPO fundraising, in addition to supplementing working capital, Wolfberry Berry will mainly focus on the comprehensive construction project of wolfberry deep processing. The company will add a total of 77.68 million tons of wolfberry juice beverage and wolfberry deep processing products per year. Previously, the company’s wolfberry dried fruit processing capacity was only 2500 tons per year, which contributed half of the operating income in 2019.

Fundraising investment project of Wolffbury (Source: Prospectus)

If the IPO expansion project is achieved, the production capacity of medlar deep-processed products will reach three times that of dried medlar, and the company’s revenue ratio of various products will undergo a major change.

Although Young Living, which purchases concentrated goji berry juice, has brought a lot of credit, there is no major credit problem from the prospectus. The moderate expansion of this product seems to be gradual, and increasing the deep processing capacity of goji berry requires more To digest the big market, is Wolffbury’s move too radical?

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