上市捷报丨沙利文助力厦门燕之屋燕窝产业股份有限公司成功赴港上市(1497.HK)

Xiamen Yan's Nest Bird's Nest Industry Co., Ltd. (Stock Code:1497.HK) on2023year12month12The company successfully listed on the main board of Hong Kong's capital market. It is a leading brand in the global bird's nest product market, dedicated to researching, developing, producing and selling high-quality modern bird's nest products. Frost & SullivanFrost & Sullivan,Frost & Sullivan, referred to below as the 'Frost & Sullivan Team', provides exclusive industry advisory services for the listing of Xiamen Yanzhiwu Bird's Nest Industry Co., Ltd. We hereby extend our warmest congratulations on its successful listing.

Xiamen Yan's Nest Bird's Nest Industry Co., Ltd. (hereinafter referred to as 'Yan's Nest') was established on2023year12month12The company plans to go public on the 1st of July320010,000 shares. Among them,320Ten thousand shares are offered for public sale in Hong Kong,2,880Ten thousand shares are issued internationally, with another15%Excess subscription rights. The issue price per share is9.7HK$, net proceeds about for2.56HK$10 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Investment highlights

The company is a leading and growing brand in the global bird's nest product market;

The company supports continuous product innovation and success with its outstanding R&D capabilities;

The company offers high-quality and scientifically verified natural and pure forms of bird's nest products;

The company has a wide and stable sales network with full-channel coverage and provides differentiated product supply;

The company holds an outstanding position as an advocate for harmonious coexistence between humans and nature, a leader in setting industry standards, and an active promoter of public welfare;

The company is led by a dedicated, visionary, and experienced management team that brings together a group of industry elites.

According to the Frost & Sullivan report, in terms of retail sales:

It is a leading brand in the global bird's nest product market, dedicated to researching, developing, producing, and selling high-quality modern bird's nest products;

from2020Year-end2022In [year], ranked as the world's largest bird's nest product company by retail sales for three consecutive years,2022The global market share for the year was4.1%;

Yu2022In the year, in the Chinese bird's nest product market, ranked first by both the number of bird's nest specialty stores and the quantity of imports certified by the Chinese Academy of Inspection and Quarantine;

Yu2020Year-end2022In the year, the total retail sales of Yanzhiwu reached12.3%The high compound annual growth rate has increased, exceeding the industry average level8.6percentage points;

In the future, the market scale of China's bird's nest industry is expected to be2027RMB921yuan,2022 - 2027The annualized compound growth rate during the year reached16.5%.

Global bird's nest market

The global production of bird's nest products has steadily increased and is expected to continue. Specifically, the global production of bird's nest products is7.8%The compound annual growth rate is2017year1,695.5tons increased2022year2,468.4tons, and is expected to2027The year is approaching3,299.3tons, own2022Year-end2027The compound annual growth rate for the year is expected to be6.0%This is mainly due to the continuous growth in China's demand for bird's nest products and favorable government policies in major raw material-producing countries for bird's nest.

Sources: Royal Malaysian Customs, Indonesian Bureau of Statistics, Frost & Sullivan analysis

Market scale of China's bird's nest industry

Bird's nest, as a traditional Chinese delicacy, has made China the main consumer country of bird's nest. However, the production of raw bird's nest is mainly concentrated in Southeast Asian countries.2022In terms of consumption volume, China accounted for70.0%It has become the world's largest consumer of bird's nest. With the continuous improvement of living standards and awareness of beauty and health, bird's nest products have become a synonym for Chinese consumers' pursuit of beauty and health, driving the expansion of the Chinese bird's nest market.

In terms of traceability, Chinese bird's nest can be divided into two categories: traceable and non-traceable. Traceable bird's nest refers to bird's nest produced by companies that meet the traceability standards set by the Chinese Academy of Inspection and Quarantine. For traceable bird's nest, each bird's nest product unit will be labeled with a product traceability label issued by the Chinese Academy of Inspection and Quarantine. This label contains a unique code and function, similar to a digital security certificate. Consumers can use this label to access information and registration details about specific bird's nest products.

In the past five years, driven by strict regulatory requirements and the increasing popularity among consumers, China's traceability bird's nest market has grown significantly. Leading enterprises in the bird's nest industry actively advocate traceability to achieve transparent supply chains and verifiable purchases. Therefore, in terms of quantity, traceability bird's nest accounts for a proportion of the overall bird's nest market of2017year10.7%Grew to2022year26.1%, and is expected to be2027The year is approaching43.7%.

Source: China Academy of Inspection and Quarantine, Frost & Sullivan analysis

In terms of product categories, bird's nest can also be divided into pure bird's nest and bird's nest with added ingredients+/+Bird's nest. Pure bird's nest products currently dominate the market.2022In [year], China's bird's nest market size, calculated by retail sales, was RMB430Yuan, with pure bird's nest accounting for the entire bird's nest market92.8%It is expected that the contribution of pure bird's nest to the market will gradually decrease in the future, mainly due to the promotion of bird's nest by leading brands+/+Bird's nest products. With the increasing popularity of these brands and a full introduction to the benefits of combining bird's nest with other ingredients or nutritional components, it is expected that bird's nest+/+The market share of bird's nest products will increase.

In terms of retail sales, the market scale of the bird's nest industry is27.2%The compound annual growth rate is2017Renminbi in [year]129Ten billion yuan grows to2022Renminbi in [year]430yuan, and is expected to be2027The year will reach RMB921yuan, since2022Year-end2027The compound annual growth rate for the year is expected to be16.5%.

Data source: Analysis by Frost & Sullivan

Traditionally, bird's nest products are mainly sold through offline channels such as specialized bird's nest stores, supermarkets, and pharmacies. However, with the rapid development of the e-commerce industry, online channels have become increasingly powerful, especially after the emergence of products that are very suitable for online sales, such as freshly stewed bird's nests.

The sales amount of bird's nest products sold through online channels37.1%The compound annual growth rate is2017Renminbi in [year]27RMB 10 billion, a significant increase to2022Renminbi in [year]131Yuan. Driven by the further development of China's e-commerce industry and logistics network, it is expected that the sales volume of bird's nest products sold through online channels will be2027The year will reach RMB330yuan, since2022Year-end2027The compound annual growth rate for the year is expected to be20.3%.

Yu2022In [year], offline channel sales accounted for69.5%However, the contribution of offline channel sales has gradually declined over time, with expectations to2027The year will fall to64.2%In terms of absolute retail sales, the sales volume of bird's nest products sold through offline channels24.0%The compound annual growth rate is2017Renminbi in [year]102RMB billion growth to2022Renminbi in [year]299yuan, and is expected to be2027The year will reach RMB591yuan, since2022Year-end2027The compound annual growth rate for the year is expected to be14.6%.

Data source: Analysis by Frost & Sullivan

Competitive landscape of the global and Chinese bird's nest market

Yu2022In [year], the market scale of the Chinese bird's nest market accounted for70.0%since2020Year-end2022In, Yanzhiwu became the world's largest bird's nest product company by retail sales for three consecutive years, based on2022annual possession4.1%Global market share.2022In [year], ranked first in the Chinese bird's nest market by retail sales, Yanzhiwu also held5.8%Market share, while the combined market share held by the top five bird's nest companies in China is11.9%Among the five major bird's nest companies in the global and Chinese bird's nest markets, Yan's Nest is located at2020Year-end2022more than12.0%The highest compound annual growth rate has been recorded. Calculated by retail sales, Yan's Home has also ranked first in these two markets for three consecutive years.

Data source: Company data, Frost & Sullivan analysis

Market drivers of the Chinese bird's nest market

· The awareness of the health benefits of bird's nest products is continuously increasing

The development of science and technology has provided a scientific basis for the efficacy of bird's nest. Research shows that bird's nest has potential benefits for human health, such as promoting brain and cognitive development, enhancing immunity, regulating blood pressure, and having a whitening effect on the skin. This scientific certification has increased consumers' awareness and interest in bird's nest products. In addition, in the post-pandemic era, with China's per capitaGDPWith continuous growth, consumers are paying more attention to health and wellness, leading to an increased demand for natural and nutritious food products such as bird's nest. The target audience for bird's nest products has expanded to include pregnant women, the elderly, and young people.

· Pursuing beauty and health

As people pay more and more attention to their appearance and health, the demand for products with natural benefits has also increased significantly. Bird's nest is famous for its beauty and health benefits and has become a popular product. Consumers recognize the nutritional value and potential skincare advantages of consuming bird's nest, which has led to an increase in demand for bird's nest food and skincare products.

· Regulatory standardization promotes industrial development

The bird's nest industry is becoming increasingly important in China's consumer goods market, prompting relevant national regulatory authorities to promulgate management policies. These policies aim to regulate the industry's development. Measures include clarifying the origin, export, inspection and quarantine requirements for imported raw materials, as well as promoting compliance with relevant food production and processing standards. More stringent management measures are also taken in product marketing and consumer rights protection to ensure higher quality and safety of bird's nest products. The standardization of supervision instills confidence in consumers and encourages their willingness to consume bird's nest products.

· The constantly evolving business model

The bird's nest industry adopts innovative business models to drive its growth. The diversification of shopping forms enriches sales channels. The rise and rapid development of online retail platforms and live e-commerce make it more convenient for consumers to purchase bird's nest products. In addition, these channels promote the launch of new types of bird's nest products that are more suitable for e-commerce platforms. Moreover, technological progress and innovation drive the research and development of new products, such as ready-to-eat bird's nest products, which can cover a larger consumer base. The improvement of production methods such as bowl bird's nests and fresh stewed bird's nests makes it easier for consumers to consume bird's nest products, thereby expanding the consumer base.

View the prospectus

Frost & Sullivan has extensive research experience in the consumer industry and has assisted many well-known companies in successfully listing on the capital market. Successful listings include: Riji Zhuo (NYSE:DDC), Youbao Online2429.HK), Extraordinary Leadership (0933.HK), Shanghai Shangmei2145.HK), JuZi Biology2367.HK), China COSCO (1880.HK), Mingchuang Premium Products9896.HK), Jiǔjiǔ Wáng Food (1927.HK),Vesync（2148.HK), Blue Moon6993.HK), Popomart9992.HK), Mingchuang Premium Products(NYSE:MNSO)Nongfu Spring9633.HK), Fengxiang Food9977.HK), China Feihai6186.HK), Taobao Sports6110.HK), China Tobacco International6055.HK), Premium360（2360.HK), Wugu Millhouse1837.HK), Baby Tree1761.HK), Deying Holdings2250.HK), Bingshi International1705.HK), Golden Cat Silver Cat1815.HK), Miming Lifestyle Department Store8473.HK), Nissin Foods1475.HK), Debao Group8436.HK), Siku ChinaNASDAQ:SECO), Barbie Beige8297.HK), Asian groceries8413.HK), Zhouhei Duck1458.HK), COFCO Meat1610.HK), Dali Foods3799.HK), Wanzhou International0288.HK), Chow Tai Fook1929.HK), JumeiyoupinNYSE: JMEI) etc.