来源：招股书
来源 | LiveReport大数据
招股书 | 点击文末“阅读原文”
燕谷坊于2023年3月1日向美国证监会(SEC)递交招股书，拟在纳斯达克上市，股票代码为：YGF，公司是中国燕麦和谷物产品生产商。截至6月30日止的2021及2022财年，收入分别为2983.7万美元及3608.2万美元，净利润分别为1054.4万美元及573.8万美元。
中介团队：
承销商：EF Hutton, division of Benchmark Investments, LLC
审计师：Friedman LLP
公司中美律师：北京尚伦、Ellenoff Grossman & Schole LLP
承销商律师：翰博文
公司资料：
官网：yangufang.com
公司地址：上海市闵行区苏虹路33号虹桥天地3号楼
公司主要通过直销团队和分销网络从事燕麦和谷物产品的生产、研发和销售。公司的产品组合包括燕麦系列产品(包括但不限于燕麦胚芽、燕麦片、燕麦粉、燕麦麸、部分为有机或绿色食品系列)和燕麦营养保健系列产品(包括但不限于燕麦肽系列、膳食纤维粉、燕麦饼干、油脂系列、燕麦护手霜和香皂、燕麦牙膏)。
公司的业务覆盖中国多个省市，包括北京、上海、江苏、浙江、福建、广东、内蒙古、安徽及重庆；目前通过泰国的经销商销售公司的产品，作为我们扩大国际足迹计划的一部分。公司自2022年10月起开始在美国销售其产品。
目前公司在内蒙古务川县拥有两处生产设施，共8条自动化生产线，其中5条已投入使用，其余3条正在安装调试中，预计投产2023年上半年投产。目前在用生产线合计产能约13,720吨/年，预计其余3条生产线投产后产能将达到约33,348吨/年。
来源：招股书
募资用途
计划发行250万股普通股，假设首次公开发行价为5美元/股，预计募资总额为1250万美元（不含超额配股权）。资金用途：建造额外的生产设施、购买新设备和升级现有设备；新产品和技术的研发、现有产品和技术升级、研发人员的新招聘；全球业务扩张，主要是北美、东南亚和日本；营销和品牌推广；营运资本和其他一般公司用途。
公司此前于2022年8月份向SEC提交了IPO申请，拟募集资金2300万美元，此番募资金额较之前降低了近一半。
财务业绩
截至6月30日止的2021及2022财年，收入分别为2983.7万美元及3608.2万美元，净利润分别为1054.4万美元及573.8万美元。
来源：招股书
行业概况
据中国领先的行业研究机构Intelligence Research Group (IRG)称，2021年全球燕麦市场已从2020年的71.24亿美元降至62.2亿美元。预计到2027年，全球这一类别将达到87.55亿美元。
来源：招股书
从燕麦的角度来看，公司的竞争对手包括著名的国际品牌，如桂格燕麦公司和卡乐比株式会社，以及中国的全国性品牌，如桂林西麦食品股份有限公司和王饱饱。在全谷物方面，公司还与五谷磨房食品国际控股有限公司、安徽燕之坊食品有限公司以及一些本土品牌竞争。
同业对比
本次选取的同行业对比公司为：西麦食品(002956.SZ)、五谷磨房(1837.HK)
西麦食品的主营业务为燕麦食品的研发、生产和销售。公司自成立以来，始终坚持专注于燕麦食品产业，以“全家人的健康选择”为品牌核心价值，以“执信和、健康道”为企业经营理念，追求为消费者提供放心、营养、健康的食品，是中国燕麦行业知名品牌。西麦食品在2021年麦片行业市占率为14.81%，居行业第一；2021年麦片线下渠道市占率18.75%，仍位居行业第一。
五谷磨房是中国第二大天然健康食品公司，大部分产品为天然健康食品，基于「本来自然，何须添加」的核心价值观，致力于打造中国最具价值的天然健康食品品牌。根据弗若斯特沙利文调查，公司的「五谷磨房」品牌为中国最知名天然健康食品品牌，在中国所有天然健康食品品牌中，公司在最先想到的品牌认知度和客户满意度方面排名第一，并在中国所有天然健康食品中为最常购买的品牌。
主要股东
IPO前，Junguo He通过BioNature Organic Solution、Upworld Fitness Approach Solution合计持股39.53%；Zhu Sun通过VicVans Organic Service持股19.48%；Ya Zhang通过VanYat Fitness Create持股10.5%。
来源：招股书
公司架构如下：
来源：招股书
管理层情况
来源：招股书
Mr. Junguo He has served as Chairman of the board of directors of the Company since May 2020, Chief Executive Officer of the Company since December 2021, the president of YanGuFang E-Commerce since July 2017, and co-founder, Chairman and Chief Executive Officer of YanGuFang Agroeco Tech since August 2012. He has over 10 years of experience in the food industry and operations management. From September 2005 to July 2008, he co-founded and sponsored Changchun University Student Entrepreneurship Alliance. From October 2006 to May 2008, he worked as a senior director at Taikang Life Insurance Company Jilin Branch. Mr. He has won multiple awards and honorary titles in the past years, including but not limited to “National Outstanding Leader of Rural Innovation and Entrepreneurship” granted by the Ministry of Agriculture and Rural Affairs of China in 2019, vice president of the Food Branch of Chinese Cereals and Oils Association since 2019 and board member of Jiangnan University since 2019. Mr. He received a bachelor’s degree in Economics from the School of Economics at Jilin University in China in July 2008.
Mr. Kui Shi has served as Chief Financial Officer of the Company since December 2021, and vice president of YanGuFang E-Commerce since July 2017, who also co-founded YanGuFang Agroeco Tech in August 2012 and has been its vice president until present, primarily responsible for the financing and investment activities. Mr. Shi has over 12 years of experience in finance and investment. From July 2008 to July 2010, Mr. Shi served as Senior Financing Manager at Capital Management Center of Hebei ENN Group, responsible for loan and bond issuance. From August 2010 to July 2012, he worked as Senior Investment Manager at China Huarong Asset Management Co., Ltd., responsible for the equity and debt investment. Mr. Shi received a bachelor’s degree in Finance from the School of Economics at Jilin University in China in June 2008.
Mr. Ya Zhang has served as Chief Operating Officer of the Company since December 2021, and vice president of YanGuFang E-Commerce since July 2017, who also co-founded YanGuFang Agroeco Tech in August 2012 and has been its vice president until present, primarily in charge of market development and business growth teams. Mr. Zhang has over 10 years of experience in business management. From September 2003 to June 2008, Mr. Zhang served as the manager at the Zhejiang Province branch of Shanghai Green Valley Group. Mr. Zhang received an associate’s degree from Beijing University of Technology in July 2008 and is currently pursuing a bachelor’s degree in Business Management at the School of Business Administration of Changchun University.
Mr. Zhu Sun has served as our director since May 2020 and our Chief Technical Officer since January 2022, and vice chairman of YanGuFang E-Commerce since July 2017, who also co-founded YanGuFang Agroeco Tech in August 2012 and has been its vice chairman until present, leading its R&D team. Mr. Sun has extensive experience in the food industry and is committed to the R&D on oat products and related equipment. Mr. Sun and his team have achieved multiple patents on oat production equipment and production lines. Mr. Sun and his team also won the first prize of Inner Mongolia Science and Technology Progress of 2018 for their research project on key technologies for improving quality and efficiency of oat processing chain. Mr. Sun started his career as a technician for the No.23 Project Department of Inner Mongolia No.3 Construction Engineering Company from July 1998 to October 2003. From December 2003 to April 2007, Mr. Sun served as the director of Civil Engineering Office at Hebei Electric Power Supervision Company. From May 2007 to July 2009, he served as the director of General Layout Designer for Chenjiagang Electric Power Generation Company of Guohua Electric Power Company. Mr. Sun received an associate’s degree from Inner Mongolia Qingcheng University in July 1998 and a bachelor’s degree in Civil Engineering from Inner Mongolia University of Technology in July 2009.