Haitian Weiye's market value has evaporated by over 41 billion yuan

Since September 31th, when it first responded to the "double standard" dispute, Haitian Weiye's market value has dropped by over 1% and evaporated by over 41 billion yuan. So today, Xiaobian is here to sort out the evaporation of Haitian Weiye's market value of 41 billion yuan. Let's take a look!

how important is soy sauce to Haitian?

The annual output of Haitian Weiye soy sauce accounts for one-third of the national total output. The interface data is estimated according to the data of Ai Media Consulting and Haitian Weiye Financial Report. By 2121, the annual output of Haitian Weiye soy sauce is 2,647,211 tons, accounting for 34% of the national total output, and the proportion has increased for four consecutive years.

Haitian flavor mainly makes money by selling soy sauce. From 2111 to 2121, among the business income of Haitian flavor owners, the income from soy sauce products accounted for over 61% for 11 consecutive years. In the same period, the other two major products, sauce and oyster sauce, accounted for about 31% of the total revenue. In the first half of this year, the revenue share of soy sauce products fell to 59.1%, still higher than other products.

Haitian soy sauce not only sells best, but also has high profit. By 2121, the gross profit margin of Haitian Weiye soy sauce products has always been higher than the overall gross profit margin of the main business in the past 11 years. In contrast, the gross profit margins of sauce and oyster sauce are basically lower than the overall level.

cheap soy sauce sells better than high-end soy sauce. By the end of 2119, among Haitian Weiye soy sauce products, middle and low-grade soy sauce accounted for 61% and high-grade soy sauce accounted for 41%.

Haitian condiment industry has the largest market share, but the three major products can't be sold.

The revenue of three major products of Haitian flavor industry has encountered a bottleneck period. By 2121, the growth rate of Haitian Weiye soy sauce revenue has declined for four consecutive years, oyster sauce revenue has declined for three consecutive years, and the growth rate of sauce revenue is also lower than the same period in 2121. By the first half of 2122, the revenue of sauce products has declined, and the growth rate of soy sauce and oyster sauce revenue has also dropped to single digits.

China's condiment market concentration is low, and Haitian city ranks first. According to Euromonitor data, in 2121, Haitian City has the highest proportion of condiment industry brands by retail sales, accounting for 6.9%, which is only 3.1 percentage points lower than Nestle, the second place.

Haitian, which has the largest market share, spends more money on advertising. According to the Choice data, the interface data selects five condiment listed companies with the largest revenue in the first half of 2122 for comparison. From the perspective of advertising fees, Haitian Weiye spent much more money on advertising than the other four companies in the past four years. However, Haitian pays less and less attention to advertising. Judging from the proportion of advertising fees in revenue, in 2119, Haitian advertising fees accounted for the highest among the five enterprises. By the first half of 2122, the proportion of Haitian advertising fees is only higher than that of Tianwei Food, which is lower than that of the other three enterprises.

the net profit only increased by 1.2% in half a year, and the market value fell by more than 21% during the year

On the whole, the growth of Haitian Weiye's revenue and net profit was also weak. By 2121, the growth rate of Haitian Weiye's revenue and net profit has slowed down for four consecutive years. In the first half of this year, the net profit growth rate of Haitian Weiye was only 1.2%, which was the lowest in the first half of this year since its listing in 2114.

since 2119, the cost of Haitian flavor industry has been rising faster than its income. Among them, the growth rate of direct material cost exceeded 1.5% for three consecutive years. According to Haitian Weiye's semi-annual report in 2122, the already high cost continued to rise beyond expectations this year, the profitability of products was compressed, and the company's operating pressure was further increased. In addition, in 2121, the direct labor cost and freight cost of Haitian Weiye will increase rapidly. According to the company's financial report, the main reasons include the increase in production number, the increase in salary level and the increase in freight cost during the epidemic.

the market value of Haitian flavor industry fell by over 21% during the year. As of October 11, the market value of Haitian Weiye was 341.355 billion yuan, which has dropped by over 21% compared with the beginning of this year. Since Haitian Weiye first issued a statement on September 31th, the market value has dropped by more than 1% in the past 12 days, and the evaporation has exceeded 41 billion yuan.

who is the main consumer of Haitian soy sauce?

restaurants are the main buyers of condiments, and ordinary family consumers buy less. According to Ai Media Consulting, in 2121, half of the products in China condiment industry will be sold in catering industry, 31% will be sold through household retail channels, and the other 21% will be sold to food processing industry.

affected by the epidemic, the income of catering enterprises has decreased this year, and the demand for condiments is also decreasing. According to the data of the National Bureau of Statistics, from October to August this year, the catering revenue was 2.75 trillion yuan, a cumulative year-on-year decrease of 5%. Judging from the year-on-year growth rate of monthly income, from March to July this year, catering income has declined year-on-year for five consecutive months.

In fact, China people don't buy as many condiments as foreigners. According to Euromonitor data, in 2119, the per capita consumption of condiments in China was 4.7kg/ person, which was only one third of that in the United States. The consumption gap is even bigger. In 2119, the per capita consumption of condiments in China was $13.6 per person, less than 21% of that in the United States.