From Zhou Heiya, Juewei, Jiujiuya and other brands to develop new retail and enrich consumption scenes, to the March of three squirrels, Baicaowei and other lo-mei products, and now the emergence of many "lo-mei+"brands, the category margin of lo-mei products is constantly broken, and the market heat is rising.
However, it is in this industry background that "God rewards food" that Youyou Food, which has been propping up the company's performance for more than 20 years with one of the sub-categories of halogen products, once became the big brother of the industry, seems to be more and more powerless in front of consumers in the new era. ......
Decline in profits
Canned chicken feet can't hold up the data?
On the evening of August 17, Youyou Food announced the semi-annual report of 20021year, saying that in the first half of the year, the company achieved operating income of 604 million yuan, up by10.89% year-on-year; The net profit attributable to shareholders of listed companies was10.3 billion yuan, a year-on-year increase of 0.33%; Among them, the revenue of pickled chicken feet was 486 million yuan, a year-on-year increase of 6. 1%.
However, the next day, August 18, the share price of Youyou Food opened sharply and closed at 17.6 1 yuan/share, down 4.86%.
The rapid change of data makes consumers laugh and feel sad. Some netizens laughed and said: Is the announcement of Youyou Food released at a pinch? This is too exaggerated!
Source: Youyou Food Tmall Flagship Store
On the surface, in the semi-annual report of Youyou Food, it seems that both revenue and net profit in the first half of the year have achieved year-on-year growth. However, Nashi noted that the revenue of Youyou Food decreased by 3.58% in the second quarter of this year, and the net profit attributable to shareholders of listed companies decreased by 2 1.0 1% year-on-year. Why did the company's revenue and net profit both decline in the second quarter, especially in terms of net profit, which dropped by more than 20%?
Some insiders believe that this is because of the high base in the second quarter of last year, which led to the pressure on the company's profit side.
In addition, according to the related person of Youyou Food, the company is expanding new marketing methods and channels while enriching the product categories.
However, Nashi found that the online channel sales of Youyou Food in the first half of the year were 145 1 10,000 yuan, accounting for only 2.4 1% of the total revenue, which was less than the traditional channel sales of 588 million yuan. Although the company's dependence on a single product with pickled peppers and chicken feet has improved this year, the proportion of pickled peppers and chicken feet in revenue has only dropped from 84.37% in the same period in 2020 to 80.79%.
The pain of chicken feet-the "culprit" of the decline in performance
In May of this year, when Youyou Food expanded its product line, it launched a series of boneless chicken feet and boneless duck feet with three flavors of lemon, rattan pepper and spicy.
Obviously, the brand is well aware of its weaknesses, and Youyou Food also bluntly stated in the semi-annual report that the company's income from pickled peppers and chicken feet accounts for over 80% of the company's main business income, which has a significant impact on the company's profitability. Considering the long-term development of the company, this relatively single product structure makes the company face certain operational risks.
Indeed, since Youyou entered the capital market, people's doubts about its single product have never stopped.
Source: Youyou Food Tmall Flagship Store
According to its prospectus, in 20 16 -20 18, the products with pickled peppers and chicken feet realized income of 630 million yuan, 783 million yuan and 897 million yuan respectively, accounting for 76.27%, 79.45% and 81.63 of the company's main business income in the corresponding years.
In the year of listing, that is, in the first half of 20 19, the ratio of pickled peppers and chicken feet to the main business income rose to 82.88%.
I wanted to use the opportunity of the listing platform to expand the scale of its products and get rid of excessive dependence on a single product. After the listing of clinker, the proportion has steadily increased. It is no exaggeration to say that the sales of chicken feet directly determine the performance of Youyou.
In fact, Youyou Food has made an attempt earlier, and introduced various kinds of snack foods with various tastes, but the benefits brought by it are minimal.
Later, considering that the main brand is chicken feet with pickled peppers, we started with "pickled peppers" and launched a series of pickled pepper products such as pickled bean curd, pickled bamboo shoots and pickled peanuts, but consumers did not seem to show much enthusiasm.
Source: Youyou Food Tmall Flagship Store
Regarding the embarrassing situation of Youyou food, China food industry analyst Zhu Danpeng said,
Who can laugh at the end of the pot-stewed market?
For contemporary young people, if hot pot is a carnival of taste buds of a group of people, then pot-stewed taste is the desire for "heavy taste" when satisfying a person.
Source: pixabay
The consumption upgrade has made the leisure lo-mei market break out strongly. Unconsciously, lo-mei has become a big market in the fast-moving consumer goods industry. New lo-mei shops have mushroomed, and snack brands have expanded their territory crazily.
At present, the potential competitors such as Yanjin Puzi, Three Squirrels, Wei Long, etc. are all laid out in the "Pickled Pepper and Chicken Feet" market, not to mention the crazy squeeze of many local competitors such as Qishuang in Chongqing, Zengqiao in Chongqing, Spicy Daughter-in-law in Chongqing, Yongjian in Chongqing, etc.
In fact, from the perspective of the segmentation of the halogen products industry, chicken feet are definitely a category with unlimited development prospects, and we can gain insight from the reactions made by those snack giants.
Three squirrels' pickled peppers, rattan peppers, boneless chicken feet, tiger skin and braised chicken feet in good shops, and even online celebrity boneless lemon chicken feet, which have been popular all over the network in the past two years, all want to share a piece of the action. In the fierce competition market, it is particularly helpless to win the world with a single product "pickled chicken feet".
Source: good shop, three squirrels
Therefore, it is difficult for Youyou Food to play the capital market with a chicken claw. In the future, how to break through the bottleneck of performance, jump out of the shackles of big single products and realize the successful expansion of the brand in the enterprise business field will become the key to whether it can continue to gain a foothold in the market.
From: eating, public information