Frozen food is not a single product, which involves freezing technology, frozen products, frozen equipment, as well as frozen supply chain, cold chain logistics and related technicians and practitioners.
According to the data, Anjing achieved operating income of 6.965 billion yuan in 2020, an increase of1698 million yuan year-on-year, with a year-on-year growth rate of 32.24%.
In the chopsticks thinking, the substantial growth of Anjing's performance also represents the prosperity of the whole frozen food industry. We can see that domestic frozen food is also one of the few categories that can grow against the trend after the epidemic.
Frozen food is different from fresh food. Most of the increase of fresh food after the epidemic is prompted by subsidies and capital, while frozen food is increased by hundreds of millions of net profits. Whether it is Sanquan, Anjing, Haixin and Haibawang, their recent financial reports and revenues are all good.
So, how long is the contrarian growth cycle of frozen food? With the continuous increase of production capacity of enterprises, is frozen food really an invincible blue ocean category? For the frozen card, what are its advantages in the catering industry and consumer market? For Xibei's kung fu dishes, why does the market criticize Xibei but appreciate the quick-frozen industry alone? Is this just a matter of pricing?
? In fact, the refrigeration market has not been fully developed, and there are endless possibilities behind it.
The history of frozen food in China can be traced back to the planned economy around 1980. Although its starting point is not high, at present, frozen food has become a convenient and cheap conventional consumption choice.
Making a fresh glutinous rice ball into a quick-frozen glutinous rice ball relies on the freezing technology. By inhibiting the vitality of microorganisms, the freezing technology can make the water molecules in the food reach a uniform equilibrium state without destroying the food cell tissue, which ensures the reduction rate of the food when it is heated.
It can be seen that frozen food still has to do a good job of both food safety and taste reduction. But for entrepreneurs, frozen food is a high-profit market, behind which it is actually a convenient, convenient and cheap "three-convenience integration". Let's take quick-frozen dumplings as an example to illustrate.
1), convenience: a word "fast"
Behind the small dumplings is a big process, which takes no less than 4 hours from kneading dough, stuffing and rounding, and the preservation period of fresh dumplings is only 24 hours. With quick-frozen dumplings, consumers can save 4+24 hours of work. Because glutinous rice balls are rice flour products, their reduction rate is extremely high and their shelf life is longer, which is the convenient value.
2) Convenience: it saves trouble and is useful to me
There is a shadow of China traditional culture behind the dumplings. In the case of eating dumplings, quick-frozen dumplings or going to the store to eat (quick-frozen) dumplings are all options.
Because frozen food enterprises have seized the catering and family ends, people naturally removed their attachment to fresh dumplings.
3) Cheap: Accept this product and save money at the same time.
The price of a 500g dumpling is around 8 yuan, and the cost of a bowl of dumpling is around 1-2 yuan, so people are willing to accept it without compromising the taste.
Taking Sanquan's products as an example, we also see innovative products such as fruit (stuffing) dumplings and colorful dumplings, behind which is the initiative of product purchasing power and profit margin.
From the perspective of catering, we can also see that frozen food is not just a business of rice and flour, but the ingredients, staple food, dishes and snacks of catering products in airports, railway stations, airports and high-speed toll stations are basically inseparable from the empowerment of frozen products. Frozen products also include cold and fresh products. For high, medium and low chain catering enterprises such as Haidilao, Xibei, Juewei and Zhengxin Chicken Chop, the larger the quantity, the more emphasis is placed on cold chain technology.
Let's take Cantonese cuisine as an example. At present, a certain proportion of dim sum/dishes of Cantonese restaurants and brands basically go to artificial cold chain distribution products (including Hong Kong and Macao dishes), such as Guangdong restaurants and typhoon shelters. They open restaurants online and set up central kitchens in cities. In order to consume production capacity and expand the market, Guangdong restaurants and typhoon shelters have already put shrimp dumplings and buns sold in their stores online.
In fact, the same is true for Haidilao. In addition to hot pot bottom materials, it also sells seasonings, instant food and other products online.
Restaurants have started the business of factories, which shows that Sanquan and Anjing have insufficient development of the market. This is their own business, but customers have sold melons.
From the market point of view, Anjing is the first brother of hot pot meatballs. It has been serving catering enterprises for a long time, but Sanquan, which focuses on the C end, is not to be outdone. Wal-Mart's brown sugar cube cakes, Haidilao and Banu's fennel fritters and handmade beef balls are all from Sanquan.
If catering enterprises come out to sell quick-frozen products because of insufficient product development of Sanquan and Anjing, then Sanquan has entered catering enterprises with beef balls, which may be the problem of Anjing.
? The war of quick-frozen products between Anjing and Sanquan has already begun, but the bigger opponent lies in other giants.
At the earliest time, Sanquan only made quick-frozen dumplings, dumplings, zongzi, etc., and the target was C-end; At the earliest, Anjing only made hot pot balls, etc., and the target was the B end of catering (not to mention the predecessor of Anjing). However, as Sanquan went on the market with a quick-frozen glutinous rice ball, Anjing also landed in the capital market with a quick-frozen fish ball. After listing, the financial report will be made public. For the public financial report, the enterprise side is nothing, but the capital side can't sit still, and the two sides begin to blame each other.
Originally, Sanquan did the C-end (including Anjing did the B-end) and also earned billions of dollars. Sanquan raised the marketing department and Anjing raised the sales talents. Both sides were well, but when the financial report was made public, Anjing's profit rate was much higher than Sanquan's.
Taking 20 18 as an example, Sanquan's revenue was 5.54 billion and Anjing's revenue was 4.26 billion, but Sanquan's net profit was only/kloc-0.02 billion, while Anjing's was 270 million. Even if Sanquan and Anjingying received the same scale in 20 19, the net profit of Anjing was still higher than that of Sanquan10.50 billion.
By 20021year, the market value of Anjing is still higher than that of Sanquan (Anjing market value is 63.5 billion, Sanquan market value is 26 1 100 million).
In the capital's view, Anjing's technology and market line have no barriers to Sanquan. Why can't Sanquan earn the money it can earn? Yasushi also has the same idea, which leads to the short-term handover of products and channels between the two parties.
In 20 10, sanquan established the hot pot business department, and started the way of * * * at both ends of BC. At present, in addition to regular glutinous rice balls and dumplings, there are also children's dumplings wonton, pies, hand-grabbed cakes, self-heated rice, fried dough sticks, osmanthus square cakes, hot pot balls, hot pot bottom materials and other products.
In 20 19, a convenience store chain company was established in Sanquan Food, with a registered capital of 1 100 million yuan. The earlier Sanquan Fresh Food (loss for many years) and the wholly-owned Sanyi Convenience Store (100% shareholding) all show Sanquan's determination to invest in the consumer side. On the other hand, Sanquan also provides customized products for catering enterprises (such as Haidilao and Kungfu).
Besides the business of meatballs, Anjing Food also has Osmanthus Jelly, hand-grabbed cakes, glutinous rice balls, steamed dumplings, fried dumplings, steamed bread and other sub-products. Judging from the financial report, its latest channel strategy is based on BC and two-wheel drive, and will also increase the channel development of supermarkets, community e-commerce and e-commerce in the future, with the aim of further improving the strategic position of C-end channels.
In the catering channel, Anjing's main customers are brands such as Xiabu Xiabu, Haidilao, Tongdelai, Yonghe Dawang, Yang Guofu Mala Tang and some small hotpot stores (more and more like Sanquan).
If we only look at the business of hot pot meatballs and rice noodles frozen food, there are also enterprises such as Haixin, Haibawang, Missing, Qianweiyang Kitchen and Huifa in the track. The frozen food industry that looks like the blue ocean is actually full of giants.
In 2020, Box Horse registered Box Horse Hot Pot. At present, there are box horse hot pot products on Ali platforms such as Box Horse Fresh Life and Tmall, ranging from meatballs to sesame oil. In the box horse APP, there are very few products of Anjing, and Anjing's new brand "Mr. Frozen Products" is not on the line.
We can see that the track is crowded in the frozen product industry. In the face of hundreds of millions of net profits, not only Sanquan and Anjing are increasing their production capacity, but even Boxma has entered the game.
? The frozen product market, whether 2B or 2C, has never been a one-man show of Yasushi and Sanquan.
Chopsticks play thinking noticed that box horse has also started its own business on products such as yuba, vermicelli, mushrooms, peppers, etc. It is not known whether it will enter the catering end in the future. This ability is not without box horse. Anyway, the products are ready-made, just a door-to-door delivery.
From catering enterprises to catering, we have to start with missing. In 2008, KFC gave the order of fried dough sticks to missing, which opened a door for the catering of the whole frozen product market. In 20 12, I missed the establishment of an independent company specializing in catering, "Qianweiyang Kitchen". At present, the catering customers have been McDonald's, KFC, Pizza Hut, Dicos, Yonghe Soymilk and other enterprises, and the dining interchange of quick-frozen pastry can't leave the group meal. In the enterprise group meal market, Bobby Food is also a new player.
In 2020, Sanquan launched the "Sanquan Roast Exchange", which includes products such as meatballs, beef and mutton rolls, beef tripe, yellow throat, bean skin, yuba, dip and bottom material. In 20 19, sanquan invested tens of millions in the hot pot food supermarket, and later officially reached an in-depth cooperation with 7- 1 1 convenience store.
In 20 18, Anjing also launched the sub-brand "Mr. Frozen Products", which covers dishes such as thousand layers of belly, French fries, taro, fish fillets, snacks, hot pot and other products.
We can see that the whole frozen product industry is becoming more and more complex, and the products tend to be homogeneous. Even a quick-frozen dumpling and a quick-frozen egg dumpling have products from more than N companies and N platforms to choose from.
Behind the homogenization of products is the investment of enterprises in R&D. According to the financial report, Sanquan and Anjing basically invest billions of dollars in R&D every year. Although Anjing has a higher profit margin, R&D is more framed, and the products made are mainly meatballs, such as the recently launched "three big pills" high-end products. Sanquan's R&D personnel have already broken through 100 people, and its R&D path is more wild, with all kinds of cold, fresh and frozen.
Although the profit margin of Sanquan is low and there are many brands, the major brands are basically developing independently, and in the long run, they may develop new high-quality brands.
The capital market loves Anjing more. One of the reasons is that Anjing is a professional manager system, while Sanquan pursues family business management, which is naturally not favored by capital. However, there are rumors that Sanquan is gradually taking the professional manager route. If it reaches the state of semi-family and semi-professional manager, it may make the capital side change its mind in the future.
Back to the market, Siebel is a new player in frozen food, but its Kung Fu dishes are slightly unsalable, which may be related to the change of wind direction in the whole market.
For the customers at both ends of BC, the demand has changed from standardized products to customized products, and then upgraded from long-term preservation with frozen products to cold-fresh, short-term preservation without added products. From this point of view, Sanquan seems to be better than Anjing, and who can really laugh at the frozen products market and hold both ends of BC in the future depends on the degree of fit between the R&D efficiency and market trends.
However, the frozen product market, whether 2B or 2C, has never been a one-man show of Yasushi and Sanquan. From the latest news, Qianweiyang Chef has also made some new moves recently.
PS: This article is not to be continued. Tomorrow at noon 12:40, we will continue to push "The frozen food track is heating up. What are the recent worries behind the long-term concerns of Anjing, Sanquan and the missing people?" Next, please continue to pay attention to the readers who play chopsticks.