As the stock price continues to **, some netizens ridiculed Taoli bread with "Taoli does not speak, a thousand miles down". On February 5**, the share price of Taoli Bread was 591 yuan shares, down 619%, the lowest of the day touched 576 yuan shares, a new low in the past seven years since 2017. with an all-time high of 27 in 2020Compared with 74 yuan shares, the decline is more than 70%.
In addition to the stock price, there is more than the performance of Taoli Bread. According to the 2023 performance express report disclosed by Taoli Bread, Taoli Bread's revenue will increase but not profit in 2023, with an operating income of 676.2 billion yuan, compared with 66 in the same period last year8.6 billion yuan, a year-on-year increase of 113%；Net profit attributable to shareholders of the listed company was 57.5 billion yuan, compared with 6400 million yuan, a year-on-year decrease of 102%；Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 55.2 billion yuan, compared with 62.9 billion yuan, down 1237%。
It is worth noting that this is the third consecutive year that Taoli Bread's performance has increased without increasing profits. The financial report data shows that in 2021 and 2022, the revenue of Taoli bread will increase respectively54%, net profit fell respectively14%。Among them, in terms of net profit, from the first quarter of 2021 to the 2023 annual express report, the net profit of Taoli Bread in the current period has declined to varying degrees.
Taoli Bread attributed the decline in profit in 2023 to the increase in raw material prices, the increase in the return rate, and the increase in expenses related to new projects. In the announcement, Taoli Bread said that during the reporting period, some raw materials **year-on-year**, the return rate increased, and the production capacity of some new projects was not fully released after they were put into operation, and the upfront costs were high, resulting in a slight year-on-year decline in gross profit margin in the current period; Personnel reserves were carried out in the early stage of the newly put into operation projects, and the increase in wage expenses led to a year-on-year increase in management expenses; and an increase in interest expense for the period.
Regarding the issues mentioned in the announcement, such as "the production capacity of the new project has not been fully released after it is put into operation, and the related costs are high", this has a certain relationship with the continuous market expansion and expansion of production capacity in the south of Taoli Bread in recent years.
Taoli Bread Co., Ltd., formerly known as Shenyang Taoli Food, was founded in 1997 by Wu Zhigang, a retired teacher from Liaoning, and the company's base camp is mainly in Northeast China. However, in recent years, the revenue growth rate of Taoli bread in the Northeast region has declined, and from 2019 to 2022, the revenue growth rate in the Northeast region is45%, as the growth space of the Northeast market is getting smaller and smaller, Taoli Bread began to focus on investing in the southern market.
In the financial reports of recent years, Taoli Bread has repeatedly mentioned that "the company continues to increase its efforts to expand new markets such as East China and South China, continuously increase investment in key customers, and improve the quality of single stores", etc., indicating that on the basis of focusing on the East China and South China markets, it will actively expand other markets. However, at present, the results of its southern market expansion and capacity expansion are not satisfactory.
According to the data, as of the first half of 2023, a total of 21 production bases have been put into use, 6 production base projects are under construction, and the overall capacity utilization rate of the production bases that have been put into use is 7335%, of which the capacity utilization rate in South China, Central China and East China is8%, mainly due to the short production time of Hainan Taoli, Wuhan Taoli, Qingdao Taoli Food and Zhejiang Taoli, and the capacity utilization rate during the transition period is low.
In the eyes of industry insiders, with the rapid development of the bread industry, the competition in the baking market has intensified, the industry track is crowded, and the market share of Taoli bread has been squeezed to a certain extent. And because the model of Taoli bread is "** factory + wholesale", short-term products have higher requirements from the factory to logistics and distribution, and the production and distribution layout of Taoli bread in the southern region is relatively weak, which is not suitable for the southern market, so it is difficult to break through the regional development restrictions. Zhu Danpeng, an analyst of China's food industry, believes that Taoli bread, as a northern brand, is not proportional to the input and output of the East China and South China markets. East China, South China baking market competition is more intense, and prefer tonal, differentiated bread brands and products, as a very high degree of industrialization of peach and plum bread, the overall research and development, innovation and upgrading iteration speed and quality can not keep up with the development of the market, it is difficult to be welcomed by the southern market, profits continue to decline is also an inevitable result.
Regarding the stock price, performance decline and other issues, a reporter from Beijing Business Daily sent a letter to contact Taoli Bread through the official mailbox, but did not receive a reply as of press time.
Beijing Business Daily reporter Guo Xiujuan Zhang Han.