Red Star Capital Bureau reported on February 28 that yesterday evening, the snack industry Yanjin Shop (002847SZ) and Qiaqia Food (002557SZ) have both released their 2023 performance reports, but the situation is very different.
Yanjin Shop's revenue and net profit attributable to the parent company achieved double growth, but the revenue and profit of Qiaqia Food declined.
Red Star Capital Bureau noted that from 2019 to 2022, the performance of Yanjin Shop and Qiaqia Food has increased, with the growth of Qiaqia Food being even greater. In 2023, the revenue gap between the two is narrowing, and Qiaqia Food has experienced its first revenue decline since 2010.
Qiaqia food brake.
Shiotsu shop catches up.
According to the performance report, Yanjin Shop will achieve an operating income of 41 in 20231.5 billion yuan, a year-on-year increase of 4222%；Net profit attributable to the parent company 50.5 billion yuan, a year-on-year increase of 6757%；Deduct non-net profit 47.2 billion yuan, a year-on-year increase of 7137%。
Yanjin Shop explained that the main reason for the performance is to strengthen channels, develop products with multiple specifications and polish the first chain. In terms of channels, Yanjin Shop said that the company focuses on the development of e-commerce, snack mass stores, CVS, campus stores, etc.
In 2023, Qiaqia Food will see a decline in revenue and profit. The report shows that in 2023, Qiaqia Food's revenue will increase by **1 year-on-year13% to 680.6 billion yuan, net profit attributable to the parent company increased by **17 year-on-year50% to 80.5 billion yuan. This is the first time since 2010 that Qiaqia Food has recorded negative annual revenue growth.
Regarding the decline in performance, Qiaqia Food said that due to the impact of the Spring Festival in the first and fourth quarters, and the rising procurement cost of sunflower seed raw materials, it was also affected.
At the same time, Qiaqia Food also mentioned that it focused on promoting channel intensive cultivation projects during the reporting period, and said that the company's performance in the snack mass sales channel has improved rapidly, and it has also continued to make breakthroughs through e-commerce channels such as Douyin and Pinduoduo.
It can be seen that in the past year, the development direction of Qiaqia Food and Yanjin Shop is similar, which is also in line with the direction of the entire snack industry, but the results are different.
The Red Star Capital Bureau combed the performance of the two companies in the past four years and found that from 2019 to 2022, both Qiaqia Food and Yanjin Shop showed a trend of performance growth, and Qiaqia Food grew more rapidly, from 483.7 billion yuan soared to 688.3 billion yuan, up more than 2 billion yuan.
*: Corporate financial reports, Red Star Capital Bureau.
In 2022, the revenue gap between Qiaqia Food and Yanjin Shop will be nearly 4 billion yuan, and the net profit difference attributable to the parent company will be about 67.5 billion yuan. By 2023, the revenue gap between the two will narrow to 269.1 billion yuan, and the net profit attributable to the parent company shrank to about 300 million yuan.
The fist product ** is higher than its peers.
Qiaqia Food is facing cascading pressures.
Some industry insiders analyzed to the Red Star Capital Bureau that the reasons for the growth of Qiaqia Food and Yanjin Shop in the past few years are common and different.
In the past two or three years of development, Yanjin Shop has beaten down the best and dared to embrace new channels, such as Douyin and snack stores. Qiaqia Food also embraces the snack mass sales channel, but the main reason for its performance growth is that the organization of the entire enterprise has been transferred, and the internal change has a certain effect.
In September 2023, the industry insider judged that in the next era of cost-effective competition in the snack industry, some problems of Qiaqia Food should soon appear.
Red Star Capital Bureau noted that in recent years, Qiaqia Food has faced chain pressures such as the cost of raw materials at the end of the chain, price increases, fist products that are higher than those of peers, and sales volume that is not as good as that of competing products.
Qiaqia Food said in September 2023 that the procurement cost of sunflower seed raw materials has risen rapidly for two consecutive years, mainly due to the increase in land rent, labor costs, reduced production due to weather impacts, and an increase in sunflower seed export demand.
In 2021 and 2022, Qiaqia Food has raised the price of sunflower seed series products in different ranges.
At present, on the e-commerce platform, the price of 350g of Qiaqia Food Spiced Melon Seeds is 159 yuan, and its competitor Laojiekou caramel flavored melon seeds 500g are priced at 1029 yuan.
In January 2024, an investor consulted the secretary of the board of directors of Qiaqia Food, saying: "Now many new melon seed brands are rising, and when I see the Xinjiang melon seed brand Laojiekou in Douyin, there are thousands of people in the live broadcast room, and they are selling hot." There are more than 100 people in the live broadcast room of Qiaqia melon seeds, is the company's competitive advantage of melon seeds affected, and can the company's category innovation be strengthened? ”
Qiaqia Food responded: "The company will optimize the product portfolio of the Douyin channel, increase investment in the Douyin channel, and continue to launch new products such as flavored nuts." ”
The second growth point of Qiaqia Food, the daily nut small yellow bag, in April 2023, is one notch higher than the three squirrels and the daily nuts of the same specification in BESTORE. At that time, the price of 750g of daily nuts was 138 yuan per box, and the price of three squirrels and BESTORE ** was 69 yuan.
At present, Qiaqia Food has reduced the daily nut product** to 760g at a price of 104 yuan, and there are smaller specifications within 100 yuan, but it is still higher than the same specification products of brands such as Three Squirrels, BESTORE, and Baicaowei.
Consumers voted with their feet, and the sales volume of Qiaqia Food's daily nut products in ** was not as good as that of brands such as Three Squirrels, BESTORE, and Baicaowei
An investor consulted the secretary of the board of directors of Qiaqia Food: "BESTORE and three squirrels have reduced prices**, which has had a serious impact on the company's product sales, what is the sales strategy of the company's management during the Spring Festival this year?" Is it to reduce the price for volume or to control the volume and raise the price? ”
Qiaqia Food said: "During the Spring Festival, the company increased the advertising of Focus Ladder Media, increased the distribution outlets, terminals and interaction with consumers. ”
The Red Star Capital Bureau inquired whether Qiaqia Food would further reduce the price of daily nut products, which link to start with, when the cost of sunflower seeds would be solved, and Qiaqia Food's measures to control costs, but the other party did not respond effectively.
Red Star News reporter Zhang Luxi Yu Yao.
Edited by Yu Dongmei.
*Red Star News, Newspaper Rewards! ）