On March 14, “the first share of baking fat” Namchow Food Group(Shanghai) Co.Ltd(605339) released the financial report for 2021, which showed that its revenue was 2.873 billion yuan, a year-on-year increase of 23.71%; The net profit was 368 million yuan, a year-on-year increase of 13.27%.
By business, in Namchow Food Group(Shanghai) Co.Ltd(605339) 2021, the operating revenue of baking application oil business was 1.691 billion yuan, with a year-on-year increase of 18.48%; The light cream business achieved a revenue of 477 million yuan, a year-on-year increase of 35.54%; The operating income of import business was 502 million yuan, a year-on-year increase of 23.67%; The revenue of frozen dough business was 178 million yuan, a year-on-year increase of 55.01%; The revenue of stuffing business was 165027 million yuan, a year-on-year increase of 11.18%.
During the reporting period, the sales of Namchow Food Group(Shanghai) Co.Ltd(605339) light cream and frozen dough increased, mainly due to the continuous growth of internal circulation consumption, the change of consumer habits and the continuous expansion of the baked food market under the normalization of the epidemic, which led to the increase of the sales of light cream and frozen dough. The overall operating cost of the company increased by 39.26% and the gross profit margin decreased by 7.68% year-on-year, mainly due to the increase of operating cost driven by the growth of sales volume and the rise of raw material price, and the annual transportation cost should be adjusted to the operating cost.
Namchow Food Group(Shanghai) Co.Ltd(605339) also mentioned in the annual report that “new Chinese style baking” has become a popular track in the baking market, Namchow Food Group(Shanghai) Co.Ltd(605339) launched the “special oil for Chinese cakes” series, and promoted the concept of “one city, one cake” in target cities across the country; For tea customers, we launched joy Q cream products that provide tea customers with milk cover, thick milk base, etc; Expand high-end products such as fubiwei butter, gadland butter and Cargill cheese; Planning and construction of frozen dough production line in Shanghai. In January 2022, Shanghai Nanqiao phase II frozen dough project was officially put into operation.
In order to release business potential, enhance brand awareness and overseas market share, Namchow Food Group(Shanghai) Co.Ltd(605339) established a wholly-owned subsidiary, Nanqiao Trading (Singapore) Co., Ltd., which is positioned as a stronghold for developing the Southeast Asian market. In the future, the company will make greater efforts to cover and penetrate Singapore, Thailand, Myanmar, Indonesia, Vietnam, Malaysia and other East Asian countries.
