Affected by the rising prices of some raw materials, repeated epidemics and increased marketing expenses, leading leisure food enterprises such as Bestore Co.Ltd(603719) ( Bestore Co.Ltd(603719) ), yanjinpu ( Yanker Shop Food Co.Ltd(002847) ) and Jinzai Food Group Co.Ltd(003000) ( Jinzai Food Group Co.Ltd(003000) ) increased their income without increasing their profits last year.
Bestore Co.Ltd(603719) 619 new stores opened last year
On March 21, Bestore Co.Ltd(603719) released its 2021 annual report, which showed that the company achieved a total revenue of 9.324 billion yuan in 2021, with a year-on-year increase of 18.11%, of which online revenue accounted for 53.13%, offline revenue accounted for 46.87%, online revenue increased by 21.42% and offline revenue increased by 16.31%; The attributable net profit was 282 million yuan, a year-on-year decrease of 18.06%; The gross profit margin of the company’s main business was 26.98%, a year-on-year decrease of 0.47%. Among them, the gross profit margin of online channels decreased by 1.25% year-on-year, and the gross profit margin of offline channel sales increased by 0.54% year-on-year. As of the end of the reporting period, the net cash flow from operating activities of the company was 412 million yuan, a year-on-year increase of 24.82%.
Bestore Co.Ltd(603719) said that during the reporting period, the year-on-year growth of the company’s operating revenue was mainly due to the company’s continuous in-depth omni-channel business layout, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) business achieved growth, including social e-commerce, community e-commerce and group purchase business. In addition, the company’s net profit did not rise with the growth of revenue, mainly because in 2021, the company actively faced the changes in the online business environment, the rise in the prices of some raw materials and the continuous impact of multi-point epidemic, actively optimized and adjusted its business strategy, further expanded the market share of traditional platform e-commerce, increased the distribution of social (Live) e-commerce, community e-commerce and other emerging traffic channels, and increased the investment of marketing and promotion expenses, Increase the share of Omni channel market. Meanwhile, affected by the increase of online channel share and other factors, the gross profit margin of the company’s online business in the fourth quarter decreased in a short term compared with the same period, resulting in the decrease of the company’s net profit compared with the same period.
Last year, Bestore Co.Ltd(603719) opened 619 new stores, including 185 Direct stores and 434 franchise stores. As of the end of the reporting period, the number of offline stores was 2974, distributed in 179 cities in 22 provinces / autonomous regions / municipalities directly under the central government. In terms of R & D investment, last year’s Bestore Co.Ltd(603719) R & D investment was 396656 million yuan, a year-on-year increase of 17.64% compared with 2020.
industry gross profit margin decline
Bestore Co.Ltd(603719) as a representative enterprise of snack food, its operation is not an example. Jinzai Food Group Co.Ltd(003000) , Yanker Shop Food Co.Ltd(002847) and Yanker Shop Food Co.Ltd(002847) showed year-on-year growth in revenue and year-on-year decline in net profit last year.
According to the annual report released on Jinzai Food Group Co.Ltd(003000) 3.18, in 2021, it achieved a total revenue of 1.111 billion yuan, a year-on-year increase of 22.21%, and a net profit of 849389 million yuan, a year-on-year decrease of 17.76%. During the period, the gross profit margin of the company’s soybean products decreased by 4.31%, mainly due to the rise in the price of raw soybean and the fact that the gross profit margin of the newly added short-term guaranteed dried soybean products was lower than the average gross profit margin in the same period of last year; The gross profit margin of poultry products decreased by 5.08%, mainly due to the rise in the price of some raw materials and the low gross profit margin at the initial stage of the listing of new products; Other gross profit margin decreased by 19.45%, mainly due to the product structure and the lower than average gross profit margin of new products.
Jinzai Food Group Co.Ltd(003000) said that in 2021, under the background of repeated global epidemics and rising raw material prices, the company focused on channel construction, product innovation and talent introduction and training, and steadily implemented the company’s strategic plan. In the first half of 2021, faced with the weak consumer market, rising production costs and other operating pressures, the company sought progress while maintaining stability and actively adjusted. Since the second half of the year, the company’s channel reform has achieved initial results and the product structure has been continuously improved.
In addition, Yanker Shop Food Co.Ltd(002847) performance express also shows that in 2021, the company achieved a total revenue of 2.282 billion yuan, a year-on-year increase of 16.47%, and a net profit of 150 million yuan, a year-on-year decrease of 37.89%.
industry growth slowed slightly
According to the statistics of China Business Industry Research Institute, the scale of China’s snack food market has exceeded trillion, with a compound growth rate of more than 10% in recent five years. The covid-19 pneumonia epidemic in 2020 had an impact on the snack food industry in the short term, and the growth rate of market scale slowed down slightly compared with previous years, but it also promoted the development of the snack food industry in emerging channels such as live e-commerce and community group purchase. The growth rate of industry scale may rebound in 2021, maintaining a long-term stable growth trend. In 2020, the scale of snack food market will be close to 1.3 trillion yuan, and it will exceed 1.4 trillion yuan in 2021. The market of leisure food industry has expanded steadily and has a broad space.
From the perspective of sales channels, among the sales channels of the leisure food industry, e-commerce and emerging channels are growing rapidly, and the proportion of online sales of leisure food is increasing, but the traditional offline channels still dominate. According to Frost & Sullivan data and calculation, the proportion of online sales of leisure snacks has increased from 3% in 2013 to 18% in 2020, and the proportion has increased year by year. However, because offline sales channels are more in line with traditional consumption habits, the sales scale of offline channels of leisure food will exceed 1060 billion yuan in 2020, accounting for 82%, higher than that of online sales.
Jinzai Food Group Co.Ltd(003000) said in the annual report that the market entry threshold of the traditional flavor snack food industry is low, new competitors continue to join to seize market share, and the industry competition tends to intensify gradually. If the company fails to effectively deal with the competition under the background of rapid development of the industry, the company may face the risk of slowing down its development speed.
