Company code: Zhongyin Babi Food Co.Ltd(605338) company abbreviation: Zhongyin Babi Food Co.Ltd(605338) Zhongyin Babi Food Co.Ltd(605338)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 Rongcheng Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
On April 7, 2022, the 14th meeting of the second board of directors considered and approved the company’s profit distribution plan for 2021 as follows: the company plans to distribute cash dividends of 2.60 yuan (including tax) to all shareholders for every 10 shares. As of December 31, 2021, the total share capital of the company is 248 million shares. Based on this calculation, the total cash dividend to be distributed is 6448000000 yuan (including tax). The amount of cash dividends in this year accounted for 20.54% of the company’s net profit attributable to shareholders of listed companies according to the consolidated criteria in 2021. In 2021, the company will not convert capital reserve into share capital, and will not give bonus shares. The remaining undistributed profits will be carried forward and distributed in subsequent years. The above profit distribution plan has yet to be reviewed and approved by the company’s annual general meeting of shareholders.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
RMB common stock (a) Shanghai Stock Exchange Zhongyin Babi Food Co.Ltd(605338) Zhongyin Babi Food Co.Ltd(605338) none
Shares)
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Su Shuang, Ma Xiaolin
Office address: No. 785, Rongjiang Road, Chedun Town, Songjiang District, Shanghai
Tel: 02157797068
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
1. Industry of the company
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is C14 food manufacturing in the manufacturing industry. According to the industrial classification of national economy (GB / t47542017), the company’s industry belongs to c1432 quick frozen food manufacturing within the scope of food manufacturing in the manufacturing industry.
2. Industry development
(1) National industrial policy support
The state has promulgated a series of laws and regulations, such as the food safety law of the people’s Republic of China, the law of the people’s Republic of China on the protection of consumers’ rights and interests, the law of the people’s Republic of China on product quality, the measures for the administration of food production license and the measures for the administration of food business license, to standardize the production, processing and sales of food and ensure the healthy and orderly development of the industry. In terms of industrial policies, in recent years, the state has issued a series of important documents, such as the guiding opinions on promoting the healthy development of the food industry, the opinions on further promoting the development of Shenzhen Agricultural Products Group Co.Ltd(000061) processing industry, the 13th five year plan for the development of residents’ living service industry, the 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035, It is intended to vigorously develop the green food industry, encourage the food industry to develop in the direction of large-scale, intelligent, intensive, and significantly improve the supply quality and efficiency, and support the continuous growth of the industrial scale. In addition, in the face of the “small”, “scattered” and “chaotic” pattern in the food industry, in order to promote the healthy development of the food manufacturing industry, improve the level of food safety and quality, and promote the structural adjustment and optimization of the food manufacturing industry, the state has successively issued new national food standards in recent years to promote the structural adjustment and optimization of the food manufacturing industry, so that a large number of Chinese pastry food enterprises that do not have production conditions stop production, change production or are eliminated by the market. (2) Broad market space
In recent years, the continuous improvement of the income level of Chinese residents has brought about the upgrading of consumption structure and industrial transformation, giving birth to the overall stable development trend of the food industry. The company’s Chinese pastry frozen food is finally sold to the majority of consumers. The continuous growth of residents’ income is conducive to promoting the growth of target markets, including chain brand breakfast consumption market, group meal consumption market and household consumption market. The overall consumption scenario of end C is expanded, and the penetration of end B is continuously improved.
① Chain brand breakfast consumption market
Most of the breakfast types in China are steamed buns, steamed buns, various coarse grain snacks and other pasta, supplemented by liquid foods such as soybean milk, porridge, milk and so on. With the development of economy, the pace of national life is faster and faster, and consumers’ access to breakfast fast food has changed greatly, mainly from family production to brand breakfast fast food chain stores. Brand breakfast fast food chain stores meet consumers’ safe, assured and convenient consumption needs. Workshop stores generally have no brand awareness, chaotic management, single products and relatively poor marketing ability. With customers paying more attention to brand consumption, workshop stores will gradually join brand chain enterprises, and the demand of brand breakfast chain stores in the consumer market will be greater and greater in the future.
② Group meal consumption market
With the increasing demand for breakfast food in various catering chains, convenience stores and canteens of various units, if you make and process breakfast pastry food by yourself, you need to hire experienced and qualified pastry masters in addition to a separate operation room, and the personnel cost is also high. Purchasing the products produced by professional large-scale companies not only has complete categories and convenient processing, but also can determine the supply of pasta on the next day according to the daily reservation quantity, which greatly reduces the management cost of the above units in catering and meets the selection needs of consumers.
At present, the demand for Chinese pastry frozen food in the group meal consumer market has just begun to release, and the market space is broad in the future.
③ Household consumption market
With the improvement of people’s living standards, consumers’ demand for quick-frozen food is increasing. On the one hand, nowadays, the pace of life is getting faster and faster, and there are many and complex cooking links, resulting in less cooking time and weak willingness of young people. The pasta quick-frozen food not only meets the requirements of easy cooking and nutritional ingredients, but also conforms to the psychology of young people in pursuit of convenience and quickness. On the other hand, pastry quick-frozen food depends on low temperature to preserve its freshness and quality, which is in line with people’s consumption concept of pursuing health and hygiene, so it is more and more common on the family table. (3) With the upgrading of consumption structure, scale and quality have become the main factors of competition
With the growth of Chinese residents’ income and the upgrading of consumption structure, consumers have higher requirements for food nutrition and health, and their brand awareness is constantly strengthened. The development mode of quick-frozen food industry will change from quantitative expansion to qualitative improvement. With the promotion of national brand strategy, the pace of merger and reorganization of quick-frozen food manufacturing industry is accelerating, and small-scale enterprises are forced to withdraw from the market due to their low anti risk ability and poor food quality control level; Relying on diversified sales channels, high brand awareness, advanced production technology, leading R & D innovation and perfect quality management system, high-quality brand enterprises in the industry have established their leading position in the industry. In the future, they will continue to rely on their unique advantages to expand business scale, improve profitability, win market share in the competition, and further improve the concentration of the industry.
3. Industry position of the company
Since its establishment, adhering to the business philosophy of quality first, the company has focused on the R & D, production and sales of Chinese pasta food, forged its competitiveness and influence in an all-round way, and has the advantages of brand, business channel, product development, quality control and information management in the industry. It is a “national key leading enterprise of agricultural industrialization” and a “national demonstration enterprise of staple food processing industry”, It is a leading brand of Chinese pastry chain enterprises in China.
(I) main business of the company
Since its establishment, the company specializes in the R & D, production and sales of Chinese pastry food, and is committed to the business model of “industrialized production, full cold chain distribution, direct marketing, franchise and group catering”. It is a Chinese pastry quick-frozen food manufacturing enterprise with “chain store sales as the main and group catering sales as the auxiliary”.
Based on stable sales channels, safe and reliable product quality, and supported by strong supply chain management system and digital information system, the company has built a leading brand of Chinese pastry chain enterprises.
(II) main products of the company
The company’s products can be divided into pastry series products, stuffing series products and external procurement series products, including self-produced steamed buns, steamed buns, coarse grain snacks and other single products as well as rich stuffing series products. The external procurement series products include porridge products, drinks, zongzi, pastries, etc., with a total of more than 100 products.
According to the main supply channels of products, the company’s products are divided into chain store products, to B major customer products and to C pre packaged products. Guided by customer needs and different consumption scenarios, the company continues to enrich the products of franchise stores, strengthen the customized R & D capacity of key customer products, and constantly enrich the omni-channel SKU to meet the needs of different consumers.
(III) business model of the company
1. Procurement mode
The main raw materials of the company’s self-produced products are flour, pork, edible oil, vegetables, spices, packaging materials, etc. the purchased food and drinks are mainly soybean milk, porridge, zongzi, cakes, drinks, etc. consumed with pastry products. The raw materials and purchased food and drinks are self-collected. In order to give full play to the advantages of large-scale procurement and reduce the procurement cost, the main raw materials and purchased food and drinks of the subsidiaries are also purchased by the parent company, and the rest are selected by the subsidiaries for sporadic procurement by suitable suppliers. On the one hand, it meets the needs of producing products suitable for local characteristics, on the other hand, it reduces various comprehensive costs.
According to different targets, the company’s procurement methods are divided into the following: bidding, competitive negotiation, single source procurement, price inquiry and comparison procurement, the combination of competitive negotiation and agreed supply, and other procurement methods.
The company has set up an information-based procurement management system to be responsible for the purchase of raw materials; Through the establishment of the list of qualified suppliers, the dynamic management of suppliers is implemented to continuously improve the quality of suppliers. The company has formed a stable and long-term business partnership with high-quality suppliers in various sub categories of the industry.
The company formulates the purchase plan according to the current inventory, order quantity, production plan, raw materials, product warranty period and other factors to prevent the risk of material shortage or surplus; The company has formulated rules and regulations such as procurement management regulations, supplier management specifications, procurement traceability management specifications, inventory management regulations and financial payment and reimbursement management regulations, and formulated strict control procedures for key links such as procurement plan formulation, supplier selection and daily management, procurement decision-making, acceptance and warehousing, payment and authorization and approval of all links; Sign the anti commercial bribery agreement with the supplier; Regularly check and evaluate the weak links in the procurement process and make continuous improvement to ensure that the material procurement meets the production and operation needs of the enterprise. Relevant procurement executors shall keep records of all links of the procurement business and ensure the traceability of the procurement process through information management.
The effective implementation of the above internal control system ensures the safety and rationality of the company’s inventory and the quality of material procurement, and reduces the occurrence of supplier fraud and other improper behaviors. It has greatly improved the overall procurement level of the company and ensured the smooth progress of various production of the company. 2. Production mode
The company adopts independent production mode for pastry series products and stuffing series products. The company has built three factories in Shanghai, Guangzhou and Tianjin nationwide, and the Nanjing factory is under construction. It is expected to be put into operation in the second half of 2022, and the production capacity will be distributed in Wuhan through investment cooperation. At the same time, the company completed the reserve land for new capacity in Shanghai in July 2021 and plans to start construction in 2022. The company’s business scope covers the Yangtze River Delta, Pearl River Delta, Beijing Tianjin Hebei economic circle and central China. The company’s products are localized in R & D and production according to time and place, so as to meet the market demand of various regions.
The company has established a standardized production management system and supply chain system to determine production based on sales. Each chain store sends the next day’s product orders to the company before the specified time every day. Group meal customers place orders to the company according to the time agreed in the contract. Each production base determines the production plan according to the inventory and order quantity, and produces on demand. The quality safety department supervises and manages the implementation of product manufacturing process, process flow and quality standards, Ensure healthy and fresh product quality.
3. Sales model
The company adopts the omni channel sales mode of franchising, supplemented by Direct stores and group meal sales, and carries out online sales such as third-party e-commerce platforms to reach consumers in all directions and multiple scenarios.
(1) Franchise sales
Franchising refers to the company signing the franchise contract with franchisees, authorizing franchisees to open franchise stores, use the company’s trademarks, service marks, trade names, business technology and food safety standards in the specified areas, and sell Barbie brands and provide relevant services under a unified image. The franchisees of the company are mainly individual franchisees, who are independently responsible for accounting and tax payment. Franchisees have the ownership and profit right of franchised stores, implement independent accounting, assume sole responsibility for their own profits and losses, and accept the business guidance and supervision of the company in terms of specific operation. The company adopts the settlement system of 10 day credit period for franchise stores.
The company sells pastry finished products, fillings and purchased finished products to franchisees, who will purchase them directly from the company
