The company is a "assured condiment production enterprise" in Jilin Province. Founded in 2002, the company is mainly engaged in the R & D, production and sales of condiments such as fermented bean curd, pickled vegetables and cooking wine. The founder team of the company has developed fermented bean curd products since 1991 and founded the "Zhu Laoliu" brand in 1997. The company specializes in authentic northeast flavor, has many years of professional experience and profound industry accumulation, and has a good reputation and wide popularity in the industry. In 2019, the output scale of fermented bean curd reached the top three in China's fermented bean curd subdivision industry. The company was rated as "national key leading enterprise of agricultural industrialization", "provincial key leading enterprise of agricultural industrialization", "top 100 enterprises of Shenzhen Agricultural Products Group Co.Ltd(000061) processing industry in Jilin Province" and "assured condiment production enterprise" in Jilin Province, and won the honorary titles of "Changchun famous brand Shenzhen Agricultural Products Group Co.Ltd(000061) "; "Zhu Laoliu" brand fermented bean curd was rated as "Gold Award of the 12th China Changchun International Agriculture and Food Expo (trade)" Shenzhen Agricultural Products Group Co.Ltd(000061) "and" 2013 Changchun famous and special quality Shenzhen Agricultural Products Group Co.Ltd(000061) ".
The company's main products include fermented bean curd, pickled vegetables and cooking wine. Fermented bean curd is usually divided into red fermented bean curd, green fermented bean curd, white fermented bean curd and sauce fermented bean curd according to its color and flavor, also known as red square, green square, white square and sauce square. The company's fermented bean curd products are mainly red fermented bean curd and green fermented bean curd. Pickled cabbage is mainly pickled with cabbage and other raw materials. Cooking wine is a liquid condiment prepared and processed by taking fermented wine, distilled wine or edible alcohol as the main component and adding edible salt.
The company covers a wide range of channels in Northeast China and continues to explore the national market. After nearly 20 years of development, the company has more than 130 dealers in Northeast China, and has basically built a dealer network covering all cities and counties and radiating villages, towns and villages. The company's products are distributed in all kinds of large chain supermarkets, farmers' trade stalls, fresh food, convenience stores and catering enterprises, and has fully realized the layout of various forms of terminal markets. At present, the company continues to expand its dealers, with a net increase of 37 dealers in 2021, an increase of 17.45% over the beginning of the year, including 19 new dealers in North and East China. By the end of 2021, the number of distributors of the company had reached 247.
From 2016 to 2021, the overall performance maintained rapid growth. From 2016 to 2021, the total operating revenue of the company increased from 171 million yuan to 282 million yuan, and the CAGR was about 10.54%; The net profit attributable to the parent company increased from 8.7842 million yuan to 575702 million yuan, and the CAGR was about 45.65%. The company's performance in 2019 declined year-on-year, and the performance in other years from 2016 to 2021 achieved positive year-on-year growth. The main reason for the decline in performance in 2019 is that the company continues to strengthen product production process optimization, automation transformation and commissioning.
From 2016 to 2021, the overall profitability maintained an upward trend. From 2016 to 2021, the company's gross profit margin increased from 23.74% to 35.71%, an increase of 11.97 percentage points; The net interest rate increased from 5.15% to 20.44%, an increase of 15.29 percentage points; During the period, the cost rate decreased from 15.91% to 10.32%, down 5.59 percentage points.
Risk tips: food safety problems, price fluctuations of raw materials, dealer management, concentration of sales areas and market development, continuous and repeated covid-19 epidemic and other risks.
