The online sales of Jingdong food and beverage industry increased, while that of leisure food increased significantly. According to magic mirror data, the online sales of Jingdong food and beverage industry in December 2021 was 5.67 billion yuan, a year-on-year increase of 24.9%; Among them, the sales volume increased by 7.7% year-on-year to 84 million pieces, and the average price of goods increased by 16.0% year-on-year to 67.9 yuan. The increase in sales was mainly driven by the average price and sales volume. In terms of molecular industries, the online sales of leisure food increased rapidly, with a year-on-year increase of 32.9%. Other sub industries: food gift certificates, beverage preparation, grain and oil seasoning, imported food, local specialties and tea, with a year-on-year increase of + 31.7%, + 28.6%, + 26.7%, + 4.2%, - 2.2% and - 2.2% respectively.
Snack food: online sales declined and chocolate grew rapidly. According to magic mirror data, the online sales of Alibaba's snack food industry reached 9.22 billion yuan in December 2021, a year-on-year decrease of 2.0%. In terms of split volume and price, the sales volume decreased by 11.7% year-on-year, the average sales price increased by 11.0% year-on-year, and the price increment decreased. In terms of molecular industries, the sales of chocolate in the sub industry increased the fastest in December 2021, with a year-on-year increase of 48.4%. The increase in sales of Three Squirrels Inc(300783) and Baicao flavor was mainly due to the increase in average price; Bestore Co.Ltd(603719) then both quantity and price will fall.
CR3 of the snack food industry decreased by 1.77pct to 15.6% month on month, and the industry concentration decreased.
Beverage preparation: the dairy industry rebounded, with the rapid growth of low-temperature dairy products and goat milk products. The online sales of Ali dairy industry reached 1.53 billion yuan, a year-on-year increase of 16.0%. Among them, the sales volume decreased by 0.1% year-on-year, and the average sales price increased by 16.1% year-on-year. The industry growth was mainly caused by the increase of average price. In terms of molecular industry, the growth rate of low-temperature dairy products was the fastest in December 2021, with a year-on-year increase of 38.2%; The growth rate of goat milk was the second, with a year-on-year increase of 34.6%. From the leading performance, the sales of Mengniu Dairy, Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Bright Dairy & Food Co.Ltd(600597) were + 49.2%, + 8.6%, - 8.5% year-on-year respectively. The volume and price of Mengniu Dairy increased simultaneously, and the volume and price of Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Bright Dairy & Food Co.Ltd(600597) decreased and increased.
In terms of market share, the market share of Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Mengniu Dairy and Bright Dairy & Food Co.Ltd(600597) increased from + 4.2, + 5.3 and - 0.5pct to 21.1%, 20.6% and 3.4% respectively year-on-year. CR3 of dairy industry increased by 8.9pct to 45.1%, and the industry concentration increased.
Beverage preparation: the sales of oatmeal industry declined and the industry concentration decreased. In December 2021, the online sales of Ali's brewing cereal industry reached 230 million yuan, a year-on-year decrease of 33.7%. In terms of split volume and price, the sales volume decreased by 26.2% year-on-year and the average price decreased by 10.1% year-on-year. The decline of sales in oat industry is mainly caused by the decline of sales volume and average price. From the leading performance, in December 2021, the sales volume of Quaker reached 24.248 million yuan, a year-on-year decrease of 8.0%, of which the sales volume decreased by 4.8% and the average price decreased by 3.4% year-on-year; Guilin Seamild Foods Co.Ltd(002956) the sales volume reached 15.697 million yuan, a year-on-year decrease of 8.4%, of which the sales volume decreased by 9.3% and the average price increased by 0.9% year-on-year.
The decline in sales of Quaker, Wang satin and grain mills was jointly driven by the decline in sales and average price; Guilin Seamild Foods Co.Ltd(002956) the decline in sales was driven by the decline in sales; The decline of ozak sales was caused by the decline of average price. Cr5 of oat industry decreased by 11.1pct to 29.9% year-on-year, and the industry concentration decreased.
Risk tips: macroeconomic fluctuation risk, consumption recovery lower than expected risk, raw material price fluctuation.
