Zhou Hei duck rang the profit alert, young people don't like duck necks?

Radar finance produced | Meng Shuai editor | Shenhai

Is this young man who is not good at this time? Following the topics such as "young people don't like to eat crayfish", "young people don't like to eat Haidilao", "Why don't young people like to visit IKEA" and other topics caused heated discussions, "Why don't young people like duck necks? The topic of "" rushed to the hot search on the morning of August 17.

"Why don't young people like to eat duck necks?" Behind the topic, Zhou Hei duck and uniform food giants have declined in the first half of the year. Radar Finance combed and found that behind the fell of the foothan giants, the rise in the price of epidemic and raw materials has become the main "culprit".

As a predecessor in the duck neck world, Zhou Heiya once wanted to take a high -end route and insisted on direct business strategies. Although Zhou Heiya has decided to let go of her body since 2019 and has successively liberalized franchise, Zhou Hei Ya, who has known the later consciousness, has been shaken away by the layout of the store in the store.

At the same time, Zhou Heiya's Lochi track, in addition to the old opponents fighting each other, has also continued to enter the game. Facing more intense competition, Zhou Heiya needs to develop new products and continuously stabilize his own status through marketing.

Zhou Heiya is hard to "" to "down" to the market

Recently, Zhou Heiya, known as the "Duck King", issued a profit early warning.

The announcement shows that Zhou Heiya is expected to decrease by about 20%year -on -year in the first half of this year. In the same period last year, Zhou Heiya recorded a revenue of 1.453 billion yuan. In terms of profits, Zhou Heiya expected the net profit in the first half of the year. The net profit of 230 million yuan in half a year has shrunk sharply.

Regarding the dual decline of income and net profit, Zhou Heiya explained that it was mainly affected by the domestic epidemic. In the epidemic, the people were strenuously reduced, which further led to a significant decrease in the tourist flow of the store. The company's sales and profits have affected. At the same time, due to the rise in raw material prices, the pressure of Zhou Black Duck at the cost end in the first half of the year was increasing, and the increase in the losses of exchange exchange was greatly impacted.

In fact, this is not the first decline in Zhou Hei. As early as 2018 to 2020, Zhou Heiya had encountered the "three knees" of performance. According to the financial report, from 2018 to 2020, Zhou Heiya's revenue in the past three years was 3.212 billion yuan, 3.186 billion yuan, and 2.182 billion yuan, a year -on -year decrease of 1.15%, 0.79%, and 31.53%.

During the same period, Zhou Heiya's net profit was 540 million yuan, 407 million yuan, and 151 million yuan, respectively, all of which had declined to varying degrees. Among them, net profit in 2018 and 2019 decreased by 29.09%and 24.56%. The amplitude has further expanded to 62.9%.

It was not until 2021 that Zhou Heiya briefly came back. This year, Zhou Heiya achieved a revenue of 2.87 billion yuan, an increase of 31.6%year -on -year, and its net profit was 342 million yuan, an increase of 126.4%year -on -year.

Radar Finance noticed that it is more and more difficult to win the consumer stomach. On August 17th, the topic of "why young people don't like to eat duck necks" appeared on Weibo hot search. Behind this topic caused heated discussion, the duck neck giants were unsatisfactory in the first half of the year.

As early as Zhou Heiya issued a profit early warning, Juewei Foods had released the first half of the year's performance trailer in mid -July. The announcement shows that the revenue of Juewei Food is expected to reach 3.2 billion to 3.4 billion yuan in the first half of the year. Correspondingly, the revenue of Juewei Foods was 3.144 billion yuan in the same period last year. Although revenue is expected to increase from 1.78%to 8.14%year -on -year, the unique food may face the embarrassment of increasing income. In the first half of the year, the net profit attributable to shareholders of listed companies was 90 million yuan to 110 million yuan. Compared with the same period of the previous year, the year -on -year decrease was 78.08%to 82.07%.

For the decline in net profit, the reasons given by the unique food are roughly the same as Zhou Hei Duck. Juewei Food stated that during the reporting period, the company responded to the national epidemic prevention and control requirements, and some factories and stores suspended production and business, so it had a certain impact on the company's sales and profits. Commercial subsidy costs have further led to a decrease in profits year -on -year.

The sight turned to another head of the head of the head of the head of the head, and it has not yet released an announcement related to the first half of the year's performance. From the data released in the first quarter, in the first quarter, Huang Shanghuang received a total of 542 million yuan in revenue, a year -on -year decrease of 10.62%, and the net profit attributable to the mother was 36.58 million yuan at the same time, a year -on -year decrease of 45.57%.

Behind the decline in the performance of the fully giants, is it because young people don't like duck necks? Chinese food industry analyst Zhu Danpeng believes that the growth space of duck -neck products in Lifei industry is limited, and even with a large -scale stunts with scale, it is impossible to open it without restrictions. And consumption fatigue and other factors, so traditional lohous giants have become more and more difficult to make profits.

In Zhu Danpeng's view, one of the most critical problems facing Zhou Heiya is that it is more serious. Zhu Danpeng pointed out that a single category, a single product, and a single scene have become important reasons to restrict the development of Zhou Heiya. In the future, Zhou Heiya wants to have a new breakthrough, and must have a multi -category layout.

At present, Zhou Heiya is also trying to make every effort to catch the stomach of consumers. Zhou Heiya, which has always been the main products of duck and duck, launched new products such as spicy shrimp balls, tiger skin and phoenix claws in 2021. Duck and duck -side products are relatively single dependencies. In addition to expanding his product matrix, Zhou Heiya also worked hard in marketing. He has launched joint activities such as Yudi Fang, Le Shi, Xu Fuji, KFC, and Victoriaci. However, these measures have not been greatly improved to the company's revenue.

Zhou Heiya put down her body, and the market share is still difficult to chase

The development process can be traced back to Zhou Heiya in 1994. It can be regarded as the veteran players of the domestic fuligfill industry. Facing the fierce offensive of the latecomers in the lochi track. The name, but its position in the three does not have obvious advantages.

As of the closing of August 17, the market value of Zhou Heiya, Juewei Food and Huanghuanghuang was HK $ 8.818 billion (equivalent to about 7.6 billion yuan), 30.267 billion yuan, and 5.712 billion yuan. Taking the market value as the reference standard, Zhou Heiya ranked second in the capital market in the capital market.

Radar Finance noticed that compared with the Weibi Food and Huang Shanghuang, Zhou Heiya's gross profit margin was relatively high. From 2019 to 2021, the sales gross profit margin of Zhou Heiya was 56.54%, 55.47%, and 57.78%, respectively; the gross profit margin of unique foods was 33.95%, 33.48%, and 31.68%, respectively; the sales gross profit margin of Huang Shanghuang was 37.59, respectively 37.59, respectively. %, 37.8%and 33%.

Behind Zhou Heiya's higher gross profit margin is its strategy to create a high -end strategy, and this leads to a certain extent that the unit price of Zhou Heiya is higher than the latter two. It is understood that the unit price of Zhou Heiya is about 40 yuan to 60 yuan/single, while the unique unit price of unique food and Huang Shanghuang is between 25 and 35 yuan/single. 1.6 times. Radar Finance noticed that many netizens mentioned the price factors of the topic of "why young people don't like duck necks".

Compared to products with petty bourgeoisters such as coffee, the attributes of lochi foods are difficult to allow consumers to link it with high -end. Zhou Heiya will be able to get itself in the strange circle of cost -effectiveness with Starbucks. consumer.

It is worth mentioning that for a long time, Zhou Heiya has always maintained a "proud" posture and adhered to the direct business model. Although Zhou Heiya firmly holds the brand in the hands of direct stores, it can better guarantee product taste, manage product control, create brand image, and maintain a high gross profit margin, but Zhou Heiya also missed many opportunities to snatch market share.

In 2019, Zhou Heiya, who insisted on self -employed for 17 years, let go of the franchise mode; the second year, Zhou Heiya fully released the single -store franchise. Since then, Zhou Heiya revealed that 800 new to 1,000 stores will be opened each year, and they are confident that in 2023 to reach 4,000 to 5,000 offline stores.

The effect of putting down the Zhou Hei duck down, the effect of revenue was immediate. According to the financial report, as of the 2781 stores of Zhou Heiya at the end of last year, there were 1,246 self -operated stores, 1535 franchise stores, and the number of Zhou Heiya special stores has exceeded the number of its self -operated stores. In terms of revenue, the revenue of Zhou Hei Duck's self -operated store last year increased by 11.0%year -on -year, while the revenue of franchise channels increased by 322.4%year -on -year to 592 million yuan.

However, or because of the relatively late operation in the expansion strategy, Zhou Heiya's current layout in the market still has a large gap with the opponent. As of the end of last year, Zhou Heiya's stores in the country reached 2,781, while the number of stores in Huangshanghuang was 4,281, and the number of stores in the best food was even more amazing, reaching 13,714. The number of new stores reached 1315.

The "inner rolls" of Lvwei rivers and lakes are constantly, and capital enrollment becomes cautious

At the same time that the profit of the "three giants" was declining, the competition in the rivers and lakes did not stop.

According to the data released by Ai Media Consultation, as of 2020, my country's total registered registered registered volume has exceeded 120,000. Last year, the scale of the fulivin industry in my country reached 329.6 billion yuan. Even due to the impact of the epidemic, the market is still growing. Ai Media Consultation is expected to reach 350 billion yuan in the domestic region industry throughout the year, and in 2023, it exceeds the 400 billion yuan mark.

According to incomplete statistics from Tianyancha, in 2021, there were 25 financing incidents in 21 Jiali companies. With the help of star investment institutions such as Tencent Investment, Source Capital, Challenger Venture Capital, Wang Xiaolou, Shengxiang Pavilion, Aunt Journal, and Yanjiatang have received the attention of capital and received financing. It is worth mentioning that behind the nearly 100 million yuan round A financing completed by Sheng Xiangting in June last year, Juewei Foods participated as investors.

However, or the capital of the Capital has smelled the cold air, the movement of capital in the market is becoming more cautious.At the end of last year, our duck neck announced that he had received an investment of angel investors worth 10 million yuan.Entering 2022, financing that occurred in the Hali Circuit, whether it was the amount of financing or the total financing scale, declined compared with previously.In May of this year, hemp claws announced that it had received nearly 100 million yuan of RMB RMB 100 million in investment by Tomato Capital, Jinding Capital and Jiawo Venture Capital.The giant's profit "wrestling" and the newcomers are constantly entering the game. Can Zhou Heiya climb the peak again?Radar Finance will continue to pay attention.

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