Can't escape the dilemma of "increasing income and not increasing profit", can Akuan Food successfully break through the IPO?

China Commercial Daily (Reporter Ma Wenbo) Recently, Sichuan Baijia Kuan Food Industry Co., Ltd. (hereinafter referred to as A Kuan Food) updated the prospectus and the full year's financial data in 2021. Akuan Food has attacking the throne of "convenient food" in A shares. How much can the success of the red oil noodles help the company?

Slow revenue growth

As a "stroller" for food, Akuan Food once again launched an impact on "the first stock of convenience food". However, the reporter found that the dilemma of its net red food was still there -the slower performance since last year, making the future development expectations of Akuan Food.

According to the annual financial data released by Akuan Foods in 2021, during the reporting period, Akuan Food's total revenue was 1.214 billion yuan, an increase of 9.40%year -on -year; net profit was 55.841 million yuan, a year -on -year decrease of 26.60%; net profit of 58.969 million yuan was 58.969 million yuan , Year -on -year decreased by 22.68%. The gross profit margin was about 27.27%, about 2 percentage points from the same period last year.

The prospectus shows that from 2019 to 2021, the company realized operating income of 631 million yuan, 1.110 billion yuan and 1.214 billion yuan, respectively, an increase of 49.54%, 75.89%, and 9.40%year -on -year; net profit was 23.6485 million yuan, 760.783 million yuan, respectively. 55.8419 million yuan, the growth rate was 288.65%, 221.70%, and -26.60%; the gross profit margin was 36.22%, 29.31%, and 27.37%, respectively.

From the perspective of financial report data and prospectus, from 2019 to 2021, the company's net profit growth slowed down, and last year, there was even a year -on -year decline.

As a new consumer brand, the rise of Akuan Foods is inseparable from the aid of e -commerce channels. The prospectus shows that from 2018 to 2021, online sales channels contributed 47.53%, 50.46%, 61.34%, and 63.30%of revenue.

However, Akuan Foods on the line are not small on maintaining e -commerce channels. The prospectus shows that from 2018 to 2021, Akuan Food's e -commerce channel service fee was 14.603 million yuan, 23.429 million yuan, 56.469 million yuan, and 66.734 million yuan, respectively. From the data point of view, in 2021, 1/4 of the 268 million yuan e -commerce revenue spent on the marketing promotion of e -commerce channels.

However, according to Akuan Foods, about 84%of consumers in e -commerce self -operated channels purchased only one company's products, and customers who consumed more than two or more consumers accounted for less than 20%among the total customers.

See Mai Lang as the first competitor?

In the prospectus, A Kuan Food regards Jinmai Lang as his main competitor. Earlier, Mailang and Akuan Foods have reported the news of the "convenient food" sprinting A shares. In fact, Mailang also launched an impact on A shares many times and signed a listing counseling agreement with CITIC Construction Investment Securities earlier this year.

In this regard, Jiang Han, a senior researcher at Pangu Think Tank, analyzed the China Business Daily reporter that at present, there is still a certain gap between Akuan Foods from Mailang today. At present, Akuan Foods want to completely defeat or surpass Jinmai Lang. easy.

The data shows that in 2020, the faucet leader Kang and the unified retail share were 43.2%and 14.7%, respectively, and now Mai Lang is second only to unity and has a 12.2%share. In particular, when high -end has become the consensus of the industry, the competition subject in the market has also changed from the "three -point world" composed of Master Kang, Unity, and Jinmailang to "heroes".

Regarding the dispute between Akuan Food and Jinmailang, Zhu Danpeng, an analyst at Chinese food industry, told the China Business Daily that Akuan Food has a certain targetedness and has a certain reference effect as an illusion. But at present, there is no direct conflict between Akuan Food and Mai Lang, because the categories are different and belong to two different tracks. Both are branches of convenient food, but it should be said that it is more complementary and competitive relationships. There may not be a chance to conflict directly.

Compared to industry giants, there is still a certain gap in Akuan food. In addition, it has no monopoly advantage in the segment and convenient food track. How to ensure continuous performance growth and seize the market share is a huge challenge facing Akuan Food.

How long can the differentiated play be maintained

Akuan Food "out of the circle" in differentiation. The red oil noodle skin that focuses on Sichuan is the big item of Akuan Food. According to the prospectus, the sales of Ahuan red oil noodles in 2020 were about 400 million yuan, contributing one -third of the revenue of that year. The instant noodle category where the red oil noodle skin of the "net red item" is the main source of revenue. In 2021, the revenue of instant noodle categories was 758 million yuan, accounting for 64.53%of the current revenue.

However, behind the scenery brought by the red oil noodles, there is a risk of relying on a single category. After the red oil noodles burst into fire, A Kuan launched popular regional convenient foods such as Chongqing hot and sour powder, Xinjiang fried rice noodles, and Guangxi snail powder powder, as well as relatively niche products such as Chengdu Fanzi and Guizhou Huaxi beef rice noodles. But in terms of current sales data, it is still difficult to become the next explosive product. In the prospectus, the company only claims that "Chengdu sweet water surface and hot and sour powder have also initially have the potential to become 'explosive products'."

Jiang Han believes that the current problem faced by many food companies is that a explosion can make it popular in a short time, and even say "a little trick to eat all over the sky", but from the perspective of long -term development, the explosive model is not It may continue to become popular, and the end result is that there are problems with explosive models. For A Kuan, if you want to improve the overall long -term competitiveness, you must have a certain market planning, form a differentiated competitive advantage, and have a variety of core products. In addition, "Old Internet Red" Akuan Foods also face the competition of new net reds. Some emerging brands have sprung up after the rain, and the support of capital has gradually increased. In January last year, Mai Xing Investment helped the ramen to complete the sixth round of financing; in March of the same year, Xiaohongshu, Xin Shi Xiang and other companies helped Jin Niantang for the third round of financing; in May of the same year, the food people completed tens of millions of millions of millions RMB A financing.

"At the same time, the development of fast food is becoming more and more segmented and diversified, but also faces severe internal rolls. The homogeneity of products and channels is obvious, making the mainstream and convenient fast food tracks. The comprehensive and multi -dimensional competition situation, and the product power will become the key to creating its own industry barriers. "Zhu Danpeng said.

There are also voices in the industry that the convenient consumption scenarios of food and pre -made vegetables will be highly heavy, which will have an impact on convenient food companies including A Kuan food. Jiang Han believes that most of the convenient foods are mostly staple food, and most of the prefabricated dishes are mainly dishes. The two have a certain weight, but there are certain differences. Although Zhu Danpeng's analysis, prefabricated dishes and convenient foods, although there are intersections, the intersection may only account for about 10%, that is, 90%of the parts are not contradictory.

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