Deep | Bird's Nest Economy Black Cloud and Chaos

@新 新 新

Author 丨 pine leaf

Edit 丨 Monthly

Since the launch of last year, Yanzhiya has begun to be crazy about the "sub -business" road.

First of all, in March, with Huaxi Biological cooperation launched the "Bird's Nest Red Ginseng Essence", in April, followed by the meal replacement, and launched the quinoa flower gum bird nest porridge; then in May, the skin care brand Yanbao poems were launched, and the ingredient "Bird's Nest "Peptide" as the core selling point, it launched a popular frozen -dried mask for nearly two years.

Some people in the industry have analyzed that the new movement of Yanzhiya's so intensive push is "building momentum" for the second listing.

In 2021, after the sprint of Hong Kong stocks in Yanzhiya's sprint, he submitted the motherboard listing application to the Shanghai Stock Exchange at the end of the year. However, in April, in the premiere feedback opinion of the CSRC, 57 questions including the nutritional value basis of bird's nest and the quality control of bird's nest raw materials were proposed to Yanzhiya. Essence

"Bird's nest is a business that does not have to tell the buyer. The sellers I have contacted are like this. If you ask too much, you will be annoying and let you do your homework." A consumer who has been eating bird's nest for many years has expressed it Essence

However, in the more real capital market, the bird's nest brand must clarify the facts to the outside world and eliminate the black clouds and chaos of the bird's nest economy.

01 Call away the academic fog of "bird's nest acid"

Although my country has hundreds of years of the history and culture of eating bird's nest, as it enters the modern civilized society, the efficacy and demonstration of traditional supplements such as bird's nest and Ejiao have never been cut off.

With the first share of Yanzhiya's desire to impact the bird's nest, the nutritional value and efficacy of the bird's nest were put on the stage again.

Faced with the inquiry of the nutritional value of bird's nest, although the Yanzhiya's prospectus did not respond directly, it listed 22 papers, 1 in the "issuer's scientific research honor and achievements", Personal monograph and 3 scientific and technological achievements.

There are 5 papers that discuss the effects and nutritional value of bird's nest.

The main chemical components in bird's nest include protein, carbohydrates, salivary acid, amino acids, water, a small amount of fat and trace elements and minerals. The three review literatures summarize the effects of bird's nest found in previous studies, including promoting brain development, improving memory, antioxidant, antiviral, anti -aging, improving immunity, protecting liver protection, anti -tumor, regulating intestinal flora, regulating intestinal flora Waiting for the effect.

However, for the ingredients of the above -mentioned efficacy, the two review documents of the Yanzhiya Research Team are a little vague, and they use "bird's nest and its ingredients", "bird's nest water and enzymatic product", "bird's nest and bird's nest peptide", respectively. Vocabulary.

The other two research literatures and a review of the functional characteristics of the salivary acidic acid clearly states that the ingredients that exert most of the effects are actually salivary acid in bird's nest.

The vagueness of the two review literatures of Yanzhiya is nothing more than wanting to highlight the effectiveness of bird's nests to have a variety of effects and transfer the efficacy of saliva acid to the bird's nest itself. But the question is that there are two major controversy about salivary acid acid. One is whether adults need additional salivary acidic acid, and the other is whether bird's nest is the best source of saliva acid.

The mainstream view of singing bird's nest believes that although salivary acid acid has a variety of effects, the human body itself can synthesize salivary acid, without additional supplements. However, research has proved that saliva acidic acid can promote the development of infant brain, while some infants and young children have insufficient saliva synthesis, so saliva acid has been widely used in the milk powder field. From this point of view, infants and young children should be the target consumer group of bird's nest. However, the problem is that in recent years, reports have shown that other trace elements in natural bird's nests can easily cause infants and young children, so bird's nest is not suitable for infants and young children.

Even if adults really need to supplement saliva, is it the best source of bird's nests of saliva? Many reports often take eggs as an example, saying that "the content of a saliva of an egg is about 1.5 grams, and eating an egg is equivalent to eating 30 grams of bird's nest." However, the "new entropy" reviews relevant literature found that this statement is not supported by scientific research data, and it is far from accurate.

In fact, the related research on the content of saliva acid in eggs is very rare. Affected by technical problems such as miscellaneous, some literatures do not clearly point out the bird's nest content in eggs, but the relevant data is misused by some media, which causes eggs to cause eggs. The content of saliva is greater than the rumors of bird's nest.

In the article "Functional and its products" by Li Yong and Liu Xinmin, it is clearly stated that the saliva acid content in egg yolk content with the highest saliva is 0.095%. In many scientific research experiments, although the measured values ​​of saliva acid in bird's nest are different, the content is generally between 3%-15%.

In general, the content of saliva acid in bird's nest is indeed much higher than eggs, but eggs are the main raw materials for industrialized producing saliva. More importantly, the price of saliva produced by industrialized is far cheaper than bird's nest. In this way, the advantage of bird's nest rich in saliva is still greatly weakened.

On the e -commerce platform, the price of saliva acid is low in price

But for a long time, bird's nest has indeed relied on the main component of packaging and hype, and has eaten a lot of bonus.

Salmonic acid is also known as bird's nest acid, but in scientific research literature, there are few names of "bird's nest acid", and most literatures are expressed as more rigorous "saliva in bird's nest". The Chinese academic library such as "New Entropy" retrieves Zhiwang found that there are only 5 documents with "bird's nest acid" in the title. The original article was "" Bird's Nest Acid "published in" Leadership "in 2014:" Bird's Nest ": "The Mystery of Bird's Nest Anti -Aging", the author of the article is Yan's House. In this year, there were three articles about the effect of "bird's nest acid", and the author was the house of Yan. Since then, the concept of "bird's nest acid" has appeared frequently in various bird's nest advertisements. In 2014, three journals on "bird's nest acid" published by Yanzhiya

If the truth is clear, "bird's nest acid" is actually the noun packaged by Yanzhiya, but it is just a name that is closely related to the bird's nest. Such a "shell change" will make the public mistakenly believe that this ingredients with various effects are unique to bird's nest, and then achieve the role of nourishing and scarcity of bird's nest.

Through the efficacy of saliva acid to the bird's nest itself, the packaging of "bird's nest acid", the self -created academic term, the launch of the standard bird's nest relying on the standard of canned product, Later, he gradually got rid of the negative shadow and was able to grow rapidly in recent years.

02 Tracing of Bird's Nest Mixed with Fish Dragons

The 2011 poisonous blood swallow incident was a serious disaster in the bird's nest industry. Huang Jian, the founder of Yanzhiya, almost exited in this storm.

In the "57 link question" on the SSE of the SSE of Yanzhiya's listing, he also focused on the implementation of quality control and quality and safety of bird's nest raw materials. Yanzhiya emphasized in the prospectus that according to the China Institute of Inspection and Quarantine Science Research Institute, the China Bird's Nest Traceability Management Service Platform published information. At present, only Yanzhiya integrates Caiq traceability data into the enterprise information system to achieve the full -linking of the production process and the full link of the raw material. Xiaoxian stew also claimed that the dry bird's nest raw materials selected were all affixed with the CAIQ traceability label. In August 2021, it was declared that it was certified by the SGS fresh stewed bird's nest supply chain.

However, the CAIQ traceability mechanism is not a copper wall and iron wall, but there are certain loopholes.

After the bird's nest traceability code is the Poisonous Swallow incident, the State Inspection and Quarantine Administration in 2012 asked the competent authorities of Indonesia and Malaysia to establish a traceability system for the establishment of the bird's nest product that entered China.

The launch of the traceability code has curb the problem of mixed fish and dragons in the bird's nest market to a certain extent, and it has also become a powerful voucher for bird's nest dealers to sell bird's nest to consumers for a long time.

Some bird's nest dealers told the "new entropy": "After about two or three years after the launch of the source code, a variety of fake methods have appeared, such as copying the real code. A real code can be pasted to thousands of parallel bird's nest. Consumers are fundamentally fundamental. Unable to distinguish. Other bird's nest companies will be traced on the source website for their own fakes, and the fake traceability code will be displayed. "

Although the later CAIQ has changed the retrospective code to the production of fragile materials to prevent multiple uses of one code, this can only prevent parallel manufacturers from tearing falsification by themselves, but it is impossible to prevent the fake behavior of the traceable source code of parallel imports.

Due to the limitations of inspection efficiency, local institutions will distribute the source code according to the number of swallow houses of bird's nest raw material enterprises instead of the production of bird's nests, and then make a code and one code. In this way, the number of traceability codes in the hands of enterprises is often slightly more than the actual output of bird's nest. In this way, there is room for fake operations to fake the source code. Some bird's nest raw materials suppliers will deliberately make the number of Donalt House in order to get more traceability codes and help the bird's nest code in other factories to make a profit. The code price of each bird's nest is only 0.12-0.2 yuan, and the fake cost is extremely low.

Patching bird's nest reduces costs on the processing process to make huge profits. The bird's nests of formal channels are manually remove impurities and high labor costs. The code bird's nest is directly used to clean the bird's nest with a very low cost of chemical agents. This bird's nest is called "potion bird's nest" by the industry, and there are hidden dangers of consumption.

Bird's nest dealer Li Ying said to "new entropy": "In addition to saving labor costs, the bird's nest after the treatment of potion is much less than the hand -raised hair. In general, the potion per kilogram of potion bird's nest is better than hand -hired bird's nest. The cost is 1000-3000 yuan low, and the fake profits are so high, so the code bird's nest and uncoded bird's nest on the market are almost all potion bird's nest. "

So far, it can only determine whether the enterprise has suspicion of paste code by comparing the quota of the company's traceability code and the actual shipment of the enterprise.

The difficulty of passing the code, transmitting to the corporate end, that is, bird's nest companies need to prove to the outside world that their bird's nest can not only trace the source, but also not to stick the code bird's nest.

More importantly, the traceability code can be determined to determine the source of the bird's nest after ensuring that the bird's nest products have problems. However, it does not guarantee that bird's nest companies themselves have high requirements for the degree of cleanliness, quality and specifications of bird's nests.

The reason for this is because the bird's nest industry has not yet introduced national standards. Only industry standards and group standards, but these two standards are large, and enterprises have a lot of elasticity in actual operation.

In this way, the quality of bird's nest has the same quality and efficacy issues, and it has also entered a "black domain" that is difficult to glimpse. Prior to the introduction of the national standard, bird's nest enterprises can only actively establish more in -depth cooperation with raw material vendors, build a more transparent and standardized traceability mechanism, and jointly cooperate with relevant institutions and peers to participate in the formulation of strict industry standards and group standards. About bird's nest ingredients (dry bird's nest) are mostly concerns about quality, and about the two major categories of bird's nest and fresh stewed bird's nest in recent years, their materials need to be more transparent. Bird's nest raw materials can be divided into birds, swallows, swallows, swallows, swallows, and swallow cakes according to the form. Among them, the best bird's cake is the best and the swallow is the order. Bird's nest brands such as Yanzhiya and Xiaoxian stewed bird's nest brands all claimed to use bird's nest stewed bird's nest.

A few years ago, the ingredient bird's nest was questioned in large areas. In 2018, "Consumer Report" and "Yangtze River Commercial Daily" and other media reports that among Yanzhiya, Tongrentang, Kangfu Lai and other brands of the ingredients, more than 97%of the ingredients are sugar water and thickeners, which will cause widespread heat Discussion. In this regard, Yanzhiya did not deny the authenticity of the evaluation, but it means that the 3%dry bird's nest content is the most appropriate and can have the best taste. The Beijing Imported Food Supervision Testing Institute also tested 24 citrus rock sugar bird's nests. After conversion, it was found that the content of dry bird's nest was only 0.01%to 0.6%.

Bird's nest with ≥3.5g, saliva acid content is 210mg

The dry bird's nest in the ingredients of the bird's nest has less materials, which involves another problem. Although the saliva acid content in the bird's nest is as high as 10%, it is diluted to 3%. If the content of dried bird's nest is less than 0.6%, its saliva content is indeed not as good as eggs and milk. Related discussions occur from time to time, and they also shake consumers' confidence in bird's nest consumption.

03 Where does the bird's nest brand go?

Although there are some doubts in terms of efficacy, quality, and materials, they are affected by traditional concepts, and the bird's nest has always had a place in the hearts of consumers in China and even East Asia and Southeast Asia.

Similar nourishing products as bird's nest, fish glue, the price is more expensive, and the nutritional value is also questioned, but it has not been short -gun by public opinion. The reason is that Yanzhiya and Xiaoxian stews are trying to turn the bird's nest into a mass consumer product.

Under heavy marketing, Yanzhi House and Xiaoxian stewed no moisturizing in the past few years. The net interest rates of Yanzhiya in 2019, 2020 and 2021 were 8.31%, 9.39%, and 11.47%, respectively. The profit proportion was low, and the growth was not obvious. The status of Xiaoxian stew was even worse. In 2019, it was also punished by the regulatory authorities for falsely reporting the actual loss of 32.934 million yuan to a profit of 32.934 million yuan.

Although heavy marketing can open a popularity for the brand and get a large number of customers in the short term, after obtaining customers, whether consumers can precipitate brand fans and have high frequency repurchase, it still has doubts.

Zhang Ping, who has sold bird's nest for many years, told "New Entropy" that most of the high -frequency consumers of bird's nest are in first -tier and second -tier cities. Many of them are housewives who have time to stew the bird's nest, or the nanny hired at home can stew. Compared with the instant bird's nest and fresh stewed bird's nest, stewed bird's nests must be much economical. At present, the price of the source code of the source code is about 14.2-15.4 yuan per gram, and the cost of stewed 3.5 grams of bird's nest is only 50 yuan. However, the same specifications of fresh stewed bird's nest are the price of 100-150 yuan. And the Maori of the ingredients is higher than that of fresh stewed bird's nest. Therefore, even though Yanzhiya and Xiaoxian stew now have vigorously promoted instant bird's nest and fresh stewed bird's nest, consumers will return to dry bird's nest products after forming consumer habits. Unless it is an instant bird's nest and fresh stewed bird's nest, the product price can be lowered.

The price of the current instant bird's nest and fresh stewed bird's nest is already the result of the fierce price war of Yanzhiya and Xiaoxian stew. Under the current situation of high marketing proportion and low net interest rate, the price of Yanzhiya and Xiaodian stew does not have the price The possibility of continuous compression. Reducing marketing in order to continuously reduce prices or increase the proportion of dry bird's nest products is the two options that the two major bird's nest brands will face in the future.

In addition, Zhang Ping believes that bird's nest does not have the foundation of becoming a mass consumer product. "Because bird's nest products have no room for sinking, most consumers in the sinking market will buy a few sets of bird's nest gifts at most every year, and will not eat it for a long time." Due to the short limit of the shelf life of fresh stewed bird's nests, only instant bird's nest can be given as gifts. In this way, the market for only small stewed bird's nest stew has become even narrower.

The prospect of the bird's nest market is unclear, and it is also reflected in the contradiction between the limited output and the rapid market expansion. In the past two years, the imported edible bird's nest included in the traceability of CAIQ is about 330 tons, and the output fluctuates greatly. The raw materials purchased in Yanzhiya in 2021 were about 52 tons, and the revenue was about 1.5 billion. According to this estimation, even if the Yanyan can get half of the bird's nest raw materials, it can only win about 4.8 billion.

In the high -end market, the bird's nest brand is also facing fierce internal fighting. With the names of Yanzhiya and Xiaoxian stew, a large number of bird's nest brands ate the spillover bonus of the head brand. The industry barriers are not high, which is another big pain point in the current bird's nest industry.

As of the end of 2021, there were only 12 invention patents and 6 utility model patents in Yanzhiya. Xiaoxian's stewing focuses on promoting fresh stewing technology, but its officially declared "scientific stewing method" is essentially just a combination of various stew temperature, duration, and speed. Facing the two mountains of the brand market size and the low industry barriers, the bird's nest brand can work in two directions:

The first direction is to make breakthroughs in technology research and development, and continue to be high -end to improve brand competitiveness and product premium. For example, high -end mattress brand Musi, brand competitiveness and product added value are reflected in technology. A 3D mattress can sell for tens of thousands of yuan.

There is also a idea in terms of high -end products, that is, the bird's nest is made into "Moutai of the women's consumer market". The value foundation of Moutai is that the production process is complicated, the cost of manpower and material resources is extremely high, the market is in short supply, and there is a wide range of cognitive foundations. And the relatively simple bird's nest, it is difficult to make greater breakthroughs in technology and craftsmanship. Unless bird's nest enterprises can push the bird's nest culture to a new peak, and the relatively scarcity of bird's nest, bird's nest may still become "Moutai in the female consumer market".

It can also be used to cover more customer bases and break through the established market size. Affected by many popular sciences from the media, young consumers' recognition of bird's nest is not very high. However, there are already emerging brands starting with product concepts, launching personalized bird's nests to capture young people's minds.

The second direction is the development of bird's nest derivative products and sub -brands, as a new support point for the brand. Yanzhiya tried to the water such as moon cakes, pineapple cakes, etc., but it was tasting. Since the beginning of this year, Yanzhiya has launched bird's nest red ginseng essence drinking, meal replacement bird's nest porridge, and skin care brand Yan Baoshi, which means that it no longer uses bird's nest products as the only pillar of the brand.

At present, Yan Bao Shi has launched products such as bird's nest peptide frozen mask and frozen dried flocculation. However, the problem is that its core component "bird's nest peptide" lacks scientific research support. At present, in the scientific research literature, only the "Bird Nest Peptide" of "Bird's Nest Peptide" was mentioned in the article "Comparison of the Bird Nest Peptide" by Dong Jianhui and others in 2019. Explain.

The "New Entropy" retrieval found that starting from the Internet in 2017, "bird's nest peptide" related content appeared on the Internet, and it was all related propaganda content of the collagen drink brand. Among these contents, the bird's nest peptide was generally explained "by the bird's nest. "Small molecules" "small molecular glycoprotein peptide" produced by hydrolysis. In the later period, a niche bird's nest brand applied the concept of "bird's nest peptide" to the instant bird's nest, but it did not cause a large market response. Today, Yan Bao's poems take "bird's nest peptide" as the focus of publicity, and it is just a new singing.

History is always repeated. It seems that "bird's nest peptide" will become a new generation of noun for the "bird's nest acid" after the "bird's nest acid" in Yanto House and even the entire bird's nest industry.

(Li Ying and Zhang in the text are a pseudonym)

Reference materials:

1. "Bird's Nourish Nutrition Evidence and Comprehensive Evaluation of Quality" 阙 Mao Maozhang, etc., Food Safety Guide

2. Fan Yaohua, Fan Qunyan, etc., "Bird's Nest Effect Test", Journal of Guangdong Pharmaceutical University

3. "Progress of the Research Progress of Bird's Nest Components and Efficacy" Bai Weijuan, etc., Food Technology

4. Fan Qunyan, etc. "Study on the Microwave Auxiliary Enzyme Extracting Bird's Salmonic acid and its puzzle function", tropical agricultural science

5. "Research Status of the Functional Features of Bird's Nest Salmonic acid" Chen Ling, Fan Qunyan, etc., Fujian Lighting

6. "The Chemical Composition of abandoned eggshells and the Biological Function of Salmonic acid" Tao Xu, Liu Jingbo, etc., food industry technology

7. "Measurement of the content of saliva acid in eggs" Zhang Ang, Lu Qiyu, etc., agricultural product processing (academic magazine)

8. "Functionality of Eggs and its products" Li Yong and Liu Xinmin, the food industry

9. "Measurement of the content of saliva in bird's nest" Wang Hui, Ni Kunyi, etc., drug analysis magazine

10. "Comparison of antioxidants and promotion of epidermal cell growth activity of bird's nest extracts" Dong Jianhui, Tian Qiaji, etc., food and fermentation industry

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