Liangpinpu is lost in high -end

@新 新 新

Author 丨 Sakuragi

Edit 丨 Monthly

In the epidemic, the losses have recently encountered annoyance in the capital market.

On July 2nd, Liangpinpu issued an announcement, saying that three shareholders related to Gaosheng Capital were reduced by 5%of the shares from April 28, 2021 to June 30, 2022. At present, the shares of Gao Yan Capital holding Liangpin Shop have changed from 11.67%at the beginning of the market to 6.67%.

It is normal for the shares of the capital to reduce the company, but it is interesting that Gao Yan chose the time to reduce its holdings. The stock price of Liangpu Puzi began in July 2020 and went down all the way. After a long decline, the stock price of the close on April 28th was closed on April 28th. Looking at it, the stock price of Liangpoo Shop has been adjusted nearly 70%, and Gao Yan chose to choose to sell in this low range. It can be said that it is a solid cut meat.

What is the reason for investors to choose to reduce their holdings at the low point. Is the future good shop shop also losing attraction?

01 Not a "glorious" snack fairy

In the annual report of 2021, the children's brand snack fairy of the children's shop is the highlight of the company's emphasis on the performance. It not only made a breakthrough on the revenue end, but also achieved rapid growth on the sales side.

According to the financial report, the year -on -year growth rate of the omnipotent channels of snack fairy in 2021 was 41.17%, and the revenue during the reporting period reached 417 million. At the same time, the company also emphasized that the product innovation and research and development capabilities under the food fairy has won a number of innovative awards.

However, if the data of Liangpin Shop is carefully re -re -entered, the data of 2020 and 2021, there is a layer of "beauty filter" behind the bright results.

First of all, according to the semi -annual newspaper of Liangpin Shop in the 2021, the category of snack fairy is a sub -brand established in May 2020. That is to say, the statistics of the sales data of snack fairy in 2020 should only be 7 months. It means that the year -on -year increase of 41.17%of Liangpinpu's 41.17%is actually obtained by the annual data of 2021, and the sales data of the 7 -month data and related category of related categories in 2020.

Combining the disassembly in combination with the financial report, the statistics of the snack fairy should be divided into three parts: May-December 2020, the revenue was 228 million, from January to June 2021, the revenue was 180 million, from July to December 2021, the income was income, and the income was income. It is 2370 million.

Judging from the comparison of this data, the growth of snack fairy is not as high as the company's expression, and even in the first half of 2021, the decline in sales data has even appeared in the first half of 2021. (Calculated at the average revenue of 6 months in 2020, the revenue is about 195.3 million)

The process of re -enrolling the entire snack fairy, the node it launched is not related to the national promulgation of the "General Requirements for Children's Snacks". But catching the air outlet does not mean that it has the first advantage. Children's snacks are actually a refined and deep -cultivation track. In this track, it is not just the brand effect that needs to be considered.

Looking at the "snack fairy" related products of Liangpin Shop, from the packaging and products, it can be seen that the company is still just emphasizing food safety, marking the "labeling" that the parents and mothers are the easiest to understand, high protein and other "labeling". Traits. But if you want to make children's snacks, these can only be said to be the foundation.

According to the latest data released by the "Chinese Resident Dietary Guide (2022)", the ultra -heavy obesity rate of children aged 6 to 17 is as high as 19.0%, which means that there are about one ultra -weighty among each five children and adolescents. Chinese teenagers are undergoing "cannot be" cannot "cannot "Undertaking". One of the important causes of children's obesity is the high -calorie raw material in snacks.

Among the many good products shop interviewed by the new entropy, the clerk did not deliberately distinguish between the difference between children's snacks and adult snacks. Including quail eggs, dried eggs, etc., children can eat. As long as it is not too spicy. "A clerk of a good product shop introduced familiarly. Looking at the products recommended by the clerk, their preservative content and related food additives are not suitable for children.

At the same time, when asked about what is the difference between ordinary snacks and snacks, the most answer is "zero added".

Looking at the products of Liangpin Shop, safety attributes are the focus of emphasis, but health thinking is still insufficient. Among many products, white granulated sugar is still the main raw material, and there is no emphasis on snacks and nutrition in packaging. Health -related logo.

A nutritionist told "new entropy" that children's snacks often need to think more. Take the most common dental caries in children as an example. The sugar content must be more detailed. In this regard, the international first -tier children's snack brand The Collective has done a good job, and has launched its sugar -free children's yogurt series "Suckies". The new product is made of all -natural ingredients, including British whole milk and fresh fruits. It is not added with sugar. The sweetness comes from the original materials of milk and fruits.

02 Lack of "high -end" high -end snacks

High -end has always been a problem for Liangpin Shop. In the official website record, Yang Hongchun's expression of high -end, high -quality, high experience, high experience and spiritual satisfaction in the 2019 founder Yang Hongchun. However, the relevant grasping hands and paths are very unclear to achieve such high -end. Taking the high -quality product of the company as an example, according to the founder Yang Hongchun said in the exchange with investors, as of 2022, the company has more than 1,500 products, and the products have all adopted the model of customization and non -customized foundry procurement. Although the company claims to formulate strict product quality standards and establish its own product testing center, pass the national laboratory (CNAS) certification, covering all links after the product is stored in the warehouse to be listed. However, if you look closely at the user experience, it is obvious that Liangpinpu needs to do more. Among the black cat complaints, Liangpinpu has received a total of 1532 complaints. Among them, it is not uncommon for food expiration, oil leakage, mold, etc. And look at the complaint, a very high proportion of the occurrence time is 2022.

The so -called high value, except for independent packaging, does not have greater breakthroughs.

In addition to high -quality and high -value, high -experienced sub -brand strategies also occurred in 2021. In the 2020 report and the company's central report in 2021, Liangpinpu demonstrated in detail that he tried to accurately locate the market strategy through accurate positioning market segments for two years. These include children's snacks "snack fairy", fitness snacks "good product flying", tea break products "TBREAK" and so on.

Among them, the expression of the fitness snack "good product Feiyang" reflects the company's determination to try to make efforts from this segment. The company positions Liangpin Feiyang as a fitness snack expert who focuses on nutritional science. Through the core characteristics of light carbohydrates, less fat, high protein, energy control and other products, it provides a solution for weight management for pan -fitting people. At the same time, from the financial report, at that time, Liangpin Feiyang was also highly hoped. From the launch of the Liangpin Feiyang brand in 2020 to mid 2021, the sales of omni -channel terminals were 203 million yuan.

However, it is very interesting that only a few months later, the Liangpin Shop began to build in 2020 in the 2021 annual report. The omnichannel sales of more than 200 million Flying brand disappeared. At the same time, there are good tea breaks "TBREAK" brand that provides individuals and group tea breaks around the office crowd. So far, in the relevant expressions of Liangpin Shop, these two brands have been almost no longer talked about.

Take a closer look at the creation of Liangpin Shop for the construction of Liangpin Feiyang. In the initial stage, the sound volume is very large. During its external publicity process, Liangpin Feiyang has always occupied the main position. It can even be said to be the main brand of displaying research and development capabilities. Essence

In order to show high -end, Liangpinpu also explained the brand characteristics of Liangpin Feiyang from multiple perspectives such as high -R & D barriers and high -tech content. For example, in its propaganda, the company has established R & D teams consisting of professional talents such as food science, food nutrition, and biological engineering in high -known colleges and universities. The R & D team is engaged in independent research and development, incubation in the health food industry, establishing health nutrition standards and testing, and mainly promoting the exclusive technology and 21 nutritional element formulas of "triple sugar control".

However, it is such a brand that has been created. After 2 years, it was silently declared failure. It was said that Liangpin Shop could not seem to be in terms of brand management and upgrade. To this day, in many well -known shops investigated on the "New Entropy" on the spot, after abandoning the brand, fitness snacks are decreasing. It has disappeared.

Coincidentally, the other, trying to find the TBREAK brand in the field of scenery, also stopped the expansion. Two Wuhan direct stores became one of the few traces they had existed.

Looking at the financial report of Liangpin Shop in the past two years, Liangpinpu has almost not changed much in business strategies, but from the perspective of effect, the results are very small, and even backward. In the three segmented areas, children, fitness, and office scenes, the two brands have almost disappeared, and the children's track is also facing the competition of the red sea. Become a big concern for the future of Liangpin Shop.

03 The harder you work, the more you fall behind?

For capital, the hidden concerns of Liangpinpu are not only there.

In the 2021 financial report, the revenue of Liangpin Shop increased by 18.11%year -on -year to 9.324 billion yuan, but the net profit after deduction was 25.15%year -on -year to 206 million yuan. At the same time, in the first quarter of 2022, the company's operating income increased by 14.3%year -on -year, but the net profit returned to the mother after deduction decreased by 31.24%year -on -year.

Take a closer look at the business data of Liangpinpu, the company is divided into: e -commerce (online)+group purchase, direct operation, franchise (offline).

Look at the data, the online revenue shows an unhealthy state. In the case of increasing the income of 21.5%, the gross profit decreases by 4.9%. In the speculation of the brokerage firms, the traffic becomes expensive, the competitive products become more, and the cost of social e -commerce has increased. The main reason for becoming the decline in the online performance of Liangpinpu.

On the other hand, fast expansion has always been one of the main players of the shops. Under the concentrated saturated store opening, it quickly occupies consumers' minds.

But after entering 2022, this has also changed a lot. The speed of opening the store in Liangpin Shop has begun to slow down. In the communication between Liangpinpu and investors, in the fourth quarter of 2021, the company opened a total of 270 new stores. But this data came to 2022, after the first quarter, the number of newly opened stores in the company fell to 142. From the perspective of the number of newly -signed stores, in the future, the opening speed of Liangpin Shop will maintain a low -speed state consistent with the same quarter.

Online costs have become higher, and offline stores have slowed down. From the perspective of the company, it seems to increase marketing investment and become the last life -saving straw. From another perspective, such an operating strategy is also a result. The short -term revenue of Liangpin shop rises, but the main reason for the decline in profits.

At this moment, the departure of the capital seems to be worsened again for the embarrassing situation of Liangpin.

Since the decline of the stock price has fallen all the way, the actions of the shop shops have always made investors be puzzled. From the brand's brand, to the vaguely growing growth of the snacks, from online profits decline, to the offline expansion of stores, Liangpinpu is in electricity. At the end of Shang Hongli, it seems that the harder, the more difficult it is. At the same time, such difficulties seem to have no good solution in the short term.

Liangpinpu also seems to be well versed in this truth. In the constant subtraction, cut off the brand, reduce the speed, and try to maintain the company's status quo by reducing losses. However, such a performance is undoubtedly unqualified in the eyes of investors.

Among the trillion tracks of snacks, countless participants are watching, and they have made good results in the daily darkness that cut in from the segments or the sinking Wei Long. In contrast, Liangpin Shop has always performed mediocre after occupying the bonus of e -commerce channels. Liangpinpu seems to need stronger driving force and competitive strength to maintain its advantage for a long time.

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