Youyou Food, the first share of "Pickled Pepper Phoenix Claw"

Flower Finance Original

With a small phoenix claw, how many people know how big this business is?

Related data show that my country eats 33.6 billion chicken feet each year, and 80%of chicken feet exported worldwide have flowed into the Chinese market. When eating chicken feet, it is estimated that no one in the world can be comparable to the Chinese.

"The first share of Pickled Pepper Phoenix Claws" has a friend food, and makes a lot of money by a small phoenix claw, which also makes outsiders jealous.

There are competitions in the market, and small phoenix claws are naturally no exception.

As early as 2019, Youyou Food Logged in the capital market, the huge profits of chicken feet were publicly public. Since then, the chicken feet are eager to move, and the emerging brands of all parties have emerged endlessly.

However, the threat is getting bigger and bigger, but there seems to be no way for friends.

Under the competition, due to the lack of investment in innovation and the lack of online channel layout, Yiyou Foods not only faced the slowly climbing of revenue profits, but also developed the inventory indicators at the same time.

Slowly climbing

The financial report shows that in 2021, the food revenue of Youyou was 1.22 billion yuan, of which nearly 1 billion yuan was nearly 1 billion yuan. 10 small targets can be achieved by selling phoenix claws, as long as the phoenix claws are sold well.

However, it is difficult to sell pickled pepper and phoenix claws alone.

On July 13, Youyou Food announced the semi -annual performance forecast of 2022. It is expected that the net profit of the mother in the first half of the year will be about 59.63 million yuan, a decrease of 70.16 million yuan from the same period last year, a year -on -year decrease of about 54.06%.

The company said that the procurement cost of raw materials has increased significantly compared with the same period of the previous year.

In addition, affected by the macro environment and the new crown epidemic at home and abroad, the superimposed company optimized and adjusted the sales network system, resulting in a decrease of about 19%year -on -year operating income.

In fact, this is not the first time that Youyou Food has doubled revenue and profits. In the first quarter of this year, Youyou ’s food performance growth was very poor. In the current period, operating income fell by 5.26%year -on -year, and net profit decreased by 64.31%year -on -year.

In 2019, when Youyou Food's revenue of the previous year had just exceeded the billion mark, the company realized operating income at the current period and then fell 8.44%year -on -year, which was a bit of the atmosphere of the face.

Today, the revenue profit of Youyou Food has been climbing slowly, and it is difficult to see high growth.

From 2018 to 2021, Youyou Food's revenue achieved revenue of 1.101 billion yuan, 1.08 billion yuan, 1.093 billion yuan, and 1.22 billion yuan, respectively, and net profit was 178 million yuan, 179 million yuan, 226 million yuan, and 220 million yuan.

In terms of inventory, Youyou food also shows bad momentum. From 2018 to 2021, the company's inventory turnover days were 60.18 days, 108.44 days, 137.02 days, and 128.11 days, and the overall upward trend was obvious.

In 2021, the company increased by only 4.66%over the previous year, and the sales volume increased by 5.33%over the previous year. The main product of the pockest and phoenix claws increased by 26.96%over the previous year.

The unintentional performance of operations also revealed the net asset yield of Youyou Food. From 2018 to 2021, the company's net assets yields were 22.52%, 13.46%, 13.55%, and 12.02%, respectively.

Abdomen

At present, my country is one of the world's largest leisure food markets. In 2020, the market size of my country's leisure food industry is 774.9 billion yuan.

According to data from the China Research Industry Research Institute, in recent years, the compound growth rate of sales revenue in my country's leisure food industry has increased by more than 10%, far exceeding the average growth rate of the Chinese food industry, with an output value of about 2 trillion yuan. It is estimated that by 2025, the total output value of my country's leisure food industry will be It will exceed 4 trillion yuan.

With the continuous expansion of the industry, market competition has become increasingly fierce.

Data from Tianyan Check shows that since March 2019, there have been 35 news of loquat corporate financing. Many financing companies focus on phoenix claws, including hemp claws, sulfid awakening and research.

In addition, Wang Xiaolou was also menacing. In 2019, Wang Xiaolou's tiger leather phoenix claws were listed. In 2020, sales exceeded 160 million yuan. By the end of 2021, Wang Xiaolou's online sales of only a product of a tiger leather claws exceeded 600 million yuan.

Data from Euromonatte Consultation shows that as of March 2022, Wang Xiaolou's top sales of tiger skin and phoenix claws for three consecutive years. In May 2022, Wang Xiaolou launched the self -heating tiger leather phoenix rice cake pot, ranking first in the Tmall 618 pre -sale list.

Before, there were listed companies such as Juewei Food, Zhou Heiya, and Huang Shanghuang have long been deployed in the phoenix market. Later, new brands continued to spread financing news and even increased sales, which will undoubtedly lead to the back of the belly of friends.

In fact, these half -road dark horses have their own characteristics. For example, Wang Xiaolou's tiger skin and phoenix claws pay attention to bones; the hemp claws originated from Chongqing copper beams, which are mainly hemp flavors;

Relying on the innovation and upgrading iteration of products, these new brands have harvested many new generation of customers. However, with the intensified competition in the industry, the innovation of Youyou Food has always been slightly weak.

Lost fighting spirit?

Over the years, no matter how the industry changes, the R & D expenses of Youyou Food have remained at about 3 million yuan.

From 2017 to 2021, the research and development costs of Youyou Foods were 3.409 million yuan, 3.4209 million yuan, 4.3213 million yuan, 2.799 million yuan, and 3.1266 million yuan. In terms of R & D investment, Youyou Food, which has been annual, is quite embarrassing.

By forming a large contrast, there is a generous dividend with friends. For example, in 2021, although the company's net profit declined, the company's dividend payment rate was 91.38%at that time, and the total dividend reached 201 million yuan.

As of the end of 2021, Lu Youzhong, his spouse Zhao Ying and his daughter Lu Xin held a total of 67.04%of the company. In other words, most of the dividends have fallen into this family of three pockets.

Facing the intensified competition, not only did Youyou Foods not increase investment in innovation, but instead, the actual controller who has divided money and realizes the freedom of wealth has lost his previous fighting spirit? Too peace of the status quo?

The single structural risk of the product has always been a sword hanging on the food head of Youyou. As of the end of 2021, Pickled Pepper Places was the company's main source of revenue. The current income was 961 million yuan, accounting for 78.76%of the income ratio.

Although the company's products have diversified development, there are also products such as pork leather crystals, dried beans, bamboo shoots and peanuts in the products, but these products are still very limited to the company's current income contribution. Banner.

With the continuous development of online e -commerce, traditional sales channels have gradually changed to modern sales channels, and the sales of casual foods on e -commerce platforms have continued to grow. At present, friends with offline distribution are also natural defects.

In 2021, Youyou Food Online Sales achieved operating income of 33.992 million yuan, accounting for only 2.85%of the company's overall income ratio. Whether this data compares the annual income of the online and offline online and offline of the competitors, or compares the current value of 13%compared to the current overall leisure food sales online channels, it shows a significant low.

Affected by this, the limitations of Youyou's food income areas are also relatively protruding. As of the end of 2021, most of the company's revenue sources were mainly concentrated in the southwest and East China. The current proportion of the company's revenue to the company's revenue in the southwest and East China was as high as 77.66%.

In addition, Lu Youzhong, the chairman of the "first leader" of Youyou Food Flower, was born in 1955. Whether Youyou Food will get older with the manager, so that you can't catch the stomach of contemporary young people. Food is another thought.

- END -