After the turmoil of "Garlic Gate", Zhang Xiaoquan's market value is cut. How can the old -fashioned company consolidate the "moat"?

After the storm of "shooting garlic gates", Zhang Xiaoquan's "storm" of Zhang Xiaoquan in the capital market continued.

A few days ago, Zhang Xiaoquan released the financial report in the first half of 2022, achieving about 439 million yuan in operating income, an increase of 32.79%year -on -year; net profit attributable to shareholders of listed companies was 34.289 million yuan, a year -on -year decrease of 22.52%.

As a century -old brand, why did Zhang Xiaoquan, who was only listed for a year, increased their income and did not gain money? Is the strategy of increasing marketing investment correct? In the future, how should Zhang Xiaoquan consolidate his moat as the "first share of scissors"?

Behind income from increasing income: Epidemic factors superimposed industry competition

Zhang Xiaoquan has a long history and is famous in 1628 (the first year of Chongzhen of the Ming Dynasty). It has a history of 400 years. At present, there are two major R & D and manufacturing bases in Hangzhou and Guangdong Yangjiang. The main business is concentrated in the three major fields of knife -cut, kitchenware kitchen appliances, and home hardware.

On September 6, 2021, Zhang Xiaoquan ushered in a highlight and listed on the GEM. The IPO issuance price was 6.9 yuan/share, and the first day opened 331.88%to 29.80 yuan/share, with a total market value of 4.6 billion yuan. However, as of September 1 this year, Zhang Xiaoquan's stock price was reported at 15.9 yuan/share, with a total market value of 2.48 billion. Compared with the beginning of listing, the market value was close to the market value.

According to its financial report in the first half of 2022, although income has increased, net profit has declined. Why does the century -old name increase the income? Zhang Xiaoquan said that due to the influence of the epidemic on the delivery of logistics and the influence of the offline retail channels centered on the business entity, and Yangjiang Zhang Xiaoquan was officially put into production, it is still in the climbing period of production capacity and the high unit manufacturing costs. The net profit declined.

The reporter found that Zhang Xiaoquan's recent financial report found that his performance has slowed down. According to the financial report data, in 2019, Zhang Xiaoquan's net profit increased by 65.04%year -on -year; net profit in 2020 increased by 6.8%year -on -year; in 2021, net profit increased by 1.96%year -on -year.

In the eyes of many industry insiders, behind the downward performance of Zhang Xiaoquan, in addition to the impact of the epidemic and poor consumption, there may still be factors such as fierce competition in the industry.

Enterprise investigation data shows that there are 81,600 existing tools in my country. Many of them have become large enterprises, and some have entered the capital market one after another. They have production bases and have a high reputation in the kitchen appliance industry and kitchenware products industry. For example, Supor, founded in 1998, has five major R & D and manufacturing bases nationwide. Among them, the products such as knife and kitchen tools in Minghuo cooking utensils have a good reputation in the market. Competitors. It is reported that Aishida currently has three major production bases, which also has a high reputation in the cookingware product industry.

The increase in sales costs is significantly higher than R & D

It is worth noting that Zhang Xiaoquan's sales costs have risen years.

According to its financial report, from 2018 to 2021, the company's sales costs were 54.591 million yuan, 64.286 million yuan, 83.137 million yuan and 117 billion yuan, while the company's operating income of the company was 411 million, 484 million, 572 million and 76.6 billion yuan, respectively. The proportion of sales expenses in the four years of sales costs was 13.28%, 13.28%, 14.53%, and 15.39%, respectively. In the first half of 2022, Zhang Xiaoquan's sales expenses reached 75.198 million yuan, an increase of 70.8%year -on -year, and its sales expenses accounted for 17.22%of the record revenue.

In this regard, Zhang Xiaoquan said that the main sales scale of the company expanded, and the relevant costs increased accordingly; the proportion of the company's direct sales model increased, and the overall sales cost rate increased; the cost of acquisition of traditional e -commerce channels increased.

It is reported that in the first half of 2022, Zhang Xiaoquan newly opened up 1,2500 offline terminal outlets. At the same time, the concentrated display model is adopted in the Shangchao and shopping malls to increase the exposure of the brand and the product image, and increase the interaction with consumers; vigorously invest in developing emerging e -commerce, and open flagship stores on various e -commerce platforms to effectively support new development development. The high -speed growth of category products.

In fact, as early as 2011, Zhang Xiaoquan began to deploy online channel business. It is one of the few brands that pay attention to e -commerce business earlier in the industry. In the first half of 2022, the total exposure of Zhang Xiaoquan's entire online product propaganda platform exceeded 110 million, an increase of 37.5%year -on -year; the total interaction was 320,000, a year -on -year increase of 1.2 times; , A year -on -year increase of 7 times, dazzling performance in various aspects.

In addition, Zhang Xiaoquan also named the trend variety shows such as "Hip Hop in China", and launched the "Uncle Quan" IP image in the "Hip Hop in China" program to enhance Zhang Xiaoquan's brand awareness among young people.

However, high -invested sales costs did not reduce Zhang Xiaoquan's inventory. As of the end of June this year, Zhang Xiaoquan's inventory value was 189 million yuan, accounting for 19.16%of the total assets, an increase of 15.9%compared to 163 million yuan at the end of the previous year.

In contrast, Zhang Xiaoquan's investment in research and development is not as large as sales. According to the financial report data, in 2021, Zhang Xiaoquan's research and development expenses invested 22.88 million yuan, an increase of 14.02%year -on -year; in the first half of 2022, Zhang Xiaoquan's research and development expenses invested 11.33 million yuan, an increase of 11.76%year -on -year. The proportion of total assets is less than 3%. "As a century -old brand, Zhang Xiaoquan has exceeded many industry brands on the brand image and industry barriers. And its increase in e -commerce live broadcast and cargo is more a practice at a low price. It will only lead to increasing increasing increase. "Xu Xiongjun, a strategic positioning expert and founder of Jiuder Positioning Consulting Company, said that with the investment of live broadcasts and goods, it will affect the brand image to a certain extent. Brand image of development.

In July of this year, Zhang Xiaoquan caused public opinion due to the fracture of the kitchen knife. According to media reports, consumers use Zhang Xiaoquan's kitchen knife to shoot garlic, which causes the kitchen knife to break. On July 15th, Zhang Xiaoquan's official WeChat released the situation stated that consumers in the incident purchased the company's "Dragon Bark Cut Two -Sword" in September 2020 and contacted the e -commerce channel on July 6, 2022 The dealer reflects the problem of cutting the knife surface. On July 7th, the dealer's customer service responses were improperly caused by public opinion. On July 14th, the company's official customer service once again contacted consumers, apologizing for inappropriate customer service, and presented a new knife to express their sincerity. Consumers selected one in the brand flagship store.

For whether the tool can shoot garlic, Zhang Xiaoquan said: "Generally speaking, conventional knives can be shot garlic. At the same time, the company also reminds consumers that not all tools are suitable for garlic. If a special use of a tool is used to shoot garlic, there is a risk of breaking the knife. "

Although this happened in July, its impact was not counted in the semi -annual report, it was unknown whether it would affect Zhang Xiaoquan's brand image in the future.

The old -fashioned enterprise should continue to create core competitiveness

In recent years, the protection of old -fashioned brands has received increasing attention. The "Outline of the Construction of Intellectual Property Rights (2021-2035)" issued by the Central Committee of the Communist Party of China and the State Council proposes to strengthen the protection of well -known trademarks and develop traditional brands and old names. Many old -fashioned companies have successively logged in to the capital market to explore new growth opportunities.

There are brands, stories, and history. Old names that bring their own goodwill can enhance valuations through listing and use the brand to obtain a premium. At the same time, through the listing, the old name can also get more capital attention and favor, strengthen the brand's awareness, and make more young consumers be well known to get greater market opportunities. In addition to Zhang Xiaoquan, on August 31, Wufangzhai, who has a century -old history, successfully landed on A shares and became the "first share of Zongzi". For two consecutive days of daily limit, as of September 1st, the market value of Wufangzhai was close to 5.5 billion yuan. Tianjin Tongrentang and Shandong Texas Chicken are lining up in the IPO.

Generally, the reputation and popularity of the old -fashioned enterprises are relatively high, and the listing has a unique advantage. However, from the perspective of the performance of the old -fashioned brand that has landed in the capital market, it is not the way to enter the threshold of the capital market. Right now, how to strengthen its own moat in the capital market has become a problem that old -fashioned brands such as Zhang Xiaoquan need to think and solve.

McKinsey's research report on the development of old -fashioned brands pointed out that on the one hand, products are the core assets of the brand, and the old -fashioned brands need to clearly recognize the bottom line that they need to adhere to and inherit the secret recipe of "not old"; element.

"Some old -fashioned companies still adhere to the original development methods after listing. The internal management mechanisms, operating systems, business methods and conscious strategies have not made timely transformations, which has led to problems in the development of traditional old -fashioned companies in the market development. Therefore,,, there is a problem. How to make strategic adjustments after the listing of these old -fashioned companies to face market competition is particularly important. "Wang Peng, a researcher at the Intelligent Social Governance Research Center of Renmin University of China, suggested in an interview with the China City Newspaper reporter that traditional old -fashioned names should be a good classic enterprise classic At the same time of products, increase the research and development and innovation of new products. In the process of marketization, it is constantly promoted to provide different types of customers with different types of products that meet their needs, and develop and expand the potential customer groups in the market by increasing product types.

Another person in charge of the brand of the old -fashioned listed company pointed out that for the old -fashioned enterprise, it is more important to have its own hematopoietic function. The blood transfusion in the capital market can promote the development of enterprises for a period of time, but the hematopoietic function is the fundamental guarantee for the healthy and sustainable development of the old -fashioned enterprise. It requires enterprises to continue to create core competitiveness and practice internal skills.

■ China City News Reporter: Zhang Yaxin

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