Vinegar -flavored ice cream, the "first share of vinegar" Hengshun vinegar industry is jus

Recently, the "first share of vinegar" Hengshun Vinegar (600305.SH) launched three types of cultural and creative ice creams, which are soy sauce cheese, vinegar and rice wine, each priced at 18 yuan, attracting a lot of attention.

Screenshot from the product detail page

The Red Star Capital Bureau noticed that ice cream is not the first cross -border of Hengshun Vinegar. This company has built its own museum and invested in real estate. This year, it also joined the prefabricated vegetable track.

On June 8th, Hengshun Vinegar Industry publicly stated at the performance briefing meeting, "The expansion of the growth of future income in other categories"; but at the same time, Hengshun Vinegar industry also said, "We must firmly focus on the main business. "".

Expand or focus? Since its launch in 2001, Hengshun Vinegar Industry has repeatedly jumped in two answers. The result of the horizontal jump is that Hengshun Vinegar has missed the high -speed development of the market around 2010, and it seems that the steps are always slow.

Today, Hengshun Vinegar's views are still contradictory. Behind the contradiction is the current situation of the increasingly fierce growth of Hengshun Vinegar's owners' industry and the increasingly fierce competition in condiments. "Two leg walking" is logical, but it does not meet the reality of Hengshun Vinegar, because it does not bring ideal results to the Hengshun vinegar industry.

In the two years after the new executives took office, Hengshun Vinegar Industry has increased revenue in 2020, and its performance in 2021 is even more income and profit.虽然恒顺醋业财报称，2021年业绩下降的重要原因是受疫情影响，但董事长杭祝鸿在业绩说明会上坦言：“深层次看这个问题，也反映了恒顺在渠道力、产品力、 Brand power is facing great challenges. "

01

"Vinegar Ice Cream" does not support delivery

Just the supporting cultural and creative products of Hengshun Museum

The "Hengshun Taste" series of cultural and creative ice cream launched by Hengshun Vinegar industry allows this company that is mainly used for vinegar, soy sauce, and cooking wine.

Hengshun Vinegar began in 1840 and was listed in A shares in 2001. It is one of the four major vinegar in China -the representative of Zhenjiang Xiang Vinegar. Its soy sauce cheese flavor, vinegar flavor and rice wine flavor ice cream are actually added with 5%of brewing soy sauce, 6%vinegar and 7%rice wine.

However, the Red Star Capital Bureau found that the "Hengshun taste" ice cream does not support delivery. Even if you place an order online, you can only go to the Hengshun Museum to pick up the goods. On June 13, in the only online sales channel, the flavor of soy sauce cheese was labeled as "hot sales", and the sales of this series of cultural and creative ice cream were displayed as "6, the remaining 859".

Screenshot self -shopping details page

It can be seen from the sales method that the cultural and creative ice cream of Hengshun Vinegar industry is more like a cultural and creative product in the form of souvenirs, which is similar to its dolls and jelly bags. The relevant person in charge of Hengshun also told the media that ice cream is currently a tourist product of Hengshun Museum and will not be the company's strategic product layout.

However, this effort makes people see that Hengshun Vinegar industry is striving to make himself "younger." In recent years, ice cream/ice cream with low cost and public acceptance and high discussion has been seen by major enterprises and Wenbo institutions. In the past, Jiangxiao Bai ice cream, Forbidden City ice cream, and Sanxingdui ice cream. Recently, Moutai (600519.SH) I also launched ice cream, and they all wanted to approach the younger generation.

02

Try outside the main business is not just ice cream

Hengshun vinegar industry insisted on "focusing on the main business"

The Red Star Capital Bureau found that in addition to cultural and creative ice cream, Hengshun Vinegar also made a series of attempts other than the main business.

After listing, Hengshun Vinegar has been involved in automobile trade, biomedicine and photoelectric equipment, but the results are not optimistic. After cutting off these businesses, the company tried to enter wine, glass and construction installation, and the response was still mediocre.

Around 2014, the Hengshun Vinegar Industry announced the peeling of the auxiliary industry and focused on the main business of vinegar. From 2014 to 2019, Hengshun Vinegar Industry has risen except for 2016.

However, in 2019, Hengshun Vinegar announced the acquisition of Zhenjiang Hengshun Mall Co., Ltd. At the same time, after the real estate business was cut off in 2008, the company began to invest in real estate projects. However, according to the 2021 annual report, its investment in real estate has filed a fair value loss of 19.594 million yuan.

At present, in addition to real estate, the cross -border business of Hengshun Vinegar Industry is: China Zhenjiang Vinegar Culture Museum in Cultural Tourism; a series of related cultural and creative products, including dolls, floor mats, and bags; Kindergarten, Hengshun Experimental Primary School, and Jiangke University Affiliated Middle School, three schools.

In April of this year, Hengshun Vinegar also stated on the interactive platform that the company has actively developed and deployed the product series of prefabricated vegetable tracks.

Picture according to IC Photo

The performance description of Hengshun Vinegar in June this year will publicly stated: "The expansion of the growth of future income in other categories and the in -depth expansion of the main vinegar and alcohol accelerated in the catering e -commerce channel." Continue to expand or even cross -border possibilities.

However, Hengshun Vinegar Industry emphasizes the strategy of focusing on the main business in the financial report and performance description. In fact, in 2019, after Hang Zhu Hong became the chairman of the chairman, Hengshun Vinegar Industry announced in early 2020 that he would focus on the main business of vinegar.

To expand and focus, the Hengshun vinegar industry is still contradictory.

03

Expansion or focus?

This is a problem

However, this seemingly contradictory view is reasonable and reasonable.

On the one hand, Hengshun vinegar industry is facing the current situation of weak growth in the main business vinegar business. At the 2021 performance briefing meeting, Hengshun Vinegar industry bluntly stated its own growth dilemma: the consumption frequency of vinegar is low, and the growth space is relatively limited; the consumption habits of vinegar have geographical differences. The financial report data of Hengshun Vinegar also reflects this situation. In 2019, the company's vinegar (including white vinegar) products achieved revenue of 1.232 billion yuan, 1.342 billion yuan in 2020, and 1.211 billion yuan in 2021 -sales revenue declined steadily.

At the same time, the domestic vinegar industry is in the world, Zhenjiang Xiangdou, Shanxi Lao Chen vinegar, Yongchun Old Vinegar and Sichuan Baoning Vinegar. They have their own local characteristics, and currently have broken through a single regional restriction on the sales network. The main battlefield of Hengshun Vinegar has always been East China, with more than half of the revenue in 2021, reaching 52.29%.

In the case where the vinegar business is weak and the regional difficulty breakthroughs, the Hengshun vinegar industry chooses other tracks to find new growth points, which is logical.

On the other hand, the closest to the expansion of Hengshun Vinegar industry is to extend to other types of condiments, which is the same. However, the competition in the entire seasoning industry is very fierce: not only the old -fashioned seasoning companies are constantly expanding production capacity, the balance of supply and demand balance continues to intensify, and large grain and oil companies (such as golden fish) and Internet companies have also cross -border, and they have accounted for their brand awareness.

The obstacle of Hengshun Vinegar industry is not small, and it is a little careless and even the main business is facing the risk of being robbed. At this time, you choose to adhere to the position of vinegar and cooking wine, and adhere to the principle of "focusing on big products", which is also logical.

This may also be the reason why Hengshun Vinegar industry expands, focus, re -expands, and focus. However, the key issue is that Hengshun Vinegar has been slowly shooting in the market due to strategic adjustment.

After 2020, it is the time node of the new strategy of Hengshun Vinegar industry, but its performance in the past two years is still not optimistic: the income increase in 2020 does not increase, and the income is reduced and profitable in 2021. In the first quarter of 2022 Increasing income is not profitable.

Screenshot from Hengshun Vinegar Industry 2021 Annual Report

Regarding the reduction of income in 2021, Hengshun Vinegar Industry explained in the financial report that the decline in revenue is affected by the market environment and epidemic. The company's main product vinegar sales revenue decreased by 10.25%compared with the same period of the previous year. The decline in profit is because of the impact of the epidemic, the company's main seasoning gross profit margin decreased by 3.87 percentage points from the same period last year; the second is because the company increased advertising and promotion investment, and the sales cost increased by 70.77 million yuan over the same period last year; The company has increased R & D investment.

Harmony and profitability seem to be related to the epidemic, but Hang Zhuhong, chairman of Hengshun Vinegar Industry, bluntly said at the performance briefing: "Objectively speaking, it is affected by the epidemic, but this problem also reflects Hengshun's channel in the channel Power, product strength, and brand power are facing great challenges. This is exactly the problem we are committed to solving this year. Obviously, although it is also improving, the road is still long. "

Red Star News reporter Yu Yao Intern Reporter Zhang Luxi

Editor Ren Zhijiang

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