This article is from WeChat official account:Beijing Business Daily (ID: BBT_JLHD) , author: Qian Yu, Wang, editor: Zhang Lan, the original title: “could not catch against being must taste … week to catch up on-huang black duck status falls again , Keeping the Lo Wei “Banyan”, head picture from: Visual China

Failed to catch up with Juewei, instead of being overtaken by Huang Shanghuang, Zhou Hei Ya’s lo-mei industry’s status dropped and then declined. On April 1, Zhou Heiya’s relevant person in charge said in an interview with a reporter from Beijing Business Daily that the decline in passenger flow affected by the epidemic and the closure of some stores are the main reasons for the company’s performance decline in 2020.

In the eyes of industry insiders, the epidemic has had different impacts on all walks of life. Zhou Hei Ya’s headquarters is located in Wuhan, which is more affected. However, before 2020, Zhou Hei Ya has experienced two consecutive years of performance decline, and hopes to improve the situation by launching a franchise. Nowadays, not only the performance has fallen again, but it has also been overtaken by Huang Shanghuang. Whether Zhou Hei Ya can hold the current market share has become an urgent problem before him.

1. Three consecutive declines in performance

The financial report shows that as of December 31, 2020, the total revenue of Hei Ya was about 2.182 billion yuan, a year-on-year decrease of 31.5%; net profit was 151 million yuan, a year-on-year decrease of 62.9%. Among them, Zhou Hei Ya even lost more than 40 million yuan in the first half of 2020.

Along with the decline in performance, Zhou Hei Ya’s total sales and purchase unit prices have declined to varying degrees. According to the data, the total sales volume of Black Duck in the week of 2020 is 25,800 tons, compared with 3.5 in 2019.90,000 tons fell 28.13%. Not only that, Zhou Hei Ya’s average consumption per purchase order dropped from 62.18 yuan in 2019 to 60.67 yuan, a year-on-year decline of 2.43%.

As for the sharp decline in performance, Zhou Hei Ya stated in the performance report that “mainly due to the new crown pneumonia epidemic, retail stores (especially in Central China) passenger flow The sales volume dropped sharply. With the improvement of the epidemic situation in the second half of 2020 and the optimization and adjustment of the store network, operating conditions have recovered.”

The relevant person in charge of Zhou Heiya said in an interview with a reporter from Beijing Business Daily that during the epidemic, Hubei and the transportation hub were more severely affected, and these areas are the company’s strategic layout. In addition, during the epidemic, nearly a thousand stores were closed one after another, and the production center in Central China suspended production activities for 49 days. These factors have greatly affected the annual revenue.

It is worth noting that Zhou Hei Ya’s performance decline is not only in 2020. Financial report data show that since 2018, Zhou Hei Ya has seen revenue and net profit decline for three consecutive years. Data shows that from 2018 to 2020, Zhou Hei Ya’s net profit was 540 million, 407 million and 151 million yuan, a year-on-year decrease of 29.1%, 24.56%, and 62.9%, respectively; revenue was 3.212 billion yuan and 31.86 billion yuan, respectively. Billion yuan and 2.182 billion yuan, down 1.15%, 0.79% and 31.5% year-on-year.

According to public information, Zhou Hei Ya was established in 1997 and listed on the main board of the Hong Kong Stock Exchange in November 2016. It is an enterprise engaged in the production, marketing and retail of leisure cooked stewed products. Its main business is stewed duck and duck by-products. Marinated red meat, marinated vegetables, marinated poultry, aquatic products and other products.

Second, being overtaken by Huangshanghuang

Different from the decline in revenue and net profit of Zhou Hei Ya, another lo-mei listed company, Huang Shanghuang, will achieve both revenue and net profit growth in 2020. The data shows that from January to December 2020, Huangshanghuang realized operating income of 2.436 billion yuan, an increase of 15.09% year-on-year, and the net profit attributable to shareholders of listed companies was 282 million yuan, an increase of 28.04% year-on-year.

It is worth noting that from the performance of Zhou Hei Ya and Huang Shanghuang in recent years, Huang Shanghuang has surpassed Zhou Hei Ya in terms of revenue and net profit.

According to the financial report data, from 2017 to 2020, Zhou Hei Ya’s revenue was 3.249 billion yuan, 3.212 billion yuan, 3.186 billion yuan, and 2.182 billion yuan, respectively. Huangshanghuang’s revenue was 1.478 billion yuan, 1.898 billion yuan, 2.117 billion yuan and 2.117 billion yuan respectively. 2.436 billion yuan; Zhou Hei Ya’s net profit was 762 million yuan, 540 million yuan, 407 million yuan and 151 million yuan, respectively, while Huang Shanghuang was 140 million yuan, 173 million yuan, 220 million yuan and 282 million yuan.

It can be seen from the data that Before 2020, Zhou Hei Ya’s revenue and net profit are both higher than Huang Shanghuang, but the gap between the two has gradually narrowed in the past two years.

In addition to the performance being overtaken by Huang Shanghuang, from the perspective of market share, Zhou Hei Ya’s “Second Brother” position is also at stake. According to data, in 2020, the top five halogen products companies in China’s leisure halogen products industry are Juewei Food, Zhou Hei Ya, Huang Shanghuang, Zi Yan and Jiujiu Ya, with a total market share of only 19.23%.< strong> Among them, Juewei, Zhou Hei Ya, and Huang Shanghuang accounted for 8.6%, 3.32%, and 3.15%, respectively.

In the opinion of Zhu Danpeng, a food industry analyst, Zhou Heiya was overtaken by Huangshanghuang, the main reason for Zhou Heiya’s overtaking was limited by the direct sales model, which led to weak store expansion. The gap in scale caused Zhou Heiya’s performance and status to retreat and retreat.

Different from the “direct chain + franchise chain” model of Huangshanghuang and Juewei, Zhou Hei Ya has always been a self-operated model before the franchise opened in 2019. Affected by this, Zhou Heiya has a huge gap with Huang Shanghuang in the number of stores. According to data, in 2020, Zhou Hei Ya has 1,755 total stores. At this time, Huangshanghuang already has 4,627 specialty stores, twice as many as Zhou Hei Ya. Although Juewei Foods has not yet announced its 2020 results, judging from the data for the first half of 2020, at the end of June 2019, Zhou Heiya had 1,255 stores, which is less than 12% of Juewei’s 10,598 stores compared to Juewei’s 10,598 stores. .

Three, betting on franchising

Can the franchise hoped by Zhou Hei Ya “save the field”? This is probably a question that the market and even Zhou Hei Ya himself desperately want to know.

After realizing the constraints of the direct business model, Zhou Heiya, who had refused to join in any form, officially proposed for the first time in the August 2019 interim report that he would use the franchise model. 20In November 19, Zhou Hei Ya and Minghe Foods completed the first batch of franchise agreements, and Zhou Hei Ya started the franchise model. Since then, Zhou Hei Ya’s store will no longer be just a direct store.

Although Zhou Hei Ya deliberately changed its business model to boost performance, the effect was somewhat unsatisfactory. The financial report shows that in 2020, Hei Ya’s self-operated stores will generate 1.4 billion yuan in revenue, while franchising will only have 140 million yuan, accounting for only one-tenth of total revenue.

“The reason why Zhou Hei Ya failed to significantly boost performance after opening the franchise was due to the late layout time; on the other hand, it faced shortcomings in the supply chain.” According to industry insiders.

From the perspective of industry competition, Zhou Heiya has limited space and time for store expansion. Data shows that as of the end of 2020, Huangshanghuang has 4,627 specialty stores, including 345 directly-operated stores and 4,282 franchised stores. The sales network covers 26 provinces or municipalities and 235 prefecture-level cities across the country. And Juewei Food’s more than 10,000 stores cover almost every province in the country.

From his own point of view, the supply chain is a difficult problem Zhou Hei Ya needs to solve. It is reported that Zhou Hei Ya adopts a central factory model with centralized production + national distribution. Currently, Zhou Hei Ya has 5 factories, of which the Nantong factory in Jiangsu was officially put into operation on January 28 this year, and the Sichuan factory is still under construction. “The plant is expected to be put into production in 2022.” Zhou Hei Ya’s relevant person in charge revealed.

In contrast, Juewei Food’s supply chain system, multi-base production + local distribution, facilitates delivery to stores in various regions. At present, Juewei has established more than 20 production bases across the country, which can achieve same-day production and same-day delivery. Even Huangshanghuang has six production bases across the country.

“There is no doubt that opening up franchise is a shortcut for Zhou Hei Ya to accelerate its scale expansion. However, Zhou Hei Ya’s supply system of’centralized production + national distribution’ has led to a longer delivery time. The franchise expansion will trigger a new The problem-insufficient supply of production capacity. With the further expansion of the number of stores and market areas, this contradiction will become more prominent.” said Bao Yuezhong, an expert on fast-moving new retail.

For the future development plan, the relevant person in charge of Zhou Heiya said in an interview with a reporter from Beijing Business Daily, “In the future, Zhou Heiya will take the acceleration of franchise store expansion and improvement of store quality as two major starting points, from the consumer side, the supply side and the retail Starting from three aspects, we will comprehensively promote digital and intelligent operations, increase investment, and promote the development of Internet O&O channels.”


This article is from WeChat official account:Beijing Business Daily (ID: BBT_JLHD) , author: Qian Yu, Wang, editor: Zhang