In the first half of this year, Quanjude retired six franchise stores.
Editor’s note: This article is from WeChat public number “drug” (ID: youhaoxifilm) < /a>,文|鹏翔,Edit | Shi Yidong, is authorized to be released.
As one of the representatives of Beijing’s culture and diet over the years, Quanjude’s appeal to consumers in the past two years seems to be getting weaker.
Yesterday, Quanjude (SZ.002186) handed over a semi-annual report with the worst performance since its listing.
The announcement shows that Quanjude’s operating income in the first half of 2019 was 758 million, a decrease of 13.4% from 875 million in the first half of last year;
The net profit was 32.278 million yuan, a sharp drop of 58.5% from the same period last year of 77.792 million yuan;
In the first half of this year, the company’s non-net profit was only 22.903 million yuan, a decline of 69.5%.
At the same time, Quanjude’s net cash flow from operating activities in the first half of this year was only 10.4 million yuan, a decline of more than 81.9% compared with the same period last year.
Quanjude 2019
Poisonous (WeChat ID: youhaoxifilm)Discovered,The net profit of 32.27 million yuan in the first half of the year was the worst half-year profit since Quanjude went public.
The last half of Quanjude’s performance in such a low number was still in 2008. In the first half of the year, Quanjude’s net profit was 32.99 million yuan, still exceeding this year.
After that, the performance of Quanjude achieved a rapid increase between 2008 and 2012, and reached the peak of revenue and net profit in recent years in 2012.
In the first quarter of this year, Quanjude’s net profit and deducted net profit fell by more than 70% compared with the same period of 2018. At present, the company’s performance has not improved.
As early as 2018, Quanjude fell into a situation where the number of stores increased but its performance declined. Company 2018
According to the annual report, Quanjude achieved revenue of 1.777 billion yuan in 2018, a decrease of 4.48% year-on-year;
The net profit attributable to shareholders of listed companies was 70.4222 million yuan, a year-on-year decrease of 46.29%;
The non-net profit of the deduction was 57.16 million, which was directly compared to 2017.
In 2018, Quanjude added 3 directly-operated stores and 5 franchise stores, but its stores received 7.7 million guests, which was more than 300,000 fewer than the 8.04 million in 2017.
Quanjude explained in the annual report that due to the intensified competition in the catering industry, the annual number of receptions of the company decreased year-on-year, resulting in a year-on-year decline in operating income and profit levels in 2018.
But the “intensified competition in the catering industry” does not seem to fully explain the dilemma that Quanjude is facing now.
A white-collar worker who has lived in Beijing for more than ten years told the drug lord that few friends around him would choose Quanjude for eating roast duck. “Guanjude now has no advantage in food and taste, and generally two people eat Quanjude basically have 500 yuan. Left and right, this price can choose more roast duck restaurants with higher cost performance.
“
Another visitor to Beijing this summer said, “My friends in Beijing told me that if I want to eat roast duck, I don’t have to eat Quanjude.”
Cheaper prices can also eat roast ducks of similar taste, similar or higher prices can eat a better roast duck restaurant, there will be better service quality.
“Toads look at the food software search Quanjude can see that in Beijing, most Quanjude’s per capita consumption evaluation is between 130 yuan and 200 yuan.
Every per capita consumption evaluation of Quanjude Between 130 yuan and 200 yuan
The decline in performance also seems to make Quanjude more cautious in the expansion of stores. The semi-annual report showed that Quanjude retired six franchise stores in the first half of the year.
According to its last year’s annual report data, as ofOn December 31, 2018, the company had a total of 121 member companies (stores), including 46 directly-owned enterprises and 75 franchisees (including 7 overseas franchise opening companies);
In the first half of 2019, Quanjude opened a new Quande de Xiangtan store, but as of June 30, 2019, there were 116 member companies (stores), including 46 directly-owned enterprises and 70 franchisees (including overseas franchise opening). 7 companies).
In spite of the fact that more than 50% of the net profit fell in the first half of this year, Quanjude did not explain the sharp decline in performance in the semi-annual report on “Business Discussion and Analysis”, but more discussed the company. In the first half of this year, we will adhere to the development strategy of “excellent quality brand and brand serialization” and comprehensively promote the action strategy of “quality improvement, replication, incubation and management upgrade”.
Discussion in the semi-annual report of Quanjude < /p>
For the company’s overall operation and declining performance, Quanjude said only in the semi-annual report “The risks and countermeasures faced by the company”, “In view of the impact of macroeconomic policies, social and economic environment and other factors, the competition in the catering market is intensifying. The cost of catering enterprises, such as Chinese labor costs, property rents, food materials costs, and energy resource prices, is rising, squeezing profit margins, which will bring greater business risks to enterprises;
At the same time, opening new business outlets and investing in new projects have certain operational uncertainties and risks of investment failure.