The leisure snack industry, which has been hit by discount, is shuffling.

Recently, the 2023 annual report and the first quarter report of 2024 of leisure and snack listed companies were fully disclosed, and their performance can be described as "two days of ice and fire":

Although last year, the good shop still sat firmly on the throne of "king of revenue", its net profit was overtaken by Yanjin shop, whose revenue was only half of it.

In the first quarter of this year, good shops returned to the right track in revenue, but their net profit continued to decline. On the other hand, the competitor Yanjinpu, the net profit of revenue has increased significantly.

Many voices attribute the joys and sorrows of performance to the gains and losses of channel war. In the past few years, the snack sales model has quietly changed. The rise of discount snacks is eroding the space of traditional snack sales channels.

The two "shops" in the snack industry, one sued Zhao Yiming, while the other threw 350 million yuan on it.Snacks henmang groupThe "big ship".

Standing at the outlet of discount snacks, it is a different choice for "shops". Yanjin shop really made a profit, and the good shop really lost?

Net profit overtaking

In terms of revenue scale, good shops are still the well-deserved kings of leisure snacks.

In 2023, Liangpin Store achieved a revenue of 8.046 billion yuan, ranking first among 19 A-share snack food listed companies.

Although firmly sitting on the "one brother in revenue", the good shop has ushered in a double decline in net profit for the first time since landing in A shares:Revenue decreased by 14.76% compared with the same period of last year.,Net profit is almost halvedTo 180 million, a year-on-year decrease of 46.26%; Deducted non-net profit was only RMB 65 million, a year-on-year decrease of 68.82%, leaving only RMB 65 million.

From the data point of view, this is the lowest revenue of good shops in the past three years, while net profit and non-net profit have hit a new low in the past six years.

In the first quarter of this year, although the revenue of good shops recovered to 2.451 billion yuan,However, the net profit attributable to the mother and the non-net profit deducted were 62 million yuan and 55 million yuan respectively, down by 57.98% and 48.69% year-on-year, continuing the trend of sharp decline.

The decline in performance and the slowdown in growth have also accelerated the departure of capital. On May 18th, Liangpin Store issued two announcements in succession, saying that due to their own capital needs, Ningbo Hanyi and Dayong Co., Ltd. each planned to reduce their holdings by no more than 12.03 million shares, accounting for about 6% of the company’s total share capital.

Among them, Dayong Co., Ltd. is the second shareholder of Liangpin Store, and today’s capital is behind the famous venture capital institution. Since 2010, capital has become a "friend" of good shops, and now the major shareholders have lost patience.

On the other hand, Yanjin Shop is a "dark horse" in the industry.Submitted a goodReport card

According to the data of the annual report, Yanjinpuzi achieved a revenue of 4.115 billion yuan in 2023, a year-on-year increase of 42.22%; The net profit of returning to the mother was 506 million yuan, up 67.76% year-on-year, and both revenue and net profit reached record highs.

In fact, the revenue of Yanjin Shop in 2021 was less than a quarter of that of good shops, but in the past two years alone, this figure reached half. What is more exaggerated is that less than half of the revenue in 2023, the net profit is 2.81 times that of a good shop.

In the first quarter of this year, Yanjin Shop continued to maintain its growth momentum, with revenue reaching 1.223 billion, up 37% year-on-year. The net profit attributable to shareholders of listed companies was 160 million yuan, up 43.10% year-on-year, which also far exceeded that of good shops.

In the secondary market, good shops and competitors are also in sharp contrast.

As of the close of May 28, the total market value of good shops was about 5.53 billion yuan. However, its market value peaked in July 2020, once exceeding 34 billion yuan. In other words, the market value of good shops has shrunk by more than 80% from its peak.

In particular, the market value of good shops at the peak period is higher than that of Yanjin shops in the same period.More than 10 billion.now,The wind and water turn, and the total market value of good shops is onlyremainYanjin Puzi’sfourOk.

At the same time, "shop", why is the fate very different?

Channel dispute

In recent years, the snack industry has ushered in major changes, and discount snacks have become "new favorites", and consumer preferences have gradually changed to "cost performance".

The impact of the ultra-low price of discount snacks,Give way to position“high-end"Our good shop is very hurt.Falling revenues are telling good shops that they are getting farther and farther away from consumer demand.

In fact, good shops have also gone off to test the water discount snack track.

On the one hand, in 2022, Liangpin Store launched the snack collection store brand "Snacks Hard Home", but the effect was not ideal. At present, this brand has not yet left Hubei, and it is difficult to form a confrontation with the head.

On the other hand, in February 2023, Liangpin Shop and Black Ant Capital jointly invested in Zhao Yiming Snacks, and this round of financing was 150 million yuan. Only after half a year, the good shops were emptied.Zhao Yiming snacks equity, get about 60 million yuan investment income.

It was not until the snacks were busy and Zhao Yiming snacks announced the merger, and they sat firmly at the top of the discount snacks, and the good shops realized themselves.by“Kick out”，failAt the discount snack trackminuteLast drinkthick soup.

In either case, in the new round of opportunities, good shops are left behind.

Just as Liangpin Shop sued Zhao Yiming for "deliberately concealing the company’s major events and damaging the minority shareholders’ right to know", Yanjin Shop boarded the "big ship" of the Snacks Busy Group.

Last December,,Yanjin Puzi Holdings announced that it had invested 350 million yuan in Snacks Busy Group and acquired a 3.3175% stake in the latter. Talking about this investment, Zhang Xuewu, the chairman of Yanjin Puzi Holdings, believes that this cooperation marks that manufacturers join hands with distributors to create efficient channels.

But is such an investment worthwhile? To a large extent, running all the way, who has made great achievements in Yanjin Shop, has made great efforts in selling snacks.

As early as 2021, Yanjin Shop chose to lay out the volume distribution, trying to change the sales channels, from relying on offline stores to new channels such as e-commerce and snack shops, supplemented by large supermarkets.

The effect of the reform is also remarkable..

Yanjin Puzi’s 2022 annual report shows that,Snacks are very busy, contributing 210 million yuan in sales to become the largest customer of Yanjin Puzi.,This sales accounted for 7.31% of the total revenue.,Almost the sum of the last four customers. In 2023, snacks were very busy, and the group’s sales reached 509 million, accounting for 509 million.It jumped to 12.38%At the same timeNew retail and other channels have become the main revenue sources of Yanjin Shop, accounting for more than 70% of the revenue.

Whether it is a good shop or a Yanjin shop,BothbeLooking for the increment in the channel, but Yanjin Shop took the lead in seizing the dividend.,Become the most eye-catching one in the snack enterprise in one fell swoop.

Profit puzzle

althoughBoth are "shops" with different licensing strategies, but under the impact of discount, both sides are facing similar problems: it is increasingly difficult to make money.

Discount formatIn vogue, inForcedsnackPlayers cut prices.,Providing cost-effective snacks is also eroding.wearTheir gross profit performance.

Let’s look at the good shop first.Watch“High end snacks"After the road gradually narrows,At the end of last year, Liangpin Store implemented the strategy of "the largest price reduction in 17 years" and announced a large-scale price reduction for its 300 products, with an average price reduction of 22% and the highest drop of 45%.

But price reduction is a "double-edged sword". Through price reduction, the good shop earned revenue in the first quarter of this year.Year-on-year growth of 2.79%The price is that the net profit has fallen by nearly 60%.Increasing income does not increase profit,letBestoreCamp recovery and warmthThe "surprise" brought is greatly reduced.

Besides,In 2023, the gross profit margin of the main business of Liangpin Shop can still be maintained at about 28%. After the price reduction, the gross profit margin in the first quarter of this year has dropped to about 26%., in the same industry at a low level.

On the other sideYanjin puzi, also facing the pressure brought by the price.

Looking at it for a long time, the Yanjin shopGross profit margin is also falling.The data shows that from 2020 to 2023, the gross profit margin of Yanjin Shop was 44%, 36%, 35% and 34% respectively. In the first quarter of 2024, the company’s gross sales margin dropped to 32.1%.

Yanjinpuzi explained that the year-on-year decline in gross profit margin in the first quarter of 2024 was mainly due to changes in channel structure, and the decline in the proportion of direct KA revenue led to a decline in the overall gross profit margin of the company.

In other words, the new retail channels that Yanjin Store relies on at present have lowered the gross profit margin.

One income increase does not increase profits, and the other gross profit margin is under pressure. Jiang Han, a senior researcher at Pangu think tank, told xiaoxiang morning herald Pepper Finance reporter that the discount price war has greatly reduced the profit margin of enterprises. In the long run, the profitability of enterprises will be seriously affected, and even losses may occur.

At the same time, he also believes that the price war weakens the innovation power of enterprises. Under the pressure of price war, enterprises often put more resources and energy into reducing costs and expanding production scale, while ignoring product innovation and quality improvement.

At present,The price reduction strategy of good shops and the deep cultivation of Yanjin shops are allMining "cost performance".

"Leisure snacks have entered a cycle of’ parity’." existChina food industry analyst Zhu DanpengIt seems that,Leisure and snack enterprises should not only consider "cost performance", but also "quality-price ratio". "In the next three years, enterprises with both cost performance and quality price ratio will develop better, and enterprises with better online and offline integrated operations will be evergreen."

Although the current two "shops" are changing in the marketShowed different living conditions.However, the competition of snacks is still going on. How can it be reversed after three years?

At least, in the future with both cost performance and quality price ratio,The new contest will also start again.

Xiaoxiang morning herald Chili Finance Reporter Luo Yaqi Chen Shizhen