Revenue growth slows down, how far is Qiaqia food from the 10 billion target

On the evening of April 15, Qiaqia food released its 2020 annual performance report, saying that in 2020, the net profit attributable to the shareholders of the listed company was about 805 million yuan, a year-on-year increase of 30.73%; the operating income was about 5.289 billion yuan, a year-on-year increase of 9.35%.

In this regard, the food safety side said in a notice, in 2020, in the face of the global COVID-19 and complex and varied domestic and foreign business environment, the company actively took measures to prevent and control epidemic situation, focusing on the medium and long-term development strategy and annual business plan, focusing on positioning, strengthening the brand building. Planning the layout of new markets and new businesses, the sales scale continued to grow, the sales structure was optimized, and the product structure continued to upgrade.

However, the revenue growth rate has narrowed year after year, which seems to cast a shadow on the company’s revenue target of “melon seeds of 6 billion, nuts of 4 billion, and the overall revenue of more than 10 billion” set by Chen Xianbao, chairman of Qiaqia food.

Reviewing the development of Qiaqia food in recent years, we can see that its revenue growth rate has narrowed for three consecutive years. According to the data, in 2018, the revenue of Qiaqia food increased by 16.5% to 4.197 billion yuan, and the attributable net profit increased by 35.58% to 432.8 million yuan; in 2019, the revenue of Qiaqia food increased by 15.25% to 4.837 billion yuan, realizing the attributable net profit of 1.609 billion yuan; in 2020, the revenue growth of Qiaqia food narrowed to 9.35%.

According to Zhu danpeng, an analyst of China’s food industry, during the epidemic period, Qiaqia food has accelerated the development of online and offline integration. However, in the future, Qiaqia food needs to make layout in multiple categories, so as to break through the development bottleneck.

In fact, in order to achieve the revenue target of 10 billion yuan as soon as possible, Qiaqia food has launched products such as Bole jelly, beef butter, potato chips, beans, peanuts, etc., but the expected effect has not been achieved in the end. In 2018, Qiaqia will focus again and gather resources into the nut field.

In the 2020 financial report, Qiaqia food also said that during the reporting period, the company adhered to the established development strategy of focusing on resources and strengthening the main business of melon seeds and nuts, highlighting its core position and focusing on category development.

Among them, in 2020, the sales volume of classic red bag melon seeds of Qiaqia food will increase by more than 10% through the promotion of weak market, intensive cultivation of third and fourth tier and county and township markets, and active expansion of overseas markets. Blue bag series melon seeds continue to expand channels and enrich product matrix. The new rattan pepper melon seeds are focused on promotion in some markets, and the annual sales of single category including tax is nearly 100 million yuan; the blue bag series of sea salt melon seeds are continuously focused on promotion in some markets. Through channel intensive cultivation, new channel expansion, product structure optimization and upgrading, and category extension, the sales of blue bag series melon seeds including tax exceeded 1 billion yuan.

Wang Bin, vice president of Qiaqia food, once said that melon seeds are the first business line of Qiaqia food, and will continue to be bigger and stronger on the basis of maintaining its business advantages. Qiaqia nuts is the second business line. Qiaqia food will focus on nuts. Qiaqia will take 1-2 years to be the first nut in a day, 3-5 years to be the first nut in China, and 10 years to become a leading nut enterprise in the world.

According to the global strategy released by Qiaqia food, the sales scale of Qiaqia food will reach 10 billion yuan in the future, and the proportion of overseas market will reach 30% – 40%, that is, the overseas sales scale will reach 3-4 billion yuan. Therefore, in recent years, Qiaqia food has been developing overseas markets. In July 2019, Qiaqia Thailand factory officially put into operation, and has completed the development of distributors in all countries in the Southeast Asian market.

However, industry insiders said that it is not easy for Qiaqia food to achieve a revenue of 10 billion yuan, especially under the pressure of three squirrels, liangpin shop and other brands, Qiaqia food still needs to find a new development breakthrough.

Beijing Business News (reporter Qian Yu, Bai Yang)

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