Lai Yifen, three squirrels out of the annual report, A-share “food” who is more popular

With the annual report of A-share listed companies coming to an end, the annual report results of seven leisure snack enterprises in 2020 have been released. Beijing Business Daily reporter compared the seven companies from three dimensions of revenue scale, attributable net profit and sales gross profit rate. In terms of revenue scale, three squirrels ranked first with nearly 10 billion yuan, while Ganyuan food ranked the smallest. From the perspective of attributable net profit index, laiyifen has undoubtedly become a “laggard” and is the only one of the seven shares with attributable net profit loss. From the sales gross profit index, Yanjin shop is the highest, while the three squirrels with the largest revenue scale are the lowest.

来伊份、三只松鼠出年报 A股“吃货”谁更香

Revenue scale: Ganyuan food is the lowest

According to wind data, the operating revenue of seven A-share snack enterprises in 2020 is ranked from high to low, which are respectively three squirrels, liangpinpu, Qiaqia food, laiyifen, haoxiangyou, yanjinpu and Ganyuan food. The corresponding operating revenue is about 9.794 billion yuan, 7.894 billion yuan, 5.289 billion yuan, 4.026 billion yuan, 3.001 billion yuan, 1.959 billion yuan and 1.172 billion yuan respectively.

It is not difficult to find that the three squirrels are the stocks with the highest operating income among the seven stocks mentioned above, while the operating income scale of Ganyuan food is at the bottom.

Although the three squirrels ranked first in terms of business income scale in 2020, the current income declined year on year. According to the data, the operating revenue of the three squirrels in 2020 is 3.72% lower than that in 2019. In this regard, the three squirrels in an interview with Beijing Business Daily reporter said, “mainly due to actively adjust the operation strategy.”. The person specifically said that the adjustment of operation strategy is mainly caused by two reasons: one is offline channels, and the epidemic situation has a certain impact on offline entities; Second, online channels, traffic further decentralization.

Three squirrel related people also said, “although we adjust our operation strategy, we are also concerned about the scale. In fact, our online and offline ratio is more balanced, which is reflected in our first quarter report of 2021. “.

In contrast, I really want you to have the highest proportion of decline in business income in 2020, which is close to the “waist cut”. In view of the specific reasons for the sharp decline of the company’s business income in 2020, a reporter from Beijing Business Daily called you for an interview, but no one answered the phone.

Attributable net profit: laiyifen’s loss

According to the net profit index, laiyifen has the worst performance. According to the financial data, the net profit loss of laiyifen in 2020 was about 65.1954 million yuan, a year-on-year decrease of 728.65%. According to the comparison of wind data by Beijing business daily, laiyifen is the only company with net profit loss in 2020.

It is understood that Laifen, which was listed in October 2016, is a leisure food Omni channel operator with its own brand. Laifen’s core brands include “Laifen”, “Yami” and “Yizai”. This is also the first annual loss since laiyifen’s listing.

According to Zhu danpeng, an analyst of China’s food industry, laiyifen’s performance loss in 2020 is mainly due to its offline and weak online. In particular, under the huge impact of the epidemic, the physical stores have been greatly impacted, so this is the main reason for the decline of Laifen’s performance.

Beijing Business Daily reporter noted that from 2018 to 2020, laiyifen’s net profit after deducting non-profit was successively in deficit, and the corresponding amounts were about -46.5251 million yuan, – 32.9598 million yuan and -105 million yuan respectively.

Talking about the reasons for the company’s weak performance, Lai Yifen said in reply to the interview letter of Beijing Business Daily that in recent years, the company has increased the layout of Omni channel sales network and increased the cost investment, which has an impact on the current performance.

As for how to maintain its competitive position, laiyifen said that with the increase of the proportion of franchise stores, the company’s profitability is expected to gradually improve. The company will adhere to the principle of “customer-oriented”, focus on customer experience, continuously improve the digital and intelligent level of members, commodities and channels with the help of new technologies and tools such as Internet and big data, continuously realize the omni channel collaborative development of offline chain stores and online mobile Internet, and strengthen the core competitiveness of brands, channels, categories and services. In addition, the company will continue to consolidate the fresh snack strategy to enhance the differentiated competitiveness. And focus on cultivating six categories of fresh and healthy food, such as meal substitute food and collagen food, lay out two super categories of 10 billion, and continue to lead the fresh food track.

Gross profit margin: three squirrels at the bottom

In terms of gross profit margin of sales, the level of each enterprise is also quite different. Among them, three squirrels had the lowest gross profit margin.

According to the data disclosed by wind, among the seven leisure snack enterprises, the gross profit margin of sales in 2020 is mainly in three ranges. Data show that the gross profit margin of Yanjin store, laiyifen and Ganyuan food in 2020 is between 40% – 50%, that of Qiaqia food and liangpin store is between 30% – 40%, and that of miss you and three squirrels is between 20% – 30%.

Yanjin shop has the highest level of gross profit margin. Data show that Yanjin shop’s gross profit margin in 2020 is 43.83%. Throughout the Yanjin shop in recent years, the sales gross profit rate index, in the growth trend. According to wind data, the gross profit margin of Yanjin shops in 2018 and 2019 were 39.13% and 42.87% respectively.

However, Yanjin shop said in its 2020 annual report that compared with the industry level, the gross profit rate of the company’s products is higher, which may attract other domestic and foreign enterprises to increase investment, realize technology optimization and capacity expansion, thus intensifying market competition, leading to the decline of main product prices and gross profit rate, and affecting the company’s profitability.

In contrast, the gross profit margin of three squirrels is the lowest among the seven shares. Data show that the gross profit margin of three squirrels in 2020 is 23.9%, a year-on-year decrease of 3.9%. In the 2020 annual report, three squirrels said that during the reporting period, the company implemented the accounting standards for Business Enterprises No. 14 – Revenue (CK [2017] No. 22). According to the requirements of the standards, the transportation and packaging expenses related to contract performance were adjusted from the original sales expense account to the main business cost account, resulting in a year-on-year decrease in gross profit rate during the reporting period.

When it comes to the gap between the gross profit margin of the three squirrels and the other six enterprises, the relevant people of the three squirrels think that it is the reason for the strategic choice, and it is also related to the pursuit of scale advantage in the past.

In the view of investment and financing expert Xu Xiaoheng, with the improvement of industry concentration, some regional leisure food enterprises have gradually formed. These enterprises have gradually developed and expanded with the help of their advantages in brand, capital and regionality, and the competition in the leisure food industry has become increasingly fierce.

Zhu danpeng believes that the whole leisure food should be done well from five dimensions, namely, the stability of quality, the activation of brand, the innovation of scene, the improvement of service system and the enhancement of customer stickiness. In the future, the whole development of leisure food must achieve three points: online and offline integrated operation, mutual integration of online and offline resources, and complementary of online and offline short boards. The overall performance and profit of related companies will have good results.

Beijing Business Daily reporter Liu Fengru

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