Join the board of compound seasoning Qianhe flavor industry to find a new fulcrum of performance

Qianhe flavor industry is seeking new growth point. On May 19, a reporter from Beijing Business Daily found that Qianhe flavor industry quietly launched a Chinese compound seasoning with Sichuan characteristics. Industry insiders believe that the current market scale of Sichuan style seasoning has exceeded 100 billion yuan, and entering this field is an attempt of Qianhe flavor industry to seek new growth points under the condition of slowing down revenue growth and no profit increase. However, it is not easy for Qianhe flavor industry to compete for a place in this market under the background of strong competitors from seasoning enterprises such as Tianwei food, Yihai international and haitianwei.

入局复合调味料 千禾味业寻业绩新支点

The first compound seasoning

In the tmall flagship store of Qianhe flavor industry, we can see that Qianhe flavor industry has developed a new Chinese compound seasoning, focusing on Sichuan flavor. This product has five flavors: fish flavored shredded pork, Mapo Tofu, braised chicken with green shoots and potatoes, double cooked pork and spicy dry pot. The price is 42.8 yuan / 5 packages, and the single package price is 8.56 yuan. It is worth mentioning that this is the first time for Qianhe flavor industry to enter the compound condiment industry.

Regarding the entry of compound seasonings, the relevant person in charge of Qianhe flavor industry said in an interview with Beijing business daily, “Qianhe flavor industry makes high-quality high-end soy sauce, vinegar and cooking wine, which are the advantages of Qianhe flavor industry and the basis of high-quality compound seasonings; Sichuan flavor elements such as pickled pepper, pickled ginger and Douban are good at by Sichuan enterprises. Qianhe flavor industry has the unique authentic body feeling of Sichuan people. “

“The Chinese compound seasoning launched by Qianhe flavor is a typical Sichuan compound seasoning.” Zhu danpeng, an analyst of China’s food industry, believes that in addition to the geographical characteristics of Qianhe flavor industry itself, the broad market development prospect of Sichuan style compound seasoning is also the main reason for Qianhe flavor industry’s entry into the compound seasoning market with Sichuan style compound seasoning.

Relevant data show that the market scale of compound seasoning in China will reach 150 billion yuan in 2020 and 165.8 billion yuan in 2021. Among them, the current overall market capacity of Sichuan style compound seasoning is 103 billion yuan, which is expected to reach 180 billion yuan by 2025, and the growth rate of compound seasoning is about 12%.

“The launch of composite seasoning products is mainly based on the consideration of expanding the demand of e-commerce product line, and also the attitude of Qianhe flavor industry to meet the change of market channel based on the change of consumer consumption habits. At present, the product strategy of Qianhe flavor industry remains unchanged, and its soy sauce, vinegar and cooking wine products are still dominant. ” Qianhe flavor industry related person in charge said.

Data show that Qianhe flavor industry was founded in 1996, located in Meishan, Sichuan Province, the hometown of Dongpo. Its main products are soy sauce, vinegar and other condiments. According to the composition of business income in 2020, the main business income of Qianhe flavor industry comes from soy sauce, accounting for more than 60%.

Looking for new growth point

Behind Qianhe flavor’s development of Sichuan style compound seasoning market is its dilemma of increasing revenue but not increasing profit.

According to the latest financial report, in the first quarter of 2021, Qianhe flavor achieved a revenue of 478 million yuan, a year-on-year increase of 32.91%; The net profit attributable to the shareholders of the parent company was 39.89 million yuan, a year-on-year decrease of 43.34%.

In this regard, Qianhe flavor industry explained in the announcement that “cost growth is one of the main reasons why Qianhe flavor industry’s profit is lower than expected.”. Data show that in the first quarter of 2021, the expense rate of Qianhe flavor industry exceeded 30% for the first time, reaching 31.91%.

In fact, the performance decline of Qianhe flavor industry will appear in the financial report of 2020. Judging from the quarterly performance in 2020, the revenue growth rate of Qianhe flavor industry has declined significantly. According to the data, the revenue of Qianhe flavor industry in the four quarters was 359 million yuan, 440 million yuan, 423 million yuan and 471 million yuan respectively, with year-on-year growth rates of 23.65%, 44.95%, 26.01% and 10.74% respectively.

Compared with its peers, Qianhe flavor industry’s profitability is even less than the market expectation. Data show that in 2020, Qianhe flavor industry will achieve an operating revenue of 1.693 billion yuan, a year-on-year increase of 24.95%; The net profit attributable to shareholders of listed companies was 206 million yuan, up 3.81% year on year.

In 2020, Haitian industry in the same industry will achieve a revenue of 22.8 billion yuan, a year-on-year increase of 15%; The net profit was 6.4 billion yuan, a year-on-year increase of 20%; Zhongju high tech achieved an operating revenue of 5.123 billion yuan, up 9.59% year on year; The net profit was 890 million yuan, a year-on-year increase of 23.96%. In terms of revenue and growth rate, Qianhe flavor industry has a certain gap with its competitors.

In Zhu danpeng’s view, the slowdown of revenue growth and the increase of revenue without increasing profits are all releasing the signal of the weakening profitability of Qianhe flavor industry. In this case, whether it is to restore the market and investor confidence, or to seek new growth points of performance, entering the compound seasoning market is the road that Qianhe flavor industry can’t get around.

However, in the view of the industry, the competition of Sichuan style compound seasoning track is fierce, and it is not easy for Qianhe flavor industry to get a share in a short time. According to statistics, there are five Sichuan style compound seasoning enterprises with sales exceeding one billion yuan, namely Tianwei food, Yihai international, Wujiang, Hongjiu and Jiju.

In addition, due to the high popularity of Sichuan style compound seasoning, the seasoning enterprises such as Haitian and Sichuan Dingdian food have also arranged Sichuan style compound seasoning products one after another. By the end of 2020, the “shortcut” series of Chinese compound seasonings launched by Haitian flavor industry will be quietly launched, including spicy stir fried sauce, light flavor stewed pot sauce, refreshing salad juice, broth brine juice and other products. Sichuan Dingdian food has launched a variety of family end products such as hot pot series seasoning, marinated seasoning and crayfish seasoning of “weekend kitchen” brand.

Beijing Business Daily reporter Qian Yu Wang Xiao

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