From Zhou Heiya, Juewei, Jiujiu Duck and other brands to explore new retail and enrich consumption scenes, to the March of three squirrels, herbs and other lo-mei products, and now the emergence of many "lo-mei+"brands, the category margin of lo-mei products has been constantly broken, and the market heat has been rising.

However, it is in this industry background of "heaven rewards diligence" that Youyou Food, which has supported the company's performance for more than 20 years with "pickled chicken feet", one of the sub-categories of halogen products, once became the big brother of the industry, and it seems to be more and more inadequate in front of consumers in the new era. ......

profits decline

Canned chicken feet can't hold the data?

17 On the evening of August, Youyou Food announced the 202 1 semi-annual report that the company achieved operating income of 604 million yuan in the first half of the year, up by10.89% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+0.3 billion yuan, a year-on-year increase of 0.33%; Among them, the revenue of pickled chicken feet was 486 million yuan, a year-on-year increase of 6. 1%.

But the next day, August 18, the share price of Youyou Food opened sharply higher, closing at 17.6438+0 yuan/share, down 4.86%.

The rapid change of data makes consumers laugh and cry. Some netizens laughed and said: Is the announcement of Youyou Food released at a critical moment? This is too exaggerated!

Source: Youyou Food Tmall Flagship Store

On the surface, in the semi-annual report of Youyou Food, it seems that both revenue and net profit in the first half of the year have achieved year-on-year growth. However, Nash noted that in the second quarter of this year, the revenue of Youyou Food decreased by 3.58% year-on-year, and the net profit attributable to shareholders of listed companies decreased by 265,438+0.05438+0% year-on-year. Why did the company's revenue and net profit both decline in the second quarter, especially the net profit fell by more than 20%?

Some insiders believe that this is because of the high base in the second quarter of last year, which led to greater pressure on the company's profit side.

In addition, according to the introduction of Youyou Food, the company is expanding new marketing methods and channels while enriching product categories.

However, Nash found that the online channel sales of Youyou Food in the first half of the year were 1, 456,5438+0,000 yuan, accounting for only 2.4 1% of the total revenue, which was less than the traditional channel sales of 588 million yuan. Although the company's dependence on a single product of pickled chicken feet has improved this year, the proportion of pickled chicken feet in revenue has only dropped from 84.37% in the same period in 2020 to 80.79%.

The pain of chicken feet-the "culprit" of the decline in performance

In May this year, when Youyou Food expanded its product line, it launched boneless chicken feet and boneless duck feet series with three flavors of lemon, rattan pepper and spicy.

Obviously, the brand is well aware of its weakness. Youyou Food also bluntly stated in the semi-annual report that the company's income from pickled peppers and chicken feet accounts for more than 80% of the company's main business income, which has a great impact on the company's profitability. Considering the long-term development of the company, this relatively single product structure makes the company face certain operational risks.

Indeed, since Youyou entered the capital market, people have never stopped questioning its single product.

Source: Youyou Food Tmall Flagship Store

According to its prospectus, from 20 16 to 20 18, the revenue of pickled chicken feet products was 630 million yuan, 783 million yuan and 897 million yuan respectively, accounting for 76.27%, 79.45% and 8 1.63% of the company's main business income in the corresponding years.

In the year of listing, that is, the first half of 20 19, the proportion of pickled chicken feet in the main business income rose to 82.88%.

I wanted to use the opportunity of listing platform to expand the product scale and get rid of excessive dependence on a single product. After the clinker went on the market, the proportion increased steadily. It is no exaggeration to say that the sales of chicken feet directly determine the performance of Youyou.

In fact, Youyou Food had already made an attempt at an earlier time, and introduced various kinds of snack foods with various tastes, but the benefits it brought were minimal.

Later, considering that the main brand is chicken feet with pickled peppers, we started with "pickled peppers" and launched a series of pickled pepper products such as pickled bean curd, pickled bamboo shoots and pickled peanuts, but consumers did not seem to have much enthusiasm.

Source: Youyou Food Tmall Flagship Store

Regarding the embarrassing situation of Youyou Food, China food industry analyst Zhu said,

Who can have the last laugh in the pot-stewed vegetable market?

For contemporary young people, if hot pot is a group of people's taste bud carnival, then lo mei is to satisfy a person's desire for "heavy taste".

Source: pixabay

The consumption upgrade has caused a strong outbreak of the leisure pot-stewed market. Unconsciously, Lu Wei has become a big market in the fast-moving consumer goods industry. New pot-stewed restaurants have sprung up like mushrooms after rain, and snack brands are expanding their territory crazily.

At present, potential competitors such as Yanjin Shop, Three Squirrels, Wei Long, etc. They are all in the "pickled chicken feet" market layout, not to mention the crazy squeeze of many local competitors such as Chongqing Shuangqi, Chongqing Zengqiao, Chongqing Spicy Daughter-in-law and Chongqing Yongjian.

In fact, from the perspective of the segmentation of the halogen products industry, chicken feet are definitely a category with unlimited development prospects, and we can also gain insight from the reactions made by those snack giants.

Three squirrels' pickled peppers, rattan peppers, boneless chicken feet, tiger skin and braised chicken feet in good shops, and even the boneless lemon chicken feet of network celebrities who have been popular all over the Internet in the past two years all want a piece of the action. In the fierce competition market, it is particularly helpless to win the world with a single product "pickled chicken feet".

Source: good shop, three squirrels

Therefore, it is difficult for Youyou Food to play the capital market with a chicken claw. In the future, how to break through the performance bottleneck, jump out of the shackles of big items and realize the successful expansion of the brand in the enterprise business field will become the key to whether it can continue to gain a foothold in the market.

From: Eating, Public Information