Source: TMT Observation Network

Article Source: Bai Ding Consumption

Lack of strategy, grind to 10 billion?

In 2020, Qiaqia Food has proposed a “tens of billions of income” strategy, saying that the company will achieve tax sales revenue of 10 billion yuan in 2023.In the end, Qiaqia Food did not reach a strategic goal. In 2023, only 6.806 billion yuan was achieved, a year -on -year decrease of 1.13%.

The profit performance was not satisfactory. In 2023, the net profit achieved a net profit of 803 million yuan, a year -on -year decrease of 17.93%.

This result is also expected.

In recent years, Qiaqia Food has been facing rising raw material costs at the supply chain, and the main price of sunflower seed products is higher than those of peers and sales of chains.

Qiaoliang food is not without relevant adjustments, but in the market’s perspective, the strategic execution of Qiaqia Food is always tepid, and the results are not obvious.

Perhaps, today’s contact food just wants to stabilize.

After all, tens of billions of strategic goals will always be worn.

The main business is declining, the cost is the pot, and the consumer suffers

Recently, Qiaqia Food released a 2023 financial report. The company achieved operating income of 6.806 billion yuan, a year -on -year decrease of 1.13%; net profit was 803 million yuan, a year -on -year decrease of 17.93%.

This is the first time that the food has been on the market for the first time in the first 12 years, the net profit has doubled.

It is worth noting that Qiaqia Food has proposed a “tens of billions of strategy”, that is, “tax -inclusive sales revenue of 10 billion”.According to industry estimates, the tax -inclusive sales revenue of 10 billion yuan is converted to about 8 billion yuan.

The revenue of 6.8 billion yuan in 2023 is also a distance from more than 8 billion yuan.

In other words, the strategic goal of food has failed completely.

In response to the decline in performance, Qiaqia Food pushed the “responsibility” to the cost of the procurement of raw materials.

It seems that this is exactly the same.

You know, the main business of Qiaqia Food is sunflower seed products, that is, melon seeds, accounting for nearly 70 % of its revenue.Therefore, whether the seeds are sold well or not, they directly determine the performance of the food.

According to data, in 2023, the sunflower seed business of Qiaqia Food declined a lot, only to achieve sales revenue of 4.27 billion yuan, a year -on -year decrease of 5.36%.This is the first decline in the main business since the listing of food.

At the same time, the comprehensive sales volume of Qiaqia Food declined year -on -year, from 247,900 tons in 2022 to 236,500 tons.Considering that the nuts products of the food food have made a certain increase, it is certain that the sales of sunflower seeds of Qiaoliang food have decreased more.

And all of this, Qiaqia food is attributed to the rise in the cost of raw materials for sunflower seeds.

On many occasions such as financial reports and investment meetings, Qiaqia Food has been emphasizing that “the procurement cost of sunflower seed raw materials has been further increased from the previous month, leading to the continued decline in gross profit margin.”

So, what is the strategy of calling for food?The answer is price increase.

In October 2021, for the announcement of the food announcement, due to the increase in costs such as raw materials and packaging materials and energy, the company decided to adjust the factory price of sunflower seed products, and the price lifting range of each category ranged from 8%-18%.

In less than a year, in August 2022, Qiaqia Food once again adjusted the factory price of sunflower seed products, and the overall price increase was about 3.8%.

In other words, an industry giant with a market share of 70 % of its market share has to pass the cost pressure to consumers through price increases. Where is the cost control advantage of the cost of linked food as a super brand?

This is not our malicious speculation.In fact, at the same time, the peers also faced the pressure of rising raw material costs, but they were just slightly rising, but Qiaqia Food made great movements.As an industry giant, will food not replace dealers?Do you have to rely on the price increase of prices?

The most important thing is that the price increase of food does not provide benign help to its performance.

On the one hand, the price of the food products of food sunflower seeds has experienced a lot of growth, which has caused the loss of many potential consumers.The decline in sales and revenue is direct evidence.

On the other hand, the desire to improve the profit index through price increases to improve the price increase, and it also encountered difficulties. In 2023, its net profit fell nearly 18%year -on -year.

Qiaqia food, a little bit of the smell of stones and smashing his feet.

The goal of tens of billions failed, and the strategic execution became the biggest defeat

In fact, for the above -mentioned “tens of billions of strategies”, linked food has been seeking breakthroughs.

First of all, to ensure the stability of the main business. After all, sunflower seed products account for about 70 % of the food revenue, which is absolutely important.

However, in terms of above, the efforts of Food in this regard have achieved countermeasures.

In fact, the relevant strategic execution of food for food has always been controversial.

From the perspective of the market, the tens of billions of strategic goals of food have lack of profound market insights, opportunities to study and instinct.In the final analysis, the relevant performance of food is more like a reflection of strategic lack.

For example, in the supply chain, Qiaqia Food has always adopted order agricultural procurement. Compared with the self -built base, this order agricultural model obviously has more risks and uncertainty.

Qiaoliang food should have thought of the importance of cost control, and there is indeed related awareness.However, Qiaqia Food has been drinking for many years, but so far there is no self -built base.

To this day, Qiaqia Food is still tired of cost.

Let’s take a look at the diversified layout of food.

From soybean snacks, new products of potato chips, to new products of jelly, there are many actions to contact food.

In recent years, Qiaqia Food has also entered the condiment industry. Even in 2022, it also sold wine cross -border.

From this point of view, Qiaqia Food is not active in diversified operations.

However, since it is necessary to engage in a diversified layout, at least we must work hard.However, from the data point of view, in 2022, Chan Qiansou Food invested 53.56 million yuan in R & D, and the R & D cost rate was only 0.78%.In 2023, it is slightly better, and the cost of R & D is less than 1%.

This level is very low to look at the entire industry.

Looking back, in recent years, the achievements that Food has really achieved in diversification is the daily nuts of nuts.

Daily nuts can only be said to be “plagiarism”, and there is no R & D investment. This may also be one of the reasons why food does not pay attention to R & D investment: just find product imitation from the market, why bother to spend money?

However, at present, daily nuts have lived in the same specifications due to higher prices.

In other words, the diversification of food for food is dangerous, and even the daily nuts that can be used most are dangerous.

Finally, let’s talk about the online channels of Qiaqia Food.

As a traditional player in the market, Qiaqia Food has been deeply cultivating offline channels to maintain niche.

With the rise of the “e -commerce dividend”, the status of the rivers and lakes of food reversed, and it was even regarded as a negative case.

Of course, the adjustment of food for food comes quickly.In 2018, the online revenue of Qiaqia Food accounted for only 6.68%, and in 2019, the proportion soared to 10.01%.

However, without unexpected, Qiaqia food began to drop the chain again.

In the past few years, the proportion of online revenue of Qiaqia Food has been fluctuating around 10%.

In 2023, this situation has not changed at all.You know, the current proportion of the industry accounts for about 26%, and the gap between food and food is very large.

No wonder some investors will develop difficulties in the food: “Now Xinjiang’s seeds, old street mouths, etc. in the vibrato, there are thousands of people in the live broadcast room, selling hotly.Where is the competitive advantage? “

All appeals reflect that the strategic implementation of food for food does have problems, and it can even be said to be a manifestation of strategic lack.