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Blue Whale Finance reporter Zhang Jinglun

Recently, the “King of Melon Seeds” (002557.SZ) said in a survey of an institution that the company has recently planned the third-year strategy and is also looking for the third growth curve.It may be launched in a timely manner in 2025, but this must be a market size, at least a category of 2 billion to 5 billion in the medium and long period of time.

The Blue Whale Finance reporter questioned the scope of the third growth curve. The other party said: The company is currently thinking.

From the main business of melon seeds to the dual -drive “melon seeds+nuts”, to cultivating new categories to make the third growth curve, linked food is showing the willingness of “multi -category to find growth”.

Chinese food industry analyst Zhu Danpeng believes that in the future, the strategy of sustainable development of the industry in the future is increasing.After the main business is stronger and bigger, the excavation of the second and third growth curves has become a problem that many listed companies need to solve.

The growth rate of melon seed business slows down

Consistent foods mainly produced casual foods such as nuts, baking and potato chips, and listed on the Shenzhen Stock Exchange on March 2, 2011.

According to the performance report of the 2023 performance report, its revenue achieved 6.806 billion yuan, a year -on -year decrease of 1.13%; the net profit of home mother was 803 million yuan, a year -on -year decrease of 17.77%.

This is also the first time in the past 13 years, and the first revenue has declined.As for the reasons for the decline in performance, the annual annual report explained that due to the influence of the Spring Festival cross -date factors in the first and fourth quarters of 2023, and at the same time, the procurement cost of sunflower seed raw materials increased.

According to product categories, sunflower seed products are still the biggest contributor to the company’s revenue in 2023, with a revenue of 4.27 billion, accounting for 62.75%.

However, from the perspective of growth rate, the sunflower seed business has actually slowed down.The revenue of sunflower seed products in 2023 decreased by more than 200 million yuan compared to 2022, and the growth rate of revenue was -5.37%.The growth rate of total revenue is -1.13%.

It should be noted that in the past two years, the negotiation has been raised two prices on the sunflower seed series products.In October 2021, it adjusted the factory price of sunflowers series products and pumpkin seeds, small and small and fragrant watermelon seed products. The price increase rate of each category ranged from 8%-18%; in August 2022, the factory price of the sunflower seed series products was issued.Adjust, the overall price increase is about 3.8%.Considering this factor, the actual sales of sunflower seeds fell in 2023.

As a leader in the field of packaging melon seeds, the growth of food sunflower seeds is close to the ceiling. On the one hand, the overall melon seed demand is topped, and on the other hand, due to the upgrading of consumption, the entire leisure food industry is still scattered and fierce.

A report on the Guanyan Report Network states that the demand for seeds of Chinese melon seeds has shown a downward trend as a whole. The decline in 2015-2018 is obvious. Although the total annual demand has reached 12,800 tons in 2019, it is still difficult to reach 2015At the level of 13,200 tons.

Nowadays, more and more melon seed manufacturers are trying to attract consumers with new flavors, but even if a certain family will quickly launch new products, it will be quickly followed up by other competitors, which makes the homogeneity of melon seed products on the market quite.high.Therefore, the melon seeds are actually similar, which makes consumers choose very small space.

Under such circumstances, with the category of melon seeds as the main business, it will inevitably fall into the bottleneck of growth and the market competition is becoming increasingly fierce, which is not conducive to the company’s subsequent development. The challenge is also facing the same market challenge.

On the other hand, with the booming of the leisure food industry, the food and competitive products have continued to emerge. Liangpu shops, Laidi, etc. have launched melon seed products, and the Qiaqiao encountered up and down squeezing.

Multi -category development

In fact, Qiaqiang also realized that it was impossible for the company to support the company’s rapid development trajectory alone.

In 2017, Qiaqia Foods successively launched a series of products such as daily nuts, original nuts, flavored nuts, and nut oatmeal with nuts as the core.Through a series of online and offline channel layout, trying to cultivate nuts business into the company’s “second growth curve”.

Nut products have indeed become an important pillar of performance growth in recent years.Choice data shows that Qiaqian Nut products contributed 247 million yuan in 2017, with revenue accounting for 6.86%, developed to 1.753 billion yuan in 2023, and revenue accounted for 25.75%.

However, looking at the industry, the nuts field has long attracted the entry of new -generation snack brands such as three squirrels, good products, and Baicao flavor, and occupy an important market share.This is obviously spent more market investment for post -entry.

In addition, from the perspective of trend, the growth rate of the revenue of nuts products is declining. From 2021 to 2023, the growth rates were 43.82%, 18.78%, and 8%, respectively. The development trend is not optimistic.One important reason for finding the third growth curve.