Original link: https://ljf.com/2022/05/21/1095/
Overview of the Prepared Vegetable Industry
Pre-cooked dishes, as the name suggests, are pre-processed. Usually agricultural, livestock, poultry and aquatic products are used as raw materials, together with various auxiliary materials, through multiple pre-processing procedures (screening, washing and cutting, pickling, stirring, rolling, seasoning, molding), and through rapid freezing The preservation of technology and the method of cold chain transportation ensure the freshness of the product to the greatest extent. (Quick freezing technology refers to rapidly reducing the temperature of food to a temperature far below the freezing point of water (usually below -18°C), and the moisture in the food will enter a “supercooled” state. “Ice crystals” are so small that they will not damage the cells of the food, so various substances in the food cells will not flow out of the cells. This minimizes the loss of nutrients and ensures the taste after quick freezing.)
Around 2000, pre-prepared vegetable enterprises appeared one after another in my country. Through further processing of raw materials such as meat, poultry and aquatic products, the cooking process of customers was effectively simplified. However, limited by the high cost of early refrigeration technology and cold chain transportation, the industry has been in a state of slow development for a long time in the past. Around 2014, the food delivery platform rapidly developed the cooking package market, and the industry entered a period of heavy volume on the B side. Beginning in 2020, consumption upgrades are superimposed on the catalysis of the epidemic, and pre-made dishes have entered the vision of C-end users, and ushered in a consumption acceleration period on the C-end.
Industry structure during the reporting period
At present, the industry is relatively scattered as a whole, dominated by regional enterprises, with obvious regional characteristics, different scales, low market concentration, and low brand power. In the short term, the industry will still focus on quantitative expansion, the industry concentration will be relatively scattered, and the market competition structure will be scattered. As consumption continues to upgrade and market demand gradually expands, industry competition will become increasingly fierce, and the industry will gradually return to quality and brand.
Main products and their uses
At present, it has established a product system with the two major brands of “Weizhixiang” and “Dishyu” as the core, aiming at C-end and B-end customers respectively, to meet the differentiated needs of B and C-end. There are more than 300 product categories, covering meat and poultry, aquatic products and other categories.
Core Competitiveness Analysis
Channel advantage
After years of development, the company has formed a relatively mature offline marketing network, with East China as the core and gradually radiating outward. As of the end of the reporting period, the company has 1,319 franchise stores and 572 cooperative dealers, building a chain-franchise ecosystem dominated by farmers’ markets and reaching consumers at close range. During the reporting period, the company set up an e-commerce team and initially expanded online channels. Products were sold on Tmall, JD.com and other platforms in the form of self-operated flagship stores, and the online layout took shape.
Main operating conditions during the reporting period<br /> During the reporting period, the company achieved operating income of 765 million yuan, a year-on-year increase of 22.84%. The company’s net profit attributable to shareholders of listed companies was 133 million yuan, a year-on-year increase of 6.06%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 122 million yuan, a year-on-year decrease of 1.36%. During the reporting period, due to the sporadic spread of the new crown epidemic, the rise in upstream raw materials, and the increase in expenses in some periods, the company’s net profit was affected to a certain extent. However, the company’s business operations remained generally stable, and the company’s operating income grew steadily.
Revenue and Cost Analysis
During the reporting period, the company insisted on cultivating retail channels, and at the same time increased its efforts in wholesale channel business development, and expanded online channels, which led to a year-on-year increase of 22.67% in the company’s operating income. Due to the increase in the cost of raw materials and the high cost of fulfilling contracts in the e-commerce business, the operating costs increased, and the overall gross profit margin decreased by 4.31 percentage points.
Description of main business by industry, product, region and sales model
From the perspective of product types, during the reporting period, the company’s meat products achieved income of 533 million yuan, accounting for 70.68% of the annual main business income, of which beef products achieved income of 355 million yuan, accounting for 47.10% of the annual main business income; From the perspective of regional distribution, East China achieved revenue of 724 million yuan, accounting for 96.02% of the annual main business revenue; from the perspective of sales model, franchise stores realized revenue of 346 million yuan, accounting for 45.99% of the annual main business revenue. The wholesale channel realized revenue of 244 million yuan, accounting for 32.35% of the annual main business revenue.
R
Expense R&D investment of RMB 2,250,035.23 in the current period
R & D personnel situation table
The number of R&D personnel in the company is 7
Production capacity during the reporting period
At present, the company’s existing production capacity is 15,000 tons/year, and the capacity utilization rate is 128.16%. As of the end of the reporting period, the main construction of the plant with an annual output of 5,000 tons of fermented bacteria liquid for food and an annual output of 50,000 tons of fermented and conditioned food projects has been completed. The project upgrades the existing equipment in an all-round way, introduces international advanced production equipment, optimizes the existing process conditions, and further strengthens the safety standards from all aspects of the production process to meet higher standards of food safety requirements. After the completion of this project, the company’s production capacity will be increased from the existing 15,000 tons/year to 65,000 tons/year. At the same time, the company will add edible fermented bacterial liquid in the production and pickling process, and use special bacterial fermentation to improve the existing flavor of the product and enhance the consumer’s eating experience.
Industry Landscape and Trends
Prefabricated dishes are one of the sub-sectors of quick-frozen food. Superimposed on the technical progress of quick-freezing technology and cold chain logistics and the influence of iteration of consumer demand, the market capacity and future potential are large. At present, the industry is still in the early stage of development, and the resonance of supply and demand matches the upward cycle of the industry, driving the continuous expansion of the entire prepared vegetable industry. During the reporting period, many emerging start-up pre-made food brands have obtained multiple rounds of financing, and many mature brands have entered the market one after another, including competition from upstream and downstream of the industry chain. In the short term, blooming flowers will be the norm, and it will be difficult to concentrate.
The rapid economic development has brought a lot of influence to the social form, and also profoundly affected people’s way of life. At present, the post-80s and post-90s generation have become the main consumers of households, and most of them are facing the deepening of social involution, deteriorating cooking ability, intensifying work, economic and social pressures, lack of time and energy, and uneconomical and unhealthy dining out. Except for some branded catering companies, the production process of many fast food and takeaway food is not transparent, and it is difficult to guarantee their hygienic status and food safety. Convenience store instant food faces the problem of less variety and poor taste when heated by microwave. As “three meals a day”, the categories of pre-made dishes are relatively rich. There are a wide variety of conventional pre-made dishes, which are mainly used to meet consumers’ daily dining needs of “saving time and trouble”. In specific consumption scenarios, such as New Year’s Eve dinner, hot pot, etc., it is positioned to meet the needs of consumers in various life scenarios such as “family gatherings, festive dinners” and so on. With the improvement of people’s living conditions, the improvement of cultural and educational level, and the change of ideological awareness, while people consider the convenience of food, the demand for food taste, taste, greenness and health is increasing day by day. Changes in household cooking habits have also led to an increase in the need to reduce the difficulty of cooking food. Crowd iterations and lifestyle changes stimulate new endogenous power, and the industry is expected to usher in new growth.
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