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Original title: Mooncake’s business gains 1 year in January and gross profit margin of publicly traded companies exceeds 60%
Every reporter Xu Shuai Every editor Liang Xiao
As the Mid-Autumn Festival approaches, the mooncake sales season approaches and the mooncake market has seen a sharp increase in attention.
At the press conference of the 20th China (Sichuan) Mid-Autumn Food Expo and Mooncake Cultural Festival, many mooncake companies stated that the profits from mooncakes this year have decreased compared to last year. , mainly due to rising costs and the impact of the epidemic. From the perspective of the structure of consumption, gifting is not the absolute mainstream Many consumers pay more attention to individual consumption, especially options such as taste and preference. This has also affected the production preference of the mooncake industry, focusing more on personalized custom production.
For foods with obvious seasonality like mooncakes, it’s basically a year’s worth of money in the peak season of September. Judging from previous financial reports, Guangzhou Restaurant (603034, SH) and Yuanzu (603886, SH) stocks basically made up most of their annual earnings in the third quarter, with a gross profit margin of more than 60%. What’s interesting is that these two stocks quietly followed an upward trend from July to August last year, ahead of peak mooncake sales season.
The Mid-Autumn Festival is approaching and the mooncake sale season is approaching. The picture shows citizens buying moon cakes at a supermarket in Suzhou, Jiangsu province, on September 4. Data source: Photography by Wind IC Drawing by Yang JingThis year’s moon cake revenue is not as good as last year
In the aforementioned exhibition, relevant people from many moon cake companies such as Tian Lun said in an interview with reporters that the revenue from mooncakes this year is not as good as last year, mainly due to the impact of the epidemic. .
The “Daily Economic News” reporter learned from exhibitors that five-grain mooncakes, egg yolks, bean paste, flowers, new-style ham, cakes, snowy crust and other varieties and flavors still occupy the mainstream. of the moon cake festival. One of the reasons these types of mooncakes dominate the mainstream is that people are looking for low sugar and fat.
In the past, mooncakes have been widely criticized for their beautiful packaging and few flavor innovations. In this regard, relevant people from many companies such as Tianlun and Aida said that moon cake packaging is now simple and fashionable, and consumers are mainly attracted by preferences such as dietary tastes. In addition to the usual mooncakes, there are more new flavors like liquid cream, ice cream, durian, etc.
“One trend that can be felt now is the customization of mooncakes.” Zhou Shubo, general manager of Tianlun Foods, told reporters that in addition to the production of traditional moon cakes, the company paid special attention to customizing moon cakes according to the tastes of different groups this year. In contrast, the price and markup for custom mooncakes will be slightly higher.
In fact, customization has always been the consumer goods trend, including baking, which has already incorporated the trend of customization.
“Now buying mooncakes is not just for gifts, but also because of his own love for mooncakes and other desserts.” Zhou Shubo said that from the current consumption structure, diversified consumer demand also poses a challenge for moon cake companies and should focus on taste, taste and taste. Preference for working harder.
It is understood that due to price increases, such as production costs, the price of mooncakes may slightly increase this year. But Zhou Shubo said that this does not fully withstand the rising costs of production. Compared to last year, the company’s overall earnings are declining.
“Aged moon cakes” and “moon cakes in the next year” have caused a decrease in consumer demand for moon cakes. But mooncake companies say this kind of phenomenon has basically disappeared. “Our company has regulations on this. In previous years, mooncakes couldn’t be sold. They had to be disposed of all the time. It is impossible to keep them until next year.
However, the above phenomenon still reflects the seasonal characteristics of the production of festive foods such as mooncakes. Explosive demand during festivals may stimulate short-term earnings, but it also carries the risk of overcapacity: “Chen’s moon cakes.” For more mooncake companies, it is difficult to bring production capacity to “full capacity”, usually leaving room.
Due to the similar production process, companies that are mainly engaged in pastry and cakes can make “cross-border” moon cakes to increase specific festival revenues. The person in charge of the brand Aida told reporters that the company launched a co-branded Sichuan-flavored moon cake with Sanxingdui during the Mid-Autumn Festival. Outside of the Mid-Autumn Festival, the company’s business is mainly focused on pastries and cakes.
September is the peak season, but the stock price is not hot
Many mooncake companies said that the current mooncake production also shows the strong Matthew effect. The reason is not hard to understand: the mooncake sales season is concentrated in September of each year, not too early and not too late. Therefore, some moon cake traders said that it can also be said that moon cake companies make a year of money in a month. The implication also shows that companies specializing in the production of mooncakes have nothing to do for the rest of the season. However, Zhou Shubo said that this is just a simple production process, and the preparation process for moon cake production started very early.
When the production line is idle, capital cannot be converted into commodities and companies that lack business activities are meaningless. Also, cheap, cheap and low-quality mooncakes of the past are no longer popular with consumers. Small workshop-style manufacturers and small handmade manufacturers have been gradually eliminated from the market, and established moon cake manufacturers with strong anti-risk capabilities and diversified production structures have gradually been completed. Market share.
As Zhou Shubo said, the company has now turned to pilot production of some snacks and is no longer limited to the field of mooncakes. In fact, due to differences in eating habits and regional tastes, it is difficult for the mooncake industry to emerge as a national leader, but there are many regional leaders. For example, Tianlun moon cakes have a market share of around 30% in Sichuan moon cakes; Guangzhou restaurants occupy the Guangdong market.
The journalist interviewed several mooncake companies and found that the gross profit margin for mooncakes is over 20%, while that of mid-range to high-end mooncakes is just over 30%. . “It is difficult to exceed 50%.” However, from the data disclosed by the two listed companies, Yuanzu and Guangzhou Restaurant, the gross profit margin for brand-value mooncakes and high-end brands is very high. Last year, Guangzhou Restaurant Mooncake series products gross profit margin reached 62.27%, Yuanzu stock Mooncake gift box gross profit margin reached 65.85%.
Judging from the financial data above, Guangzhou Restaurant and Yuanzu basically completed most of their annual earnings in the third quarter. In 2019, Yuanzu achieved a net profit of 240 million yuan in the third quarter. You know, the company’s annual profit last year was 248 million yuan, and the net profit in the first half of last year was only 42.368 million yuan. Like Guangzhou Restaurant, it made a net profit of 261 million yuan in the third quarter of last year, and a net profit of only 384 million yuan last year.
The performance of the two publicly traded companies only reflects the seasonal characteristics of the industry. In September, the reason many brokerages were optimistic about mooncake companies was also the surge in demand triggered by the National Day and the Mid-Autumn Festival.
However, it should be noted that Yuanzu and Guangzhou Restaurant share price trends over the same period in the past two years have shown countercyclical characteristics. In June and July last year, Yuanzu shares and Guangzhou Restaurant quietly emerged from a wave of rising trends; however, in the peak season of September, the company emerged from a wave of downward trends.
Judging from this year, Guangzhou Restaurant’s share price quietly started in mid-July, rising from around RMB 30 per share to the highest of RMB 47.56 per share on August 11. Yuanzu shares are similar, going from 16.65 yuan per share on July 28 to a high of 21.99 yuan per share on August 31. After peaking so far, Guangzhou Restaurant and Yuanzu shares are still in a short-term downtrend.
