On April 18, Pinwo Food (300892.SZ) announced the company’s 2023 annual report. Data show that the company achieved operating income of 1.123 billion yuan throughout the year, a year-on-year decrease of 27%, and the net profit attributable to the mother was -073 million, a year-on-year decrease of 754.87%.
From the perspective of returning mother’s net profit, Pinwa Food reached a peak of net profit of 136 million in 2020. Since then, it has declined for four consecutive years.RMB 111 million, -073 million, for the first time since the company was listed in 2020 in 2023.
Starting is to conform to the wave of development of “imported food”
Founded in 1995, Pinwo Food was formerly known as Shanghai Kuichun Industrial Co., Ltd.. In 2016, it was renamed Pinwo Food Co., Ltd..To earn the difference.
In line with the wave of “imported food” development, the development of the food business has developed rapidly, forming the five main business of dairy, beer, grain, oil, grain, and comprehensive food.Henry “Oatmeal and other own brands.
Specifically, Daya Milk was founded in 2012. At that time, the shadow of the “melamine incident” made consumers trust imported dairy products more.In addition, the price of raw milk abroad was low at that time. According to Xinhua News Agency, in 2012, my country imported one ton of raw materials from New Zealand, the price was about 24,000 yuan. Yuan.Dega founder Wang Mu seized this opportunity to commission German dairy foundry products to make brands in China and strongly associate the brand with German elements.
According to Pinwo Food Prospectus, in 2017, Dia milk sales during Double Eleven were second only to Mengniu and Yili, ranking third.At the same time, Daya has also become the imported milk brand with the number one imported liquid milk sales.In 2017, Pinwa Food’s revenue increased by 10.64%year -on -year to 1.216 billion yuan, of which Dia Dairy’s sales revenue was 608 million yuan.
Five major business income declined in full
On September 24, 2020, Pinwa Food landed on the Shenzhen Stock Exchange GEM, becoming the first A -share imported food.However, since the listing, the profitability of food food has been questioned, mainly due to the slowdown in operating income growth and decreased gross profit margin.The financial report data shows that the company was 1.650 billion in 2021, 1.538 billion in 2022, and fell to 1.123 billion in 2023.The comprehensive gross profit margin also dropped from 24.22%in 2021 to 14.09%in 2023.
In addition, the company’s dependence on Diya milk has not been broken. In 2023, Dia’s operating income accounted for 79.38%of the main business.After inquiring with a number of consumers, the Blue Whale Finance reporter found that the popularity of Dia milk has been opened, but many consumers cannot connect Dia milk with food food.
From the perspective of products, data from the 2023 annual report shows that the main business income and gross profit margin of the five main business of Pinwa Food have declined.Specifically, the dairy series achieved 890 million operating income, a decrease of 25.81%year -on -year; the beer series achieved operating income of 131 million, a decrease of 34.09%year -on -year; the grain and oil series achieved operating income of 058 million, a decrease of 24.87%year -on -year;, Decreased by 14.99%year -on -year; the comprehensive food series achieved operating income of 27 million, a year -on -year decrease of 48.41%.
Among them, the gross profit margin of the dairy series was 12.46%, a year -on -year decrease of 7.71%, the gross profit margin of the beer series was 21.15%, a year -on -year decrease of 7.27%, the gross profit margin of the grain and oil series was 14.77%, a year -on -year decrease of 12.39%, the gross profit margin of the grain series was 28.34%.12.84%, the gross profit margin of the comprehensive food series was 24.31%, a year -on -year decrease of 9.68%.
Speaking of the reasons for the loss of performance, the company is attributed to rising procurement costs abroad, the growth of domestic liquid milk production, intensified industry competition, and the company’s sales of high stores and supermarkets have declined and sales have declined.
Entering cheese market
In order to improve the level of profit, Pinwa Food has launched a number of self -rescue measures in 2023.In addition to the new products of Daya high -end products, fruity beer, and fortune -based foods, the most watched is the launch of Dia cheese.
The company believes that the growth space of the cheese market is huge. The penetration rate of cheese in my country exceeds 30%in 2022, and the per capita consumption is only 0.2 kg. South Korea and Japan, which are also Asian countries, are 2.32 and 2.91 kg, respectively, a greater gap than Europe and the United States.
In 2023, the cheese production factory invested by Pinwo Foods was officially put into production. At the end of the year, Dia Cheese’s first product “Deya Xiaoyuanyuan Cheese” was successfully listed.Cheese products are hailed as a measure for the company to enter the cheese market.
However, it seems that it seems difficult to share a share in the cheese industry as a later party.my country’s cheese market has a high market share, and the market share of Sino -French joint venture Miake Lan Duo (600882.SH) has reached 35%, and the market share of cheese sticks exceeds 40%.In addition, domestic dairy companies such as Mengniu, Yili, and Guangming, which have the advantages of raw materials, have also developed and launched cheese products.
It should be pointed out that there are relatively few R & D investment and R & D personnel of Pinwa Food.The financial report shows that in 2023, R & D investment is less than 500,000 yuan. From the perspective of employees, only two of the 401 employees are artificially R & D personnel, accounting for 0.5%.
