Two years later, the first half of the year continued to lose 150 million!Why is this century -old name that is not good?

In the first half of 2022, the performance trailer showed that Quan Jude's expected net profit was to lose a loss of 145 million yuan to 156 million yuan during the period.

"Investment Times" researcher Zhuoma

Recently, the well -known knife cut the old name Zhang Xiaoquan (301055.SZ) because the "sale can not shoot garlic" stood on the cusp. As of now, Zhang Xiaoquan has not released the semi -annual performance forecast. According to the first quarterly report released by the company, Zhang Xiaoquan achieved operating income of 209 million yuan in the first quarter of this year, an increase of 28.09%year -on -year; the net profit attributable to mother was 120 million yuan, a decrease of year -on -year decrease 45.96%; the net profit of the deduction of non -returnees was 120 million yuan, a decrease of 47.24%year -on -year, and the profit was close to the cut.

Regarding the decline in profit in the first quarter of this year, Zhang Xiaoquan explained as three major reasons in the first quarter report, including the initial stage of the subsidiary in the early stage of production capacity climbing, and the quarterly losses increased significantly year -on -year; affected by the epidemic, the core area sales basically stagnated, and the increase of shake The marketing promotion of e -commerce platforms such as Yin has increased sales costs.

In a word summary, due to the influence of various factors, the old name Zhang Xiaoquan is not good.

In fact, the old -fashioned old name is not only Zhang Xiaoquan.

Recently, China Quanjide (Group) Co., Ltd. (hereinafter referred to as Quan Jide, 002186.SZ) released a semi -annual performance trailer. The announcement shows that Quan Jude is expected to achieve a net profit attributable to mother in the first half of this year to a loss of 145 million yuan to 156 million yuan, and the loss of RMB 42 million in the same period last year; the net profit of deducting non -returnees is 147 million yuan to 158 million yuan. The same period last year was a loss of 51 million yuan.

"Investment Times" researcher noticed that not only this year, due to the influence of multiple factors, Quan Jide has continued to lose money in 2020 and 2021. Since 2020, the company's total loss has exceeded 560 million yuan, even more than 2015 to 2019 for a total of five years of profit.

In fact, before the epidemic, Quan Jide had shown a decline in performance. It seems that in order to boost performance, Quan Jide hired new general manager and chairman in 2019 and 2020. However, in terms of performance, the new management did not effectively boost the performance of the company's performance.

As of the closing of July 21, Quan Jude closed at 8.21 yuan/share, which fell 37.18%from the high point of 13.07 yuan/share in the year. The current total market value was 2.532 billion yuan.

Quanjude's stock price trend since 2020 (yuan)

Data source: wind

Losses of 150 million in half a year

Recently, Quan Jude released the semi -annual performance trailer for 2022. The announcement shows that Quan Jude is expected to achieve a net profit attributable to mother in the first half of this year to a loss of 145 million yuan to 156 million yuan, and the loss of RMB 42 million in the same period last year; the net profit of deducting non -returnees is 147 million yuan to 158 million yuan. The same period last year was a loss of 51 million yuan.

Regarding the performance of the first half of this year, Quan Jide said that the company started from January to February, and operating income increased by 30%year -on -year. Sexual shutdown, 32 stores in direct stores, an average of 42 days of suspension of business. The revenue of the store was affected, and the profit had suffered a large loss, which had a serious impact on the semi -annual operating results.

However, Quan Jide also emphasized that "During the epidemic, the company optimized the offline income structure of the store, insisted on not relaxing the non -eclipse business, and continued to do channels such as offline and outside, community groups and other channels; 'New pattern, key projects continue to advance; vigorously promote the food and foodization projects of catering products, and the Quanjude New Year's Eve gift box, handmade roast duck gift box, single -product pre -production and other products have been listed one after another; expand the group meal business and maintain a good development trend. "

From the perspective of performance, it does not seem to be as good as Full Jude.

In fact, despite the "good start", Quan Jide still shows losses in the first quarter of this year. According to the company's first quarterly report, all Jide achieved operating income of 214 million yuan in the first quarter, an increase of 4.04%year-on-year; the net profit attributable to the mother was-4.047 million yuan, a further expansion of 0.43%year-on-year; the net profit of the deduction of non-home-to-mother-050 million yuan was achieved. Losses expanded by 0.51%year -on -year.

Regarding the performance of the first quarter, the explanation of Quan Jide is roughly similar to the semi -annual performance trailer- "January to February is good, and operating income has increased by 30%year -on -year. The food and even takeaway of the regional stores have encountered a staged stop. As of the end of March, a total of 31 stores were fully closed in the store, closed hall food, and strict control rates. In the first quarter, business results had a great impact. "

Quan Jude is expected to continue to lose money in the first half of 2022

Data source: Company's semi -annual performance trailer for 2022

The total profit of the 5 -year profit in two and a half years

"Investment Times" researcher noticed that the performance of Quan Jide was not all affected by the epidemic.

The past financial report data shows that from 2011 to 2017, the annual revenue scale of Quanjide was generally maintained between 1.8 billion and 1900 million yuan, and the net profit attributable to the mother would float between 110 million and 160 million yuan.

By 2018, while revenue decreased by 4.48%year -on -year, the net profit of the annual mother -in -law was greatly reduced by 46.29%year -on -year, only 73 million yuan, which was almost cut off. Regarding the decline in profit in 2018, Quan Jide explained at the time that due to the intensified competition in the catering industry, the company's annual receptions decreased year -on -year, which led to the year -on -year decline in the company's operating income and profit levels of the company. Since then, Quan Jide's performance has stepped into the downlink range.

Following the revenue and net profit of RMB 1.566 billion and RMB 45 million in 2019, respectively, after a year -on -year decrease of 11.87%and 38.90%, the superposition was affected by the epidemic began in 2020. The total losses in 2020 and 2021 were achieved. The net profit of home mother was -262 billion yuan and -157 million yuan.

From 2020 to the present, for two and a half years, Quan Jude has accumulated a total of more than 560 million yuan, exceeding the total profit of a total of 5 years from 2015 to 2019.

Or affected by continuous losses, the cash flow on Quanjide's account continued to decrease. As of the end of March 2022, the company's currency funds held only 138 million yuan, a decrease of 559 million yuan, 85 million yuan and 57 million yuan from the end of 2019, 2020 and 2021, respectively.

While the profit decreases, the number of stores owned by Quanjude is also decreasing.

According to the 2021 report, as of the end of 2021, the company opened a total of 109 brands of restaurants including Quanjude, imitation meals, Fengze Garden and Sichuan Hotel in Beijing, Shanghai, Hangzhou, Changchun and other places. The total number of stores at the end of the year was 117 and 118. Among them, the number of Quanjide brand stores decreased from 110 at the end of 2019 to 99 at the end of 2021, a decrease of 11.

How does the new management boost performance?

In order to reverse the continuous decline in performance, Quan Jide also actively rescued himself.

In December 2019, after a series of personnel changes, Quan Jide hired Zhou Yanlong as the general manager of the company, and added to the company's eighth board of directors. Wait.

In May 2020, after the former chairman Bao Min resigned for the legal retirement age, Quan Jide also elected Bai Fan as the chairman of the company's 8th board of directors. General manager.

Since Zhou Yanlong took office, Quan Jude has indeed changed from various aspects such as business strategies, products, services, etc., including launching takeaway business on a third -party platform during the epidemic, 10%to 15%to 15%, canceling all store services, and cancellation of all stores services. Fees and wait. It is reported that consumers had to pay 10%-15%of service fees from Quan Jude to dine. This fee has been charged for more than 20 years.

Zhou Yanlong has publicly stated that "Quan Jide has really reached the point where it is impossible and cannot be the enemy of consumers."

In the latest investor relationship records released on July 4, the question of changes brought by the new general manager Zhou Yanlong to the company, Quan Jide said that the company established the leading diversified diversified catering industry group in China Strategic positioning, and made various efforts in catering stores, food and group meals, prefabricated dishes, membership marketing and new media promotion.

However, from the perspective of actual performance, it does not seem to meet the expectations of Quanjude.

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