"The first share of vinegar" Hengshun vinegar industry sells vinegar ice cream rushing fashion or category expansion?

Hengshun ice cream picture source: Hengshun flavor

Recently, the "first share of vinegar" Hengshun Vinegar (600305.SH) launched three types of cultural and creative ice cream, which are soy sauce cheese, vinegar and rice wine, each priced at 18 yuan, attracting a lot of attention.

The Red Star Capital Bureau noticed that ice cream is not the first cross -border of Hengshun Vinegar. This company has built its own museum and invested in real estate. This year, it also joined the prefabricated vegetable track.

On June 8th, Hengshun Vinegar Industry publicly stated at the performance briefing meeting, "The expansion of the growth of future income in other categories"; but at the same time, Hengshun Vinegar industry also said, "We must firmly focus on the main business. "".

Expand or focus? Since its launch in 2001, Hengshun Vinegar Industry has repeatedly jumped in two answers.

Just supporting tourism products?

Do not support delivery, you must pick up the goods at the museum after ordering online

The soy sauce cheese flavor, vinegar flavor and rice wine flavor ice cream launched by Hengshun Vinegar industry are actually 5%of brewing soy sauce, 6%vinegar and 7%rice wine.

However, the Red Star Capital Bureau found that the "Hengshun taste" ice cream does not support delivery. Even if you place an order online, you can only go to the Hengshun Museum to pick up the goods. On June 13, in the only online sales channel, the flavor of soy sauce cheese was labeled as "hot sales", and the sales of this series of cultural and creative ice cream were displayed as "6, the remaining 859".

It can be seen from the sales method that the cultural and creative ice cream of Hengshun Vinegar industry is more like a cultural and creative product in the form of souvenirs. For example, the relevant person in charge of the company once said to the media that the tourism products of ice cream are currently not regarded as the company's strategic product. layout.

However, this effort made people see that Hengshun Vinegar industry is working hard to make themselves "younger", with low cost and public acceptance, and high discussion ice cream/ice cream.

The Red Star Capital Bureau found that, in addition to cultural and creative ice cream, Hengshun Vinegar Industry has also been involved in automotive trade, biomedicine and photoelectric equipment, but the results are not optimistic. After cutting off these businesses, the company tried to enter wine, glass and construction installation, and the response was still mediocre.

Around 2014, the Hengshun Vinegar Industry announced the peeling of the auxiliary industry and focused on the main business of vinegar. From 2014 to 2019, Hengshun Vinegar Industry has risen except for 2016.

However, in 2019, Hengshun Vinegar announced the acquisition of Zhenjiang Hengshun Mall Co., Ltd. At the same time, after the real estate business was cut off in 2008, the company began to invest in real estate projects. However, according to the 2021 annual report, its investment in real estate has filed a fair value loss of 19.594 million yuan.

The performance description of Hengshun Vinegar in June this year will publicly stated: "The expansion of the growth of future income in other categories and the in -depth expansion of the main vinegar and alcohol accelerated in the catering e -commerce channel. However, Hengshun Vinegar Industry In the financial report and performance description, they all emphasize the strategy of focusing on the main business, and we must "make deep jealousy, make high wine, and make wide sauce."

To expand and focus, the Hengshun vinegar industry is still contradictory.

Expansion or focus?

All in line with logic, it is a problem

However, this seemingly contradictory view is reasonable and reasonable.

On the one hand, Hengshun vinegar industry is facing the current situation of weak growth in the main business vinegar business. At the 2021 performance briefing meeting, Hengshun Vinegar industry bluntly stated its own growth dilemma: the consumption frequency of vinegar is low, and the growth space is relatively limited; the consumption habits of vinegar have geographical differences.

The financial report data of Hengshun Vinegar also reflects this situation. In 2019, the company's vinegar (including white vinegar) products achieved revenue of 1.232 billion yuan, 1.342 billion yuan in 2020, and 1.211 billion yuan in 2021 -sales revenue dropped steadily.

In the case where the vinegar business is weak and the regional difficulty breakthroughs, the Hengshun vinegar industry chooses other tracks to find new growth points, which is logical.

On the other hand, the closest to the expansion of Hengshun Vinegar industry is to other types of condiments, and this is the same. However, the competition in the entire seasoning industry is very fierce: not only the old -fashioned seasoning companies are constantly expanding production capacity, the balance of supply and demand balance continues to intensify, and large grain and oil companies (such as golden fish) and Internet companies have also cross -border, and they have accounted for their brand awareness.

The obstacles of Hengshun Vinegar industry are not small, and they are a little careless and even the main business is facing the risk of being robbed. At this time, choose to adhere to the vinegar and cooking positions, and adhere to the principle of "focusing on big products", which is also logical.

This may also be the reason why Hengshun Vinegar industry expands, focus, re -expands, and focus. However, the key issue is that Hengshun Vinegar has been slowly shooting in the market due to strategic adjustment. Increasing revenue in 2020 does not increase, and in 2021, revenue is reduced and profitable. In the first quarter of 2022, revenue will not increase.

"Rejection and profit -making are objectively affected by the epidemic, but the deep level of this problem also reflects Hengshun's facing great challenges in terms of channel power, product power, and brand power. Dedicated to solve the problem. Obviously, although it is also improving, the road is still long. "Hang Zhuhong, chairman of Hengshun Vinegar Industry, bluntly said at the performance briefing.

Source | Chengdu Business Daily-Red Star News

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