The stock price fell 20 % in four days!Due to the investigation of the pure milk problem, Makale: I am afraid that it will affect the annual performance

In the first quarter of 2022, Macquett's revenue increased by 59.54%year -on -year, and the net profit at the same period decreased by 27.62%year -on -year

"Investment Times" researcher Lu Gong

Due to the problem of unqualified pure milk, Meloel Group Co., Ltd. (hereinafter referred to as McWell, 002719.SZ) was filed for investigation.

On July 4, McWell issued an announcement on the investigation by the market supervision and management department for investigation. The announcement shows that recently, the Changji Market Supervision and Administration Bureau shall conduct investigations on the company's unqualified problems of pure milk in accordance with the law.

In the evening on the evening of July 5th, the company explained that the company stated that "after verification, the company's two batches of pure milk is unqualified, and the relevant reports of non -qualified projects are proportion of propylene glycol." At the same time, the company It is also pointed out that the "because the" metal glycol "indicator is not within the necessary testing indicators of the GB25190-2010" National Standard Sterilizer of Food Safety ". Therefore, the company did not conduct relevant indicators in the two batches of pure milk products. Before media reports, the company did not know the above situation. "

In response to this matter, Melqu also stated in the announcement that a series of measures have been taken, that is, the production of pure milk has been stopped, and unqualified products are removed, sealing, and recalling. 2. Refund; self -examination and self -correction, investigate the reasons for unqualified products and rectify, and report to the market supervision and management department to investigate the situation in a timely manner; and will actively cooperate with the investigation and treatment of the market supervision and management department. Corporate Responsibility.

"Investment Times" researchers noticed that McOir pure milk business accounted for about 50%of the company's overall operating income. During the rectification period, the company may have a adverse effect on the company’s milk business, which may affect the company's stage of the company's stage Sexual business performance.

Since 2016, McWell has fallen into a trend of increasing income, and in 2018 and 2019, it has changed from profit to losses for two years. After the loss in 2020, the company once again showed a trend of increasing income from 2021 and 2022. In this context, coupled with the above -mentioned investigations or the impact, if Meloir wants to revive its performance or it is not easy.

Canton "pure milk is not qualified" storm

Talking about McWell's "pure milk is unqualified" storm, it is also necessary to start from a food sampling inspection and inspection.

Recently, among the 4th batch of pure milk produced by Machal, the 4th batch of pure milk produced by Maiquer, which was unqualified by the 4th food spot inspection and inspection of the 2022 Phase 4 of the 2022. Copylisol ".

For a while, McWell was pushed to the cusp of the wind because of the news of "two batches of pure milk unqualified" and attracted widespread attention.

On June 30, the company's stock price fell at the opening, and the decrease was 10.03%. The price was 7.98 yuan/share on the day. On the same day, the Shenzhen Stock Exchange also issued a letter of attention, asking Maiquer to report whether there are the above or other quality issues on the media reports, whether the other batches of products have the above or other quality problems, and whether it has been taken supervision measures or administrative punishment by the food and drug supervision and management department in the past three years. A series of issues are checked and written in writing.

On the next day, McWell issued an announcement saying that the company attached great importance to the situation of unqualified sampling inspection. At present, a series of work has been carried out, that is, the above two batches of products have been removed and sealed. ; The local regulatory authorities have entered the company to conduct comprehensive sampling inspection work on related products, and the company fully cooperates with the random inspection; and the company will announce the test results to the society as soon as possible.

On July 3, the State Administration of Market Supervision and Administration issued a notice, requiring that Maiquer's unqualified pure milk was not qualified, and investigations were conducted as soon as possible to deal with it in accordance with the law. After preliminary investigation and analysis, Copylene glycol was detected in Macquel's pure milk, which was caused by the use of food additive flavors during the production process.

In addition, the General Administration of Market Supervision organized a total of 23 batches of pure milk and pure milk produced by enterprises produced by enterprises with high market share. The results showed that only the six batches of pure milk produced by McWell detected propylene glycol, and the detection value was 0.264 grams/kg -0.363 grams/kg.

At present, the market regulatory authorities have investigated the case of illegal acts in the use of food additives in Macquett. After the case is found, the market regulatory authorities will deal with it seriously and announce the disposal to the society in a timely manner. As of July 5th, Meloel's stock price per share has fallen to 7.20 yuan, a four -day decrease of 18.8%.

Performance reunions will not increase the income again

Public information shows that as a modern food processing enterprise, McWell is based on the high -end and high -end fields of the food industry. R & D, processing and sales.

"Investment Times" researchers have stretched the timeline noticed that in recent years, Maiquer's operating performance is not ideal. Since its listing on the Shenzhen Stock Exchange in January 2014, Mcquel's net profitable highlights have only been maintained for one year. Data disclosure is that the company's 2015 revenue increased by 61.23%year -on -year The net profit of shareholders of listed companies (hereinafter referred to as returned mother's net profit) increased by 71.96%year -on -year to 71 million yuan.

After entering 2016, McSter's revenue continued to show a stable trend year by year, from 321 million yuan in 2014 to 1.146 billion yuan in 2021, over three times. At the same time, the company's net profit at the same time fell into a continuous decline, and the year -on -year decrease from 2016 to 2018 was 60.54%, 33%, and 918.29%, respectively. In 2018 and 2019, the company even changed from Ying to losses, with net losses at home to 154 million yuan and 69 million yuan, once on the verge of delisting. In 2020, the company turned a dual increase in profit and net profit in revenue, and such a steady performance increased McMader for only one year. By 2021, the company once again fell into a trend of increasing income. In the quarter of 2021 and the first quarter of 2022, the company's net profit attributable to mothers fell by 65.01%and 27.62%year -on -year.

Specific revenue composition of various products can be seen that in recent years, the income contributed by dairy products has increased year by year, which has increased year by year, that is, from 39.09%in 2017 to 63.94%in 2021. From the perspective of the entire industry, with the arrival of consumption upgrades and the increasing popularity of national health, per capita dairy consumption has gradually increased, dairy consumption structure has changed, and the diverse needs of consumers have injected new development driving force into the dairy market. According to statistics, the output of milk in 2021 reached 36.83 million tons, an increase of 7.1%year -on -year; the import volume of Chinese dairy in the same year reached 3.947 million tons, an increase of 18.5%year -on -year.

It is worth noting that since 2021, Dairy leader Yili (600887.SH) strategically invested in Australia You Dai (01717.HK) to strengthen its market competitiveness in the field of infant milk powder; Mengniu (02319.HK) has acquired wonderful acquisitions But Lan is more, and the overall cheese business has jumped into the industry leader after the merger. Enterprises have undoubtedly exacerbated competition in the Chinese dairy market.

The increasingly intensified industry competition and the long -term increasing increasing increasing trend for a long time, coupled with the recent problems of unqualified pure milk inspection, Machal was full of challenges on the future operation.

Maiquel's operating income, net profit and change of mother -in -law in recent years (100 million yuan)

Data source: company financial report

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