China Food

2022 Luwei Jianghu: competition intensifies and undercurrent surges


 



即将迎来变局。

 



卤味江湖一直不缺看点。
In the capital market, Juewei, zhouheiya and Huangshanghuang have been steadily occupying the head for many years. Recently, Ziyan food and Dezhou grilled chicken will also land in the capital market, trying to pry the status quo of “three pillars” for many years. The stewed meat market has become more heated and noisy.
In 2021, almost every month, Luwei racetrack will be financed. At that time, this mature red sea racetrack has been set off by capital. During this period, Beijing style fresh halogen, wuxiangju, shengxiangting and other brands have successively obtained financing, and the halogen snack brands qianbandit, halogen awakening, Wang Xiaolu and so on have also obtained financing.
Back to now, nearly eight months have passed since 2022, and only two domestic stewed flavor brands have announced that they have obtained financing, namely, “we have duck neck” and “Ma claw claw”, which are quite different from the financing scale of last year.
Recently, Juewei and Zhou Heiya successively released the financial report of the first half of the year. Juewei food is expected to achieve a net profit attributable to shareholders of the listed company of 90 million yuan to 110 million yuan in the first half of this year, a decrease of 78.08% – 82.07% over the same period of last year; This week, the net profit and revenue of black duck declined, among which, the net profit is expected to reach only 10 million-20 million in the first half of the year, with a sharp year-on-year decline of 91.3% – 95.65%. Although Huang Shanghuang has not disclosed the performance forecast, from the financial report of the first quarter, the net profit attributable to the parent decreased by 45.57% year on year. It is not difficult to speculate that the performance of Huang Shanghuang in the first half of the year is also difficult to be considerable.
market expansion and financing cooling
It can be said that stewed meat has a long history in China. China has a vast territory and abundant resources. Due to the differences in geography, culture and eating habits, various factions of stewed meat have been born, such as Sichuan brine, Guangdong brine, sauce brine, and wax brine. From the perspective of specific halogen products, the common halogen flavor mainly includes duck meat, beef, pork, chicken, etc., and some vegetarians such as kelp, beancurd and lotus root slices.
in the past, Luwei was mainly served with family meals. The Luwei shops in the streets and alleys were a delicacy on the table of ordinary people. In recent years, leisure halogen products have been loved by consumers and become snacks after meals. Meanwhile, packaged halogen products have also entered various supermarkets.
in the large market of Luwei, leisure Luwei can break through the tight encirclement, which is related to the upgrading of people’s consumption and the continuous improvement of people’s disposable income and purchasing power in recent years. According to the prospective industry research institute, it is expected that in the next five years, the catering and leisure halogen products industries will continue to maintain a compound growth rate of 7% and 10% respectively, and the growth rate of leisure halogen products will be higher. By 2026, the retail sales of the halogen food industry is expected to reach 244.9 billion yuan, the retail sales of the leisure halogen food market is expected to reach 160.8 billion yuan, and the total scale of halogen food is about 405.7 billion yuan.
With a market size of 100 billion yuan, there will be a continuous influx of competitors. From the perspective of compound growth rate, it can be said that the halogen flavor market maintains a stable growth trend.
It is worth noting that it is easy to enter the track, but difficult to become a head.
When yuan Zelu, founder of Kuafu Fried String, was interviewed by moose for new consumption, he specially explained that
In recent years, Juewei food has further established the leading position of Luwei through investment, and also reduced the pressure of horizontal competition through investment. According to incomplete statistics, Juewei participated in round B financing of “shengxiangting”, strategic financing of “halogen Jiangnan”, round a financing of “Yanjia spicy sauce duck”, equity financing of “I greedy duck neck” and angel round financing of “claw food”.

It is different from Zhou Heiya, which started to follow the high-end route and only opened its franchise in the past two years, and took the sinking route. Juewei started with the road of wanjiadian. By the end of 2021, the number of Juewei food stores had exceeded 13714, far exceeding the 2781 stores of Zhou Heiya and the 4281 stores of Huang Shanghuang.
However, now it seems that these three listed companies still focusing on “duck products” will usher in two strong competitors focusing on “chicken products”. Ziyan food is the well-known Ziyan Baiwei chicken. Its listing process is currently at the IPO meeting. If it is successfully listed, Ziyan food will become the “first stock of stewed food in the stewed food”. In addition, the website of China Securities Regulatory Commission shows that Dezhou grilled chicken has pre disclosed the prospectus and intends to list a shares. These two main products are “chicken products”. At the same time, according to the new consumption of moose visiting shopping malls around the country, in addition to chicken and duck, pig’s feet have also become a popular category of halogen products.
From the perspective of stores, the total number of stores of Ziyan food has exceeded 5000, far exceeding the number of stores of Zhou Heiya and Huang Shanghuang, and second only to Juwei food. According to the business data of five well-known Luwei enterprises in the past three years compiled by the new consumption of moose, it can be clearly seen that the revenue, net profit and number of stores of Juewei food are far better than those of the other four brands, firmly occupying the leading position. The three enterprises in the middle of the figure below are Huangshanghuang, zhouheiya and Ziyan food. It can be seen that the data of these three brands are not very different at present. On the whole, it is difficult to say which one is better.
Although there is a big gap between the profit level of Dezhou grilled chicken and the previous few, the performance of Dezhou grilled chicken in the past three years has been relatively stable, with little fluctuation in revenue and net profit. However, even if the Dezhou grilled chicken with only 553 stores is successfully listed, it still has a long way to go to shorten the distance from the previous few.
Read the original text
2022 Luwei Jianghu: competition intensifies and undercurrent surges
不过如今看来,这三家仍以“鸭产品”为主的上市企业将迎来两个以“鸡产品”为主的强劲对手。紫燕食品即是人们熟知的紫燕百味鸡,其上市进程目前已处于IPO 首发过会,如果成功上市,紫燕食品将成为卤味中的 ” 佐餐卤味第一股 “。另外,证监会网站显示,德州扒鸡预披露了招股书,拟A股上市。这两家主打产品都是“鸡产品”。同时,据驼鹿新消费走访各地商场发现,除了鸡鸭,猪蹄也成为了卤制品受欢迎的品类。
从门店上来看,紫燕食品的总门店数量已经超过5000家,远超过周黑鸭和煌上煌的门店数量,仅次于绝味食品。据驼鹿新消费整理的近三年五家知名的卤味企业经营数据图中,可以明显看出,绝味食品的营收、净利润和门店数都远胜于其他4家品牌,牢牢稳占龙头。下图中间三家企业分别为煌上煌、周黑鸭、紫燕食品,可以看出这三个品牌目前在数据上相差不是很大,整体上看,很难说哪家更好。
虽然营利水平和前面几家差距较大,但是德州扒鸡近三年业绩相对稳定,营收和净利方面波动不大,不过门店仅553家的德州扒鸡即便上市成功,想要缩短与前面几家的距离,仍有很长的路要走。
另外,卤味走的是老百姓的路线,千亿市场下,绝对不只以上提到的几家品牌,更多的卤味品牌仍在区域发展,对于走向全国,品牌们在供应链工厂、仓储物流、食材品质等方面均需很大的提高。同时,通过走访各大商场,驼鹿新消费还发现“卤味加配菜、粉面”等新式卤味也逐渐受到年轻人的喜爱。在暗潮汹涌的红海卤味市场下,上半年短暂的瓶颈期也是卤味品牌需要接受的考验之一。
作者:秀珍;来源:驼鹿新消费(ID:tuolu360),转载已获得授权。
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