There are many people in China who make money by tofu, but only one company that can make money to be listed is Zuming shares.
In 2021, Zuming shares, which mainly focuses on fresh bean products, successfully won 8% of the market share of Jiangsu, Zhejiang and Shanghai and realized the listing on the main board of Shenzhen Stock Exchange by virtue of its three-year (2017-2019) revenue of 2.849 billion and net profit of 195 million. By the end of 2021, the annual revenue of Zuming shares has reached 1.337 billion, of which fresh bean products (mainly tofu, Qianzhang, vegetarian chicken and dried tofu) account for 66.85% of the total revenue.
A cold knowledge is that the profit of fresh bean products is not low, and the gross profit rate can reach more than 40%, and the gross profit rate of tofu can reach more than 50%. There are also rumours in the market: when the tofu is hard, it is sold as dried tofu, when it is thin, it is sold as bean curd skin, when it is thin, it is sold as pulp, and when it is stinky, it is sold as stinky tofu. The whole body is worth enough to squeeze the dregs. Even the capitalists will shed tears when they see it.
So here comes the question:
With such a perfect business, why did only one listed company named Zu Ming stock emerge for decades?
What is special about ancestral shares?
Can the ancestral shares, which have become prosperous in the Yangtze River Delta, be nationalized?
To fight against small workshops, scale is the way to kill
The track of fresh bean products is a typical large industry and small enterprise, and the sales scale of operators is mostly below 10 million. The reason why Zuming shares can grow from small to large and different from its peers lies in the scale of production.
A piece of tofu is wonderful because Mr. Zhou can eat it, and my uncle can also eat it. As an important and inexpensive source of plant protein, tofu is a gene engraved in the bones of Chinese people. Even consumers who are not interested in the light taste of tofu can always meet the tricky tofu in hot-pot/" 22375 rel="nofollow" target="_self">hot pot, Chuanchuan, Malatang, and Guandong cooking, and happily enjoy the face slapping moment.
In China, with a population of 1.4 billion, the consumer base of tofu is extremely large. According to the statistics of the soybean products professional committee, the scale of the national soybean products wholesale market in 2019 was 122.225 billion yuan, of which the amount of soybeans only used for fresh soybean products accounted for 52.63%, and the market capacity reached 64.327 billion yuan.
In addition, tofu production can be carried out by using traditional production technology and simple equipment, and the threshold for entry into the industry is low. No matter whether it is a couple’s small workshop or an urban entrepreneur, they are qualified to rely on tofu to find a bright future. This has also resulted in the low concentration of the domestic bean product manufacturing industry. Small enterprises and small workshops rely on the flexible sales of bulk tofu at low prices and occupy a considerable market share.
1) However, the most obvious problem brought about by the miniaturized and scattered production mode is that the bargaining power of the upstream is weak and it is difficult to resist the risk of price fluctuation of raw materials
As the main raw material for producing fresh soybean products, soybeans account for the majority of the production cost and have great impact on the gross profit rate and profitability of enterprises
With the continuous improvement of production scale, Zuming shares not only has stronger bargaining power in raw material procurement, but also can formulate more reasonable procurement plans based on the existing inventory, safety inventory and order cycle. For the procurement of soybeans, under the condition of grasping the future market trend, it can choose the opportunity to sign an order contract with suppliers in advance to lock the low purchase price.
2) Small workshop operation is limited by capacity and cost factors, and it is difficult to continuously upgrade processing equipment and production capacity
Small workshops mainly rely on manual operation to process soybean products, such as pulping, pressing and packaging, and earn hard money. Due to the low degree of standardization and standardization of the production process, it is impossible to ensure the consistency of the taste of soybean products and the continuous stability of the quality of soybean products. But if we really want to make the small workshop completely free from manual operation, we will probably have to pay for it.
Zuming shares earn money from large-scale production. There are two supporting points in the large-scale operation mode, one is the production efficiency, and the other is the production scope. The two constitute an interactive structural relationship: relying on the improvement of production efficiency, further expand the market ⇌ further improve the production efficiency on the basis of the expansion of the market scope; So as to create and maintain the positive operation of enterprise profit > cost, so that products can continuously enter the consumer market through the production and circulation process, and realize the virtuous cycle or “value cycle” of the value creation process. As long as this cycle can be sustained, the operation of the enterprise can be sustained and the profits can be accumulated.
The mechanization and automation of equipment are the necessary factors for large-scale production of soybean products. While expanding the production scale, Zuming shares is accompanied by the automation of equipment, packaging of products and standardization of production, so as to minimize the impact of human control on the quality of final products, improve production efficiency and reduce labor costs. At present, its process technology, equipment level and independent research and development level of major equipment are all at the leading level at home and abroad, such as automatic intelligent sterilization equipment, automatic stinky tofu production equipment, full-automatic dried tofu production line, soybean peeling system, etc., which have won the joy of changing guns.
3) Small enterprises and small workshops lack in-depth R & D capabilities and large-scale innovation capabilities, and product homogenization is serious
Due to the large number of small enterprises and small workshops, the soybean products industry generally adopts traditional production processes and simple equipment for production. Limited by the technical level, the R & D and innovation capabilities are insufficient, and the products are seriously homogenized in terms of variety, ingredients, taste and packaging.
The large-scale production of Zuming shares brings about the transformation and upgrading of equipment and processing technology. In addition, with the development of formula and technology, multiple buffs are superimposed, which makes the product R & D and innovation more stable. At present, there are only fresh tofu products. Zuming shares has Mai series tofu with the concept of “don’t be too quick”. The products include Mai taste, Mai pot stew, Mai fine run, Mai special (Fugui silk tofu) and Mai Haodi (Youyang tofu). The organic tofu series processed from organic soybeans in the northeast, as well as many sub categories such as old tofu, tofu king and brine tofu, thus corresponding
On this basis, in view of the dispersion of end consumers in the soybean products industry, whether the marketing network built by the enterprise can be close to the target consumer groups from different levels, and whether the terminal penetration ability and market reaction speed are ideal are important criteria to judge whether the enterprise channel is successfully laid.
To this end, Zuming shares should establish a set of effective sales management system, establish dense outlets covering all levels of consumer markets in key areas, ensure the timeliness of product sales and the convenience of consumers’ purchase, seize a favorable market position, and expand the coverage of consumers. Specifically, it includes:
1) Expand dealers to occupy the farmer’s market, and give consideration to motivation and risk transfer
The main sales terminals of Zuming stock dealers are farmers’ markets, breakfast stores, small supermarkets, convenience stores, etc. In addition to providing the dealers with support in terms of ladder price, business development and market development, Zuming shares also transferred the risk to the dealers in a very unscrupulous manner.
In the distribution mode, the purchase and sales of both parties are buyout relationships, that is, after the distributor signs the products, the ancestral shares complete the transfer of the ownership of the goods, no longer retain the continuous management rights related to the ownership, and no longer effectively control the sold goods. The main risks, rewards and subsequent treatment of the goods that fail to sell the inventory within the warranty period are under the management of the distributor. However, for new products in the market development period, such as fermented bean curd, the inventory that has not been sold out by the distributor and is still within the warranty period can still be returned through negotiation after the two parties stop cooperation, and the original name shares will promote the sales.
In addition, in order to stimulate the enthusiasm of dealers, Zuming stock has established strict assessment indicators and adopted the rule of eliminating the small and retaining the large for dealers. Each new batch of dealers may not only increase the number of pits caused by the development of sales areas and the refinement of sales channels, but also cause the vacancy of pits caused by the departure of a batch of dealers with poor management and unqualified assessment. It can be said that Zuming stock has grasped the essence of “internal rolling”.
2) Build a sales network in the mode of business supermarket and cut into the daily life of consumers
Compared with the vegetable market, the supermarket channel is not only more abundant in SKUs, but also can attract consumers all the time, realize the sales of bean products driven by other products, and make it easier for consumers to identify with the brand. It is one of the important ways for enterprises to earn brand premium. At the same time, supermarket consumers tend to choose one-stop purchasing, which is quite consistent with the comprehensive layout of Zuming shares in the field of soybean products. Therefore, the business supermarket model has been highly valued by Zuming stock. Under this consumption scenario, it has worked hard for many years to develop large and medium-sized supermarkets such as RT mart, Yonghui, Century Lianhua, China Resources Wanjia, Wumart and Carrefour.
In the business supermarket mode, Zuming stock establishes a cooperative relationship with the headquarters or regional headquarters of large retailers, and sells products to consumers through its sales outlets. In daily operation, the sales terminal outlets of the commercial supermarket system place orders according to their business conditions, and Zuming shares deliver goods and deliver goods according to the orders.
With the development of urbanization in the past two years, large retailers
Secondly, the regional division of the fresh soybean products industry is obvious. Affected by different dietary habits, different regions have different taste preferences. The tofu in the south is exquisite, tender and smooth, while the tofu in the north is hard and chewy. In addition, fresh soybean products are protected by many factors such as industrial development history, fresh-keeping cycle and market access. In general, each region can produce its own leading brands. For example, there are Qingmei in Shanghai, Baiyu in Beijing, Fuyin in Shenzhen and Fulai in Shenyang, but there are no national leading enterprises. The industry concentration is extremely low, and the Cr50 share is only 12%.
Even though Zuming shares has developed in the Yangtze River Delta for more than 20 years, its market share has only reached 8.3%, and it faces competition from Shanghai Qingmei, Hangzhou Hongguang Langhua, Suzhou Jinji food and other brands. It can not be said that it is not difficult to find customers of other brands.
Picture from Southwest Securities
Finally, due to the imbalance of regional economic development and the difference of consumption level between urban and rural areas, the low-cost fresh soybean products produced by small workshops and small enterprises still occupy most of the market share.
Zuming’s fresh bean products are mainly middle and high-end products, and the price of main products has been raised for many times. Although the absolute value of brand premium is lower than that of other industries, as a daily food ingredient, it still lacks price advantages after leaving the first and second tier cities. According to the data of the soybean products professional committee, the top 50 soybean products production enterprises in 2019 are relatively concentrated in the eastern, central and southern regions with traditional consumption of soybean products, developed economy and large population density. Among them, East China has the largest number of enterprises, accounting for 40%, Southwest China 20%, North China 10%, South China 8%, central China 14%, and Northeast China 8%. This means that from west to north, the economic level is gradually lower, the population density is smaller, and the region still mainly consumes low-cost soybean products from small enterprises and small workshops.
After entering the new area, the enterprise needs to spend a certain amount of time, manpower, financial and material resources to promote the brand, improve the awareness of consumers, adjust the products according to the habits of local consumers, and compete with the local original soybean products enterprises for market share. Therefore, when enterprises conduct cross regional market development, they will inevitably face the risk of increased operating costs and even competition failure.
However, Zuming shares, which are keen on “doing big things and making big money”, obviously do not intend to stop at this point.
In 2008, Zuming stock acquired a soybean product factory in Yangzhou, and has formed a revenue scale of nearly 100 million. Merger and acquisition was regarded as an alternative path for market expansion by Zuming shares. In 2021, Zuming shares reached an equity investment with Nanjing Guoguo and Guizhou longyuansheng in an attempt to replicate the “Yangzhou experience” again and realize the grand dream of showing off Zuming tofu.
The mode of cooperation and joint venture is also highly praised by ancestral shares. In 2022, Zuming Co., Ltd. and Wuhan Jiangxia Economic Development Zone Government jointly built the Wuhan factory. This off-site factory building has also become a substantial step out of the Yangtze River Delta and into central China.
Whether ancestral shares can be successfully distributed across the country has not been determined
Can the tofu in the Yangtze River Delta be sold all over the country?
在商超模式下，祖名股份与大型零售商超客户的总部或区域性总部建立合作关系，通过其销售网点将产品出售给消费者。在日常经营中，商超系统的各销售终端网点根据其经营情况下订单，祖名股份按照订单发货并进行配送。
近两年随着城镇化的发展，大型零售商超渗透率提升，祖名股份堪称搭上了顺风车，加之其进驻永辉、大润发等大型商超的数量持续增加，终端覆盖率随之提升，并带来销量增长。
3）以直销模式拓展B端客户，餐饮连锁化和城镇化的推进促使企业市占率的提高
直销模式下，祖名股份与大型餐饮机构、食堂等达成合作，海底捞、老娘舅、老乡鸡、巴比食品等餐饮机构，盒马鲜生、叮咚买菜等生鲜电商平台均是祖名股份的直销客户。针对直销客户，祖名股份还提供定制服务。例如，祖名股份为连锁餐饮品牌开发的特定豆制品品类：冻豆腐、千张条、千张结、油炸素鸡等，以此深度绑定B端客户、借势发展。
2017年以来，随着餐饮品牌连锁化与生鲜电商市场渗透率的提升，对豆制品的需求更倾向于品牌产品，以保证食品质量安全与供应稳定，祖名股份由此进入发展快车道。例如，2018 年祖名股份与海底捞采购平台建立合作关系，随着海底捞快速发展，祖名股份产品进入海底捞的商家数量及种类不断增长。2019 年，祖名股份又与巴比食品达成合作后，提供早餐豆奶饮品，进一步带来直销收入的增长。
全国豆腐市场足够大，但操作猛如虎的祖名股份能否走出长三角、把豆腐卖到全国，仍然是个谜。
首先，豆腐不是想卖到全国就能卖的：由于生鲜豆制品保鲜期短，而且运输储存均需要冷藏条件，运输距离受限。因此生鲜豆制品的生产商基本都以自己的生产基地为中心，呈圆形向四周辐射，辐射半径与豆制品的保鲜时间和运输能力相关，通常为在150—300公里以内的周边区域进行销售。
祖名股份拥有三大生产基地、200余辆冷藏货车，超过400人的专业配送队伍，以全过程冷链配送，也只能做到将配送范围覆盖到江苏、浙江、上海以及安徽部分地区。
其次，生鲜豆制品行业区域割据明显。受饮食习惯不同影响，各地的口味偏好不同，南方豆腐讲究细腻嫩滑，北方豆腐则讲究质硬有嚼劲。此外，生鲜豆制品受产业发展历史、保鲜周期、市场准入等多方面因素保护，各区域一般都能产生本区域的龙头品牌。如上海有清美、北京有白玉、深圳有福荫、沈阳有福来等，但尚未出现全国性的龙头企业，行业集中度极低，CR50份额仅为12%。
祖名股份即便在长三角发展了20多年，市占率也仅达到8.3%，并面临上海清美、杭州鸿光浪花、苏州金记食品等品牌的竞争，在挖其他品牌的客户上也不能说没有难度。
最后，由于我国区域经济发展的不平衡和城乡消费水平的差异化，小作坊、小企业生产的价格低廉的生鲜豆制品仍然占据大部分市场份额。
祖名的生鲜豆制品以中高端产品为主，并连续多次对主要产品进行提价，虽然相较于其他行业，品牌溢价的绝对值较低，但作为日常食用食材，脱离一二线城市后，仍然缺乏价格优势。根据豆制品专业委员会数据，2019年50强规模豆制品生产企业相对集中在东部、中部和南部具有豆制品消费传统且经济发达、人口密度大的地区。其中，华东地区企业数量最多，占比40%，西南地区占比20%，华北地区占比10%，华南地区占比8%，华中地区占比14%，东北地区占比8%。这意味着往西往北，经济水平逐渐走低，人口密度变小，地区仍以消费小企业、小作坊的廉价豆制品为主。
且进入新区域后，企业需要花费一定的时间和人力、财力、物力来对品牌进行宣传推广，提高消费者的认知度，根据当地消费者习惯进行产品调整，与当地原有豆制品企业展开市场份额争夺竞争。因此，企业进行跨区域市场开发，必然会面临运营成本增加，甚至是竞争失败的风险。
但热衷“搞大事、赚大钱”的祖名股份显然并不打算就此罢手。
2008年祖名股份在扬州收购某豆制品厂，目前已形成近1亿营收规模。兼并收购遂被祖名股份视为市场扩张的可选路径。2021 年，祖名股份与南京果果、贵州龙缘盛达成股权投资，试图再次复制“扬州经验”实现全国人民一起炫祖名豆腐的宏伟梦想。
合作联营的方式也颇受祖名股份推崇。2022年，祖名股份与武汉江夏经开区政府共建武汉工厂，此次异地建厂的行为也成为其走出长三角，进入华中区域的实质性一步。
祖名股份能否成功布局全国，尚未有定论。但祖名股份所依赖的商超与连锁餐饮、生鲜电商渠道提前一步证明了，全国化至少没那么容易，不管是赔钱的叮咚买菜，还是在下沉市场疯狂关店的海底捞。
作者：山楂丸；来源：消费界（ID：xiaofeijie316l），转载已获得授权。
媒体商务合作：Amy（微信号：13701559246）；
转载授权及媒体合作：Jennifer（微信号：15151447934）；
加入社群：Cherry（微信号：15262433826）。
