China Food

Dali food today issued a midterm report, and the share of peas is the leader. Lehu wants to strike while the iron is hot



This afternoon, Dali food (3799. HK), which owns Daliyuan, doubendou, kebike, Lehu and other brands, released the interim performance report for 2022.


The financial report shows that in the first half of 2022, the local leisure snack giant achieved a total revenue of 10.318 billion yuan (RMB, the same below), a year-on-year decrease of 8.6%, and a net profit of 1.706 billion yuan, a year-on-year decrease of 15.3%. “Affected by repeated epidemics and other factors, the cost of raw materials has increased globally.” Dali said today that it showed “strong resilience and risk resistance” in the first half of the year.



The snack representative learned that at the performance meeting concluded in the evening, Xu Shihui, chairman, executive director and chief executive officer of Dali food group, and other company executives further interpreted the performance of various sectors in the first half of the year, and also talked about the major sorting out of the distribution price system, as well as the annual expectation and future business planning.



Next, let’s take a look at the on-site news.


New growth curve


So far, Dali has laid out three major sectors and seven brands in the over 100 billion leisure food and beverage market. Among them, the leisure food sector includes Daliyuan, kebike and delicious food; The ready to drink beverage segment includes Heqizheng and Lehu; In the household consumption sector, there are doubendou and meibachen.


Let’s take a look at them one by one.



First, let’s focus on the household consumption with the most brilliant performance, which is also the only plate in the first half of this year that Dali realized the “counter trend growth” of income. According to the financial report, the revenue of this segment in the first half of the year was 1.726 billion yuan, with a year-on-year increase of 2.8%, and its proportion in the group’s overall sales continued to increase.


The company pointed out today that new business segments such as plant protein and short-term bread have performed well, thus promoting the formation of a “new growth curve”.



In the first half of 2022, the sales revenue of China’s largest soybean milk brand increased slightly by 0.1% to 1.066 billion yuan. “We believe that with the improvement of consumers’ health awareness and our continuous education investment, the potential of plant protein drinks will be further released.” Tian Yuanxin, vice president of Dali, said at the meeting.


欧睿国际数据显示,按照2021年零售渠道销售量计算,豆本豆在中国豆奶市场的份额达到23%,排名第一。


In addition, thanks to the continuous promotion and optimization of the channel network and the strategic launch of Zhongbao bread, the sales revenue of meibaochen, a short-term bread brand, increased by 7.5% to 660 million yuan in the first half of the year.


“Meibachen has more than 150000 business outlets, and the national market capacity has been further improved. Driven by the large single product strategy, the number and volume of star products have increased.” Tian Yuanxin said.



In the leisure food sector, which accounts for the majority of the revenue, the revenue in the first half of the year decreased by 6.8% to 4.528 billion yuan, and the gross profit decreased by 13.2% to 1.488 billion yuan.


The company pointed out that this was mainly affected by the short-term impact of the epidemic. At present, its baking cake brand Daliyuan ranks first in the market share; In the first half of the year, kebike and yuyudian continued to expand their influence among young consumers while upgrading their products.



Finally, let’s look at ready to drink drinks. According to the financial report, in the first half of the year, due to the lack of consumption scenarios of some categories caused by the epidemic, the sales revenue of this sector decreased by 19.5% to 2.965 billion yuan, and the gross profit decreased by 22.7% to 1.425 billion yuan.


“In the second half of the year, we will launch more new products one after another, such as the new brand tea U Xu Shihui said at the meeting.



He mentioned that Dali’s product innovation direction is to focus on improving quality, taste, packaging and appearance. For example, in the past, the consumption of soymilk was mostly in the form of streets and alleys, while the soybeans were cut into high-end sub categories, providing organic soymilk and plant-based yogurt.


Looking forward to the second half of 2022, Dali food said that “it will continue to expand its market share and compete for the incremental market”. In the family consumption sector, promote meibachen to improve the sales quality and scale, and deepen the brand and category education of beans; In the leisure food sector, implement the high-end strategy; In the instant drink industry, improve the incentive mechanism of dealers and teams.


“From last year to the first half of this year, Lehu’s number of dealers increased rapidly. After the increase of terminal sales points in the first stage, we will enter the second stage today, that is, to improve the market coverage. This is one of our key channel work in the second half of this year.” Luo Xianjiang, vice president of Dali food group, added at the meeting that Lehu has a good foundation and needs to “strike while the iron is hot” at this stage to achieve a large growth in the future.



Xiaoshidai noticed that in response to the questions raised by the analysts, Xu Shihui said that it is no problem for Dali to achieve the growth of “medium to high units” in the second half of this year.



Follow the “snack generation” (wechat: foodinc) and reply to “Dali” to see the wonderful news.



Dali food today issued a midterm report, and the share of peas is the leader. Lehu wants to strike while the iron is hot


“当然,这一调整也存在阵痛期,影响到了今年上半年休闲食品板块的整体业绩,但我们要着眼于长期健康发展。”他说,即饮饮料、家庭消费等板块也一样推进价格调整。


未来规划


尽管上半年面临疫情等因素的挑战,这家本土食品饮料巨头在新品上市方面仍表现活跃。


例如,小食代介绍过,豆本豆选用东北黑土地的限定有机大豆,推出了有机系列高端产品;和其正则推出了新派特调凉茶“萂茶”,并以高颜值国潮包装瞄准了年轻消费群体;达利园上市了升级版瑞士卷“全新小白卷”;可比克发布了新品“小弯曲原切薯片”。



“下半年,我们还会有更多新品陆续推出,比如果味茶新品牌茶U。”许世辉在会上表示。


他提到,达利的产品创新方向是着重于从品质、口感、包装和外形上提升。例如,以前豆奶消费多是街边小巷的形式,而豆本豆则切入了高端细分品类,提供有机豆奶、植物基酸奶等。


展望2022年下半年,达利食品表示,“将不断扩大市场份额并且争夺增量市场”。在家庭消费板块,推动美焙辰提升销售质量与规模,并深化豆本豆的品牌及品类教育;在休闲食品板块,贯彻高端化策略;在即饮饮料产业,提升经销商和团队激励机制。



“从去年到今年上半年,乐虎在经销商数量上增长较快。经过第一阶段的终端售点的增加后,我们今天要进入第二阶段,也就是提升市场覆盖率,这是我们下半年的渠道重点工作之一。”达利食品集团副总裁罗贤江在会上补充说道,乐虎基础较好,现阶段需要“趁热打铁”,以在接下来实现较大幅度的增长。


小食代留意到,在回复分析师提问时,许世辉表示,预计达利今年下半年实现“中高单位数”的增长是没有问题的。


关注“小食代(微信号:foodinc)”,回复“达利看精彩消息。

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