Traditional large categories are still the main force of condiment leading performance

In the past few days, 18 listed condiment companies have successively announced their operations in the first three quarters
.
Combing found that from January to September, 18 listed condiment companies had a total revenue of 74.
949 billion yuan and a total net profit of 12.
414 billion yuan
.
Compared with the operating data of 16 listed condiments companies (Baoli Foods and Zhu Laoliu) in the same period of 2021, revenue increased by about 20% year-on-year, and net profit increased by nearly 40%
year-on-year.
Industry insiders said that since the beginning of this year, the condiment industry has been affected by factors such as the spread of the new crown pneumonia epidemic, the cold of catering, rising costs of raw materials and labor, and weak terminal consumer demand, and the performance growth of many companies has been under pressure
.
However, from the third quarterly reports of 18 listed companies, the overall growth trend
is still present.

The industry is showing growth

In terms of revenue, Meihua Biotechnology, Haitian Taste Industry and Angel Yeast won the top three crowns
in revenue.

There are 2 companies with revenue of more than 10 billion yuan, Meihua Biotechnology and Haitian Taste Industry
.
Among them, Meihua Biotech ranked first among 18 companies with revenue of 20.
821 billion yuan; Haitian Taste Industry ranked second with revenue of 19.
094 billion yuan; and Angel yeast ranked third
with revenue of 8.
983 billion yuan.
There are 10 companies with revenue between 1 billion and 5 billion yuan, among which Xuetian Salt Industry, Suyanjingshen and Zhongju High-tech have performed more brightly
.
The revenue scale of the remaining five companies is less than
1 billion yuan.

In terms of revenue growth, Xuetian Salt Industry, Tianwei Food, and Suyanjingshen won the top three
.

15 of the 18 companies maintained positive revenue growth, of which 10 maintained double-digit revenue growth, and Xuetian Salt Industry, Tianwei Food and Suyanjingshen ranked the top three
in revenue growth with year-on-year growth rates of 53.
44%, 36.
58% and 29.
69% respectively.
In addition, the revenue of Jialong shares, Richen shares and lotus health 3 companies, showed negative growth
.

In terms of net profit, Haitian Flavor Industry, Meihua Biotechnology, and Angel Yeast once again ranked in the top three
.

Sixteen of the 18 companies are profitable
.
There are 2 companies with net profits between 1 billion and 5 billion yuan, Haitian Taste Industry and Meihua Biotechnology
.
Among them, Haitian Taste ranked first with a net profit of 4.
667 billion yuan, and Meihua Bio ranked second
with a net profit of 3.
444 billion yuan.
In addition, Angel yeast's net profit was 897 million yuan, ranking third
.
There are 10 companies with net profits between 100 million and 1 billion yuan, and in addition to Angel yeast, the net profits of Fuling Squeezed Vegetables, Su Yanjingshen and Xuetian Salt Industry have also exceeded the 500 million yuan mark
.
The net profit scale of Zhu Laoliu, Lotus Health, Richen Co.
, Ltd.
and Anji Food is between
000 billion and 100 million yuan.
In addition, the net profit of Jiajia Foods and Jialong Co.
, Ltd.
was in loss
.

From the perspective of net profit growth, Tianwei Food, Su Yanjingshen, and Meihua Bio ranked in the top three
.

Eleven of the 18 companies maintained positive net profit growth
.
Among them, the net profits of 4 companies such as Tianwei Food, Su Yanjingshen, Meihua Biotechnology and Xuetian Salt Industry doubled, and Tianwei Food, Su Yanjingshen and Meihua Biotechnology ranked the top three
in net profit growth with growth rates of 204.
76%, 201.
83% and 159.
49% respectively.
The net profit of six companies, including Qianhe Wei Industry, Fuling Squeezed Vegetables and Lotus Health, maintained double-digit growth
.
In addition, the net profit of 7 companies including Haitian Flavor Industry, Angel Yeast, Jiajia Food, and Jialong Co.
, Ltd.
showed negative growth
.

Overall, the industry is still showing growth
.
10 companies such as Zhongju High-tech, Qianhe Flavor Industry, Hengshun Vinegar Industry, Meihua Biotechnology, Fuling Squeezed Vegetables, Tianwei Food, and Baoli Food achieved double growth in revenue and net profit, 5 companies such as Haitian Flavor Industry, Jiajia Food, and Angel Yeast increased their revenue without increasing profits, Lotus Health did not increase profits, and Richen shares and Jialong shares experienced a double decrease
in revenue and net profit.

"Masterpieces" are still the main force of revenue

Haitian Flavor Industry's soy sauce, oyster sauce, seasoning sauce, Tianwei Food's hot pot base, Chinese dish seasoning, Qianhe Flavor Industry's zero-added soy sauce, zero-added vinegar, Hengshun Vinegar's vinegar.
.
.
The analysis found that although 18 listed companies have been actively looking for new points in performance in recent years, these businesses cannot become a strong performance pillar at present, and the main force of performance is still traditional large categories
.

Haitian Flavor's third quarter financial report shows that from January to September, Haitian Flavor's operating income was 19.
094 billion yuan, a year-on-year increase of 6.
11%.

In terms of business, during the reporting period, Haitian Flavor's performance was still the three major categories
of soy sauce, sauce sauce and oyster sauce.
Among them, the revenue of soy sauce in the third quarter was 2.
91 billion yuan, the revenue of oyster sauce was 1.
001 billion yuan, the revenue of seasoning sauce was 557 million yuan, and the total revenue of other categories was 639 million yuan
.
In recent years, Haitian Taste Industry has continued to make efforts in product diversification, covering more than 100 varieties of more than 100 varieties
such as soy sauce, oyster sauce, sauce, vinegar, cooking wine, sauce, chicken essence, chicken powder, curd, hot pot base, etc.
However, from the current operating performance, Haitian Taste Industry's diversification strategy is not effective
.

From January to September, Tianwei Food achieved a double increase in revenue and net profit, and from the perspective of revenue changes in major products, all categories achieved significant growth, but hot pot base and Chinese dish seasoning still have obvious advantages, contributing 798 million yuan and 888 million yuan to operating income, respectively, an increase of 35.
99% and 27.
91%
year-on-year.
Tianwei food focuses on authentic Sichuan flavor, and the hot pot base is mainly
spicy.
In recent years, Tianwei Food has focused on brand enhancement and proposed the dual-brand driving strategy
of "Good People" and "Da Hong Pao".
Among them, "Good People" is positioned in the mid-to-high-end market, focusing on hot pot seasonings, Sichuan cuisine seasonings, and ready-to-eat products; "Da Hong Pao" is positioned as the mass market of hot pot seasonings and the B-end market of catering, focusing on hot pot seasonings and catering products
.
Industry insiders pointed out that focusing on single products and deeply cultivating the product matrix allows Tianwei Food to have its own market share in the compound seasoning track, and the later development of Tianwei Food is still worth looking forward to
.

Hengshun vinegar industry has steadily promoted the "vinegar wine sauce" strategy
in recent years.
In terms of products, the three major products of vinegar, wine and sauce in the third quarter achieved revenue of 290 million yuan, 120 million yuan and 50 million yuan respectively, a year-on-year increase of 82.
6%, 52.
8% and 35.
6%, a total increase of 67.
8%.

It is understood that under the influence of marketing investment and low base, in addition to the traditional advantage of Zhenjiang balsamic vinegar, vinaigrette and vinegar drink also contribute a large increase
.
At the same time, alcohol and sauce have also achieved balanced development, and the compound seasonings and soy sauce in sauces have made steady efforts, and the total volume of
braised pork and sour soup fat beef seasoning package is nearly 100 million yuan.
Previously, Hengshun vinegar industry frequently crossed borders, successively launched "sweet and sour hug" sparkling water, cultural and creative ice cream and other products, and also involved in optoelectronics, bioengineering, pharmaceutical, real estate, automobile sales, glass and finance and other industries, but the performance was poor or even loss
.
In 2020, Hengshun Vinegar Industry refocused on the main business of vinegar and divested non-main business assets
.
According to the financial report, in 2021, the company will successively divest Hengda Packaging and Hengshun Rice Industry and acquire Shanxi Hengshun Vinegar Industry and Hengrun Condiments
.
This year, Hengshun Vinegar sold a 51% stake in its real estate sector, further demonstrating the company's determination
to return to its main business.

Industry insiders pointed out that the current competition in the condiment industry is fierce, and it is understandable for major companies to try to find new performance growth points, but blindly testing the water and cross-border is not conducive to long-term development
.
In the future, the industry competition may be more fierce, more challenges, in order to maintain a leading edge, the company also needs to adhere to the market, consumers and catering terminal core needs as the guide, on this basis to continuously promote product innovation, upgrading and iteration
.

(Gao Jiaodi, comprehensive arrangement)

China Food News(November 03, 2022, Version 04)

(Editor: Gao Jiaodi).