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Interface News reporter | Yue

Interface News Edit | Ya Han Xiang

The products such as milk and beer imported from abroad for not thousands of miles are “not fragrant.”

On April 18, the 2023 annual report released by Pinwa Food showed that the company achieved revenue of 1.123 billion yuan in 2023, a year-on-year decrease of 27%; the net profit attributable to the mother was -073 million yuan, a year-on-year decrease of 754.87%.This is also the first annual loss since the listing of Pinwa Foods in 2020.

Pinwa Food is a company that imports and sells foreign food as its main business. The business involves dairy products, drinking, grain and oil condiments, cereal breakfast, biscuits, etc.Lochi oil and so on.In September 2020, Pinwo Food was listed on the Shenzhen Stock Exchange, becoming the “first stock of imported food” in the real sense of A shares.

From the perspective of its business model, Pinwa Food cooperates with foreign suppliers, and the supplier will be imported to China after production and processing according to the company’s requirements. After the product enters ChinaIn terms of brand operation management, product development and channel marketing.

Regarding the decline in performance in 2023, the company attributed the reason to the cost of procurement, the increase in the cost of shipping, and the unstable transportation capacity, and the weak recovery of the Chinese liquid milk market and intensified competition, which had a greater impact on performance.

From the perspective of different business categories, dairy products, beer, grain, oil, grain, and comprehensive food have revenue declines without exception, down 25.86%, 34.09%, 24.87%, 46.52%, and 14.99%year -on -year respectively.During the same period, the gross profit margins of each business decreased by 7.71, 7.27, 12.39, 12.84, and 9.68 percentage points compared with 2022.

The weak food performance has continued for a long time.

In 2021, with the income increase of 9.84%, net profit fell 29.72%; in 2022, both revenue and net profit fell, down 6.78%and 88.26%, respectively.In this regard, the explanation of the food food is that the epidemic has caused the terminal demand to decline, the sales work is blocked, the difficulty of logistics and distribution and the increase in transportation costs; in addition, it is still the influence of the international

Until 2023, after the epidemic market recovered, the company even suffered losses.

As a Dia milk with a proportion of nearly 80%, its performance has changed into a incision to observe the company’s losses.

Pinwa food introduced Dia milk into the Chinese market in 2012.In the imported liquid milk details, Dia milk has maintained the first market share since 2019, and appeared in many offline merchants’ “imported food” shelves. It was recognized by consumers.

Photo source: Tmall Deya flagship store

From the product point of view, Dia has imported pure milk series, imported organic milk series, imported yogurt series, and imported children’s milk series.In 2023, A2β-casein whole milk and A2β-casein whole milk powder products imported by New Zealand were also launched as Diah-end-line products.

Although it has a certain aura with the “import brand”, the major environment facing Dia milk is that China’s raw milk production is sufficient, and the dairy market has entered a short -term adjustment stage.

According to data from the National Bureau of Statistics, China’s milk production continued to grow in 2023, reaching 41.97 million tons, an increase of 6.7%year -on -year.This growth provides more raw material foundations for the Chinese dairy market, and has also affected the imported milk industry.

Although China’s milk production increases, consumption growth lags behind output growth, leading to the relative supply of fresh milk.This has greatly reduced the import volume of dairy products such as large bags and liquid milk.At the same time, the price of China’s raw milk prices also put pressure on the imported milk industry.

For imported milk, a problem to face is how to ensure the freshness of the product.Out of the pursuit of texture and freshness, many consumers will choose low -temperature liquid milk with shorter shelf life, and imported milk is mostly room temperature products with longer shelf life.

In May 2023, investors asked questions at the Pinwo Food Performance Brigade, “Domestic brands are mostly produced in the week and month when they sell milk.How to ensure competitiveness in 10 months of products? “

In this regard, management is “company milk supplier is mainly located in Europe and is a well -known internationally renowned food processing enterprise. It has established a comprehensive and strict quality control system to ensure excellent product quality”.This also means that under the current import business model, Pinwa Food does not have a better solution to solve this problem, and the low -temperature milk market may face more intense competition in domestic dairy giants.

And it also sends new growth points to cheese.

In 2023, Pinwo Food completed the official put -in of the Shanghai Cheese Factory. The first batch of products that were put into production at the end of 2023 were small round cheese.According to the announcement, the project has invested over 100 million yuan, and the annual output is expected to reach 4032 tons. The first phase of the two production lines of small round cheese and hand -tear cheese are introduced.Pinwa food attempts to optimize product structure and increase profit margins.

Picture source: Tmall Supermarket

However, from the perspective of the entire industry, the cheese, which was once regarded as the upgrade of dairy product consumption, also took the “downhill road”.

Taking the performance of “Cheese’s first share” Miao Kelan’s performance in 2023 as an example, operating income was 4.049 billion yuan, a year -on -year decrease of 16.16%; net profit was 63 million yuan, a year -on -year decrease of 53.90%.

According to a report by the fast -moving offline retail monitoring agency, since January 2022, the overall sales of cheese category have shown a relatively obvious ladder decline.The market share of cheese in dairy categories accounted for 5.92%from the highest point in January 2022 to about 3.5%in the first quarter of 2024, with a decline of about 40%.

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