Edit | Yu Bin
Produced by | Chaoqi Network "Yu see column"
People take food as the sky, especially with the improvement of living standards, people are no longer limited to meeting the requirements of three meals a day. A casual snack with a full mouth and a unique taste has become a must-have in mass life.
In the face of the trend of the development of leisure snacks, the three squirrels took the lead in grasping the market development trend, and even listed on the ChiNext board of the Shenzhen Stock Exchange in July 2019, becoming the "first stock of national snacks". Liangpin Shop followed suit and was listed on the A-share main board in February 2020. At the casual snack track, both sides are trying to establish an advantage in the market and become an industry leader.
In contrast, due to the different corporate values and development strategies of the two sides, the markets and sales channels they face are also very different. The mission of the three squirrels is to make the world's owners cool, taking the online people-friendly route of high quality and low price; the good shop is to provide high-quality food, carry the banner of "high-end snacks", and vigorously promote offline sales.
As the two most representative listed companies in the leisure snack industry, the two sides seem to have their own advantages and disadvantages, and it is difficult to distinguish between victory and defeat, but careful analysis can see the huge gap in strength between the two. Moreover, more people in the industry tend to think that the three squirrels are better at brand positioning, marketing strategy, business value and so on.
National snacks VS high-end snacks, who is the public more willing to pay for?
The mission determines the values, which in turn determines the development path of the enterprise. The three squirrels advocate giving advantage to consumers, the price is close to the people, and adopting the business strategy of low profit, high turnover, small profit and high sales; the good product shop is to take the high-end route and adopt the business policy of high profit and low turnover.
According to the financial report of the third quarter of 2021, the three squirrels handed over a satisfactory answer sheet of 7.07 billion yuan of main business income, ranking first in the industry; the good shop was slightly inferior, with a main business income of 6.569 billion yuan, ranking second in the industry. It can be seen that the three squirrels occupy a larger market share than the good shop.
Three squirrels rank first in the industry, not only because the price is close to the people, but also because of the "fineness" of its products. It is understood that the three squirrels mainly develop nuts and meat and other leisure snacks, optimize and adjust the product structure, clean up and eliminate more than 300 SKU long tail, starting from the upstream suppliers, strictly grasp the quality of raw materials, while increasing the research and development of product tastes, and strive to explore the needs and preferences of the public, on this basis to improve and innovate, and strive to achieve the ultimate in the refined product market, becoming the benchmark of the industry.
It has been observed that whether it is an office worker or a fitness beauty lover, every day needs to consume a certain amount of nutrition and energy to maintain the operation of the human body, different nuts have different effects, then the nuts according to the needs of the human body to match and sell, is a highlight of market development. "Daily Nuts" was born in this pursuit environment, and sales also exceeded the 1 billion yuan mark, ranking first on Tmall and once becoming the symbol of its brand.
Look at the good shop again. In addition to the above two categories, seafood river fresh, beverages, and candy are also involved, but if you say which type of product has achieved the ultimate, which type of product is the most representative, it seems that there is not. At the same time, the good shop seems to have entered a misunderstanding, defining high-priced snacks as high-end snacks.
Just like consumer products such as smartphones, high prices do not equal high-end. High-end snacks must be linked to high product quality in order to gain consumer recognition, otherwise it is just a false proposition. That is to say, snacks are delicious and can satisfy the increasingly picky taste buds of the public to be called high-end, while good shops raise their prices by changing the outer packaging and celebrity endorsements.
Obviously, this is very different from the definition of high-end snacks. From the perspective of consumers, the so-called high-end of the good shop is also slightly less satisfactory.
At the same time, the two also adopt different strategies in the development of brand industry. As we all know, children's money is the best to earn, and three squirrels and good shops have been involved in the children's snack area.
In this case, the three squirrels launched the "Fawn Blue Blue" brand, which currently has 50 SKU products, and achieved operating income of more than 18.11 million yuan in 2020, ranking first in the baby snack industry; from September 2020 to February 2021, it has been ranked first in the sales of baby snacks on the whole network. The brand's freeze-dried cheese blocks, using FD Aerospace freeze-dried technology, are committed to creating high-quality infant food.
Liangpin Shop followed closely behind, launched the "Liangpin Small Food Fairy" brand, the brand currently has more than 200 SKU products, achieved a certain market share, but the brand is still around the "good product", in contrast, the three squirrels, has gradually developed the brand advantages of the subsidiary, making it a new growth point.
It can be seen that the three squirrels are more in line with the needs of the public in product development, and the "high-end" positioning of the good shop is worth affirming, but how to make the "high-end" and "high quality" echo each other, the good shop still needs to work hard.
Main online VS main offline, which channel is more conducive to future development?
As we all know, the three squirrels are from e-commerce, and they are mainly online sales at birth, and they are representatives of e-commerce snack companies. The establishment of the good shop was earlier than the three squirrels, and it was originally the original offline store operation. The above situation makes the three squirrels focus on online electronic sales, and the good shop mainly focuses on offline store sales. Both sales methods have their own advantages, which cannot be summed up in one word.
Opening an online store can save money for leasing a storefront, and can also save some manpower and material resources. Especially since the epidemic, the closure and isolation of major shopping malls has become the norm, which has greatly increased the cost of offline operations.
At the same time, with the further intensification of digitalization, people are increasingly inseparable from mobile phones, computers and other electronic products, e-commerce companies can expand the exposure of their own products in the public view through a variety of channels such as vibrato, kuaishou and other short videos.
However, online sales also have certain drawbacks, first of all, the lack of trust between each other, on the Internet, buyers and sellers have not met, lack of direct communication, build trust opportunities. Secondly, due to the lack of experience in online sales, the public cannot experience the taste of snacks, and can only make corresponding judgments on snacks through relevant comments.
It can be seen that according to the general trend of the industry, the leisure snack industry may increase the sense of offline trust and experience, increase online sales, and balance the development of online and offline is more conducive to the future development of enterprises.
According to statistics, in 2020, the online operating income of the three squirrels accounted for 74% of the total revenue, the offline income accounted for 26%, and online sales once ranked first, while developing the offline market and balanced the development of online and offline revenue.
In 2020, 78 new stores were opened, a total of 171 at the end of the year, covering 24 provinces and municipalities directly under the central government, while expanding the alliance of small stores, the establishment of city teams and "entrepreneurship universities", and continuously optimizing the efficiency of store operations. At the same time, the three squirrels use many years of online sales experience and the advantages of big data analysis to select and build positions offline to sell more in line with market development.
In contrast, the proportion of online and offline sales of good shops in 2020 is 51% and 49%, respectively, and the development of the two channels seems to be more balanced. However, it is worth noting that the headquarters of the good shop is in Hubei, affected by the epidemic, and offline sales have been greatly reduced, so that offline income has been greatly reduced, and the proportion of online income has been increased.
This equilibrium is not a true equilibrium and will not bring benefits to the future development of the enterprise. According to the latest 2021 financial report released by Good Shop, the online business revenue increased by only 8% over 2020. In order to achieve a truly balanced multi-channel development, the good shop has a long way to go.
In business, who can generate more profits for shareholders?
In the capitalist market, the ultimate goal of a company is to create profits for equity holders as a for-profit organization. Comparing the indicators of the three squirrels and the good shop at the same time (that is, the third quarter report of 2021), the situation is as follows:
Operational capacity is the ability of the enterprise to operate, that is, the ability of the enterprise to use various assets to earn profits, the snack industry can be measured by the turnover rate of accounts receivable, the number of days of turnover of accounts receivable, the turnover rate of current assets, and the number of days of turnover of current assets.
According to the third quarter report of both parties, the turnover rate of accounts receivable of the three squirrels was 27.5, and the turnover days of accounts receivable were 6.5; the turnover rate of accounts receivable and the turnover days of accounts receivable of the good shop were 15.23 and 17.73, respectively. In contrast, it can be found that the accounts receivable turnover rate of the three squirrels is higher, and the accounts receivable turnover days are fewer. The more accounts receivable are turned over, the faster the recovery of credit sales and the more efficient the management of the enterprise. Obviously, the work efficiency of the three squirrels is higher than that of the good shop.
In terms of current assets, the current asset turnover ratio of the three squirrels was 2.22 and the turnover days of current assets were 121.41; the two indicators of the good shop were 1.49 and 180.81, respectively. Similarly, the current asset turnover rate of the three squirrels is higher than that of the good shop, and the number of current asset turnover days is reversed. The more current asset turnover, the more turnover of the same current assets, and the better the effect of the use of current assets.
The fewer days of liquid asset turnover, the shorter the time and the faster the turnover of current assets as they go through the various stages of production and marketing. It can be seen that in inventory management, the three squirrels still occupy an advantage.
The main business income is the operating income obtained by the enterprise engaged in the production and operation activities of the industry, and it is the main source of profit. As of September 30, 2021, the three squirrels achieved a main business income of 7.07 billion yuan, and the good shop achieved a main business income of 6.559 billion yuan, which was slightly better in sales.
Let's look at the net profit. As of the third quarter of 2021, the three squirrels achieved a net profit of 442 million yuan, and the good shop achieved a net profit of 318 million yuan. The above can be calculated that the operating net profit margin of the three squirrels is 6.25%, and the good shop is 4.85%. Therefore, compared with the profitability of the two, three squirrels have more advantages than good shops.
The purpose of the company's operation is to achieve profitability for shareholders and maximize shareholder value. But in contrast, three squirrels are more favored by investors. This can be judged by earnings per share. According to the data, on September 30, 2021, the earnings per share of the three squirrels were 1.11, and the profit per share of the good shop was 0.79, that is, the shareholders of the three squirrels could get a net profit of 1.11 yuan for each share held, and the shareholders of the good product shop could get a net profit of 0.79 yuan for each share held.
It can be seen that the objective financial data can see the advantages and disadvantages of the three squirrels and the good shop at a glance. As two public companies that are also listed enterprises, their commercial value is not only reflected in their own operating capabilities, but also in the benefits of shareholders' interests.
However, in contrast, the three squirrels have shown greater potential, both in terms of their own benign development and shareholder returns. It is not difficult to understand why, although the market value of the two is almost the same, whether it is brand and word of mouth, consumers or investors, they tend to support the three squirrels.
epilogue
In summary, the three squirrels seem to be more in line with the future development of the market. However, the market is constantly developing, and if enterprises want to be sustainable, they must always explore and pursue.
Whether it is three squirrels or a good shop, in the face of people's increasingly picky taste buds, if you want to stand tall, you must maintain the spirit of curiosity, so that the tree can be evergreen. Therefore, the enterprises in the leisure snack industry chase after each other, and the atmosphere formed is a benign promotion of the industry, not just cruel business competition.