Edit | Tan Song
Source | Yiming.com
"I have always believed that products are not backward and not eliminated. What was eliminated was product strength. " Wei Qingwen once wrote in Weibo.
Never thought, in a word, the "black boss" who founded the Southern Black Sesame Group did not find any new product strength except playing emotional cards.
Recently, the southern black sesame paste has been pushed to the forefront because of the debt problem. According to the Announcement on Reply to the Inquiry Letter of the Semi-annual Report of Shenzhen Stock Exchange, the total debt of Southern Black Sesame Group due in the next 12 months is about165.5 billion yuan. As of September next year, its average monthly debt payable exceeds 1 billion.
Behind the high debt is the cliff-like decline in revenue and the collapse of major items.
Under the trend of consumption upgrading, new forces gradually emerge. This once-famous traditional brand also tried to reverse the decline by hitchhiking e-commerce, developing new products and cross-border batteries, but all ended in failure.
Superposition meal replacement is just around the corner, and competing products that are healthier and impact mainstream consumers are emerging one after another. Southern black sesame paste will face the same situation as a bully if it can't fight in time.
Failure product force
In the tide of reform and opening up, Southern Black Sesame Group not only pioneered the concept of black food, but also became the first black sesame industry in China.
In the 1990s, the classic advertisement of "Black Sesame Paste ... when I was a child, I couldn't sit still ..." made Southern Black Sesame Paste enter thousands of households and made Southern Black Sesame Paste Group the first paste brand in China.
At present, in the domestic paste market, except the sales of black sesame in the south, the sales of other enterprises are hovering between 30 million and 50 million. However, the middle-aged southern black sesame paste still ushered in the darkest moment.
In 20 18, although the revenue of Southern Black Sesame Group reached 3.964 billion yuan, up by 43.03% year-on-year, the net profit returned to the mother decreased by 46.06% year-on-year.
In 20 19, the revenue of 4.476 billion yuan continued to rise, increasing by 12.9% year-on-year, but the net profit attributable to the mother further declined by 43.5 1%.
In the first three quarters of 2020, it continued to decline, with revenue of 240 1 100 million yuan, down 65.438+09.84%, and net profit down 65.438+084.85%.
Aside from the impact of this year's epidemic, the strength of revenue is in stark contrast to the trend of direct decline in net profit.
Moreover, from the financial reports over the years, it can be found that the proportion of government subsidies received by Southern Black Sesame Group in the company's total profits has been on the rise.
In 20 15, government subsidies only accounted for 7.56% of the total profit of southern black sesame in that year, but by 20 19, this proportion had risen to 34.59%. From 20 15 to 20 19, the government subsidies were120,000 yuan, 150,000 yuan, 27 million yuan,150,000 yuan and170,000 yuan respectively, and the figures were relatively stable.
Then, for the southern black sesame, the increase in the proportion of government subsidies to total profits means that the proportion of its main business profits to total profits is declining.
Taking the performance of 20 19 as an example, the net profit of southern black sesame is13.94 million yuan, and the non-net profit is 972,700 yuan. This means that only 6.98% of the net profit of Southern Black Sesame in 2065438+2009 was earned from its main business.
It can also be seen from the declining gross profit rate that the gross profit rate of Southern Black Sesame was still 4 1.29% when it was first listed, but it had dropped to 26.28% in 2065,438+07, to 20.57% in 2065,438+08, and even did not exist in 2065,438+09.
At the same time of performance loss, the share price of Southern Black Sesame Group has also collapsed. This year 165438+ 10 even hit a record low, reaching a minimum of 3.0 1 yuan, which is twice as high as 8.74 yuan.
Performance decline, market shrinkage, brand aging. Southern black sesame is also trying to explore new profit growth points, but it has not achieved results.
Disordered expansion
The increase in income of Southern Black Sesame Group reflects the failure of its main products.
Wei Qingwen actually took action very early, but at first it was because he was eager to replicate the success of black sesame paste.
From 65438 to 0994, Wei Qingwen bought a vacuum low-temperature fried fruit and vegetable production line, trying to bring dehydrated fried vegetables to China market, but it failed because it did not conform to the eating habits of Chinese people.
Seeing that the beverage market as a whole is in the general trend of consumption upgrading, Wei Qingwen began to bet on the beverage market.
20 1 1, southern black sesame introduced black sesame sauce, 20 13, and southern black sesame established beverage division. 20 16 in the face of the constant changes in the demand of new mainstream consumption power, Wei Qingwen's expansion is closer.
This year, aiming at the healthy trend, Southern Black Sesame introduced a vegetable protein beverage-black milk, with the intention of creating another single product besides black sesame paste.
The reason for the failure of black milk is similar to that of products that did not cause splash before. Southern black sesame paste has not clearly positioned the development direction of this new product. From hunger to light fat, it is a completely different packaging for people and products, and the growth rate of the Red Sea market with vegetable protein drinks is slowing down. This player entered the market too late.
Cross-border is also a magic weapon for many traditional veteran players to win breakthrough wars. Wei Qingwen began to diversify and expand Zhang Zhilu from 20 17.
20 17 in may, southern black sesame 700 million acquired 0/00% equity of liduoduo/kloc-0, an e-commerce platform for FMCG. In June, Southern Black Sesame invested 300 million yuan to participate in the operation of lithium-ion power battery system in new energy industry.
However, except for the growth of e-commerce business, other business operations are not ideal, especially the cross-border to the battery industry is really confusing.
Different from more than 30 years ago, the core consumers of black sesame paste have changed from children to middle-aged and elderly people. But today, major consumers are obviously younger, and products are no longer satisfied with consumption upgrading. Therefore, under the background that the ceiling of the main business is within reach, new products cannot perceive the needs of the main consumers and the changes in the market environment, so a rapid decline is inevitable.
The old brand was left behind and was very angry.
Of course, the players who stayed did not stop there. In the early days, they could ride the world of mortals in their own fields by standing at the tuyere and making big items. But today, veteran players are often ill-fated.
Weiwei soybean milk, born in 1980s and 1990s and a childhood memory, also has the same expansion dilemma as "Black Boss".
Xin Wei did everything she could to make money, such as selling drinks, building, coal mining, oil extraction, Gai Lou, brewing, finance and biopharmaceuticals, but she didn't make any money!
The reasons for the failure are similar. On the one hand, it is difficult to break through because of insufficient cross-border capacity and no first-Mover advantage. On the other hand, after the cross-border impact on the main business, it turned back to focus on the main channel, but at this time the imperfect moat has entered more and stronger opponents.
In this whole vicious circle, there is also a key logic that the perception of the market is not keen enough, turning around slowly and entering the market late.
Take southern black sesame paste as an example. Since 20 18, light food meal replacement has become popular on platforms such as Weibo, Xiaohongshu and Bili Bili, and players such as Xiangpiaopiaopiao, Mengniu, Yili and Nestle have joined the extension matrix across the border, but the southern black sesame paste with strong meal replacement properties has not made much noise.
Of course, it is also possible that the debt is too high and the ship "sank", making it difficult to turn around.
The cruel status quo is before us. Players who laugh that "the Chinese New Year in Wang Xiaoer is getting worse every year" will really become childhood memories if they don't tell a new story.