A duck neck ignited one hundred billion war: must taste weeks black duck on-huang Who is the winner?

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In recent years, duck neck become popular street food, came home from get off work to drink beer with duck neck, it has become a new way of life of many young city.

In this fashion, duck neck lo ignited hundreds of billions of market, but also support from the three listed companies – must taste the food, Zhou black duck, on-huang. Due to similar products, they are also called “duck neck three brothers.”

Recently, the three companies have released 2020 earnings, the results of last year’s competition to be announced, food must taste continue to sit tight in the top spot, Zhou black duck due to net revenue loss to on-huang overtake the latter.

But industry insiders believe that the current industry market is huge capacity, low concentration, the rise of regional brands, the new force also should not be underestimated, the absolute “king” does not appear, a new round of competition has been staged.

Zhou black duck status has been shaken

Recently, the “duck neck three brothers” be released 2020 Annual Report.

From the annual report data, 2020 must taste the food, Zhou black duck, on-aa full-year revenues were 5.276 billion yuan, 2.182 billion yuan and 2.436 billion yuan, net profit of 701 million yuan, respectively, 1.51 billion yuan, 282 million yuan.

Among them, Huang Huang’s performance can be described as the most “dazzling.” The company achieved revenue growth of net profit double in 2020, the growth rate was 15.09% and 28.04%, respectively. More importantly, in the past year, the first time beyond the performance Huangshanghuang week black duck, jump in second place for the first time the industry.

And is located in Wuhan, Zhou black duck, after the outbreak of last year, 1,000 stores were closed, central production center is to suspend production activities for up to 49 days, so the revenue and net profit both fell.

From the overall size of the dimension point of view, it must taste the food, whether revenue or net profit, compared to other two have maintained a “Yiqijuechen” posture. But compared to last year, down 12.46 percent year on year net profit must taste the food, which is the first time since 2017 on the market performance of negative growth.

Behind the Big Three the performance of differentiation, it is a huge gap between the number of stores.

Data show that as of the end of 2020, must taste the food, on-huang, the number of stores Zhou black duck are 12399, 4627, 1755.

J Consulting partner, the chain is responsible for the humanities Zhihong said the reason for such a huge gap between the number of stores, and Zhou black duck adhere Direct mode inseparable.

In the weeks black duck it seems, can not grasp the hidden stores of food safety issues, and this is the biggest crisis in the food industry, it has been insisted Direct until August 2019.

However, as a coin, there are also many Direct mode insurmountable disadvantage. Zhihong appears in the text, under the Direct mode, although the revenue is your own store, but the store all the expenses to be borne, which also led to operating expense ratio continued upward Zhou black duck. Statistics show that the rate of cost of sales Zhou black duck rose 20.73 percent from 2014 to 2019 of 35.56%.

Subject to its own financial constraints, store expansion speed of weeks black duck must taste completely unable and compared with the on-huang. 2017– three years between 2019, it must taste maintained around the 1000 annual store expansion rate, expansion of on-aa 200-400 stores per year. Zhou black duck expansion only 100-200 homes per year, the expansion was only 13 in 2019.

Gradually changing in the circumferential black duck short board Direct mode. August 2019, Zhou black duck in the interim report for the first time formally proposed to use the franchise model. November 2019, Zhou Ming and black duck and completed the first food franchise contract, Zhou black duck opened a franchise model.

Zhou black duck was told China Newsweek, although affected by the outbreak, but the company still received more than 29,000 copies of franchise applications in 2020, the annual number of shop close to the 600, beyond the company’s goals. + Direct current franchise has been stationed in 25 provinces, 151 cities.

Industry structure remains unclear

Why lo enterprise so keen on staking?

Wen pointed out that Zhihong, halogen products industry pattern of dispersion, product homogeneity serious, large-scale enterprises as an important way to build a moat. “When enterprise scale to a certain extent, will reduce the marginal costs, including the bargaining power of upstream and downstream. At the same time, consumer brand awareness will increase as a result.”

Enter 2021, three strong expansion lo further intensified. According to Zhou black duck sources, to accelerate this year, shop in shop premise of quality assurance, it is expected to add franchise stores 800-1000. It must taste the food and on-huang is not much, the shop targets are 1700 and 1400.

But even with so many stores, lo top three but hardly victory.

一根鸭脖引燃千亿大战:绝味周黑鸭煌上煌谁是赢家?

At present, my country snack market is in the early mature stage of rapid development, huge market capacity. Leisure halogen products in which China market in 2019 retail scale up to 110 billion yuan, an increase of 20% in 2020 retail sales continues to exceed one hundred billion yuan.

Although the rapid development in recent years, but the whole lo category market is still a small workshop based business model, large and small brands eating the market share, the industry pattern of dispersion, the head of the pattern of the brand also is far from cured.

Data show that in 2020 China within the leisure products industry’s top five halogen halogen products companies are food must taste, Zhou black duck, on-aa, Ziyan Subway chicken and long Ah, the market share of the total accounted for only 19.23%.

Beijing Institute of Business Economics Lai Yang, executive vice president of the China News Weekly analysis, lo although the country has, but in fact the same and barbecue, with a very strong local characteristics, such as weight lo spicy Sichuan, Hubei lo heavy sauce, rich flavor sauce heavy mouth, and lo Fujian is fresh, slightly sweet. Therefore, taste regional differences make it difficult to have a business to meet national consumer tastes. But from another perspective, the greater the difference between the local population and consumer preferences Stewed products also means easier to form lo brand differentiation, there are more opportunities for the Board.

Therefore, outside of the traditional Big Three, more and more companies are cut into this market. Among them, the IPO application submitted last year Ziyan Subway chicken, are thought to have a high probability to shake the “lo Big Three” of the current pattern.

Statistics show Ziyan Subway chicken positioned adorned lo, a year can sell as many as 15 million chickens Subway, signs Fuqifeipian is over 7370 tons annual sales, market share of around 3%. According to the Shanghai Securities Regulatory Bureau official website revealed that Shanghai Ziyan Food Co., Ltd. was July 14 last year signed a listing agreement counseling with GF Securities, the proposed A-share listing.

Not only that, three squirrels, yield comprehensive snack shop and other electricity supplier brand is growing at the entrance to the field of online mad scramble lo market.

Online and become a hot spot

For a long time, due to duck neck lo represented by food, showing consumer convenience features, random, impulsive, so the next line is the main scene halogen products consumption, accounting for up to 63%, but the growth rate is constantly put slow.

Lai Yang analysis pointed out that, by virtue of the number and high permeability, stores become the largest brand of lo rely on, but the more stores, the greater the burden attendant, at the same time to join the system, but also for quality control, greatly increased the difficulty of service Therefore companies need to diversify channels to explore.

In fact, with the development of cold chain logistics improvements and food technology, that retain the taste and flavor, halogen products shelf life greatly improved, but also promoted the development of the line. Lynx platform halogen products sales in 2020 increased significantly compared to 2019, an average increase of 40%, and the large number of customers in more than six times the number of purchases, re-purchase a higher frequency.

Currently, the online channel has become a hot selling many brands lo.

Data show that in 2020 the yield of meat snack shop revenue of 2.01 billion yuan, an increase of 9.23% over the previous year, gross margin was 31.50%; the same period three squirrel meat revenue of 1.297 billion yuan, an increase of 5.31 over the previous year %, gross profit margin was 22.98. Its revenue and must taste, Zhou black duck, and so on-aa compared considered quite impressive. Stand from 2016 lo Wang halogen snack brand new, with a “tiger chicken legs,” quickly occupied the high ground chicken snacks, only last year, double 11 big promotion in the electricity supplier, they won the Lynx chicken snack category Top1, final sales of over 20 million yuan.

In contrast, over the years it has been busy lo giants in the layout of the line for online sales do not pay much attention.

In 2020, Huang Huang achieved by the online flagship store, word of mouth, take-away and other third-party online sales platform turnover 452 million yuan; revenue Zhou black duck online channels to 458 million yuan; and must taste the food line sales of 39.1 million yuan .

In the number of fans, Zhou black duck, the number of fans on-huang Jingdong platform were 432 million, 169 million, while the number of fans official flagship store of food must taste just 1.2 million people.

For lo future market development, co-founder meal net red Fan Ning said, then, there are four development directions of concern: First, the direction of the food, to the lo online retail expansion; the second is the rise in the past two years of night economic consumption scenario, lo there are great play space; the third is occupied by strong regional market barriers, the separatist party, and then map aggressive development strategy; fourth is adorned cooked direction.

Zhu Dan Peng food industry analyst said that in the long run, the stability of quality, innovation and rejuvenation scene, improve customer service system to enhance the stickiness of these aspects are key to winning.

It is foreseeable that, growth of one hundred billion market is far from casual lo pattern curing stage, the future who is superior, also need time to witness.