Source: Changjiang Business Daily
Changjiang Business Daily reporter Jiang Chuya
"Guan Xuan Wang Yibo as the new spokesperson"“ Miaoke Landuo It contains trans fatty acids "," the market value of Micolando has evaporated by 36.5 billion in three years "
Recently, Miaoke Landuo (600882. SH), the "domestic cheese leader", has been frequently searched and pushed to the forefront of public opinion, which has caused consumers to pay attention to its food safety.
The reporter of Changjiang Business Daily noticed that after the decline of net profit in 2022, the performance of Micolando in 2023 was even worse. The 2023 financial report shows that the revenue of Miaoke Landuo has declined for the first time in eight years, the net profit attributable to shareholders of listed companies (referred to as "net profit") has dropped by 53.9%, and the net profit deducted from non net profit has plummeted by nearly 90% year-on-year, only 7.17 million yuan. In the first quarter of 2024, Micolando still has not stopped the downward trend. During the reporting period, the operating revenue was 950 million yuan, down 7.14% year on year. However, the net profit over the same period was about 41.3 million yuan, up 70.63% year on year.
On the secondary market, after the share price of Miaokolando reached the highest point of 84.5 yuan/share at the end of May 2021, its market value once exceeded 40 billion yuan, and then it has been on the decline. As of the closing of May 13, the share price reached 14.31 yuan/share, a decrease of more than 80% compared with the highest point, and its market value reached 7.348 billion yuan, with a decline of more than 32.6 billion yuan in three years.
Mengniu, as the major shareholder of Miaoke Landuo, was also affected by its performance and stock price decline. Mengniu has been continuously adding investment before. In 2021, it will subscribe for nearly 3 billion yuan at a price of 29.71 yuan per share. Up to now, this fixed increase alone has lost nearly 2 billion yuan.
Successive hot searches and public opinion disturbances
On May 9, Micolando officially announced the new movie star Wang Yibo as its new brand spokesperson, and launched a series of new products at the press conference, including cheese sticks, cod cheese and hand shredded cheese. Some products have been sold out in Tmall flagship stores.
Chai Xiu, CEO of Micolando, stressed at the press conference that this brand upgrade aims to create a younger, more fashionable and more professional image, which is also a key step in the transformation and upgrading of the company's diversified business strategy.
On the same day as the new spokesman of Guanxuan, the relevant entry of "Miaokulando contains trans fatty acids" also appeared on Weibo, causing controversy among netizens.
According to media reports, the "edible oil products" included in the ingredient list of Micolando cheese products is actually another name for trans fatty acids.
"It's too scary" and "I dare not give it to my children anymore". For a while, public opinion was frying pan, which caused many netizens and parents to worry, and they questioned the food safety problem of Micolando.
It is understood that some studies have found that trans fatty acids have a certain relationship with the incidence of cardiovascular disease, obesity and other chronic diseases, and the intake of trans fatty acids by infants may also affect growth and development.
In response to this query, the official customer service of Micolando replied that the product does not contain trans fat. The company also said that consumers are recommended to eat in moderation, and all products are produced in accordance with national standards. It is paying attention to this matter, and will publish the results in a timely manner later.
In response, consumers obviously didn't pay for it. Up to now, there have been nearly 200 complaints about Micolando on the black cat platform, mainly focusing on overdue sales, food deterioration, foreign matters, false publicity and other issues.
Performance Waterloo
Miaokulando, formerly known as Guangze Dairy Industry, is the largest dairy product manufacturer in Jilin Province. It was officially renamed Miaokulando in 2019. In 2016, the company won the favor of consumers with innovative cheese products and precise market positioning, and became the "first share of cheese".
After listing, after two years of adjustment, the performance of Micolando has increased significantly. From 2018 to 2022, the operating revenue of Miaoke Landuo will increase from 1.226 billion yuan to 4.83 billion yuan, with a compound growth rate of 40.88%. Among them, the contribution of cheese to revenue increased from 37% in 2018 to 80% in 2022.
After several years of rapid growth, since 2022, the revenue growth of Miaokolando has obviously slowed down, and the growth of net profit is a direct "failure". In 2022, Micolando will achieve a revenue of 4.83 billion yuan, a year-on-year increase of 7.84%; The net profit was 63.44 million yuan, down 10.89% year on year.
By 2023, Micolando will not only see its revenue and net profit decline, but also see its net profit cut by half. In 2023, Micolando will achieve an operating revenue of 4.049 billion yuan, down 16.16% year on year; The net profit was about 63.44 million yuan, a year-on-year decrease of 53.9%; Non net profit was RMB 7.1712 million, down 89.63% year on year. This is the first time that Micolando's revenue and net profit have declined since its listing in 2016.
From the perspective of business segment, the company's three main businesses - cheese, trade and liquid milk, the revenue in 2023 decreased by 732 million yuan, 33 million yuan and 15 million yuan respectively compared with 2022. Among them, the revenue of cheese business declined significantly, which became the main factor leading to the decline of overall revenue.
As for the large proportion decline of net profit in 2023, Miaokulando simply attributed to "market changes", "changes in raw material market" and "exchange rate fluctuations".
While the performance declines, the number of dealers of the company also declines year by year, which will be 5363, 5218 and 5036 respectively from 2021 to 2023. The company's revenue is highly dependent on the dealer channels. In 2023, the distribution channels will achieve a revenue of 2.93 billion yuan, accounting for 72.58% of the revenue.
In the first quarter of this year, the company's revenue continued to decline. The financial report shows that in the first quarter of 2024, the operating revenue of Miaokulando will be 950 million yuan, down 7.14% year on year; The net profit was about 41.3 million yuan, up 70.63% year on year.
Over reliance on marketing
The reporter of Changjiang Business Daily noticed that the performance growth of Miaokulando in the previous years was mainly driven by marketing. With the overwhelming advertising, Miaokulando quickly opened its brand awareness, and the marketing expenses also rose.
The financial report shows that from 2018 to 2022, the company's sales expenses will increase from 205 million to 1.219 billion. In 2023, due to the changes in the market environment, the company's sales expenses will decline, but still as high as 939 million yuan. Over the past six years, Miaoke Landuo spent 3.149 billion yuan on advertising and promotion. In 2023, Micolando's advertising and promotion expenses will account for 59% of the total sales expenses.
By contrast, the R&D expenses of Miaoke Landuo account for about 1% of the revenue in recent years. From 2021 to 2023, Miaoke Landuo spent 40.09 million yuan, 51.22 million yuan and 45.54 million yuan on R&D, respectively, accounting for 0.9%, 1.06% and 1.12% of the revenue.
In 2023, Micolando finally realized the pressure brought by excessive expenses. The operating costs, sales expenses and administrative expenses decreased by 9.90%, 22.99% and 39.16% respectively year on year. Meanwhile, the R&D expenses also decreased by more than 5.68 million yuan, but still barely enough.
The industry believes that Miaokulando is currently facing intensified market competition, changes in consumer demand, difficulties in expanding sales channels, etc. In order to deal with the dilemma, Miaokulando can take measures such as optimizing product structure, strengthening R&D investment, reducing marketing costs, expanding sales channels, and improving enterprise competitiveness.
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