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Original title: huge performance loss, stock price falling consecutively, gamble on omni-channelYanjin shopIs there a show?
Source: Beijing Commercial Daily
Beijing Commercial Daily (Reporter Dong Liang, intern reporter Ding Ning) Although the actual controller, some directors, and executives of Yanjin Shop (002847) announced their plans to increase their holdings on the evening of July 19, this did not change the share price of Yanjin Shop. The embarrassment of falling endlessly.
The trading market showed that on July 20, Yanjin Store opened 6.11% lower, with an opening price of 65.47 yuan per share. Afterwards, it maintained a low and fluctuating trend, hitting the lower limit several times during the intraday session, and the intraday stock price hit a new low during the year, at 62.76 yuan per share. As of the close on July 20, Yanjin shop reported 62.8 yuan per share, a decrease of 9.94%.
Before the increase in holdings, Yanjin Shop had a limit of 3 consecutive trading days, and the stock price has been setting a new low during the year. As time stretches, since May, Yanjin Shop’s performance in the secondary market has not been satisfactory. The trading market showed that from May 6th to July 20th, the stock price of Yanjin Shop was cut in half, with a range of 53.05% decline. As of the close on July 20, the market value of Yanjin Shop was 8.124 billion yuan. In less than three months, the market value of Yanjin Shop had evaporated by about 10 billion yuan.
Guo Yuxuan, a researcher at the Beijing Institute of Economic Research, said in an interview with the Beijing Business Daily that the share price of Yanjin Store’s “unstoppable” share price stems more from market concerns and doubts. As far as the current stock price is concerned, it is more a true reflection of the market’s uncertainty about how Yanjin Shop will develop next. If the Yanjin shop is determined to make changes to its layout, it may be more effective at this stage than the actual controllers, directors, and executives continue to increase their shareholdings.
In response to company-related issues, a reporter from the Beijing Commercial Daily called the Yanjin shop secretary’s office for an interview. The staff of the other party said, “The leader is in a meeting and will call you back later”. The reporter called again before publishing, but the other party said that the leadership meeting had not ended yet.
The four consecutive declines in the stock price of Yanjin Shop were due to the performance forecast for the first half of 2021 released on the evening of July 14. The forecast shows that Yanjin Shop expects to achieve an attributable net profit of 45 million to 55 million yuan in the first half of the year. In the same period last year, Yanjin Shop Attributable net profit was 130 million yuan, a year-on-year decrease of 57.68%-65.38%.
The main reason why the market is so disappointed with Yanjin Store is that Yanjin Store’s previous performance has been very stable. Financial data show that in 2020, Yanjin shop will achieve operating income of 1.959 billion yuan, a year-on-year increase of 39.99%; the corresponding realized net profit is 242 million yuan, a year-on-year increase of 88.83%. In the first quarter of 2021, Yanjin shop achieved operating income of 592 million yuan, a year-on-year increase of 27.45%; the corresponding realized net profit was 82.03 million yuan, a year-on-year increase of 43.41%.
According to data, Yanjin Shop was listed in 2017. The company’s main products are snack foods under the “Yanjin Shop” brand, including leisure soy products, preserved fruit, roasted nuts, leisure vegetarian food, leisure meat products, and bakery products.
Regarding the reasons for the decline in performance in the first half of the year, Yanjin Shop stated that the company underestimated the impact of new retail channels such as community group purchases on traditional supermarket channels. In the first half of 2021, Yanjin Shop had expenses related to personnel promotion, promotion and promotion in the supermarket channels. Too much investment, but the sales revenue growth and channel performance of the supermarket channels did not meet expectations.
In addition, Yanjin Shop stated that since March, Yanjin Shop has successively launched 31°C fresh cod intestines, crab sticks and other new deep-sea snacks series. The initial market costs and R&D costs of the new products are relatively large, and they are currently in the incubation and promotion period, with economies of scale. It has not yet been reflected, and the initial cost is relatively high. At the same time, since March, the price of raw materials has risen sharply, which has increased the cost of purchasing raw materials, leading to an increase in production costs.
On July 19, Yanjin shop said when receiving surveys from a number of institutions that the company will strive to achieve the company’s equity incentive goals in the third quarter and strive to make up for the previous performance in the fourth quarter. In addition, Yanjin Shop said that the company is now beginning to strengthen its omni-channels, including distribution channels, quantitative installations, e-commerce channels and community group purchases.
In an interview with a reporter from Beijing Commercial Daily, Wu Daiqi, CEO of Shenzhen Siqisheng Company, said, “Community group buying has a great influence on supermarkets, especially for light snack foods, whose main consumers are young people. As an old brand, Without expanding the customer base, the repeat purchases are the original customers, and there is no need to buy through the shopping guide in the mall. Therefore, the Yanjin shop has a high cost of promotion in the mall, but it cannot achieve good results. This is also a normal phenomenon.” .
Guo Yuxuan said that because the performance is not as expected, it is really worthwhile to abandon the extremely high net profit margins of the supermarkets and switch to the online platform that has long been a red sea and low profit margins. This question needs to be seriously considered by Yanjin Store.
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Editor in charge: He Songlin