Milk imported from Germany and Asia is not selling well, and the revenue and net profit of the parent company Pinwo Foods have both declined

lanjinger.com · Apr 19 22:14

4月18日，品渥食品（300892.SZ）公布了公司2023年年报，数据显示，公司全年实现营业收入11.23亿元，同比下降27%，归母净利润为-0.73亿，同比下降754.87%。

从归母净利润的角度来看，品渥食品在2020年达到了1.36亿的净利润高峰，此后便是连续四年的下滑，2021年至2023年的归母净利润分别为：0.95亿、0.11亿、-0.73亿，2023年为公司2020年上市以来首次亏损。

起家在于顺应“进口食品”发展浪潮

品渥食品成立于1995年，前身为上海魁春实业有限公司，2016年更名为品渥食品有限公司，公司采用“洋代工”生产模式，委托国外供应商进行产品生产、运回国内进行销售，以此来赚取差价。

顺应了“进口食品”发展的浪潮，品渥食品业务发展迅速，形成了乳品、啤酒、粮油、谷物、综合食品五大主营业务，逐渐形成“德亚”乳品、“瓦伦丁”啤酒、“亨利”麦片等自有品牌。

具体来看，德亚牛奶创立于2012年，当时“三聚氰胺事件”的阴影使得消费者更信任进口奶制品。此外，当时国外原奶价格较低，据新华社报道，2012年，我国从新西兰进口一吨原料奶粉，价格为2.4万元左右，而从本土收购奶源，一吨的成本则需要3万多元。德亚创始人王牧抓住了这一机遇，委托德国乳业代工产品，在国内做品牌，并将品牌与德国元素强关联。

据品渥食品招股书，2017年，德亚牛奶在双十一期间液态奶销量仅次于蒙牛和伊利，位列第三。同时德亚也成为进口液态奶销量第一的进口牛奶品牌。品渥食品2017年营收同比增长10.64%至12.16亿元，其中德亚乳品销售收入为6.08亿元。

五大主营业务收入全面下滑

2020年9月24日，品渥食品登陆深圳证券交易所创业板，成为A股进口食品第一股。然而，上市以来品渥食品的盈利能力一直颇受质疑，主要原因在于营业收入增速放缓、毛利率减少。财报数据显示，公司2021年为16.50亿，2022年为15.38亿，2023年下降至11.23亿。综合毛利率也从2021年的24.22%一路下降至2023年的14.09%。

此外，公司对于德亚牛奶这一大单品的依赖一直未能打破，2023年德亚营业收入占主营业务的比重达到79.38%。蓝鲸财经记者向多位消费者询问后发现，德亚牛奶的知名度已经打开，但很多消费者不能把德亚牛奶与品渥食品联系起来。

分产品来看，2023年年报数据显示，品渥食品五大主营业务收入、毛利率全面下滑。具体来看，乳品系列实现营业收入8.90亿，同比减少25.81%；啤酒系列实现营业收入1.31亿，同比减少34.09%；粮油系列实现营业收入0.58亿，同比减少24.87%；谷物系列实现营业收入0.15亿，同比减少14.99%；综合食品系列实现营业收入0.27亿，同比减少48.41%.

其中乳品系列毛利率为12.46%、同比减少7.71%，啤酒系列毛利率为21.15%、同比减少7.27%，粮油系列毛利率为14.77%、同比减少12.39%，谷物系列毛利率为28.34%、同比减少12.84%，综合食品系列毛利率为24.31%、同比减少9.68%。

谈及业绩亏损原因，公司归结为国外采购成本上升，国内液奶产量增长、行业竞争加剧，公司销售占比较高的大卖场、商超等渠道流量下滑、销售下降。

进军奶酪市场

为了改善盈利水平，品渥食品在2023年推出了多项自救举措。除了德亚高端线产品、果味啤酒、品利速食品类的上新，最受关注的是德亚奶酪的推出。

公司认为，奶酪市场成长空间巨大，我国奶酪渗透率在2022年突破30%，人均消费量只有 0.2 公斤，同为亚洲国家的韩国和日本分别是2.32和2.91公斤，较欧美有更大差距。

2023年，品渥食品斥资1亿元投资的奶酪生产工厂正式投产，年底，德亚奶酪的首款产品“德亚小圆原制奶酪”成功上市，是品渥食品自主研发的本土化原制奶酪产品，被誉为公司进军奶酪市场的举措。

然而，作为后来者的品渥食品想要在奶酪行业分一杯羹似乎也困难重重。我国奶酪市场头部企业市场占有率较高，中法合资企业妙可蓝多（600882.SH）市占率达到了35%，奶酪棒市占率更是超过40%。此外，拥有原材料优势的蒙牛、伊利、光明等国内乳制品企业也相继研发推出了奶酪产品。

需要指出的是，品渥食品的研发投入和研发人员相对较少。财报显示，2023年研发投入不足50万元，从员工构成看，全部401名员工中，仅有2人为研发人员，占比为0.5%。

从经销商网络来看，品渥食品与妙可蓝多也存在较大差距。数据显示，截至2023年年底，妙可蓝多的经销商超过5000家，品渥食品经销商则不足500家。

On April 18, Pinwo Foods (300892.SZ) released the company's 2023 annual report. The data showed that the company achieved annual revenue of 1,123 billion yuan, a year-on-year decrease of 27%, and net profit to mother of -73 million yuan, a year-on-year decrease of 754.87%.

From the perspective of net profit to the mother, Pinwo Foods reached a peak of 136 million in 2020. Since then, it has been declining for four consecutive years. Net profit from 2021 to 2023 was: 95 million, 111 million, and -73 million, respectively. 2023 was the first loss since the company went public in 2020.

The beginning was to adapt to the trend of “imported food”

Pinwo Foods was founded in 1995, formerly known as Shanghai Kuichun Industrial Co., Ltd., and changed its name to Pinwo Food Co., Ltd. in 2016. The company uses a “Western OEM” production model and entrusts foreign suppliers to produce products and ship them back to the country for sale, so as to earn the difference in price.

In line with the trend of “imported food” development, Pinwo Food's business developed rapidly, forming five main businesses: dairy products, beer, cereals, and comprehensive foods, and gradually forming its own brands such as “Deya” dairy products, “Valentine” beer, and “Henry” cereal.

Specifically, Deya Milk was founded in 2012, when the shadow of the “melamine incident” made consumers trust imported dairy products more. Furthermore, the price of raw milk from abroad was low at the time. According to Xinhua News Agency, in 2012, China imported one ton of raw milk powder from New Zealand at a price of about 24,000 yuan, while purchasing milk sources from the local area cost more than 30,000 yuan. Wang Mu, founder of Deya, seized this opportunity and commissioned the German dairy industry to manufacture OEM products, build a domestic brand, and strongly associate the brand with German elements.

According to Pinwo Food's prospectus, in 2017, Deya Milk ranked third in liquid milk sales during the Double Eleven period after Mengniu and Yili. At the same time, Deya also became the number one imported milk brand selling imported liquid milk. Pinwo Foods' revenue in 2017 increased 10.64% year-on-year to 1,216 billion yuan, of which Deya Dairy's sales revenue was 608 million yuan.

Revenue from the five main businesses declined across the board

On September 24, 2020, Pinwo Foods landed on the GEM board of the Shenzhen Stock Exchange and became the first A-share imported food stock. However, since its launch, the profitability of Pinwo Foods has been questioned, mainly due to a slowdown in revenue growth and a decrease in gross margin. According to financial data, the company fell to 1.65 billion yuan in 2021, 1,538 billion in 2022, and 1,123 billion in 2023. The comprehensive gross margin also fell all the way from 24.22% in 2021 to 14.09% in 2023.

Furthermore, the company's dependence on Deya Milk, a major single product, has not been broken. In 2023, Deya's revenue accounted for 79.38% of the main business. After asking many consumers, the Blue Whale Finance Reporter found that although the popularity of Deya Milk has increased, many consumers are unable to associate Deya Milk with Pinwo Foods.

By product, the 2023 annual report data shows that the revenue and gross margin of the five main businesses of Pinwo Foods declined across the board. Specifically, the dairy series achieved revenue of 890 million yuan, a year-on-year decrease of 25.81%; the beer series achieved revenue of 131 million, a year-on-year decrease of 34.09%; the grain and oil series achieved revenue of 58 million, a year-on-year decrease of 24.87%; the cereal series achieved revenue of 0.15 million, a year-on-year decrease of 14.99%; and the comprehensive food series achieved revenue of 0.27 million, a year-on-year decrease of 48.41%.

Among them, the gross margin of the dairy series was 12.46%, a year-on-year decrease of 7.71%; the gross margin of the beer series was 21.15%, a year-on-year decrease of 7.27%; the gross margin of the grain and oil series was 14.77%, a decrease of 12.39%; the gross margin of the cereal series was 28.34%, a decrease of 12.84%; and the gross margin of the comprehensive food series was 24.31%, a year-on-year decrease of 9.68%.

Referring to the reasons for the loss in performance, the company attributed it to rising foreign procurement costs, increased domestic liquid milk production, increased competition in the industry, and a decline in traffic and sales through channels such as large stores and supermarkets, which account for a relatively high proportion of the company's sales.

Entering the cheese market

In order to improve profit levels, Pinwo Foods launched a number of self-help measures in 2023. In addition to the introduction of high-end Deya products, fruity beers, and Pinley Fast Foods, the launch of Deya Cheese has received the most attention.

The company believes that there is huge room for growth in the cheese market. China's cheese penetration rate will exceed 30% in 2022, and the per capita consumption is only 0.2 kg. South Korea and Japan, which are also Asian countries, are 2.32 and 2.91 kg respectively, which is a bigger gap than Europe and the US.

In 2023, Pinwo Foods' cheese production plant with an investment of 100 million yuan was officially put into operation. At the end of the year, Deya Cheese's first product, “Deya Xiaoyuan Original Cheese,” was successfully launched. It is a localized original cheese product independently developed by Pinwo Foods, and is known as the company's initiative to enter the cheese market.

However, as a latecomer, Pinwo Foods also seemed to have a lot of trouble getting a share in the cheese industry. The market share of leading companies in the cheese market in China is high. The market share of the Sino-French joint venture Mikolanduo (600882.SH) has reached 35%, and the share of cheese sticks is over 40%. In addition, domestic dairy companies such as Mengniu, Yili, and ****, which have advantages in raw materials, have also developed and launched cheese products one after another.

It should be pointed out that the R&D investment and R&D personnel of Pinwo Foods are relatively small. Financial reports show that R&D investment in 2023 is less than 500,000 yuan. Judging from the employee composition, out of the total 401 employees, only 2 are R&D personnel, accounting for 0.5%.

Judging from the dealer network, there is also a big gap between Pinwo Foods and Miracolando. According to the data, by the end of 2023, there were more than 5,000 dealers in Miracoland, while Pinwo Foods had less than 500 dealers.

The translation is provided by third-party software.

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德亚进口牛奶不好卖了，母公司品渥食品营收、净利双双下滑