With the warming of the frozen food track, what are the hidden concerns behind Yajing, Sanquan and Miss recently?

From 65438 to 0990, since the first frozen glutinous rice balls came out, frozen food officially established its due position as a category. In the frozen food industry, with higher freezing technology, fresh food can be frozen with good quality and quantity, and then a modern food circulation model can be realized.

Frozen food is not a single product, it involves freezing technology, frozen products, frozen equipment, as well as frozen supply chain, cold chain logistics and related technicians and employees.

The data shows that Anjing achieved an operating income of 6.965 billion yuan in 2020, an increase of 65.438+69.8 billion yuan year-on-year, with a year-on-year growth rate of 32.24%.

In the chopsticks thinking, the substantial growth of Anjing's performance also represents the prosperity of the whole frozen food industry. We can see that domestic frozen food is also one of the few categories that can grow against the trend after the epidemic.

Frozen food is different from fresh food. Most of the increase in fresh food after the epidemic was driven by subsidies and capital, while frozen food increased the net profit by hundreds of millions. Whether it is Sanquan, Anjing, Haixin and Haibawang, their recent financial reports and revenues are good.

So, how long is the contrarian growth cycle of frozen food? With the increasing production capacity of enterprises, is frozen food really an invincible blue ocean category? What are the advantages of frozen cards in catering industry and consumer market? For Xibei's Kung Fu dishes, why does the market criticize Xibei but only appreciate the quick-frozen industry? Is this just a matter of pricing?

? In fact, the refrigeration market has not been fully developed, and there are endless possibilities behind it.

The history of frozen food in China can be traced back to the planned economy period around 1980. Although the starting point is not high, at present, frozen food has become a convenient and cheap conventional consumption choice.

Making fresh glutinous rice balls into quick-frozen glutinous rice balls depends on freezing technology. By inhibiting the vitality of microorganisms, freezing technology can make water molecules in food reach a uniform and balanced state without destroying food cells and tissues, and ensure the reduction rate of food when heated.

It can be seen that frozen food still needs to do a good job in food safety and taste reduction. But for entrepreneurs, frozen food is a high-profit market, behind which is actually a convenient, fast and cheap "three conveniences integration". Let's take quick-frozen dumplings as an example to illustrate.

1), convenient: one word "fast"

Behind the small glutinous rice balls is a big process, which takes no less than 4 hours from kneading dough, stuffing and rounding, while the fresh glutinous rice balls have a fresh-keeping period of only 24 hours. With quick-frozen dumplings, consumers can save 4+24 hours of work. Because glutinous rice balls are rice flour products, the reduction rate is extremely high and the shelf life is longer, which is the convenience value.

2) Convenience: it saves trouble and is useful to me.

Jiaozi has the shadow of China traditional culture behind him. In the case of eating jiaozi, quick-frozen jiaozi or going to the store to eat (quick-frozen) jiaozi are all options.

Because frozen food enterprises have grasped the catering and family side, people naturally get rid of their attachment to fresh jiaozi.

3) Cheap: Accept this product and save money at the same time.

The price of a 500g dumpling is around 8 yuan, and the cost of a bowl of dumpling is around 1-2 yuan. People are willing to accept it without damaging the taste.

Taking Sanquan's products as an example, we also see innovative products such as fruit (stuffing) dumplings and colorful dumplings, which are behind the initiative of product purchasing power and profit margin.

From the perspective of catering, we can also see that frozen food is not only a business of rice and flour, but also the ingredients, staple food, dishes and snacks of catering products in airports, railway stations, airports and high-speed toll stations are basically inseparable from the empowerment of frozen products. Frozen products also include chilled products. High, medium and low chain catering enterprises, such as Haidilao, Xibei, Juewei and Zheng Xin Chicken Chop, pay more attention to cold chain technology.

Let's take Cantonese cuisine as an example. At present, a certain proportion of snacks/dishes in Cantonese restaurants and brands are basically delivered by artificial cold chain (including Hong Kong and Macao dishes), such as Cantonese restaurants and typhoon shelters. They open restaurants online and set up central kitchens in cities. In order to consume production capacity and expand the market, Guangdong restaurants and typhoon shelters have put shrimp dumplings and steamed buns sold in their stores online.

In fact, the same is true for Haidilao. In addition to hot pot bottom materials, we also sell seasonings, convenience foods and other products online.

The restaurant started the business of the factory, which shows that Sanquan and Anjing have insufficient market development. This is their own business, but the customer sells melons.

From the market point of view, An Jing is the first brother of hot pot meatballs. Long-term service for catering enterprises, but focusing on the C-end Sanquan is not to be outdone. Wal-Mart's brown sugar cube cake, Haidilao and Banu's fennel fritters and handmade beef balls are all three.

If catering enterprises come out to sell quick-frozen products because of the insufficient product development of Sanquan and Anjing, then Sanquan's entry into catering enterprises with beef balls may be Anjing's problem.

? The quick-frozen product war between Anjing and Sanquan has already started, but the bigger opponent lies in other giants.

At the earliest time, Sanquan only made quick-frozen dumplings, dumplings and zongzi. , the target is C-end; The best morning is to make hot pot balls and so on. And the target is the B end of catering (not to mention the predecessor of Anjing). However, with the listing of Sanquan with quick-frozen dumplings, An Jing also landed in the capital market with quick-frozen fish balls. After listing, the financial report will be made public. For the public financial report, the enterprise side has nothing to do, but the capital side can't sit still, and the two sides begin to blame each other.

It turns out that Sanquan's C-end (including An Jing's B-end) also earned billions. Sanquan raised the marketing department and Anjing raised sales talents. Both sides are fine, but when the financial report was made public, Anjing's profit margin was much higher than Sanquan's.

Taking 20 18 as an example, Sanquan's revenue was 5.54 billion and Anjing's revenue was 4.26 billion, but its net profit was only 654.38+0.02 billion and Anjing's revenue was 270 million. Even if Sanquan and An Jingying achieved the same scale in 20 19, An Jing's net profit was still higher than that of Sanquan1500,000.

By 202 1, the market value of Anjing is still higher than that of Sanquan (the market value of Anjing is 63.5 billion, and the market value of Sanquan is 26/kloc-0.0 billion).

In the view of capital, Anjing's technology and market line have no barriers to Sanquan. Why can't Sanquan make the money it can? An Shi also has the same idea, which leads to the short-term handover of products and channels between the two parties.

In 20 10, sanquan established the hot pot business department and started the road of * * * at both ends of BC. At present, in addition to the conventional dumplings and jiaozi, there are children's jiaozi wonton, pies, hand-grabbed cakes, self-heated rice, fried dough sticks, sweet-scented osmanthus cakes, hot pot balls, hot pot bottom materials and other products.

20 19 established a convenience store chain company in Sanquan Food with a registered capital of 6,543.80 billion yuan. The earlier Sanquan Fresh Food (losing money for many years) and the wholly-owned Sanyi Convenience Store (100% shareholding) all showed Sanquan's determination to invest in the consumer side. On the other hand, Sanquan also provides customized products for catering enterprises (such as Haidilao and Kungfu).

Besides meatball business, Anjing Food also has Osmanthus Jelly, hand-grabbed cakes, glutinous rice balls, steamed dumplings, fried dumplings, steamed bread and other sub-products. Judging from the financial report, its latest channel strategy is based on BC and driven by two wheels. In the future, it will also increase the channel development of supermarkets, community e-commerce and e-commerce, with the aim of further enhancing the strategic position of C-end channels.

In the catering channel, Anjing's main customers are brands such as Xiabu Xiabu, Haidilao, Tongdelai, Yonghe Dawang, Yang Guofu Mala Tang and some small hot pot restaurants (more and more like Sanquan).

If you only look at the business of hot pot meatballs and rice noodles frozen food, there are also Haixin, Haibawang, Missing, Qianwei Foreign Chef, Huifa and other enterprises in the track. The frozen food industry, which looks like a blue ocean, is actually full of giants.

In 2020, Box Horse registered Box Horse Hot Pot. At present, there are box horse hot pot products on Ali platforms such as Box Horse Fresh Life and Tmall, ranging from meatballs to sesame oil. In the box horse APP, there are few products of Anjing, and Anjing's new brand "Mr. Frozen Products" has not been launched.

We can see that in the frozen products industry, the track is crowded. In the face of hundreds of millions of net profits, not only Sanquan and Anjing are increasing their production capacity, but even Box Horse has entered the game.

? The frozen product market, whether 2B or 2C, has never been a one-man show of Anshi and Sanquan.

Chopsticks play thinking noticed that box horse also started its own business in products such as yuba, vermicelli, mushrooms and peppers. It is not known whether it will enter the catering end in the future. This ability is not without a box horse. Anyway, the products are ready-made, just deliver them to your door.

From catering enterprises to catering, we have to start with missing. In 2008, KFC handed the fried dough sticks order to Miss, which opened a door for the catering of the whole frozen product market. 20 12, missed the establishment of an independent company, specializing in catering "Qianweiyang Kitchen". At present, the catering customers are already McDonald's, KFC, Pizza Hut, Dicos, Yonghe Soymilk and other enterprises, and the catering exchange of quick-frozen pasta is inseparable from group meals. In the corporate group meal market, Bobby Food is also a new player.

In 2020, Sanquan launched "Sanquan Baked Jiaojiao", and its products include meatballs, beef and mutton rolls, tripe, yellow throat, bean skin, yuba, dip and bottom materials. In 20 19, Sanquan invested tens of millions of shares in the hot pot food supermarket "Pan Quan Shi Hui", and then officially announced that it had reached an in-depth cooperation with 7- 1 1 convenience store.

In 20 18, Yasushi also launched a sub-brand "Mr. Frozen Products", which covers products such as layered belly, French fries, taro, fish fillets, snacks and hot pot.

We can see that the whole frozen product industry is becoming more and more complex and the products tend to be homogeneous. Even a quick-frozen dumpling and a quick-frozen egg dumpling have products from more than N companies and platforms to choose from.

Behind the homogenization of products is the investment of enterprises in research and development. According to the financial report, Sanquan and Anjing basically invest billions of dollars in R&D every year. Although Anjing has a higher profit margin, R&D is more limited, and its products are mainly meatballs, such as the recently launched "Three Big Pills" high-end products. The number of R&D personnel in Sanquan has already exceeded 100, and its R&D path is wilder, with all kinds of cold, fresh and frozen.

Although Sanquan has a low profit margin and many brands, all major brands are basically developing independently, and in the long run, new high-quality brands may be developed.

The capital market loves tranquility more. One of the reasons is that Anjing is a professional manager system, while Sanquan pursues family business management and is naturally not favored by capital. But there are rumors that Sanquan is gradually taking the professional manager route. If you reach the state of semi-family and semi-professional managers, you may change your mind in the future.

Back in the market, Siebel is a new player in quick-frozen food, but its kung fu dishes are slightly unsalable, which may be related to the change of wind direction in the whole market.

For customers at both ends of BC, the demand has changed from standardized products to customized products, and then upgraded from long-term preservation of frozen products to short-term preservation of cold and fresh products without added products. From this point of view, Sanquan seems to be better than Anjing, and who can really laugh at the frozen product market and keep both ends of BC in the future depends on the degree of fit between R&D efficiency and market trends.

However, the frozen product market, whether 2B or 2C, has never been a one-man show between Anshi and Sanquan. Judging from the latest news, chef Qianweiyang has also made some new moves recently.

PS: This article is not to be continued. Tomorrow at noon 12:40, continue to push "The frozen food track is heating up. What are the recent worries behind the long-term concern of An Jing, San Quan and the missing persons? "Next, please continue to pay attention to the readers who play chopsticks.