Taoli Bread’s revenue exceeded 6 billion yuan last year, but its net profit fell for the first time since its listing
On March 17, Taoli Bread, the “first share of bread”, released its 2021 annual performance report, showing that revenue increased slightly last year, but net profit attributable to the parent fell by 13.54% year-on-year.
The company intends to distribute a cash dividend of 6 yuan (tax included) to all shareholders for every 10 shares and transfer to 4 shares.
It is understood that this is the first time that Taoli Bread's net profit attributable to its parent has experienced negative growth since its listing, which has attracted investors' attention.
The industry believes that Taoli Bread's performance is generally "strong in the north and weak in the south", and its "central factory + wholesale" model relies too much on the supermarket system, which may reduce the contact rate of customers under the continuous influence of the epidemic.
Text, Biao/Zhao Fangyuan, All Media Reporter of Guangzhou Daily
The first negative growth in net profit since listing
According to the latest 2021 annual report released by Taoli Bread, last year’s annual revenue was 6.335 billion yuan, a year-on-year increase of 6.24%; net profit attributable to the parent was 763 million yuan, a year-on-year decrease of 13.54%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses Profits fell by 14.40% year-on-year; basic earnings per share were 0.8026 yuan per share, down 15.61% year-on-year.
The predecessor of Taoli Bread Co., Ltd. is Shenyang Taoli Food Co., Ltd., which was established in 1997. Up to now, the company has 37 descendants and established more than 260,000 retail terminals in the national market.
In 2015, Taoli Bread landed on the A-share market and was known as the "first share of bread".
The reporter combed the annual report data of Taoli Bread since its listing and found that from 2015 to 2020, the company's net profit attributable to the parent increased steadily from 347 million yuan to 883 million yuan. Except for a year-on-year increase of 6.42% in 2019, the rest of the years have remained double-digit year-on-year. increase.
2021 is the first negative growth in net profit attributable to the parent since Taoli Bread was listed.
The 2021 annual report shows that the Northeast region ranks first with a revenue of nearly 2.9 billion yuan, and the revenue of Central China, Southwest China, Northwest China and South China does not exceed 1 billion yuan respectively.
Chinese food industry analyst Zhu Danpeng told reporters that China's bakery market is developing the earliest and fastest in South China and other places.
Taoli Bread entered the southern market as a northeastern enterprise, and it appeared "unacceptable".
The decline in gross profit margin has significantly dragged down net profit, and short-term insurance and freshly baked bread have risen. Market competition is fierce
Some institutional analysts believe that Taoli Bread’s revenue for the whole year and the fourth quarter of 2021 will grow at a low speed, because the epidemic has led to a decline in demand for transportation hubs, school consumption and other scenarios; behind the double-digit decline in net profit is due to gross profit margins caused by the decline.
Data from the annual report of Taoli Bread shows that the domestic bread market has grown from 8.756 billion yuan in 2004 to 43.827 billion yuan in 2021, with an average annual compound growth rate of 9.94%. my country's bread industry has entered a period of rapid development.
The reporter noticed that the current bread industry has fierce competition and serious homogeneity, and innovative categories of bread such as short-term guarantee and fresh-baked are also more favored by consumers.
"Because peach and plum bread is a 'central factory + wholesale' model, it relies too much on the supermarket system." Zhu Danpeng added that with the upgrade of the consumer end, bread with medium and long shelf life will actually gradually fall into the low-end market, so will affect its future profitability and sustainable development.