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Food and beverage consumption is growing rapidly, the number of flights continues to rise, and the sales of smart home appliances are good... Consumption warmth is not only reflected in macro data, but also in micro performance. Recently, a number of listed companies have successively disclosed their half-year report cards. From the overall performance, while the revenue of consumer listed companies increased, the profit level also increased significantly, reflecting the vigorous vitality of consumer demand growth and continuous market expansion in the first half of the year.

Tourist attractions are crowded, movie box office records are set new records, and railway summer transportation has reached a new high... This summer, consumption vitality continued to be released. According to data from the National Bureau of Statistics, in the first half of this year, the total retail sales of consumer goods exceeded 20 trillion yuan, reaching 22.8 trillion yuan, a year-on-year increase of 8.2%, and the growth rate was significantly faster than that of last year; In the first seven months of this year, retail sales of services increased by 7.20% year-on-year.

Consumption warmth is not only reflected in macro data, but also in micro performance. Recently, a number of listed companies have successively disclosed their half-year report cards. Observing the consumer market through the semi-annual reports of listed companies, what novelties are surging in the warmth? What are the consumption expectations for the second half of the year? The reporter interviewed relevant departments, relevant listed companies and industry experts.

The demand for service consumption is strong, and corporate profits have increased significantly

Lingnan fragrant and refreshing chicken, Cantonese crispy grunt meat aroma tempting, Lingnan window flowers, colorful and embroidered decoration, the dining environment is full of characteristics... In May this year, the long-established Cantonese restaurant Guangzhou Restaurant opened its doors in Shanghai, attracting East Chinese diners to try Cantonese cuisine.

"The rapid growth of catering consumption has driven us to accelerate the layout of stores and expand the catering market." Chen Yang, secretary of Guangzhou Restaurant, said that since the beginning of this year, the consumption scene has gradually recovered, the consumption promotion policy has been effective, and the company has realized the synergy of the two main businesses of "catering + food", expanding the market and enhancing brand awareness. In the first half of the year, Guangzhou Restaurant is expected to achieve a year-on-year increase in revenue of 22.57% and net profit of 39.86%.

On the one hand, the overall recovery of catering consumption, on the other hand, the concentrated release of tourism demand.

"Anniversary Free Tickets", "Popular Ticket Deals"... Recently, Spring Airlines 2019,100 ticket special price promotion has set off a ticket purchase boom. "The load factor continued to rise, and the first half of the year turned a profit!" Spring Airlines spokesman Zhang Wuan said that in the first half of this year, the number of domestic flights exceeded the same period in <>, the recovery of international routes also accelerated, more than <> countries and regions resumed group tourism, and tourists' willingness to travel was fully released, driving the company's main business to improve significantly.

Zhang Wuan introduced that in the first half of the year, Spring Airlines' net profit is expected to be 6 million to 5 million yuan. "Judging from the current booking situation, the demand for tourism during the National Day Mid-Autumn Festival Golden Week is stronger. In the second half of the year, with the further recovery of international routes, in addition to the explosive growth of holidays, daily travel will also accelerate. Zhang Wuan analyzed.

According to the statistics of the Shanghai Stock Exchange, in the first half of the year, listed companies in the cultural tourism hotel and catering industry in Shanghai accelerated their recovery, and as of August 8, 15 such listed companies have released interim performance data, and are expected to achieve a total net profit of 13.16 billion yuan, fully achieving a significant turnaround.

"As of August 8, the disclosure rate of listed companies' performance reports and profit forecasts in the first half of the year was close to 18%, from the disclosed company performance, the recovery flexibility of the service consumption industry in the first half of the year was good, with the recovery of offline passenger flow and the recovery of travel activities, there was a certain shortage of supply in some areas, which also brought certain support to price increases." Li Xunsuo, chief domestic strategist of CICC's research department, said that service consumption fields such as catering, tourism, hotels, offline retail, and cinema lines have recovered rapidly, indicating that China's consumption pattern is gradually changing from commodity consumption to equal emphasis on goods and services.

From the overall performance point of view, the revenue of consumer listed companies has increased at the same time, and the profit level has also increased significantly. As of August 8, data from 15 retail and wholesale listed companies in Shanghai that have disclosed interim results data show that they are expected to achieve a total net profit of 38.132 billion yuan, a year-on-year increase of 36%.

As of August 8, a total of 23 daily consumer listed companies in Shenzhen disclosed their semi-annual reports for 38, achieving a total operating income of 2023.2918 billion yuan, a year-on-year increase of 61.11%; The net profit was 57.86 billion yuan, a year-on-year increase of 14.348%. Among them, the revenue of 09 companies increased year-on-year, and the revenue of 36 companies increased by more than 18% year-on-year; A total of 20 companies became profitable.

Sales of upgraded goods increased, and online and offline integration developed

"Look, this is the refrigerator's overhead constant temperature freezing system, so that the temperature fluctuation of frozen ingredients is less than 0.2 degrees Celsius, which greatly improves the umami retention rate and reduces the growth of bacteria." On August 8, in the Hefei Department Store, citizen Zhang Shaohua purchased Changhong Meiling's "frozen fresh" refrigerator after careful comparison under the introduction of the staff. "We have a large family, and there is a big demand for frozen ingredients. Take advantage of the summer shopping mall to try high-tech new products. Zhang Shaohua said.

"The domestic home appliance market has entered a mature period, and the competition in the industry is very fierce, but the escalating consumer demand of consumers opens up new market increments for us." Zhong Ming, president of Changhong Meiling Co., Ltd., introduced that in response to consumers' higher requirements for refrigerator preservation, the company increased research and development efforts, accelerated product structure upgrading, and the company's refrigerator and freezer business revenue increased by 22.54% year-on-year in the first half of the year.

"Not only the upgrading of traditional home appliances such as refrigerators, air conditioners, and washing machines has brought strong support to performance, but also new products such as small household appliances have brought new growth momentum." Zhong Ming analyzed that in the first half of the year, the company's smart tea machine and other small household appliances and kitchen and bathroom business achieved revenue of about 8 million yuan, a year-on-year increase of 53.17%.

"Judging from the performance of listed companies in commodity sales in the first half of the year, some sub-sectors of automobiles and home appliances achieved good profit growth, and the resilience of some companies' overseas exports supported performance; At the same time, the sales of upgraded goods grew rapidly, and the growth trend of new consumption related to young people was better, including the sales growth rate of new consumption such as small household appliances, medical beauty, cosmetics, and trendy toys was better than the overall growth of consumption. Li Qiusuo said.

According to the analysis of the Shanghai Stock Exchange, from the semi-annual reports of listed companies in Shanghai, consumer groups and consumer demand show a trend of diversification and upgrading, and there are many highlights: the performance of the household appliance industry has maintained growth, and smart home appliances are loved by young consumer groups; With the rise of domestic beauty, four Shanghai listed companies, including Proya and Shanghai Jahwa, are expected to achieve a net profit of 4 million yuan, a year-on-year increase of 8%; The product structure of the food industry has been upgraded, prepared dishes have become new consumer products, and 83 food and beverage companies are expected to achieve a net profit of 35.475 billion yuan, a year-on-year increase of 20%......

While commodity sales have grown steadily, the profitability of listed companies in the commodity sales category has also improved. Li Qiusuo analyzed: "With the decline in the cost of upstream raw materials, the cost pressure of the consumer industry has eased compared with the past two years, and the gross profit margin has generally improved, especially in the manufacturing industry, which accounts for a high proportion of raw materials such as automobiles and home appliances. ”

According to Tian Lihui, dean of the Institute of Financial Development of Nankai University, there is another distinctive feature in the half-year performance of the consumer sector - online consumption continues to grow, and the sales revenue of e-commerce enterprises and traditional retail enterprises in e-commerce channels has increased significantly.

"In the first half of this year, the company achieved a year-on-year increase in revenue of 32.58% and a year-on-year increase in net profit of 47.41%, as the main entrance for new consumers, online channels provided strong support for performance growth." The relevant person in charge of Tomson By-Health Co., Ltd. said that in the first half of the year, the online channel revenue of Tomson By-Health's main brand increased by more than 60% year-on-year.

"Many listed companies have strengthened the integration of online and offline development, and gradually formed a new retail model to meet consumers' dual demand for increasing shopping experience and convenience. In addition, branding has also become an important means for listed companies to cope with consumption upgrades, and some companies have improved product added value and premium capacity by enhancing brand image and strengthening brand marketing. Tian Lihui analyzed.

Optimize the supply of products and services, and promote consumption quality upgrading

"While grasping the key competitiveness of taste, Guangzhou Restaurant is committed to combining traditional food, regional culture and emerging consumption concepts to meet more levels of catering needs." Chen Yang said.

"On the basis of maintaining the bottom line of safety, Spring Airlines has strengthened data mining and analysis, continuously improved flight punctuality rate, and optimized its product portfolio and travel services through its own channels to further stimulate travel demand." Zhang Wuan said.


Listed companies are not only an important window for observing the consumer market, but also a strong driving force for high-quality development.

"Shanghai retail and consumer goods listed companies represent the leading production technology and marketing concepts in China, and from the half-year performance, they have played a more obvious industry leading effect in the recovery of consumption." Yang Delong, chief economist of Qianhai Open Source Fund, analyzes that on the one hand, listed companies have stronger resource allocation capabilities, can respond to the latest consumption hotspots and changes in the first time, and cultivate new consumption habits by continuously strengthening product innovation and developing consumption patterns; On the other hand, leading enterprises can cultivate and incubate more new consumer industry chain companies and expand the consumer industry circle through foreign investment and mergers and acquisitions.

Li Qiusuo believes that the high-quality development of consumer listed companies not only ensures the stability of the supply side, but also meets the new consumption demand of residents for a better life through continuous innovation and upgrading, which is conducive to expanding domestic demand, promoting consumption quality upgrading, and accelerating the formation of a higher level of dynamic balance between demand driving supply and supply creating demand.

Since the beginning of this year, various departments have successively introduced policies to promote consumption of household and electronic products, and support new energy vehicles. With the implementation of the policy, as well as the gradual stabilization of economic development and residents' income, experts believe that in the next stage, consumption expansion and upgrading still have great potential, and listed companies should continue to be good "locomotives" and lead the industry to improve quality and upgrade.

"China's industrial upgrading will continue to become an important foundation for consumption upgrading, and the continued recovery of service consumption is still an important trend, and listed companies should actively increase investment in research and development, closely combine products with new technology applications, and further improve supply quality." Li Qiusuo believes that with the help of innovative technology, all kinds of consumption is expected to continue to develop further in the direction of more comfortable, more convenient, cleaner, more beautiful and healthier.

Tian Lihui suggested that listed companies should optimize the supply of products and services by strengthening technological innovation and research and development, improving supply chain efficiency, improving product quality, and strengthening brand building, so as to continue to promote the high-quality development momentum of the consumer market.