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南方黑芝麻业绩滑坡 多元化反成拖累

作者:admin  日期:2018-10-27 16:41  人气:
主业不稳 南方黑芝麻业绩滑坡
 
The main industry is unstable. The black sesame is declining.
 
 
 
昔日红遍大江南北的“南方黑芝麻糊”陷入营收增长、净利下滑的尴尬境地。南方黑芝麻集团股份有限公司(以下简称“南方黑芝麻”)发布的2018年半年财报显示,净利润与去年同期相比下降近四成,一季度的净利润也同比大降近五成。此前,由于冲调产品行业市场增速放缓,南方黑芝麻主营业务增长乏力,在此背景下,南方黑芝麻通过收购开启多元化战略,不仅进军烘焙食品、曲奇饼干等领域,还开展了电商运营业务。但目前看来,南方黑芝麻的并购尚未取得理想效果,反而拖累了整体表现。业内人士认为,南方黑芝麻目前应当稳固主业,围绕健康的五谷杂粮食品去做产品延伸,形成自身绝对优势之后再去布局多元化业务。
 
The "black sesame paste of the south" which used to be popular all over the north and south of the Yangtze River has fallen into an awkward situation of revenue growth and net profit decline. Southern Black Sesame Group Co., Ltd. (hereinafter referred to as "Southern Black Sesame") reported a decline of nearly 40% in net profit in the first quarter compared with the same period last year, and a sharp drop of nearly 50% in net profit in the first quarter. Prior to this, due to the slow growth of the product market, the main business growth of black sesame in South China was weak. In this context, South China black sesame began to diversify through acquisitions, not only into baking food, cookies and other fields, but also launched e-commerce operations. But at present, the acquisition of black sesame in the South has not yet achieved the desired result, but has dragged down the overall performance. Industry insiders believe that the southern black sesame should now stabilize the main industry, around the health of grains and miscellaneous grains to do product extension, the formation of their own absolute advantage after the layout of diversified business.
 
 
 
 
 
净利连续下滑
 
Net profit fell continuously
 
 
 
根据南方黑芝麻2018年上半年度财报,2018年上半年南方黑芝麻完成营业收入13.51亿元,比上年同期增长44.9%,同比有较大增长。在南方黑芝麻的天猫旗舰店当中,北京商报记者注意到,南方黑芝麻上架产品丰富且销量较好,经典产品原味黑芝麻糊的月销量达22251笔。
 
According to the financial report for the first half of 2018, the revenue of black sesame in the first half of 2018 was 1.351 billion yuan, an increase of 44.9% over the same period of the previous year, with a significant increase over the same period. In the Tianmao flagship store of southern black sesame, Beijing Business Daily reporter noticed that southern black sesame products on the shelves are rich and good sales, the monthly sales of classic products of original black sesame paste reached 22,251.
 
 
 
而销售业绩不错的背后,是南方黑芝麻净利下滑的尴尬。财报显示,南方黑芝麻实现归属于上市公司股东的净利润1655.59万元,较上年同期下降39.98%。值得注意的是,自2018年以来,南方黑芝麻的净利润表现不尽如人意。第一季财报显示,南方黑芝麻2018年1-3月实现营业收入5.53亿元,同比增长17.91%;归属于上市公司股东的净利润1259.96万元,同比下降46.31%。
 
Behind the good sales performance is the embarrassment of southern black sesame net profit decline. According to the financial report, the net profit of Nanfang black sesame belonged to the shareholders of listed companies was 16.5559 million yuan, 39.98% lower than the same period last year. It is worth noting that the net profit of black sesame in South China has not been satisfactory since 2018. First-quarter earnings showed that South Black Sesame realized revenue of 553 million yuan in January-March 2018, an increase of 17.91%; net profit of 12.599 million yuan belonging to shareholders of listed companies, a decrease of 46.31%.
 
 
 
在多位业内人士看来,南方黑芝麻的净利润下滑,主要有两个因素:一是主营业务受行业下滑的冲击,营收放缓;二是南方黑芝麻近几年进行了多起并购,但效果不佳,还导致了公司管理等方面费用增长。
 
In the view of many industry insiders, the decline in net profit of southern black sesame is mainly due to two factors: first, the main business of southern black sesame is impacted by the decline of the industry, and revenue slows down; second, southern black sesame has carried out a number of mergers and acquisitions in recent years, but the effect is not good, but also led to the increase in company management costs.
 
 
 
中国食品产业分析师朱丹蓬表示,糊类冲调产品的市场增速放缓,南方黑芝麻在传统业务上需要进行市场维护和品类竞争,业绩增加有所困难。而新品还在布局期,尚未被消费者和市场所接受,南方黑芝麻在新品的品牌打造、渠道完善、产品推广等方面都花费巨大,“总体来说,老产品没有很好的增长,新品没有造血功能,需要靠老品来进行输血,这种情况直接拉低了整个南方黑芝麻的净利润”。
 
Zhu Danpeng, an analyst with China's food industry, said that the market growth of paste-based products slowed down, and black sesame in southern China needed market maintenance and category competition in its traditional business, which made it difficult to increase its performance. And the new product is still in the layout period, has not yet been accepted by consumers and the market, the southern black sesame in brand building, channel improvement, product promotion and other aspects of spending a lot of money, "overall, the old products do not have a good growth, new products do not have hematopoietic function, need to rely on old products for blood transfusion, this situation directly pulled down The net profit of the whole southern sesame.
 
 
 
战略定位专家、上海九德定位咨询公司创始人徐雄俊持同样观点:“南方黑芝麻净利润的下滑主要受到多元化的拖累。”他对北京商报记者表示,糊状冲调产品这几年来竞争加剧,越来越多的品牌进入到冲调产品市场中,南方黑芝麻的竞争优势减弱。而南方黑芝麻近几年也在多元化地并购布局,但并购效果不佳,还提高了公司的管理费用,使得南方黑芝麻的业绩表现不佳。
 
Xu Xiongjun, a strategic positioning expert and founder of Shanghai Jiude positioning consulting company, holds the same view: "The decline in the net profit of black sesame in South China is mainly dragged down by diversification." He told the Beijing Business Daily that the competition of paste products has intensified in recent years, more and more brands have entered the market of paste products, and the competitive advantage of southern black sesame has weakened. In recent years, Southern Black Sesame has diversified mergers and acquisitions, but the effect is not good, but also increased the company's management costs, making the performance of Southern Black Sesame is not good.
 
 
 
多元化反成拖累
 
Diversification is a drag.
 
 
 
近几年来,为应对主营业务增长乏力,南方黑芝麻已在积极布局多元化业务。2017年6月20日,南方黑芝麻发布公告称,以自有资金8000万元人民币对深圳润谷进行投资。南方黑芝麻相关负责人称,此次投资的目的在于丰富产品线和提升盈利能力。据了解,深圳润谷是一家以烘焙食品、天然牛油曲奇饼干、橡皮糖为核心产品的进出口综合型企业。
 
In recent years, in order to cope with the weak growth of the main business, South Black Sesame has been actively distributing diversified business. On June 20, 2017, South Black Sesame announced that it would invest 80 million yuan in Shenzhen Rungu with its own capital. Southern black sesame officials said the investment is aimed at enriching the product line and improving profitability. It is understood that Shenzhen Run Gu is a comprehensive import and export enterprise with baked food, natural butter cookies, rubber sugar as the core products.
 
 
 
同年,南方黑芝麻以发行股票和现金支付相结合的方式收购礼多多100%股权,交易对价7亿元。上海礼多多是一家专业的电商运营公司,业务跨越B2B、B2C、O2O、跨境业务、自主品牌五大类。南方黑芝麻在公告中表示,收购上海礼多多有利于整合线上线下渠道,增加产品销售。此外,南方黑芝麻还开发了饮品业务及富硒食品业务,进行新能源锂电池的投资。
 
In the same year, Southern Black Sesame acquired Lido's 100% stake by issuing stock and paying cash, and the transaction was worth 700 million yuan. Shanghai Lido is a professional e-commerce operation company, business across B2B, B2C, O2 O, cross-border business, independent brand five categories. Southern Black Sesame said in the announcement that the acquisition of Shanghai Lido is conducive to the integration of online and offline channels to increase product sales. In addition, South Black Sesame has developed beverage business and selenium-rich food business to invest in new energy lithium batteries.
 
 
 
但近年来的收购并没有给南方黑芝麻带来理想的账面数据,效果尚未显现。2018年半年度财报显示,南方黑芝麻投资的天臣新能源有限公司,本期投资收入为-189万元;在子公司营收方面,上海礼多多的净利润为1585万元,湖北京和米业有限公司的净利润为870万元,深圳润谷的净利润为-1675万元,荆门彭墩汉光富硒米业有限公司的净利润为-282万元。
 
But in recent years, the acquisition did not bring ideal book data to black sesame in South China, and the effect has not yet appeared. According to the semi-annual financial report of 2018, the investment income of Tianchen New Energy Co., Ltd. invested by Southern Black Sesame is - 1.89 million yuan in this period; the net profit of Shanghai Liduo is 15.85 million yuan, Hubei Jinghe Rice Co., Ltd. is 8.7 million yuan, Shenzhen Runggu is - 16.75 million yuan, and Jingmen Pengdun is a subsidiary company. The net profit of Han Guang selenium rich rice industry Co., Ltd. is -282 million yuan.
 
 
 
南方黑芝麻的销售费用、管理费用在2018年上半年分别增长了42.21%、92.65%,具体数额为2.1亿元、8762万元。公告显示,增长的原因与深圳润谷及上海礼多多的相关费用较大有关。南方黑芝麻也在公告中表示,2018年上半年各项费用增加导致归属于母公司的净利润减少。
 
In the first half of 2008, the sales and management expenses of black sesame in South China increased by 42.21% and 92.65%, respectively, with the specific amount of 210 million yuan and 87.62 million yuan. The announcement shows that the reasons for the increase are related to the relative costs of Shenzhen's run Valley and Shanghai's ceremony. Southern Black Sesame also said in the announcement that increased costs in the first half of 2018 led to a decrease in net profit attributable to the parent company.
 
 
 
徐雄俊认为,南方黑芝麻进行的多元化布局偏离了主业,有些操之过急。目前来看,南方黑芝麻的并购没有对主业产生帮助。
 
Xu Xiongjun believes that the diversified layout of black sesame in the South has deviated from the main business. At present, the acquisition of black sesame in the South has not helped the main industry.
 
 
 
主业仍待稳固
 
The main business needs to be stabilized.

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