This is the 280th issue of Deep Kr New Consumption to share:
You think six walnuts are selling walnut milk? He was no more than a seller of tin cans in the beverage industry, buying tin cans for walnut milk.
The author | Huang Xiaojun
Cover art | network
Recently, I returned to my rural hometown in the eighteenth line, and by the way, I visited an elder whose lumbar disc was particularly prominent.
When he was thinking about sending something, his father recommended a drink that occupied the only pile of the village's mom-and-pop shop: six walnuts.
A few tens of yuan a piece, the dust of the outer packaging dust dust, and the three plants, brain platinum as the same face.
Strangely, on the 2020 Luo Zhenyu year-end show, the most eye-catching logo is also six walnuts.
As the exclusive title sponsor, Six Walnuts enjoyed the ultimate treatment of "logo to be bigger and bigger" throughout the speech.
On one side is the village Style, on the other side is the middle-class elite, and it feels like this "complaining class" society is folded in a can of six walnuts.
01
The six walnuts are themselves a folded body.
In 2005, Hengshui Lao Baigan could not stand the continuous nibbling of six walnuts, and planned to bid 3 million yuan to sell it.
It was bought by a group of old employees. House cooks, warehouse keepers, security guards, clerks, drivers... These workers have made up enough money and turned into their bosses.
At that time, the biggest opponent of the six walnuts was Lulu, who was also in Hebei. Six walnuts were taken out to sell, and the wholesale department and the mom-and-pop shop did not recognize them, feeling like a cottage Lulu.
Finally, these bosses from the masses used Hengshui Lao Baigan's channels in the field of liquor catering to buy six walnuts in a small restaurant. In this way, the only Yi soy milk that must be ordered to eat hot pot in the Sichuan-Chongqing region is here to find a master.
After the restaurant sold well, the major wholesale departments, commissaries, supermarkets, etc. began to find six walnuts to get goods.
It is said that the second year after the purchase, the company sold 30 million ... Here the heartache hengshui old white dry for two seconds.
The channel is won, and the brand can stand up before someone buys. At that time, the brain platinum fire spread all over the country, relying on channels? Rely on the two big aunts and uncles in CCTV who twist their butts and shout "only accept the brain platinum".
Six walnuts will also play. In 2019, the sales expenses of six walnuts were more than 1 billion yuan, and the shares of Weiwei were 490 million yuan and Chengde Lulu were 470 million yuan in the same period.
Six walnuts in the marketing promotion, can be said to be willing to spend money. Titled CCTV "The Strongest Brain", "Challenge Impossible", etc., and with its "often use the brain, drink six more walnuts" advertisement...
In the minds of consumers, this brand has deeply branded the brain supplement picture of "brain supplementation".
For a time, rural parents began to buy six walnuts for their children to supplement their brains. Especially the parents of high school students, the two things they do every day are to ask the bodhisattva for blessing and ask the six walnuts to play a role.
Don't ask me how I know... From 2007 to 2011, six walnut revenue growth rates grew at a rate of nearly 100% per year. And the author graduated from high school, that is, in those years.
In 2011, Six Walnuts even listed the advertising director of Sugar, Tobacco and Alcohol Weekly magazine as a shareholder of the company.
However, the marketing pull of six walnuts in the past two years seems to be a bit uncomfortable. Taking 2019 as an example, the sales expenses of Yangyuan beverages of the six walnut parent companies increased by 4.06% year-on-year, but the revenue fell by 8.41%.
In 2020, the impact of the epidemic may be a little worse, and marketing expenses and revenue have fallen by 30 or 40 percentage points year-on-year.
Better than other brands, although Yangyuan Beverage revenue fell by 38% in the third quarter, profit fell by only 32%, and there is still the ability to make a profit of 1.1 billion yuan in a single quarter.
As of now, Six Walnuts is still the largest walnut milk brand in China.
I don't know.
02
Six walnuts are still making money, but the dealers of six walnuts don't seem to be having a good time.
Affected by the epidemic, the sales of six walnuts in 2020 are not optimistic. In the first half of the year, Yangyuan Beverage began to vigorously destock.
"FMCG" has an article reporting that the goods destocked are roughly produced in November-December 2019. At first, dealers can dispose of it for 50 yuan or 49 yuan. But after June, this price point is not easy to deal with.
This also makes dealers miserable.
According to the destocking scheme launched by six walnuts, the retail price of the beverage terminal is 45 yuan / piece, and the distributor can ship at 40 yuan / piece.
On the surface, this can make another 5 bucks. In addition, the manufacturer will also give subsidies, 40 yuan shipping subsidy 8.1 yuan, 35 yuan shipping subsidy 10.7 yuan.
However, the dealer terminal order price is calculated according to the Spring Festival order price of 57-58 yuan. From the perspective of operation, they will lose more than 10 yuan per shipment.
According to this kind of destocking game, insiders estimate that there will be 300-400 walnut dealers with losses of more than 500,000.
However, reflected in the financial report, six walnuts did not lose money.
As six walnut departing employees complained in the article, "the company's attitude is to always insist that manufacturers do not suffer losses." Like Yue Yunpeng, who said cross-talk, and the fans who want to "refund" in the audience - the purpose of service, no refund!
It's not just 2020. Some dealers have also revealed to "New Distribution" that the brand has shown a serious downward trend as early as a few years ago, basically falling by 10%-20% per year.
In 2019, Yangyuan Beverage revenue was 7.459 billion yuan; in 2018, its operating income was 8.144 billion yuan; in the first half of 2020, the company's operating income was 48.40% lower than that of the same period last year.
Signs of decline are not hard to see.
Although the performance has been falling, the shareholder dividend has been divided.
Six walnuts, which have been listed for less than three years, have paid a cash dividend of 5.768 billion yuan, and the dividend payment rate has exceeded 78% for two consecutive years. And due to the relatively concentrated shareholding ratio, more than 1.5 billion yuan was taken away by Yao Kuizhang, the actual controller who held 27.55% of the shares.
A group of workers turned over and became the master, and a group of dealers had no choice but to become workers.
03
Judging from the situation reflected by dealers, the epidemic is just a catalyst for the slow sale of six walnuts, and it has been difficult to sell for many years.
How could the king of a generation of walnut milk suddenly not be able to sell it?
Some people analyze that the consumption scenario has changed. As the main gift-giving product, half of the six walnuts are sold in traditional festivals such as spring festival and Mid-Autumn Festival.
But even in the eighteenth-line countryside, the bright light of consumption upgrading has long been shining.
And what is the gift to give now? Really send tobacco, alcohol and oil, send consumption cards, gift certificates... Six walnuts are no longer the preferred gift for the rural market.
In addition, the real business routine of six walnuts is gradually becoming well known to the public.
At the time of the IPO of Yangyuan Beverage, its prospectus revealed some data. It is suspicious that the walnuts in the six walnuts are as incomprehensible as the beef in Master Kong's beef noodles.
"Business Review" has reported that the factory price of walnut milk, the home product of six walnuts, in 2015 was 2.1 yuan / listen, its gross profit margin was 49.11%, and it was available, and its cost per listen was 1.118 yuan. Among them, the cost of peach kernels accounts for 29.54% of the total production cost, and the cost of tin cans accounts for 49.11%.
This means that from the walnut milk we bought for more than 3 yuan from the market, the peach kernel ingredient is only worth 0.33 yuan, which is not as valuable as the tin can itself...
In 2018, Sina Finance reported that the purchase amount of six walnut cans accounted for 58.45%, and the cost of walnut kernels was only 15.98%.
In 2019, Phoenix Finance also calculated that a can of 240 ml of "six walnuts" has a protein and fat content of 1.44 grams and 4.8 grams, respectively. If calculated according to the protein content, the number of walnuts contained is 1.87, and if it is calculated according to the fat content, it is only 1.58, which is less than 2 walnuts.
Although there are some discrepancies in the data of each family, this has already told the general public a fact:
Looking back now, it is no wonder that the six walnuts in the husband and wife shop at the head of our village have such a thick layer of ash. My elder, who had a herniated lumbar disc, and I both paid an IQ tax to six walnuts.
Old seniors, come to a jar of iron, supplement the lumbar intervertebral disc!