Weilong's spicy strips really can't be sold

When the price of spicy strips is more expensive than pork, what does it mean for Weilong Delicious?

In 2023, the company will once again increase the sales price of seasoned noodle products (spicy noodles), which will immediately encounter market backlash, and product sales and revenue will both decline. Affected by the sharp price increase, in the past two years, Weilong spicy noodles have been sold less than 70,000 tons.

The Liu brothers started with spicy noodles, but now this small package of spicy noodles has become their heartache. Fortunately, the vegetable products business is slowly on the right track, and it has gradually supported half of the sky of Weilong.

Nearly 70,000 tons were sold in two years

Last Thursday night, Weilong Delicious (09985. HK) disclosed that its 2023 performance was quite eye-catching, with the company's operating income and net profit attributable to the parent company reaching 4.872 billion yuan and 880 million yuan respectively, an increase of 5.2% and 481.9% year-on-year respectively. Adjusted net profit was RMB970 million, up 6.3% year-on-year.

The company explained that the growth of revenue from emerging channels, the increase in the average selling price of products, the decline in raw material prices and cost management had a positive impact on the performance, and the overall gross profit margin was 47.68%, an increase of 5.38 percentage points over the previous year.

To this end, the company generously took out a total of about 776 million yuan in dividends, with a total dividend payout rate of nearly 90%, most of which will flow into the pockets of the brothers Liu Weiping and Liu Fuping, the actual controllers.

Behind Weilong's red performance, it is the fall from grace of the leading product spicy strips.

Last year, the company's seasoned noodle products (spicy strips) revenue was 2.549 billion yuan and sales volume was 124,400 tons, down 6.25% and 17.4% year-on-year respectively.

An important reason for this is the price increase.

In 2023, the sales unit price of the company's seasoned noodle products (spicy strips) increased by 13.26% from the previous year to 20.15 yuan/kg. You must know that last year, the average transaction price of 2.5-3.5cm thick white pork wholesale market in the country was only 19.07 yuan, and spicy strips are more expensive than meat.

As soon as the price rises, the sales volume will decline, which is a law in Weilong. In 2022, the company will increase the sales unit price of seasoned noodle products by 19.87%, and the sales volume will decrease by 22.21% year-on-year, 43,000 tons less than the previous year.

The decline in product sales has seriously affected the efficiency of the production end. In 2023, the capacity utilization rate of the company's seasoned noodle products has been as low as 48.3%.

On March 22, the topic of Weilong's spicy noodles rising in price and declining sales rushed to the hot search on Weibo. On the same day, the secondary market reacted strongly, and Weilong Delicious fell at the opening, with the highest intraday decline of 4.66%, closing at HK$5.68 throughout the day, down 2.07%, with a total market value of HK$13.355 billion.

The second curve gradually takes shape

The east is not bright and the west is bright, Weilong's spicy strips cannot be increased, and its vegetable products business has taken over the baton.

In 2023, the company's vegetable products business revenue will be 2.119 billion yuan, an increase of 25.1% over the previous year, and the revenue contribution rate has reached 43.5%.

Vegetable products are a business segment that Weilong has carefully cultivated in recent years, and its main products include wind-blown kelp, little witch, and konjac shuang.

For this new business segment, Weilong has adopted a different market strategy. Last year, the price of the company's spicy noodles rose all the way, but the price of vegetable products was decreasing. In 2023, its sales unit price will be 29.6 yuan/kg, a year-on-year decrease of 4.82%, and its sales volume will increase from 54,500 tons in the previous year to 71,500 tons, which is 17,000 tons more.

Compared with spicy strip products, the production of vegetable products has a wider range of raw materials, strong selectivity, and a wider range of product audiences, which can become the company's second curve.

According to the data, from 2019 to 2022, the company's vegetable product revenue was 665 million yuan, 1.168 billion yuan, 1.664 billion yuan, and 1.693 billion yuan respectively, accounting for 19.6%, 28.3%, 34.7% and 36.6% of the company's total revenue in each period. In the same period, the revenue growth rate was 75.64%, 42.47%, 1.74% and 25.16% respectively.

Vegetable products have gradually taken up half of Weilong's delicious sky, indicating that the company has gradually moved away from its single dependence on spicy strips.

Perhaps you have discovered that Weilong in various advertising media such as community elevators and the Internet, advertisements for vegetables and soy products frequently appear, and there are many fewer spicy strips.

From spicy to delicious

Spicy strips are strong, chewy and cheap, and were once one of the favorite snacks of the 80s and 90s. Relying on this product, Weilong has become the number one brand in the spicy snack food market.

In terms of retail sales in 2021, Weilong Delicious ranked first among all spicy snack food companies in China, with a market share of 6.2%, 3.9 times that of the second largest company.

However, relying on the spicy strip alone is not enough to make Weilong sit back and relax. After all, the market space for this product is limited, the threshold is low, the major snack brands have layouts, and there are professional players such as Spicy Prince, etc., who are eyeing Weilong's status.

The data of the past few years can show that Weilong Delicious has fallen into a growth bottleneck.

From 2019 to 2022, the company's revenue scale will be 3.385 billion yuan, 4.120 billion yuan, 4.800 billion yuan and 4.632 billion yuan respectively, with a year-on-year growth rate of 23.01%, 21.73%, 16.50% and -3.50%. In the same period, the growth rate of net profit attributable to the parent company was 38.18%, 24.41%, 0.97% and -81.70% respectively. Although the business situation improved last year, it is still not optimistic.

On the way to Weilong's listing, the outside world expressed concern about the company's growth, and whether it can innovate and make breakthroughs in the non-spicy noodles business is the key to the company's sustainable development.

For Weilong, what can be done is to rely on the spicy strip production line, supply chain, etc., to expand in taste and category.

In recent years, the company has launched new products frequently, and has successively launched products such as konjac shuang, wind-eaten kelp, 78 braised eggs and little witch vegetarian hairy tripe, which has improved the product structure. In particular, konjac shuang has become another big item after gluten.

From a single spicy strip to vegetable products and soy products, Weilong is gradually expanding from spicy strips to spicy and even delicious fields. From January 17, 2024, the company's securities abbreviation will be officially changed from "Weilong" to "Weilong Delicious", which is to reflect the changes in the company's business.

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.6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6); --weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .) 1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .. 6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]), body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: 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#1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, .1);-- weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{-- weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 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157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6); --weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .) 1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]), body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: 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