Spring returns to the earth, and Vientiane is renewed. This spring, Panda Dairy is a bit busy and particularly eye-catching.
From March 15th to 22nd, Panda Dairy (300898. SZ) has brought new categories and classic series to Chengdu and Shanghai, and has become a popular booth at the 110th National Sugar and Liquor Trade Fair and the 27th China International Food Additives and Ingredients Exhibition.
In order to continue to shorten the distance between Panda Dairy and consumers, during the exhibition, Panda Dairy carried out a series of interactive activities, and the main products were integrated into pastry baking, coffee preparation, Western food production and other display links, such as "Cheda Cream Macaroni" made of light cream and cheese slices, and "Fugui Oolong Fresh Milk Tea" made of condensed milk and whole evaporated milk were widely praised by consumers. At the same time, the company's senior application R&D engineers discussed market trends and industry challenges with professional customers on the spot, and shared the successful application cases of Panda series products in the food industry, so as to convey the company's brand culture and values in an all-round way.
Panda Dairy is a national high-tech enterprise integrating R&D, production, sales and technical services of dairy products. As a resident exhibitor of the industry's blockbuster exhibition, Panda Dairy is very popular every year. In order to live up to expectations, Panda Dairy comes with new products every year. The new products in 2024, the plant-based series product "Zhichun Era" and the snack series product "Nothing Cheese", fully demonstrate the brand's ambition to continue to vigorously expand the C-end market while steadily doing a good job in the B-end.
In October 2023, Panda Dairy said that the growth of the plant-based business of the Hainan company exceeded expectations. The Hainan factory has added and upgraded some equipment, increased product variety, and paid more attention to the changes and innovations in the taste of related products to meet the new product needs of partners, and actively expand new customer groups. In February 2024, Panda Dairy submitted three trademark registration applications including "Zhichun Era", and during this exhibition, "Zhichun Era" officially unveiled the mystery - based on high-quality plant-based raw materials, after careful research and development and advanced technology polishing in the early stage, the product meets the application needs of various catering enterprises with its delicate taste and diverse flavors.
Previously, Panda Dairy developed a plant-based milk product with the concept of "light health" - Coconut Rice Thick Milk, which was well received by the market, and another product, Coconut Thick Coconut Milk, won the gold medal of the World Food Quality Evaluation Conference. In recent years, based on the popularization of the concept of healthy life, "coconut" products have continued to cause a boom, and "coconut" is still "playing the leading role" at various food and beverage exhibitions held in early 2024. In order to open up a new track and expand the market space, Panda Dairy started from scratch and actively laid out the coconut business, which has proved that the sector has strong growth. In 2021, Panda Dairy launched raw coconut milk and thick coconut milk for ready-to-drink channels such as tea and coffee, and successfully signed contracts with major customers one after another, and in 2022, the coconut business gradually increased, with revenue increasing by more than 20% year-on-year. It is reported that the successive development of catering customers and the increase in original customer orders are the main reasons for the rapid growth of the business in this sector. At the same time, the company regards plant-based food and nutritional health food as related diversified businesses, and insists on being deep, thorough, strong and specialized.
In addition, during this exhibition, Panda Dairy launched a new flavor of cheese popcorn - classic tomato flavor, jade cucumber flavor and roasted spicy flavor, as well as "No Nothing Cheese" triangle cheese crispy garlic flavor, making more diversified innovations in the snack sector and gaining a lot of cooperation intentions on the spot. In recent years, Panda Dairy has set its sights on the snack food market, creating a 3-year-old + children's snack brand "Red Panda Companion" based on cheese sticks, and a young snack brand "Nothing Cheese" developed with cheese as the main element. Among them, "Red Panda Companion" is deeply loved by children and has gradually become a good helper for channel customers to expand the children's market, while "Nothing Cheese" has comprehensively expanded the consumption application scenarios of "Snack Plus+", strengthened interaction with young consumers, and displayed a "new image" for the "time-honored brand".
In addition to the debut of the new series, the classic products of Panda Dairy have also attracted much attention. It is understood that at the beginning of 2024, Panda Dairy's "Panda Brand" was awarded the "China Time-honored Brand", and the brand continued to bring Panda brand condensed milk, cheese, cream, milk pulp and other products to the exhibition site, and related categories have effectively covered catering, baking, beverages, food processing and other fields, such as sweetened condensed milk application scenarios gradually expanded from catering channels to tea and baking channels, and evaporated milk is mainly based on beverage channels. With the continuous expansion of the B-end application scenarios of products, during the exhibition, the Panda Dairy booth attracted a large number of professional customers to stop and negotiate. Some negotiators said that the high quality and innovation of Panda Dairy have promoted the formation of more cooperation intentions, especially the expansion of the brand in categories and channels in recent years, which is quite effective and has a promising future.
Based on the long-term stability of the main business and the rapid growth of the new sector, Panda Dairy has formed a matrix of four categories with "condensed milk as the mainstay, cream, cheese and plant-based as the second growth curve", with condensed milk series, evaporated milk series, cheese series, cheese yogurt, coconut milk series, coconut water drinks and other products, and has reached stable cooperation with well-known downstream customers such as Yuanqi Forest, Mengniu Dairy, Weiquan Food, Xizhilang, Heluxue, Gu Ming, Nova Coffee and other well-known downstream customers. In terms of channels, the company has initially built a sales network covering more than 30 provinces across the country, with East China and South China as the "main position", actively promoting regional expansion, vigorously promoting channel sinking with the strategy of adding new catering dealers and reducing retail dealers, and opening online channels such as Tmall flagship store, Douyin store, Xiaohongshu store, Pinduoduo store, etc.
According to the performance forecast released by Panda Dairy, in 2023, the company is expected to achieve a net profit of 101 million yuan to 110 million yuan, a year-on-year increase of 89.11% to 105.96%. In 2023, with the gradual recovery of the national catering consumption market, Panda Dairy has promoted the stability and improvement of its main business by launching new products, developing new customers, and expanding new channels, and achieved significant growth in performance. It is worth mentioning that in the first three quarters of 2023, the company's R&D expenses will be about 13.9254 million yuan, an increase of nearly 10% over the same period in 2022.