Recently, the semi-annual reports of listed catering companies have been disclosed one after another, including Haidilao, Jiu Mao Jiu, Xiabu Xiabu, Guangzhou Restaurant, Tongqinglou, Xi'an Food, Quanjude, Juewei, Zhou Hei Ya, Huang Shang Huang, etc.

How did catering companies "suffer" in the first half of the year? What are the highlights of performance? Everything is told by data.

01 Growth against the trend

Overall, the brands that achieved revenue growth against the trend were Tai Er +24.8% and Cou Cou +21.3%, respectively winning the first and second place in the growth of listed brands in the first half of the year.

Tai Er Pickled Cabbage Fish (a brand under Jiu Mao Jiu) had a revenue of 670 million in the first half of the year (of which takeaway accounted for about 23%), an increase of 24.8% year-on-year;

Tai Er is a very successful online celebrity brand in the current market and a leading brand in the pickled cabbage fish sub-category. In addition, with the timely launch of takeaway products, it has become one of the few brands that achieved more than 20% growth in the first half of the year.

Due to the good operation of Tai Er, the turnover rate is 3.4/day. In the first half of the year, 37 new stores were opened against the trend, and the total number of stores has reached 161.

Coucou (a brand under Xiabu Xiabu) achieved revenue of 593 million yuan in the first half of the year, an increase of 21.3% year-on-year.

Coucou is known as the "most beautiful hot pot in Beijing". It is rare to achieve growth when Beijing suffers from the second wave of the epidemic. There are 100 stores across the country, focusing on nourishing soup base + Internet celebrity milk tea, targeting female consumers, and becoming a check-in destination in major business districts. Coucou's overall turnover rate reached 4.1 times/day,

Tongqinglou's net profit attributable to shareholders of listed companies was 79.9363 million yuan, and Guangzhou Restaurant was 11.3931 million yuan; these are two listed catering companies with positive net profits.

Guangzhou Restaurant Company had a total revenue of 970 million yuan and a net profit of 11.39 million yuan, a year-on-year decrease of 82.28%. Among them, the catering business had an operating income of 169 million yuan, a year-on-year decrease of 49.83%;

Tongqinglou: In the first half of the year, it achieved an operating income of 471 million yuan, a year-on-year decrease of 36.07%, and the net profit attributable to shareholders of listed companies was 79.9363 million yuan, a year-on-year decrease of 28.37%;

It is worth noting that in the segmented track, one duck neck produced three listed companies-Zhou Hei Ya, Juewei, and Huang Shanghuang. The catering food track can also produce miracles!

Juewei's revenue was 2.413 billion, a year-on-year decrease of 3.08%, and its non-net profit was 271 million, a year-on-year decrease of 30.46%; Huang Shanghuang's operating income was 1.365 billion, a year-on-year increase of 16.77%, and its net profit attributable to shareholders was 158 million, a year-on-year increase of 12.25%.

02 Losses from all aspects

After all, suffering from an unprecedented epidemic, catering companies are the hardest hit areas, so the semi-annual report also truthfully shows the "disaster situation".

Judging from the decline in net profit losses of listed companies, Quanjude's net profit in the first half of the year decreased by 559.83% year-on-year. After all, Beijing is Quanjude's base camp, and Quanjude suffered relatively large losses, especially cash flow, which fell by 1104.47% year-on-year to more than -100 million yuan. During the epidemic, the fund management system was upgraded to the most stringent level.

Xi'an Catering's net profit fell by 323.22% year-on-year, and it was also a brand with a large decline.

From the absolute amount of losses, Haidilao had a net loss of 964 million yuan and Xiabu Xiabu had a net loss of 255 million yuan. Since the operating plates of each company are different, the absolute value is only relative.

The specific losses of each company are as follows:

Quanjude: achieved operating income of 313 million yuan, a year-on-year decrease of 58.77%; net profit attributable to shareholders of listed companies was -148 million yuan, a year-on-year decrease of 559.83%. Quanjude's net profits in 2018 and 2019 were 73 million yuan and 45 million yuan respectively;

Xi'an Catering achieved operating income of 129 million yuan in the first half of the year, a year-on-year decrease of 50.76%; the net profit attributable to shareholders of listed companies was a loss of 69.9799 million yuan, a year-on-year decrease of 323.22%;

Xiabu Xiabu's revenue in the first half of the year was 1.922 billion yuan, a year-on-year decrease of 29.1%; the loss attributable to the company's owners was about 255 million yuan, and the profit attributable to the same period last year was 164 million yuan, a year-on-year decrease of 255.4%;

Haidilao's total revenue in the first half of the year was 9.76 billion yuan, a year-on-year decrease of 16.5%, a net loss of 964 million yuan, and a profit of 911 million yuan in the same period last year, with a net profit decline of more than 200%;

Jiu Mao Jiu's revenue in the first half of the year was 250 million yuan, a decline of more than 62%, a loss of 85.9 million yuan, and a profit of 92.56 million yuan in the same period last year; the adjusted net profit loss was 86 million yuan, and the net profit fell by 198.7%.

It is worth noting that Zhou Hei Ya's semi-annual report showed a revenue of 903 million yuan, a year-on-year decrease of 44.4%, and a net loss of 42 million yuan, a decrease of 118.43%. Zhou Hei Ya's headquarters is in Wuhan, so the performance loss is understandable.

03 Catering development trend

From the financial reports of listed catering companies, interpret the development trend of the catering industry.

1. Polarization of store opening and expansion

Previously, catering O2O reported that hot pot, barbecue, and tea drinks were hailed as the "three lucky treasures" after the epidemic, and their growth momentum was the most obvious.

Luo Huashan, founder of catering O2O, said that the three major categories were popular after the epidemic. Based on people's need for emotional catharsis and release after the epidemic, hot pot, barbecue and other scenes have decompression effects and social attributes. In addition, these three categories will put seasonings on the front desk to achieve standardization of ingredients and ingredients, which is convenient for rapid expansion.

Hotpot brands such as Coucou, Xiabu Xiabu, and Haidilao have strengthened, especially Haidilao's stock price has risen from the lowest point of 27.3 yuan on March 19 to 53 yuan today, with a market value of 280.9 billion Hong Kong dollars, doubling.

Although it lost 1 billion, the founder's wealth increased by 35.8 billion, proving the capital market's recognition of Haidilao!

Haidilao is currently opening stores at an accelerated pace: an average of more than 10 new stores are added each month.

Among them, first-tier cities expanded from 55 to 212, with a net increase of 157, an increase of 285%;

Second-tier cities increased from 83 to 389, with a net increase of 306, an increase of 368%;

Outside mainland China increased from 9 to 67, an increase of 644%;

Third-tier and below cities expanded from 29 to 267, with a net increase of 238; from the data, the growth rate was 820%, the highest growth rate, from which it can be seen that the sinking market is Haidilao's main direction!

The number of stores in third-tier and lower-tier cities has surpassed that in first-tier cities by leaps and bounds, which is worth pondering.

The sinking of consumption will not only make Pinduoduo a success, but will also make more catering brands a success.

At present, the number of Haidilao stores has increased from 176 at the end of 2016 to 935 at the end of June 2020, close to 1,000.

2. Omnichannel + full network + full time

At the CCFA forum two years ago, Luo Huashan, the catering O2O, proposed the 1+N omnichannel model, based on 1 dine-in, and N channels such as takeout + takeaway + e-commerce + retail + flash will become the standard! Many companies believe that they have a deep understanding of this when the epidemic comes.

For example, Tai Er, which dominated the first half of the year with a growth rate of 24.8%, once declared in March that it would "not take out" to open takeout for the sake of "pampering fans", and it only sold for one month!

Due to Tai Er's marketing, from resolutely "no takeout" to "only sell for one month", on the first day of takeout, it was on the hot list, and within 15 minutes of going online, all the fish for the day were sold out, creating a "fish is hard to find" online celebrity drama!

Moreover, during the peak meal time, Tai Er will close the ordering system at any time according to the situation, and may also open the ordering system at any time. This "very stupid" marketing strategy has the effect of "hunger marketing", so everyone starts to grab lunch or dinner at 10:30 like grabbing "train tickets".

For example, Guangzhou Restaurant, although the catering business revenue is only 169 million, a year-on-year decrease of 50% (49.83%), the food business revenue is 785 million yuan, a year-on-year increase of 31.72%, the quick-frozen products have achieved revenue of 427 million yuan, a year-on-year increase of 64.41%, and other products have achieved revenue of 339 million yuan, a year-on-year increase of 12.22%.

Therefore, the risk resistance of the 1+N omni-channel model was fully demonstrated in Guangzhou Restaurant, and Guangzhou Restaurant also became a catering company with positive net profit in the first half of the year (11.39 million yuan).