Zebra consumes Ren Jianxin

At a time when all industries are seriously involved, no one can win.

On the evening of April 25th, Liangpin Shop, a leisure snack head enterprise, disclosed its annual report for 2023: it realized an operating income of 8.046 billion yuan and a net profit of 180 million yuan. In the case of periodic pressure, the basic disk is generally stabilized.

The first quarterly report of 2024 disclosed on the same day shows that the company’s operating income has returned to the growth track, with a year-on-year increase of 2.79% to 2.451 billion yuan. Because the terminal took the initiative to make profits, the company’s net profit returned to the mother decreased by 57.98% year-on-year to 62.4828 million yuan.

In the last two years, discount snacks have expanded wildly, and the terminal price war has been rolling; Online traffic transfer, a trick can no longer eat all over the sky; Coupled with the return of rational consumption concept. All this makes casual snack players have to re-examine themselves.

Good shops are not hiding anything. Dare to face up to their own problems and have made targeted adjustments one after another. The company does not fight a single-dimensional price war, and insists on actively participating in industry competition through innovation and differentiation, so that the business can return to valuable growth.

Don’t underestimate the difficulties, and don’t underestimate the resilience of this 18-year-old leisure snack leading enterprise.

Tear off the bandage to heal.

The trillion-dollar leisure snack market was not made in one day. Participants in the market should not only be KA, but also brand operators such as good shops and three squirrels, and discount snacks are not destined to be the end of the model.

The continuous innovation of models and channels can stimulate the innovation vitality of the whole industry and jointly expand the market, so that users can finally benefit.

As a leading enterprise in the industry, Liangpin Shop (603719.SH) admits that it is going through a relatively "painful" period. If it is only an explanation for investors, it can be attributed to the impact of discount snacks.

However, looking at the essence through the appearance, the good shop deeply realized that the root cause of the current pressure on the company’s performance is that the brand does not provide users with enough sense of value. Only by facing up to our own problems can we find targeted solutions.

Engaged in the leisure and snack industry for 18 years, the good shop knows that blindly rolling prices and fighting price wars will only affect the benign development of the whole industry.

The competition between enterprises is essentially the competition of supply chain. Only by improving the quality and efficiency of the supply chain can we really provide users with products with high quality and price ratio.

Different from the simple purchasing relationship between discount snacks and suppliers, Liangpin Shop, as a brand, dominates the whole industrial chain and controls the whole process of products from raw material planting and purchasing, product research and development to production and sales.

Therefore, discount snacks and good shops are completely different price logic, and the method of "squeezing water" from the supply chain is also completely different. For good shops, "squeezing water" is by no means an extreme squeeze on suppliers, but through lean management in cost control, production efficiency and commercial efficiency. It can make every supplier in the industrial chain become a participant, contributor and beneficiary of reducing costs and increasing efficiency.

Based on this, in November 2023, Liangpin Store launched the largest price adjustment since its establishment 17 years ago, with an average price reduction of 22% for more than 300 products, with the highest drop of 45%.

How can we reduce the price without degrading the quality?

Taking nuts as an example, in the past, good shops purchased products with specified specifications, and the high grade led to high procurement cost of raw materials. The company made adjustments to this. On the one hand, it incorporated the purchase of bulk nut raw materials into the supplier’s direct mining system, and at the same time changed the acquisition strategy. After the market unified mining, the raw materials were classified.

For example, Hawaiian fruit, the company has built a raw material base and used domestic Hawaiian fruit instead of imported raw materials. At the same time, raw materials with different specifications are used to produce different products such as canned, bagged and comprehensive nuts. By maximizing the use of raw materials, the price of each type of products has dropped by 5 to 10 yuan.

Light sweet dried mango is a very popular product in Liangpin Store. In the past, the company purchased mangoes from abroad and processed them at home, and it was inevitable that there would be a lot of losses when fresh fruits crossed the ocean. In 2023, the company supported suppliers to build factories overseas, and the raw materials were purchased and processed locally, thus reducing the total cost. As a result, the company’s 112g light sweet dried mango dropped from 16.9 yuan to 39.7 yuan/kg in 8.9 yuan, far lower than similar products of well-known Shangchao.

With the continuous deepening of the reform and innovation of the supply chain of each product line and the overall improvement of operating efficiency, the terminal price of products will definitely make users have a more obvious perception.

Gather advantages and seek growth

In the leisure snack industry, Liangpin Shop is the most balanced brand in online and offline development, which is also the biggest difference and advantage between it and competing products in the channel.

In 2023, there were 537 new stores in the four core provinces, and the total number of offline stores at the end of the period reached 3,293, a net increase of 67 over the same period of last year. In the whole year, the revenue from offline channels reached 4.294 billion yuan, up 4.02% year-on-year.

At the 2024 annual meeting of Liangpin Shop, Yang Yinfen, chairman and general manager of the company, particularly emphasized that the store is the most important channel for Liangpin Shop and the main position for brand promotion.

In the future, the improvement of store management and efficiency, updating and model optimization will still be the top priority of good shops. Yang Yinfen emphasized that all channels of the company should be based on the products and prices of stores, and all channels should be close to the products and prices of stores, and resolutely prevent involution from occurring internally.

Many users who often visit good shops have seen obvious changes. With the introduction of new models and new products, the store is younger and has a fireworks atmosphere. For stores in specific scenes, good shops introduce high-frequency consumer goods such as coffee and short-term insurance; Seasonal introduction of innovative sketches such as frozen products, sausages and baked sweet potatoes effectively increased the customer unit price and sales in the quarter.

For the operation of online traffic, good shops get rid of the single money-burning purchase of their peers, and rely on the advantages of their own offline stores to build diversified and unique models such as "city matrix live broadcast", "talent with goods" and "official number live broadcast".

Take a different road

No industry can only have low-end and low price, which can only bring "morbid", and ultimately the users will be damaged. Snacks are closely related to people’s daily life and health, especially so.

Nowadays, users’ consumption behavior is more and more rational, and the requirements for snack products are more demanding, which should be "delicious", "healthy" (light burden), "cost performance" and "emotional value". Only brands and products that can fully meet the needs of users will have long-term survival value.

As a brand owner and industrial chain owner, Liangpin Shop controls the whole chain of raw materials, product research and development, production, etc., and has the advantage of meeting the needs of users.

As early as the second half of 2023, good shops promoted product upgrading with "good raw materials, good formula and good taste" as the anchor point. From wild bamboo shoots with reduced salt and preservatives, non-fried 0 trans fatty acid crisp pancakes, 2.0 version of preserved plum with "nothing added", to toast with 0 preservatives and 60 days shelf life, these seemingly subtle changes all require long-term accumulation of brands to find the optimal solution in taste and health.

As one of the drafting units of General Requirements for Healthy Snacks, Liangpin Shop advocates the concept of "five reductions" (reducing salt, sugar, fat, oil and food additives), focusing on the two research and development directions of making products with pure natural and healthy ingredients and reducing additive products in the production process, so as to make the snack formula simpler and healthier with low burden.

Recently, Shanghai has been the first in China, taking the lead in trying out "nutrition selection" grading label in the beverage industry. ABCD is clearly printed on the packaging of drinks, and it is clear at a glance whether the products are healthy or not.

After the pilot project in Shanghai is completed and the experience is summed up, I believe this model will be further promoted to the whole country and eventually extended to the whole food industry. This is not only the consumer’s demand for a healthy diet, but also the general trend.

In the face of the general trend, enterprises can only take the lead if they plan ahead.

After 18 years of deep cultivation in the leisure snack industry, good shops have witnessed changes in the industry, experienced storms, and developed the physique of differentiated competition.

In 2019, it was tired of the endless price war in the industry. The company decisively jumped out of the Red Sea with low quality and low price competition, set off the banner of high-quality snacks, and embarked on a wave of independent market.

Nowadays, although it is under pressure periodically, the company always insists on high-end unshakable. Return to the initial intention of "the quality of conscience, everyone’s shop", and win users with "quality-price ratio" through the improvement of its own efficiency. Finally, walk out of the good shop’s own path.

　　Before going to Laojun Mountain in Luanchuan, I made a simple strategy. First of all, I’m curious about whether there are any other places called Laojun Mountain. After searching, there are a dozen Laojun Mountains all over the country. But on second thought, it is also reasonable. Either there are legends left behind, or because of reverence, in short, there are various reasons why so many mountains share this name, and the mountains have different names. This is the same road.

　　However, although there are so many Laojun Mountains, with my selfishness, even if I come to Laojun Mountain in Luanchuan for the first time, I will naturally feel the most cordial here. Why? This is Henan. I’m from Henan. There is also a very hard basis: the Tao Te Ching was written in Hanguguan. Of all the Laojun Mountains, there is nothing closer than Laojun Mountain in Luanchuan and Hanguguan. By the way, there is another thing to say: Laojun Mountain here is actually the main peak of Funiu Mountain, the remaining pulse of Qinling Mountains. It is well known that I ride a green cow. Isn’t this mountain in early spring like a huge green cow?

　　The mountain gate is very close to Luanchuan county, but it takes only ten minutes by car. Looking at the mountain at the foot of the mountain, the sky is gloomy and dark clouds are rolling. The tour guide brother said it might rain. Then it will rain. "and, after a night of mountain rain, from each summit come hundreds of silken cascades", you might as well enjoy Baizhong Spring in Laojun Mountain.

　　Take the cable car slowly up the hill. The wind is strong, but the cable car is smooth. With the elevation, the cableway has two levels. The first level is divided into two branches, one is called Zhongling cableway, which is the first cableway built by Laojun Mountain, starting from Lingguan Hall and reaching Zhongtianmen, so it is named Zhongling. One is the Yunjing cableway, which starts from Zhaigou and ends at Zhongtianmen. It’s longer than Zhongling cableway, and it has more pleasing scenery. Thanks for these great inventions. I am such a timid person, I will never try to fly with wings. If I want to have a bird’s-eye view, I can only rely on such an invention.

　　It’s really beautiful, this spring mountain. No matter whether the leaves are green or the flowers are beautiful, all colors are the original colors, which are extremely pure. Forsythia suspensa and Yingchun both have yellow flowers, but they are different, one is gorgeous and the other is calm. Magnolia is also divided into red magnolia and magnolia, and magnolia is more. Grandma’s name is Yulan, so Yulan is my favorite tree. It really hits it off, and people here seem to like Magnolia very much. Magnolia can be seen everywhere in the county seat, and most of the street trees are magnolia. Magnolia is also planted on both sides of the road up the mountain. But the magnolia on this mountain is different from that on the foot of the mountain. The flowers are smaller, and the small flowers are blossoming upwards, full and hard, as if each one is gathering light.

　　On the first level, I arrived at Zhongtianmen-there are Zhongtianmen in Taishan, and there are many places called Zhongtianmen, right? After getting off the cable car, we strolled to the observation deck and looked in the direction of Luanchuan County. We thought we would be obscured by clouds, but it was very clear. What comes into view is a vast plain, surrounded by miniature buildings, roads and ant-like vehicles. The outline of Yishui is faintly visible in the middle. It suddenly occurred to me that the Longmen Grottoes, more than 100 kilometers away, are also beside Yishui. Thinking of Lushena’s smile is like spring water. "Good if water. Water is good for all things without arguing, and it is evil for everyone, so it is a few words. " When the wise man wrote this, did he also think of Yishui?

　　Transfer to the peak forest cableway and continue to climb the mountain, and the mountain becomes steeper and steeper. Out of this higher cableway station, look into the mountains. At this moment, all the mountains are shrouded in clouds, and it really is "how can I tell, through all these clouds?". However, being in the fog and being close to it, there is no gloomy color, but the humidity is getting heavier.

　　Follow the trail slowly. While listening to the tour guide’s little brother talking about the past, I can’t go without Laozi and the origin of Laozi and Laojunshan. It is said that Lao Tzu went here to practice in seclusion during the Eastern Zhou Dynasty. In the administrative territory, Laojunshan has been owned by Lushi for many years. It is recorded in Lushi County Records and Inscriptions that laojunmiao was built on the mountain in the Northern Wei Dynasty. In the 11th year of Zhenguan in Tang Dynasty —— AD 637 —— Li Shimin sent Wei Chijingde as the supervisor to rebuild laojunmiao. During the Wanli period of the Ming Dynasty, Lu’s county magistrate Gao Gao also wrote "Ode to Mount Jingshi"-Jingshi Mountain is another name of Laojun Mountain. In the preface, he wrote: "Yu to Lu’s, I heard that there are mountains in the world, and the customs are passed down as the residence of Laozi, that is, named after Laojun."

　　Like all places of interest, the incense on the mountain is also very prosperous. Even in this weather, there are many people going up the mountain, and most of them come for praying. It’s just that the way of praying now is also advancing with the times. Blessing signs are everywhere on the branches and railings. In early spring, the trees are swaying with fresh and tender green, and the dense red signs move with the wind, dancing like hearts. Some are grand, such as "I wish world peace". Some are specific, such as "get rich as soon as possible", "make a fortune", "succeed in postgraduate entrance examination" and "go ashore as soon as possible" Looking at it, I can’t help wondering who the well-wishers are. "I hope I can get to the right platform to shine as soon as possible and provide a better life for my family." I want to come to this person who just walked out of school. "I wish my daughter a lifetime with someone at the latest by the end of the year." I think this tone should be a mother. There are many emotional cards. "I wish the opposite sex a smooth relationship". Maybe this one has too many same-sex friends, so I have to emphasize the opposite sex? "I have always loved you. You should live well and let me love you." What kind of person is this? No matter what kind of person, just love.

　　Strolling to the "ten-mile painting screen", in the fog, the tour guide is very dutiful. It is said that clouds cover thousands of miles when the sea of clouds is mighty, that the autumn colors of maple trees dye thousands of peaks, that the white cuckoo is amazing, that the stars are seen on the top of the mountain in midsummer night, that the snow begins to fall, and that Chu Qing is after the snow, and the sunshine, the snow color and the gold on the top of the hall complement each other, which is beautiful. Pointing to the vast distance, I reported the names of scenic spots like a few treasures: Dragon patrolling the mountain, Guanyin enjoying music, Miaobu Lotus …

　　It’s just that the weather is not good today. I can’t see a lot of things. His tone is full of regret.

　　It’s good. I said.

　　If the weather is fine, you can see more and more.

　　I’ve seen enough. I’ve seen everything you said.

　　His expression was obviously incredulous, probably because he thought I was perfunctory. I don’t defend myself. How can a word explain my mood clearly? I know the beauty here, this side of the mountain is different from that side, and this slope is different from that one. Every day is different, every moment is different. Rain is different from snow, early spring and late autumn, midsummer and midwinter. But I can’t live here forever. I, limited, can only come to this mountain at this time. All kinds of limitations determine that I may not come many times in the future. Then concentrate on enjoying the beauty of this moment. As long as I enjoy the beauty of this moment intently, even if I come only once, it will be many times and countless times.

　　Just as there is only one life. Living a good life this time is actually equivalent to living many times.

　　This is my one. I want to keep my one.

　　So, really, everything you can see is good. I have actually seen what I can’t see. Take the heart as the purpose.

　　Tao gives birth to one, life to two, life to three, and life to all things. For a moment, I suddenly understood this sentence. Legend has it that after I wrote the Classic of Tao Te Ching, I bid farewell to Yin Xi, the official of Hangu Pass, and rode away on a green ox. Historical Records records: "I don’t know where it will end". In fact, there is no need to know this. He is on the road.

　　Looking towards the west, the mountains are boundless. I checked with my mobile phone, and it is 168.1 kilometers from Laojunshan to Hanguguan. Looking at this number with zero and integer, I laughed silently. This one, how good.

　　(This version of the picture comes from the network)

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