article|Wang Xin
's performance growth has been slowing down year after year, and Ausnutria 's goat milk powder business also experienced weak growth. In addition, the "100% pure goat milk" hyped by Ausnutria has also been questioned by consumers.
Figure/Baidu Encyclopedia
On August 13, Ausnutria released the 2021 interim results report.
report shows that in the first half of 2021, Ausnutria achieved revenue of 4.270 billion yuan, a year-on-year increase of 10.65%; realized profit of 594 million yuan, a year-on-year increase of 45.3%; gross profit was 2.136 billion yuan, a year-on-year increase of 5.6% .
It can be seen that the overall performance of Ausnutria has increased, but if the performance is compared with previous years, it appears to be unsatisfactory. There are many reasons for the slowdown in the growth of Ausnutria . In addition to the increasing competition in the industry, the frustration of goat milk powder as its main business and the chaotic supply and marketing channels are considered to be important reasons.
In addition, Jiabeiite hyped "100% pure goat's milk" on major Chinese e-commerce platforms. However, the European and American markets admitted that the lactose in its goat milk powder actually came from cow's milk. "These problems have caused Ausnutria to be questioned by consumers.
’s performance growth has been slowing down year after year, and the goat milk powder business has been sluggish. 594 million yuan, a year-on-year increase of 45.3%.
Comparing the financial reports of previous years, we can see that Ausnutria 's overall performance has increased, but the performance growth rate appears to be unsatisfactory. In mid-2021 Ausnutria 's revenue growth rate of 10.65% hit a five-year low, which is about half of mid-2020 revenue.
Regarding the slowdown in the growth rate of the milk powder business, Ausnutria stated in its financial report that it was mainly due to factors such as the impact of the epidemic on sales progress, strategic adjustments in some businesses, and a decline in the birth population.
In fact, Aussie has shown an upward trend in its performance in recent years, but its growth rate has slowed down significantly.
's financial report shows that from 2018 to 2020, Ausnutria 's revenue was 5.390 billion yuan, 6.736 billion yuan and 7.986 billion yuan, respectively, with growth rates of 37.26%, 24.99% and 18.55%; during the same period Ausnutria’s net profit attributable to its parent was 635 million yuan, 878 million yuan and 1.004 billion yuan, with growth rates of 106.11%, 38.31% and -14.31%, respectively.
From the perspective of segmented products,In recent years, the goat milk powder brand, which has accounted for about half of 's total revenue of Ausnutria , has shown a downward trend in sales growth year by year. The data shows that from 2018 to 2020, the revenue growth of Ausnutria goat milk powder business was 58.9%, 40.5% and 8.8%, respectively. In the first half of 2021, revenue of Aussie goat milk powder was 1.688 billion yuan, a year-on-year increase of 2.0%, which is a certain gap compared to the 25.5% growth rate in the first half of 2020.
It can be seen that the growth of core goat milk powder products of Ausnutria has suffered setbacks, dragging down the overall performance growth.
At the same time, different products of Ausnutria are fleeing seriously and causing price disorder, which is also an important reason for the slowdown in its performance growth.
In February 2021, West China Securities also stated in a research report that in 2020, Ausnutria goat milk powder Jiabeiite encountered a channel fleeing problem, resulting in a slowdown in revenue growth.
In response to the phenomenon of stock-sweeping, a number of industry insiders stated that the main reason is that companies continue to push sales to channel vendors in order to improve performance. At the same time, companies promised that if distributors complete the corresponding quota, they will give distributors year-end rebates, high rebates and other benefits. . For the sake of welfare, dealers have to increase the amount of goods to fulfill the requirements of the enterprise, and even some dealers inverted the price difference to lose money sales, resulting in serious channel fleeing, false goods, and disorderly prices.
Looking at the overall industry, the increasingly fierce competition on the goat milk powder track will also exacerbate the slowdown in the performance growth of Ausnutria . Although Ausnutria bears the aura of "the first goat milk powder brand",However, many large companies squeezed into the goat milk powder segment, such as , Mengniu, Yili, and Biostime Dairy and other giants have entered the market, resulting in the goat milk powder market, which has a small share in the Chinese milk powder market. The track became more crowded. As competition on the track gradually intensified, Aussie 's goat milk powder business continued to grow weakly, and the results can be imagined.
" Ausnutria mode" is controversial, Chengye goat milk powder, Baiye goat milk powder?
In September 2003, Ausnutria was established in Changsha, Hunan, and listed on the Hong Kong Stock Exchange in October 2009. In 2011, it acquired 51% of the shares of Hypnokai and established its subsidiary The brand Jiabei Aite, and entered the goat milk powder track.
Ausnutria 's Jiabeiite relies on its core selling point "100% pure goat milk", which has the advantages of easy digestion and absorption, and goat milk powder is not easy to be allergic, and its business has developed rapidly. Ausnutria brings higher pricing space.
However, the high price of Ausnutria did not bring consumers a high experience.
On the domestic official website last year, Gabriel confidently declared that is lactose intolerant and infants who are allergic to milk protein can use its goat milk formula as a substitute. What’s incredible is that on foreign websites, Jiabeiite explicitly warned his parents,For babies who are lactose intolerant or allergic to milk protein, goat milk is not a suitable substitute. This has also raised questions about the "hidden side" of the efficacy of Ausnutria goat milk powder?
In addition, Jiabeiite hyped "100% pure goat milk" on major Chinese e-commerce platforms, but in the European and American markets it admitted that the lactose in its goat milk powder actually comes from cow's milk. "It can be said that "selling cow's milk with sheep's head" misled Chinese consumers.
On the black cat complaint platform, there were 22 complaints about Jiabeiite, most of which were directed at the goat milk powder. There are quality problems such as foreign matter.
In addition to the quality problems, the development model of Ausnutria has also attracted market attention for a long time.
's official website shows that has become a global owner of . International dairy companies with 10 factories and product marketing in more than 60 countries and regions. And it has completed R&D and supply chain layout in , New Zealand, Australia and other milk sources.
However, it is worth mentioning that Ausnutria has not developed a milk source supplier in the country, nor has it built a milk source base, but the domestic market is the absolute main force of its sales end. The financial report shows that in the first half of 2021, Current assets are only 1.006 billion yuan, accounting for 27.51% of the total non-current assets at home and abroad, but domestic sales have reached 3.770 billion yuan, accounting for 88.27% of total revenue. During the same period, Jiabeit’s sales were 1.688 billion yuan.
This is similar to "overseas foundries".The asset-light model of sales in China is also regarded by the outside world as a "reverse OEM" model, which has caused the market to question its "fake foreign brands".
The doubts raised about this model are more from the research and development capabilities.
Although Ausnutria has always emphasized the improvement of scientific research and innovation capabilities in its financial reports, and continued to provide consumers with high-quality products and services.
But from the financial data point of view, Ausnutria does not invest enough in R&D. In the first half of 2021, Ausnutria 's R&D cost was 74 million yuan, accounting for only 1.73% of total revenue. Hydrogen Finance combed its previous financial reports and found that in recent years, its research and development costs accounted for less than 2% of total revenue.
is completely different from research and development, Ausnutria is not stingy in marketing. The financial report shows that the sales and distribution expenses of Ausnutria accounted for 26.2% of total revenue in 2021.
Online, the marketing tool of Ausnutria is widely used in popular TV series or variety shows. You can also see Ausnutria on popular social media. According to statistics, as of June 2021, on the Douyin platform, Jiabeiite’s search popularity has occupied the first place among goat milk powder brands. On the Xiaohongshu platform, the total number of notes of Jiabeiite also occupies the top position of the goat milk powder brand.
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