Recently, the dairy industry is very busy. From the Shenzhen FBIF Food and Beverage Innovation Forum in June to the China Dairy Conference in July, major manufacturers have taken this opportunity to promote new products and prepare for the dairy competition in the second half of the year.
Since the epidemic subsided, China's dairy industry is recovering steadily. Due to the booming consumer market, most of the listed dairy companies achieved a good start in the first quarter of this year. In particular, small and medium-sized regional dairy enterprises play vigorously, with strong growth rate, and have a tendency to turn defensive into offensive.
On July 14, Huangshi Group, a veteran dairy enterprise, issued a semi-annual performance forecast for 2023: it is estimated that the net profit attributable to the parent company will be 195 million yuan to 212 million yuan, an increase of 103.19% to 120% over the same period last year. In fact, since the first quarter, Huangshi Group has shown a good performance ability. The sharp rebound in mid-year performance seems to indicate that Huangshi Group is on the right track.
However, after 6 days, the share price of Huangshi Group rose sharply due to
, Huangshi Group is located in Nanning City, Guangxi Zhuang Autonomous Region, China. It is a regional dairy enterprise featuring Buffalo milk and pasteurized milk. In the whole dairy industry, although it is listed as a niche brand, its time to enter the capital market is ahead of many dairy enterprises. In 2009, Huangshi Group was officially listed on the Shenzhen Stock Exchange, when only Yili, Guangming and Sanyuan were dairy companies in the domestic A-share market.
In the initial stage of listing, Huangshi Group opened the road of expansion with the help of capital, and entered the first-tier cities such as Shanghai and Beijing. However, due to the surge in sales expenses, Huangshi Group's revenue is growing steadily, but its profits are declining.
From 2009 to 2013, Huangshi Group's revenue tripled from 305 million yuan to 9.5 years, but its profit shrank by 1/3. In desperation, Huangshi Group began cross-border transformation to make a living.
In 2014, Huangshi Group acquired Yujia Film and Television to enter the film and television industry; in 2015, it acquired Shengshi Jiaoyang, a cultural media company, and Perfect Online, an Internet information company, and invested in Beiguang HD, an animation and preschool education operation company; in 2017, it acquired Zhuwang Technology, a mobile information service provider. In just three years, Huangshi Group has spent more than 2 billion yuan on diversified mergers and acquisitions.
So far, the business scope of Huangshi Group has covered many fields, such as dairy industry, film and television culture, information service, early childhood education and so on. Diversified transformation has also accelerated the performance of Huangshi Group. In 2016, its revenue was 2.446 billion yuan, with a net profit attributable to its parent company. 2. However, after three years of rapid growth, the consequences of the merger and acquisition of Huangshi Group have also initially emerged.
In 2017, the new media copyright market has undergone tremendous changes, and in 2018, the film and television industry has gradually entered the cold winter, and the performance of Huangshi Group's film and television culture has declined dramatically. In the past two years, Huangshi Group has calculated a total of 745 million yuan of goodwill impairment arising from the acquisition of Shengshi Jiaoyang and Yujia Film and Television, resulting in 6 in 2018.
However, in 2019, after the divestiture of the film and television business, just in time for the three-year epidemic, its information service performance plummeted. From 2020 to 2021, Huangshi Group set aside the goodwill generated by the acquisition of two subsidiaries, Perfect Online and Zhuwang Technology, totaling 5.
From 2016 to 2021, Huangshi Group's revenue has been hovering in the range of 2.5 billion yuan, and its profits have risen and fallen like a roller coaster. It has been busy divesting its loss-making business for six years, and its performance did not break through until it returned to the dairy track in 2022.
In 2022, the revenue of Huangshi Group was 2.89 billion yuan, up 12. However, it is worth noting that the pain of the failure of diversification transformation still exists, and the development of its dairy owner track is not smooth sailing.
2. Losing the main force of revenue, the lack of vitality
and radical diversification of Buffalo milk make the outside world mistakenly believe that Huangshi Group is no longer centered on dairy industry. In fact, since the failure of the early northward development of first-tier cities, the dairy industry layout of Huangshi Group has changed. With Guangxi as its base, it gradually expanded to Yunnan, Guizhou, Hunan and other provinces, and aspired to become the first dairy enterprise in Southwest China.
In 2019, the four brand matrices of Huangshi, Laisier, Youshi and Zunyi were initially formed, and the four bases were centralized and managed to improve the efficiency of dairy operation. However, the dairy track is fiercely competitive, major enterprises are recruiting, and Huangshi Group is getting farther and farther away from the goal of being the first in the southwest.
In 2022, the revenue of New Hope in Sichuan exceeded 10 billion yuan, becoming the overlord in the southwest; the revenue of Yantang Dairy in Guangdong is also approaching 2 billion yuan. It is not difficult to see that Huangshi Group has been attacked before and after, leaving little room for its development. Worse still, from 2021, Huangshi Group began to transfer its shares and lost the Yunnan market. In May
this year, Huangshi Group once again sold Sier Dairy and Laisier Zhihua at a price of 330 million yuan, each 32.
This is the puzzling place, and the performance of Laisier is not bad. According to the 2022 financial report, Laisier Dairy's revenue is 13. Although it is a niche brand, it has great room for development and is the main force of Huangshi Group's revenue. The transfer of shares to Sier was unanimously regarded by the outside world as "selling children to pay debts". The statement given
by Huangshi Group is to optimize and integrate assets to prepare for the development of the East China market. However, without Laisier, its dream of 10 billion dairy industry has undoubtedly become more distant. Can we only rely on "Buffalo milk" to support tens of billions of dreams?
Buffalo milk has always been the characteristic of Huangshi Group, but it is also the shackles of its development. According to Zhongyikang data, the size of China's Buffalo milk market in 2021 is only 58. As a leading enterprise in the Buffalo milk industry, Huangshi Group has not solved the two major pain points of Buffalo milk in more than 20 years: region and output.
China's Buffalo is mainly distributed in Guangxi, Yunnan and Guizhou, and most of the Buffalo milk enterprises are from Guangxi. As a result, consumers'awareness of Buffalo milk is still limited to Guangdong, Guangxi, Yunnan and Guizhou. Although the nutritional content of Buffalo milk is much higher than that of traditional milk, when Buffalo milk will go to the whole country has been an unsolvable problem.
In recent years, leading enterprises such as Huangshi Group and Baifei Cheese have been vigorously promoting Buffalo milk, but the problem of production has followed. According to the data, the number of Buffalo in China has been around 27 million, and the growth rate is very slow.
Although Huangshi Group has implemented the strategy of "milk Buffalo provenance chip" since 2021, it has introduced Pakistani Buffalo embryos to improve the quality of domestic Buffalo. However, it is difficult to promote the pace of the whole Buffalo milk market only by Huangshi Group's own efforts. However, Huangshi Group is obviously self-aware and has already turned its attention to the photovoltaic track.
3. Marching into the Trillion Photovoltaic Market, Hot Spot or Pure Heart? As early as in the financial report of 2021, it was disclosed that the green development strategy should be adopted, and new factories and pastures should be used to develop photovoltaic resources. Established in early 2022, Huangshi Nongguang formally entered the photovoltaic industry, and announced in August of the same year that it would invest 10 billion yuan to build 20GW TOPCon ultra-high efficiency solar cell and 2GW module projects in Fuyang, Anhui Province. As soon as the
news came out, the stock of Huangshi Group rose and stopped, and was questioned by Shenzhen Stock Exchange. From its past cross-border transformation, it will inevitably be considered as a hot industry, and it is not optimistic about the development of its photovoltaic track. Moreover, with the performance of Huangshi Group, it is difficult to support large projects of 10 billion yuan.
However, Huangshi Group does not think that switching to photovoltaic is a cross-border, but an extension of its own dairy industry. In 2022, while implementing complementary agriculture and light, it has already cooperated with many enterprises such as PetroChina and Huaneng. Although the plan is good, the reality is that the revenue of photovoltaic business in 2022 is only 12.09 million yuan, accounting for only 0.
However, since the end of last year, Huangshi Group has been constantly moving. It has signed an order for 2.5 billion monocrystalline silicon wafers with Hebang Biology, set up a joint venture with Glencore Solar Energy to remove boron and silicon materials, and jointly developed TOPCon battery technology with Black Crystal Optoelectronics. And in May this year, its subsidiary, Shaanxi Zhongshi, won the bid. 2. From this point of view, Huangshi Group's photovoltaic layout is not an armchair strategist. In the
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