The growth rate of performance has slowed down, marketing has been questioned, and the road of Aoyou goat milk powder will not work?

Wen | Xin Wang

The growth rate of performance has been slowing down year after year, and the growth of Aoyou's goat milk powder business is also weak. In addition, Aoyou's much publicized "1% pure goat milk" has also been questioned by consumers.

on August 13th, Aoyou released its interim results report for 221.

The report shows that Aoyou achieved revenue of 4.27 billion yuan in the first half of 221, a year-on-year increase of 1.65%; Realized a 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 Aoyou has increased, but if this performance is compared with previous years, it is not satisfactory. There are many reasons that affect the slowdown of Aoyou's growth rate. Apart from the increasing competition in the industry, the frustration of goat milk powder as its main business and the confusion of supply and marketing channels are considered to be the important reasons.

In addition, Jiabeiaite hyped "1% pure goat milk" on the major e-commerce platforms in China, but admitted that the lactose in its goat milk powder actually came from milk in the European and American markets. These problems have led to consumers questioning Aoyou.

the growth rate of performance has slowed down year after year, and the growth of goat milk powder business is weak

The semi-annual report shows that in the first half of 221, Aoyou achieved revenue of 4.27 billion yuan, up 1.65% year-on-year, and profit of 594 million yuan, up 45.3% year-on-year.

comparing the financial reports of previous years, we can see that the overall performance of Aoyou has increased, but the growth rate of performance is not satisfactory. In mid-221, the growth rate of Aoyou's revenue of 1.65% hit a five-year low, which is about half of the mid-22 revenue.

Regarding the slowdown in the growth of milk powder business, Aoyou said in the financial report that it was mainly due to factors such as the epidemic situation affecting the sales progress, the strategic adjustment of some businesses and the decline in the birth population.

In fact, in recent years, although the performance of Aoyou has shown an upward trend, the growth rate has slowed down significantly.

The financial report shows that from 218 to 22, Aoyou's revenue was 5.39 billion yuan, 6.736 billion yuan and 7.986 billion yuan, with growth rates of 37.26%, 24.99% and 18.55% respectively. In the same period, the net profit of Aoyou returned to its mother was 635 million yuan, 878 million yuan and 1.4 billion yuan, with growth rates of 16.11%, 38.31% and -14.31% respectively.

from the perspective of subdivided products, the sales growth of goat milk powder brands, which have been accounting for about half of Aoyou's total revenue in recent years, has been declining year by year. The data shows that from 218 to 22, the growth rate of Aoyou goat milk powder business income was 58.9%, 4.5% and 8.8% respectively. In the first half of 221, the revenue of Aoyou goat milk powder was 1.688 billion yuan, up 2.% year-on-year, which was far from the growth rate of 25.5% in the first half of 22.

It can be seen that the growth of Aoyou core goat milk powder products has been frustrated, which has dragged down the overall performance growth.

At the same time, the serious commodity-jumping and price disorder of different products of Aoyou are also important reasons for the slow growth of its performance.

In February, 221, Huaxi Securities also said in the research report that in 22, Aoyou goat milk powder Jiabeiaite encountered the problem of channel smuggling, which led to a slowdown in revenue growth.

in view of the phenomenon of goods smuggling, many insiders said that the main reason is that enterprises keep pressing goods from distributors in order to improve their performance, and at the same time, enterprises promise that dealers will be given year-end rebates, high rebates and other benefits if they complete the corresponding quota. For the sake of welfare, dealers have to increase the quantity of goods escaping to meet the requirements of enterprises, and even some dealers sell at a loss by posting the difference, thus causing serious phenomena of goods escaping, goods flowing and price chaos in channels.

looking at the whole industry, the increasingly fierce competition on goat milk powder track will also aggravate the problem of slow growth of Australian excellent performance. Although Aoyou is crowned as the "No.1 brand of goat milk powder", many large companies have squeezed into this subdivided track of goat milk powder, such as Mengniu, Yili and Synbiotics Dairy, which have entered the market one after another, resulting in the goat milk powder market, which has a small share in China milk powder market, becoming more and more crowded. When the competition on the track gradually intensifies, the growth of Aoyou's goat milk powder business is weak, and the result can be imagined.

There is controversy about the "Australia-Excellent Model". Is it goat milk powder for success or goat milk powder for failure?

In September 23, Aoyou was established in Changsha, Hunan Province, and listed on the Hong Kong Stock Exchange in October 29. In 211, it won 51% of the shares of Haipu Nuokai, established its brand Jiabeiaite, and entered the goat milk powder track.

With the core selling point of "1% pure goat milk", Jiabeiaite, a subsidiary of Aoyou, has the advantages of easy digestion and absorption, and goat milk powder is not easy to be allergic, and its business has developed rapidly, which also brings higher pricing space to Aoyou.

However, Aoyou's high pricing has not brought consumers a high experience.

Last year in official website, Jiabeiaite confidently declared that infants who are lactose intolerant or allergic to milk protein can use its formula goat milk powder as a substitute. Incredibly, on foreign websites, Jiabeiaite explicitly warned parents that goat milk is not a suitable substitute for infants who are lactose intolerant or allergic to milk protein. This has also caused the outside world to question the "hidden side" of the efficacy of Aoyou goat milk powder?

In addition, Jiabeiaite hyped "1% pure goat milk" on the major e-commerce platforms in China, but admitted that the lactose in its goat milk powder actually came from milk in the European and American markets. "It can be said that" selling milk by hanging sheep's head "misled consumers in China.

On the black cat complaint platform, there are 22 complaints about Jiabeiaite, most of which are about the quality problems such as foreign bodies in the goat milk powder.

in addition to quality problems, aoyou's own development model has long been concerned by the market.

official website shows that Aoyou has become an international dairy company with 1 factories and products sold in more than 6 countries and regions. And it has completed research and development and supply chain layout in milk sources such as New Zealand and Australia.

However, it is worth mentioning that Aoyou has not yet developed a milk source supplier in China, let alone 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 221, Aoyou's non-current assets in China were only 1.6 billion yuan, accounting for 27.51% of the total non-current assets at home and abroad, but its domestic sales reached 3.77 billion yuan, accounting for 88.27% of the total revenue. In the same period, Jiabeiaite's sales were 1.688 billion yuan, and its domestic sales reached 1.598 billion yuan, accounting for 94.7%.

This light asset model, which is similar to "overseas OEM" but sells in China, is also regarded by the outside world as a "reverse OEM" model, which causes the market to question its "fake foreign brand".

but the question about this model is more from the research and development ability.

Although Aoyou has always emphasized improving the ability of scientific research and innovation in its financial report, it continues to provide consumers with high-quality products and services.

however, according to the financial data, Aoyou has not invested enough in R&D.. In the first half of 221, the R&D cost of Aoyou was 74 million yuan, accounting for only 1.73% of the total revenue. After combing the previous financial reports, Hydrogen Finance also found that in recent years, its R&D cost accounted for less than 2% of the total revenue.

In contrast to R&D, Aoyou is not stingy in marketing. The financial report shows that in 221, Aoyou's sales and distribution expenses accounted for 26.2% of the total revenue.

On-line, Aoyou's marketing tools are widely used in popular TV dramas or variety shows, and you can also see Aoyou on popular social media. According to statistics, as of June 221, on the vibrato platform, Jiabeiaite's search popularity occupied the first place in the brand of goat milk powder. On the platform of Little Red Book, the total number of Gabrielle Aite's notes also occupies the top spot of goat milk powder brand.