Source: Financial Industry Information
On October 28, Quanjude released its third quarter report for 2022. During the reporting period, the company achieved operating income of 237 million yuan, net profit attributable to shareholders of the listed company was a loss of 22.5916 million yuan, and the third quarter profit decreased by 7.31% year-on-year.
Quanjude said that in the first three quarters of this year, the company continued to focus on the main line of “keeping integrity and innovation” for the time-honored brand, and insisted on coordinating both epidemic prevention and control and production and operation, on the one hand to ensure safe operation, on the other hand, to fully promote the implementation of annual key projects. A number of main stores have been upgraded and officially opened. Catering and food products have adopted a multi-brand and step-by-step listing strategy, and the product line has continued to be enriched.
Catering upgrades to broaden target customers
Zhou Yanlong, Secretary of the Party Committee and General Manager of Quanjude, said in a recent investor research activity that catering companies are the foundation of the industry and are currently upgrading existing stores, including upgrading hardware, service models, and product structure adjustments; incremental catering business, multi-brand collaboration During the epidemic, Sichuan restaurants were newly opened in Beijing and other places, and the effect was very good; to promote the rejuvenation of the brand, the venue, decoration style, and product presentation were more in line with the comprehensive experience of young people.
In late August, the upgraded project “China One Must” restaurant located on the third floor of Hepingmen in Quanjude has officially opened for customers. The project is inspired by the Beijing Siheyuan settlement to create a “Sky Siheyuan”, which highlights the “New Beijing-style” design, and brings an immersive cultural experience by restoring traditional elements such as the shouting of old Beijing streets and alleys.
The 2.0 version of Quanjude Qianmen Light and Shadow Restaurant has newly planned 3 scenes of “Jingyun”, “Jingyuan” and “Jingxi”, and has developed 18 customized dishes in two categories based on product innovation and flavor innovation. On September 26, Quanjude Central Axis Food Ceremony New Beijing-style Experience Store opened on Qianmen Street, Dongcheng District, Beijing. The time-honored cultural experience store integrating “central axis culture” and “Beijing-style food culture” can provide customers with pastry gift boxes, nearly 40 upgraded versions of Beijing’s traditional snacks, and taste Beijing-style afternoon tea.
Wangfujing Store Quanjude·Gongxi Dragon and Phoenix Chengxiang Project is the first joint restaurant with the theme of “Gongxi” in Beijing. It integrates Quanjude’s non-genetic heritage techniques with “Gongxi Dragon and Phoenix Chengxiang” cultural elements and contemporary art, and implants it in the dining space.囍Dragon and Phoenix Chengxiang theme cultural IP. On September 23, the restaurant officially opened to welcome guests. In the first week of opening, the Love Culture and Art Restaurant with the theme of “Palace and Roses” specially launched a 20% discount on food items to attract young men and women to grow grass and consume.
The prevalence of the national tide culture has also broadened the thinking of the time-honored brand in the rejuvenation of the brand image. This year, Quanjude has extended the creation of “Mengbao Star Chef Live Room” based on the IP image of Mengbao Duck, and launched “Star Chef Detective Store”, “Mengbao Little Star Chef” and “Star Chef Story Show” in the form of short IP animation videos. ” and other brand promotion projects for the new generation, and also launched the VR experience hall of Quanjude Exhibition Hall, telling the broad and profound Chinese food culture in a way that young people like to hear and see.
In terms of group meal business, Quanjude signed a contract with Air China in September to set up the Air China Food Research Institute to jointly create Air China’s exclusive food products. Since September 15th, the first batch of in-flight meals of Quanjude dishes have been successively met with passengers on Air China flights departing from Beijing. At the same time, from September 15th to September 30th, they will be in the Air China First Class Lounge at Capital Airport T3 Terminal. Time to provide passengers with Quanjude dishes.
Multi-brand pre-cooked dish matrix releases production capacity
In order to allow more diners who love roast duck to eat authentic, convenient and direct roast duck food, in April this year, Quanjude launched the well-received “single serving” chef’s hand-made roast duck enjoyment set, which is transported throughout the cold chain. Consumer evaluation and store dine-in roast duck have achieved an 80% taste reduction, which has been fully optimized and upgraded on the basis of the original vacuum roast duck products.
Zhou Yanlong said that, unlike the pre-made dishes supported by pure capitalization and industrialized production, the advantage of Quanjude brand is that there are chefs at the front end and many years of dine-in experience, so some products on the menu can be made closer to dine-in for consumption to experience. At present, the idea of prefabricated dishes is to play steadily and fully release the brand advantages and production capacity. It is expected that at the end of the “14th Five-Year Plan” period, the income from catering and food will be balanced, and the remaining sectors are pasta products, snack foods, etc.
According to reports, since the launch of Quanjude’s hand-made roast duck products in October last year to the end of June this year, the market has responded well, and a total of 52,000 pieces have been sold. Since the single-serve roast duck product was launched, the sales volume has gradually increased. The Group’s 30 categories of pre-made dishes and pre-packaged cooked food have entered the market online and offline. In the first half of the year, the cumulative shipments accounted for 30% of the total export products.
Up to now, Quanjude has launched three major brands of pre-made vegetables, namely “Chuan Lao Da”, “Fengzeyuan” and “Quanjude”. Popular dishes such as pepper duck fillet and red simmered beef. Since the Group’s food production license project was officially put into operation in September 2021, it has obtained four categories of food production licenses, including thermally processed cooked meat products, pre-prepared prepared meat products and quick-frozen prepared foods, which provide food production licenses for Quanjude catering products. strong support, while achieving better economic benefits.
In addition, the Group’s self-built operation team has built the WeChat mall “Quanji Store”. Through the integration and optimization of production, product selection, operation, promotion and other resources, it has gradually incubated and upgraded to become the Group’s comprehensive service mall, achieving innovative breakthroughs in many aspects. On the basis of consolidating the existing customer base, we will further explore potential customer groups, attract more new customers and young customer groups, and expand private domain traffic. Since August 2021, the Group Mall has achieved an operating income of over 10 million yuan.
On July 4 this year, the time-honored brand Quanjude celebrated its 158th birthday. During the anniversary, the group launched a series of brand promotion activities in conjunction with the short video platform; as of July 4, the group’s Douyin related videos had nearly 5.11 million views, ranking 12th in the same city in Beijing; a three-day live broadcast The sale attracted 260,000 viewers, with a total revenue of over one million. In addition, Quanjude took the Qixi Festival as an opportunity to drive new passenger flow during the summer vacation. The cumulative sales of consumer vouchers exceeded one million, and consumer feedback was good.
Shenwan Hongyuan Research believes that Quanjude’s series of cost-reduction and efficiency-increasing measures in recent years have strengthened its operational resilience. The upgrade of brands, stores and dishes has brought flexibility to the company’s performance, and its target customers have gradually become “tourists from other places – local customers in Beijing – local customers from other places”. The direction has been adjusted and staged progress has been made. The expansion of new businesses such as pre-made dishes and group meals will inject vitality into the company’s performance. The product matrix of pre-made dishes in the food sector will be clear and will continue to rely on Quanjude’s century-old brand. increase.