五芳斋：粽子第一股遭业绩滑坡 市场竞争加剧面临品牌与渠道的重构挑战

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," experienced its first performance decline since its listing in 2024, with both revenue and net profit decreasing due to a significant drop in zongzi sales, intensified market competition, and weak consumer demand [1][5] Financial Performance - In 2024, Wufangzhai achieved revenue of approximately 2.251 billion yuan, a year-on-year decline of 14.57% - The net profit attributable to shareholders was about 142 million yuan, down 14.24% year-on-year - The net profit after deducting non-recurring gains and losses was around 130 million yuan, a decrease of 9.66% year-on-year - In Q1 2025, the company reported revenue of 243 million yuan, an increase of 17.2% year-on-year, but the net profit attributable to shareholders remained in a loss position [1][5] Core Business Challenges - The core business of Wufangzhai, particularly its zongzi series, faced unprecedented market pressure in 2024, with sales heavily reliant on holiday demand - Increased market competition and heightened consumer price sensitivity, coupled with economic uncertainty, led to a significant decline in zongzi sales - The changing competitive landscape, with the rise of new brands and the proliferation of e-commerce platforms, weakened Wufangzhai's traditional channel advantages [2][3] Strategic Transformation - To address the weak core business, Wufangzhai proposed a multi-brand strategy in 2024, aiming to cover more niche markets with high-end and cost-effective brands - However, the implementation of this strategy has not yielded the expected results, with new product lines underperforming and traditional seasonal products like mooncakes failing to compensate for the decline in zongzi sales - International expansion offers new growth opportunities, but Wufangzhai's brand influence and channel development in overseas markets remain in the early stages, requiring significant resource investment [3][4] Brand and Channel Restructuring - In 2024, Wufangzhai undertook a large-scale channel adjustment, closing underperforming stores and optimizing its distribution network - While this adjustment improved channel quality, the contraction of offline channels and the expansion of online channels created a balancing act, with online profitability not sufficient to offset offline losses - The brand's recognition among younger consumers is declining, necessitating increased investment in brand marketing and product innovation to regain market favor [4][5] Summary and Outlook - Wufangzhai's 2024 financial report highlights the survival challenges faced by traditional food brands amid changing market conditions and intensified competition - The company must focus on brand innovation, market expansion, and product structure optimization while accelerating its internationalization efforts to identify new growth points - A comprehensive strategic transformation and enhancement of innovation capabilities are essential for Wufangzhai to regain a competitive edge in the market [5]