“梭哈”酒店，困于酒店，谁在偷走两面针们的利润？

Core Viewpoint - Two sides needle is expanding production focused on hotel toothpaste and slippers, but despite maintaining a leading market share, its profitability has significantly declined [1][7][8] Group 1: Business Expansion and Production Capacity - Two sides needle plans to invest 68.85 million yuan to expand its production base for functional oral care products, including a toothpaste production workshop and a hotel slipper production workshop [2] - The company needs to increase hotel toothpaste production capacity as its original design capacity is nearly fully utilized [2][4] - The annual production capacity for hotel supplies is 1.9 billion tubes, with a utilization rate of 90.21%, while the household toothpaste production capacity is only 34.5% utilized [4] Group 2: Market Position and Sales Performance - Two sides needle was once a leading brand in the household toothpaste market but has lost significant market share, with household toothpaste sales dropping from 50.84 million tubes in 2015 to 32.59 million tubes in 2024 [13][16] - The average selling price of hotel toothpaste has remained low, with the current price around 8 cents per tube, reflecting a lack of pricing power against major hotel groups [9][11] - The company’s revenue from household toothpaste was 4.43 billion yuan in 2003, but it has struggled to maintain profitability in the hotel channel despite high sales volumes [6][12] Group 3: Profitability Challenges - The gross margin for hotel toothpaste is low, with the company facing increasing pressure from hotel groups that demand lower prices, leading to a situation where sales grow but profits do not [8][11][30] - The gross profit margin for the company’s daily chemical products has only slightly improved from 13.65% in 2011 to 13.84% in 2024, indicating stagnant profitability [8] - Other brands like Yunnan Baiyao and Cold Acid Spirit are also entering the hotel market, increasing competition and further squeezing margins for traditional brands like Two Sides Needle [23][30] Group 4: Industry Trends and Competitive Landscape - The hotel supply chain is experiencing pressure from rising manufacturing costs, which affects profitability across the industry [24][30] - Traditional consumable brands are facing challenges due to product homogeneity and overcapacity, leading to price competition [30][31] - The emergence of alternative products, such as mouthwash, is diverting customers away from traditional hotel toothpaste, necessitating innovation and differentiation in product offerings [31][32]