代工业务受制于人，但放弃前者、专注于自己的品牌也并非易 事。 作者：阿茹汗 郑明珠 封图：CFP 一家年销售额不到百亿元的乳制品企业陷入了两难： 面对渠道商的代工订单，接还是不接？ 纷沓而至的代工需求，虽能解决奶源过剩的烦恼，可一旦做了渠道定制的自有品牌，就意味着各项 成本要一览无余地展现给渠道商，并面临对方的"极致压价"，下一步更是要在超市货架上与这些自 有品牌展开正面竞争。 这家不愿具名的乳制品企业位于华东地区。当谈及今年的市场时，市场部负责人语气中透露着无 奈，"渠道定制越来越多，越是大的渠道，越要做定制，这对品牌商来说压力很大，而且会弱化我 们自己的品牌"。 当手握货架资源、流量入口的渠道商们纷纷下场做自有品牌时，品牌商们已经嗅到了危机，这家乳 企不过是众品牌商遭遇的缩影。 凯度消费者指数的数据显示，2024年上半年，在其监测的百余个快消品品类中，零售企业自有品 牌的整体销售额增速为40%，远高于整体快消品2%的销售额增速。此外，在17个品类中，山姆自 有品牌Member's Mark的市场份额已超过0.5%。 盒马们的比价 国内一家头部粮油企业目前与永辉、胖东来、山姆等多个渠道都有代工合作。 面对渠 ...

Group 1 - A dairy company with annual sales of less than 10 billion yuan faces a dilemma regarding whether to accept private label orders from channel partners, which could alleviate excess milk supply but also lead to intense price competition and brand dilution [1][10] - The Kantar Consumer Index indicates that in the first half of 2024, the overall sales growth of private label products in monitored fast-moving consumer goods categories is 40%, significantly higher than the 2% growth of overall fast-moving consumer goods [1] - The trend of channel partners launching private label products is causing brand manufacturers to feel threatened, as they must compete directly with these private labels on supermarket shelves [1][14] Group 2 - A leading grain and oil company has adopted an open mindset towards the trend of channel partners launching private labels, acknowledging that if they do not participate, others will [2] - The company has decided to engage in contract manufacturing for channel partners, aiming to maximize profits despite the pressure to lower prices from these partners [3][11] - Contract manufacturing often results in lower profit margins, with some products yielding profits that are only half of those from self-branded products [5][11] Group 3 - The transparency required by channel partners during the bidding process for private label products puts significant pressure on manufacturers, as they must disclose all cost details [6][8] - The shift towards private labels has led to increased competition, with channel partners leveraging their pricing power to negotiate lower costs from manufacturers [9][12] - The dairy company’s market representative noted that the demand from channels includes both straightforward orders and specific product requirements, which can increase supply chain costs if not met [13] Group 4 - The emergence of private labels in traditionally branded categories, such as dairy, indicates a shift in strategy by channel partners, who are now competing in higher brand equity segments [14][15] - The collaboration between channel partners and manufacturers is evolving, with some partners seeking to create unique products rather than simply relying on low-cost options [16] - The competitive landscape is forcing manufacturers to consider high-end positioning for their own brands to differentiate from private labels, which often dominate shelf space [16][17]

Core Viewpoint - The collaboration between Yihai Kerry's Jinlongyu brand and the agricultural reality show "Zhongdi Ba" reflects a deep consideration of modern agriculture, focusing on the entire supply chain from farm to table, addressing food security, and reconstructing brand value under the rural revitalization strategy [1][5][19] Group 1: Cross-industry Collaboration - The partnership with "Zhongdi Ba" has transformed from a marginal concept to a phenomenon, achieving significant popularity and recognition in the variety show market [3] - Jinlongyu's early sponsorship decision was controversial, as it was perceived that the audience demographics of the show did not align with the traditional customer base of the brand [3][5] Group 2: Value Creation and Brand Strategy - Jinlongyu's strategy emphasizes value resonance over mere traffic conversion, aiming to connect with young audiences through shared values and commitment to agricultural revitalization [5][11] - The brand's involvement in the show includes not just sponsorship but also deep participation in content design, transforming technical knowledge into relatable narratives for consumers [9][11] Group 3: Technological Innovation in Agriculture - Jinlongyu's "6-step fresh rice precision control technology" represents a significant advancement in agricultural practices, ensuring quality and reducing waste [16][18] - The technology includes processes such as timely harvesting, low-temperature storage, and scientific cooking methods, enhancing the overall quality and sustainability of rice production [16][18] Group 4: Commitment to Food Security - The brand's initiatives align with national strategies for food security, focusing on reducing losses and enhancing the quality of agricultural products [14][18] - By adopting innovative practices, Jinlongyu aims to minimize losses during harvesting, potentially saving significant amounts of rice that could feed millions [18] Group 5: Rural Revitalization and Farmer Welfare - Jinlongyu's "order agriculture" model enhances grain production and quality while motivating farmers through better pricing and technical support [19] - The company is also focused on digital transformation to drive efficiency and innovation in the agricultural sector, ensuring a sustainable future for both the industry and the farmers [19]

Group 1: National Food Security Strategy - The core viewpoint emphasizes the importance of food security in China, highlighting the government's commitment to self-sufficiency in grain production and the implementation of strict land protection policies [1] - In 2024, China's grain production is projected to reach 1.4 trillion jin, significantly exceeding the international food security benchmark of 400 kg per capita [1] Group 2: Technological Innovations in Food Production - Yihai Kerry Golden Dragon Fish has introduced a "6-step fresh rice precision control technology" aimed at reducing food loss during the harvesting process, ensuring quality and minimizing waste [3][5] - The "fresh cutting" method, which involves harvesting rice at 90% maturity, can potentially reduce field losses by approximately 5%, equating to a loss reduction of about 2.35 million tons, enough to feed 21 million people for a year [5] Group 3: Sustainable Practices and Agricultural Modernization - The company is focused on maximizing the value of agricultural products through modern agricultural technology, ensuring that every grain of rice, soybean, wheat, and corn is fully utilized [10] - By-products from rice processing, such as rice bran and husks, are being repurposed into high-value products like rice oil and activated carbon, showcasing the company's commitment to sustainable practices [10] Group 4: Community Engagement and Agricultural Awareness - Yihai Kerry Golden Dragon Fish sponsors the agricultural reality show "Let's Farm," aiming to raise awareness about agriculture and respect for food among the public, particularly younger audiences [7] - The company's "contract farming" model enhances farmers' motivation to grow crops and increases overall grain production, contributing to rural revitalization [11]

Core Viewpoint - Yihai Kerry Golden Dragon Fish Food Group launched a spring farming ceremony to promote its "6-step fresh rice" concept, emphasizing the importance of agricultural culture and modern management practices [1][2] Group 1: Event Overview - The spring farming ceremony took place in Hangzhou, Zhejiang Province, featuring participation from celebrities, industry experts, and consumer representatives [1] - The event aimed to provide an immersive experience to convey the idea that "fresh rice starts from the source" [1] Group 2: Company Commitment - The chairman and general manager of Yihai Kerry expressed a long-term commitment to supporting young people in agriculture, highlighting the importance of respecting the land and revitalizing new agriculture [1] - The company has been collaborating with the "Let's Farm" program for three consecutive years, fostering a connection with younger generations who appreciate nature and innovation [1] Group 3: Technological Innovation - The "6-step fresh rice precision control technology" includes six key processes: fresh cutting, fresh harvesting, fresh storage, fresh milling, fresh packaging, and fresh consumption, ensuring the quality and freshness of rice throughout the supply chain [1][2] - The first step, "fresh cutting," is crucial for maximizing yield and taste while minimizing losses during harvesting, aligning with national policies on reducing food waste [1]

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Core Viewpoint - The company "Golden Dragon Fish" (金龙鱼) is facing its most severe operational challenges since its listing, with significant declines in revenue and profit, reflecting broader structural issues in the traditional grain and oil industry [2][3]. Financial Performance - In 2024, the company reported a revenue of 238.87 billion yuan, a year-on-year decline of 5.03%, and a net profit of 2.50 billion yuan, down 12.14% year-on-year [2][3]. - The net profit has decreased for four consecutive years, with a cumulative reduction of nearly 60% since its peak in 2020 [2][3]. - The gross profit margin slightly increased by 0.52 percentage points to 5.35%, but the net profit margin fell to a record low of 1.03% [3]. - The company's operating costs account for 99.9% of its revenue, with raw material costs exceeding 90%, indicating minimal profit retention [3]. Brand Image and Trust Issues - The company has faced multiple brand crises, including involvement in a rice adulteration scandal and concerns over supply chain safety due to incidents with mixed oil products [4]. - These events have significantly damaged the brand's reputation and raised consumer concerns about product quality [4]. Operational Challenges - The company operates 80 production bases, but the utilization rates for oil refining and packaging are only 42.2% and less than one-third, respectively [5]. - The expansion strategy has led to increased fixed asset depreciation, negatively impacting net profits by 120 million yuan [5]. - The central kitchen business has not met expectations, with low revenue contribution and underutilized production capacity [5]. Industry Context - The per capita consumption of cooking oil in China has reached 25 kg/year, surpassing the World Health Organization's recommendation, indicating a saturated market [6]. - The grain and oil market has experienced three consecutive years of negative growth, with local brands gaining market share through competitive pricing strategies [6]. - Despite holding over 40% market share, the company's traditional business is being eroded by competitors with differentiated products and strategies [6]. Market Valuation and Investment Risks - The company's price-to-earnings ratio (TTM) stands at 82 times, significantly higher than the industry average, indicating potential overvaluation [7]. - The stock price has plummeted nearly 80% from its peak of 145.62 yuan per share to 32.09 yuan [7]. - A proposed share swap with a competitor may face regulatory scrutiny due to its significant market share implications and associated tax costs, complicating potential synergies [7].