Jiajia Food(SZ:002650)2023-02-10 12:18Company Overview - Jiajia Food Group Co., Ltd. was established in 1996 and listed on the Shenzhen Stock Exchange in January 2012, recognized as the first listed company in its locality and dubbed "China's Soy Sauce First Stock" [1]. - The company focuses on the production and sales of soy sauce, vegetable oil, vinegar, chicken essence, oyster sauce, cooking wine, and monosodium glutamate, with its core products being "Jiajia" soy sauce and "Pan Zhong Can" vegetable oil [1]. Recent Business Performance - As of January 31, 2023, the company announced a decline in overall revenue due to the ongoing impact of the pandemic and the disruption of traditional sales channels by new retail channels, leading to a reduction in sales income from traditional channels [2]. - The continuous high prices of raw materials have increased procurement and logistics pressures, resulting in a decrease in overall gross profit margin [2]. Strategic Adjustments for 2023 - The company plans to promote high-margin products and strengthen the sales of low-salt and zero-additive mid-to-high-end product lines [2]. - It aims to explore new markets and models, deepen its presence in the catering channel, and enhance its new retail business while maintaining a dual online and offline approach [2]. - To alleviate cost pressures, the company will implement refined management practices, optimize product structure, and enhance the management and incentives for business personnel [2]. Product Development - The zero-additive product line includes items with 0% added sugar, 0% added genetically modified defatted soybeans, 0% added preservatives, and 0% added flavoring agents, targeting the health-conscious market [2]. - The company is focusing on high-margin products and plans to enhance the design and market acceptance of its zero-additive series [2]. Sales and Marketing Strategy - The marketing strategy for 2023 includes segmenting and positioning high-margin products, promoting low-salt and zero-additive products, and stabilizing traditional channels while breaking into emerging channels [2]. - The company has refined its sales personnel evaluation criteria, focusing on financial, management, process, and execution indicators to enhance control and motivation [2]. Cost Management - The company is addressing cost pressures by shifting product focus towards high-margin items, controlling raw material costs, and enhancing digital procurement processes [4]. - It aims to improve production efficiency and reduce energy consumption to uncover cost benefits [4]. New Retail Initiatives - The company is innovating new business models and partnerships in its new retail channels, currently selling on platforms like Tmall, JD.com, and Douyin [5]. - The sales channels primarily rely on traditional distributors, with a focus on expanding into the new retail and catering sectors [6].