Jiajia Food(SZ:002650)2022-12-07 09:44Group 1: Company Overview and Strategy - The chairman introduced the company's history and strategic planning focused on innovation to seize industry opportunities [1] - The company is currently building channels to support future operational strategies, emphasizing extensive distribution and promotional activities [1][2] Group 2: Performance and Market Position - The company’s performance has not met industry expectations due to various factors, including delayed capacity expansion and market promotion challenges [2] - Competitors like Hai Tian and Chu Bang have performed better due to earlier capacity expansions, allowing for aggressive market promotions [2] Group 3: Product Development and Market Adaptation - The company is adjusting its product structure to focus on high-end products, reallocating some low-end production capacity to support longer fermentation cycles [2] - Although production volume has not increased significantly, the focus on high-margin products has led to improved gross margins [2] Group 4: Future Outlook and Investment - The company plans to allocate more resources to channel construction and terminal promotions in Q4, expecting positive results from three years of efforts combined with new capacity releases [2] - The depreciation costs from new investment projects will exert short-term pressure, but the anticipated revenue growth from these projects will mitigate long-term impacts on performance [3] Group 5: Competitive Strategy - The company aims to differentiate itself through innovation in product categories, as traditional quality standards and pricing in the soy sauce market are transparent and competitive [3] - Emphasizing the importance of intellectual property protection to create competitive barriers, the company believes innovation is key to success [3]