雪榕生物(300511) - 雪榕生物调研活动信息

Group 1: Company Strategy and Market Potential - The company has invested in Beijing Weishida Technology Co., Ltd. and established a joint venture with Aiyi (Xiamen) Food Technology Co., Ltd. to focus on the "plant-based meat" sector, which is still in its early development stage. The Chinese meat market is nearly 3 trillion CNY, and even a 10% share for plant-based meat indicates significant growth potential [2]. - The strategic investments in Weishida and Aiyi are aligned with the company's core business and are expected to enhance growth in the food technology sector [2]. Group 2: Research and Development Focus - Current R&D efforts for plant-based meat (including mushroom protein) are concentrated on improving taste to make it more meat-like, leveraging both local cultural insights and advanced foreign technologies [3]. - Another key focus is on reducing production costs through technological breakthroughs and scaling up production, which is a competitive advantage for the company as the largest edible mushroom producer in China [4]. Group 3: Brand Development and Market Penetration - The company has shifted towards a direct-to-consumer (B2C) model, with small packaging products increasing from 10% to 40% market share within a year, aiming for over 50% by the end of the year [4]. - Brand building has been prioritized since 2019, focusing on penetrating the consumer market through a multi-variety, multi-channel approach, particularly in lower-tier cities [5]. Group 4: Production and Supply Chain Resilience - The company’s factory-based production model for edible mushrooms ensures mechanization and standardization, making it resilient to extreme weather conditions, which has been crucial during recent flooding events [6]. - The current factory production capacity for enoki mushrooms is approximately 900 tons, with the top five companies in the industry accounting for about 60% of production capacity, indicating a significant concentration in the market [7]. Group 5: Future Expansion Plans - The company plans to expand its production capacity with a new facility in Shandong, which will add 100 tons of daily production capacity for enoki mushrooms, even with the potential shutdown of the Shanghai facility [8]. - There are considerations for establishing new bases in underdeveloped regions, such as Central China, to further enhance production capabilities [8]. Group 6: International Operations - The company has established a mushroom factory in Bangkok, Thailand, to tap into the high local market prices and serve surrounding countries with a combined population of 170 million [8]. - Despite delays due to the COVID-19 pandemic, the Thai project is progressing within controllable timelines, with initial daily production capacity set at 66 tons [8]. Group 7: Financial Performance and Market Strategy - The company’s performance in the restaurant sector has improved despite the pandemic, attributed to its transition to a B2C model and strong brand and channel strategies [9]. - The company is preparing to disclose its half-year report on August 27, 2020, while also addressing seasonal fluctuations in the edible mushroom market through robust branding and channel strategies [9].