20 19 In the fourth quarter, Sanjiang Shopping realized an operating income of 904 million yuan, down 8.87% year-on-year. The net profit attributable to shareholders of listed companies was 6,543,809,550 yuan, down 38.27% year-on-year; Deducting the non-homecoming net profit16.03 million yuan, a year-on-year decrease of 44 13%.
For the decline of the company's operating income during the reporting period, Sanjiang Shopping explained that it was mainly caused by the transfer of Hangzhou Zhehai Huadi Network Technology Co., Ltd. (hereinafter referred to as "Hangzhou Zhehai"), a wholly-owned grandson company of the company. After deducting the influencing factors of Hangzhou Zhehai transfer, the income of other main businesses increased by 0.53% year-on-year; The increase in net profit was mainly due to the confirmation of investment income of RMB 6,543,800+0,698,800 by Hangzhou Zhehai, the wholly-owned grandson company of the transfer company, and the charge for the expansion and reserve of the previous "Hangzhou Box Horse Market" of RMB 6,543,800+0,233,300, and the rest was mainly due to the increase in interest income.
According to the financial report, as of the first half of 20 19, there were 202 stores in Sanjiang Shopping * *, including 23 supermarkets 123 and 79 small stores. In the first half of the year, six small stores were opened, two supermarkets were closed and two small stores were transferred to Hangzhou Zhehai Huadi Supermarket. The number of stores was the same as that at the end of last year, and the contract area for opening stores at the end of the year decreased by 3.6% year-on-year. At present, the company has signed up to open 14 stores, including 8 supermarkets and 6 small stores.
Tang Jiarui, an analyst at Everbright Securities, said that the growth rate of 20 19 Sanjiang shopping malls slowed down. As of the third quarter, the company has 177 stores in Ningbo, and 26 stores outside Ningbo, 5 more than the end of 20 18, and 4 stores are very few. However, with the gradual deepening of cooperation with Ali and the gradual upgrading of stores, the company's gross profit margin level has improved. It is expected that the improvement of the company's gross profit margin brought by the improvement of the company's product selection ability in the future will become the driving force for the company's performance growth for a period of time. In addition, it should also be noted that although the revenue performance of Sanjiang Shopping is relatively dull, the increase in gross profit margin brought by the upgrading of business format provides a certain guarantee for future performance growth.
According to public information, Sanjiang Shopping was established in 1995, mainly engaged in community fresh supermarket business. There are three formats: supermarket, innovation store and small format store, and the chain operation mode is adopted. Shops are generally located near the community, and the commodity structure is mainly fresh goods and daily consumer goods.
According to the local statistical yearbook, in 20 17 years, the supermarket sales in Ningbo were about1526.7 billion yuan. If the proportion of sales and revenue in Sanjiang shopping area is similar, the company's sales in Ningbo in 20 17 will be about 3.436 billion yuan. The company occupies about 23% of the supermarket market in Ningbo, ranking first in the retail industry and having strong regional competitiveness.
At present, Sanjiang shopping has two formats: supermarket and neighborhood store. The average area of supermarkets is about 3000 square meters, which is the main format of the company, accounting for 94% of the area. Neighborhood stores have an average area of less than 400 square meters, which is closer to consumers and more convenient. Combined with the O2O platform, it can meet the basic living needs of residents around 1 km. In terms of business area, in 20 18, the revenue efficiency of the company's supermarkets and neighborhood stores was about 1.56 and 1.98 million yuan/square meter respectively.
It is reported that the membership mode of Sanjiang Shopping is a charging system, with a new card for 30 yuan and an annual renewal fee for 20 yuan. Members can enjoy exclusive activities such as membership price and point redemption. Due to the competitive pressure of fast-moving consumer goods brought by e-commerce and the family's conversion of multiple membership cards into one, the number of members has declined. If the food price is 3% lower, 600 yuan's consumption can cover the membership fee, and the downward trend of membership in 20 18 will be reversed. Regular consumption of fresh food makes members very attractive.
Wang Feng, a researcher at Huajin Securities, believes that the membership price of Sanjiang Shopping is generally 3% lower than that of competitors, and efforts are made to keep the proportion of low-priced goods above 60%. After counting the commodity prices of a small amount of Sanjiang Shopping, and comparing the self-operated supermarket in JD.COM with Tmall Supermarket, it is found that the membership price of Sanjiang Shopping is about 2.6% lower than that of Tmall and JD.COM. For students of daily necessities, the membership price of Sanjiang Shopping is about 7.7% higher than that of Tmall and JD.COM.
In addition, from the observation, the proportion of fresh shopping income in Sanjiang has gradually increased. In 20 18, the company's fresh operating income reached 1 1.9 1 100 million yuan, a year-on-year increase of 25%. From 20 14 to 20 18, the revenue proportion of fresh products gradually increased from 19% to 30%. The proportion of fresh food has increased rapidly, driving the company's passenger flow to increase. In 20 18, the average daily effective passenger flow of the company was 227,500, up by 2.07% year-on-year.
At the same time, it should be noted that Sanjiang Shopping was laid out earlier in Ali's new retail strategy. At present, it helps Alibaba to operate two box horse stores in Ningbo, and Chen Yan, the head of the original box horse small format, is fully responsible for Sanjiang shopping. Since October 6th, 20/kloc, Sanjiang Shopping has operated Mr. Bo Xia's shop in Ningbo through Zhejiang Zhehai Huadi, a wholly-owned subsidiary, and opened Sun Company Hangzhou Zhehai Huadi in July 20th/kloc-7th. By the end of 20 18, Sanjiang Shopping has operated four fresh box horse stores, including two in Ningbo and two in Hangzhou. 20 19 April, Sanjiang Shopping transferred 0/00% equity of Sun Company Hangzhou Zhehai Huadi/kloc-0 to Hangzhou Hema. At present, the company operates two Hema stores in Ningbo.
Wang Feng said that in recent years, with the cooperation of Ali's supply chain, Sanjiang Shopping has gradually increased the proportion of fresh food, and the fundraising project will be omni-channel, positioning the fresh supermarket in the new retail community, which will be rapidly upgraded in the next three years. According to the investigation at the grass-roots level, the large-scale store after the transformation of Sanjiang Fresh Food is positioned as a community supermarket, and the area of fresh products accounts for about 50%. The product selection focuses on three meals a day, which is more popular than the positioning of Boxma Fresh Food Store to meet the daily needs of surrounding consumers. After the transformation of fresh food, the positioning of Sanjiang Shopping is similar to that of Box Horse Market. Relying on the supply chain resources and bargaining power of Sanjiang Shopping and Ali System, it is expected to occupy a place in the process of supermarket channels gradually infiltrating into the fresh food market.
Wang Feng judged that Sanjiang Shopping will continue to transform into a fresh supermarket in a new retail community, which is expected to further promote the rapid growth of fresh income, and the company membership system has a price advantage in some food products. Knitting products and daily necessities products have no obvious advantages over e-commerce, and the diversion of fresh food is expected to narrow the decline. The company's channel expansion drives the overall revenue to grow continuously. It is estimated that from 2065,438+09 to 2026,5438+0, the shopping revenue of Sanjiang will increase by 9.6%, 65,438+00.5%, 65,438+065,438+0.2% respectively. (First Textile Network Martin)