However, after consulting the prospectus of Dong Peng's special drink, it was found that the company's income was highly dependent on the energy drink sector, accounting for almost 95% in the past three years. In addition, as a Guangdong enterprise, Dong Peng Teyin claimed to enter the national market on 20 13, but for a long time, the provincial market revenue accounted for more than 60%. Previously, in its feedback on Dong Peng's special drink prospectus, the Shanghai Stock Exchange asked the company to fully disclose the income of a single product and the risk of regional concentration of income.
In fact, it's not just Dong Peng's special drink. Now more and more brands have entered the energy drink market, including many industry giants, such as Uni-President, Yili and Amway. It remains to be seen whether Dong Peng's special drink can break through the energy beverage market through listing.
Energy beverage revenue accounted for more than 90% for a long time.
China Securities Regulatory Commission official website shows that Dong Pengte Drink has recently updated its prospectus. It is worth mentioning that from June 5438 to September 2020, Dong Peng's special drink is expected to have an operating income of 3.6 billion to 4.4 billion yuan, a year-on-year increase of1.08%-35.76%; Operating profit was 760-945 million yuan, up 32.78%-65.1%year-on-year; The net profit was 580-740 million yuan, a year-on-year increase of 33.27%-70.03%.
However, behind Dong Peng's financial report data, there is a hidden worry about a single source of income.
According to the prospectus, Dong Pengte's products cover three types: energy drinks, non-energy drinks and packaged drinking water. Among them, energy drinks are the leading products. From 20 17 to 20 19, energy drinks contributed 2.735 billion yuan, 2.885 billion yuan and 4.003 billion yuan respectively, accounting for 96. 19%, 94.99% and 95.1/kloc-0. In the same period, the proportion of non-energy beverages in the main business income was 3.63%, 3.28% and 3.53% respectively, and the proportion of packaged drinking water was 0.08%, 65,438+0.265, 438+0% and 0.98% respectively.
Regarding the risk of relatively single product structure, Dong Peng Teyin said in the prospectus that if the market environment of the energy beverage industry deteriorates, it may adversely affect the company's operating performance.
In order to reverse this unfavorable situation, Dong Peng Special Drink has also adjusted its product line. 20 18, special drink repackaged Chen Pitt's drink. In October19, the new product "Citrus Lemon Tea" was launched, and in March 2020, the brand-new packaging "Fried by Citrus Lemon Tea King" was launched. However, up to now, these attempts are not satisfactory. In the first half of this year, the total sales revenue of special energy drinks in Dong Peng was about 2.273 billion yuan, accounting for 92.06%.
Behind the over-reliance on a single product is Dong Peng's business philosophy of focusing on marketing and neglecting research and development.
The data shows that the R&D expenses of Dong Peng beverages in recent three years are 2 1.52 million yuan, 2 1.8 1.00 million yuan and 28.03 million yuan respectively. On the contrary, its sales expenses in the same period were as high as 830 million yuan, 970 million yuan and 980 million yuan. In addition, its sales staff is 3880, accounting for 65.55%, while R&D staff is only 96, accounting for only 1.62%.
For beverage enterprises, R&D level, patents and formula can be regarded as core competitiveness or even moat, especially in fast-moving consumer industries. Enterprises must always keep up with the changes in consumer demand to ensure that they will not fall behind in the competition. In the past, the giants in the beverage industry kept the pace of intensive innovation through a large amount of R&D investment.
Lai Yang, vice president of Beijing Business Economics Association, said that the launch of new products will promote revenue to a certain extent, but if the sales of new products are flat, it will not help its financial data, but will increase its input cost and drag down its performance, so it is also a big test for enterprises.
The sales area is too concentrated in South China.
In addition to a single source of income, Dong Peng's special drinks also have the risk of relatively concentrated sales areas.
Dong Peng's special drink first started in Guangdong, and entered the national market in 20 13. At present, Shenzhen is the marketing planning center, and six business divisions, namely Guangdong, South China, East China, North China, Southwest China and Tetong, have been established, and the basic layout of the national market has been completed, but the company still focuses on the provincial market. According to the prospectus, from 20 17 to 20 19, the proportion of sales revenue in Guangdong to the company's main business income was 66.66%, 6 1. 10% and 60. 12% respectively.
In fact, Dong Peng's special drink is also aware of the above problems. It stated in the prospectus that the sales proportion of the company in Guangdong is still high and the sales area is relatively concentrated. Therefore, the changes of economic structure, market capacity, consumption level and preference in this region will have a certain impact on the company's future profitability.
In order to solve this problem, Dong Peng Beverage chose to expand its production capacity. This time, Dong Peng Special Drink plans to raise 809 million yuan to plan and build the 1 1 production line, which will form a production capacity of nearly 900,000 tons once it is successfully completed.
However, the existing production capacity of Dong Peng Special Drink has not yet reached full saturation. According to the prospectus, during the reporting period, the beverage production capacity in Dong Peng was about 740,400 tons,/kloc-0 1.0453 million tons and/kloc-0 1.5308 million tons respectively, and the capacity utilization rates were 75 1%, 62.03% and 66.38% respectively. In this regard, the CSRC also raised the question of whether the digestibility of new capacity of fundraising projects matches the market demand.
In recent years, with the increasing popularity of healthy consumption awareness, the energy beverage market has developed rapidly. According to the Energy Beverage of China published by Euromonitor International, from 20 14 to 20 19, the compound growth rate of domestic consumption of energy beverages in different places is 15.02%, which is one of the fastest growing beverage subcategories. According to the latest report of Prospective Research Institute, the retail sales of functional drinks in China increased from 23.26 billion yuan in 20 13 to 4 152 billion yuan in 20 17, and exceeded 45 billion yuan in 20 18, and it is predicted that it will reach 68 billion yuan in 2020.
Such a huge market has attracted many entrants. From 2065438 to April 2009, Jinmailang launched Tianbao Taurine Energy Drink and Shenma Energy Drink. 2065438+In March 2009, Pan Pan launched leopard power energy drink; 2065438+July 2008, Tomson Bianjian launched F6 energy drink; April 20 18, Yili Group launched Huanxingyuan energy drink.
In addition to the latecomers, Dong Pengte also needs to face Red Bull and Lehu. The data shows that Red Bull is far ahead with a market share of 57%, Dong Peng Special Drink ranks second with a market share of 15%, followed by Le Hu with a market share of 10%.
Laiyang told China Newsweek that the current problem of Dong Peng's special drink is that consumers have no rigid pursuit and yearning for Dong Peng's special drink products. Compared with other energy beverage brands, Dong Peng's special drink was selected by some consumers mainly because of its high cost performance and channel breakthrough. In the future, Dong Peng's special drink needs to continue to exert its strength in product, positioning and innovation, and find a unique competitive point.