Li Ziyuan (605337) Selected Questions and Answers from Institutions and Investors (202 1 1220)

Founded in Jinhua 1994, Zhejiang Province, the company has been committed to the research, development, production and sales of milk-containing beverages, compound protein beverages and milk-flavored beverages for more than 20 years.

The company's main products: neutral milk-containing beverages are the company's flagship products, accounting for more than 90%. Neutral milk beverage refers to sweet milk beverage, and there are not many competing products in the market. Li Ziyuan has certain brand advantages in the market segment of neutral milk beverage, and it is the leading brand in the market of neutral milk beverage at present.

Main market: the company's sales model is mainly distribution model, supplemented by direct sales model. The combination of regional distribution and channel distribution. At present, the company focuses on Jiangsu, Zhejiang and Shanghai (East China), Yunnan, Guizhou and Sichuan (Southwest China) and Lu Yu and Anhui (Central China), and has established sales networks in 30 provinces across the country. By the end of the third quarter of 20021,the company had more than 2,600 dealers, with a compound annual growth rate of about 20% in recent years. The company's marketing management is divided into regional management, and now there are six regions, and each region has several marketing departments, and the sales staff increases by about 20% every year. Through the development of key core markets, it gradually radiates and drives the surrounding regional markets, establishes a perfect marketing network and market service system, and initially realizes the national layout of the marketing network. In 2022, the company will fully implement the national market operation.

Industrial layout: At present, the company has five production bases in Jinhua, Zhejiang, Longyou, Hebi, Henan and Qujing, Yunnan, as well as several commissioned processing production bases. Henan Hebi production base was officially put into production on February 18. Longyou and Jiangxi Phase II projects are under construction. Longyou Phase II is expected to be put into trial operation in the second half of next year, and Jiangxi Phase II is under construction and will be put into production in 2023. After all the production bases are put into production, the full production capacity can reach about 550,000 ~ 600,000 tons/year. The company's national industrial layout will form a certain scale. In the future, with the development of the market and the growth of income, the company will plan and invest in expansion projects according to the market development to meet the market demand.

Revenue in the third quarter of 2002/kloc-0 reached 375 million, up 26.39% year-on-year; In the first three quarters, the total revenue reached 654.38+0.55 billion, up 45.2 1% year-on-year, basically reaching the revenue level of last year. The net profit in the first three quarters was 65.438+0.95 billion yuan, a year-on-year increase of 35.42%. In the fourth quarter, the market situation and capacity utilization rate were good, and production and operation were normal.

Two: question and answer section:

Q 1: How to judge the market space of sweet dairy products?

A 1: In the first three quarters, the company achieved revenue of155 million yuan, in which the markets in East China, Southwest China and Central China are mature and the brand influence has certain advantages, but the surrounding markets are weak and there are many blank markets, so the market space and market development potential of the company's products are huge. At present, the focus of consideration is not on industry space and ceiling. The main goal at this stage is to rapidly expand the market nationwide, improve the market share and brand influence, and strive to realize the development vision of "becoming a leading enterprise in the national milk and beverage industry".

Q2: Increase in income. Apart from the low base, has the investment promotion accelerated?

A2: In recent years, through the layout of the national market, the company has accelerated the establishment of investment attraction and external market network. In recent years, the compound growth rate of the number of dealers is around 20%. Although the company has established a sales network in 30 provinces after several years of layout, the external market is still relatively extensive at present. In order to realize refined operation, investment attraction and dealer layout will increase rapidly.

Q3: What is the specific division of labor of the marketing department in China?

A3: According to the development, scale and maturity of the market, the company divides the market into Grade I, Grade II, Grade III and Grade IV. Among them, one kind of market is relatively mature: such as Zhejiang, Yunnan and Shanghai. The secondary market is relatively mature, and the tertiary and tertiary markets are emerging markets and newly developed markets.

From a national perspective, the company market is managed according to the regional model, and each regional model includes one, two, three and four types of markets. The operating experience of mature markets can be communicated to relatively weak markets, and dealers can learn from each other, which is conducive to the common development of the markets.

Q4: What are the main consumption channels and groups?

A4: Positioning of consumer groups: The main consumer groups of the company's products are between teenagers and 30 years old.

Main channels: traditional channels are combined with special channels, mainly including schools, breakfast spots, internet cafes, convenience stores, small restaurants, bakeries and so on.

Q5: In the future, with the nationalization and increasing volume, will the sales expense rate increase?

A5: At this stage, the regional market is in the transition stage to the national operation, and the personnel expenses and publicity expenses will be appropriately increased but within the budget. The external market is in the stage of cultivation and development, and the company's first-line team, first-line marketing team and competent business personnel will increase accordingly, which will increase the personnel expense ratio compared with mature markets. With the national operation of the company, the brand influence needs to be further enhanced, and the brand investment will increase accordingly. The increase in publicity expenses may be slightly higher than the increase in sales revenue.

Attachment: Activity Information Table

(This article was written by the writing robot "Aauto Faster Little E" of Securities Times E Company. )