Southern Black Sesame Cross-border Lost: The naming product is unsalable and the logistics park is losing money

　　Southern Hei Sesame, which is marketing with emotion, decided to do a big deal, launch a new product, black milk, acquire the e-commerce platform Liduoduo, acquire a baked food company, and invest in a new energy company. The frequent moves show that Southern Black Sesame is eager to break through the sales ceiling of super large single products, but on the way to find profit growth points, Southern Black Sesame faces many ups and downs. The peripheral products of the Black Milk Naming are unsold, and the logistics industrial parks that have invested in the past are heavily in debt, and the latest cross-border new energy business poses uncontrollable risks.

　　300 million shares

　　With the super large single product "Southern Black Sesame Paste", Southern Black Sesame Group has set the goal of "the industry reaches 10 billion yuan in 2020". However, whether it is to strengthen marketing or stimulate the sales of black sesame products with new products, this wish has basically failed to date.

　　The problem facing Southern Hei Sesame Group is that the sales of super large single products have reached the ceiling. According to the 2016 annual report of Southern Black Sesame, 6.3791 million pieces of paste products were sold, a year-on-year decrease of 29.17%; 6.4402 million pieces were produced, a year-on-year decrease of 28.77%, and inventory increased by 28.35%. In the past two years, Southern Hei Sesame has made a lot of efforts to break through the performance bottleneck period. On the one hand, it seeks incremental growth from product innovation and food-related industries, and on the other hand, it boldly crosses the border, even the lithium battery business that has nothing to do with its main business.

　　On June 30, Southern Hei Sesame issued an announcement to officially divest the loss-making logistics industrial park assets, and all the funds released were invested in the lithium battery business that it had invested not long ago. Although the risks brought by cross-border are quite high, due to the pressure of growth in the main business, Southern Hei Sesame has made the lithium battery business a strategic sector and subscribed 300 million yuan to establish a joint venture.

　　From the perspective of equity ratio composition, Southern Black Sesame does not dominate and only enters the market as an investor. The announcement shows that among the five members of the board of directors of Tianchen South, three are from Tianchen New Energy, and the chairman is also a director appointed by Tianchen New Energy.

　　There are generally concerns in the industry about Southern Hei Sesame's cross-border. Zhu Danpeng, a researcher in the food and beverage industry at the China Brand Research Institute, believes that the cross-border core of enterprises depends on the team. Can Tianchen South have professional team support? Can the company's overall organization, marketing system and marketing platform construction be carried out step by step? In the view of marketing expert Li Xingmin, affected by the development of new energy vehicles, the development prospects of the lithium battery industry are promising. But there are many entrants at the moment, and Southern Hei Sesame has no first-mover advantage in entering this game. In addition, the lithium battery industry has high technical barriers. In addition to solving technical problems, Southern Black Sesame also needs to face order business problems. All of these depend on the operational capabilities of the company.

　　Cross-border miss

　　Although the industry prospects for cross-border industries are promising, the role and part that Southern Black Sesame play is not clear. From this perspective, the possibility of self-salvation of Southern Black Sesame is limited. In terms of innovation at the main business level, Southern Black Sesame is also a little blind.

　　In order to narrow the distance with the new generation of consumers, Southern Hei Sesame has launched black milk products and has no choice but to name and sponsor many variety shows. However, the huge marketing expenses did not exchange for more sales, but instead seriously dragged down the performance of that year. Last year, Nanfang Hei Sesame's net profit decreased by about 100 million yuan due to its handling of peripheral products of the sponsored variety show, which directly led to a sharp decline in performance of Southern Black Sesame's performance, with net profit falling by 89.06% year-on-year to 16.31 million yuan.

　　Although Southern Black Sesame is promoting new products, the overall operation of this product is not ideal. Zhu Danpeng believes that the black milk has nothing special in terms of taste and packaging, but it is just approaching the new generation in terms of name. Only highlighting this point in the strategic system is not enough to support the development of new products. When the company's marketing, layout and planning capabilities are not in place, the overall promotion and development of products will have many challenges.

　　In addition to products, Southern Black Sesame has also extended related industries in the food field. Southern Hei Sesame acquired e-commerce distribution company Liduoduo for 700 million yuan, and acquired a baked food company for 80 million yuan. It had previously intended to acquire a edible oil company.

　　In the view of a senior industry insider who did not want to be named, Southern Hei Sesame has a good future development prospect in the layout of new energy lithium batteries, and the optimistic baking industry also has certain potential in the future. Cross-border increase in lithium battery business, employment and authorization and marketing system construction are the key. Shenzhen Rungu, which was chosen by Southern Hei Sesame, has poor growth potential, making it difficult for Southern Hei Sesame to enjoy the dividends of industry development. Southern Black Sesame's previous announcement showed that Shenzhen Rungu's revenue last year was 200 million yuan and its net profit was 2.47 million yuan. As of April 2017, it had a total debt of 197 million yuan. Due to many uncertainties in market operations, there are uncertainties in whether Shenzhen Rungu can realize the promised net profit.

　　In previous investments, Southern Hei Sesame has made a mistake. On June 30, Southern Hei Sesame sold the logistics industrial park for 295 million yuan. This logistics industrial park for sale is a wholly-owned subsidiary of Southern Hei Sesame. It is understood that Southern Hei Sesame invested more than 510 million yuan in the company (265 million yuan in equity acquisition and more than 250 million yuan in liquidity support), occupying a large amount of funds but the return on capital investment is low. The announcement shows that the company's total assets are 574 million yuan and its total liabilities are 493 million yuan. Due to various factors, Southern Black Sesame was also implicated in a debt of 280 million yuan.

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