As the saying goes, the whole year's work depends on a good start in spring. Currently, the first-quarter financial reports of listed food and beverage companies have been released one after another. Today, we have carefully sorted out the performance of some companies for you. Let's see who got off to a good start. Beverages, Snacks, Frozen Foods Uni-President Uni-President China Holdings Ltd. recently announced that its net profit after tax for the first quarter increased by 48% year-on-year to RMB 380 million. In the same period last year, Uni-President's net profit was RMB 257 million, a year-on-year increase of approximately 47.86%. The announcement shows that Uni-President's investment arm, Uni-President China Investments, recorded a net profit of RMB 404 million. According to a report reissued by BofA Merrill Lynch, Uni-President's first-quarter net profit after tax rose 48% year-on-year, beating expectations, mainly due to gross margin expansion. Despite a good start in a difficult environment, the bank noted that first-quarter performance is generally not very indicative of the full year, as the first quarter is usually not the peak season for beverages (which still account for over 70% of the company's earnings), and historical data also shows that selling, general and administrative costs fluctuate across quarters. Xiangpiaopiao Xiangpiaopiao released its first-quarter report for 2019. According to the financial report, operating revenue reached RMB 837 million, up 28.26% year-on-year; net profit attributable to shareholders of the listed company was RMB 51.9641 million, up 83.61% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 49.6568 million, up 195.84% year-on-year. By product, the classic series, accounting for 48.9% of revenue, generated RMB 409 million, up 14.86% year-on-year; due to the transition between old and new packaging, the premium series, accounting for 25.6% of revenue, generated RMB 214 million, down 6.35% year-on-year. The liquid milk tea series, accounting for 4.2% of revenue, generated RMB 35 million, down 44.08% year-on-year; and the fruit juice tea, accounting for 20.4% of revenue, generated RMB 171 million. Grassroots research data shows that from January to March, fruit juice tea sales reached 4.5 to 5 million cases, with a target of 600 million yuan in sales for 2019. By region, apart from the relatively strong East China region, all other regions showed obvious growth trends. By channel, distributors remain the company's main sales channel, with revenue of approximately RMB 778 million. As of the first quarter of this year, Xiangpiaopiao had 1,360 distributors, a net increase of 73. Currently, the Huzhou liquid factory has started normal production, the Guangdong liquid factory is in the equipment commissioning stage, the main plant of the Tianjin liquid factory is basically completed, and the Chengdu liquid factory has started construction. It is expected that after the second quarter, the company will produce 3.5 to 4 million cases of fruit juice tea per month. Yangyuan ZhiYe In the first quarter of 2019, Yangyuan ZhiYe's operating revenue was RMB 2.495 billion, down 12.53% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 816 million, down 2.25% year-on-year. Compared with the 2018 annual report, this performance has fluctuated. However, industry insiders specifically pointed out that such short-term fluctuations are also a normal phenomenon in the capital market, because the 2019 Spring Festival came earlier, and the Spring Festival gift market was characterized by a fierce, fast, and late start. As a result, the pre-holiday promotion heated up quickly and fell rapidly after the holiday. For Six Walnut, which has obvious gift attributes, it is normal for its first-quarter performance to be affected by this fluctuation. Chengde Lulu As of the end of this reporting period, Chengde Lulu's net cash flow from operating activities was -RMB 106 million, a decrease of 497.55% from the end of the previous year. Recently, the People's Court of Jinping District, Shantou City, Guangdong Province, heard the first instance of the trademark license contract dispute between Hebei Chengde Lulu Co., Ltd. (hereinafter referred to as "Chengde Lulu") and Shantou High-tech Zone Lulu South Co., Ltd. (Shantou Lulu). Data shows that from its establishment to 2018, Chengde Lulu's cumulative main business revenue exceeded RMB 30 billion. During this process, it invested heavily in promoting the "Lulu" brand, with cumulative advertising and promotion expenses reaching RMB 2.357 billion. The "Lulu" brand almond milk beverage holds a market share of up to 90% in the same industry. V V Food & Beverage In the first quarter of 2019, V V Food & Beverage's operating revenue was RMB 1.533 billion, up 0.29% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 21 million, down 71.24% year-on-year. Since the beginning of this year, Chen Hongwei, deputy general manager of V V Group and general manager of the beverage division, has visited the East China, Central China, and North China regions to guide work, repeatedly emphasizing that in 2019, the group's strategic deployment of "focus" and "building model markets" must be implemented. At the same time, it was made clear that through the "Spring Ploughing Action" plan, a number of model stores and model streets will be created to strongly push V V soy milk products and spokesperson images to the market, forming strong exposure while allowing more consumers to taste and like V V soy milk. Haoxiangni In the first quarter of 2019, Haoxiangni's operating revenue was RMB 1.922 billion, up 7.33% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 102 million, down 3.68% year-on-year. In fact, from the first-quarter report of 2019 and the above data, it can be seen that Haoxiangni relies too much on Baicaowei. From 2015 to 2018, Haoxiangni's jujube product business revenue was RMB 1.053 billion, RMB 953 million, RMB 961 million, and RMB 868 million respectively. Although the business development process has had some ups and downs, the overall trend is downward. Qiaqia Food In the first quarter of 2019, Qiaqia Food's operating revenue was RMB 1.040 billion, up 1.26% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 86 million, down 38.53% year-on-year. Wang Bin, vice president of Qiaqia Food, said: "Last year, Qiaqia's small yellow bag daily nuts were only rolled out in 36 major cities across the country, and this year it will increase to more than 70." In addition, Qiaqia Food, which is transforming into the nut industry, has more new moves this year. For example, it is making differentiated breakthroughs in the nut market, focusing on third- and fourth-tier cities, new retail, and overseas markets. Yanjinpuzi Regarding revenue growth, Yanjinpuzi stated that it is mainly due to market expansion and business development. At the same time, the company's operating costs increased by 62.58% to RMB 209 million, mainly due to losses from new product cultivation and rising prices of some raw materials. As of the end of this reporting period, Yanjinpuzi's net assets attributable to shareholders of the listed company were RMB 669 million, up 4.45% from the end of the previous year; during the reporting period, the company's net cash flow from operating activities was RMB 22.4744 million, down 194.89% from the end of the previous year, mainly due to cash received from selling goods and providing services. Lai Yifen In the first quarter of 2019, Lai Yifen's operating revenue was RMB 1.194 billion, down 0.07% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 58 million, up 83.91% year-on-year. Market analysts pointed out: "At present, after nearly two years of strategic transformation and adjustment, Lai Yifen's omni-channel expansion and smart retail layout have entered a relatively stable state, and the overall profit level is gradually recovering." On the offline side, in 2018, Lai Yifen had a total of 2,697 chain stores, an increase of 237 year-on-year. Among them, there were 2,381 directly-operated stores and 316 franchise stores. Taoli Bread In 2018, Taoli Bread had more than 220,000 retail terminals. As of the first quarter of this year, Taoli Bread had 627 distributors, a net increase of 77 compared with 2018. The company currently has 17 production bases nationwide, with capacity utilization exceeding 90%. With the commissioning of bases in Wuhan, Shandong, and Jiangsu, East China and South China remain the company's key operating regions. Kemen Noodle Manufacturing In the first quarter of this year, the main reason for the year-on-year decline in Kemen Noodle Manufacturing's net profit attributable to the parent company was the significant year-on-year decline in gross margin due to increased promotions. During the reporting period, the gross margin was 21%, down 4.4 percentage points year-on-year. The year-on-year increase in financial expenses dragged down profit growth. However, as the introduction of new products is completed, Kemen Noodle Manufacturing's promotional intensity will decrease, and the gross margin will rebound in the next three quarters. Shuanghui Development In the first quarter of 2019, Shuanghui achieved operating revenue of RMB 11.960 billion, down 0.28% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 1.222 billion, up 20.94% year-on-year. Shuanghui Development's 2019 business plan is to implement the strategic policy of "adjusting structure, expanding network, promoting transformation, and increasing scale," striving to achieve positive growth in revenue and profit in 2019. The future of Shuanghui Development is worth looking forward to. Sanquan Food In the first quarter of 2019, Sanquan Food's operating revenue was RMB 1.909 billion, up 5.04% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 36 million, down 43.16% year-on-year. This relatively impressive first-quarter report from Sanquan Food seems to have cleared the haze of the previous "dumplings tested positive for swine fever virus" incident. Beer AB InBev AB InBev's first-quarter 2019 revenue was USD 12.589 billion, down 3.86% year-on-year (organic growth of 5.9%); profit attributable to shareholders was USD 2.516 billion, up 74.36% year-on-year. EBITDA was USD 4.989 billion, down 2.67% year-on-year (organic growth of 8.2%). In terms of volume, AB InBev's first-quarter 2019 sales volume was 13,346.2 thousand kiloliters, down 1.02% year-on-year (organic growth of 1.3%). Among them, AB InBev's own brand beer sales were 11,701.6 thousand kiloliters, down 1.13% year-on-year (organic growth of 1.0%); non-beer product sales were 1,555.1 thousand kiloliters, up 1.36% year-on-year (organic growth of 4.9%); third-party product sales were 89.5 thousand kiloliters, down 21.35% year-on-year (organic growth of -20.7%). China Market: In the first quarter of 2019, AB InBev's revenue in the Chinese market grew 7.8%; sales volume fell 1.1%. Regarding the reason for the decline in sales volume in the first quarter of this year, AB InBev said it was because this year's Spring Festival came earlier than in 2018. The 2019 Spring Festival was on February 5, while the 2018 Spring Festival was on February 16, which caused sales that should have belonged to the first quarter of this year to become sales in the fourth quarter of last year (because the Spring Festival came early, customers stocked up in advance). In the Chinese market, the super-premium product portfolio achieved double-digit volume growth. In addition, AB InBev's e-commerce business in the Chinese market also continued to achieve double-digit volume growth. It is worth noting that AB InBev management also revealed that it is actively exploring the possibility of listing its Asia Pacific business on the Hong Kong Stock Exchange. The listing process will depend on a series of factors, including but not limited to valuation and current market conditions.

Tsingtao Brewery

Tsingtao Brewery Co., Ltd. achieved operating revenue of RMB 7.951 billion in the first quarter, up 11.38% year-on-year; net profit attributable to shareholders of the listed company was RMB 808 million, up 21.04% year-on-year. Basic earnings per share were RMB 0.598, up 21.04% year-on-year. Tsingtao Brewery announced that the revenue growth was due to increased product sales volume and optimized product structure, which led to an increase in operating revenue year-on-year. In the first quarter of 2019, Tsingtao Brewery Co., Ltd. achieved beer sales of 2.166 million kiloliters, up 6.6% year-on-year. Among them, the main brand "Tsingtao Beer" achieved sales of 1.175 million kiloliters, up 8.5% year-on-year, and high-end products such as "August, Hongyun Dangtou, Classic 1903, and Pure Draft Beer" achieved total sales of 588,000 kiloliters, up 10.5% year-on-year.

Carlsberg

According to the financial report, in the first quarter of 2019, Carlsberg achieved net revenue of DKK 13.887 billion (approximately USD 2.084 billion), up 9.31% year-on-year. Asian market: sales volume was 1.07 million kiloliters, up 9.5% year-on-year. It is worth mentioning that the Chinese market saw sales volume growth of 11%, with good growth in the high-end market. In the first quarter of 2019, Carlsberg's brand sales: In the first quarter of 2019, Kronenbourg 1664 Blanc achieved 30% sales growth. Tuborg beer sales grew 7%, Grimbergen beer sales grew 4%, and Carlsberg sales grew 2%. In addition, craft beer sales grew 18%, and alcohol-free beer sales grew 15%.

Yanjing Beer

According to the financial report, during the reporting period, in the first quarter of 2019, Beijing Yanjing Brewery Co., Ltd. achieved operating revenue of RMB 3.448 billion, up 5.13% year-on-year; net profit attributable to shareholders of the listed company was RMB 58.8448 million, up 8.66% year-on-year. In the first quarter of 2019, Beijing Yanjing Brewery Co., Ltd. achieved beer sales of 1.18 million kiloliters, up 3.31% year-on-year. Among them, Yanjing main brand sales were 780,000 kiloliters, and "1+3" brand sales were 1.09 million kiloliters.

Lanzhou Huanghe

In the first quarter of 2019, Lanzhou Huanghe Enterprise Co., Ltd. achieved operating revenue of RMB 118 million, down 22.02% year-on-year; net profit attributable to shareholders of the listed company was RMB 25.4055 million, up 555.43% year-on-year. According to data, Lanzhou Huanghe was established in December 1993. It is one of the earliest joint-stock enterprises in Gansu Province and is currently the only domestic A-share listed company among Lanzhou municipal enterprises. The company's main business is the production, processing, and sales of beer, malt, and beverages. Its main products are "Huanghe" and "Qinghai Lake" series beer and "Huanghe" malt. The business model ranges from raw material procurement to malt production and beer brewing to finished product sales.

Zhujiang Beer

In the first quarter of 2019, Zhujiang Beer achieved operating revenue of RMB 751 million, up 4.65% year-on-year; net profit attributable to shareholders of the listed company was RMB 29.6036 million, up 65.78% year-on-year. Net loss attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 8.0292 million, narrowing by 64.39% year-on-year.

Heineken

In the first quarter of 2019, Heineken N.V. achieved net profit of EUR 299 million (equivalent to USD 335.9 million), compared with EUR 260 million in the same period last year, up 15% year-on-year. In terms of volume, in the first quarter of 2019, Heineken's global sales volume was 5.27 million kiloliters, up 4.4% year-on-year (organic growth of 4.3%). Among them, the Heineken brand achieved sales of 890,000 kiloliters, with organic growth of 8.3%. The Heineken brand saw double-digit growth in major markets, including Brazil, South Africa, Russia, China, the UK, Nigeria, Mexico, Romania, and Germany. Dairy Products Yili In the first quarter of 2019, Yili Co., Ltd. achieved operating revenue of RMB 23.077 billion, up 17.89% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 2.181 billion, up 9.20% year-on-year. Among them, liquid milk revenue was RMB 18.959 billion, milk powder and dairy products revenue was RMB 2.552 billion, and cold drinks revenue was RMB 1.5 billion. In the first quarter, Yili's R&D expenses reached RMB 92.38 million, an increase of 252.85% year-on-year. Product R&D and innovation efforts continued to increase. New products such as Ambrosial fruit pulp orange & pineapple flavor high-end drinking series and "Mang Tao Mi Yu" new flavor fruit yogurt were launched in the first quarter. New Hope Dairy In the first quarter of 2019, New Hope Dairy achieved operating revenue of RMB 1.222 billion, up 13.50% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 18 million, down 4.28% year-on-year. New Hope Dairy stated that the company implements a differentiated competitive strategy, with the "Fresh Strategy" as its brand program, focusing on developing low-temperature dairy products, and expanding market business through advantageous regional layout and radiating to surrounding areas. Bright Dairy In the first quarter of 2019, Bright Dairy's operating revenue was RMB 5.452 billion, up 5.51% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 171 million, up 24.52% year-on-year. At the beginning of this year, Bright Dairy proposed the "18165" Quality Bright Strategy, covering the entire industry chain from milk sources, production, logistics, to distribution. In addition, at the new product launch in April, Bright Dairy launched two new products on the basis of existing 0-fat and whole milk fresh milk: 50% reduced-fat fresh milk and Youbei Nongchun fresh milk; launched Changyou "Yijunduo" series flavored fermented milk; and also recently launched Rushi high-protein products, Bright Zhiyou premium fresh milk, and Mosilian ice cream. Sanyuan Foods In the first quarter of 2019, Sanyuan Foods' operating revenue was RMB 1.943 billion, up 10.89% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 28 million, down 7.21% year-on-year. According to the 2018 annual report, sales of Sanyuan's key products basically achieved substantial growth in 2018. Liquid milk sales were RMB 4.161 billion, compared with RMB 3.972 billion in the same period last year; home delivery milk was RMB 661 million, compared with RMB 606 million in the same period last year; ice cream was RMB 1.304 billion, compared with RMB 1.213 billion in the same period last year. Tianrun Dairy Tianrun Dairy released its first-quarter report for 2019. The announcement shows that during the reporting period, it achieved operating revenue of RMB 348 million, up 15.97% year-on-year; net profit attributable to shareholders of the listed company was RMB 30.9209 million, up 10.19% year-on-year. As of the end of this reporting period, Tianrun Dairy's net assets attributable to shareholders of the listed company were RMB 952 million, up 3.36% from the end of the previous year; total liabilities were RMB 705 million, and net cash flow from operating activities was -RMB 5.9971 million, down 112.75% from the end of the previous year. During the reporting period, total operating revenue was RMB 347,690,617.43, up 15.97% year-on-year; net profit attributable to shareholders of the listed company was RMB 30,920,933.67, up 10.19% year-on-year. Condiment Industry Haitian Flavoring & Food In the first quarter of 2019, Haitian Flavoring & Food's operating revenue was RMB 5.490 billion, up 16.95% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was RMB 1.397 billion, up 21.46% year-on-year. As the first company to sell soy sauce worth RMB 10 billion, Haitian Flavoring & Food is currently the only national soy sauce brand. According to reports, Haitian's sales network covers all prefecture-level and above cities in China, with 90% of provinces having sales exceeding RMB 100 million. Jiajia Food During the reporting period, Jiajia Food's net cash flow from operating activities increased by 3809.18% compared with the same period last year (absolute increase of RMB 77.9584 million), mainly due to the reduction in raw material procurement payments in this period because finished goods were produced in December 2018 in preparation for the pre-Spring Festival peak season. On March 2, Jiajia Food announced that its actual controller Yang Zhen planned to cancel the plan to increase his shareholding in the company, which he had issued on February 4, 2018. As soon as the news came out, it immediately attracted market attention. On March 6, the Shenzhen Stock Exchange issued a letter of concern to Jiajia Food regarding this matter, asking the company's actual controller Yang Zhen to explain whether he had the financial strength to increase his shareholding given the risk of forced liquidation of his shares, whether there was "deceptive shareholding increase," and whether there were situations of hyping up the stock price through the disclosure of the shareholding increase plan, mitigating the risk of forced liquidation, and harming the interests of small and medium investors. In its reply, Jiajia Food stated that when the actual controller Yang Zhen signed the commitment letter for shareholding increase, the funds intended for the increase were from his self-raised funds. Qianhe Flavoring & Food From the company's first-quarter report revenue situation, Qianhe Flavoring & Food's main business has shifted to condiments such as soy sauce and vinegar. Caramel color sales decreased by RMB 10 million (due to reduced procurement by Zhongju High-tech) down 19%. Soy sauce grew by more than 32%. Vinegar grew by more than 7.5%, and net profit excluding non-recurring gains and losses grew by more than 19%. The number of sales merchants increased by 39. Except for the South China region, where revenue decreased due to the reduction in caramel color, the Southwest base grew by 6.7%, and other regions all grew by more than 30%. There are multiple regions with growth exceeding 50%, and e-commerce grew by 48%. It is worth noting that in 2019, Qianhe Flavoring & Food's condiment production capacity will increase significantly. According to the announcement, in June 2019, the production line for 100,000 tons of brewed soy sauce per year will be completed and expanded. The second phase of the expansion, with a production line for 100,000 tons of brewed soy sauce and 50,000 tons of brewed vinegar per year, is also under construction. The total investment in the project is RMB 539 million. As of March 31, 2019, the cumulative investment in the project was RMB 358 million. Hengshun Vinegar During the reporting period, Hengshun Vinegar's vinegar revenue was RMB 300 million, accounting for more than 70% of condiments. On January 1, 2019, Hengshun Vinegar raised prices by 6-15% for products accounting for 15% of overall revenue. Among them, products with price increases in the vinegar category accounted for 16%, driving the average price of vinegar up by 2%. In addition, the company's cooking wine grew significantly. The gross margin improvement (43.77%) brought by the price increase also contributed to the company's performance growth. In the first quarter of this year, the number of distributors of Hengshun Vinegar reached 1,202, an increase of 13 from the end of 2018. After the price increase in January this year, the company slightly increased market support, and distributors actively increased. Fuling Zhacai Looking at this year's first-quarter report, Fuling Zhacai's profitability growth is good, but revenue growth has not yet met the target. Net cash flow from operating activities was RMB 4.08 million, compared with a decline of RMB 49.27 million in the same period last year. According to the company's 2019 financial budget report, based on the formulated operating goals and business plans, the company expects its 2019 operating revenue target to be RMB 2.412 billion, up 26% year-on-year. At Fuling Zhacai's 2018 annual shareholders' meeting held in Chongqing, Chairman Zhou Binquan stated that Fuling Zhacai will launch new products such as "Wujiang" brand pickled vegetables and "Wujiang" brand pickled cucumbers, and use the nationwide popular marathon events to create a new health concept of "sports electrolyte supplement food." Previously, Fuling Zhacai's pickled vegetable business was mainly produced by its subsidiary Sichuan Huitong, under the Huitong brand, not Wujiang. 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