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Market Weekly | Semi-annual report, duck industry giant down business revenue increased significantly; strong recovery trend, bedding exports to major markets increased significantly

2024-08-31 来源：金绒浏览量：899

Market Summary

The market conditions in the 35th week of 2024 (August 26-September 1) were generally stable.

This year's peak season for down product orders is not strong, but downstream purchases usually continue until October. Recently, the number of inquiries for finished down products has increased, and suppliers' quotations have also rebounded, but the current price fluctuations have not yet broken the deadlock. It remains to be seen whether the market in September can increase the volume of terminal purchases.

Recently, duck industry giants Huaying Agriculture and Yike Foods have successively released their 2024 semi-annual reports, both indicating that the production and operation of down have maintained a stable and positive trend. Among them, with down prices running high, Huaying Agriculture's down business has achieved a significant increase in revenue and profit compared with the same period last year.

On August 30, the RMB spot exchange rate against the US dollar rose above 7.11, 7.10, and 7.09 during the session, and appreciated to 7.0825 during the session, setting a new high since early June 2023. CICC believes that the release of exporters' demand for foreign exchange settlement and the recent weak performance of the US dollar overseas are two important reasons for the significant appreciation of the RMB exchange rate.

Good News This Week

July "Down Bedding" Export Statistics - Step Growth

Duvet：

From January to July 2024, our country exported about 7,913 tons (3.36 million pieces) of down quilts, a year-on-year increase of 4%; the export value was about 753 million yuan, a year-on-year decrease of 0.5%.

In July 2024, our country exported about 1,388 tons (540,000 pieces) of down quilts, a year-on-year increase of 16%; the export value was about 129 million yuan, a year-on-year increase of 10%.

In July 2024, the United States continued to be our country's largest trading partner for "down quilt" exports, accounting for 29% of the total exports this month (previous value 31%), a slight decrease in share. Among them, the export volume was about 398 tons (110,000 pieces), a decrease of 6% year-on-year; the export value was about 37 million yuan, a decrease of 10% year-on-year.

Germany was the second largest trading partner for the month, accounting for 13% of total exports; followed by the United Kingdom with 8%, Spain and Australia with 5.4% and 5.1% respectively.

Other down bedding：

From January to July 2024, our country exported about 21,358 tons of "other down bedding", a year-on-year increase of 3%; the export value was about 794 million yuan, a decrease of 12% from last year.

In July 2024, our country exported about 3,875 tons of "other down bedding", a year-on-year increase of 16%; the export value was about 136 million yuan, a decrease of 16% from last year.

In July 2024, the United States is still the largest trading partner for our country's "other down bedding" exports, accounting for 56% of the total exports this month (previous value 54%), and the proportion has been rising for months. Among them, the export volume is about 2,153 tons, an increase of 25% over the same period last year; the export value is about 65 million yuan, an increase of 2% over the same period last year.

Canada was the second largest trading partner for the month, accounting for 9% of total exports; followed by the United Kingdom with 7%, Australia with 5% and Germany with 4%.

Down bedding (quilt + other bedding)

From January to July 2024, our country exported approximately 29,272 tons of "down bedding", a year-on-year increase of 3%; the export value was approximately RMB 1.547 billion, a year-on-year decrease of 7%.

Compared with the same period last year, the export volume of down bedding has been growing from January to July this year; compared with the same period last year, the export volume has been growing step by step in the past six months, showing signs of recovery in the industry. In July this year, the export volume of down quilts showed a strong recovery momentum.

source | 金绒整理自海关数据

China National Textile and Apparel Council Autumn Exhibition opens grandly, with the trade negotiation area packed with people

On August 27, the 2024 China Textile Industry Federation Autumn Joint Exhibition was grandly opened at the National Exhibition and Convention Center (Shanghai). This joint exhibition brings together four major exhibitions - 2024 China International Textile Fabrics and Accessories (Autumn and Winter) Expo, 2024 China International Clothing and Accessories Expo (Autumn), 2024 China International Textile Yarn (Autumn and Winter) Exhibition, and 2024 China International Knitting (Autumn and Winter) Expo.

As a unique exhibition alliance in the global textile industry chain, the China National Textile and Apparel Council Autumn Joint Exhibition gathers strong enterprises and elites. The textile enterprises, fashion brands and industrial clusters with the most "head effect" in the industry chain gather together to compete on the same stage.

The busy scene of active exchanges and negotiations between buyers and suppliers can be seen everywhere, and the business negotiation area is packed. Many exhibitors said that this exhibition not only successfully demonstrated their corporate strength, but also gained many cooperation intentions and orders, which made them full of confidence in future development.

Since its establishment in 1995, Intertextile Fabrics has become one of the world's largest and most influential textile events. It is not only a major procurement center for the apparel industry, but also an innovation center for cross-border cooperation, displaying new technologies, and finding trends and design inspiration.

The Fabric and Accessories Exhibition comprehensively covers all links of the textile industry chain, from textile yarns to fabrics and accessories, and then to terminal garments, achieving close connection and efficient interaction between the upstream and downstream of the industry chain.

The Clothing and Accessories Expo selects 20 leading supply chain companies, covering every link from fashion trends to product terminals, focusing on highlighting the global manufacturing advantages of coats, windbreakers, jackets, suits, trousers, hoodies, leather jackets, down jackets and other items, and demonstrating the industrial strength of a major country with the lineup of China's clothing manufacturing "national team".

source | 中国纺织信息中心

In July, the added value of leather, fur, feathers and their products and footwear industry was relatively high

In July, the added value of industrial enterprises above designated size increased by 5.1% year-on-year (the growth rate of added value is the actual growth rate after deducting price factors). From a month-on-month perspective, in July, the added value of industrial enterprises above designated size increased by 0.35% over the previous month. From January to July, the added value of industrial enterprises above designated size increased by 5.9% year-on-year.

According to Sun Xiao, a statistician from the Industrial Department of the National Bureau of Statistics, in July, the country's industrial production above designated size remained generally stable, with most industries, regions and products achieving growth, the industrial structure continued to be optimized, new drivers continued to be cultivated and strengthened, the growth rate of industrial product exports accelerated, and the high-quality development of the industrial economy steadily advanced.

Among the three major categories, the manufacturing industry grew by 5.3% in July. In terms of industries, the added value of 33 out of 41 major industries maintained year-on-year growth. Among the sub-industries under the manufacturing industry, "leather, fur, feathers and their products and footwear industry" grew by 6.1% in July. From January to July, the added value increased by 5.1% cumulatively.

The growth of 6.1% is a relatively high growth rate, indicating that the production activities of the industry were relatively active in that month, which may benefit from the recovery of market demand. The cumulative growth of 5.1% shows that the industry has maintained a stable growth trend throughout the first half of the year, reflecting the good fundamentals of the industry.

source | 金绒采编自国家统计局

Profits of leather, fur, feathers and their products and footwear industry continued to grow

On August 27, the National Bureau of Statistics released data showing that from January to July 2024, the total profits of industrial enterprises above designated size nationwide reached 4,099.17 billion yuan, a year-on-year increase of 3.6%. In July alone, the profits of industrial enterprises above designated size increased by 4.1% year-on-year, an increase of 0.5 percentage points faster than in June.

In terms of industries, among the 41 major industrial sectors, 21 industries saw their profit growth rates accelerate or decline narrow compared with the previous month, with more than 50% of them recovering. It should be noted that the profit growth rate of the "textile, clothing and apparel industry" was negative (-0.1%, the previous value was -1.8%), but the decline narrowed.

Among the major industries, the "leather, fur, feather and its products and footwear industry" achieved a total operating income of 468.03 billion yuan from January to July, a year-on-year increase of 4.9%; operating costs of 405.46 billion yuan, a year-on-year increase of 4.7%; total profit of 20.03 billion yuan, a year-on-year increase of 6.3%. Although the year-on-year growth rate has dropped sharply since May, the overall profit of the industry has continued to grow.

Researchers said that with the steady advancement of high-quality development of the industrial economy, new momentum continued to be cultivated and strengthened, industrial production remained stable, and the profits of industrial enterprises continued to recover. However, domestic consumer demand remained weak, the external environment was complex and changeable, and the foundation for the recovery of industrial enterprises' efficiency still needed to be consolidated.

source | 金绒整理自国家统计局

Bad News This Week

Fuanna's interim report shows that it has made strategic reserves of down and other production raw materials in advance during the period

On August 23, Fuanna released its 2024 interim report. The company achieved total operating revenue of 1.308 billion yuan, a year-on-year increase of 2.79%, and net profit attributable to the parent company of 218 million yuan, a year-on-year decrease of 0.59%. Overall, Fuanna's revenue scale showed a slight increase, while its profit declined, showing a situation of weak revenue growth and no profit increase.

The interim report shows that Fuanna's operating cash flow was 93.438 million yuan, a sharp drop of 67.23% year-on-year; monetary funds were 318 million yuan, a year-on-year decrease of 0.84%. Fuanna explained that this was mainly due to the increase in cash paid for purchasing goods and receiving services during the period.

Cash paid for goods and services increased by RMB 420 million to RMB 810 million year-on-year, including advance purchases of down and other materials with rising prices. Strategic reserves of down and other raw materials provide potential flexibility for subsequent peak season sales. The company's inventory includes raw materials such as down and other materials with large-scale price increases and strong liquidity.

During the period, the company introduced high-quality down from France, Czech Republic, Hungary, Poland, Canada and other countries, and launched a number of technological products. For example, the "temperature" goose down quilt can display the temperature of the quilt in real time; the "constant temperature" goose down quilt made of phase change material fabric can absorb or release heat according to the change of body temperature; the quilt core with different filling combinations such as selected down, silk and fiber has been developed to achieve different warmth effects and sleeping experiences.

source | 富安娜、深圳商报

Yike Food’s down sales increased by 30% year-on-year in the first half of the year

On August 26, Yike Food released its 2024 semi-annual report, achieving operating income of 10.066 billion yuan in the first half of 2024, a year-on-year decrease of 7.09%; net profit of 117 million yuan, a year-on-year increase of 48.66%; net cash flow from operating activities was 786 million yuan, a year-on-year increase of 88.94%.

At present, Yike Group has built a complete industrial chain covering breeding of breeding poultry, feed research and development and production, breeding poultry hatching and breeding, commercial poultry breeding, meat poultry slaughtering and processing, food research and development and production, pet food raw materials, high-quality down processing and biotechnology.

According to the financial report, duck products are one of the main sources of revenue for Yike Food, with operating income of approximately 4.064 billion yuan in the first half of the year, a year-on-year decrease of 12.73%, accounting for 40% of total revenue; the gross profit margin of duck products was 6.10%, a year-on-year increase of 3.62%.

In the first half of the year, Yike Food's down production and operation maintained a stable and positive trend, with sales of 8,626.06 tons of down, a year-on-year increase of 30.42%, and operating income of approximately RMB 451 million. In addition, the production of down was 8,528.76 tons, a year-on-year decrease of 3.18%; the inventory of down was 678.32, a year-on-year decrease of 41.46%.

In terms of down production capacity, the designed capacity is 8,626.06 tons, the same as last year, and the actual output is 8,528.76, a year-on-year increase of 24.21%. There is no capacity under construction.

Yike Foods responded to investors' inquiries in November last year, saying that the company currently has two down production workshops. In the future, as the company's slaughtering capacity increases, the matching degree of the down business will be improved to achieve industrial chain synergy. At the same time, the sales statistics of the company's down segment include the sales of by-products such as hair stems and hair pieces in addition to white duck down, and the sales of by-products account for a large proportion and have low unit costs.

source | 益客食品

Both supply and demand are favorable, the price of white-feathered ducklings is expected to break through 6 and rush to 7

Recently, the price of ducklings has continued to rise, with a cumulative increase of about 1.3 yuan per duckling, an increase of about 33%. Since the production performance of the breeding poultry was affected in July, the upstream profits of the duck industry have reached the highest period of the year.

Data shows that the average weekly output of fry in the 34th week of this year is 10.4 million, and the supply will continue to decline rapidly in the next two weeks, with the average output ranging from 9.5 to 10 million. Combined with the feedback from various aspects of the market, affected by the weather, the current egg-laying performance and fry data of breeding ducks are relatively weak compared with the previous performance. Therefore, the supply side strongly supports the rise in fry prices in the short term.

From the demand side, refrigeration was supported by stocking factors such as "school season, Mid-Autumn Festival, National Day" in September and October, product expectations were good, and the release was active; after September, the temperature was suitable, the difficulty of restocking breeding would be reduced, the feed ratio was better, and the restocking sentiment on the breeding side might be improved. With these supports, the breeding poultry enterprises had smooth seedling discharge.

In the short term, both supply and demand are favorable, and the seedling price is expected to break through 6 and rush to 7. In the medium and long term, after October, new breeding ducks will join the supply, and the supply of seedlings will gradually increase, while the old breeding ducks will face the situation of whether to be eliminated. The high cost of putting in the high cost of recovery may cause this hidden danger in October and November.

source | Mysteel

News Situation

This week's news is mixed with both positive and negative news.

The export data of down bedding in July showed that the export volume of down quilts and other down bedding has increased significantly, showing a strong recovery trend, especially the export to major markets such as the United States has maintained a relatively stable growth. This reflects that the international market demand for our country's down bedding products is recovering.

Some companies, such as Fuanna, have adopted the strategy of pre-stocking raw materials such as down to cope with the subsequent fluctuations in market demand, and this strategic reserve shows the company's optimistic expectations for the future market. At the same time, Yike Food's down sales also increased by 30.42% year-on-year, indicating that the status of down-related businesses in the company has improved.

The price of ducklings has continued to rise recently, with a cumulative increase of 33%. With the approach of the peak consumption seasons such as the start of the school year, the Mid-Autumn Festival and the National Day, the market demand for duck products is expected to improve, which further supports the upstream production of the down industry. This trend may affect the price of down raw materials in the short term.

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