China Food

A bowl of noodles sells 15 billion yuan a year. Is he the next “Zhong Xiao”?

以下文章来源于华商韬略 ,作者华商韬略

Old fan has a new idea.
Maybe Nongfu Shanquan was sought after by the capital market after it was listed, which gave fan Xianguo too much imagination space, and jinmailang was listed again.
Become the third Chinese instant noodle in 10 years
Financing, listing and 100 billion revenue have become the new journey of 61 year old fan. Looking back at fan Xianguo who came from his hometown, it seems that everything is possible.
In 1960, fan Xianguo was born into an ordinary peasant family in Longyao County, Hebei Province. After three years of natural disasters, he did not eat white flour steamed bread when he was a child, and occasionally ate a meal of corn paste to improve his life. Only 1.3 meters, he followed his father to burn the boiler all day, and he was hungry and fainted by the boiler.
After graduating from high school, fan Xianguo drove a tractor in the village’s agricultural technology station, but he didn’t want to be a farmer all his life. He has been looking for opportunities to get ahead.
In 1984, 24-year-old fan Xianguo became a “wage earner” of the old rock sugar workshop in Longyao county. Three years later, he produced rock sugar on his own, and once made the rock sugar business the largest in the surrounding three counties.
In July 1992, Master Kang’s first bowl of braised beef noodles was born in Tianjin. Soon, uni president also entered the instant noodle market in the mainland. Fan Xianguo, whose rock sugar business had been hit, thought that instant noodles would have a better future, so he changed his profession, opened two instant noodles production lines, and soon earned back the principal.
The threshold of instant noodle production is not high. With the large amount of advertising by Master Kang and uni president, the whole market soon became lively. There are about 1200 instant noodle enterprises all over the country, but most of them have low production level and poor quality.
Well known enterprises with high quality, such as Master Kong and uni president, all target their markets in big cities, while the vast rural market is full of low-level and poor quality enterprises. This gives fan Xianguo an opportunity to win and expand the success by differentiation
Improve product quality, expand production scale, with high quality, low price to focus on relatively weak competition in county-level rural areas.
But fan’s proposal has not been unanimously approved by shareholders.
Most shareholders believe that Master Kang and uni president are behemoths. To be bigger is like hitting two stones with one egg. In addition, there are too many enterprises producing instant noodles. The competition is fierce and the investment is hard to recover. It’s good to keep it.
In March 1994, fan Xianguo, who believed in his own judgment, set up Hualong Group with other seven shareholders and contributed 2.18 million yuan.
At that time, fan Xianguo’s plan was to quickly surpass the small and medium-sized enterprises in the scuffle by “encircling the cities from the countryside” first, and then “seize the cities” after accumulating strength to fight against the big enterprises. To this end, he also put forward the goal of “working hard for five years to strive for the first place in Hebei”, and formulated the trilogy of low price strategy: mass noodle market, mid-range noodle market, and high-end noodle market.
At that time, the low-cost products of Master Kang and uni president also had to sell for more than two yuan. Fan Xianguo launched Hualong Xiaozai, whose price was as low as 55 cents. Behind the low price, Hualong’s bottom line is: close to the origin of raw materials, it can save 50% of the transportation cost, the deep processing of seasoning can save more than 2 million yuan of processing cost a year, and the villagers greatly reduce the labor cost.
Relying on this advantage, Hualong is invincible in the rural market. It only took two years, that is, to 1996, its revenue exceeded 50 million, becoming the first sales in Hebei and Shanxi.
By 2001, Hualong had a total assets of 3 billion yuan, 20 production lines, and a revenue of over 1.5 billion yuan. Its products cover 30 provinces and 1918 counties. Hualong has become a well-known regional brand with competitive advantages and the biggest dividend sharer in the explosive development of the instant noodle market in mainland China.
The success of Hualong has made the giants see the potential of the rural market. In 2002, brands such as Master Kong and uni president began to sink. This kind of top-down brand promotion has inherent advantages. Although Hualong has established its leading position in the rural market, it is still unable to resist.
Fan Xianguo then upgraded the strategy of attacking the city early to resist the risk of giant sinking. He put out the slogan “Hualong face every day”. However, due to the “low-end” impression left to consumers, its urban strategy has been restricted.
After several setbacks, fan Xianguo resolutely abandoned Hualong, which has been in business for many years, and re established jinmailang brand. On the one hand, we will increase the technological transformation of the production line to make instant noodles more flexible and of better quality. On the other hand, we will invite Hong Kong actor Zhang Weijian to speak for jinmailang and carry out intensive advertising bombing on CCTV, so that jinmailang’s advertising slogan of “playing well, playing well and playing well” will go deep into people’s hearts.
Overnight, jinmailang’s “boiled, soaked and tough” pure wheat noodles featured by “playing” are almost household names. Even today, when it comes to jinmailang, the adjective that comes to mind is “playing”.
In that year, the sales volume of jinmailang broke through 1 billion at one stroke, and rose abruptly in the urban market.
By 2005, jinmailang had snatched 30% of the market share from the two giants, and its revenue exceeded 2 billion at one stroke.
Love and hate with foreign giants
While jinmailang is becoming bigger, it also attracts the attention of foreign investors.
In 2004, Japan Riqing Food Co., Ltd., an international food giant, held 33.4% of the shares with 1.554 billion yuan, and jointly established Hualong Riqing Food Co., Ltd. with Hualong.
What I didn’t expect was that the entry of Riqing also laid a hidden danger for the later disputes between the two sides.
At first, both jinmailang and Riqing had high hopes for this cooperation, hoping that with the joint efforts of both sides, jinmailang would become one of the best brands in China’s instant noodle market.
The outside world is generally optimistic about the prospects of cooperation between the two sides, believing that this will be a win-win situation.
Jinmailang can introduce advanced management experience and leading R & D technology. With the advantages of jinmailang local enterprises in production and sales, Rizhao can integrate into the Chinese market faster and expand its brand influence.
However, Nissin’s strong position in the Japanese market and its high-end positioning in overseas markets are doomed to be an everlasting “marriage”.
Nissin’s market share of instant noodles in Japan is more than 50%, and its revenue, profit margin and product pricing are far higher than the second place. At the same time, it has a leading market share in many countries such as Asia and America, and always adheres to high-end and differentiated products for overseas expansion.
In the Chinese market, it is no exception.
However, the two sides still spent a “honeymoon” period. In this process, Riqing helped jinmailang develop products with both international taste and Chinese food characteristics, and jinmailang developed from a regional brand to a national brand.
In 2012, the two sides jointly established jinmailang Riqing Food Co., Ltd.
But the good days are not long. Jinmailang has always been difficult to take the high-end route. However, Riqing insists on taking the high-end route. The gap between the two sides is growing and the differences are becoming increasingly obvious.
At an exchange meeting, the staff of Riqing said frankly: in recent years, the cooperative operation with jinmailang has always been in a state of loss. The internal staff of jinmailang also told the media: as a national brand, it still has a bit of domestic complex and hopes to develop independently.
In particular, after the failure of jinmailang and Riqing to launch high-end products xiaowanmian, their last point of cooperation confidence was destroyed.
Riqing simply went to the south, set up factories in Shanghai, Guangdong, Zhejiang and Fujian, and built a small bowl noodle brand “Hewei”.
On November 26, 2015, after more than ten years of bundling with jinmailang in the instant noodle market, Nikkei announced that it would withdraw from the joint venture business in China and will fight alone in the high-end instant noodle market in the future.
According to Japanese media, the reason for lifting the cooperation is that in the future, Nissin will focus on the big cities such as Hong Kong and Shanghai, which have certain advantages, and take them as the center to further expand its market share by using its own sales network.
Jinmailang also replied that: both sides agreed to promote brand development independently. After friendly negotiation, jinmailang bought back all shares of the joint venture held by Riqing.
In fact, in the past ten years of cooperation with Riqing, apart from the scenery of the first few years, jinmailang’s life is not easy.
Under the top-down pressure of Master Kang, the leader of the industry, the fourth white elephant instant noodles in the industry are closely following and catching up with each other. The blocking at both ends makes jinmailang not only fail to realize the original cooperation vision of “one of the best brands in the instant noodles industry”, but lose the third position in the industry.
This loss is five years.
At that time, after jinmailang and Riqing jointly improved their product technology, they chanted the slogan of striving to be the first in the instant noodle industry, and spent a lot of money on sports marketing, vigorously sponsored the Antarctic scientific research team, and cooperated with the World University Games.
Jinmailang, who was in the limelight for a while, began a positive confrontation with Master Kang. He went all out to attack the urban market, but ignored the original rural low-end market.
The low-key white elephant seized this opportunity, copied jinmailang’s back road and snatched most of the rural market share.
In 2011, the white elephant has accounted for nearly 18% of the market share, surpassing jinmailang, and jinmailang can not shake Master Kang in the urban market, so its position is rather embarrassing.
This situation lasted until 2015.
At that time, the brand value and market appeal of jinmailang had been greatly reduced. It was not surprising that Riqing chose to break up.
After breaking up with Riqing, the dispute between jinmailang and capital continues.
In May 2016, the 47.83% equity of jinmailang beverage was cleared with RMB 1.291 billion.
According to public information, the “marriage” between jinmailang and the United States began in February 2006. At that time, jinmailang defined the “marriage” as an important step in the “ten-year plan”.
The two competitors in the instant noodle industry established a cooperative relationship in the beverage industry, which was called “a sensational handshake” by the media at that time.
But the market never believes in stories and only looks at the value of products. There has always been a lot of innovation in the beverage market, especially in this regard.
In 1995, Master Kang, who has established a leading position in the instant noodle industry, gradually expanded his business to the beverage industry, and began to diversify his beverage business by making use of his strong brand power
By 2005, the beverage performance of Master Kong had reached 6.6 billion, and in 2006, it exceeded 8 billion, reaching a record high. It is indisputable that Master Kang has become a Chinese beverage giant.
In 2009, Kangshifu tea beverage and packaged water ranked first in the industry with 51% and 23.2% market share, and fruit juice beverage ranked third with 14.7%.
This has played a very good exemplary role in unifying and jinmailang.
As the leader of Taiwan’s food kingdom, uni President Group, in order to compete with its old rival, Master Kong, for the dominant position in the mainland market, has always adopted the strategy of “vertical and horizontal cooperation” to expand its market share through equity investment in cooperation with some local brands in the mainland.
The alliance with jinmailang to impact the beverage market has become the top priority of its localization strategy.
At the press conference for the establishment of jinmailang Beverage Co., Ltd., jinmailang once described the prospect of its “beverage Empire” boldly: “we want to enter the mineral water and tea beverage industry, the beverage should achieve 1 billion sales, and win 20% market share of tea beverage in three years.”
The ambition of the two families to build a huge beverage empire is obvious.
At first, it was quite smooth. The beverage plant was located on the Bank of Miyun reservoir, which has the best water quality in Beijing. It covers an area of 203 Mu and is mainly engaged in the R & D, production and sales of beverage products.
At one time, a beverage giant with 7 branches, 11 subsidiaries, 11 production bases and 39 international advanced production lines has begun to take shape.
Jinmailang’s investment in drinks can be described as his best efforts, from mineral water and tea drinks to rock sugar Sydney, fruit juice and sour plum soup, basically covering most segments of the beverage market at that time.
In terms of marketing momentum, we also try our best to enter the beverage market with the help of the potential of marriage and unity. We can not be short of marketing lessons in terms of category segmentation, big brand endorsement and advertising bombing. In 2015, jinmailang beverage launched 1 yuan water in a high profile, trying to get the key to break into the first-line market.
However, jinmailang’s performance in the beverage market has been mediocre from beginning to end, and it has been accused of Shanzhai for lack of innovation.
In the first-line beverage market with fierce competition, jinmailang is always hard to find. Jinmailang can only stay in the second and third line market.
It is worth mentioning that its sour plum soup product was also detected as “quality problem” by Jiangsu Provincial Quality Supervision Department in 2009, and was marked as “unqualified” in 2010 due to “transparent liquid and sediment”.
In this cooperation, uni president has always played the role of an investor. Apart from OEM, it has not been involved in the operation and management of jinmailang. Jinmailang beverage production, research and development, sales and other work are responsible by its own team.
By 2015, jinmailang’s performance in all regions of the country was dismal, and the target of occupying 20% of the market share had been put on the satellite. The “revenue of 10 billion” agreed by the two sides in 2015 had become illusory.
According to the performance data disclosed uniformly: in 2015, the sales volume of jinmailang beverage was only 2.582 billion yuan, and the net profit after tax was 181 million yuan, both of which decreased by more than 11% over the same period of last year.
The dream of beverage empire is fruitless, and unifying its own beverage business is also very “frustrated”.
According to the data, the revenue of unified beverage business in 2016 was 12.180 billion yuan, down 13.3% compared with that in 2015.
In 2016, the beverage industry grew by 1.90% year-on-year, which significantly hindered the growth of the whole industry. At the same time, jinmailang’s performance continued to be poor, which also hindered the growth of the industry.
In order to improve the utilization of the company’s assets, the company will sell its shares in jinmailang, uni president said in the announcement. I’m very disappointed with jinmailang.
At the same time, when the Unified overall strategy gradually turns to the middle and high-end market, jinmailang’s advantage in the rural market has brought little help to the unified brand.
Being abandoned by capital twice in succession, jinmailang’s low-end “stubborn disease” seems to have settled down.
What’s more, the alliance with the two foreign investors yielded the result of jinmailang’s failure in the instant noodle and beverage markets. After a “lost decade”, jinmailang’s development prospects were complicated.
Contrarian innovation returns to growth
After Riqing and Tongyi left, jinmailang faced the market competition alone. How to rise against the market in the predicament has become jinmailang’s life and death.
As a matter of fact, since 2014, instant noodle enterprises have generally had a bad life, and the whole instant noodle industry is on the downward track: in the domestic market, the sales volume in 2013 was 46.22 billion packets, and the sales volume in 2014 dropped to 44.4 billion copies.
In 2016, the sales volume dropped to 38.52 billion copies, the lowest in China in the past 15 years, and the instant noodle industry entered a period of overall recession.
In this context, it is conceivable that jinmailang will be greatly impacted by Nissin and the unified clearing of shares.
But for real entrepreneurs, most of them have the spirit of “anti business”.
The so-called “inverse quotient” refers to the ability to stand up again from any difficulties in the process of progress.
This ability is particularly obvious in fan Xianguo: he calmly accepts the reality of failure, and then firmly believes in himself, believing that no matter how dangerous the road is, the future will be bright.
In 2014, faced with the market share being eroded by the white elephant, fan Xianguo widely listened to the opinions. After rational analysis, he believed that the most competitive product of jinmailang at that time was the popular low-end instant noodles, which should be restored to the first position in the market. This is the basic dish.
After jinmailang establishes its advantage in the low line market again, it will seek other directions.
So jinmailang returned to the most familiar market, focusing on retail 1.5 yuan. Dajinye is to increase the previous “Jinye” flour cake to 100g, with a large amount of benefits.
From the end of 2014, big Jinye began to counter the trend, thus stabilizing the low line market of jinmailang.
In the face of such a declining industry and the departure of two joint ventures, fan Xianguo, who has always been determined, believes that “the current decline of the convenience food industry is mainly caused by the insufficient product innovation of enterprises”, and “ideas are more important than resources”.
Over the years, jinmailang has been pursuing the tenet of “either creating categories or becoming category first”. Besides product innovation, jinmailang is more innovative.
Fan Xianguo said: “the rapid development of jinmailang is inseparable from innovation. On the one hand, it is the innovation of products, on the other hand, it is the” creativity “, that is, occupying the minds of consumers.”
“Everyone is talking about innovation. There are hundreds of ways to innovate, but only one or two are right. What promotes consumers’ purchasing behavior is actually the result of their mind and cognition. It can be said that those who get cognition get the world. “
In 2015, jinmailang launched a large number of “one bucket and a half” and “one bag and a half” new products, which solved the disadvantages of “one bucket can’t eat enough, two buckets can’t eat”, accurately positioned and solved the needs of consumers.
In 2016, “a bucket and a half” and “a bag and a half” products took the lead in opening up the affordable Northeast market, and then went south to recapture many markets that had been occupied by competitors and returned to the top three in the industry.
In 2018, jinmailang’s “one bucket and a half” and “one bag and a half” increased by 70% over 2017. In 2019, the annual sales volume of “one bucket and a half” and “one bag and a half” series will reach 1.6 billion bags.
In August 2020, jinmailang announced its “one and a half barrels” and “one and a half bags” series of products, with a cumulative sales volume of more than 5 billion copies.
But jinmailang has been looking for a breakthrough innovation.
In 2018, fan Xianguo opened a new era of non fried steamed noodles, launching the second generation of steamed noodles “old fan’s instant noodles”. As an important step into the high-end market, and hope to jump out of the dimension of low price competition.
Its inspiration comes from the traditional Chinese food culture. With the help of Chinese steamed noodle technology, laofanjia instant noodle restaurant noodles are produced. After brewing, the back body sinks to the bottom of the soup. This is a good comparison of the traditional fried instant noodles floating in the soup after brewing, and completely subverts the eating experience of fried instant noodles.
Fan Xianguo believes that the high-end noodles bearing the yearning for a better life must not be fried noodles, but non fried steamed noodles. Instead of frying cooking technology is the foundation of the real high end.
From the official website of jinmailang
In May 2016, jinmailang took the unique concept of “cooked water” (refers to the water after boiling) as the selling point to enter the drinking water market, and launched a bottled water called “cold boiled water”.
As a product creator, jinmailang has also created a new track: Bottled cooked water market.
In the year when liangbaikai was launched, it sold 5 million cases. In the second year, the sales reached 250 million yuan, and in 2019, it exceeded 2 billion yuan.
Big brand jinmailang: simple wisdom
In October 2020, jinmailang beverage announced that the sales volume of liangbaikai products has exceeded 2.4 billion bottles.
The data shows that the revenue scale of uni president and jinmailang is very close. In 2019, uni president achieved revenue of 22.219.7 billion yuan, less than 200 million yuan higher than that of jinmailang of 21.848 billion yuan.
According to the sales share of instant noodles, from 2018 to 2019, the market share of Master Kong decreased from 48.2% to 46.6%, and that of uni president decreased from 17% to 16.3%. Jinmailang rose from 14.1% to 15.8%.
On the other hand, compared with the sales performance of instant noodles alone, jinmailang in 2019 was 15 billion yuan, exceeding 8.425 billion yuan of uni president’s instant noodles business, ranking second (Master Kong’s instant noodles revenue was 23.9 billion yuan, ranking first).
According to the national flour and beverage market data in 2020, jinmailang’s flour and beverage business has achieved 13 consecutive quarterly growth and 9 consecutive quarterly growth respectively.
Launch again, rekindle old dream
Fan Xianguo’s bold words have repeatedly shocked the market in recent years.
In 2017, jinmailang, whose revenue reached 20 billion yuan for the first time, held a launch meeting. At the meeting, fan Xianguo expressed his vision for the next few years: financing, listing, building a large marketing platform, and achieving a revenue of 100 billion yuan in the future.
That year’s launch of the listing will come to an end, and then in 2019, the backdoor of Rhine sports failed. It seems that jinmailang’s capital road is hopeless.
“100 billion revenue” has become the focus of market attention, and it has been mentioned by the media from time to time, but it still reminds us that only jinmailang is not a listed company among the three instant noodle giants.
In 2020, at the 20th instant noodles conference, fan Xianguo said domineering: the past 30 years have been the battle between Hong Kong and Taiwan, and 2020 will open the era of competition between Hong Kong and Taiwan.
Now, jinmailang is on the market again, rekindling the old dream.
On October 20, 2020, jinmailang completed the joint-stock reform and changed from jinmailang flour products Co., Ltd. to jinmailang Food Co., Ltd. to be ready for listing.
On December 31, 2020, Hebei Securities Regulatory Bureau disclosed on its website that jinmailang and CITIC Securities signed an IPO guidance agreement on December 23, officially impacting the listing.
If jinmailang is listed successfully, “Kang, Tong and Jin” can finally have a fair fight, putting on a “Three Kingdoms kill” in the instant noodle industry.
However, how to break the high-end market is the key to jinmailang’s strategic transition of “encircling the city from the countryside and finally seizing the city”, which carries jinmailang’s demand to reshape its industry status.
In more than 20 years of “Kangtong dispute”, jinmailang has been suppressed for a long time.
However, the competitors did not stop moving forward for a moment, especially in the layout of high-end market, and achieved good results
In 2017, under the influence of multiple factors, the market demand for instant noodles slowed down. In 2019, it will drop precipitously, from 10 million tons to 6 million tons.
It is the only way for the major instant noodle enterprises to get rid of the industry dilemma to carry out product innovation and realize high-end and diversification. Both Master Kong and uni president have been upgrading their products to the high-end market.
Master Kong has continuously launched high-end products: black and white pepper series, local flavor, golden soup series, craftsman soup series, fresh vegetable noodles, etc., and has launched Express Express noodle shop on the super high-end product line.
Uni president focuses on national brands and high-level routes, and has successively launched high-end products such as tangdaren, champion list, xiangpaoyicheng, metrohall, and super high-end products such as Manhan banquet and Manhan dinner. In January 2018, after the transformation, uni president again upgraded its products and sold its own hot pot.
The results of product upgrading forced by consumer demand were soon reflected in the financial report.
In 2018, the operating revenue of Master Kong was 60.686 billion yuan, with a year-on-year growth of 2.94%, and the net profit was 2.463 billion yuan, with a year-on-year growth of 35.42%.
Among all categories, the biggest sales increase is high price bag noodles. The proportion of high price bag noodles (more than 2 yuan) of Master Kong increased from 33% in 2016 to 40% in 2019, with a compound growth rate of 12.65%.
Unified’s performance is also picking up. In 2018, the sales of “tangdaren” increased by 30% year on year, and the revenue scale exceeded 1.9 billion yuan. In 2019, the sales of tangdaren series increased by double digits compared with that in 2018, becoming the main driving force for the growth of unified’s instant noodles business.
The market feedback in 2020 is also good. According to Master Kang’s semi annual report, the sales of high price bag noodles increased by 47.8% year on year; according to unified financial report, in the first half of 2020, the revenue of tangdaren increased by nearly 30% compared with the same period last year.
High end products have become the new performance growth point of the major instant noodle enterprises. Jinmailang, who has been relying on “a bucket and a half” to win the market share, innovates high-end products and seizes the high-end market share, which is the key factor to determine the position of the enterprise in the industry pattern in the future.
Otherwise, there is no way to talk about the Kang Jin dispute.
From the Institute of prospective research
The domestic high-end instant noodle market, in the fierce competition, has already formed a tripartite trend.
Master Kang and uni president jointly occupy 70% of the total market share. Riqing food ranks third with 14.50% of the total market share, while the top three share nearly 90% of the total market share.
Judging from the development history of jinmailang, it started entirely on the medium and low-end market, lacking experience in high-end development.
At the same time, different from Master Kang and uni president, jinmailang’s product structure system is relatively single, and the categories are not rich enough, especially the high-end products, and the lack of expansion is the biggest drawback.
Although jinmailang launched the second generation of “laofanjia” brand of high-end products and “one dish one side”, it has not formed a relatively rich high-end product pedigree.
During the epidemic period, the top ten of Taobao’s hot-selling list were basically fast-food foods, and their hot sales had a great impact on the instant noodles that originally monopolized the consumption demand.
However, this is not a challenge for jinmailang.
In the past two decades, when the social and market environment has been changing in a complicated way, jinmailang has been independent or forced to be accustomed to change and is good at innovation in the process of change.
In March 2020, jinmailang launched self heating food in tmall flagship store: Mr. mifan self heating rice and hotpot expert self heating hotpot.
This represents that jinmailang will improve its product categories and establish a more complete product system after entering the hot food market.
With the popularity of self heating hotpot, self heating rice and other products, it is estimated that the market scale of convenience food will reach 481.2 billion yuan in 2020, and the market competition will be more intense.
The huge market potential has attracted Haidilao, Xiaolongkan and other hot pot enterprises to rush into the market. After the three squirrels and liangpin shops are unwilling to enter the market, Master Kang and Tongyi quickly launched self heating products.
Today, the rivals of jinmailang are definitely not only Master Kang and Tongyi.
In addition to instant noodles, jinmailang’s other major product line, bottled water, is also highly competitive.
Nongfu Shanquan, Yibao, baishuishan, Kang Shifu, Coca Cola and Wahaha jointly split up 80% of the bottled water market. The remaining space is obviously not enough for the ambitious jinmailang.
It is the only chance for jinmailang to subvert the existing pattern of the beverage market to continue to seek differentiated competition, focus on market segmentation, continue to innovate categories and create popular products.
The lack of operation and R & D funds has also become a short board for jinmailang to fight in the high-end and diversified market.
Since 2016, jinmailang has pledged its shares for 12 times. Among them, there will be seven in 2019 alone.
In addition, jinmailang has chattel mortgage. Among them, there will be two in 2020, with the mortgage amount of 69.01 million yuan and 60.06 million yuan.
In this context, jinmailang must accelerate the pace of embracing the capital market, which has been written into the enterprise strategic planning for a long time.
Because in the future development, the competition in the convenience food and beverage industry will intensify. Jinmailang needs to be distributed in multi brand, multi scene, multi category and multi-channel, and the investment will continue to increase. It is urgent to use the capital empowerment to make up for the short board, so as to carry the slightly ambitious 100 billion goal of fanxianguo.
Fan Xianguo compares the growth of an enterprise to that of a tree: the root of an enterprise grows later, and the tree grows only when the root is deep.
Rooting down and growing up, today’s well-established jinmailang needs to embrace a broader sky and absorb more nutrients.
From Hualong to jinmailang, from regional brand to national brand, after more than 20 years of enterprise development, jinmailang is no longer satisfied to be a market follower.
With the launch of jinmailang listing plan in December 2020, there should be more room for the market to imagine.
As fan Xianguo said, “every entrepreneur in the food industry should have the responsibility and responsibility to create more disruptive innovative products, create more new species, and win the future through innovation.”
Joining the community: Cherry (wechat: 15240428449);
Business cooperation: Amy (wechat: 13701559246).
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