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Maotai in soy sauce industry

On September 3, 2020, Haitian Ye Wei's share price reached a high of 203 yuan, and its market value successfully exceeded 650 billion yuan, far exceeding the 480 billion yuan of China Petrochemical and approaching the 780 billion yuan of China Petroleum.

At this time, everyone can't help but think, why is "a bottle of soy sauce more expensive than oil"?

Haitian Ye Wei has been listed on 20 14, and its market value has maintained a return on equity of more than 25%, which has been questioned and even ridiculed as "Maotai in soy sauce".

According to the analysis of Ai Laosi's article, the market value of Haitian Ye Wei has increased by 10 times in just six years. As the first in the industry, Haitian Ye Wei's market share is 18.4%. ......

Judging from the domestic soy sauce market, four schools have been formed:

1) Haitian Ye Wei, a global brand, has products all over the world.

2) Listed companies from regional brands to global brands, Zhongju Hi-Tech. ....

3) Foreign brands featuring Wanzi and Lee Kum Kee.

4) Regional brands, such as Golden Lion, Lu Hua and Pearl River Bridge.

Judging from the domestic soy sauce market, both head brands and non-head brands have huge room for growth.

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The history of Ye Wei, Haiti

As a time-honored brand in China, Haitian Ye Wei has a history of 300 years.

During the Qianlong period, Foshan, Guangdong Province produced a large number of condiments such as soy sauce. These products are exported to all parts of Guangdong, not only affecting Southeast Asia and Europe and America. There are even restrictions on purchases, which are hard to find.

As the largest and most influential enterprise, Haitian Ye Wei's soy sauce is so popular because it is different.

As we all know, the raw material of soy sauce comes from soybean, and the key to determine the quality of the product is drying. In order to ensure the products, Pang Kang, the founder of Haitian Ye Wei, spent more than 30 million yuan to introduce foreign production lines, spent 65.438 billion yuan to build a production base of 6.5438 million tons in 2005 and 654.38+0.50 in 2065.438+004. Today, Haitian Ye Wei's total production capacity has exceeded 2 million tons, far ahead of its competitors.

Of course, it is not enough for enterprises to stand on the market with high production capacity. The key is how to sell products, which requires a large-scale channel network.

According to the data mentioned in Ai Laosi's article, the channel of Haitian Ye Wei has covered all cities above the prefecture level in China, and has been exported to more than 60 countries and regions in China, becoming the standard of overseas Chinese residence.

In order to control the huge channel network, the founder of Haitian Ye Wei trained more than 65,438+0,000 "inspection teams" to guide and manage those dealers.

In addition, the strategy of paying first and then shipping can avoid the occupation of funds by dealers and effectively avoid bad debts.

In order to improve product quality, Pangkang invested 30 million yuan to build an ERP system to form an intelligent production and packaging system. Moreover, 20 13 also introduced an intelligent robot loading and unloading system.

Under the premise of ensuring product quality, after improving efficiency and productivity, soy sauce will become the foundation to ensure the long-term stable and rapid growth of enterprises.

Although the control of products needs perseverance, once the product strength is strong enough, it will become a core advantage that is difficult to surpass.

Judging from the development of Haitian flavor industry, they make a super product the first in the industry by making a good product, and then expand related products.

According to the analysis in Ai Laosi's article, the earliest product of Haitian Ye Wei was soy sauce. After the soy sauce was made into a super product, oyster sauce and seasoning sauce were added. In recent years, cooking wine, vinegar, chicken essence, fermented bean curd and other products began to expand.

Haitian flavor industry, which seems to be "not enterprising", ranks first in the industry.

From a practical point of view, it is difficult for an enterprise to stick to an industry all its life and focus on its own products.

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How to build super products

In the 30 years before the reform and opening up, basically all products could be sold. Therefore, many enterprises do not attach great importance to product quality. After all, at that time, consumers were able to choose fewer products, and enterprises like Haitian Ye Wei did not have obvious advantages. In addition, the production capacity and channels were not fully rolled out at that time, and Haitian Ye Wei was not eye-catching.

However, with the changes of the times, the global financial crisis in 2008 eliminated many enterprises with no competitiveness and product strength. .....

In recent years, the era of consumption upgrading has enabled many high-quality and professional enterprises to develop rapidly, and Haitian Ye Wei is one of them.

So we will find that from 20 10 to now, the annual profit of Haitian Ye Wei has reached 198 billion from 5.5 billion, and the net profit has also reached 5.35 billion from 660 million.

Although some media pointed out that Haitian flavor industry relies too much on soy sauce products, which may lead enterprises to fall into a bottleneck period, there is still huge room for growth in the soy sauce market from the perspective of the development of Haitian flavor industry.

In order to make soy sauce into a super product, Haitian Ye Wei constantly optimizes its product structure. The same amount of soy sauce, high-grade soy sauce sells for more than 30 yuan, and low-grade soy sauce sells for less than 1 1 yuan. Haitian Ye Wei adopts high-end strategy to effectively improve the profit rate of enterprises.

Since 20 1 1, Haitian Ye Wei has been marching into products such as sauce, vinegar and fermented bean curd, although these products are not good at Haitian Ye Wei. In order to make the products well, Haitian Ye Wei has set up a scientific research team of more than 400 people. In addition, it also adopted the acquisition strategy to make the condiment as large as possible.

Today, Haitian Taste has obtained more than 200 patents, and established a product traceability system with technologies such as radio frequency, bar code identification and intelligent packaging to realize intelligent production and lean management, which has become the industry benchmark.

After 38 years of continuous accumulation, Haitian Ye Wei has built a very high moat in terms of products, channels and technology. It is precisely because of this that Haitian Ye Wei can achieve the position of China Petrochemical and become the biggest winner in the industry.

04

abstract

The success of Haitian Ye Wei forced competitors to run away, and many enterprises began to pay attention to product quality and production capacity.

For example, in 20 15, Lee Kum Kee started the world's first fully automatic equipment for producing soy sauce with soybeans and flour as raw materials. .....

Zhongju Hi-Tech is based in the south, competing for the Central Plains and expanding its corporate influence.

Gaga spent 65.438+0.2 billion yuan to build the largest Japanese high-end soy sauce production line in China ... As for other brands, they are all looking for their own living space under the competition of giants.

Now many enterprises begin to attach importance to products and take products as a breakthrough to occupy the market. For example, Zhongju Hi-Tech launched additive-free soy sauce with "healthy brand", while Lee Kum Kee launched "organic" products with the slogan of non-genetically modified soybeans and no preservatives to meet health needs.

These styles of play have not affected Haitian Ye Wei, which has always paid attention to product quality. Soon, Haitian Ye Wei not only launched a series of high-end brewed soy sauce, but even launched a "healthy brand" featuring "low salt" and "adding iron" ....

Ye Wei, Haiti can use competitors' cards, but they may not be able to use them.

Even so, Haitian Ye Wei still maintains its initial intention of creating super products, starting with a bottle of soy sauce, achieving annual revenue as high as10 billion, which is getting better and better every year.

Standing high does not depend on marketing, special support or special relationship, but on self-reliance, focusing on products and creating value. In this sense, Haitian Ye Wei can become an industry giant because this enterprise honestly serves consumers, which is also the purpose of many enterprises to create super products.