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- Chief Business Intelligence
- Chief Business Intelligence
Introduction: It is said that "brothers in battle, father and son soldiers in battle", but it is rare for a family of three to become an old man at the same time.
"Add soy sauce to dinner, add soy sauce every day when you eat", Jiajia soy sauce, which created this advertising slogan, once stood on the A-share stage with the honor of "the first share of soy sauce".
As the first listed company in Ningxiang City, which is under the jurisdiction of Changsha City, Jiajia Group Co., Ltd. (hereinafter referred to as Jiajia Food) also has an inspirational story.
Yang Zhen, the founder of Jiajia Foods, and dozens of workers bought 3 acres of land with 12,000 yuan saved in 1996 to establish Jiajia Soy Sauce Factory.
In three years, the company's revenue is more than one billion yuan, and the profits and taxes are more than 100 million yuan. Yang Zhen even threw 48 million yuan to win CCTV's "standard king" for two months, making the market share of Jiajia Foods once exceed that of Lee Kum Kee, second only to Haitian Flavor and Delicious Xian.
Jiajia Food, which is in the limelight, has also won the honors of "National Key Enterprise of Food Industry", "National Brewing Soy Sauce Demonstration Enterprise", "China Famous Brand", "China Famous Trademark", "National Key Leading Enterprise of Agricultural Industrialization" and so on.
However, it is such a company, but it has been "negatively ridden" recently, not only reduced to ST, the stock price has fallen for 5 consecutive days, but also the founder of Jiajia Soy Sauce and his family of three have been included in the list of dishonest persons subject to execution by the People's Court of Tianxin District, Changsha City, with an execution target of about 32.3137 million yuan.
In fact, this is not the first time that Yang Zhen has been listed as a dishonest person subject to execution, Yang Zhen has been executed for a total amount of 1.36 billion yuan, and now the amount of more than 30 million yuan has been increased.
I can't help but sigh, the former "first soy sauce stock" is crumbling, and the founder is also in the quagmire, what happened to him, who single-handedly created the soy sauce king?
If you don't die, you won't die
There is a saying that is true, the money earned by luck will be lost by strength in the end.
It stands to reason that it is unlikely that soy sauce, a diamond track that just needs consumer goods, will lose money.
After all, there are only a few well-known soy sauce faucets on the market, Haitian Flavor, Qianhe Flavor, Chubang, Lee Kum Kee, and Jiajia, and soy sauce is a necessity that enters the mouth every day, and no consumer will be willing to buy a small workshop brand.
The core reason why Yang Zhenneng has reached the point of being a "laid-back" is that he has taken too big a step and invested indiscriminately.
Yang Zhen's investment experience can be summed up as "if you don't die, you won't die".
is not only a chaotic investment, but also unprofessional, but if you are professional and cautious, you will not be burdened with such heavy debts and become an old man, and your son and wife will also become an old man.
Since the listing of Jiajia Foods in 2012, I don't know if Yang Zhenpiao is too much, or because he thinks there is too much money, he has repeatedly started to cross borders through excellent investments controlled by his family.
In 2015, at the time of the O2O mobile Internet outlet, Jiajia Food proposed to lay out the development of online e-commerce channels, so it spent 50 million yuan to buy 51% of the shares of cloud kitchen e-commerce that had only been established for two months.
Cloud kitchen is an important practice of Jiajia Food's "Internet +".
This cloud kitchen e-commerce starts from the last-mile distribution of high-frequency products, and solves the problem of last-mile distribution with the operation mode of "community grid O2O+ port joining".
It's just that this business model didn't go through in the end, and the money was burned, and there was no then, 2 years later, the cloud kitchen e-commerce was insolvent, and the net assets were -32.4932 million yuan.
may also know that it is not a way to burn money like this, so Jiajia Food stopped the loss in time and sold all its equity in cloud kitchen e-commerce for 0 yuan.
At the same time, this also means that the 50 million of Jiajia Foods is completely wasted, and there is no return on investment.
You know, in 2015, the net profit of Jiajia Food was only 147.3 million yuan, which is equivalent to one-third of the profits to be invested.
In 2018, Jiajia Foods started a new acquisition road, planning to acquire 100% of the equity of Dalian Ocean Fishing Tuna Fishing Co., Ltd. (hereinafter referred to as "Tuna Fishing"), and replace it with 700 million cash and 4 billion Jiajia Foods.
It stands to reason that one sells soy sauce and the other fishes, and it is an enterprise that can't be hit by eight poles, and I can't figure out why Yang Zhen wanted to buy it at that time.
Some media have questioned before that the 4.7 billion yuan acquisition is tuna fishing's pursuit of backdoor listing through Jiajia Foods.
Because before the acquisition of Jiajia Foods, tuna fishing has been changing its method to seek listing, and it has borrowed the backdoor of Oriental Tantalum Industry but "lost his wife and soldiers", the market was not successful, and he also lost a huge amount of 352 million in cash.
In addition, around 2018, Yang Zhen also made various unreliable behaviors in order to repay his own debts and those of related parties.
For example, he successively instructed the financial personnel of Jiajia Food to transfer 24 million yuan of Jiajia Food to Liu Mouyu, a natural person designated by him, and 30 million yuan to Hunan Paizai Food Co., Ltd., which is controlled by Hunan Excellence; Illegally issued a total of 719 million yuan of commercial acceptance bills for the controlling shareholder's related parties, and provided a total amount of 295 million yuan of guarantees for Hunan Excellence's external loans in the name of Jiajia Food.
In the year of 2018, Jiajia Foods has been repeatedly sued in court because of loans and debts.
In 2018, Jiajia Foods was sued in court four times
Later, the snowball got bigger and bigger, and this acquisition was aborted in 2020.
It can be said that in front of Yang Zhen, who is fond of buying, buying, buying, buying, Jiajia food seems to be just Yang Zhen's "ATM", and these are the hidden dangers buried by his "squandering".
On December 23, 2020, Yang Zhen also admitted that he had failed in his investment when faced with questions from investors:
"The slow development of Jiajia Foods after its listing is mainly due to my personal investment since 2013, and then a vicious circle, constantly engaged in investment, and did not focus on the main business, so I missed the opportunity for development, which I am duty-bound."
Although it sounds good, the performance of Jiajia Foods after it is not convincing.
Since the beginning of 2021, Jiajia Foods has lost money for three consecutive years, and the financial report shows that in 2021, Jiajia Foods recorded its first loss on the market; In 2022, Jiajia Foods will continue to lose 80 million yuan, and the loss will narrow slightly, and in 2023, Jiajia Foods will lose another 192 million yuan, with a year-on-year increase of 140.60%.
The high school teacher resigned and went to the sea, achieving the first share of soy sauce
Don't look at the current Jiajia soy sauce mixed so much, it has been questioned by the Shenzhen Stock Exchange one after another, and it is difficult to take off the ST hat, but it has also been brilliant.
At that time, Yang Zhen was a high school Chinese teacher before founding the Jiajia Soy Sauce Factory, and the work of the iron rice bowl was quite nourishing at that time.
At this time, in the early stage of reform and opening up, many new things poured into the field of vision, and Yang Zhen was attracted by this torrent.
Unable to bear the spirit of "hard-working, patient, and brutal" in the bones of Hunan people, Yang Zhen resigned from the "iron rice bowl" that everyone envied, and decided to go to the sea to start a business.
Yang Zhen went to whatever project to make money, and he did earn his first pot of gold and became a 10,000 yuan household at that time.
Later, Yang Zhen established Jiajia Soy Sauce Factory in 1996 because of a small bottle cap.
Yang Zhen found that most of the lids of traditional soy sauce are closed plastic bottle caps, which not only need to be opened when used, but also stain the soy sauce in one hand when poured out, which is neither convenient nor hygienic.
As a result, Yang Zhen transformed and upgraded the traditional soy sauce bottle into a soy sauce bottle with an internal pull ring.
It is estimated that even Yang Zhen himself did not expect that with such a small bottle cap upgrade, he led a packaging revolution, and also sold Jiajia soy sauce to all parts of the country and became a household name.
"A soy sauce bottle cap breaks through a hundred years of history", to this day, the pull ring opening and closing cap designed by Yang Zhen is still the standard configuration of soy sauce.
In addition to upgrading the soy sauce bottle, Jiajia Foods has also launched a new fermentation process that combines the dilute pouring process with the multi-strain biological fermentation technology in terms of quality, which not only improves the quality of soy sauce, but also improves the yield rate.
Jiajia Research Institute and well-known domestic food research institutions have successfully developed a new condiment category "Noodle Fresh Soy Sauce", which can make consumers eat better, healthier and more convenient to make, which was introduced to the local market in 2010, and the sales volume reached nearly 5,000 tons that year.
In 2011, sales exceeded the 1 million box mark.
In 2012, Jiajia Foods successfully landed in the A-share capital market, and at this time, Haitian Flavor Industry had just started the listing process, and the "first share of soy sauce" came from this.
In the year of listing, Jiajia Foods ushered in a highlight moment, creating a revenue of 1.657 billion yuan and a net profit of 175.8 million yuan.
In 2014, Yang Zhen appeared on the Hurun Report with a wealth of 2 billion yuan, and in 2015, Yang Zhen's family wealth increased to 3.7 billion yuan, and the name of "soy sauce king" became popular.
It's just that Jiajia Foods still can't escape the "listing curse", and the law that listing is the peak is also reflected in Jiajia Foods.
A good hand of cards is played poorly, and it is self-inflicted
Judging from the current soy sauce track, although it has been greatly affected by the "additive double standard" turmoil, Haitian soy sauce is still the boss of the entire track.
According to Haitian Flavor's 2023 annual report, the company achieved revenue of 24.559 billion yuan last year, a year-on-year decrease of 4.1%; The net profit was 5.627 billion yuan, a year-on-year decrease of 9.21%, and the performance declined.
Although the performance has declined, in terms of scale, the position of the "boss" is still stable.
After all, as a condiment and FMCG, it is the comprehensive potential energy of channels, brands and products.
Needless to say, Haitian is a household name, and the TV advertising is very loud, but Jiajia is not necessarily, and the current post-00s generation may not really know the brand of Jiajia soy sauce.
From the perspective of channels, as of the end of the third quarter of 2023, Haitian Flavor has 6,775 distributors across the country, and its products are all over the chain supermarkets in first- and second-tier shopping malls, farmers' wholesale markets, urban and rural convenience stores, and small stores.
Jiajia is mainly oriented to second- and third-tier cities and county and township markets, and its strategy is to "encircle the city from the countryside".
From the "first share of soy sauce" to being surpassed by Haitian Flavor Industry, it can only be said that Jiajia Food is a good hand to play poorly.
Before the listing, Jiajia Foods only had two production bases in Changsha and Zhengzhou, but in the years of its rapid development, it did not solve the problem of production capacity and invested funds in expanding production, but invested all the money in the "side business".
Even if there is no new production capacity under construction, and the factory of the Zhengzhou subsidiary has been shut down, although it can be understood that Jiajia intends to stop losses in time and promote the healthy development of the company's production and operation, but it is likely to be completely left behind.
Finally, in terms of R&D, the investment in Jiajia Food is really pitiful, especially compared with Haitian Flavor, the gap is very obvious, which is also an important basis for whether it can continue to increase its product series in the future and achieve revenue reversal.
I can only say that I hope that in the coming days, Jiajia Foods can focus on "soy sauce" and stop being a demon.
What do you think about this? Welcome to leave a message in the comment area to discuss and express your opinions or opinions, thank you.
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