Hours later, big may not be better, not necessarily people, but also Jiajia Group Co., Ltd. (hereinafter referred to as Jiajia Food).
This enterprise has given us too many "surprises".
Created in 1996, at the beginning of its establishment, 3 acres of land dozens of workers. In 3 years, the company's revenue is more than one billion yuan, and the profit and tax exceed 100 million yuan. In 6 years, 4 wholly-owned subsidiaries, thousands of employees.
It has won the honorary titles of "China Famous Brand", "China Well-known Trademark", "National Agricultural Industrialization Key Leading Enterprise", "National Food Industry Key Enterprise", "National Brewing Soy Sauce Demonstration Enterprise", "Food Safety Demonstration Unit" and so on.
However, such a company has recently been "negatively entangled", first the departure of senior executives, and then the freezing of the company's accounts.
On the evening of May 5, 2020, Zhang Lei, deputy general manager and secretary of the board of directors of the company, resigned from the position of deputy general manager and secretary of the board of directors of the company due to personal reasons.
On March 18, Yang Xudong, chairman and deputy general manager of the company, resigned from the position of chairman of the board of directors, member of the special committee under the board of directors and deputy general manager of the company for personal reasons.
On December 31, 2019, independent directors Wang Yuanming and He Jinri applied for resignation as independent directors of the fourth board of directors of Jiajia Food and the positions held by the special committee for personal reasons.
At the same time as the personnel change, Yang Zhen, the former chairman of Jiajia Food, was warned by the Hunan Securities Regulatory Bureau and fined 400,000 yuan for violating laws and regulations.
Jiajia Food was also exposed that 5 bank accounts were frozen, involving an amount of 153 million yuan.
The first strand of soy sauce that came out of the cap of the vial
Public information shows that Jiajia Food is a large-scale seasoning food listed enterprise integrating research and development, production and marketing, and the founder Yang Zhen is also a grassroots starter.
Gaga Foods went public in 2012 and was known as the "first share of soy sauce"; but few people know that Gaga Foods originally originated with a small bottle cap.
In the early years, soy sauce bottle caps were not the current style of pulling rings with holes. Traditional soy sauce bottle caps, mostly use closed plastic bottle caps, when used, you need to use a sharp thing to poke a hole in the bottle mouth to pour out, neither convenient nor hygienic.
At this time, Yang Zhen, who loves cooking, came up with a plan to upgrade the bottle cap - after opening the outer cap of the soy sauce bottle, pulling the inner lid pull ring can pour out the soy sauce, which is convenient and hygienic; basically it is like this.
At that time, Yang Zhen hoped to sell this plan to improve the soy sauce bottle cap to Hunan Soy Sauce Factory for 500,000 yuan, but after finding 3 companies and failing to negotiate, Yang Zhen decided to start a soy sauce factory by himself.
It is estimated that even Yang Zhen himself did not expect that such a small bottle cap upgrade allowed Jiajia soy sauce to successfully open the market in the Two Lakes region and lead a packaging revolution.
To this day, the zip-and-close cap is still standard for soy sauce.
After the successful localization test, Yang Zhen took a farther view and set his sights on CCTV's advertising bidding.
In November 2002, Yang Zhen won the "bid king" of CCTV news network program for two months for 48 million yuan.
Since then, the slogan "one bottle is used as two bottles" has appeared in the advertising period after the "News Network", which also opened the first time for condiment companies to launch CCTV prime time.
Facts have proved that the ability of CCTV to carry goods was still very strong.
With the blessing of CCTV, in less than two years, Jiajia Food's revenue reached 500 million yuan, a record high.
After that, until its listing in 2012, Jiajia Food's revenue was growing, and its net profit increased from 80 million to 170 million yuan, which was even better than Haitian's "China Soy Sauce King".
During this period, based on the prediction of the condiment industry, Jiajia Food also launched a "light soy sauce" different from the traditional thick soy sauce, and the seasoning concept of "old soy sauce is colored, raw soy sauce is fresh" was proposed at this time.
Based on this concept, Jiajia launched "noodle fresh", children's soy sauce, "wonderful taste" and "very fresh taste" products.
It turns out that in the prediction of consumer tastes, Gaga Foods succeeded!
After the launch of "Noodle Fresh", the sales volume reached nearly 5,000 tons in that year; in 2011, the sales volume exceeded the 1 million box mark; in the first three months of 2012, the sales volume reached 400,000 boxes, of which the sales volume of a single commercial bank reached nearly 20,000 boxes.
After that, Jiajia Food was officially listed on the small and medium-sized board of the Shenzhen Stock Exchange, 2 years earlier than the listing of Haitian soy sauce.
Listing is the pinnacle
But I didn't think that listing was the peak.
Jiajia Food was listed in 2012, and in the year of listing, the revenue of Jiajia Food was 1.657 billion yuan, and in the next 5 years, Jiajia food was weak in revenue growth.
According to public information, the annual revenue of Jiajia Food from 2012 to 2017 was 1.678 billion yuan, 1.685 billion yuan, 1.755 billion yuan, 1.887 billion yuan and 1.891 billion yuan, respectively. At the same time, net profit slipped from 176 million yuan in 2012 to 159 million yuan in 2017.
So far, Jiajia Food has only slowed down the growth rate of revenue.
In 2018, Gaga's revenue and net profit both declined. At this time, Jiajia Food was repeatedly sued in court because of loan and debt problems.
According to the data of Tianyancha, in 2018, Jiajia Food was sued in court 4 times.
The reason is that on December 19, 2017, Jiajia Food borrowed 20 million yuan in interest through Chongqing Haier Microfinance Co., Ltd., but failed to repay the principal within the specified time.
Until 2020, Chongqing Haier Microfinance Co., Ltd. said that Yang Zhen still had 1 million yuan of interest to pay.
Also in 2018, Shenzhen Yamei Integral Home Furnishing Co., Ltd. sued Jiajia Food in court, asking the court to rule on sealing, freezing and seizing the property worth 50,000,000 yuan under the name of Jiajia Food Group Co., Ltd. in accordance with the law.
After that, although the lawsuit against Jia Jia Food was dropped, the court only lifted the asset freeze of 15 million yuan under Jia Jia Food's name.
In addition, the company also has real estate mortgages, land pledges.
In the following 2019, Jiajia Food was exposed to the freezing of 5 bank accounts, involving an amount of 153 million yuan.
......
It's hard to imagine that 2012 was the first share of soy sauce, and in 2018 it was already mortgaged.
Today, the market value of Haitian Flavor Industry is as high as 200 billion yuan, while the value of Jiajia Food is only 4.8 billion yuan, not even a fraction of Haitian.
At the end of the day, the addition of food, which is the first share of soy sauce, makes a good hand of cards thin.
First of all, when we have the ability, we have not been able to solve the problem of production capacity.
Before the listing, Jiajia Food only had two production bases in Changsha and Zhengzhou, and in the years of rapid development of Jiajia Food, it did not solve the problem of Jiajia's production capacity, which also affected the spread of Jiajia Food in the country.
In addition, after failing to expand the use of reasonable funds, Jiajia Food also "got rid of" the blind investment of soy sauce for up to 3 years.
In 2015, Jiajia Food increased its capital by 50 million yuan to Cloud Kitchen E-commerce to obtain 51% of its equity, engaged in fresh meat, cool meat distribution and retail daily necessities, but has never been profitable. Until 2017, Plus 51% of the equity was transferred at 0 yuan.
Yes, you read that right, the capital increase of 50 million yuan, just like this.
You say, there are 50 million, save a regular period of it is not fragrant? You know, in 2015, the net profit of Jiajia Food in one year was only more than 140 million.
Even so, the 50 million meat buns apparently didn't wake up Gaga Foods.
Also in 2017, Jiajia Food began to acquire 100% of the equity of Spicy Girl Food Co., Ltd., and after half a year, it finally failed.
In less than half a year, Jiajia Food acquired 100% of the equity of Dalian Ocean Fishery Tuna Fishing Co., Ltd. with 4.7 billion yuan, 700 million cash, and the remaining 4 billion yuan was exchanged for the equity of Jiajia Food.
To tell the truth, such an acquisition, I really don't know who acquired whom, this time is more tragic, not only the acquisition was not successful, but also exposed to the time of the letter phi violation.
When Jiajia Food was blindly expanding, Haitian soy sauce has become the hegemon of China's soy sauce industry, and on the 2019 Hurun Rich List, Haitian has five people listed among them.
The first share of soy sauce, quality red light
The above problems can also be said to be the strategic mistakes of Jiajia Food.
But the quality red light is the biggest hidden worry of Jiajia Food. In 2018, four varieties of soy sauce, including braised pork, fresh noodles, extremely fresh flavor, and original brew, were required to remove the shelves due to the phenomenon that the production date was easy to apply.
Jiangsu Consumption Network reported that the overall indicators of jiajia children's soy sauce were not as good as ordinary soy sauce.
Although it is not a serious quality problem, Jiajia Food just feels like it is slowly falling behind.
The recent news about Jiajia Food is that Jiajia Food was exposed to the bank card freeze, and a freeze is to freeze more than 100 million, which is equivalent to the net profit of Jiajia Food for one year.
Xian Jie did not know whether the freezing of funds would affect the normal operation of Jiajia Food, fortunately, Jiajia received financial support from Huarong Xiangjiang Bank during the epidemic.
In April, Jiajia Food released its 2019 annual report, which showed that Jiajia Food's operating income reached 20.40 yuan and net profit attributable to the parent company was 160 million yuan, an increase of 40% year-on-year.
According to the disclosure released by Jiajia Food in the first quarter of 2020, the operating income of Jiajia Food in the first quarter was 492 million yuan, down 10.96% year-on-year; the net profit was 50.27 million yuan, a slight decline of 9.59% year-on-year; the corresponding operating net cash flow was 116 million yuan, an increase of 53.24% year-on-year.
I don't know how to comment on the first share of soy sauce, I can only say that if it really "flips against the wind", I hope that in the next few days, Jiajia Food can go on without being a demon.