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Sentence | The History of the Great Uncle
Edit | Uncle Kanshi
Why is Haitian soy sauce rated by netizens as "a bottle of soy sauce is more expensive than a barrel of oil"?
In 2020, Haitian's market value exceeded 500 billion, and in 2021, it reached an astonishing 700 billion, such a huge number!
In just three years, Haitian's market value is only 214.3 billion, and 500 billion has evaporated in three years?
The history of Haitian Flavor Industry
In 1955, a place called "Foshan Zhujiang Soy Sauce Factory" was undergoing a historic change called "Sauce Garden Reform". More than 25 soy sauce factories are to be merged and reorganized
This is the concrete practice of the public-private partnership policy just after the founding of New China, and it is also the starting point of the legendary history of Haitian Flavor Industry.
In that era of scarcity of materials, Haitian Soy Sauce Factory produced not enough to sell, and could only be sold in South China, and in some places it was not available at all.
In 1994, Haitian Flavor Industry ushered in a historic turning point - Pang Kang officially took over. With a wave of his hand, he spent 30 million yuan to introduce production lines from overseas, which increased production capacity and opened the road of modernization and transformation of Haitian Flavor Industry.
He vigorously promoted the reform of the enterprise system, positioning Haitian soy sauce as a "high-quality, healthy and delicious" essential condiment for families.
Under the leadership of Pang Kang, Haitian Flavor quickly occupied the shelves of major supermarkets, and its market share continued to rise, becoming a veritable leader in the condiment industry.
At this time, Haitian Flavor is not only the leader of China's condiment industry, but also the world's largest professional condiment production and marketing enterprise, and its products are exported to more than 80 countries and regions around the world, and are deeply loved by consumers.
Market capitalization Waterloo: Behind the evaporation of 500 billion
However, just when Haitian Flavor Industry is infinitely beautiful, a sudden storm is quietly brewing. In September 2021, a well-known blogger broke the Weibo account of Haitian soy sauce additives and quickly fermented on the Internet, triggering widespread public doubts about the quality of Haitian soy sauce products.
The photos posted by the blogger show that the ingredient list of Haitian soy sauce contains a variety of food additives, while the foreign version of the same brand has zero additives, a phenomenon that is jokingly called "double standard" by netizens.
For a while, the discussion about the different product standards of Haitian soy sauce at home and abroad instantly ignited social networks and became a hot topic among the whole people.
Haitian Flavor responded immediately, insisting that its products fully comply with national food safety standards, the use of additives is legal and compliant, and some ignorant people spread rumors and deliberately create panic.
However, consumer doubts have not been dispelled, but have only intensified. So Haitian once again issued a statement that the day is actively used reasonably and widely and is indispensable in modern food.
On the other hand, Haitian Flavor's public relations strategy in the face of doubts has also been criticized. The statement issued by it was too official and cold, lacked a sincere response to consumer concerns, and even used words such as "malicious smearing" and "ulterior motives" in the statement, which further exacerbated public disgust.
As public opinion continues to heat up, the market value of Haitian Flavor Industry has begun to fluctuate violently. In just a few days, the company's stock price continued to fall, and its market value evaporated tens of billions of yuan. By the beginning of 2023, the market value of Haitian Flavor has shrunk by more than 500 billion yuan compared with its peak, and the former "condiment Moutai" has been eclipsed.
Surging public opinion
In the face of surging public opinion, Haitian Flavor's crisis public relations seems to be inadequate. Despite repeated statements from the company's top brass trying to prove the safety and compliance of its products with data and evidence, on social media, the voice of consumers is even louder.
From a professional point of view, the problem of Haitian soy sauce additives has further aroused the public's concern and concern about food safety. Haitian Flavor's public relations statement was criticized as "avoiding the important and trivial" and "perfunctory", failing to touch the issue that consumers are most concerned about - why are domestic and foreign product standards different and whether there are double standards?
What is even more regrettable is that Haitian Flavor failed to show enough sincerity and responsibility in the process of dealing with the crisis. When everyone was looking forward to being able to face the problem frankly and actively seek solutions, Haitian Flavor chose to fight hard, although the legal action was finally won, but in the field of public opinion, Haitian Flavor Industry has lost people's hearts.
Back to the roots, rebuilding trust
Behind the collapse in market value, it reflects Haitian Flavor's failure to respond to changes in consumer demand and market environment in the process of rapid expansion.
In the context of consumption upgrading, consumers' requirements for food health, safety, environmental protection and other aspects are increasing, and the tolerance for food additives is gradually decreasing.
Haitian Flavor failed to capture this trend in time, and still followed the traditional production model and marketing strategy, resulting in a disconnect between products and market demand.
The plummeting market value of Haitian Flavor is a warning to all companies that they must not ignore consumer concerns about food safety while pursuing profits.
Only by sticking to the bottom line of quality and treating every consumer sincerely can we win the long-term trust of the market. This market value storm may be a new starting point for Haitian Flavor and even the entire food industry to move towards a higher quality and more responsible future.