The invisible rich behind the first share of mushroom sauce: treating kidney deficiency, engaging in auto parts and challenging Laoganma.

Aiwen Finance and Economics Society Zhou Xiangyue

Editor Zhang Shuo

The bright spot that the stock price soared by 203.98% on the first day of listing only lasted for one day, which indicated that Zhongjing Food, the "first stock of mushroom sauce" dubbed by investors as "Laoandie", ushered in a sharp drop in its stock price.

165438+1On October 24th, Zhongjing Food's share price fell in early trading, with an intraday decline of 8. 1 1%. The stock price fell to 1 1 1 yuan/share. Although it rebounded later, it still fell by 3.66 as of the close of the day. The total market value is116.95 million yuan, which is 385 million yuan lower than the market value of12.08 million yuan at the close of the first day of listing.

However, even at the closing price of165438+1October 24th, Zhongjing Food's listing brought its boss Sun Yaozhi a personal wealth of 2.033 billion yuan.

According to public information, long before Zhongjing Food went public, Sun Yaozhi was listed on the Hurun Report for many times with its pharmaceutical company Wanxi Pharmaceutical and another listed company under its control, Longfei, with a net worth of 2.5 billion yuan. However, after 20 18, it gradually faded out of the rich list and became an invisible rich man in Nanyang, Henan. Its industry covers many commercial fields such as industry, agriculture, commerce, medical treatment, health care, food and so on.

(Source: vision china)

8.08 million bought the "Zhongjing" signboard, and it became 2.7 billion in six years.

According to public information, Zhongjing Food is located in Xixia County, Nanyang City, Henan Province. It was once known as "the hometown of mushrooms in China", and its official website even called "Xixia is the hometown of Nezha and Qu Yuan".

But for Zhongjing Food and Sun Yaozhi, the invisible rich man behind it, the significance of Nezha's hometown and Qu Yuan's hometown may be far less important than the words "the hometown of Zhang Zhongjing, a medical saint". In fact, with Zhang Zhongjing's "free endorsement", Sun Yaozhi has made a lot of profits in medicine, food and other fields.

According to previous media reports, Sun Yaozhi was born in August, 195 1. He is from neixiang county, Nanyang, which is close to Xixia County. /kloc-enlisted at the age of 0/7 and retired a few years later. He worked in Henan Geological Team and Xixia County Material Station in Henan Province successively, and entered a small pharmaceutical factory founded less than one year in 1979.

1In August, 1984, Sun Yaozhi, 33, was transferred to the post of Chief of Personnel Section of Xixia County Economic and Trade Commission, becoming the youngest section-level cadre in Xixia County at that time. However, after only working in the county economic and trade commission for half a year, he was transferred back to Wanxi Pharmaceutical and took over as Party Secretary and Director of Wanxi Pharmaceutical. But at that time, Wanxi pharmaceutical factory was in crisis, wages could not be paid, workers were unemployed, and there were hundreds of thousands of yuan in losses.

So, according to media reports, the first thing Sun Yaozhi did after taking office was to borrow 50,000 yuan to pay the workers, and then he made the "big honey pills" accumulated in the factory into concentrated pills, and personally took a team of five or six people, including the deputy director and the sales section chief, to Shenyang in the north, Guangzhou in the south, Shanghai in the east and Lanzhou in the west. In nine months, he traveled all over 9 provinces and 23 cities, selling while running and learning advanced pharmaceutical technology.

What really made Sun Yaozhi dig the "first bucket of gold" was a drug that mainly relieved women's menstrual pain. At that time, driven by Sun Yaozhi, Wanxi Pharmaceutical and Jiangsu Institute of Traditional Chinese Medicine jointly developed a new product "Tongjingbao Granule", and advertised the product in CCTV under the brand name of "Yueyueshu".

With the high exposure of CCTV, Yueyueshu achieved sales of 28 million yuan in that year, 60 million yuan in two years and 80 million yuan in 1996, which not only brought Wanxi Pharmaceutical back to life quickly, but also directly entered a period of rapid expansion.

According to statistics, by 1998, the total assets of Wanxi Pharmaceutical had expanded from several hundred thousand yuan to tens of millions of yuan, and the sales scale of hundreds of millions of yuan also made this enterprise a local pillar industry in Henan. In the same year, Wanxi Pharmaceutical entered the internal reform period, and it took five years to gradually transform from a state-owned enterprise to a private enterprise, and Sun Yaozhi also became the actual controller.

(Source: Wanxi Pharmaceutical official WeChat official account)

The second leap of Wanxi Pharmaceutical took place in 1999. This year, Sun Yaozhi forced many competitors from Henan, Shenzhen, Hong Kong and other places to take over 150 workers at a cost of 8.08 million yuan, and bought Nanyang Zhongjing Pharmaceutical Factory, which was on the verge of bankruptcy, thus winning Zhongjing's golden signboard.

The following year, Sun Yaozhi branded all the products of Wanxi Pharmaceutical Company as "Zhongjing", followed suit in CCTV, and put in the advertisement of Zhongjing brand Liuwei Dihuang Pill "Good medicine, good medicine", making Zhongjing Liuwei Dihuang Pill, a product for treating kidney deficiency, another fist product of Wanxi Pharmaceutical Company.

In 2005, "Zhongjing" trademark was awarded as a well-known trademark in China. According to statistics, the trademark was valued as high as 2.7 billion yuan that year, equivalent to more than 300 times of appreciation in six years. Yuexiushu, another trademark of Wanxi Pharmaceutical, was recognized as a well-known trademark in China as early as 2002.

100000 yuan is 2.5 billion net worth,

Nanyang invisible rich compete for capital market.

Obviously, Sun Yaozhi's ambition is not only in the medical field.

As early as September 20001year, Sun Yaozhi extended its reach to the auto parts industry. Through Wanxi Pharmaceutical, it spent 100000 yuan in exchange for a 74% stake in the troubled automobile water pump supplier West Pump.

It was in this company that Sun Yaozhi made his debut in the capital market. On 20 1 1 year 1 month 1 1 day, Xidan shares landed on the small and medium-sized board of Shenzhen Stock Exchange, becoming the third listed company in Nanyang City and the first listed company in Xixia County. On the first day of listing, its share price closed at 38.58 yuan/share, an increase of 7.5%.

However, in the following years, Xibang's share price showed a "U-shaped" change, which fell to around 12 yuan at 20 12, and then rebounded against the trend to the highest of 86. 16 yuan/share at the end of 20 15. In the same year, Sun Yaozhi broke into the 20 15 Hurun Report with a net worth of 2.5 billion yuan, ranking 1496 on the list.

Since then, the share price of West Pump Co., Ltd. has fallen again, but Sun Yaozhi's net worth has remained between 2 billion yuan and 2.5 billion yuan, and he made the Hurun Report for the last time with a net worth of 2.3 billion yuan in 20 18.

According to the latest data, as of the close of1October 24th 165438+, the share price of West Pump, which has been renamed as Longfei, closed at 6.37 yuan/share, with a total market value of 310.90 billion yuan. Based on Sun Yaozhi's individual shareholding ratio 16.38%, its stock market value is about 523 million yuan. In addition, it is also a stock price high near 20 16, and it has reduced its holdings by about 440 million yuan.

(Source: Wanxi Pharmaceutical official WeChat official account)

Obviously, just entering the auto parts industry can't satisfy Sun Yaozhi. Zhongjing Kitchen (the predecessor of Zhongjing Food) was registered in 2002, mainly engaged in the research and development, production and sales of pepper oil and other seasoning ingredients. In 2008, Zhongjing mushroom sauce was first introduced, and it was called the pioneer of China mushroom sauce category.

Sun Yaozhi and Wanxi Pharmaceuticals obviously benefited from the listing of Xibang shares. In 20 14, in order to seek listing, Wanxi Pharmaceutical announced its existence and split it into two parts. "Wanxi Pharmaceutical" focuses on the pharmaceutical field, and "Wanxi Holdings" focuses on the investment direction, including Zhongjing Food equity, Xibang equity, real estate and tourism.

2065438+September 2005, Zhongjing Kitchen disclosed the prospectus for the first time and started a five-year IPO long-distance running. In 2065438+2006, Wanxi Pharmaceutical also filed a case for counseling in Henan Securities Regulatory Bureau. Once Zhongjing Kitchen and Wanxi Pharmaceutical IPO are successful, Sun Yaozhi will be the "troika" of the capital market.

20 15 launched the IPO for the first time, but after waiting for 17 months, due to the rapid growth of inventory, the proportion of three-party payment in income was too high, and the meeting could not be held. On April 20 17, Zhongjing Kitchen rallied and rushed to the IPO, but it was rejected by the capital market for the second time because of violating the trust of the controlling shareholder, violating the production license and not increasing the company's income. 2065438+June 2009, Zhongjing Kitchen went to IPO three times under the new name of Zhongjing Food, and changed all counseling institutions, sponsors and auditing institutions, but it still failed.

Until the fourth sprint in March, 2020, Zhongjing Food finally met in August, and officially landed in the capital market on June 23rd 165438+.

Selling mushroom sauce can earn 600 million a year, and you have to call it Laoganma?

According to the latest prospectus, Zhongjing Food's current products mainly include Zhongjing mushroom sauce, Jindao beef sauce and Zhongjing seasoning oil. From 20 17 to 20 19, its revenue was 50170,000 yuan, 530 million yuan and 628 million yuan respectively, and the net profit attributable to the mother was 793150,000 yuan.

In the first half of 2020, affected by the epidemic, the housing economy flourished, and the income and net profit returned to the mother increased by 20.94% and 45.05% year-on-year, reaching 349 million yuan and 6448438+00000 yuan respectively. It is estimated that the revenue will reach 765,438+0.3 million to 735 million yuan in 2020, an increase of 65,438+0.3.47%-65,438+0.7% compared with the same period in 2065,438+0.09; The net profit of returning to the mother was 65.438+0.24 billion yuan-65.438+0.4 billion yuan, an increase of 35.22%-52.23% compared with the same period of 2065.438+0.9.

(Source: Zhongjing Food official WeChat official account)

Specifically, mushroom sauce is still its fist product. From 20 17 to the first half of 2020, it sold 45.09 million bottles, 34.79 million bottles, 36.83 million bottles and 25.75 million bottles respectively, of which the mushroom sauce with the specification of 2 10 gram accounted for about 90%, which was the biggest profit source of Zhongjing Food's main business.

The data shows that from 20 17 to the first half of 2020, the revenue of mushroom sauce (2 10g) was 234 million yuan,1830,000 yuan, 204 million yuan and1460,000 yuan respectively, and the gross profit contribution rate reached 54.66% and 42.6% respectively.

The reason why mushroom sauce (2 10g) can become the king of the gross profit contribution rate of Zhongjing food is inseparable from the super high gross profit rate of this single product.

According to the prospectus, from 20 17 to the first half of 2020, the ex-factory price of mushroom sauce (2 10g) was 5.66 yuan/bottle, 5.99 yuan/bottle, 6.46 yuan/bottle and 6.23 yuan/bottle respectively, and the corresponding costs were only 2.59 yuan/bottle and 2.77 yuan.

According to Ai Caijing's query on major e-commerce platforms, the price of mushroom sauce (2 10g) is generally above 10 yuan. On the platform of JD.COM, the highest selling price of mushroom sauce is 12.5 yuan/bottle, while in the flagship store of Zhongjing Tmall, the highest selling price of mushroom sauce is 29.9 yuan /2 bottles, and the price of each bottle (230g) is nearly 15 yuan.

At the same time, its seasoning products have more than 1000 customers, covering many brands of seasoning foods such as Jinmailang, Kangshifu, Haidilao, Unilever, Chihuatun, Shuanghui, Angel, Luojin, etc. The distributor channels cover famous supermarkets such as Yonghui, CR Vanguard, Carrefour, Boxma Xiansheng and other wholesale and retail channels.

This may be the reason why Zhongjing Food dares to "challenge" Laoganma. According to its prospectus, Laoganma, Haitian Ye Wei and Jixiangju are all listed as major competitors by Zhongjing Food, among which Laoganma ranks first.

However, according to the insiders, compared with Laoganma's sales income of over 5 billion yuan in 20 19, Zhongjing Food is still difficult to shake Laoganma's market position in the short term, and with Laoganma and Haitian Ye Wei successively launching mushroom sauce products, Zhongjing Food's once proud mushroom sauce market will also face greater competitive pressure.

But in Sun Yaozhi's view, the listing of Zhongjing Food is obviously another milestone in his entrepreneurial career. So far, Sun Yaozhi has formed two listed companies, covering auto parts, medical care, commerce, real estate, food, health and other industries, and the embryonic form of "Wanxi Department" has begun to appear.

According to tianyancha App, Sun Yaozhi is currently the legal representative of 14 surviving or working companies and the senior manager of 73 surviving or working companies. Wanxi Pharmaceutical and Wanxi Holdings alone have the actual control rights of 65 companies including Nanyang Zhangzhongjing Pharmaceutical Co., Ltd., Henan Jin Shi Building Materials Co., Ltd., Hainan Zhangzhongjing Health Institute Co., Ltd., Shanghai Zhangzhongjing Pharmaceutical Co., Ltd. and Nanyang Fortune Real Estate Co., Ltd. ..