129774149459062500_77Securities market weekly issue 2012 party in charge of donkey-hide gelatin of donkey skin market, Dong-e e-Jiao (000423, unit) control how to donkey skin resources?
The securities market weekly reporter to visit Dong-e e-Jiao Yang donkey base for field surveys, give you the answer. Sinorama reporter Gao Suying/January 20, Dong-e e-Jiao(000423. SZ) announcement, due to factors such as the rise in market demand and product costs, the company decided to increase of donkey-hide gelatin 10% retail price.
After January 5, Dong-e e-Jiao's compound and donkey-hide gelatin of donkey-hide gelatin mixture retail prices ex-factory prices to adjust, increase does not exceed 30%, respectively. This is the continuation of Dong-e e-Jiao price strategy in recent years.After several price increases, Dong-e e-Jiao income of donkey-hide gelatin block near 40% factory price is from $ 158 in 2006 rose to $ 1049/kilogram/kilograms, up 5.6 times. Dong-e e-Jiao increases confidence derived from the donkey-hide gelatin on the one hand the market demand; on the other hand it should be for "control over national 80% donkey skin resources" of confidence--Rubber is the main raw material of donkey skin, to a large extent, determined the capacity of donkey-hide gelatin of donkey skin resources. In 2011, the one-time price of Dong-e e-Jiao by reach 60%, has produced a beautiful performance report. In 2011, the company annual revenues 2.758 billion yuan, up 11.98% over the previous year; operating profit, attributed to the parent company sharesNet profit reached $ 1.031 billion respectively, in the East of 856 million dollars, respectively, 47.86% over the previous year.
As the price increases, gross profit margin of the company rises, per cent in 2011, representing a lifting 11%. However, substantial price increases like a double-edged sword, brought in revenue growth at the same time, Dong-e e-JiaoSales of donkey-hide gelatin has declined, market share, and even competitors eroded. Dong-e e-Jiao control how to donkey skin resources? The moat is wide enough? Donkey skin price rise? Donkey upstream resources are exhausted? The securities market weekly reporter to visit Dong-e e-Jiao's ass base for field surveys, trying to uncover Dong-e e-JiaoDonkey skin of the truth.
Benefits decline leading to donkey size shrink while Dong-e e-Jiao floated the idea, our company has invested 200 million Yuan to build an ass raw material base, built the current base has increased from 13 to 17, but the reality of donkey skin tension still exists. On March 5, the correspondent in Wudi County Shandong province's largest donkey learned that as early as 2003, Dong-e eDonkey-hide gelatin, Office of animal husbandry in Shandong province and Shandong Wudi Wudi County people's Government jointly founded Dragon Technology Development Corporation (hereinafter referred to as "Dragon"), Dong-e e-Jiao 56.38% stake.
Are Shandong Dong-e e-Jiao in the most important breeding base, the base is mainly responsible for the kind of breed of donkey. Shandong Wudi County animal husbandry Bureau Deputy Director Wang Zheyong in an interview with Sinorama reporterSaid that the donkey County of Wudi County Shandong province, breed number fell sharply in recent years, however, donkeys when reached up to 18,000, and currently the County culture only 2500-3000 head of donkey, Dong-e e-Jiao breed about 500 kinds of donkey. Although Wudi donkey (also known as donkey, Texas) won the national geographical indications, but this does not stop the number of aquacultureDecline, due in large part because of the donkey did not benefit, the peasants ' enthusiasm is not high. Accounts of the King, donkey breeding costs at around $ 1800 a year, female donkeys to 2.5 years to produce a small donkey. A donkey from farming to benefit costs in the $ 4,500, and every purchase price of donkeys at about $ 4000-6000,Donkey skin is around $ 200, price not exceeding 10%, farmers do not make money.
And donkey breeding rates are low, farmers also have a certain degree of risk.
According to the sources, if they slaughter a donkey can make around $ 1000, and if sold on the market can only be made directly over more than 500 Yuan. King Yong said, precisely because of thisReason, makes the local donkey resource declined rapidly.
Market-driven forces weak, not fully mobilize the enthusiasm of the farmers. Public information displays, 2003, Dragon capital management of the company into Dong-e e-Jiao, the provincial livestock Office technical personnel and local resources as a whole, occupying 3,000 acres of land, donkey in the early plans 3,000 head. BaseAlso bring farmers, and plan to industry links to this company, base plus farmer pattern gradually nationwide. It was revealed that Dong-e e-Jiao and local government cooperation has over the past eight years, the base of breeding size does not increase, at the slaughterhouse, the cultivation of Dong-e e-Jiao promised to build base plans were not implemented. Wu Di County Government for Dong-e e-JiaoApproval of breeding base 2000 acres, now your back, only about 200 acres for kind of breed of donkey.
Dong-e e-Jiao Qin Yufeng said when interviewed by our reporter, Chief Executive, only the local number reached 100,000 head ass will take into account the size of the slaughterhouse, does not meet the scale establishment of slaughterhouses will lose money. Sinorama reporters learned,Base of the company is an independent breed, 2011 breeding over more than 400 head, in addition to the dozens of games outside the Inner Mongolia and Liaoning base, all sold to other breeders. In 2011, the company turnover of $ 1.07 million, profit-434,200 dollars, companies 2012 plan for $ 1.3 million in turnover, profit-170,000.
Dong-e e-Jiao returned to the base of $ 2 million subsidy for breeding. Although Dong-e e-Jiao for breeding degrees of importance to more than a few years ago, but such support cannot fundamentally solve the problem. For local culture scale of about 3,000, only about 400 to the breeding standards is too small for recovery of data. Wu Di County livestock-Pastoral Council, Dong-e e-Jiao recycling contracts with farmers in the donkey's price is too low, play a role in promoting peasants ' enthusiasm for farming is not very large. Correspondent in Wudi County jieshizhen Tai Wu Terminal investigation informed that total more than 600 families in the village, donkeys are more than 10 enterprises, raising about thirty or forty, is one such number in Wudi CountyCan be considered a donkey Omura, hung up.
Operators up to the two donkeys in the village.
Pier village director Wu Chen Yi Wu admits in an interview by reporters, donkeys in order to work, donkeys now if just for the sake of earnings is not cost-effective. He said, now most of the outside employment of adults 60 years of age are in the village, a month and a year of revenue income of a donkey。
If you are over 60 years old men in the village donkey revenues to reach $ 1.5 per cent a year, lot of people willing to keep, but there is no policy to support it is difficult to mobilize their enthusiasm for ass. For acquisitions, now Tai Wu Pier donkeys were sold to local broker of your ass, and your ass-brokers are not employees of Dong-e e-Jiao. In the bid, not by weightCalculation, pricing of basic is Visual, a donkey in $ 3000-4000.
Wu Chen yi believes that there is currently no free of charge breeding and veterinary stations are also factors restricting the development of industry, a donkey breeding fee $ 150, on the entire breeding season does not necessarily guarantee the distribution. Tai Wu Terminal is a microcosm of the national ass. According to the State of 1991-2008 year the Yearbook of agricultural statistics show, national number of donkey head per cent in 1997, down to per cent in 2008, declining at an annual rate of 3.5%. One of the deputies said in a proposal, five national varieties Texas Guanzhong, donkey, donkey, ass Guangling Jinghua, shrinking the number of Biyang County, qingyang donkey, DonkeyAnd seriously, almost on the verge of extinction, we have reached the point of the need to protect, it is estimated that by 2030, China's donkey population will be less than 2 million head, good ass disappears and the varieties appeared severely degraded. King Yong said the 2012 County financial specifically took out part of the funds used to support farming and breeding, breeding donkeys donkeys based Texas more than 5, meet the standardsReward $ 20,000 each year award 30 demonstration field, this funding is only $ 600,000. Breed donkeys quantity requirement will be less than cows and sheep, mainly taking into account the actual raising of the donkey. But this is improving the peasants ' enthusiasm is limited, but can act as a role model.
Really rely on enterprise-driven, and Dong-e e-Jiao consultations increase the purchase price. ThisPublished reporter get Dong-e e-of donkey-hide gelatin 2012 years of "black donkey kind of public donkey culture recovery contract" displayed, by days Dragon company and improved station and culture households signed three party contract, on culture households breeding Hou production of black donkey kind of public donkey for acquisition, 6-8 months reached high 120 cm and weight 160 kg above, contract price 22 Yuan/kg, premium 100 Yuan/head; 8-10 aKind of a jackass of the month up to height of 125 cm and weight 125 kg, contract price $ 24/kg of sth 20-36 month high of more than 140 cm and weighing 280 kilograms or more, corresponding to the months-old price enjoy a $ 20, $ 50/head/head of sth
$ 1000/first black donkey mating recycling award. Dong-e e-Jiao Wudi baseBlame others Shen Shanyi said, the prices are a lot higher than the 2011, 2011, kind of a jackass in Dong-e e-Jiao acquire 20 Yuan/kg, higher than the market price $ 16-18/kg, 2012 award rate is also increased, but different from the 2011 Awards will be in acquisition was fulfilled, couldn't prevent the recovery. At the same time,In order to increase the peasants ' income, and Dong-e e-Jiao and directly access the local farming households, reducing the broker link in the middle of.
Shen Shanyi revealed that Dong-e e-Jiao recovery policy has been more kind donkey, but there is still a lot of people kind of breeding donkey sold it to someone else, have signed a protocol does not necessarily have an enterprise recovery. Although 2012 Dong-e e-Jiao acquisition price of kind of a jackassBy 2011 a lot, but the interests of farmers are still difficult to be guaranteed.
Most important is, according to Dong-e e-Jiao acquisition standards, its 2011 buy only the number of kinds of donkey Wudi County's ass a fraction of the amount, most fall short of the company's acquisition of standard. Sinorama reporters access to the information displayed within a Dong-e e-Jiao, currently a donkey Colt Mr slaughterQuestion serious, according to the findings of McKinsey base, donkey Colt slaughter rate of 52% throughout the country.
Forecast, 2010 National donkey slaughter of 1.96 million head, with 870,000 head to a donkey colt, research found that every adult ass prices under $ 750, about 15% farmers who are willing to be a donkey Colt child-raising to one and a half years and then sold. In addition, the survey found that most farmersOperators only the 1-3 donkeys, 80% farmers say the current situation is not willing to keep a donkey, mainly because not much money, more than the idea of 50%.
Livestock and declining enthusiasm has become an indisputable fact that, in this case whether Dong-e e-Jiao control donkey skin resources is particularly important, its cooperation model is the industry's concerns. Base model-Acquisition of donkey skin occupies a total of 20% people think that the accounting profession, donkey belonging to biological assets, usually divided into productive biological asset consumable biological assets, and three classes of public welfare biological assets.
Dong-e e-Jiao's annual report shows in recent years, productive biological asset be zero in its consolidated balance sheet, inventory of consumable biological assets are only broken down into hundreds of thousands of dollars. EastDonkey of donkey-hide gelatin is there own company? Vice President of Dong-e e-Jiao Li Shizhong said in an interview with Sinorama reporter, donkey base of the company is to establish cooperative mode, is donkey resources that are not documented because none of the donkey Dong-e e-Jiao, whose ownership belongs to the farmers themselves, Dong-e e-jiao is the donkey as aGoods bought.
Qin Yufeng told our reporter, Dong-e e-Jiao only about 100 kinds of Jackass is part of the company and accordingly in the biological asset is not recorded. Li Shizhong said, cooperative breeding base is composed of three parties, where farmers to own donkey as a stake in the asset criteria, according to assess the value of the shares, Dong-e e-Jiao and localGovernment took a certain amount of funds (about 4:6, slightly different in different areas), funds are mainly used for farming and breeding services for farmers.
Three parties set up cooperatives, signed a cooperation agreement.
As far as your correspondent know, currently Dong-e e-Jiao from cooperatives to buy roughly the proportion of donkey skin and 20%. Li Shizhong said the company and localMajor funding provided by the Government for training of peasant culture, each improving training funds are administered by the cooperative in the village, if farmers started raising when it was a donkey, and now want to keep donkey, buy donkey resource cooperative to give part of its subsidies. In addition, Dong-e e-Jiao, and Government funding for cooperative donkey mating, breeding is in accordance with the price of the country unifiedStandard 50% fee, that is, half the cost is borne by the cooperative funds to, the other half of the costs borne by the farmers themselves.
Due to the country's culture base is not the same as the cost of breeding, ranging from $ 80-120, the cooperatives would have to take half the mating fee. Correspondent accompanied by a Dong-e e-Jiao on organizing "dingxi Tianlong donkeys to enrich professionalCooperatives "cooperation agreements showed that favor ANDing district Bureau of animal husbandry and veterinary medicine, b Dong-e e-Jiao, party c for the donkey.
Funded in accordance with the agreement the party $ 300,000, b for money invested 200,000 yuan, own ass in kind assessed amount of $ 100,000 is expected, the establishment of cooperatives. Capital expenditures primarily included subsidies for donkey, subsidized loans; Support breeding, breeding technology training and related technology research and extension; provide breeding improvement device; donkey industry management of business expenditure; and administration costs. Contract also revealed that Dong-e e-Jiao donkey feeding to cooperatives and cooperative member's own ass breeding, offered its own farming, breeding and so on related technologies. Cooperatives of the donkey (party c contribution toDonkey) by Dong-e e-Jiao in the market on the basis of all 5% premium collection and purchase; farmers in autotrophic ass and fine ass offspring in Dong-e e-Jiao 5% acquisition of premiums on the basis of the market price under the premise should be sold to Dong-e e-Jiao, future generations for black-ass premium of $ 400/head. Your correspondent noted, also provided for in the contract, farmers preferred to own fine assAnd their descendants, referred to the cooperative consolidated sales to Dong-e e-Jiao.
Farmers breach of sales to other units, cooperatives should be paying $ 20/head of technology services.
Although Dong-e e-Jiao's base model appears to be good, but can guarantee the farmers cooperative selling donkey Dong-e e-jiao is also a problem. This Li Shizhong said, currently Dong-e e-Jiao's base400,000 members that the production of scale about 60.7 million or so. Run from 2011, there are many sent to Dong-e e-Jiao of slaughtering donkeys are not members of donkey skin. In this case, in accordance with the company's standards of inspection and quarantine, reach standard acquisition. With the further promotion of cooperation, certainly some of donkey skin is not in the networkInside. Li Shizhong said, no progressive farmers could not enjoy the company of subsidies, only to become members, to conduct a series of management training, not as social bred donkeys do.
Especially the back of existing systems, tracks from the donkeys matriarchal beginning, from his mother's ass pregnancy to birth, are all recorded material. Li Shizhong told our reporter,On other companies to steal donkey skin problem is not no, members also have sold the donkey, but for such a result was cancel members enjoy cooperative offered some concessions. Although members of the donkey for the first time successfully sold it to someone else, but the next time you may not be able to sell, is for them to lose interest for a long time. Most start to getThe members understand this a little difficult, but with the passage of time, members are also aware of the importance of Dong-e e-Jiao in the network. Qin Yufeng, said Dong-e e-Jiao had established in yili, Xinjiang Kashgar, hotan, base of three donkeys, donkey out of Xinjiang, last was acquired by others. Dong-e e-Jiao found a responsible person of the Xinjiang Government, asking it toCannot introduce a policy, let not the Xinjiang Xinjiang donkey, control in Xinjiang, acquired by Dong-e e-Jiao.
Relevant personnel refused a request from Dong-e e-Jiao, reason is the present status of market economy, the Government could not be compelled to, you can allow the Government to strengthen the management in this area, but that the file cannot. Qin Yufeng
tera power leveling, said Dong-e e-Jiao's focus is on to 50% on the raw materials, publicDivision is not farming peasants, so only through a kind of donkey, upstream output technology, ensure that market and in the lower value, the middleman to get farmers to test, in order to determine a pattern.
Current mode of operation of raw material base is still immature, although in different places of the pilot, now say the pilot is still in progress. At present
tera gold, Dong-e e-Jiao's base network mainly in XinjiangWADA, chifeng, Inner Mongolia, Gansu, Fuxin, Liaoning, Shandong Wudi in dingxi, also including Qinyang, Henan, Yunnan Dali, 2011 added in Jilin, the next step will also increase in Qinghai province. According to reports, a complete raw material base of Dong-e e-Jiao has three main parts, the first part is the breeding farm, known as provenance, demonstration bases, breeding base, Improved training for local farmers a place to source; the second was cultured network, including culture general culture is a network of bases, there are demonstration base; a third is the production of medicinal herbs, including Peel requirements, leather processing, also to have a code for a slaughterhouse. Li Shizhong believes that Dong-e e-Jiao really summed up the base model was now the GovernmentPromote, market pull.
The Government is the promotion of local agriculture and animal husbandry in the industry as an industry within the scope of, and introduced some leading policies. Market pull is to rely on the donkey-hide gelatin companies. On the whole industry chain enterprises are responsible for downstream on both ends. Upstream group is responsible for delivery of high quality seeds, technology providing, provision of training and the building of cooperatives, the base networkComplex of this system, Dong-e e-Jiao downstream is responsible for recovery. As far as your correspondent know, currently Dong-e e-Jiao from cooperatives to buy roughly the proportion of donkey skin and 20%, donkey skin of the remaining 80% were acquired from other sources.
Dong-e e-Jiao control of donkey skin is relatively loose, its raw material markets, there remain uncertainties in the future. Of cooperativesMode can protect Dong-e e-Jiao of market demand in the future is still unknown, but Dong-e e-Jiao base investment progress are worrying. According to Dong-e e-Jiao 2011 annual report showed that as at December 31, 2011, raise investment and project companies raise money account accumulated into $ 352 million, raw material base and raise funds for reconstruction projects promised to voteTotal funding of $ 235.73 million, invested in 2011 Yuan, 2010 will only be $ 3.6255 million, cumulative investment amounting to $ 24.8549 million as at the end of 2011. On the raw material base, Dong-e e-Jiao investment pace is not fast. Dong-e e-Jiao explains, Dong-e e-jiao is the share-trading reformWhen companies raise funds $ 89 million of which was used on the raw material base.
From the report looked at less, because the industry has just begun mainly when the entire layout and construction technology of breeding, aimed at raising the number of. At this stage, without a significant investment in fixed assets or more of other inputs. ButLater, up to a certain number of, donge is in the construction of the local slaughterhouse processing plant, this investment would be relatively large. For example in hotan, Xinjiang has been at this stage, 2012 Dong-e e-Jiao in hotan, also invested more than 40 million Yuan. Chifeng slaughterhouses built for two years, operating well, 2012 will also continue to invest, now is exploration into assProduct technology building, to amount to tens of millions of dollars of funds. Li Shizhong said, because early stage up to a certain number of, optical input is not used, only the depreciation of assets. On listed companies, to pay attention to the return on investment, and the payback period. Light and enterprises are now moving assets, this pattern of large companies to do. Although early in order to maximize company profits to consolidate GovernmentResources for company use, but as of late construction, would have to be invested by enterprises themselves, the Government is not going to take the money to the company. As Dong-e e-Jiao's base models are using "company farmers ' Government" forms of cooperatives, to some extent, called the "control" is a relatively loose controls, base number culture is far from alone cannot satisfy the dongeDemand for rubber, and more raw materials still need markets to solve.
How to guarantee the stability of the supply of raw materials in the future, is very important to Dong-e e-Jiao. Donkey skin acquisitions increased competition or restrict bottlenecks breeding donkey resource base limited, Dong-e e-Jiao had to increase the intensity of the acquisition. Dong-e e-jiao to donkey skin tension and increased acquisition costs for the resource,Repeatedly raising price of donkey-hide gelatin, to corporate profits to rise significantly, once outside attention and investor appetite. On March 7, Dong-e e-Jiao released the 2011 annual report shows, in 2011, revenues 2.758 billion yuan, up 11.98% over the previous year. Operating profit of $ 1.031 billion, grew 47.86%。
$ 856 million in net profit attributable to the shareholders of the parent company, up 47.05% over the previous year.
In 2011, 2.289 billion yuan series products of donkey-hide gelatin and main business income, accounted for 84.67% of main business income, gross margin amounted to 70.83%. In 2010, the company achieved a revenue of 2.464 billionYuan, up 17.88% over the previous year. Operating profit of $ 697 million, up 48.21% over the previous year. Net income of $ 594 million, up 46.18% over the previous year.
Series products of donkey-hide gelatin and main business income 1.802 billion RMB, account for the revenue from core businesses 66.91%, 67.77% product gross profit margin. Although performance soaringBut Dong-e e-Jiao's output has not increased significantly. Public information display, 2010 Dong-e e-Jiao production was 1500-1600 tons.
In addition, Sinorama reporters access to Dong-e e-Jiao 2011 yields of 1500 tons. Obvious is that Dong-e e-Jiao in no increase in the number of cases, the rise in the performance and price is necessarily linked. DongeDonkey-hide gelatin material tension, three years has products for several price increases, 2010 price Trojan near 50%.
In 2011, the one-time price of 60% on January 5, 2012, raise prices 10% again, on January 20 raised the retail price of 10%. Correspondent from a shop in Beijing xizhimen, Xidan stores, more than Dong-e e-Jiao storeConfirmed that by the end of March, retail price increases General Dong-e e-Jiao 10%, 500 g/750 worth of donkey-hide gelatin after the prices about to sell for about $ 825, the donkey-hide gelatin in 2011 before prices are only sold more than 400 million. In accordance with the relevant Government Department, donkey-hide gelatin is no longer included in the scope of Government pricing management, donkey-hide gelatin sale price by the manufacturer under the production and operation costChanges on its own, formulate and market supply and demand. Behind the donkey-hide gelatin and constantly increases, what is the price of raw materials? Correspondent was informed in the investigation, a region blessed gum buy donkey skin price at $ 18/kg wet, dry skin purchase price of $ 30/kg, and Dong-e e-Jiao's wet skin purchase price to 17.2 Yuan/kg, a wet weight of about 10 kg。
Then calculate the average of a donkey skin price is $ 180, online public acquisition of donkey skin price is 130 Yuan/Zhang.
However, according to industry sources, a general picture of donkey skin price ranging from 200-300, larger than the 300 yuan/piece, 10 kg of donkey skin to 3 kilograms of donkey-hide gelatin products. According to this calculation, production1500 tons of donkey-hide gelatin, is expected to require 5,000 tons of donkey skin.
In accordance with the average of 10 kg each donkey skin, 1500 tons of donkey-hide gelatin production alone would need 500,000 donkey skin.
According to Dong-e e-Jiao 2010 general meeting of shareholders according to online information, East of donkey-hide gelatin 1500 tons annual production of donkey-hide gelatin, consumption of donkey skin need to be around 600,000. In accordance with theMaximum acquisition standards, produce 1500 tons of donkey-hide gelatin needs 600,000 donkey skin, donkey skin price at $ 300 per ticket, donkey's acquisition cost is only $ 180 million, compared to $ 2.758 billion main income does not exceed three. While still calculated according to the maximum purchasing price, Dong-e e-Jiao purchasing 900,000 for the year 2011 donkey skin, cost $ 270 millionCompared with $ 2.758 billion main income does not exceed three.
If the acquisition cost of 200 Yuan/Zhang, only donkey skin of raw material costs will be lower than calculated above.
Qin Yufeng says 2011 donkey skin price up 30% per cent. According to the annual report data, Dong-e e-Jiao 2011 main business cost$ 668 million, 2010 main business cost is $ 581 million, 2009 main business cost is $ 417 million.
Main business cost growth is only one of more than a year. Donkey skin price, said Dong-e e-Jiao, now on the donkey skin price of many, all regions are not the same, different sizes and thickness of skin of differentThere are differences, pricing strategy was confidential.
In some places, prices are more flexible, and sometimes rivals compete for, the highest reached 560 Yuan per picture. Li Shizhong said the donkey skin growing nervous now, there are two main reasons: first, the resource itself, an ass overall downward trend in the number of number; the second is growing because the profit margins of these years of donkey-hide gelatin, Some people also began to enter the market resources. Main rival Fu East of donkey-hide gelatin adhesive group, for example, and Dong-e e-Jiao just a Yellow River, although their headquarters only sixty or seventy kilometers apart from two companies, but the water from the donge, is a blessing of plastic of different groups of water as the Donga Town of Jinan in pingyin County, of water liaocheng, Shandong Dong-e e-Jiao Dong ' e County.Fuk gel and Dong-e e-Jiao in the yield on comparable 2011 Fu plastic Corp of donkey-hide gelatin products yield 2,500 tonnes, production output of 2000 tons of donkey-hide gelatin product, than Dong-e e-Jiao 1500 tons of production of 500 tons.
Calculated in accordance with theoretical, Fu, glue the donkey skin resources should be used more than Dong-e e-Jiao. Fu rubber group comprehensive OfficeDirector Huang Changyong told correspondent, now Fuk of plastic addition on the yield was the largest enterprise, inventories are more in 2012, more than 2000 tons of inventory. Donkey skin purchase coverage area is mainly concentrated in the Northeast, Northwest and Inner Mongolia and other places, acquisition of competition is more intense, individual enterprises have their own channels. At the same time, Fu glue in Shandong, Gansu, Inner Mongolia, newXinjiang, Liaoning, Jilin, over more than 10 provinces have established more than 10 raw material base, reserves of raw materials for the future.
Our reporters learned from the market, in some regions plastic Dong-e e-Jiao, Fuk, Tong ren Tang (600,085, unit) companies will compete on acquisition in donkey skin, prices are comparable and sometimes fur trade associations based on the market price of different manufacturers. YellowLong Yong said Fu rubber 2011 annual sales revenues of $ 1 billion, plans for 2012 sales reached 1.3 billion yuan.
Maintain yield in the first case, Fu plastic to build 4,000 tons of donkey-hide gelatin production expansion project, planned production for the year. As the enterprise enters battle for increased acquisition of donkey skin is more fierce. Li Shizhong told correspondent, raw material market competition has recentlyYears are some of the changes, especially changes in 2011 the most obvious, taiji Group (600,129, unit) also enter the donkey-hide gelatin industry, due to its distribution of Dong-e e-Jiao, know the high margins of donkey-hide gelatin, choose enter. In addition to Fu rubber group, Shandong Jinan Hong ji pharmaceutical limited liability company also enters the Hall of donkey-hide gelatin industry, and tongrentang 2011Reconstruction, expansion of donkey-hide gelatin production.
Reportedly, tongrentang has recently stopped's acquisition of donkey skin and perhaps donkey skin acquisition of tension-related.
In the case of donkey skin resources become more and more tense, Dong-e e-Jiao-80% in the China claims to control donkey skin, this data has been questioned in the industry. Sinorama reporters access to Dong-e e-Jiao "Twelve-Five" planning shows that2010 National slaughter adult donkey donkey to 1.09 million head, the country of slaughter to 1.96 million head, the number of new donkey Colt 1.67 million head, base findings derived from the national weighted average donkey Colt slaughter rate of 52%, the 2010 National slaughter 870,000 first donkey Colt; Dong-e e-Jiao 2010 acquisition of donkey skin number 900,000 adults, total per cent of adult domestic donkey skin82%, which does not contain 100,000 Dong-e e-Jiao 2010 acquisition donkey Colt. Dong-e e-Jiao claimed to have more than 80% donkey skin that touches the most sensitive nerves in the industry, others of donkey-hide gelatin companies do not endorse this statement, or even have to collect evidence to prepare prosecution of Dong-e e-Jiao mislead consumers. From this point also illustrates resource contention of donkey skinInto a strength contest phase, intensity in the future will be self-evident. At present, Dong-e e-Jiao of donkey skin acquired mainly through two channels to complete the domestic and overseas, the company has the unique donkey donkey meat import licenses.
In 2012, the Dong-e e-Jiao donkey skin acquisition targets in the present on the basis of a further 300,000. 2011 Dong-e e-Jiao total acquisition900,000 piece of donkey skin, cooperative acquisitions accounted for 20% or so, foreign acquisitions accounted for 15% and 65% still have to rely on the market to buy to complete.
How to find a better model to deal with the crisis of raw materials in the future, is essential to Dong-e e-Jiao. Dong-e e-Jiao 2011 annual report, company stocks to rise sharply, rising from $ 193 million in early stage$ 311 million, increased net ' sales in inventory early 60.56%, mainly due to raw materials and an increase in inventory than the opening at the end. Prepaid accounts by opening $ 48.6137 million increased to the final $, prepaid accounts payable increased in the early period of the net 68.83%, main Department of company land in advance payments and an increase in raw materials.Correspondent in Dong-e e-Jiao material library to see that workers were Ted sheet of donkey skin, they told a press conference once every seven or eight days to go before Ted, until dry. A crib crib donkey skin of the eye to the side, has been aired out of donkey skin neatly coded into a crib. These donkeys have a store card, detailed records kept of the region, supplied by the vendor, the name, address, the storage ofThe number.
Qin Yufeng also admitted to your correspondent, was aware of the raw material situation, Dong-e e-Jiao 2012 stock 2000 tons of donkey skin. Li Shizhong said that inventory is Dong-e e-Jiao's strategic reserve, the company has a strategic reserve mechanism, finally decided not in technology, research and development and marketing of life and death, but that the raw material. In advance, "Reserves "are a majority.
Donkey skin flexible expects the number of advance is based mainly on acquisitions, for example, if you save a local donkey skin to 50,000, part needs funds, buyers don't have much cash in the hand, and the competitors to take business, it is necessary to pay in advance. From here we can see, Dong-e e-Jiao in advance not only increases theCompetition in the acquisition of raw materials, but also employees of suppliers into Dong-e e-Jiao donkey skin, these employees enjoy the benefits of Dong-e e-Jiao employees, while also continuing to work with donkey Dong-e e-Jiao do business to make money. They are based on the market price or bargain with Dong-e e-Jiao, each with a donkey skin has its own Commission, when encountered in the acquisition of enough money right away to the EastDonkey-hide gelatin reporting applications. Li Shizhong said 2012 Dong-e e-Jiao base of suppliers, procurement managers and managers conduct an acquisition of donkey skin, as long as the slaughtering donkeys, all to corporate acquisitions in the network. 2011 acquisition of outlets is 110, 2012 will reach 230, market marketing theory of small when slaughtering donkeysTreated as a marketing company Terminal, by means of a Dragnet covered every slaughter to achieve its purpose of donkey-skin in his hand. Dong-e e-Jiao in the raw material market analysis said that cold ass winter in the Northeast, donkey skin impurities are more for direct acquisition of greater risk at a loss, cause the local donkey skin to enter the fur trade of Hebei province in the Northeast trading market。
In addition, the donkey skin thinner due to summer, slaughter in fixed prices to Gansu, Gansu province for selling donkey skin, resulting in operating loss for the summer to abandon a bid, potentially donkey skin resources. In response, Dong-e e-Jiao acquisition system will continue to improve existing donkey skin, strengthen the study on the take-over of donkey skin, to train the donkey skin buyers, increasing North-donkeySkin resources than local transactions, has acquired control optimization system covering the region, such as different in winter and summer buy donkey skin. In addition, Dong-e e-Jiao's market analysis shows that the number of donkeys now lived in parts of the former provinces of Yunnan and Gansu have support coverage, and two donkeys slaughter number about 100,000 per year. Of Jilin, Liaoning, some donkeysDirect acquisition zone has not been established; fur trade history of Li County, Hebei province market has 600 tons/year of trading volume in recent years, while Dong-e e-Jiao control about 80% or so, but bought from open market at greater risk of donkey skin. Dong-e e-Jiao, through existing suppliers to cover the uncovered areas, while encouraging an existing skin strengthening major ass donkey townEstablishment of acquisition.
Also will guide and help for sellers to establish priority of business and market trading partnership, priority access to the latest quote or entering into exclusive agreements. Dong-e e-Jiao "Twelve-Five" planning shows that Dong-e e-Jiao of domestic and imported a number of successful implementation initiative can bring a noticeable effect in around 2013, to 2015 are expected to helpDonkey skin supplies of Dong-e e-Jiao more access to 25% (about 330,000 pieces of incremental).
Due to the complexity of industrial chain upstream donkey, implementation progress and success there is still uncertainty, Dong-e e-Jiao must be on implementation and close monitoring of the external environment and the risk to a minimum. Donkey skin alone could not pull the development of the industry as a whole, to solve the donkey skin problems, solutions mustPut the issue of donkey meat. Qin Yufeng, said Dong-e e-Jiao will implement "meat" strategy, the farmers will get the value of the donkey meat. Ultimate target is set at 1.2 million head of donkey, according to a donkey 4,000 yuan, meat is $ 4 billion. According to this idea, the "Twelve-Five" Dong-e e-Jiao will increase the intensity of investment in upstream, holding 1500 tonsThe bottom line of donkey-hide gelatin production.
In addition, will also increase the bio-pharmaceutical, health care, alcohol and other aspects of development, and to cope with future uncertain factors. Dong-e e-Jiao "Twelve-Five" planning shows that development of donkey meat snack food company's main aim is to solve the donkey skin problem of shortage of resources, not Dong-e e-Jiao donkey meat snack food business as company size and increase the profits of majorLong point. As the donkey meat snack food is still in the primary stage of the market, enterprises requires a lot of investment in early development of products and brands, if you do it yourself, Dong-e e-Jiao in 1-2 need to be within a certain amount of input ready; long term, donkey-hide gelatin to donkey skin increases as the fundamental, number of ass/donkey skin supply important means for measuring business performance of donkey meat.As the China Resources group has its Hong Kong Ng Fung Hong limited company specialized in the production and processing of meat, consider investment led by Ng Fung Hong high-end donkey meat snack food, and Dong-e e-Jiao industrial chain of the co-development of a donkey. "Meat" can enhance the peasants ' enthusiasm for farming, is still a matter of uncertainty. Foreseeable donkey resource increasingly nervous cases,Acquisition or donkey skin into a bottleneck in restricting the development of enterprise and solution of enterprise drive had its limitations and alone does not solve the problem of the, requires countries to impose appropriate support policies. Dong-e e-Jiao said, the company has been called upon States enact policies and looking for a lot of reasons, such as characteristic of animal husbandry needs, increase of new rural construction, there is also the heritage of Chinese medicine, through theDaiwa CPPCC appealed to the national level.
Although there is a reply, but expected promulgation of the relevant policy still needs to be 5-10 time of the year. Sinorama reporter Gao Suying/wendong when the raw material base of donkey-hide gelatin on the exploration of the raw materials base model has a lot of detours, from initially bought by the company itself to grow feed in, to the slaughterhouses were all done on, butTo achieve the scale led to losses.
Qin Yufeng revealed that company located in dingxi, Gansu, Pingyang, slaughterhouses in qingyang has largely been shut down, this is the investment decision errors. Li Shizhong said, the company's original base model was built in 2002, enterprises buys land planting alfalfa and captive donkey end losses. To cover the donkey ring, to give keepersSalaries, as well as operating costs, costs are too high, the model cannot be implemented.
Since the beginning of 2006, Dong-e e-jiao to cooperation with local government, by the local government in local building culture base, Dong-e e-Jiao commitment is only responsible for acquisitions, this is contradictory because too few local Government think of Dong-e e-Jiao. Since then, Dong-e e-Jiao hired Tsinghua UniversityUniversity experts to explore the business model. Expert recommends three Governments, farmers and companies come together, agricultural professional organizations to operate, is now agricultural cooperatives.
Later formed the present bases and cooperatives and farmers of this model, introduced in the second half of 2008. Li Shizhong believes that farmers planted their straw is not cost, Artificial is not too cost, coupled with technology and appropriate support measures for cooperatives and cooperatives of funds, is beneficial to farmers, businesses and Government. General requirements in cooperation with local Government must first donkey industry into one of the local economy, trade and industry, secondly to support policies introduced.
Kin base model driven by the Government as a whole, market pull. At the base ofUnder the influence and model, and brought the local slaughter of joint enterprises, as Dong-e e-Jiao kin base just a few years ago in the strategic layout, in the role of it in the beginning a little bit showing it. At present, the distribution of raw materials base in Shandong Dong-e e-Jiao (Wudi, Texas), Dali, Yunnan, Xinjiang (hotan, ILI, and Wensu, and Yuepuhu), Inner Mongolia (Chifeng balinzuoqi, tongliao ancient Jarud Qi), Liaoning (Fuxin, Chaoyang), Chengde, Hebei, Gansu (dingxi, and Chen Hao, Cao Dai, and Qingcheng, and Chi). Chifeng, Inner Mongolia as a complete raw material base of the Dong-e e-Jiao, 2011 supplied more than 20,000 pieces of donkey skin. From breeding farms, farms, demonstration of the base station all the way to the slaughterhouse, factory, then to the donkey skinProcessing, donkey skin stockpiles warehouse is a complete industrial chain, but no donkey-hide gelatin production. Wudi base side missed a slaughtering and production processes, mainly provenance, also is part of the culture of the network.
Many village is designed for Dong-e e-Jiao breeding donkey, but generally of donkey-hide gelatin donkey in Wudi of raw materials used by the few. Li Shizhong said, currently Dong-e e-JiaoBases in Yunnan donkey's culture is not very large, because the very small number of Yunnan donkey, donkey head is very small and the Yunnan, where Dong-e e-jiao is a strategic distribution, indicating that Dong-e e-Jiao in the South also have control base. "Real supply donkey skin than larger places are on the Northwest and Northeast. Mainly in Xinjiang, Shaanxi, Gansu and Ningxia in the Northwest, mainly in the Northeast and Inner MongoliaEastern and Western Liaoning and Jilin. Company now has four bases in Northeast China, chifeng, Fuxin, Chaoyang and tongliao, cover to the 90% of the market in the Northeast. Strategic distribution points in the Northeast has had no problems.
"Li Shizhong said. According to Dong-e e-Jiao internal information, Liaoning Fuxin donge began establishing bases, in cooperation with the local government after strong driving donkey industry, donkey numberA 3.5% increase in annual growth rate than before. Li Shizhong said, 2012 at the base in Gansu province of the company of a large, Dong-e e-Jiao in Zhangye base of Hexi corridor, built four 2010 in qingyang, 2011 in dingxi of Gansu province and built two bases, one donkey and the base is a first party base. In addition, the East 2012Ejiao is likely to start in Fusong, Jilin province jingyu and base for Panax ginseng, Ginseng is also a main raw material of donkey-hide gelatin mixture. Donkey skin acquisition risks overseas correspondent?? Gao Suying/2011 due to political instability overseas, Dong-e e-Jiao donkey skin imports only account for all acquisitions of donkey skin 15%, only 50% task is completed. EastDonkey-hide gelatin when communicating with the leadership of China Resources group have concluded that the problem must be resolved based on domestic raw materials. At present, overseas donkey skin resources primarily in the Middle East and other regions, there is a more serious political turmoil.
As Egypt political turmoil, fur ran a city, 2011 the entire import task hit 50 percent of donkey skin. Li Shizhong told correspondentIf not turmoil, company establishment in Pakistan from 2011 begin normal operation for a long time. In 2012, the company plans to construct the slaughtering and processing of semi-finished products plant in Ethiopia, the number of State-owned 4 million head of donkey.
China now has 6 million head. "Donkey skin resources overseas, in the circumstances there is an urgent need, under the enterprise shouldA leg. But fundamentally resolve the donkey skin resources, ultimately depends on the country.
"Li Shizhong is expected by 2015 Dong-e e-Jiao overseas imports are around 300,000-350,000 donkey skin, 2012 good imports to 150,000 a year. According to reports, foreign acquisitions at least 35% per cent higher than domestic prices. Ass on the groundState has no other use, fur traders after you spend money to buy donkeys, in addition to the donkey belt home, throw all other things, it will need to pay a very high price. In addition, from overseas to Qingdao Hong Kong need more than 30 days of transit time, this has greatly increased the cost, at the same time there are also entering the fee. So the much higher costs than domestic
tera gold, coordinatedMore trouble. According to Dong-e e-Jiao, Dong-e e-Jiao now Peru, and Mexico and Egypt import licence is expected in 2012 get Brazil and Australia import permit, 2013-2015 get the import licenses of Ethiopia. 2011-2015, Dong-e e-Jiao 30% annual growth rates can be achieved in import volume of donkey skin.But if this does not resolve the local donkey meat problems, Dong-e e-Jiao can acquire up to a year to account for the destination number national number of donkeys 2.5% of donkey skin and will touch on the ceiling of the acquisition. Dong-e e-Jiao "Twelve-Five" according to plan, get donkey skin resources abroad at risk and the higher threshold, but it is imperative to get overseas donkey skin resources. Dong-e e-Jiao should jump to Mexico and PanamaJisitan, and Brazil, and Australia, represented the donkey skin is rich in resources, in "Twelve-Five" during the main direct import of donkey skin and at the same time explore the necessity of establishing the area clearance or slaughterhouses, for the medium and long term will prepare a donkey meat overseas bottleneck problems. Price increases slowed Dong-e e-Jiao seeking new channels???? More and more and more and more powerful opponents,Restricting the Dong-e e-Jiao continued substantial price increases, sales decline in May of 2011 means that sustained price increases have overdraft company brand of premium. Ningbo Dong-e e-Jiao (000423. SZ) "value strategy" has reached its seventh year, net profit rose all the way. However, after the sharp price increases, company's main profit source of donkey-hide gelatin blocksAbout falling sales for the year 2011, 20%, four-quarter although sales rebounded sharply, but the assertion of donkey-hide gelatin block sales to rebound is too early.
At the same time, marketing Vice President leaving the company can maintain its superiority into question. Beginning in 2011, the company aggressively expanding hospitals and shangchao channels, seeking the compound of donkey-hide gelatin mixture and health product sales volume, has made noWrong results, but in the period, new channel development costs, impact on profit in the near future, need to be carefully weighed.
Donkey-hide gelatin block is still a major source of profits of Dong-e e-Jiao-Jiao series products include blocks of donkey-hide gelatin, Tao Hua Ji and ejiao compound slurry, paste of donkey-hide gelatin, donkey-hide gelatin jujube and other health products. On three major products of the company adopted a different marketing strategy: donkey-hide gelatin block is "Price control ", compound of donkey-hide gelatin mixture is" widening the channel, constant volume ", health care is" to cultivate and develop the billions of species ". 2011 annual report showed that Dong-e e-Jiao sales revenue 2.759 billion yuan, achieved sales of donkey-hide gelatin products of which 2.289 billion yuan, an increase of 27.08%, but is not disclosed in the annual report a single product salesAnd financial data. Guotai Junan Analyst believes that in 2011, the company of donkey-hide gelatin business achieved revenue of about $ 1.2 billion, gross profit margins at around 81%; a compound of donkey-hide gelatin mixture business revenues of about $ 800 million, an increase of about 23%, gross margin of 62%; health products business revenues of about $ 289 million, an increase of about 45%, gross profit margins at around 50%。
If this projection, contribution of donkey-hide gelatin of donkey-hide gelatin blocks of Maori business cent of income and 54%. "Donkey-hide gelatin blocks almost completely go OTC channel, the channel has matured, cost stability. Beginning in 2011, for the promotion of donkey-hide gelatin mixture and compound health products merchant, the company's Hospital and shangchao channels into a larger, taking into account the cost factor, block of donkey-hide gelatin on company profits tributeOffer a higher share than gross profit.
"A familiar with Dong-e e-Jiao's pharmaceutical industry veteran marketing expert told a press conference.
Seen from the channel, currently Dong-e e-Jiao have OTC drugstore, hospital, shangchao, built four direct store sales channels, including company 75% of the revenues obtained from the OTC channel. Assertion of donkey-hide gelatin block will snap up too early Dong-e e-JiaoDonkey-hide gelatin products of the "return value" strategy is the market's attention. 2005 is the history of Dong-e e-Jiao's lows, increasing competition in the market, profit recorded negative growth for the year.
In May 2006, Qin Yufeng took over as General Manager of Dong-e e-Jiao, products made of donkey-hide gelatin block "value" strategies. 2006-2009, donkey-hide gelatin blocks ex-factory price increase, 21%, and 25%, respectively, sales revenue growth, 13.98%, and 21.75%, continued higher net profit margin,, 14.3%, 17.57%, respectively. "Value" companyValue, performance back on growth track, but as of 2009, bottleneck begins to emerge. After the reform, the company had four-time increase of donkey-hide gelatin block Terminal retail price, goods, fake, people concerned take factors such as the total reactive power back from the company, this is mainly due to the company's channel management capacity is weak. To break through the bottleneck, in 2009 the company introduced ERP systems, and appointmentsChannel management capability in the industry known Cheng jizhong was appointed VP of marketing, head of OTC channel. Cheng jizhong after assuming office, controls grafted on the company's strong brand marketing and optimization of distribution channels, for dealer stock, keep track of sales and price, flow of control products, have formed the current "companies, distributors, retailers, rational allocation of interests between the relative structure", Effectively supporting the formation of the price system.
Meanwhile, in the field of pharmaceutical marketing mopagunda for many years on the market have a keen sense of smell Cheng jizhong has also helped under the Qin Yufeng of sharp price increases are determined to make "value" results in further expansion. In 2010, the donkey-hide gelatin block has 4 times to raise prices for the whole year, the cumulative rate close to 50%. In early 2011, cancelled in Shandong provinceRubber products price restriction, Dong-e e-Jiao one-time price increases 60%. In 2010, the company of donkey-hide gelatin and series main business income 1.802 billion RMB, an increase of nearly 50%. Net margin increased to 24.11%, sales of donkey-hide gelatin blocks and 2009 were flat. In 2011, the company net profits rose 46.5%, net profit margin isNearly 8% per cent.
In addition, accounts receivable turnover days down to 12.09 per cent in 2010 days days. Although still impressive profit growth, but falling sales of donkey-hide gelatin block is to cast a shadow over the company. In 2011, the donkey-hide gelatin mixture and health product sales growth and the beginning of donkey-hide gelatin blocks under the price of 60%,Series products of company of donkey-hide gelatin and main business income 2.289 billion yuan, up only 27.08%.
Many brokerages estimated company 2011 in about 1350 tons of donkey-hide gelatin block sales, up 20% per cent reduction. In 2011, the quarter, the company achieved sales revenue of $ 704 million, respectively, $ 576 million, $ 583 millionAnd $ 896 million, an increase of 10.7%,-5.2%, and cent; net profit of $ 270 million and $ 184 million and $ 167 million and $ 247 million, an increase of 60%, 30%, and 49%. According to this calculation, sales in the second quarter of donkey-hide gelatin block at one point fell nearly 40%, four-quarter sales significantly againstBombs, sequential and y/y growth and 53.7%, respectively. Many market participants believe that four-quarter sales fall of donkey-hide gelatin block is already in reverse, sales will rebound in the future, 2012 is expected to align up.
But given the 2011 four seasons of inventory and sales costs, both all-time highs, this claim was premature. Data display2007-2010, company stock worth $ 150 million, respectively, $ 190 million and HK $ 202 million, $ 193 million, basic stability in the vicinity of $ 200 million. In 2011, the company stocks up to $ 320 million in the third quarter before, a record high, four-quarter sales pick up does not make inventory minus the number of 2011 stock is 3.1$ 100 million, an increase of 60.56%. In company stock and inventory of raw materials (products) amount to $ 97.93 million and $, rose, 110.42%, and semi-finished products and homemade 45.01 million Yuan, the basic flat to the 2010. Infer, yield stability of donkey-hide gelatin blocks, 2011 sharp price increases occur after poor sales, cause an increase in inventory of the company, while the company in 2011 to increase the reserves of raw materials. Not only is the increase in inventories, 2011 four-quarter cost the company increased by 67%, sales revenue grew by 30%. It is clear that record companies in the first three quarters in stock under pressure had increased in the endMarketing inputs. The third quarter of 2011, the company sales cost of 310 million dollars, an increase of 2%. Company's 2011 sales cost as much as $ 300 million in the fourth quarter, and was flat in the third quarter before.
Four-quarter sales increased $ 209 million in revenue, marketing expenses increased $ 128 million, price is not high. "As the cumulative rate of price increasesHigher price Qi Sheng phenomenon does not exist, so is the ceiling price profit growth, not a long-term solution. If companies continue to increase dramatically in the future of donkey-hide gelatin block factory, will speed up the peak.
"These senior pharmaceutical marketing experts told a press conference. Guotai Junan Analyst believes that in early 2012, company of donkey-hide gelatin factory prices and retail prices are10%, expected 2011 and 2012 sales to flat or slightly down.
This may mean that the Dong-e e-Jiao-Jiao business profit growth will slow in the future.
The beginning of 2012, from Dong-e e-Jiao Cheng jizhong left, this is the donkey-hide gelatin block "value" another test on the road. "Joined in Dong-e e-Jiao Cheng jizhong encounter bottlenecks, heDesign Dong-e e-Jiao current sales channels, especially the OTC channel coverage and penetration rates are very high, way in Office even more than cut away more than 1000 dealers in the early days, the channel focused on optimization and management in the future. But relative to the structure, management more difficult and more important, personal ability, experience and market managers is very high with smell. A good ManagerNot only to the continuous optimization of channel, but also by factors such as prices, dropped, the amount and direction of comprehensive control of amplifier channels of influence; on the contrary, the channels, however good, will be undermined. Cheng jizhong leave short-term effects on companies marketing system is limited, but the long-term effects of observation was needed.
"These people told reporters. Price increases have been in overdraft brand premiumGlue large manufacturers, is currently recognized by the domestic market Dong-e e-Jiao, Beijing tongrentang and Fu-Jiao-Jiao.
Dong-e e-Jiao "value" strategies to enhance performance and brand at the same time, also brought the loss of market share. At present, the same weight of donkey-hide gelatin blocks, tongrentang, Fu rubber prices are Dong-e e-Jiao 58%, respectively.Donkey-hide gelatin block for maximum yield of donkey-hide gelatin and blessing to the East of gum.
It is reported that former 2011 annual output of donkey-hide gelatin block is 1500 tons, which are in 2010 sales of donkey-hide gelatin block in 2000 tons. Fu rubber and tongrentang have been taken following the Dong-e e-Jiao price policy, nearly three years, the two companies ' price increases very rapidly. Price increases is the existence of some kind of understanding of the industry.Qin Yufeng has said publicly, Dong-e e-Jiao are not afraid of competition, to bigger and much more important market.
But the problem is that, at present, gross margin and net margin of donkey-hide gelatin block is very high, growing market share of competitors, if Dong-e e-Jiao continue to increase dramatically, while other companies are no longer followed, what changes occur in the market? In addition, higher marginsAttracts new competitors joined, taiji group and other enterprises in 2011 to increase the input in the donkey-hide gelatin on the product. Beginning in 2011, donkey-hide gelatin block is no longer sold as food, sales of products currently on the market are also drug lot number zhunzi, in the pharmacopoeia standards, countries relevant departments to oversee production. Therefore, formal manufacturers to produce the quality of donkey-hide gelatin blocksIs also guaranteed, no simple evaluation which product better, brand recognition is particularly important at this time.
Dong-e e-Jiao Fu rubber, fighting for "authentic" birthright, "you to me, angry". Fu plastic due to their previous CCTV exposure of negative information, brands are affected, also restricting the development of his high-end line, but the image has been good in the area of export。
Tongrentang there are donkey-hide gelatin sold about 100-200 tons, the size of small, but it has a century-old brand appeal, is growing very fast. "More and more and more and more powerful opponents, restricting Dong-e e-Jiao continued substantial price increases, sales decline in May of 2011 means that sustained price increases have overdraft company brand of premium. "These people say.Qin Yufeng with new channel told reporters that the OTC is the main channel for our products, but comparison of hospital and health care product sales accounted for 2010 must increase, at present, three channels of sales is in the 7:2:1 structure conversion. Hope in the "Twelve-Five" compound of donkey-hide gelatin of donkey-hide gelatin blocks and pulp during the two main items to create adult $ 2 billion in sales "Double cross-OTC and hospital channels "the star product. Donkey-hide gelatin block is almost entirely from the OTC channel sales.
Compound of donkey-hide gelatin mixture is in the past, but beginning in 2011, open up channels of the hospital into the focus of the company, in addition to the OTC channel advertising, the company increased the hospital propaganda efforts. Many brokers believed that in 2011, the compoundMortar sales revenue at about $ 800 million, hospital sources start volume, sales reach $ 100 million. Company ad fee is $ 119 million for 2011, Qin Yufeng told reporters, advertising for both compound and publicity of donkey-hide gelatin of donkey-hide gelatin slurry, cost about 50% each, this shows that the company attaches to the compound of donkey-hide gelatin pulp sales work, and also describes the new channel development investmentIn large.
In addition to the advertising costs in 2011, cost of sales channels and markets specialized in marketing costs up to $ 290 million, an increase of 63%. The company announced in early 2012, increase Terminal retail price not exceeding 30% of donkey-hide gelatin slurry, and adjusts the ex-factory price. This was interpreted by markets is intended to promote sales of. It is understood that the compound of donkey-hide gelatinPulp maximum retail price has not changed since 2005, in addition to companies to improve the ex-factory price, channel profit is continuously compressed, which to a certain extent the enthusiasm of the dealer. In this regard, Qin Yufeng told reporters that the compound of donkey-hide gelatin slurry 2011 sales are growing, not directly related to product prices and promoting hospital Terminal sales, but according to the priceTime and place, and channel margins will gradually improve. Price behavior of compound of donkey-hide gelatin mixture, journalists have expressed different views from above, "the central role of donkey-hide gelatin block is health, be ' despise the poor and curry favour with the rich ' route, the tasks of the business profit growth has taken the Dong-e e-Jiao, still has potential, but of donkey-hide gelatin mixture is drugs, target population andBlock differ, when pricing should be given more consideration to benefit people, continued price increases is not wise. "Huatai combined analysts, in 2011, the drug compound failed to enter the national base of donkey-hide gelatin slurry directory enables grassroots sales blocked. In 2012, as the addition of directory provinces to enter increase, expects sales in the next three years to maintain the compound rate of 20%. Qin Yufeng toldJournalists, the latest is, compound version of donkey-hide gelatin mixture into 11 provinces in addition to basic medicines and drugs used in 17 provinces new cooperative directory, will be on the primary health care Terminal sales play a facilitating role. But there are two points of concern, first, the compound of donkey-hide gelatin slurry channels sales just starting out at the hospital, most of the sales in the OTC channel, raising retail prices or will powerHospital Terminal sales volume, but the impact on OTC channel is more complex, and arouse the enthusiasm of distributors, but have a negative impact on consumer purchasing.
How to balance the relationship between the two, is the test of Dong-e e-Jiao. Second, China Resources Group platform of traditional Chinese medicine in the CR (39, shares), Dong-e e-jiao is the location of health products andBiological product platform, and therefore more difficult to launch channels in hospitals of the future new product of the company.
Greatly expand hospitals mainly to promote a product, get a higher return on your money remains to be seen, during the company's increase in selling and administrative expenses also erode profits. Lingrui pharmaceutical (600,285, unit) marketing manager Wu Yanbing told reporters,Hospitals are used in drug sales channels, cost rate one of the highest. And Dong-e e-Jiao bio-pharmaceutical business has no hope, although growth in sales in 2011 116.63%, size but also only a block of donkey-hide gelatin and donkey-hide gelatin slurry, relatively little health products sales. "Health products main Super channel, OTC Terminal marketing of health products, but sales ratioLarge.
"Dong-e e-Jiao official told reporters. Many brokers believed that in 2011, the company sales revenues grew at more than 50%, peach Ji A rubber cake sales have billions of them. Health product sales revenue is at a period of high growth, is expected to become an important engine of growth in the future. China Merchants securities (600,999 shares), relative to the marketConcern about the return of donkey-hide gelatin block value, the market ignored the explosive force of donkey-hide gelatin derivatives. "Dong-e e-Jiao potential of health food market is very large, scale is billions of possible, now channel coverage and penetration rates are very low, can expand in the future, action is crucial, but compared to other products, company investment in health products marketing was too small. "These peopleTold reporters. 2011 annual report shows that health products wholly-owned subsidiaries of the company net profits of 15.2182 million Yuan. This relative to the $ 300 million in sales, profit margins are too low. Dong-e e-Jiao officials told reporters that such profits do not represent all profits of the companies health products business. Nevertheless, it can still be glimpsed, company health products industryFacts with low profit margins.
In this regard, Qin Yufeng told reporters that the pharmaceutical industry, health products industry margins are generally low, and also because of the company's products are in the market to import, high cost, as the size, expense ratio will gradually decrease, margins will gradually increase. Apart from OTC, hospitals, Super three channels, "Dong-e e-Jiao now building their own direct store sales percentage is not high, but growth is faster, compared with 2010, an increase of more than 50%.
"Qin Yufeng added.
Dong-e e-Jiao did not disclose the number of direct store, huatai United believes that at present more than number of stores in more than 30 per cent, "Twelve-Five" period will be extended to nearly 100. It is understood that the dongeApplications for most of donkey-hide gelatin direct store has sales of OTC drugs, with the compound of donkey-hide gelatin mixture of OTC drugs and drug zhunzi product of donkey-hide gelatin blocks are available in-store sales.
Qin Yufeng vision is to direct store, provided with donkey-hide gelatin as the main raw material, combined with other herbal paste series health products, health advisory service, to build across the National Health Museum. ()
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