title source: official website
reporter丨Zhou Qi Editor丨Jiang Yuyan
On October 10, Qianhe Flavor Industry opened and hit the daily limit.
closed, up 10.01%, closing at 16.59 yuan, with a market value of 15.902 billion yuan, and is equivalent to a one-day increase of 1.4 billion yuan and .
On the same day, Qianhe official live broadcast room soy sauce and other products were sold out. The anchor said that he was not prepared enough and was working overtime to produce. "21CBR" reporter noticed that the products on sale in its official Douyin live broadcast room are also in a "pre-sale" state.
originated in Meishan, Sichuan, and Qianhe Flavor Industry was founded by Wu Chaoqun and Wu Xueming brothers.
is different from the traditional craftsmanship of time-honored brands. The biggest selling point of Qianhe Soy Sauce is "zero addition". With this unique bottle of soy sauce, Qianhe Flavor Industry opened up the situation.
In 2021, the company's revenue was 1.925 billion yuan and its net profit attributable to shareholders was 221 million yuan.
Relying on a bottle of soy sauce, Wu Chaoqun, who was born in a farming family, made it on the "2022 Hurun Global Rich List" with RMB 6.3 billion.
bet zero addition
is not a "time-honored brand" and there is no traditional craft. In order to get out of the circle, Wu Chaoqun focused on "zero addition".
annual report specifically mentioned that "the company's zero-added series of soy sauce does not add colorants, fresheners, or preservatives." In its product ingredients list, the ingredients are water, non-GMO soybeans, wheat, and edible salt (not added iodine).
In 2008, Qianhe launched the "zero addition" soy sauce product, which is the first time in the industry to .
Qianhe Flavor Industry's "Toudao Yuanxiang Series Zero Add Soy Sauce" series is divided into three types of products according to the brewing time: 180 days, 280 days and 380 days.
"21CBR" reporter found in Qianhe Tmall flagship store that the above three major products are priced at 12.82 yuan, 16.73 yuan and 19.95 yuan respectively. Among them, "180 days" is the main product, with sales exceeding 80,000 yuan within 30 days.
Wu Chaoqun went through a lot of effort in marketing.
In 2021, he spent 388 million yuan on sales, an increase of more than 35% year-on-year. The annual report is attributed to "increased investment in TV advertising." In addition to the expansion of the release of
, Wu Chaoqun also made a fuss about product packaging.
2018-2020, Qianhe's Zero Add Soy Sauce was replaced with packaging twice. It is not difficult to find that "0" is becoming more and more conspicuous.
The previous move highlights "zero addition" and adds textual interpretation; the latter move highlights "0" itself, and the words account for almost 50% of the packaging area, forming a strong visual impact.
Consumer education is not achieved overnight. Wu Chaoqun has a backup plan, which makes the concept of "Qianhe = Zero Addition" gradually gained popularity.
During Double Eleven in 2020, Qianhe Flavor Industry launched a short video "Boy on the Root of the Tongue", which tells the story of seven aunts and aunts chatting about "The grandson of the Zhang family can make soy sauce". After word of mouth, it turned into "a boy with six heads and twelve arms appeared in Dashi Village."
uses rumors to spread analogy 0 to add soy sauce - speaking is the same as soy sauce, just clean it up, add some mess and it will change the flavor.
Qianhe also sent 100 handwritten letters on its official Weibo . The writers are the quality inspectors of Qianhe Flavor Industry, quality managers , lab , purchasers, etc. In the letter
, except for the wishes to consumers, almost all the quality of adding soy sauce is mentioned.
family large enterprise
1969, Wu Chaoqun was born in a farming family in Meishan, Sichuan.
After graduating from the veterinary science of South China Agricultural University, he was assigned to work in a local state-owned enterprise. Driven by the wave of entrepreneurship in the air, in 1996, he persuaded his brother Wu Xueming to found Meishan Hengtai to produce a food additive called "caramel color" to provide raw materials for downstream condiment companies.
Brothers work together and their strength is to cut off gold. During the process of
, he found that selling condiments directly over raw materials makes more money.In 2001, Wu Chaoqun transformed from a food additive company to produce soy sauce, oyster sauce and other condiments, and the company was renamed "Qianhe Flavor Industry".
From a veterinarian to a condiment boss, Wu Chaoqun took a big step across the border.
He took the lead in proposing the concept of "zero addition" in the soy sauce industry, grasping the food safety defense line that consumers value the most, and making a breakthrough in the condiment market. During the period of
, the proportion of soy sauce revenue increased from less than 20% to 60%, while the caramel color business fell from 50% to 10%.
Qianhe did not disclose the revenue of "zero addition" soy sauce products separately. However, in September this year, it stated on the investor interactive platform that "zero added condiments revenue accounts for more than 50% of the company's condiments revenue" .
Wu Chaoqun's business is getting bigger and bigger.
In 2016, in order to raise funds to build a production line project for brewing soy sauce and vinegar at an annual output of 100,000 tons, Qianhe Flavor Industry was listed on on the Shanghai Stock Exchange. By 2020, the seasoning revenue will be nearly 90%.
As a family business, Qianhe Flavor Industry's equity allocation is relatively concentrated.
Wu Chaoqun holds 37.09% of the shares; his nephew, Wu Xueming's son Wu Jianyong, is the second largest shareholder, holding 9.83% of the shares; Wu Xueming himself holds 0.84% of the shares, and the three of them hold a total of 47.76% of the shares, and they have the absolute controlling status of .
In the first three quarters of 2018 alone, Wu Chaoqun cashed out about 1.052 billion yuan through a large-scale share reduction; his nephew cashed out 587 million yuan in 10 days in 2020.
Wu Chaoqun is the chairman and president with an annual salary of 1.51 million yuan. 36-year-old Wu Jianyong serves as the regional manager of the retail business department, with a salary of 328,400 yuan.
Expand product and increase production capacity
Qianhe originated from Meishan, Sichuan, and Wu Chaoqun is unwilling to live in the southwest.
In 2013, he started distribution cooperation with Shanghai Huixiantang to explore the East China market, and bear the KA system product entry fee, brand promotion fee, product promotion fee, etc. The amount of Qianhe products sold by Huixiantang increased from 2.44 million yuan that year to 74.83 million yuan in 2017.
As of 2021, the eastern region is the second largest market for Qianhe Flavor Industry.
In the same year, Qianhe's sales revenue reached 1.255 billion yuan, an increase of nearly 13% year-on-year.
distribution network is deployed, and Wu Chaoqun accelerates the expansion of production capacity and ensures supply. Before
was launched, Qianhe Flavor Industry's annual production capacity was 70,000 tons of soy sauce and 30,000 tons of vinegar. After its listing, Wu Chaoqun started expansion twice, with doubled its production capacity to 320,000 tons of soy sauce and 130,000 tons of vinegar.
In October 2019, he once again announced his investment in the expansion of the annual production line of 360,000 tons of condiment production line.
In February this year, Qianhe Flavor Industry disclosed its plan for a private placement, intending to raise 500,000-800 million yuan to be used for an annual production of 600,000 tons of condiments, involving a production capacity of 500,000 tons of soy sauce and 100,000 tons of cooking wine.
In other words, if the above two expansion plans are implemented, its soy sauce production capacity will increase by more than one million tons compared to before its listing, an increase of 15 times.
It is not enough to just have "zero addition" soy sauce. Wu Chaoqun has added organic and high-fresh series soy sauce, and has also developed a large-packaged Dongpo red soy sauce for catering channels.
high-fresh soy sauce includes Qianhe Dingding Fresh, Qianhe Wei Jixian, Qianhe Yipin Fresh and other products. The price of 10-15 yuan/500ml is ; in the organic soy sauce series, the guide price of organic soy sauce and Tianyuan Organic reaches 49.8 yuan/500ml, 298 yuan/500ml.
In 2021, Wu Chaoqun sold more than 26 tons of soy sauce, an increase of 30% over the same period last year.
On the other hand, in order to broaden the product matrix, Wu Chaoqun synchronously layout other condiments.
Take vinegar as an example. In 2019, Wu Chaoqun acquired Zhenjiang Hengkang Sauce Vinegar.
Qianhe Flavor Industry has a series of cellar vinegar, balsamic vinegar, white vinegar, flavor vinegar, aged vinegar, and hot pot vinegar, a total of 13 types, and covers the production capacity to oyster sauce, cooking wine, sesame oil, oil vinegar salad juice, convenient seasonings and other categories.
In the first half of this year, Qianhe Flavor Industry's revenue reached 1.015 billion yuan, a year-on-year increase of 14.56%. Among them, soy sauce contributed 603 million yuan and vinegar products revenue was 174 million yuan.
Open the business door with a bottle of soy sauce. Wu Chaoqun is using a point to break the noodles and gradually builds his own seasoning empire.
