17 years of national enterprise bright dairy decline, market value of 12.43 billion less than Yili 167.4 billion zero!

Two days ago, netizens brush screen "knee for bright cold drink price increase", the 17-year-old national enterprise pushed into the spotlightIt was found that it was difficult to find snow-capped tiles and red bean ice in convenience stores"convenience stores enter the high cost, the low-cost bright keep out of the door", is the Shanghai Yimin Food Factory to give an explanation"Our old domestic brands, the group of relatively price sensitive, must take more account of consumer sentiment" behind the feelings, the light really does not return to gloryAt present, the total market value of Bright Dairy is 12.43 billion yuan, less than the yili 167.40 billion, nor comparable to the 99.951 billion Hong Kong dollars mengniuWhen Bright went public in 2002, the market value was far greater than the two, with the fresh milk business became a national prideWhat's wrong withbright? People can't help but remember the first chairman Wang Jiafen, who brought Bright from the cattle farm to "the first unit of China's dairy industry" and brokered 15 years of management under French giant DanoneIn the end, the "Dairy Queen" had an inexplicable curtain-raiserfrom cattle farms to "Dairy Queen"Wang Jiafen in charge of the bright 15 years, with foreign investment in the history of the development of bright dairybright founded, new China just found a new country, foreign investment is very strongAs early as 1931, Shanghai's first industrial production of ice cream, by the United States Haining Chamber of Commerce productionBy the time Jianguo was established, there was no Chinese cold drink brand on the beach1950, the head of a Shanghai Yimin Food Factory said: How can China not have its own ice cream? Then it was named "Bright", which means "New China is a bright place"Factory specially modified propaganda vehicles, sent beautiful women to promote, and along the street all the way to distribute ice cream At the end of the year, Bright sales exceeded foreign investment, successfully break through but the memory of that era is still the history of the acquisition of national brands by foreign capital: Chinese toothpaste, vitality 28, LeBac, Mrs Le chicken essence When foreign investment carries millions of dollars, and technology and management experience extend an olive branch, few national brands can remain unmoved on the other side of the , China's domestic dairy industry is also quietly growing In 1956, Shanghai Milk Company was founded, and Wang Jiafen later served as general manager here Bright brand, Yimin a factory have been assigned to this In 1996, Shanghai Bright Dairy was established, jointly funded by Shanghai Milk Company and Shanghai Industrial Group Wang Jiafen entered Bright Dairy as Chairman and General Manager before the bright preparation, Wang Jiafen saw the strength of foreign investment Danone and the Chinese joint venture plant, requires the company to grow not less than 30%, yogurt not less than 50% In 1995, the joint venture fresh milk factory was completed, Danone replaced the fresh milk equipment with normal milk, and finally sales fell sharply By the time the yogurt factory merged, Danone began to blame Bright for pricing too low, squeezing Danone market space The marriage began with a rift in China, bright yogurt business has grown, but Danone is becoming increasingly dismal In 1998, Qin Peng, danone's president in China, was shocked to learn that Guangming could produce 70 tons of yogurt a day He proposed that Caneng and Bright Dairy be jointly Wang Jiafen smiled: you can not even Danone business, how can you give the light to you? later Bright Dairy retired and parted ways with Danone But in 2000 Bright Dairy planned to go public, Danone caught another glimpse of the opportunity According to the listing requirements, bright need to introduce small shareholders, Danone repeatedly lobby Shanghai Industrial: yogurt is not good to do, Dancan can have experience, will not seek to control Eventually the majority shareholder nodded Wang Jiafen also wants to struggle Shanghai Jiahua's boss Ge Wenyao advised her: "Jiafen ah, Danone this Prince Charming are kneeling 'propose', you also don't want the shelf too big." Other entrepreneurs echoed In the end, Wang Jiafen agreed irony, shanghai-based home-and-nosed joint ventures with American Chuangchen later lost their role as the make-up industry boss is well aware of Danone's nature, Wang Jiafen on Danone law three chapters: not to make yogurt in China, yogurt business into the bright, bright right to use Danone brand for 10 years The decision is correct, with yogurt growing rapidly in China, with sales surpassing milk in 2017 Yogurt also becomes a bright leg later, Danone's more than ten years of entanglement, and always with the "back yogurt management rights" related 2002, the restructuring of the completion of bright dairy in the A-share listing With yogurt and fresh milk business, Bright Dairy's annual revenue of 5.02 billion yuan, while Yili is only 4.01 billion yuan, Mengniu 459 million yuan Wang Jiafen made Bright "the first stock of China's dairy industry" and also won the title of "Queen of Dairy" "Iron Lady" but the majority shareholder bright high-singing Kaige, the strength of Chinese brands and foreign investment contrast has not been reversed The list of acquired and snow-hidden is still being lengthened: Arctic Ocean, Tianfu, Shan Customs, Lushan, Andya Temple Danone has also been waiting to overturn the agreement and restart the yogurt business Even the increase in holdings and holding bright dairy is part of its plan Wang Jiafen's battle is still very long 2003, Danone's Asia Pacific president Yi Mengsheng proposed to form a joint venture with Guangming, which was rebuffed by Wang Lifen The next year, Yi Mengsheng visited again and told a very unfriendly story Yi mensheng said: if you do not cooperate, the light is the next "LeBac." The previous year, the non-rival Wahaha LeBet was acquired by Danone, the management of all the removal "Even though they are good people, Danone does n'etat to teach mature technology to outsiders Mr Yi said Bright would have to accept Danone's technology and would hand over the right to operate Danone wants to invest $1 billion in China and capture 40% of the yogurt market, hoping to think about it early "bright management team is doing well, but only on behalf of the past, not the future, so the operation of Bright Dairy should be handed over to Danone " Wang Jiafen was angry, dropped a sentence "to do things according to the contract", and went away Lebex is a failed case, after the acquisition of snow, the product is only drinking water, so far the share is very small Founder Ho Boquan has also been in dispute for giving up Chinese brands for more than a decade At the time, Bright's share had been growing, but Danone China had repeatedly suffered but Yi Mengsheng promised investment is not false, the majority shareholders began to waver In 2004, Bright and Danone reached a new agreement that would allow Danone to increase its stake in Bright Dairy by no more than 20 per cent by 2010 But the bottom line of joint venture yogurt can't be shaken this allows Dada to see that the bright management layer and the majority shareholder sit together In 2005 Danone proposed that an increase of 20.1% could also be discussed, the key is to obtain shares from major shareholders It may even seek a controlling stake within five to 10 years can catch the bright weakness: it is the big shareholders, not the management layer, who can beat the board In state-owned enterprises, the two fit too far 2005, Bright also broke out the "recycled milk" scandal, Wang Jiafen's sentence "the whole industry has milk cans", which seems to be the industry's sub-rules, but by peer siege At the end of 2005, the general manager of Shanghai Industrial said that they were personally looking for a general manager, hoping that the chairman and the general manager would be separated, rather than Wang Jiafen alone Wang Jiafen accepted the arrangement She knew the last day was coming since 2003, Bright lost the battle of warm milk, Mengniu and Yili with this all the way to the song, occupy the national market It was not until Mengniu reached the bright base of "East China" that the light had to open the "fresh milk defense war" and re-establish the center of gravity In addition, Bright's yogurt business is also being challenged by Mengniu at the end of 2006, Danone announced a partnership with Mengniu, ending a 15-year entanglement with Bright Dairy Wang Jiafen's campaign ended, she had a sleepless night: to keep the right to operate the light, but also to put Danone to the opponent, she did the right thing? two years later, Mr Wang stepped down as chairman and stepped out of the public eye , Wang Jiafengong is more than ever: in 1997 opened the national goal, leading the bright out of Shanghai When it went public in 2002, Bright Dairy ranked first in the country in sales She created Bright Dairy, which, despite missing out on warm milk and the scandal over recycled milk, remains the soul of the Chinese dairy pioneer when he left office, Wang Jiafen left a bitter words: "Bright is a state-owned enterprise, the general manager, the appointment of the chairman of the board of directors must be carried out in accordance with the provisions." When the manager's career ends, this is the most appropriate time "Why does light fade?" the "institutional problems" that have left Wang in mind may be one of the reasons for Bright's backwardness once, bright dairy milk source is not enough, to Inner Mongolia to buy enterprises, raw milk and more Wang Jiafen realized that in addition to industrial operations, Bright must also have a capital layout She told the leader this opinion, in exchange for a scolding: "Your profits are mine, you have a good grasp of the industry on the line." "At that time, Wang Jiafen was in a state of dismay and didn't even go to the office the next morning in the 15 years of tug-of-war with Bright, Danone also felt the law, knowing that it was the shareholders behind, not the management, who could clap the board So Danone later suggested that "anything can be said, as long as the majority shareholder agrees" Compared with the private enterprises, Wang Jiafen's inch of land must be less effective the separation of operators from shareholders also affects the enthusiasm of business operations In 2004, Mengniu's Niu Gensheng was listed as a forbes rich man with a fortune of 135 million yuan At the end of 2006, IlyaPin Steel's equity incentive was close to 200 million yuan In the light, this is unthinkable An old anecdote shows that in 2005, just got the stock in circulation incentive bright dairy executives, because the stock fell, Wang Jiafen alone lost 280,000 yuan This is not in the same order of magnitude as Erie and Mengniu behind nostalgia and conscience, is the development of bright and slow cold drink Today, Shanghai Yimin Food Factory's official website, bright cold drinks only 32 According to media reports, small shops dare to buy, only the popular snow ice brick, three-color cup and so on a few The low-end product line has deprived Bright of its ability to enter high-end drinks and, naturally, has been shut out by convenience store channels in the annual report, Bright's product line is divided into liquid milk, other dairy products, animal husbandry products, rather than cold drinks as Erie specializes , it can be seen that Erie's margin of profit on cold drinks was 43.08 per cent, higher than the average of 37.52 per cent for all products In fact, after the 2003 fresh milk strategy, Bright has been glued to pasteurized milk, yogurt and other fields Mengniu and Yili, by virtue of warm milk, milk powder-based other dairy products, has become a strong support for cold drink manufacturing Source: AI