See how the hundred-year-old Yunnan white medicine is born in Nirvana
Last Update: 2021-02-20
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24 years since the listing, Yunnan White Medicine has never lost money, and the enterprise as a whole has maintained high growth. It is undoubtedly one of the best enterprises in Yunnan; It is the first Tenbagger (ten times over a decade) of China's A-shares and remains the standard "white horse stock". However, behind the remarkable achievements, accompanied by a process of enterprise replacement
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Yunnan white medicine, this has a deep heritage of the old national brand carries Chinese hundred years of memory. And in the capital market, the old company is also setting a new record: unwittingly, Yunnan White Pharmaceuticals share price broke 100, the company's total market value of more than 100 billion, won the Shenzhen pharmaceutical stock market value of a brother.
looking back 24 years ago, on November 30, 1993, Yunnan White Pharmaceuticals first landed in the capital market, with a total market value of only 828 million yuan, a 127.66-fold increase over the current market capitalization of more than 100 billion yuan.
24 years, Yunnan white medicine has never lost money, the overall enterprise to maintain high-speed growth. It is undoubtedly one of the best enterprises in Yunnan; It is the first Tenbagger (ten times over a decade) of China's A-shares and remains the standard "white horse stock".
, behind the remarkable achievements, accompanied by a process of enterprise replacement.
re-creation: a hundred-year-old name rejuvenated with youthful vitality
was born in the late Qing Dynasty, Yunnan white medicine, more than a hundred years ago. With the uphea changes of the times over the past hundred years, the new consumption demand and operating environment have made the traditional products and operating methods of white medicine once felt uncomfortable.
Before 1999, although Yunnan white medicine business indicators continued to grow, but the new products represented by the creation of a sticker but quickly seize the core of white medicine small wound care market share, the use of inconvenient and brand aging white medicine bulk agent annual sales from the peak of 100 million bottles plummeted to millions of bottles.
2000, Yunnan White Pharmaceuticals conducted a survey and found that the company's products have three problems: good products but low-end positioning, narrow market boundaries and aging brand image.
sold 100 years of Yunnan white medicine, the efficacy is well-known, but the bulk packaging to consumers a low-end image of the folk side, resulting in market prices and in-house value correlation is not high; Consumers' perception of white drugs is limited to rapid hemostation and little is known about other effects. The general consumer's concern about Yunnan white medicine decreased year by year; Over the past hundred years, yunnan white medicine product image began to age, consumer groups are mostly over 40 years old, young people under 30 years of age have rarely used Yunnan white medicine.
investigation, the company realized that Yunnan white medicine at that time was like an old-time dragon clock elder, although respected, but has obviously lacked vitality. Watching a lot of hundred-year-old shops in the market slowly fade out of sight, towards decline, our management is very anxious!" In an interview with Panorama.com, Yu Pinyao, general manager of Yunnan White Medicine, said.
Yunnan white medicine needs Nirvana to be reborn. Only change can survive, and the most urgent of these is to fundamentally reverse the old management of traditional state-owned enterprises and lack of enterprising status quo.
in 1999 Yunnan white medicine officially opened the beginning of enterprise re-creation, began to reshape the core competitiveness of enterprises from the inside out.
is to set up an internal entrepreneurship mechanism. That is, the company to create a platform, the national market is divided into 15 regions, sales staff competition, in order to provide opportunities for outstanding external talent at the same time, stimulate the internal staff competitive awareness, and ultimately to improve sales forced production, research and development and management changes;
is the establishment of the chief scientist system. Good products are the cornerstone of enterprise competitiveness, and the chief scientist brought about by clear responsibilities and incentives for change, so that a number of highly competitive high-quality products continue to emerge;
is a management system innovation driven by the reform of the compensation system and the internal order system. Replace the salary standards of employees of state-owned enterprises with the full performance appraisal of cadres and workers. At the same time strict implementation of the last phase-out, since 2000, Yunnan white medicine staff annual elimination rate of more than 10%, cadres elimination rate of 5%, the realization of cadres can be up to
, employees can enter and go out of the modern enterprise management.
Yu Pinyao said, taking Yunnan white medicine can be paste as an example, through enterprise re-creation, the implementation of virtual enterprise operation mechanism, with the help of the United States 3M company, Germany's Baiersdorf company and other partners of materials and technical resources, the introduction of Yunnan white medicine creation paste, and through the creation of Yunnan white medicine in the field of injury care derivatives, successfully shaped the unique image of the product, with the world's well-known manufacturers differentiated competition.
, Yunnan White Medicine regained the market share of Small Wound Care in China.
in addition, Yunnan White Medicine carried out a series of publicity for young consumer groups, including becoming a sponsor of the Olympic Games, borrowing the Internet new media platform, carrying out event marketing, Yunnan White Medicine brand began to gradually separate from the old image of the elderly, a youth, sports, fresh vitality.
transformation: inheritance is not mud ancient, innovation is not away from Zong
if only to keep the monopoly advantage to sit and eat the mountain sky, Yunnan white medicine can not grow to such a large scale today.
Looking back 10 years ago, in the high-end market by foreign brands monopoly, low-end market downturn, Yunnan white medicine "sword go to the edge", in 2004, Yunnan white medicine toothpaste came out, in just one year, sales will exceed 100 million yuan. White toothpaste, an iconic product, also brings Yunnan white medicine into the field of big health.
In 2010, Yunnan White Medicine put forward the "New White Medicine, Great Health" strategy, the new strategy adhering to the "heritage is not mud ancient, innovation is not divorced" innovative concept, traditional medicine into modern life, yunnan white medicine to carry out a new hundred years of entrepreneurship, to create "medicine"-based, health care, nutrition and health care, fitness and leisure and other areas of common development of the large health industry platform, and gradually transition to the big health industry.
the company's strategy, Yunnan white medicine transformation and development has been adhered to the "traditional Chinese medicine into modern life, for consumers to create a modern healthy new way of life" the main line. "Yu Pinyao introduction, " around this main line, combined with Yunnan's rich medicinal plant resources and Yunnan white medicine more than a hundred years engaged in medicinal
taste, use and other research experience, from the 1990s on, Yunnan white medicine began to accumulate their own in the natural plant development of the top formula Technology applied to the field of health, health care, health care, in adhering to the "drug"-based premise, will be more traditional Chinese medicine care concept into the consumer's agenda life, consumer demand-oriented, the introduction of relevant new products, to achieve brand awareness and product consumer coverage of the steady development. "
from the introduction of white medicine in 2001 to the introduction of white medicine toothpaste in 2004, to the 2010 market of the health Yuanqing shampoo, the company's industrial transformation road to a stable and accurate.
At present, in addition to white ointment toothpaste, Yunnan White Medicine Health Products Division has launched a series of products including shampoo, sanitary napkins, masks, essential oil soaps, hand creams, lipsticks, facial care, etc. Prior to the listing of Yunnan White Medicine, "Yunnan White Medicine" was actually just a drug name, and in March 2017 BrandZ? released the top 100 most valuable Chinese brands in the list, Yunnan White Medicine ranked 28th in the list, brand value of 3.074 billion U.S. dollars, the industry ranked No. 1, Yunnan White Medicine successfully achieved the brand from a single drug name to a well-known brand in the health industry.
New: the reform of the system attracts attention, live water injection to change
product research and development, brand innovation, lay yunnan white medicine into the hundreds of billions of market value of pharmaceutical enterprises, in the controlling shareholder level to introduce social capital system innovation, so that 100-year-old stores into the source of live water, mixed ownership reform of the "white medicine model" also attracted the attention of the capital market.
june this year, Yunnan White Pharmaceuticals disclosed that Yunnan White Pharmaceuticals Holdings intends to introduce Jiangsu Fish Leap Technology Development Co., Ltd. (hereinafter referred to as "Jiangsu Fish Leap") as a third-party shareholder through capital increase. Jiangsu Fish Yue is a strategic partner introduced as the second phase of the white drug holding mixed reform, following The New China Capital in December last year.
the reform, Jiangsu Fish Leap plans to increase its capital by about 5.6 billion yuan to take a 10% stake in White Pharmaceuticals Holdings. After the completion of the transaction, White Pharmaceutical Holdings will form the Yunnan Provincial SASAC 45%, Xinhua 45%, Jiangsu Fish Leap 10% equity structure, the company's directors will also present a new pattern of 2:2:1, combined with the shareholders of all parties 6 years of equity lock-up period of "tough" requirements, "white medicine model" for enterprises to introduce about 30 billion yuan of stable incremental funds at the same time, its market-oriented characteristics are gradually emerging.
In present, the mixed reform of the controlling shareholder White Pharmaceutical Holdings has been basically completed, strategic investors have been introduced into place, and its board of directors, supervisory board and executive team have been formed," he said. The
of the white drug model is undoubtedly the real marketization. Public information shows that since the introduction of Xinhua Capital, the market-oriented governance structure of White Pharmaceutical Holdings has been initially formed, the company's directors, supervisors and senior managers have achieved the principle of market-oriented appointment, no one has an administrative level, especially the Yunnan SASAC nominated directors, but also through the market-oriented selection of professionals in the field of economic management, the real establishment of a market-oriented governance structure for Yunnan White Medicine.
half a year, the effect is beginning to appear. In August of this year, Yunnan White Medicine handed over its first transcript after the mixed reform. "In the first half of the year, revenue broke through the 10 billion mark again, reaching 11.96 billion yuan, up 14.43 percent year-on-year; Net profit was RMB1.57 billion, up 12.75 percent year-on-year. "This achievement shows that Yunnan white medicine has gradually explored how to develop a hundred years after the grand plan of the new path.
Ping An Securities Research Report pointed out that Yunnan White Pharmaceuticals from 2017 to 2019 net profit scale is expected to achieve 3.39, 39.4 and 4.58 billion yuan, a compound growth of about 16%. Net operating cash flow/operating income growth rate will remain at about 15%, all driven by endo-built, their own blood production capacity is very strong. The effect of the mix-up has been partly reflected in the year-on-year decline in expenditure on management costs, indicating that the company is already improving its internal profit efficiency after the introduction of private capital and the abolition of administrative levels.
In January this year, Premier Li Keqiang visited Yunnan White Medicine Group, pointed out that Yunnan White Medicine's achievements in the 100-year-old shop, relying on the spirit of artisans and entrepreneurial spirit of the two pillars, to the spirit of artisans to ensure quality, efficiency and credibility, to entrepreneurial spirit to grow and form an industry.
as a traditional Chinese medicine enterprise, Yunnan white medicine from the beginning of its inception will be "artisan" connotation implanted into the brand, with hundreds of years of history to interpret the "artisan" and "enterprise" relationship. In the market generally pay attention to performance indicators, with operating figures to speak, the industrial field fully advocated information, intelligent today, the company still adhere to the use of "ingenuity" to do products, relying on "artisans" to build a modern Chinese medicine industry, artisan spirit has been integrated into the Yunnan white medicine management process. The reform and development process of Yunnan white medicine and the transformation and development of large health industry are the effective demonstration of yunnan white medicine entrepreneurship. In the future, under the support of artisan spirit and entrepreneurial spirit, under the reform of institutional mechanism and the innovation of business model and the reconstruction of value, the new hundred-year-old Nirvana pharmaceutical enterprises can be developed steadily. (Source: Panorama)
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