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Soft Drinks in China
Q1 2015
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Table of Contents
I. Industry Overview
1. Industry Highlights
2. Investment Opportunities
3. Key Industry Indicators
4. Industry Forecasts
5. Industry Drivers
6. Industry Inhibitors
7. Sales Revenue and Cost
8. Output and Retail Sales
9. Industry Globalisation
10. Imports and Exports
11. Exports by Product
12. Imports by Product
II. Competition Overview
1. Competition Landscape
2. Industry Concentration
3. Top Groups
4. Foreign Players
5. Top Players
6. Competition Elements
7. Cost Analysis
8. Profitability
9. Price Indices
III. Regulation Overview
1. Government Policy
IV. Regional Overview
1. Soft Drinks Regional Distribution
2. Soft Drinks Production, Distribution and Growth in 2013
3. Industrial Financial Data by Province
4. Industrial Financial Data by Province (cont’d)
V. Companies Overview
1. Top Listed Companies
2. Top Industry Deals
3. Top Industry Deals (cont’d)
VI. Company Profiles
1. Uni-President China Holdings Ltd.
2. Tingyi (Cayman Islands) Holdings Corp.
3. V V Food & Beverage Co., Ltd.
4. Hebei Cheng De Lolo Co., Ltd.
5. China Huiyuan Juice Group Ltd.
6. Blackcow Food Co., Ltd.
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I. Industry Overview
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Industry Highlights
China's soft drinks industry is expected to maintain an annual growth rate of around 9-11% in the next two to three years, appreciably lower than the average annual growth rate of over 18% in 2009-2013.
The government is expected to continue to impose stricter requirements on product quality and safety.
The average price of soft drinks is expected to rise. Despite intense competition, the rising costs of raw materials, labour and logistics are bound to push prices up eventually.
Digital advertising platforms are expected to attract a greater share of firms’ investment expenditure in 2015, with budgets shifting away from traditional advertising media such as television and print.
The growth of the revenues of China's soft drinks industry decreased gradually from 11.7% in Q1 2014, to 10.1% in Q2 and to 9.5% at the end of 2014, compared to a revenue growth rate of 12.8% at the end of 2013.
The gross profit rate of the industry dropped from 23.7% in Q1 2014 to 22.6% in Q2 and remained relatively flat throughout the rest of the year. The net profit rate decreased from 6.3% in Q1 to 6.1% in Q2 and 5.9% in Q3 of 2014. Declining profitability was attributable mostly to rising operating costs.
China's soft drinks industry had full-year revenues of RMB 578bn in 2014, up 9.5% y/y. The rise was driven by a combination of higher income levels among the country's residents, product innovation, continuing urbanisation and government support. However, the growth rate of the industry's revenues has slowed down in the last three years, along with lower growth of the Chinese economy and falling export of fruit juices. Food safety was a major focus of public attention throughout 2014 and the government continued imposing new safety and quality requirements, adding to the huge number of compulsory food safety criteria in place - which had already exceeded 5,000. This posed a certain challenge to industry players, who also saw slightly declining profit rates in 2014. The milk & vegetable protein drinks segment registered the fastest annual growth of 16.1% in 2014, followed by tea beverages with 12% and bottled water with 11%. The concentrated juice and carbonated soft drinks segments had the lowest growth rates of 2.3% and 2.6%, respectively.
Annual Overview
Quarterly Performance
Development Trend
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Investment Opportunities
Overview
China's soft drinks market has significant potential, given the country's large population and relatively stable economic growth.
The promising growth opportunities have so far attracted over 1,790 enterprises and many foreign investors to the industry. As
the industry has developed, manufacturing requirements have grown stricter and competition has become more intense.
Mergers and acquisitions (M&As) have become more frequent and industry concentration is increasing. This will limit
investment opportunities in the next 1-3 years to a certain extent, as the industry's growth rate is slowing down and the ongoing
consolidation process will be most favourable to the current market leaders.
M&A
opportunities
Acquisitions present great opportunities for companies to optimise their product structures or eliminate production bottlenecks,
as well as to enhance their sales advantages and enter specific segments. With the development of the various segments and
with government encouragement of industry consolidation, numerous M&As have taken place over the last three years.
Segments
Opportunities
Healthy soft drinks have become more popular recently. The popularity and wider availability of juices with added vitamins
and/or other nutritional supplements have also stimulated the demand for naturally healthy ready-to-drink (RTD) tea and plant-
based ingredients. There is also a growing demand for so-called "super fruits" (blueberry, guava, etc). Given increasing health
awareness and a shortage of water resources, industry segments such as bottled and canned water, dairy & plant-protein and
tea beverages will continue to maintain a rapid growth. The share of these segments in total sales is expected to increase.
Government
Policy
The government will continue to impose stricter food quality and safety requirements in the sector. This will result in improved
industry standards and may push some low-end products and manufacturers out of the market. On the one hand, this trend
opens up opportunities for quality suppliers, but, on the other, it may limit the market in some less developed regions. The
government's encouragement of industry consolidation and of M&As in the soft drinks industry is favourable to the growth of the
local market leaders, and aims to strengthen their positions on both local and global markets.
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Source:
Key Industry Indicators
Key Industry Indicators
National Bureau of Statistics, General Administration of Customs
Dec-
2012
Mar-
2013
Jun-
2013
Sep-
2013
Dec-
2013
Mar-
2014
Jun-
2014
Sep-
2014
Dec-
2014
Industry Revenue, RMB bn 472 117 248 396 528 132 277 436 578
Carbonated Soft Drinks 84.8 19.7 38.7 63.0 78.2 19.0 40.8 64.9 80.3
Bottled and Canned Water 82.3 19.5 45.5 72.1 101.4 24.5 55.2 85.9 113.2
Fruit ,Vegetable Juice and Syrup 107.4 22.6 51.5 80.4 111.5 24.7 55.4 87.4 121.0
Milk & Vegetable Protein Drink 74.9 21.8 43.1 69.7 89.5 25.8 48.3 75.2 103.9
Solid Beverage (concentrated juice) 44.3 12.5 23.3 34.9 48.8 12.8 23.9 36.1 49.9
Tea Beverage and Other Soft Beverage 77.9 21.1 46.3 76.4 98.4 25.3 53.5 86.4 110.2
Number of Enterprises, units 1,582 1,619 1,618 1,641 1,686 1,786 1,757 1,797 1,824
Total Profits, RMB bn 37.5 9.7 18.9 31.9 45.9 11.1 22.6 34.5 48.24
Total Assets, RMB bn 322 321 328 344 361 365 384 392 408
Soft Drinks Production, thou tonnes 130,240 32,604 70,708 113,390 149,268 36,374 83,624 130,607 -
Cost of Sales, RMB bn 358.2 89.0 191.0 305.5 404.8 100.9 214.5 337.7 448
Gross profit, % 24.0 24.1 23.1 22.9 23.3 23.7 22.6 22.5 22.5
Net profit rate, % (divide net profit by industry revenue to obtain) 6.0 6.2 5.7 6.0 6.5 6.3 6.1 5.9 -
Import: soft drinks, USD mn 3,087 723 1,467 2.319 3.051 666 1,423 2,288 -
Export: soft drinks, USD mn 1,328 215 520 888 1,287 280 672 1,123 -
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Source:
Industry Forecasts
Revenue Quarterly Forecasts, RMB bn
The growth rate of China's soft drinks manufacturing
industry declined in 2014. The industry is expected to
continue to grow at a slower average annual rate of
around 9-11%.
The increase of residents' income and their growing
health awareness, as well as the fast urbanisation
process, are the major drivers for a steady growth in the
soft drinks industry. However, with China's economic
slowdown, the industry's growth in 2015 is expected to
be slightly slower than in 2014.
In future, the soft drinks industry will enter a relatively
mature stage. The industry's development will mainly
depend on product innovation and upgrading. In 2015,
health and wellness awareness will continue to shape
consumer behaviour and sales patterns. Soft drinks
producers are expected to invest more heavily in
advertising and new product development, relying on
"healthy" concepts in both respects.
Soft drinks manufacturers will still have to face issues
related to strict market regulation, decreasing profitability
and strong international competitors.
Revenue Annual Forecasts, RMB bn
EMIS Insight
436
578
145
305
479
631
Sep/14 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15
578 633
696
773
2014 2015 2016 2017
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Industry Drivers
The incomes of Chinese residents have been rising steadily. The per capita income of urban residents was RMB 29,547 in 2013, of which disposable income was RMB 26,955, representing a nominal increase of 9.7% y/y. The per capita net income of rural residents was RMB 8,896 in 2013, representing a nominal increase of 12.4%.
The rising incomes and purchasing power of the population will have a positive impact on the soft drinks market, especially on its high-end segment.
Resident income
New product innovation
China's growing middle class and rising per capita incomes are results of the country's fast urbanisation process. China's urban population reached 53.7% of the national total in 2013 and its share increases every year.
The urbanisation process still has a long way to go. Residents' consumption habits will change and there will be increasing numbers of young people consuming soft drinks, which will be an additional driver for market growth.
Manufacturers are increasingly focused on introducing new versions of products or enhancing existing product lines. Such product innovations include, for example, the addition of vitamins and other fortified supplements, and a focus on reduced-sugar or entirely sugar-free healthy and natural products. Players are trying to build healthy brand image through such products in order to meet consumers' increasing health consciousness and demand for healthier options. New product development has helped to maintain the dynamism of the soft drinks industry in China and to make consumer tastes increasingly sophisticated.
The Chinese government is working to release the nation's economic potential through expansion of domestic demand. Measures aimed at boosting domestic demand will benefit the soft drinks industry as well as other industrial branches.
The laws and regulations concerning the food and beverage industry, as well as the government supervision that enforces these rules, are becoming steadily more stringent and effective, with a view to instilling consumer confidence in the sector and boosting its development.
Government support
Urbanisation
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Industry Inhibitors
The rising costs of raw materials, labour and logistics - as well as the growing investments required in advertising, packaging and building brand
awareness among consumers - have slightly lowered the industry's profitability, forcing soft drinks producers to resort to increasing sales prices.
Higher sales prices and marketing costs will impact sales volumes to a degree, resulting in slower growth for the industry.
With the improvement of living standards, Chinese consumers are becoming increasingly health conscious. The concept of healthy
consumption will mean that beverage producers must take new consumer requirements into account and that consumption of some existing
products is bound to decrease. Drinks with added sugar, as well as artificially sweetened diet soft drinks, are losing some market share to natural
products - a trend that is well illustrated by the declining sales of carbonated drinks.
Beverages are fast-moving consumer goods, so the development of the industry is strongly influenced by the domestic economic environment,
unlike consumer staples industries, which are less affected by the performance of the economy.
China's economic growth is generally expected to continue to slow down in 2015, so the government's economic policy will remain focused on
stimulating growth and domestic consumption. If the country's economic growth continues to decline, the development of the beverage industry will
be restrained to a certain degree.
Economic downturn
Health and Wellness
Cost pressure
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Source:
Sales Revenue and Cost
Sales Revenue, ytd, RMB bn Cost of Sales, RMB bn
National Bureau of Statistics
85
20 39
63 78
19 41
65 80
82
20
46
72
101
25
55
86
113
107
23
52
80
112
25
55
87
121
75
22
43
70
90
26
48
75
104 44
13
23
35
49
13
24
36
50 78
21
46
76
98
25
54
86
110
0
100
200
300
400
500
600
700 TeaBeverage andOther SoftBeverage
SolidBeverage(concentratedjuice)
Milk &VegetableProtein Drink
Fruit,VegetableJuice andSyrup
Bottled andCanned Water
CarbonatedSoft Drinks
55
14 28
46 57
14 30
47 59
62
15
35
56
76
18
42
65
85
86
19
43
67
92
20
46
72
99
58
16
32
53
69
20
38
59
82 35
10
19
28
39
10
19
29
40
60
15
34
56
72
19
39
64
83
0
50
100
150
200
250
300
350
400
450
500
Tea & Other
Solid Beverage
Milk &VegetableProtein Drinks
Fruit Juice
Bottled DrinkingWater
CarbonatedDrinks
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Source:
Output and Retail Sales
Industrial Production: Soft Drinks, ytd, mn tonnes
Soft Drinks Retail Sales, ytd, RMB bn
236 328
430
558 669
784 895
986 1,075
1,176
71 159
267 368
475
599
726
852
978 1,062
1,163
1,302
192
326 442
563
707
848
998
1,134 1,248
1,367 1,493
217
364
497
648
836
1,000
1,154
1,306 1,431
Mar
/11
Apr
/11
May
/11
Jun/
11
Jul/1
1
Aug
/11
Sep
/11
Oct
/11
Nov
/11
Dec
/11
Jan/
12
Feb
/12
Mar
/12
Apr
/12
May
/12
Jun/
12
Jul/1
2
Aug
/12
Sep
/12
Oct
/12
Nov
/12
Dec
/12
Jan/
13
Feb
/13
Mar
/13
Apr
/13
May
/13
Jun/
13
Jul/1
3
Aug
/13
Sep
/13
Oct
/13
Nov
/13
Dec
/13
Jan/
14
Feb
/14
Mar
/14
Apr
/14
May
/14
Jun/
14
Jul/1
4
Aug
/14
National Bureau of Statistics
24 32
40 48
57 66
75 84
93 104
20 28
37 46
57 67
78 90
102 114
126
24 35
45 57
70 83
97 111
125 139
153
27 39
52 62
80 95
109 124
140 156
Mar
/11
Apr
/11
May
/11
Jun/
11
Jul/1
1
Aug
/11
Sep
/11
Oct
/11
Nov
/11
Dec
/11
Jan/
12
Feb
/12
Mar
/12
Apr
/12
May
/12
Jun/
12
Jul/1
2
Aug
/12
Sep
/12
Oct
/12
Nov
/12
Dec
/12
Jan/
13
Feb
/13
Mar
/13
Apr
/13
May
/13
Jun/
13
Jul/1
3
Aug
/13
Sep
/13
Oct
/13
Nov
/13
Dec
/13
Jan/
14
Feb
/14
Mar
/14
Apr
/14
May
/14
Jun/
14
Jul/1
4
Aug
/14
Sep
/14
Oct
/14
Nov
/14
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Source:
Industry Globalisation
Imports
China imported USD 3.05bn worth of soft drinks in 2013 and USD 2.83bn in January - November 2014. Imports' share in the industry's
total revenues has fluctuated around 12% in the last two years - representing a downward trend compared with previous years.
As incomes rise, there is a tendency for an increase in the demand for imported soft drinks - especially for those of a high-end sort.
However, logistics costs and other factors are, to a certain degree, hindering the development of the imported soft drinks market.
Exports
The main exports of China's soft drinks industry are fruit and vegetable juice products. The country exported USD 1.29bn worth of soft
drinks in 2013 and USD 1.46bn in January – November 2014. In 2013, the export value of fruit and vegetable juice products accounted
for 81% of the total exports of soft drinks. Chinese soft drinks are sold mainly to the United States, Japan, the Netherlands, Germany,
Australia, Canada and Russia. These seven countries made up over 80% of China's soft drinks export volume in 2011, according to
local consultancy Zhengdian International. In 2014, the export volumes of the major segments in the industry - fruit & vegetable juice,
apple juice and orange juice—decreased by 20.6%, 11.7% and 20.9% respectively, year on year.
Foreign
Ownership
Many foreign companies, and companies from Hong Kong and Taiwan, are active in China's soft drinks industry. These operate in all
segments of the industry and some are market leaders in their segments, with examples including Coca-Cola China Ltd, Ting Hsin
International Group, PepsiCo China Ltd, and President Enterprises (China) Investment Co Ltd. Despite their strong presence on the
market, these are facing increasing pressure as a result of lower profits, rising sales costs, and more numerous competitors.
In 2008, Coca-Cola announced plans to acquire China Huiyuan Juice Group Limited, and obtained the approval of Huiyuan's three big
shareholders. However, the Ministry of Commerce vetoed this acquisition, claiming that it would adversely affect competition and was
not conducive to the healthy development of China's fruit juice industry. Many analysts believe that the ban on the deal was largely
aimed at protecting local brands.
EMIS Insight
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Source:
Imports and Exports
Soft Drinks Imports, ytd, USD mn
Soft Drinks Exports, ytd, USD mn
General Administration of Customs
231 452
661 848
1,082 1,342
1,614
1,917
2,222 2,485
2,759
3,087
340 509
723 967
1,227 1,467
1,713
2,021
2,319 2,539
2,777
3,051
284 434
666 916
1,189 1,423
1,735
2,012
2,288 2,546
2,828
Jan/
12
Feb
/12
Mar
/12
Apr
/12
May
/12
Jun/
12
Jul/1
2
Aug
/12
Sep
/12
Oct
/12
Nov
/12
Dec
/12
Jan/
13
Feb
/13
Mar
/13
Apr
/13
May
/13
Jun/
13
Jul/1
3
Aug
/13
Sep
/13
Oct
/13
Nov
/13
Dec
/13
Jan/
14
Feb
/14
Mar
/14
Apr
/14
May
/14
Jun/
14
Jul/1
4
Aug
/14
Sep
/14
Oct
/14
Nov
/14
69 167
272 374
504
637 745
846
978 1,088
1,199
1,328
47 125
215 312
421 520
635
757
888
1,016 1,106
1,287
69 156
280
407
536
672
812
968
1,123
1,314
1,458
Jan/
12
Feb
/12
Mar
/12
Apr
/12
May
/12
Jun/
12
Jul/1
2
Aug
/12
Sep
/12
Oct
/12
Nov
/12
Dec
/12
Jan/
13
Feb
/13
Mar
/13
Apr
/13
May
/13
Jun/
13
Jul/1
3
Aug
/13
Sep
/13
Oct
/13
Nov
/13
Dec
/13
Jan/
14
Feb
/14
Mar
/14
Apr
/14
May
/14
Jun/
14
Jul/1
4
Aug
/14
Sep
/14
Oct
/14
Nov
/14
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Source:
Exports by Product
Export Volume by Product, ytd, thou tonnes Exports Value by Product, ytd, USD mn
General Administration of Customs
680
170
340
490
680
143
288
407
540
5.8 1.1 2.4 4.1 5.2 1.2 2.4 3.5 4.6
590
140
290
410
580
121
244
346
459
Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Fruit and Vegetable Juice
Fruit and Vegetable Juice: Orange Juice
Fruit and Vegetable Juice: Appple Juice
1,307
277
531
749
1,042
212
423
591
776
10.7 2.3 4.8 8.2 10.3 2.5 4.9 7.0 9.1
1,144
242
463
652
907
175
349
489
639
Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Fruit and Vegetable Juice
Fruit and Vegetable Juice: Orange Juice
Fruit and Vegetable Juice: Appple Juice
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Source:
Imports by Product
Import Volume by Product, ytd, thou tonnes Import Value by Product, ytd, USD mn
General Administration of Customs
1,166
898
1,064
946
766
632 658
525 478
441 458 491
923
734
832
704
560
410 422
329
252 253 273 293
Dairy Product Dairy Product: Milk Powder
248
191
230
217
177
160 163
136 126
115 119
132
169
132
149
123
96
71 73
54
37 41 49 51
Dairy Product Dairy Product: Milk Powder
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II. Competition Overview
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Competition Landscape
Overview
Competition in China's soft drinks industry is heating up. There were 1,797 enterprises in the industry at the end of September 2014 and their number is increasing.
The growing number of enterprises indicates that the industry is at the growth stage of its lifecycle, despite increasing competition and declining profitability. Soft drinks manufacturers continue to increase their market penetration through expansion of their distribution networks and through focus on new product developments designed to meet consumers’ need for greater variety.
Major Players
Foreign
Players
The carbonated soft drinks market in China is dominated by two big foreign brands - Coca-Cola and PepsiCo.
Enterprises with foreign shareholders, such as Coca-Cola China Ltd, Ting Hsin International Group, and President Enterprises (China) Investment Co Ltd, are among the leading juice manufacturers in the country. In order to be more competitive, such foreign companies are developing different brands in each category.
Market Entries
There are numerous small and local companies in the soft drinks market, operating on a regional level and supplying small
market niches.
The rapid development of the soft drinks industry has made it very attractive to new players. However, brand awareness is an
important entry barrier in the sector.
Coca-Cola China Ltd, Ting Hsin International Group, Hangzhou Wahaha Group Co Ltd, Nongfu Spring Co Ltd, and PepsiCo China Ltd. are the major players in the industry. Each of them is involved in several soft drink segments. For example, Coca-Cola China Ltd operates in the bottled water, carbonated drinks and juice and RTD tea segments. Ting Hsin International Group operates in the bottled water, juice and RTD tea segments. Hangzhou Wahaha Group Co Ltd operates in the bottled water, dairy and plant protein, juice and RTD tea segments.
These major players have powerful brands and extensive distribution networks. They also take care to promote their brands and boost their sales by means of hefty advertising and marketing campaigns.
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Comments
Source:
Industry Concentration
On the whole, the soft drinks industry in China is rather fragmented, with active enterprises numbering 1,797 at the end of September 2014. Most Chinese soft drinks companies are not listed. The top five listed corporations accounted for less than 9% of the industry's revenues in 2013.
Along with the trend to consolidation, the share of the top five players is expected to increase in the coming years. The soft drinks industry has seen many mergers and acquisitions lately, which is another reason to expect further consolidation in future.
Government legislation also strongly supports consolidation and the formation of larger groups in the soft drinks industry, because big companies are seen as able to control the quality of products and raise the level of production technology.
Revenue Market Shares Revenue Shares of Top 5 Listed Companies, 2013, RMB bn
Company data, EMIS Insight
1.5
2.2
4.5
5.6
12.4
Hebei Cheng De Lolo CompanyLimited
V V Food & Beverage Co., Ltd.
China Huiyuan Juice Group Limited
Tingyi (Cayman Islands) HoldingsCorp.
Uni-President China Holdings Ltd
8.4% 9.5%
91.6% 90.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-2013 Jun-14
other Top 5 listed companies
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Source:
Top Groups
Tingyi
(Cayman
Islands)
Holdings
Corp.
Tingyi (Cayman Islands) Holding Corp. and its subsidiaries are engaged in the production and distribution of instant noodles,
beverages and instant food products. In March 2012, the group expanded its beverages business by establishing a strategic alliance
with PepsiCo. The company is the exclusive manufacturer, packager and distributor of PepsiCo non-alcoholic drinks in China. In 2013,
the company’s sales revenue was RMB 11bn, representing a growth of 18.7% on 2012. At end-2013, Tingyi had a sales network
consisting of 566 sales offices and 75 warehouses, serving 33,504 wholesalers and 110,355 direct retailers.
V V Food &
Beverage
Co., Ltd
V V Food & Beverage Co., Ltd. was founded in 1994 and was listed on the Shanghai stock exchange in 2007. The company's major
products are soybean milk powder products, soybean juice powder products, milk powder for infants and soymilk drinks sold under the
brand name of VV, as well as milk, yoghurt, flour, oil and others. The company has more than 30 production facilities. In 2013, V V
Food & Beverage Co acquired a 51% stake in Hunan Yiqingyuan Tea Co, thus entering the tea segment. The company's sales
revenue was RMB 5.06bn in 2013 - down 12.88% on 2012 - while its gross profit margin was 31.17%, higher than in previous years.
Hangzhou
Wahaha
Group Co.,
Ltd.
Hangzhou Wahaha Group Co., Ltd. is active in the manufacturing of bottled water, carbonated drinks, juices, RTD tea, RTD coffee,
sports and energy drinks, dairy products, canned/preserved food and various other products. The company was founded in 1987 by
entrepreneur Zong Qinghou. Wahaha is known for its large distribution network, which covers not only cities but also rural areas and
even mountainous regions. In 2013, the total beverages output of the company reached 12.7mn tonnes. Its operational revenue in that
year was RMB 78.3bn, up 23% y/y. Wahaha has 70 production bases and 170 subsidiaries in 29 different provinces and municipalities
countrywide. The company employs 30,000 and has RMB 40bn in fixed assets.
Company data
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Source:
Foreign Players
Danone
French food group Danone first entered the Chinese market in 1987 and since then China has become a market of strategic
importance for the Danone Group. The Chinese market generates around 7% of the group's average annual turnover. Danone has 18
production facilities in China and employs around 10,000. Danone is present on the Chinese market with brands such as Mizone,
Health, Robust, Evian, Badoit, Dumex, Nutrilon, Karicare, Activia and Nutricia. In autumn 2014, Danone announced it would invest
USD 550mn in Chinese infant formula producer Yashili, taking a 25% stake in the company in the process. The deal would tie Danone
more closely to local dairy producer China Mengniu Dairy.
Danone and
Wahaha
In 1996, Danone and Wahaha Group set up a joint venture company, with Danone holding a 51% stake. In 2007, Danone accused
Zong Qinghou, the founder of Wahaha Group, of running lucrative parallel businesses, using the Wahaha brand name. Following a
series of protracted lawsuits, Danone announced that the two parties had reached an amicable settlement in 2009. The French firm
agreed to sell its 51% stake in the joint venture back to Wahaha. According to some analysts, the Danone-Wahaha case could have
lasting implications for the Chinese market, as foreign investors will be more cautious when building their business in China.
Nestle
Swiss food company Nestle was among the first multinational companies to enter China’s food and beverage market. Nestle holds an
80% stake in Shanghai Totole, a leading chicken bouillon producer, as well as 60% in Hsu Fu Chi (a confectionery, cereal-based
snacks and packaged cakes producer), 60% in ready-to-eat rice congee maker Yinlu, 70% in bottled water manufacturer Dashan and
80% in Haoji, a producer of spicy pastes. Nestle runs over 25 production facilities in China and has four R&D centres in the country.
Company data, Media reports
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Comments
Source:
Top Players
With almost 1,800 enterprises engaged in the manufacture of soft drinks, the list of the biggest 10 remains relatively stable year on year. Coca-Cola China
Ltd was the top soft drink manufacturer in 2013 and ranked first in juice segment as well. The company has established itself as one of the most popular
and well-known beverage brands in China, with high brand awareness not only in first-tier cities but also in second- and lower-tier cities. Ting Hsin
International Group was the second largest soft drinks and juice manufacturer in 2013.
Top 10 Manufacturers in 2013 Top 10 Juice Manufacturers in 2013
No Company Name
1 Coca-Cola China Ltd
2 Ting Hsin International Group
3 Hangzhou Wahaha Group Co Ltd
4 Nongfu Spring Co Ltd
5 PepsiCo China Ltd
6 President Enterprises (China) Investment Co Ltd
7 Shenzhen C'est Bon Food & Beverage Co Ltd
8 Guangdong Jiaduobao Beverage & Food Co Ltd
9 Guangdong Robust Corp
10 Guangzhou Wanglaoji Pharmaceutical Co Ltd
No Company Name
1 Coca-Cola China Ltd
2 Ting Hsin International Group
3 President Enterprises (China) Investment Co Ltd
4 Beijing Huiyuan Beverage & Food Group Corp
5 Coconut Palm Group Co Ltd
6 Hangzhou Wahaha Group Co Ltd
7 China Green (Holdings) Ltd
8 Beijing Qianshou Fruit & Vegetable Beverage Co Ltd
9 Nongfu Spring Co Ltd
10 PepsiCo China Ltd
Euromonitor, EMIS
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The rising costs of raw materials, labour and logistics are bound to result in increasing sales prices, despite producers' efforts to stay competitive by
keeping prices down.
Advertising and marketing campaigns will put additional pressure on prices.
Price
Products
Distribution
Promotion
Product innovation is vital to enterprises in the soft drinks industry, with both international and local brands engaged in such innovation in
recent years. For instance, Xi'an Tangyun Drinks Co. has released a new Asian specialty drinks product called "Shihuatang". Some small juice
manufacturers have developed premium 100% "super fruit" juices targeting high-end consumers. More and more companies are striving to
increase their market share by launching similar products.
Distribution networks are also a key success factor for players in the soft drinks industry. Most soft drinks enterprises have invested much effort and
money in building their own distribution networks, including both traditional and innovative sales channels.
Soft drinks promotions rely mainly on advertising and large-scale marketing activities, including online advertising and sponsorship
activities, promotions and interactive campaigns. For example, Jiaduobao Beverage & Food Co Ltd spent RMB 250mn to become the title sponsor
of the third season of "The Voice of China", a popular musical talent contest.
Competition Elements
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Source:
Cost Analysis
Cost Elements in 2013, % of total operating costs
Raw materials are the major cost element in the cost
structure of soft drinks manufacturers. Nearly 50% of
revenue is spent on raw materials.
The industry's profitability has been slowly decreasing
year-on-year in the past few years, with increased
competition.
The gross profit rate has also decreased slightly, from
24.0% in 2012, to 22.9% in 2013 and 22.5% in the first
three quarters of 2014.
Since the product portfolios and business models of the
different beverage enterprises vary, so too do
their profit levels.
EMIS Insight estimates
Raw materials 48.2%
Wages 11.6%
Depreciation 8.3% Other operating
cost 2.5%
Selling and distribution cost
13.4% Management
and administration
cost 4.0%
Financial cost 0.7%
Profit 11.3%
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Source:
Profitability
Total Profit, RMB bn Gross profit rate, %
National Bureau of Statistics
24 24
23 23 23
24
23 23 23
29
28
27 27 27
26
27 27 27
24
24
22 22
25
27
24 24
25
18
17
17 16
18 18
17
17
18
24
25 25 25
23 22
21 21 21
22 22
20 20
21 21
19 19 19
Dec
-12
Feb
-13
Apr
-13
Jun-
13
Aug
-13
Oct
-13
Dec
-13
Feb
-14
Apr
-14
Jun-
14
Aug
-14
Oct
-14
Dec
-14
Beverage
CarbonatedDrink
Bottle ofDrinkingWater
Fruit Juice &Fruit JuiceDrink
Milk &VegetableProtein Drink
Solid Drink
1 1 2 4 4
1 2 4 4
8
1
3
5
9
2
4
7
10
8
1
3
5
8
2
4
7
11
10
3
6
10
13
3
6
10
13
3
1
2
3
4
1
2
2
3
9
2
3
6
8
2
4
6
7 9
2
3
6
8
2
4
6
7
0
10
20
30
40
50
60
Tea & OtherBeverage
Tea & OtherBeverage
Solid Drink
Milk &VegetableProtein Drink
Fruit Juice &Fruit Juice Drink
Bottle ofDrinking Water
CarbonatedDrink
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Copyright © 2015 EMIS, all rights reserved.
Source:
Price Indices
Soft Drinks, Retail Price Index
CPI, Soft Drinks
Soft drinks, Urban and Rural Retail Price Index
CPI, Soft Drinks
National Bureau of Statistics, prev month=100
9596979899
100101102103104105106
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
96
97
98
99
100
101
102
103
104
105
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
94
96
98
100
102
104
106
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Urban Rural
96
97
98
99
100
101
102
103
104
105
106
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Urban Rural
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III. Regulation Overview
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Source:
Government Policy
Policy
Overview
Food safety is one of the most sensitive issues in China and there are a dozen national government bodies in charge of ensuring
it. China's local governments and the sector's companies have been under pressure to take a more active role in tackling food safety
issues. The country's Food Safety Law was initially introduced in 1982 and has since been amended several times. The latest draft
amendments to the law were released for public comment in December 2014. The amendments envisage increased penalties for
violations of the law including seizures, fines, and licence cancellations, as well as criminal prosecutions.
Food additives
In December 2014, China's National Health and Family Planning Commission issued an update of the national food safety standard
for use of food additives, which will become effective in May 2015.
The updated standard contains more specific information regarding the principles governing the use of food additives, the types of
food additives permitted, the scope of application, and the maximum level or residue levels.
Packaged
drinking
water
The National Health and Family Planning Commission also approved an updated standard for packaged drinking water, which will take
effect in May 2015. The update introduces new requirements for packaged drinking water differentiated by water source - i.e.,
according to whether tap water or surface/underground water is used for bottling.
National Health Planning Commission
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IV. Regional Overview
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Source:
Production Distribution, 2013
Total Profits by Region, 2013
Sales Revenue by Region, 2013
Comments
China's soft drinks production is mainly concentrated in the South
Central and Eastern regions of the country.
Guangdong province is China's largest soft drinks producer, with
output of 23.69mn tonnes in 2013 - accounting for 15.9% of the
national total.
The country's South Central region accounted for 38.1% of the
production, 35.1% of the sales revenues and 41.0% of the total profits
of the sector in that year.
East China was responsible for 21.6% of the production, 31.4% of the
sales revenues and 30.1% of the total profits in 2013.
South Central 38.1%
East China 21.6%
Southwest China 12.7%
North China 11.5%
Northeast 10.2%
Northwest China 6.0%
South Central 35.1%
East China 31.4%
North China 11.9%
Northeast 8.7%
Southwest China 7.7%
Northwest China 5.2%
South Central 41.0%
East China 30.1%
North China 10.0%
Northeast 5.7%
Southwest China 8.0%
Northwest China 5.3%
National Bureau of Statistics, EMIS Insight
Soft Drinks Regional Distribution
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Soft Drinks Production, Distribution and Growth in 2013
Northeast China (thou tonnes, % )
Liaoning: 4,317; -2.6%
Jilin: 7,549; -3.1%
Heilongjiang: 3,364; 24.9%
East China (thou tonnes, % )
Shanghai: 2,805; 2.6%
Jiangsu: 4,101; -6.7%
Zhejiang: 8,637; -4.6%
Anhui: 2,343; 22.7%
Fujian: 4,876; 8.4%
Jiangxi: 3,050; 29.0%
Shandong: 6,371; 3.1%
South Central China (thou tonnes, % )
Henan: 12,022; 23.6%
Hubei: 8,625; 16.2%
Hunan: 4,898; 14.4%
Guangdong: 23,692; 7.2%
Guangxi: 7,120; 5.4%
Hainan: 499; 0.9%
North China (thou tonnes, % )
Beijing:4,626; 5.9%
Tianjin: 4,356; 6.0%
Hebei:3,742; 22.2%
Shanxi: 1,469; 14.5%
Inner Mongolia: 2,941; 10.0%
Southwest China (thou tonnes, % )
Chongqing: 3,031; 16.0%
Sichuan: 11,045; 42.0%
Guizhou: 1,939; 44.4%
Yunnan: 2,813; 5.2%
Tibet: 133; 15.2%
Northwest China (thou tonnes, % )
Shaanxi: 5,239; 22.9%
Gansu: 1,750; 58.1%
Qinghai: 260; 14.4%
Ningxia: 66; -44.1%
Xinjiang: 1,591; 15.2%
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Source:
Industrial Financial Data by Province
Province
Sales Revenue of Soft Drinks, RMB mn Total Profits of Soft Drinks, RMB mn Number of
enterprises,
Sep-14 Dec-13 Mar-14 Jun-14 Sep-14 Dec-13 Mar-14 Jun-14 Sep-14
Anhui 10,770 2,846 6,208 10,255 1,431 415 845 1,356 64
Beijing 15,065 3,857 8,344 12,784 546 45 349 340 26
Chongqing 5,668 1,382 2,760 4,297 259 58 102 170 28
Fujian 24,988 6,640 13,143 20,512 1,475 481 709 1,120 75
Gansu 3,522 965 2,139 3,065 243 106 175 222 23
Guangdong 72,611 15,466 36,457 61,316 6,071 1,104 2,741 4,980 151
Guangxi 16,244 3,418 7,449 11,521 2,583 216 545 796 52
Guizhou 3,197 986 2,199 3,020 635 72 149 234 26
Hainan 1,147 374 765 1,142 76 18 43 58 17
hebei 20,810 6,150 11,141 18,170 2,705 785 1,819 2,703 66
Heilongjiang 8,578 1,774 4,165 6,420 522 134 274 408 50
Henan 48,249 12,624 25,787 44,696 5,831 1,669 2,962 4,876 179
Hubei 30,183 7,342 14,207 21,240 3,385 728 1,380 1,914 103
Hunan 16,970 4,610 8,555 13,586 890 292 533 780 88
Inner Mongolia 7,866 1,474 3,395 6,296 702 68 125 218 35
Jiangsu 44,447 12,311 24,446 36,548 3,344 987 1,982 2,960 63
National Bureau of Statistics, EMIS
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Source:
Industrial Financial Data by Province (cont'd)
Province
Sales Revenue of Soft drinks, mn Total Profits of Soft drinks, mn Number of
enterprises,
2013 Dec-13 Mar-14 Jun-14 Sep-14 Dec-13 Mar-14 Jun-14 Sep-14
Jiangxi 10,897 2,768 5,718 9,403 683 192 368 639 37
Jilin 15,661 4,191 7,948 11,952 736 251 358 582 82
liaoning 21,725 5,068 10,634 15,803 1,357 286 580 905 89
Ningxia 351 103 171 268 -3 4 6 -4 6
Qinghai 1,701 336 941 1,442 -178 -31 -24 -35 8
Shaanxi 18,321 4,134 7,999 12,672 2,057 559 1,018 1,563 71
Shandong 38,124 9,559 21,271 30,574 3,125 1,010 1,932 2,565 140
Shanghai 8,984 2,035 4,839 7,498 378 72 313 501 27
shanxi 5,073 1,100 2,466 3,531 401 77 215 260 30
Sichuan 26,539 7,689 17,030 24,854 2,291 532 1,166 1,816 109
tianjin 13,934 3,842 8,290 14,162 227 88 139 12 25
Tibet 354 52 124 302 101 7 28 114 4
Xinjiang 3,404 816 1,667 2,797 296 50 163 249 18
Yunnan 5,112 1,505 3,156 5,157 366 92 208 363 46
Zhejiang 27,296 6,689 13,730 20,619 3,384 713 1,404 1,871 60
National Bureau of Statistics, EMIS
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V. Companies Overview
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Source:
Top Listed Companies
Top Listed Companies by Operating Revenue in 2014 Q3, RMB mn
Top Listed Companies by Total Profit in 2014 Q3, RMB mn
Competitors Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Uni-President China Holdings Ltd - 21,406 - 12,367 -
Tingyi (Cayman Islands) Holdings Corp. 8,972 11,011 2,815 5,614 8,612
V V Food & Beverage Co., Ltd. 3,883 5,062 1,147 2,223 3,306
Hebei Cheng De Lolo Company Limited 2,039 2,633 1,286 1,533 2,107
China Huiyuan Juice Group Limited 1,701 4,004 2,077 4,523 1,973
Blackcow Food Company Limited 459 697.2 159.7 255.8 407.8
EMIS, Company data
Competitors Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Tingyi (Cayman Islands) Holdings Corp. 723.7 723 245 464.9 746.8
Uni-President China Holdings Ltd - 1116.1 - 454.6 -
Hebei Cheng De Lolo Company Limited 374.4 458.9 328.34 362.5 470
V V Food & Beverage Co., Ltd. 265.8 242.4 82.4 110.4 123.3
China Huiyuan Juice Group Limited -43.1 1.5 116.7 318.8 59.0
Blackcow Food Company Limited 2.9 22.9 8 12 3.1
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Source:
Top Industry Deals
Date Target Company Deal Type Buyer Deal Value
USD mn Stake %
25-Nov-14 V V Food & Beverage Co Ltd Minority stake purchase
Shenzhen Jinsu Asset Management Center LP;
Shenzhen Gamuda Equity Center LP; Shenzhen
Jinhui Equity Center LP
130.28 8.73
5-Nov-14 Tibet Highland Natural Water Minority stake purchase Tibet 5100 Water Resources Holdings Ltd 97.64 20
15-Sep-14 Tycoon Beverage Group Co Ltd Acquisition Keen Smart Capital Ltd 8.39 82.3
15-Jul-14 Vita Coco Minority stake purchase Reignwood Group 165 25
12-May-14 Beijing Huiyuan Group Huanggang
Co Ltd Acquisition Chengdu Huixin International Investment Co Ltd 49.67 100
20-Mar-14 Suntory (Shanghai) Foods Co Ltd;
Suntory (Shanghai) Foods
Marketing Co Ltd
Acquisition China Huiyuan Juice Group Ltd 19.12 100;
50
28-Oct-13 Laiyang Yi Tian Juice Co Ltd Acquisition Shangdong Lu Hua Group Co Ltd 4.25 100
23-Oct-13 Donghua Fruit Industry Co Ltd Acquisition Private investor 9.06 60
20-Aug-13 Axton Inc Minority stake purchase V V Food & Beverage Co Ltd 3.68 30
10-Apr-13 Tibet Tiandi Green Beverage
Development Co Ltd Acquisition Tibet 5100 Water Resources Holdings Ltd 82.11 30
28-Mar-13 Beverage products manufacturing
machinery and equipment Acquisition Ton Yi Industrial Corp 98.84 100
21-Mar-13 China Culiangwang Beverages
Holdings Ltd Minority stake purchase Private investor 20.88 16.67
20-Mar-14 Shenzhen PepsiCo Beverage Co
Ltd Minority stake purchase PepsiCo (China) Investment Co Ltd 15.15 10
EMIS DealWatch
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Source:
Top Industry Deals (cont'd)
Date Target Company Deal Type Buyer Deal Value
USD mn Stake %
9-Jan-13 Besunyen Holdings Co Ltd Minority stake purchase Undisclosed investors 3.86 3.58
23-Apr-12 Guangdong Tiandi Yihao Beverage
Co Ltd Minority stake purchase
China Science & Merchants Venture Capital
Management Co Ltd; Shenzhen Capital Group Co Ltd 37.87 6
5-Apr-12 Qing Dao Nannan Beverage Co Ltd Acquisition Buyer(s) unknown in this case 2.2 70
19-Feb-12 Shanxi Taizhou Food Co Ltd Acquisition Deyu Agriculture Corp 5.5 100
12-Jan-12 Long Chuan Shen Long Mineral
Water Co Ltd Acquisition CVM Minerals Ltd 25.75 51
8-Dec-11
Longkou Andre Bio-feedstuff Co Ltd;
Baishui Andre Bio-feedstuff Co Ltd;
Xuzhou Andre Pomace Products Co
Ltd
Acquisition Yantai North Andre Juice Co Ltd 1.47 75
30-Aug-11 Shenzhen PepsiCo Beverage Co
Ltd Acquisition PepsiCo (China) Investment Co Ltd 22.55 15
27-Apr-11 Xianyang Andre Juice Co Ltd Acquisition AGRANA AG 16.78 50
27-Apr-11 Yongji Andre Juice Co Ltd Acquisition Yantai North Andre Juice Co Ltd 8.75 50
24-Jan-11 A non-alcoholic beverage joint
venture Form a joint venture
China Resources Enterprise Ltd;
Kirin Holdings Co Ltd
N/A
60;
40
10-May-10 Jialinshan Mineral Water Factory;
Yonglong Beverage Co., Ltd. Acquisition
C'ESTBON FOOD & BEVERAGE (SHENZHEN) CO.,
LTD. N/A 100
9-Apr-10 Laiyang Yi Tian Juice Co Ltd; Yi
Tian Juice (Shaanxi) Co Ltd Acquisition China Haisheng Juice Holdings Co Ltd 10.39 100
1-Jan-10 Shishi Xianghe Food Science and
Technology Co., Ltd. Acquisition China Marine Food Group Ltd 278 80
EMIS DealWatch
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VI. Company Profiles
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Uni-President China Holdings Ltd.
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Source:
Company Information
Major Stakeholders, 2014 Q4
Uni-President China Holdings Ltd. is an investment
holding company engaged in the manufacturing and sale
of beverages and instant noodles in China.
It is a unit of Taiwan's largest food conglomerate Uni-
President Enterprises Co.
The company's beverage portfolio includes juice drinks,
ready to drink teas, milk tea, coffee, bottled water and
yoghurt. Its instant noodles range includes bowl noodles,
pack noodles, and snack noodles in different flavours.
Uni-President China Holdings employed 38,453 people in
2013 and claimed a 17.6% share of the domestic instant
noodles market.
The company's subsidiaries include Uni-President Asia
Holdings Ltd., Uni-President Enterprises (China)
Investments Ltd., Xinjiang President Enterprises Food
Co., Ltd., Beijing President Enterprises Food Co., Ltd. and
Kunshan President Enterprises Food Co., Ltd., among
others.
Key Executives
Highlights
Company data
Stakeholders Shares
number, mn
Shareholding,
%
Chase managed Saudi Arabia Central Bank 187.701 3.44%
HSBC (Taiwan) 161.822 2.96%
Hou boming 142.069 2.60%
Hou boyu 123.959 2.27%
Standard Chartered 98.540 1.80%
Florescence Bank of Taiwan 96.445 1.77%
Deutsche Fs Global 92.356 1.69%
Gao Xiuling 89.599 1.64%
English Name Position
Chih-Hsien Lo Executive Chairman of the Board
Jung-Lung Hou President, Executive Director
Kuo-Hui Chen Chief Financial Officer, Executive Director
Jui-Fen Chen General Manager - Group Tea Business
Chih-Chung Wei General Manager - Juice Business
Chia-Heng Chen Head - Combined Drink Products Business
Xin-Hua Liu Head - Food Department
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Semi-Annual performance, RMB mn
Semi-annual performance
Company data
Uni-President China Holdings posted revenues of RMB 23.3bn in
2013, representing an increase of 9% against 2012.
Revenue and profit growth in the last two years is largely attributed to
the company's continuous investments in product development.
Revenues from instant noodles and beverages in 2013 rose by 7.7%
and 8.9% to RMB 7.8bn and RMB 15bn, respectively, accounting for
33.5% and 64.9% of the company's total revenues.
During the first half of 2014, the company's revenue growth slowed
down along with the slowing pace of China's economy. The company
recorded revenues of RMB 12.4bn, representing an increase of 1.3%
y/y.
The profitability of Uni-President China Holdings in the first six
months of 2014 dropped y/y, mainly due to an aggressive increase in
the company's investments in improving its instant noodles business
in order to obtain a larger market share.
Indicator Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Operating revenue 10,648 21,406 12,204 23,329 12,367
Operating cost 10,247 20,857 12,034 23,346 12,101
Total profit 616 1,077 729 1,116 455
Net profit 505 856 575 916 355
Net profit rate (%) 4.74 4.00 4.71 3.93 2.87
Total assets 16,540 16,540 18,978 18,968 21,192
Earnings per share, RMB 0.14 0.24 0.16 0.25 0.10
Indicator 2011 2012 2013
Operating revenue 16,932 21,406 23,329
Operating cost 16,876 20,857 23,346
Total profit 396 1,077 1,116
Net profit 312 856 916
Net profit rate (%) 1.84 4.00 3.93
Total assets 13,737 16,540 18,968
Earnings per share, RMB 0.09 0.24 0.25
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Source:
Operating Performance
Revenue by Product in 2013, RMB mn
Revenue Growth by Product in 2013, %, y/y
Revenue by Product in 2014 Q2, RMB mn
Company data
Revenue Growth by Product in 2014Q2, %, y/y
instant noodles business
7,826
beverage business 15,152
other products 352
instant noodles business
3,939
beverage business
8,092
other products 336
7.7% 9.8% 6.6% 8.7%
47.0%
11.4%
instantnoodlesbusiness
Tea drinks juice drinks milk tea BottledWater
coffee
4.3% 1.0%
-9.9%
1.3%
33.3%
instant noodlesbusiness
Tea drinks juice drinks milk tea Bottled Water
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Tingyi (Cayman Islands) Holdings Corp.
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Source:
Background Information
Major Stakeholders, 2014 Q3
Tingyi (Cayman Islands) Holding Corp. (Tingyi Holding)
and its subsidiaries are engaged in the production and
distribution of instant noodles, beverages and instant food
products in China.
The company started its instant noodle business in 1992
and expanded into instant foods and beverages in 1996.
Tingyi Holding was listed on the Hong Kong Stock
Exchange in February 1996.
In March 2012, the company expanded its beverage
business, establishing a strategic alliance with PepsiCo.
In July 2014, Tingyi Holding employed 76,753, down from
80,541 at the end of 2013.
According to AC Nielsen, in December 2013, the
company ranked first in China in terms of sales of instant
noodles, RTD tea, bottled water and overall juice,
accounting for 44.1%, 51.8%, 23.6% and 25.9% of the
respective markets.
Key Executives
Highlights
Company data
Stakeholders Shares
number, mn
Shareholding,
%
Sanyo Foods Co., Ltd. 1854.8 33.11
Ting Hsin (Cayman Islands) Holding Co., Ltd. 1854.8 33.11
Wei Yingzhou, Wei Zhanglvyun 13.2 0.24%
Chinese Name English name Position
魏应州 Ing-Chou Wei Executive Chairman of the Board,
Chief Executive Officer
井田纯一郎 Junichiro Ida Vice Chairman of the Board,
Executive Director
林清棠 Frank Lin Chief Financial Officer
吴文聪 Wilson Wu Chief Auditor
魏应交 Ying-Chiao Wei Executive Director
叶沛森 Pui-Sum Ip Company Secretary
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Quarterly performance, RMB mn
Quarterly performance
Company data
In 2013 the company's sales revenue was RMB 11bn, up 18.7% y/y.
The company distributed its products through its own extensive sales
network consisting of 566 sales offices and 75 warehouses serving
33,504 wholesalers and 110,355 direct retailers at the end of
December 2013.
The sales network is a significant contributor to the company's
leading market position, enabling it to introduce new products rapidly
and effectively.
The operating revenues of Tingyi Holding for the first three quarters
of 2014 stood at RMB 8.6bn, down by 4.01% y/y, however, its net
profit for the same period reached RMB 391.6mn, up by 2.36% on
the year.
The company's total assets increased by 9.38% y/y in the first three
quarters of 2014.
Indicator Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Operating revenue 8,972 11,011 2,815 5,614 8,612
Operating cost 8,235 10,412 256 5,138 7,847
Total profit 724 723 245 465 747
Net profit 383 409 128 232 392
Net profit rate (%) 4.3% 3.7% 4.6% 4.1% 4.5%
Total assets 8,757 8,424 8,996 9,529 9,578
Earnings per share, RMB 0.07 0.07 0.02 0.04 0.07
Indicator 2011 2012 2013
Operating revenue 7,913 9,275 11,011
Operating cost 7,360 8,686 10,412
Total profit 663 828 723
Net profit 420 455 409
Net profit rate (%) 5.3% 4.9% 3.7%
Total assets 5,809 7,473 8,424
Earnings per share, RMB 0.08 0.08 0.07
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Source:
Operating Performance
Revenue by Product in 2014 Q2, RMB mn
Revenue Growth by Product in 2014 Q2, %, y/y
Gross Profit by Product in 2014 Q2, %
Company data
Sales and Production Information in 2013
drinks 3,332
Convenience foods 90
Instant noodles 2,034
others 49
2.54
-9.56
2.05
-39.78
drinks Conveniencefoods
Instant noodles others
33.45 35.27
27.29
drinks Convenience foods Instant noodles
Number of 2009 2010 2011 2012 2013
Sales Office 493 548 555 571 566
Warehouse 79 89 91 95 75
Wholesaler 5,798 6,155 6,188 32,424 33,504
Direct Retailer 72,955 73,282 86,755 107,131 110,355
Employee 50,023 64,436 64,309 79,419 80,541
Production Line 414 457 510 607 654
Production Centre 56 53 65 108 119
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V V Food & Beverage Co., Ltd.
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Source:
Background Information
Major Stakeholders, 2014 Q3
V V Food & Beverage Co., Ltd is engaged in the
production and sale of food products, including soybean
milk powder products, soybean juice powder products,
milk powder for infants and soymilk drinks under the
brand name VV, as well as milk, yoghurt, flour, oil and
others.
The company also sells wine and operates coal mines.
V V Food & Beverage Co was founded in 1994 and listed
on the Shanghai stock exchange in 2007.
Since 2006, V V Food & Beverage has accelerated the
pace of its diversification strategy by increasing its
involvement in the wine, grain and oil industry, launching
snack foods, beverages, liquor and other products.
In 2013, entered the tea industry by acquiring a 51%
stake in a tea company based in Hunan province.
Key Executives
Highlights
Company data
Stakeholders Shares
number, mn
Shareholding,
%
Weiwei Group 532.9 31.87
GIANT HARVEST LIMITED 316.8 18.95
Otsuka (China) Investment Co., Ltd. 104.7 6.26
China Growth Investment Fund 5.0 0.3%
Chen jianping 3.556 0.21%
Zhejiang Sanmei Chemical industry Co.,Ltd 3.014 0.18%
China CITIC Bank Corporation Limited-CCB
lasting value Securities Investment Fund 2.911 0.17%
Bank Of Communacations(LOF) 2.499 0.15%
LI chengxun 2.493 0.15%
Chinese Name English name Position
杨启典 Yang Qidian Legal Representative,
Chairman of the Board
霍立娟 Huo Lijuan Chief Financial Officer
梅野雅之 Umeno,
Masayuki Vice Chairman of the Board
熊铁虹 Xiong Tiehong General Manager, Director
曹荣开 Cao Rongkai Executive Deputy General Manager
藤谷阳一 Fujitani, Yoichi Deputy General Manager, Director
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Quarterly performance, RMB mn
Quarterly performance
Company data
In 2013 the company's sales revenues reached RMB 5.06bn, down
by 13% y/y while its gross profit margin was 31.17%.
Sales of soy milk and vegetable protein beverages maintained a
steady growth. The revenues from soy milk powder products grew by
9.77% over the period and sales of vegetable protein drinks were up
by 15.08%.
The main reason for the decrease in revenue and assets in 2013 is
the reduction of the trade income from V V's energy business, which
was taken out of the scope of the consolidated financial statement.
V V Food & Beverage posted operating revenues of RMB 3.3bn for
the first three quarters of 2014, down by 14.86% y/y. The decline in
revenue was due to falling sales of vegetable protein beverages
and wine.
The company's total profit and net profit reached RMB 123.3mn and
RMB 72.6mn at the end of September 2014, both down over 50% y/y.
This was due to the separation of the company's energy business in
2013, resulting in a further reduction of the operating income and
profit in the first three quarters of 2014.
Indicator Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Operating revenue 3,883 5,062 1,147 2,223 3,306
Operating cost 3,959 5,218 1,068 2,128 3,236
Total profit 266 242 82 110 123
Net profit 146 91 56 65 73
Net profit rate (%) 3.8 1.8 4.9 2.9 2.2
Total assets 7,370 7,027 7,625 7,579 7,286
Earnings per share, RMB 0.08 0.05 0.03 0.04 0.05
Indicator 2011 2012 2013
Operating revenue 5,369 5,810 5,062
Operating cost 5,150 5,675 5,218
Total profit 319 233 242
Net profit 221 154 91
Net profit rate (%) 4.1 2.7 1.8
Total assets 7,089 8,070 7,027
Earnings per share, RMB 0.09 0.05 0.05
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Source:
Operating Performance
Revenue by Product in 2014 Q2, RMB mn
Revenue growth by product in 2014 Q2, %, y/y
Gross Profit by Product in 2014 Q2, %
Company data
Solid Beverage 713
Beverage Including Dairy and
Plant Protein 382
wine 741
41.49
20.77
42.81
Solid Beverage Beverage Including Dairyand Plant Protein
wine
East China 640
Central China 618
North China 309
Southwest 188
Northwest China 157
South China 75
Northeast China 64
Other 31
Revenue by Region in 2014 Q2, RMB thou
-3.15
-10.01
-19.46
Solid Beverage Beverage Including Dairyand Plant Protein
wine
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Hebei Chengde Lolo Company Limited
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Source:
Background Information
Major Stakeholders, 2014 Q3
Hebei Chengde LoLo Company Limited, founded in 1050,
is principally engaged in the production and distribution of
beverages.
The company produces vegetable protein beverages,
including walnut milk as well as almond milk, under the
brand name of LoLo (known as Lulu on the market). It
distributes its products on the domestic market.
In 1997, the company was listed on the Shenzhen Stock
Exchange. Its major shareholder is Universal Sannong
Holdings Limited.
The company's most competitive product is the Lulu
almond milk. Its production relies on local almond
resources.
The company claimed a 90% share of the domestic
almond milk market in 2013.
The company is headquartered in Chengde and has four
production bases in Beijing Huairou, Hebei Langfang,
Henan Zhengzhou and Chende, with annual production
capacity of 400,000 tonnes.
Key Executives
Highlights
Company data
Stakeholders Shares
number, mn
Shareholding,
%
Universal Sannong Group Co. Ltd. 204.16 40.68
104 combinations of China Social Security
Fund 14.99 2.99
Agricultural Bank of China - Penghua Power
Growth Mixed Securities Investment Fund 11.31 2.25
109 combinations of China Social Security
Fund 11.30 2.25
Agricultural Bank of China -Dacheng Innovation
Growth Mixed Securities Investment Fund 9.24 1.84
China Social Security Fund 8.86 1.77
Chinese Name English name Position
管大源 Guan Dayuan Chairman of the Board
李兆军 Li Zhaojun Finance Director, General Manager
王旭昌 Wang Xuchang Deputy General Manager
王新国 Wang Xinguo Deputy General Manager, Secretary
of the Board
陈跃鹏 Chen Yuepeng Deputy General Manager, Director
左辉 Zuo Hui Deputy General Manager
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Quarterly performance, RMB mn
Quarterly performance
Company data
In 2013, the company's sales revenue grew by 3.34% to reach RMB
2.63bn. The revenue growth reflects an increase in the demand for
the company's products and services due to favourable market
conditions.
Its gross profit margin was 38.18%, slightly less compared to 2012.
The net profit rate rose to 13.05% in 2013 from 10.65% in 2012.
For the nine months ending September 2014, Hebei Chengbe LoLo’s
revenues rose by 3.34% y/y to RMB 2.11bn.
Its net profit increased by 25.4% to RMB 348.4mn. This was mainly
due to an increase in operating income and a decline in operating
costs. The steady growth in the sales volumes of vegetable protein
beverages also contributed to the rising profit.
The company's profitability benefited from a 2.86% drop in sales
costs to RMB 357.7mn. General and administrative expenses also
decreased by 3.5% to RMB 46mn.
Indicator Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Operating revenue 2,039 2,633 1,286 1,533 2,107
Operating cost 1,673 2,188 958 1,179 1,646
Total profit 374 459 328 363 470
Net profit 278 344 245 269 348
Net profit rate (%) 13.6 13.1 19.1 17.6 16.5
Total assets 1,418 1,875 1,746 1,471 1,613
Earnings per share, RMB 0.68 0.83 0.6 0.53 0.68
Indicator 2011 2012 2013
Operating revenue 1,937 2,138 2,633
Operating cost 1,680 1,829 2,188
Total profit 258 311 459
Net profit 195 228 344
Net profit rate (%) 10.0 10.7 13.1
Total assets 1,498 1,547 1,875
Earnings per share, RMB 0.53 0.55 0.83
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Source:
Operating Performance
Revenue by Product in 2013, RMB mn
Revenue Growth by Product in 2013, %, y/y
Gross Profit by Product in 2013, %
Company data
Production and Sales Volume by Product, thou tonnes
Walnut 147
Almond milk and other 2,483
19.06
39.34
Walnut Almond milk and other
42.41
22.22
Walnut Almond milk and other
9 13 18 8 13 19
241 246
328
241 253
310
2011 2012 2013
Walnut-production Walnut-Sales volume
Almond milk and other-production Almond milk and other-Sales volume
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China Huiyuan Juice Group Limited
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Source:
Background Information
Major Stakeholders, 2014 Q2
China Huiyuan Juice Group Limited was established in
1992 and was listed on the Hong Kong Securities
Exchange in 1996.
The company and its subsidiaries are engaged in the
production and sale of fruit juice, fruit and vegetable juice
and other beverages.
The company produces 100% juices, nectars and juice
drinks based on juice concentrate. Most of the products of
the company are sold under the Huiyuan brand.
The company has more than 50 subsidiaries, 9,447
employees and over RMB 4.5bn of annual sales revenues.
According to AC Nielsen, at the end of 2013, Huiyuan
ranked first in China in terms of sales of 100% juices and
nectars with market shares of 56% and 45.2%,
respectively.
In March 2014, the company expanded its product
portfolio to tea and coffee drinks by buying USD 19mn
worth of assets from Suntory (China) Holding Co Ltd.
Key Executives
Highlights
Company data
Stakeholders Shares
number, mn
Shareholding,
%
China Huiyuan Juice Holdings Limited 1071.809 53.58
Sino Fountain Limited 716.516 16.87
Temasek Holdings (Private) Limited 238.586 10.99
Su yingfu 6.042 0.30%
Liang minjie 0.15 0.01%
Song houquan 0.15 0.01%
Zhao yali 0.15 0.01%
Zhao chen 0.15 0.01%
Yan yan 0.15 0.01%
Chinese Name
English Name Position
朱新礼 Zhu Xinli Chairman ;
Legal Representative
于洪莉 Yu Hongli chief executive officer
吴文楠 Wu Wen Nan Chief Financial Officer
高彦祥 Gao Yanxiang Vice president
江旭 Jiang Xu Vice president
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Semi-Annual performance, RMB mn
Interim performance
Company data
The company's sales reached RMB 4.52bn in 2013, up by 12.96% y/y
and gross profit margin was 31.05%.
The company's total assets came in at RMB 17.2bn at the end of
2013.
Huiyuan's production facilities and distribution network are some of its
most valuable assets. The company has 43 production facilities and a
network of 14 direct sales branches.
Despite being one of the biggest fruit and vegetable juices players,
Huiyuan had a relatively slow revenue growth in 2014.
In the first half of 2014, the company's 100% fruit juice sales
decreased by 7.1%.
Its gross profit margin dropped to 29.4% in the first half of 2014. The
main reason for the decline was the increased fixed cost and
depreciation.
Indicator Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Operating revenue 1,690 3,981 2,063 4,504 1,966
Cost of Sales 1,270 2,866 1,427 3,106 1,388
Gross profit 420 1,115 636 1,398 577
Profit for the period -32 16.2 114 235 20.5
Net profit rate (%) -1.9% 0.4% 5.5% 5.2% 1.0%
Total assets 10,019 11,160 11,263 17,213 16,953
Earnings per share, RMB -0.02 0.01 0.08 0.14 0.01
Indicator 2011 2012 2013
Operating revenue 3,826 3,981 4,504
Cost of Sales 2,861 2,866 3,106
Gross profit 964 1,115 1,398
Profit for the period 310.5 16.2 235
Net profit rate (%) 8.1% 0.4% 5.2%
Total assets 10,046 11,160 17,213
Earnings per share, RMB 0.14 0.01 0.21
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Source:
Operating Performance
Revenue by Product in 2013, RMB mn
Revenue by Product in 2014 Q2, RMB mn
Performance by Product in 2013
Company data
Market share (%)
Sales volume Sales Revenue
100% Juice
First: Huiyuan Juice 56 50
Second ranked competitor 24.9 28.9
Third ranked competitor 6.2 5.7
Fourth ranked competitor 2.9 2.9
Fifth ranked competitor 1.5 1.6
Nectar
26%-99%
Concentration
First: Huiyuan Jucie 45.2 38.5
Second ranked competitor 28.1 22.9
Third ranked competitor 4.5 6.3
Fourth ranked competitor 4.5 6.4
Fifth ranked competitor 3.1 3.3
Juice drink
(25% & below
Concentr
ation)
First ranked competitor 30.8 32.4
Second ranked competitor 26.2 24.1
Third ranked competitor 20.4 18.2
Fourth ranked competitor 6.5 6.3
Fifth ranked competitor 4.0 4.7
Sixth: Huiyuan Juice 2.4 2.2
Juice drink 1,011
Nectar 1,456
100% Juice 1,205
Other drinks 832
Juice drink 435
Nectar 589
100% Juice 394
Other drinks 547
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Blackcow Food Company Limited
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Source:
Background Information
Major Stakeholders, 2014 Q3
Blackcow Food Company Limited, founded in 1998, is
principally engaged in the research, development,
production and distribution of soybean and grain nutritious
drinks.
The company's main products are soybean protein drinks,
oatmeal and other grain cordial drinks, soybean milk
powders, sesame pastes and walnut powders, as well as
liquid milks, among others. It distributes its products
primarily on the domestic market.
The company was listed on the Shenzhen Stock
Exchange's SME board in 2010.
Its subsidiaries include Jieyang Heiniu Food
Industry Co., Ltd., Liaoning black cattle food Industrial Co.
Ltd., and Anhui Province black food industry Co., Ltd.
In July 2013, the company obtained operational license
for a newly established subsidiary, a Guangzhou-based
company that is engaged in the wholesale and retail of
packaged foods.
Key Executives
Highlights
Company data
Stakeholders Shares number, mn Shareholding, %
Lin Xiuhao 135.86 43.41
Wu Dinian 8.98 2.87
Lin Xiuwei 8.09 2.58
Yang Tianyi 7.49 2.39
Liu Guanjun 7.02 2.24
Lin Xiuhai 7.02 2.24
Huang Lihong 4.00 1.28
Gao Liang 3.10 0.99
Chinese Name English name Position
林秀浩 Lin Xiuhao Executive Chairman of the Board
吴迪年 Wu Dinian Vice Chairman of the Board, General
manager
林秀海 Lin Xiuhai Deputy general manager
何玉龙 He Yulong Chief Financial Officer
黄树忠 Huang Shuzhong Secretary of the board of directors
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Source:
Financial Performance
Annual performance, RMB mn
Financial performance
Quarterly performance, RMB mn
Quarterly performance
Company data
The company's sales revenue reached RMB 6.97bn in 2013,
decreasing by 8.61% compared to 2012.
The revenue decline was due to adjustment in the product structure,
optimisation of the dealership structure and a channel inventory
clean-up.
The firm's total assets reached RMB 1.8bn at the end of 2013, up by
almost RMB 220mn from the year-ago period.
For the nine months ending September 2014, Blackcow Food's
revenues decreased 11.17% y/y to RMB 407.8mn. The main reason
for the revenue decline was the adjustment of the product structure
initiated in 2013, clearing of the channel inventory and strengthening
the distributors management.
The net profit for the period increased by 12.1% to RMB 2.5mn. The
reduction of sales and administration expenses was the major profit
growth driver.
Total assets rose to RMB 2.1bn from RMB 1.7bn in the same period
of the previous year.
Indicator Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Operating revenue 459 697. 160 256 408
Operating cost 462 684 152 262 418
Total profit 2.9 22.9 8.0 12.0 3.1
Net profit 2.2 14.6 6.5 7.3 2.5
Net profit rate (%) 0.5 2.1 4.1 2.9 0.6
Total assets 1,700 1,799 1,802 1,857 2,102
Earnings per share, RMB 0.01 0.05 0.02 0.02 0.01
Indicator 2011 2012 2013
Operating revenue 857 763 697
Operating cost 727 693 684
Total profit 136.9 73.4 22.9
Net profit 102.8 55.3 14.6
Net profit rate (%) 12.0 7.3 2.1
Total assets 1,444 1,580 1,799
Earnings per share, RMB 0.43 0.18 0.05
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Source:
Operating Performance
Revenue by Product in 2014 Q2, RMB mn
Revenue Growth by Product in 2014 Q2, %, y/y
Gross Profit by Product in 2014 Q2, %
Company data
Income by Region in 2014 Q2, RMB mn
Liquid soy milk 122
Soybean milk powder 83
Oatmeal 30
Sesame paste 12
Walnut powder 7
37.59 34.2
38.35 37.28
43.18
Liquid soy milk Soybean milkpowder
Oatmeal Sesame paste Walnutpowder
East China 78
Central China 75
Northeast China 35
Southwest 34
Northwest China 14
North China 11
South China 7
-17.51 -25.03 -3.07
53.76
128.72
-40
-20
0
20
40
60
80
100
120
140
Liquid soymilk
Soybean milkpowder
Oatmeal Sesame paste Walnutpowder
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Contact:
Corporate Headquarters
6-8 Bouverie Street
London EC4Y 8DD
UK
Voice: +44 20 7779 8100
Fax: +44 20 7779 8224
Americas Headquarters
225 Park Avenue South
New York, New York 10003
US
Voice: +1 212 610 2900
Fax: +1 212 610 2950
Asia Headquarters
Eucharistic Congress Bldg. No.
III
4th Floor, 5 Convent Street
Mumbai 400 001
India
Voice: +91 22 22881123
Fax: +91 22 22881137
Disclaimer:
The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness
of the information. The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional
Investor PLC take no responsibility for decisions made on the basis of these opinions.
Any redistribution of this information is strictly prohibited. Copyright © 2015 EMIS, all rights reserved. A Euromoney Institutional Investor company.
About EMIS Insight
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and profiles of the leading sector companies provided by locally-based analysts.
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