behind the succession of "working queen" cheng xue to haitian flavor industry - indirect holdings account for about 9.796% of the total, second only to former chairman pang kang
2024-09-25
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yangcheng evening news all-media reporter zhan shuzhen
haitian flavor industry, the "big brother of soy sauce", has welcomed its first female leader since its establishment. recently, haitian flavor industry (603288) announced that the board of directors has been replaced, and cheng xue, the former vice chairman and executive president of the company, has been promoted to chairman of the company. this personnel appointment means that the former chairman and president pang kang has resigned from his position, and a round of "new and old handover" has been completed within the senior management team of haitian flavor industry.
from an employee to a chairman
as a leading company in china's condiment industry, haitian flavor industry is headquartered in foshan, guangdong, and its products cover a number of series including soy sauce, oyster sauce and seasoning sauce.
in the market, haitian flavor industry was once known as the "moutai of the soy sauce industry". at its peak in early 2021, its stock price was close to 120 yuan per share. however, as time went by, by the close of september 24 this year, the stock price had fallen back to 38.32 yuan per share.
cheng xue is known as the "working queen" for her inspiring career. public information shows that she was born in 1970 and joined haitian flavor industry at the age of 22. she was promoted from a grassroots employee to the corporate management level. she has held several key positions, including corporate planning director, vice president, executive vice president, and director.
according to the 2023 annual report of haitian flavor industry, cheng xue received an annual salary of 6.6983 million yuan before tax that year, making him the highest-paid director, supervisor and senior manager of haitian flavor industry.
it is worth mentioning that cheng xue has not only achieved brilliant achievements in her career, but also become an important shareholder of the company through her personal efforts. she holds 176 million shares of the company, accounting for about 3.172% of the total shares of the company, and indirectly holds about 9.796% of the total shares of the company through the company's controlling shareholder, second only to pang kang, the former chairman of haitian flavor industry.
however, with the ups and downs of the stock market and changes in the market environment, cheng xue's wealth has also experienced a substantial decline. in 2021, she was listed on the hurun global rich list with a wealth of 75 billion yuan. this year, this figure has dropped to 27.5 billion yuan, a full 47.5 billion yuan reduction.
it should be pointed out that under the influence of various internal and external factors, haitian flavor industry's performance in 2022 saw a decline in net profit attributable to the parent company for the first time. this year, the company achieved revenue of 25.61 billion yuan, a year-on-year increase of 2.42%; but the net profit attributable to the parent company fell to 6.198 billion yuan, a year-on-year decrease of 7.09%.
facing this situation, cheng xue made it clear at the annual shareholders' meeting that the difficult external environment did not represent the difficulties of haitian flavor industry, and it was not the fundamental reason for the poor performance. at present, the biggest challenge facing haitian flavor industry is how to race against time and continuously iterate, expand, upgrade and transform the advantages accumulated over the years.
she further explained that haitian flavor industry's advantageous channels are still concentrated in relatively traditional fields, but now consumers have diversified their access to condiments; in the past, haitian flavor industry was dominated by basic seasonings, but now the market demand for compound seasonings is growing. haitian flavor industry needs to keep up with the trend of the times and market changes in terms of products, channels, etc. in order to consolidate or expand its previously accumulated competitive advantages.
haitian flavor industry faces transformation challenges
in recent years, haitian flavor industry has faced many challenges. in particular, in 2022, haitian flavor industry was caught in a public opinion storm. some netizens on social platforms posted the ingredient list of haitian soy sauce sold in many places abroad, showing that it only contains natural raw materials such as water, soybeans, and wheat, without additives. in contrast, haitian soy sauce sold domestically is marked with additives such as flavor enhancers, preservatives, and sweeteners. this "double standard for additives" incident quickly aroused public doubts.
although haitian flavor industry has made clarifications many times, the crisis has had a significant impact on the company's image and market performance. according to haitian flavor industry's 2023 financial report, the company's revenue declined for the first time in nearly a decade in 2023, and its net profit continued the downward trend in 2022. data shows that haitian flavor industry achieved revenue of approximately 24.56 billion yuan in 2023, a year-on-year decline of 4.10%; net profit attributable to the parent company was approximately 5.626 billion yuan, a year-on-year decline of 9.21%.
this series of financial data not only reflects the external crisis of haitian flavor industry, but also reveals the urgency of internal transformation. against the backdrop of increasingly fierce market competition, haitian flavor industry has to accelerate reform and innovation to cope with the changing market environment.
in 2024, haitian flavor industry's performance returned to growth, and its transformation and reform seemed to have achieved initial results. in the first half of this year, haitian flavor industry achieved operating income and net profit of 14.156 billion yuan and 3.453 billion yuan, respectively, up 9.18% and 11.52% year-on-year.
at the first half of this year's performance briefing, haitian flavor industry said that the company actively responded to the changing external sales environment and accelerated reform and innovation. by improving the quality of existing products, developing and launching new products that meet different consumer needs, and other measures, the company continued to improve product competitiveness; at the same time, the company actively promoted the construction and reform of the channel side, innovated the business model, and further strengthened the company's market competitiveness. these measures effectively supported the company's revenue growth in the first half of the year.
however, the challenges facing haitian flavor industry are far from over. the company also mentioned that the condiment industry is a fully competitive industry, and the competition has been particularly fierce in recent years. with the improvement of people's living standards, consumer needs have become more diversified and consumption scenarios have become richer. in the face of these changes, the company is also constantly innovating technology and products, accelerating the introduction of new products, in order to meet the diversified needs of consumers and inject new vitality into the company's development.
for the new chairman cheng xue, how to maintain continuous growth in performance in a complex and changing market environment remains a big challenge.
