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another legend of a working man.

author: chen jiali dong shuo

on september 30, the last trading day before the holiday, haitian flavor industry's share price rose 9.98%, closing at 48.17 yuan per share, with a total market value of 267.9 billion yuan. although affected by the overall upward trend of the stock market, haitian flavor industry's upward trend has actually begun to show its effect from the previous week.

before this wave of gains, haitian flavor industry welcomed its first female boss - cheng xue, known as the "most awesome worker". on the evening of september 19, haitian flavor industry issued an announcement on the reelection of the board of directors and board of supervisors. cheng xue, the former vice chairman and executive president, became the new chairman.

54-year-old cheng xue is a veteran employee of haitian flavor industry. she has given 32 years of her youth to this condiment company. with her officially taking charge this time, it means that the legend of another ordinary worker has been written.

highly paid"the most awesome worker"

in march this year, in the "2024 outstanding business women 100" list released by forbes china, cheng xue was on the list together with huawei vice chairman meng wanzhou, gree electric chairman dong mingzhu, wahaha chairman zong fuli and others.

compared with other well-known entrepreneurs, cheng xue is a bit mysterious. she has not given any interviews or given public speeches, and even clear photos are difficult to find. there are very few relevant reports about her that can be tracked by the outside world.

even when haitian flavor industry was listed, the prospectus introduced her with only a few words: "chinese nationality, no permanent overseas residence, bachelor's degree, senior engineer..."

cheng xue's "taking over" this time has once again attracted attention as her counterattack story as a migrant worker.

in 1992, 22-year-old cheng xue graduated from university and entered the haitian soy sauce factory, and has been inseparable from soy sauce since then. over the past 32 years, she started as an ordinary employee, gradually became a shareholder, a senior executive, and now the "top leader". this is inseparable from her diligent persistence and decision-making ability to assess the situation.

the time came to 1995, which was the third year after cheng xue joined the haitian soy sauce factory, and the factory carried out joint-stock reform. cheng xue, who was only 25 years old, spent almost all her savings to subscribe for 15,000 shares and became one of the earliest shareholders of the company. two years later, cheng xue was promoted to corporate planning director.

in 1999, the company once again sold equity to 17 key members. cheng xue subscribed for 186,900 yuan of shares and became one of the top ten shareholders.

these two bold investments completely changed cheng xue's fate.

in 2010, haitian flavor industry was restructured again and converted into a joint-stock company. in the same year, cheng xue was elected as a member of the first board of directors of haitian flavor industry and officially entered the management level. after that, she was promoted to vice chairman of the company, and successively served as executive vice president and executive president until she was elected chairman this time.

from a junior worker to the head of a listed company, cheng xue gained not only a change in identity, but also a surge in net worth.

in 2019, cheng xue ranked among the top ten of the "hurun women entrepreneurs list" with a net worth of 32 billion yuan.

in 2021, hurun research institute released the "2021 hurun china professional managers list" for the first time. cheng xue became the "richest professional manager in china" with a net worth of more than 60 billion yuan, and was therefore called "the most awesome worker" by the media. ". on the same list, dong mingzhu, chairman of gree electric appliances, ranked 31st with a wealth of 5.9 billion yuan. in the same year, cheng xue ranked 274th on the forbes global rich list with a value of us$8.7 billion (approximately 61.02 billion yuan).

before this change of office, former chairman pang kang had been the "top leader" of haitian flavor industry, while cheng xue was the "second leader." however, it is worth mentioning that cheng xue's salary in the past two years has surpassed pang kang. according to the annual report of haitian flavor industry, in 2022, pang kang received a total of 7.0081 million yuan in pre-tax remuneration from haitian flavor industry, and cheng xue received 7.0577 million yuan; in 2023, pang kang received 5.5496 million yuan, while cheng xue received 6.6983 million yuan. ten thousand yuan.

it can be seen that before becoming the chairman, cheng xue had already become the highest paid person in the management.

·pang kang, former chairman of haitian flavor industry.

from soy sauce factory to "soy sauce mao"

according to haitian flavor industry's disclosure, currently, cheng xue, former chairman pang kang, and four other natural shareholders of haitian flavor industry are persons acting in concert. the six people collectively hold 71.80% of the shares of haitian group and are the actual controllers of haitian group. . through haitian group, six people indirectly hold 55.33% of the shares of haitian flavor industry and are the actual controllers of haitian flavor industry.

judging from the resume, cheng xue joined haitian flavor industry 10 years later than pang kang, but the two have worked together for many years. as the backbone of haitian flavor industry's development, they have jointly witnessed its growth from a soy sauce factory to a billion-dollar giant listed on the market. company process.

according to the official website of haitian flavor industry, the history of haitian soy sauce factory can be traced back to the foshan ancient sauce garden in the mid-qing dynasty, which has a history of more than 300 years. in addition to being sold around foshan, the products are also sold as far away as xijiang and beijiang (the two main river systems of the pearl river). before and after the founding of new china, many soy sauce garden products were sold directly to hong kong and macao.

in 1955, 25 ancient soy sauce gardens in foshan were merged and reorganized into a new soy sauce factory. at that time, haitian was the largest, so the established soy sauce factory was named foshan public-private joint venture haitian soy sauce factory.

·the early haitian soy sauce factory.

haitian soy sauce factory has gradually entered the fast lane of development since the 1980s. during the same period, "soul figure" pang kang entered the factory.

pang kang was just an ordinary technician when he first joined the factory in 1982. since then, he has continued to improve and innovate soy sauce, and also suggested the introduction of new technologies and packaging to the factory director. with pang kang's efforts, the quality and sales of haitian soy sauce have been greatly improved. pang kang was appreciated by his leaders and promoted to deputy factory director.

in 1995, pang kang invested 500,000 yuan and led more than 700 employees to subscribe for 70% of the shares of haitian flavor industry. cheng xue was one of them. after the restructuring, pang kang became the helmsman of haitian flavor industry, serving as both chairman and general manager.

under the leadership of pang kang, haitian flavor industry has risen rapidly.

he first spent huge sums of money to introduce a fully automatic packaging production line from germany, and then established a research team of more than 100 people dedicated to solving bacterial problems existing in the traditional drying process.

·the drying area of ​​haitian flavor industry.

not only that, pang kang also launched a tourism project at the foshan headquarters, inviting tourists to visit the soy sauce production process, and placed a large number of advertisements.

in 1999, haitian's advertisement appeared in the hourly time segment of cctv's "news network". this was the first soy sauce brand to appear on cctv's prime time.

in order to seize consumers across the country, haitian uses wall advertisements to increase its popularity in rural areas, and in cities it covers subways, elevators, the internet and other channels.

with ingenious activities and an overwhelming advertising campaign, haitian's brand quickly spread throughout the streets. in 2009, haitian flavor industry's sales exceeded 5 billion yuan.

in february 2014, haitian flavor industry went public, creating a feast of wealth. at that time, pang kang and cheng xue, as the two veterans of haitian flavor industry, became the targets of the capital market.

after being listed on the market, haitian flavor industry further increased its marketing offensive, signed wang han as the brand spokesperson, and titled "one stop to the end", "if you are the one", "the strongest brain", "the war of nature", "let's fight", "tucao conference" and other titles popular variety show.

·haitian soy sauce titled "if you are the one".

after being listed on the market, haitian flavor industry has developed rapidly with its product lineup of "one body and two wings" - soy sauce, oyster sauce, and seasoning sauce.

in 2020, haitian flavor industry’s share price increased by 126% year-on-year. on january 7, 2021, the closing price of haitian flavor industry reached a new high, with the total market value reaching more than 695 billion yuan. at that time, haitian flavor industry was known as "soy sauce mao" because of its good market performance and competitiveness.

"double-standard door" seriously harms vitality

in 2022, a sudden "double-standard door" incident became a turning point in the development of haitian flavor industry from prosperity to decline.

the incident started when a chinese student in japan bought a bottle of haitian soy sauce from a local supermarket. when he saw the ingredient list on the package, he found that it only contained five ingredients: water, soybeans, salt, sugar and wheat. looking at the haitian soy sauce formula sold in china, he found that in addition to those traditional raw materials, flavor enhancers and preservatives such as sodium glutamate and sodium benzoate were also added.

·haitian soy sauce products in japan and china are accused of having different ingredients.

after the incident was revealed on social media, it immediately attracted attention.

consumers have expressed dissatisfaction and believe that haitian flavor industry's operation of "differentiating internal and external" is too "double standards". at the same time, people have also begun to question whether it is safe to eat this kind of soy sauce?

haitian flavor industry issued a statement stating that the use and labeling of food additives in all products comply with relevant standards and regulations in my country.

immediately, a big discussion about food additives started among consumers.

wang xufeng, president of the capital health, nutrition and gastronomy society, said he is not opposed to food additives and supports their reasonable and appropriate use. "health times" quoted chen qiao, deputy chief physician of the nutrition department of the third medical center of the people's liberation army general hospital, as saying that food additives are a double-edged sword. without food additives, the taste, color and shelf life of food will be far inferior to those with additives. .

a chinese restaurant chain manager told global people that he had run a restaurant in japan before and was deeply impressed by haitian flavors’ “food additive controversy.” "there was a lot of discussion at the time, but the views of people in the industry are still relatively rational. '0 add' is definitely more expensive. haitian sells '0 add' in japan, but it is also the price of '0 add'. haitian is also sold in china. ‘0 added’ soy sauce is just more expensive and has a limited audience.”

at the same time, the store manager said that if the freshness-enhancing ingredients such as sodium glutamate are added within the scope allowed by national standards, the taste will indeed be improved. according to him, at present, the chinese restaurant where he works still mainly uses haitian as condiments.

although public opinion has slowly "cooled down", haitian flavor industry has still paid a heavy price for this "double standards" controversy.

judging from the company's financial report, haitian flavor industry's net profit in 2022 is 6.198 billion yuan, a year-on-year decrease of 7.09%. this is also the first time that haitian flavor industry has experienced a decline in net profit since it went public in 2014.

jiang han, a senior researcher at pangu think tank, pointed out in an analysis by global people reporters that the "double labeling scandal" incident has reduced consumers' trust in haitian products. during the same period, due to the lack of core hot products in haitian's own product logic, as the entire consumer market became more and more diversified, it lost its relatively concentrated product competitiveness back then.

in addition, jiang han mentioned that it can also be seen from the 2023 annual report that haitian flavor industry lacks core control over the channel market. data shows that among haitian product sales channels that year, offline channels decreased by 3.86% year-on-year, and online channels decreased by 10.06% year-on-year. the sharp decrease in the number of dealers is not unrelated to the revenue situation. haitian has also tried to cross-border in areas such as bottled drinking water to find new economic growth points, but the effect was not obvious.

at the end of 2022, cheng xue was appointed as the company's executive president, second only to pang kang in terms of position. at the shareholder meeting that year, cheng xue said: "the external environment is difficult, it is difficult for everyone, and it does not mean that haitian is in difficulty alone, so we believe that this is not the main reason (unsatisfactory performance). the most difficult problem for haitian flavor industry at the moment is we must race against time to iterate, amplify, upgrade and transform the advantages accumulated over the years.”

·haitian flavor industry's product line is gradually expanding.

just before cheng xue took over, haitian flavor industry had just handed over its interim results for the first half of this year.

in the first half of 2024, haitian flavor industry's performance data began to pick up, with revenue increasing by 9.18% year-on-year, and net profit attributable to the parent company increasing by 11.52% year-on-year. both indicators hit the highest values ​​in the interim report since listing.

in february this year, cheng xue made a rare appearance in the news that "secretary of the suqian municipal party committee met with cheng xue and his party." public information shows that haitian flavor industry's industrial park in suqian economic development zone is its second production base outside its headquarters in foshan. cheng xue said in the report: "the group will further increase its project layout and investment intensity in suqian, promote the construction of the 5 billion yuan project haitian biotechnology, and strive to complete and put into production as soon as possible."

·in february this year, cheng xue, who made a rare appearance, appeared on the news.

judging from the report card, haitian flavor industry seems to be gradually emerging from the previous "darkest moment". however, as haitian flavor industry mentioned in its semi-annual report, "the external environment is still complex and changeable, and industry competition has intensified." cheng xue after officially taking command, the burden on him is still not small.