Soymilk originator "yesterday" no longer declines in Jiuyang market share year after year

Nine Yang shares recently announced that it intends to grant 4,26 million restricted stocks to nearly 250 incentive targets such as the board of directors. As soon as the incentive plan was issued, it was transferred to the interests of the industry due to the low threshold of exercise. Although this statement has been denied by the nine-yang side, but the market share year-on-year decline is the reality that the company of China's soya-bean milk makers had to face.

Incentive Plan is intended to boost performance Jiuyang Stocks intends to grant 4.26 million restricted shares to the nearly 250 incentive targets including directors and board secretary Jiang Guangyong at a price of 7.59 yuan. Jiuyang’s equity incentive is unlocked for 36 months. During the unlocking period, the incentive target can be unlocked in three phases after 12 months, 24 months, and 36 months after the grant date. The unlocked quantity for each period is 40%, 30% and 30% of the total granted.

When Jiu Yang’s stock incentive plan came out, it was questioned that the stock incentive scheme of Jiu Yang was in essence the transfer of benefits. The reason was that the exercise threshold was too low. The exercise conditions require Jiuyang's annual net profit growth rates of 5%, 6%, and 7% in 2011, 2012, and 2013, respectively. However, some investors believe that such conditions are too "pediatric" for Nine Yang. Historical data show that from 2006 to 2009, the net profit growth rate of Jiuyang reached 13.66%, 736.84%, 76.41%, and 11.61%, respectively.

Gu Dongjun, a spokesperson for Jiuyang Company, explained that the plan of the equity incentive plan was to “create a sense of well-being” for the employees and thus better convey “happiness” to the market. The company stressed that this equity incentive program is compliant.

Soymilk kings do their wedding dresses for the others. The low threshold for the right to act is not the transfer of benefits, and companies and investors hold their own words. However, an analyst who did not wish to be named pointed out that the threshold for the exercise of Jiuyang is so low that it is expected that it will be difficult to maintain the pace of development in previous years. The single-digit growth will also become the norm.

In July 2002, Jiuyang Company was established. Wang Xuning, the current Chairman of Jiuyang, led his team into the soybean milk industry. After five years of fighting, the company was officially restructured into a stock company in September 2007 and successfully listed on the Shenzhen Stock Exchange in 2008. At that time, there were few brands of soya-bean milk makers on the market and the market size was not large. Jiuyang invested a lot of promotion expenses for advertising, and soymilk makers were gradually recognized by consumers. In 2008, it was a key year in the history of soybean milk machine development. At that time, due to the “melamine” incident, the dairy industry was in trouble and the soybean milk industry was given great opportunities for development. Nine Yang is a dominating company that once accounted for 80% of the market.

However, the sudden enlargement of the soymilk market, low technical thresholds in the industry, and high profit margins have attracted more and more household appliance companies to shift their sights to the soybean milk machine market. American, Haier, Supor, Dongling, and Backgammon companies have all tested the water.

In response, Luo Qingqi, a senior director of Pall Consulting, commented that the cultivation of the market in the early period of the nine months was equivalent to dressing others and slowly being squeezed and surpassed by some companies with strong group backgrounds and brand effects. in.

Opposition to “Group Army” is slightly weak In 2010, Jiuyang’s annual performance has not yet been released. However, the 2010 interim report shows that in the first half of last year, Jiuyang achieved a net profit of 273 million yuan, a decrease of 13.91% year-on-year. Nine Yang, which has maintained a high growth rate for the first time, has seen a drop in net profit, which is surprising.

In order to improve its performance, Jiuyang has been involved in other areas. In January of this year, Jiuyang signed a letter of intent with Sea Wolfstar (Beijing) Electric Co., Ltd. to invest 100 million yuan to register a wholly-owned subsidiary in Hangzhou to purchase part of the net assets of Seawolf Company and enter clean water. Processing area.

In fact, as early as the end of 2002, Jiuyang began to infiltrate into other small household electrical appliances, hoping to avoid the risk of a single market through diversified development. At present, 9 Yang Soymilk sales revenue and profits accounted for about 70% of the company, the stability of the soybean milk industry is still the key to the survival and development of the nine Yang.

Analysts pointed out that compared with carrier-class brands such as Jiuyang, Midea, and Galanz, they can only be regarded as a single boat, and brand pulling power is insufficient to support the development of other category products.

For the future of Nine Yang, Luo Qingqi believes that what Nine Yang should do now is to clarify its own development strategy, and whether the company is making soybean milk or a full-product strategy. If you fight in the soybean milk machine market, you must also strengthen product advantages, highlighting the core technological advantages. However, in the future, it will be slightly weak in combat with those "group army."