For Yihai Kerry, this year is still not ideal.

-- The status of the "second in 10,000 years" in China's grain and oil field has not been shaken in the slightest, and there is no hope of overtaking, so it is naturally not satisfactory.

But it's not without any good news.

“...... The relevant departments have approved the registration of the initial public offering of shares on the Arowana Grain and Oil Growth Enterprise Market in accordance with legal procedures, that is to say, the listing of Arowana Grain and Oil has officially entered a substantial countdown stage. All the capital raised from the IPO will be used for investment in China. Ladies and gentlemen, Jiagu is being distracted by diversity, and the time has come for Kerry to counterattack, and this is a good opportunity for us to overtake Jiagu!" Guo Kui, Chief Executive Officer of Kerry Investment, was in high spirits, glancing at the aging board members.

This is the board meeting of Yihai Kerry Arowana Grain and Oil Company before its listing, and Guo Kongfeng, chairman of Yihai Kerry, sat on the top, his eyelids moved slightly, but he did not make a sound, as if he was sleeping with his eyes open.

The other board members were stunned, but they involuntarily avoided Guo Kui's gaze.

Guo Kui coughed heavily and said, "What I said is wrong?"

"Kerry and Kakubi are still a bit incomparable. "Although Guo Kui is a member of the Guo family, everyone can't talk nonsense with their eyes open.

For example, it is the leader of China's packaged edible oil, for example, it is the absolute leader in the palm oil category.

But no matter how much you brag about it, to say that Yihai Kerry can surpass Jiagu in one fell swoop, it is really talking nonsense with your eyes open.

Yihai Kerry is a huge complex, but Jiagu is also a behemoth, with highly similar businesses and competitors in various segments.

Sadly, for the most part, Kerry has been crushed by Jiagu.

Yihai Kerry's starting business, packaged edible oil, although the status of the boss is not guaranteed, but because the main consumer groups of edible oil are middle-aged and elderly people and women, this group is slow to accept the new brand, and the second position of Arowana is still quite stable, the problem is that the position of Jiagu's boss is difficult to be shaken;

There are still some cards in the field of edible oil, but in the field of rice, it is called a miserable. This is the real "one super and many strong" pattern - in packaged rice, Jiagu has occupied more than 40% of the market share, and the next two, three or four are not as strong as Jiagu;

In the flour field, Jiagu is still accumulating, but it is not necessarily a good thing. The princes are in a scuffle, the fish and dragons are mixed, and the market share of Kerry and Guoliang is comparable, and under the pressure of Jiagu's force at any time, the two sides are called clamping their tails.

Even if there is a gap in market share, in terms of overall revenue and profit margin, Jiagu and Kerry are even more different.

Compared with Jiagu's dairy, beer and pig industries, the grain and oil industry is really not very profitable.

If you sell rice and noodles alone, the profit margin is not even 1%, and large enterprises will lose money. If you want to make money in this industry, you need to rely on sales volume and make small profits but quick turnover; second, you need to rely on the intensive processing of grain, which extends to the excavation of the entire industrial chain, including the development of grain by-products and the increase of their added value.

After all, grain and oil are related to the national economy and people's livelihood, and it is impossible to raise prices like beer.

But Kerry, like all companies, did not expect that the competitive model was not at all what it used to be.

The whole industry chain! Build your own base! From the laboratory to the field to the dining table! Compared with the newly rising Jiagu, the so-called powerful Kerry and Guoliang look like an old guy who is struggling to step by step, and in the face of Jiagu's aggressiveness, they are lagging behind step by step.

There is no more straightforward change than in the rice field.

In the past, although about ninety percent of grain companies spent on the purchase of raw materials, everyone was like this, and the owner did not buy the west, so they could only rush to buy high-quality grain sources as much as possible, and make profits by taking "quantity".

Now, the storage model of high quality but not good price, mixed collection and mixed storage is completely unworkable. If you don't have your own rice planting base, take the initiative to promote high-quality raw grain varieties and ensure product quality, consumers who are raised by Jiagu brand rice will not buy it at all.

This is certainly a good thing for the rice industry. The market has forced the upstream to carry out changes, and the degree of industrialization of rice has increased a lot. For grain enterprises, it can not only strengthen supply chain management and reduce comprehensive costs, but also make the company's profitability no longer affected by the fluctuation of raw material prices.

The problem is that the self-built base has caused Yihai Kerry's debt ratio to rise rapidly. Last year, the asset-liability ratio of Arowana Grain and Oil was 51.2%, which also means that Arowana Grain and Oil needs to pay high interest every year.

Kerry does not have the state support of national grain, and second, it does not have several golden hens in Jiagu, so it is still necessary to make up its mind to invest all the IPO financing in expansion rather than reducing debt.

Guo Kui was young and vigorous, pouted and said, "Why is it not easy to compare? Jiagu has already crossed over to the Internet......

At this time, Guo Kongfeng, who was at the top, stretched out a soft hand to stop Guo Kui from continuing.

"You only see Jiagu supporting Yipin, but this is not necessarily a manifestation of its distraction, on the contrary, in my opinion, this is precisely the turning point of Jiagu's preparation to strengthen the offensive of the main grain and oil industry. Guo Kongfeng said softly.

Guo Kongfeng, who is more than twice as old as Qi Zheng, still has a keen sense of business.

From the perspective of ordinary people, Jiagu is also contributing money and efforts to support Yipin, isn't it planning transformation?

Guo Kongfeng saw his deeper intention - if Yipin is done, it will be easy to take over Jiagu's in-depth transformation in small agricultural categories, and Jiagu will be able to free up more energy to focus on scientific research and large categories such as grain, oil, meat and milk.

It is also one of the moats of Jiagu.

As long as it has an advantage in the major categories of grain and oil related to the national economy and people's livelihood, with China's huge population base, it will be "contributing" to Jiagu all the time.

In the same way, the Chinese market is too huge, and Yihai Kerry is unlikely to give up this market.

A single industry is still too shallow, as long as you dive deep, it is easy to hit the bottom of the pool, so the development and transformation path of Kerry Horizontal Swimming is clear and clear.

Guo Kui looked at the undoubted Guo Kongfeng in surprise, and then he said: "Then I suggest that the focus of Kerry's next development in China should be on the development of functional foods, and less basic and sensitive projects......

Guo Kongfeng interrupted his speech again and said slowly: "Isn't Kerry's listing in China just to logically transform into a domestic-funded enterprise and get rid of the title and restrictions of foreign capital? Don't be afraid of debt, in the next three to five years, the parent company Wilmar International will increase its capital in China by 30 billion yuan, which is equivalent to the total amount of our investment in China in the past." At present, China's grain and oil industry does not do basic projects, and there is no future. If Jiagu can do it, we can do it too, not only to do it, but also to do it boldly......"

Guo Kongfeng is too optimistic about the Chinese market, so he does not hesitate to increase investment.

Guo Kui tilted his head and muttered in a very low voice: "Can this be compared with Jiagu? Jiagu is a demon ......when he grows the ground."

......