It's the fourteenth year since the establishment of Jiagu.

It can be said that Dajiagu, who has survived two seven-year itches, has completely become a super big octopus.

Qi Zheng's internal financial report of the group is very simple, there are not so many bells and whistles, and it is mainly divided into two major sectors: the profitable sector and the non-profitable sector.

First of all, let's look at the sectors that make money:

The first place is, of course, Jiagu's basic plate - the grain and oil sector.

As the first brother of grain and oil, Jiagu grain and oil has enjoyed the dividends of China's household grain and oil packaging, and gradually formed a business empire with diversified commodities and stable profits, with a market share of 29.7% and 40.4% respectively in the modern channels of small-packaged edible vegetable oil and packaged rice, ranking first in the industry.

However, although compared with its peers, Jiagu Grains and Oils' net profit margin also ranks first in the industry, if compared with other business segments in the group, the grain and oil sector can only be said to be a "meager profit model" - after all, in this controlled industry, the terminal price adjustment of Jiagu Grains and Oils is subject to approval.

However, with its volume, this basic market still contributed a considerable amount of revenue and profits to the group - in 2014, the revenue of the grain and oil sector was 168 billion yuan, and the net profit was 10.08 billion yuan.

It is worth mentioning that this is to exclude the Xianming rice, otherwise it would be too hooligan.

Since it has been detected to be rich in "high-energy growth factors", it is impossible for Xianming rice to be "sold freely" like other products.

Xianming rice is now stable at more than 1 million tons per year, half of which is purchased by the state at "parity" for research or special supply.

Of the remaining production, 40% is supplied overseas, and the unified overseas supply price is 100 US dollars per kilogram, which can be called a crazy sweep of the wealth of the rich from overseas.

But this part of the excess profit is not exclusive to Jiagu. It's a bit like a domestic tobacco company, where more than 70% of the cost is tax. But even after paying high profits and taxes, Xianming rice can still bring nearly 50 billion profits to Jiagu every year.

The reason why it is not included in the group's financial report is that this part of the profit is "used for other purposes" - part of it is used for the development of the Alashan desert area, and most of it is used for subsidies for the Jiagu cooperatives.

Needless to say, the public welfare of the Northwest Desert management and development is used for the Jiagu cooperatives, including subsidies for the energy system of agricultural waste resources, subsidies for the purchase of agricultural machinery by cooperatives, and subsidies for the improvement of small water conservancy projects in local areas...... Theoretically, this part of the profits is equivalent to taking it from the "rich" and using it for the people.

After Qi Zheng had a conversation with the reigning Wen Lao at the time, this became an unwritten agreement between Jiagu and the state. Since then, no one at home and abroad has dared to covet Jiagu's Xianming rice. Also because of Jiagu's knowledge, the state's support for Jiagu has also increased silently.

This kind of thing is not good on the table, in order to avoid trouble, all the financial data of Xianming rice are listed separately, and they are not included in Jiagu's financial report. Otherwise, the net profit margin of the grain and oil sector is estimated to be pulled up by 20 points.

Although when he first launched the "spirit plant" of Xianming rice, he definitely didn't expect that it would end up like this. However, Jiagu seems to be making a wedding dress for nothing, but it is not. It's hard to say how many hidden benefits have been brought back in this so far.

Qi Zheng shook his head, pulled back his thoughts, and continued to read.

Next up is the livestock sector.

The livestock sector is mainly divided into pig farming and beef and dairy farming.

Jiagu Agriculture and Animal Husbandry's dairy farming business has always been in a state of steady growth in both revenue and profit because it wants to ensure the milk demand of its brother company Jiagu Dairy, while although the number of pigs slaughtered has shown a rapid growth trend every year, the profitability of the pig business has fluctuated greatly in a typical cyclical industry.

The past two years have been the low point of the pig cycle, so although the annual pig slaughter volume of the livestock sector has risen to more than 14 million, on a par with Wen's shares, which is the first in the industry, the revenue is only 40 billion yuan, and the net profit margin has also fallen to 6.9% - although the net profit margin of peers at this time is not even 3%.

However, in the expansion of heavy assets of "self-breeding and self-raising", breeding can also be made into a profitable business forever, and Qi Zheng cannot be more demanding.

silently praised Jiagu Agriculture and Animal Husbandry in his heart, and then looked down, Qi Zheng couldn't help but show a smile of "trench" - the big man who made money came.

Although grain, oil and animal husbandry can be regarded as the basic plate of the Jiagu system, in addition to Xianming rice, in recent years, especially this year, the most profitable is always the food and beverage sector - Jiagu Dairy and Qingyuan Beer.

There is no doubt that in the dairy industry, an industry with an output value of 350 billion yuan, Jiagu Dairy continues to lead strongly with its scale advantages in revenue and net profit.

Although since the poisoned milk incident, and experienced large and small dairy safety accidents, but a number of domestic dairy enterprises have also built their own milk sources, with the two years of large-scale pastures began to increase, domestic milk production has reached the peak of rapid development, the early layout of the industry leader began to benefit, many small enterprises withdrew, the industry for many years of integration period basically came to an end.

The gradual recovery of Yili and Mengniu will inevitably have similar product categories and similar prices with Jiagu Dairy. However, Jiagu Dairy is better in the milk powder and high-end sectors, and its competitive advantage is still quite large - Jiagu Dairy's revenue in 2014 was 87.3 billion yuan, which continues to be the sum of the income of the second and third children.

Compared with the steady and steady Jiagu Dairy, Qingyuan Beer is really full of momentum this year.

The "beer shortage" + the God-given opportunity of the Brazil World Cup has made Qingyuan Beer perform strongly in the global market and become the Chinese beer market, no, it should be one of the most profitable giants in the world beer market.

Qingyuan Beer's global revenue increased by 100%, with an annual revenue of 91.82 billion yuan, which greatly narrowed the gap with the industry leader AB InBev, whose revenue shrank to 26 billion US dollars, and left its domestic counterparts far behind.

Jiagu Dairy and Qingyuan Beer made a "100 billion revenue agreement" in 11 years to see who would break through 100 billion revenue first, and their plans were all five years later, that is, 16 years. Good guys, who would have thought that they were going to reach their goals more than a year ahead of schedule?

Qi Zheng watched them all break through double-digit profit margins, and one person almost laughed out loud in the office - these two "fat pigs" are cultivated!

The last sector to make money is the overseas business segment that is packaged together.

Jiagu International has successively acquired Australian sugar companies, Brazilian sugar companies, and American Gaohong grain merchants, and achieved a gorgeous turnaround, with revenue exceeding 60 billion yuan, but this part of the overseas business has a lower profit margin of only 3%-4% due to integration and huge debts. Or rather, this is the normal level of the industry.

Qi Zheng is not picky, although the profit margin is very low, but use other people's resources to make other people's money, don't ask too high.

The four main sectors that make money can be called eye-catching, so that Qi Zheng's mood is brilliant from beginning to end, and then he sees the "loss-making" plates are all calmly beeped.

Although the Jiagu seafood brand has been erected, only one fishery has output, and at least one billion yuan will be thrown into the technological breakthroughs of "cold-water salmon farming", "large-scale aquaculture ships" and "large-scale fences in the deep sea" every year.

The energy forest of Linfen City has just been produced, and before the investment is recovered, the energy forest plan of Jin Province is coming, even if it is mainly based on technical investment, Jiagu will invest more than 1 billion yuan every year, and there will be a pit.

Do you still need to look at this? Even if Cistanche and Sanqin cattle start to generate income, they can cheat a little...... No, it is to attract a little more social industry capital investment and achieve a balance of expenditures, and Qi Zheng will be satisfied. One of the sinkholes!

......

Qi Zheng did not panic at all, after all, the annual revenue of the entire group of 507.8 billion yuan and the profit of 52.3 billion yuan were full of confidence for anyone.

Even with the exclusion of Xianming rice, Jiagu's profit margins are still outstanding. The reason Qi Zheng summed it up, mainly because of the strength of Jiagu's brand power and product power.

In other words, when peers need marketing expenses to fill the gap between brand power and product power, Jiagu can sell more products with less advertising.

There are two very interesting data in the financial report - in China, Jiagu's "anti-counterfeiting" expenses are actually higher than marketing expenses, which is also very speechless.

Marketing or product-driven also determines the different cash flow states of the enterprise.

Jiagu's operating cash flow has been positive for a long time, and even with a new debt-to-asset ratio of 44.7%, the financial situation could not be healthier.

The average asset-liability ratio of the industry is about 40%, although Jiagu is higher than its average, but Jiagu has a strong voice in the industry, and has super bargaining power for upstream and downstream industries.

To sum up, we have money and can spend it.

After reading the financial report for a long time, recalling the skyrocketing funding application of Jiagu Laboratory, Qi Zheng quickly made a decision.

Being rich is a good thing, but being too rich is not necessarily a good thing. There's a saying, "Pigs don't bother to hum when they're fattened." ”

But how to spend the money, even Qi Zheng is not easy to decide.

So, on the issue of spending money on the laboratory, Qi Zheng announced the convening of a high-level meeting.

Wang Yuye, the general manager of the group, Xie Kaiji of Jiagu Agriculture, Li Dongliang of Jiagu Agriculture and Animal Husbandry, He Changchuan of Qingyuan Beer and others were all present.

“...... Basically, the industry that Jiagu wants to enter can be the first. The laboratory has never lagged behind, Lao Chen will have 40 billion funds next year, and he is determined to be the first person to spend money, let's look at it. Qi Zheng put Chen Jianzhang's "lion mouth" on the table.

The audience laughed, Chen Jianzhang was stunned and did not change his face, but added fuel and vinegar: "Anyway, the opinion of our laboratory cannot be less than 40 billion, not to mention, 40 billion may not be enough to spend, I want to reserve the right to apply for more." ”

The corners of Qi Zheng's mouth twitched: "I haven't agreed to give you 40 billion yet, don't think about getting an inch." ”

However, unexpectedly, Chen Jianzhang's application for funding did not arouse too many opinions.

Qi Zhengdu looked at this group of "well-behaved" guys in amazement.

When the budget is allocated every year, it is not enough to break the head and bleed, but if it is said that there is a discussion, it is polite, these guys can't wait to jump on the table and pull their skins, which makes Qi Zheng and Wang Yuye, who presided over the distribution, very sad.

Could it be that this year's collective change of temperament?

"I definitely can't agree with someone else's budget taking so much, but if it's Lao Chen, I have no opinion. He Changchuan said with a smile under Qi Zheng's suspicious eyes.

"I also agree, the laboratory doesn't cost money, so is it still called a laboratory?" Li Dongliang also interjected with a smile.

Hey, it's not just Qi Zheng now, it's Chen Jianzhang, who is also a little frightened by their abnormal "Buddhism".

In the end, Wang Yuye, who knew more about the mentality of these guys, smiled and solved the riddle: "They have tasted the benefits of the laboratory, and they have a short mouth......

After Lao Wang's explanation, Qi Zheng found out the meaning.

In the first ten years of Jiagu's rise, Jiagu Laboratory was in a state of accumulation, but with the opening of someone else, Jiagu's business development was a little incredible.

But these guys don't know!

Why is it that the rice we grow is so delicious, how is it that the pigs we raise are so healthy, and why is the wine we make so refreshing......

In the final analysis, one step to the sky is quite cool at the beginning, but behind it is endless heart emptiness.

No confidence!

If it weren't for Qi Zheng's frequent "independent action" in the early stage, no one would dare to invest so much in many projects, and naturally there would be no current scale.

It wasn't until Jiagu Laboratory made efforts to string together a "line" of agricultural industry scientific research in accordance with the key links of agricultural products from production to the table, that these guys really had the confidence.

Like He Changchuan of Qingyuan Beer, his confidence is that from the selection of raw materials such as malting barley, hops, yeast and water to taste testing, the laboratory has been optimized to ensure that the beer produced by Qingyuan Brewery is of the same clear, mellow and refreshing quality in the world, and even the sewage is purified by the aquatic plant system......

Like Li Dongliang of Jiagu Agriculture and Animal Husbandry, his confidence is the multi-functional Chinese herbal medicine "secret recipe" given by the laboratory, although it cannot treat a specific disease, but it is super effective in increasing the immunity of pigs, improving the resistance to various viral diseases, and there is no residual and non-toxic side effects, so that he can boldly raise pigs......

In addition, the soybean system "Jiadou No. 13" has truly established domestic soybeans in one fell swoop; the "super high-yield dairy cow" of the dairy system has laid the golden foundation of Jiagu dairy in one fell swoop; and the "super energy tree" of the bioenergy system has expanded the territory of domestic new energy in one fell swoop......

What is confidence?

Unlike Qi Zheng's indescribable golden fingers, these achievements that condense the "hard work" of scientific researchers in their eyes are the real confidence.

Having experienced a "bottomless" end, they are particularly tolerant of the lab's lavish spending.

Realizing this, Chen Jianzhang, who thought he was going to slap the table, was overjoyed, patted his chest and said: "Don't worry, if I dare to spend money, I dare to promise to get something back, and everyone will wait to receive the results." ”

The meeting, which was supposed to be a competition, actually became harmonious.

Seeing this scene, Qi Zheng's mood was quite complicated.

What is the saying?

If you are not afraid of God opponents, you are afraid of pig teammates!

Although these guys have a different starting point, they have become the best group of people in the industry after honing their wings and talons with a gale, like a flock of young eagles released out.

The company has made a lot of money, isn't it fragrant to be a little more red? You know, everyone here has equity incentives. Or is it not happy to invest more in the existing business, expand production, and continue to penetrate the market?

If you put it into the laboratory, you may not see the results for ten years. If you put a lot of money and don't make money, you can invest in the so-called "future" as you like, if it were a listed company, the capital shareholders would probably have turned the world upside down, and these guys in front of them would have been knocked down.

But this time, there is no need for Qi Zheng to "act alone", and there is no need for him to explain more, everyone has chosen a path that is actually the most "bottomless".

Qi Zheng smiled and said to Wang Yuye beside him: "Our Dajiagu, a little strong is getting stronger. ”

Wang Yuye smiled: "Because you dare to spend money?"

Qi Zheng shook his head: "Because I dare to bet on the future." ”

......