Tao Huabi has set the principle of "no loan, no equity participation and no financing" for the old dry mothers. However, the eldest son is obsessed with investment, and his achievements are mediocre. He also makes a negative end of the real estate market. After the second son takes over the company, the performance declines. Can the "kingdom" of 5 billion chili sauce be well inherited?
This article is originally published by Wumian finance and economics
Author: Zhang Kexin
Editor: Chen Jian
Design: Bu Dong
Guo Manyi: Intern
There is a saying in Guizhou that there are two bottles in Guizhou, one is Maotai and the other is Laoganma chili sauce.
Among them, one bottle has been ups and downs in the capital market for 20 years, and now the top A shares have enjoyed unlimited popularity; the other bottle has created a secret "kingdom" in a corner, but it has repeatedly been negative after the founder retired.
Since October 2020, many Kunming citizens have reported to the local media that they have not delivered the "yunrun Tianyang" real estate purchased in Chuanjin Road, Panlong District. They suspect that the project is unfinished, and nearly 700 business owners complain of endless hardship. According to the media investigation, Li Guishan, the son of Tao Huabi, the founder of Laoganma, stands behind the real estate developer 。
And Tao Huabi is not only worried about his son's investment failure.
On November 23, Zhongjing food (300908. SZ), which claims to "pick out the old dry mothers alone", landed on the gem with a market value of more than 11 billion yuan. Although there is no big threat to Lao Ganma in the short term, the performance of the "second generation" has declined significantly after taking over the post. It needs Tao Huabi to come back to the mountain again to improve. It is obvious that Lao Ganma's predicament is easy to see.
For the 73 year old Tao Huabi, it is not easy to enjoy his old age easily.
The eldest son's "love" investment failure
"Yunrun Tianyang" is located in one of the five major urban areas of Kunming, adjacent to the Kunming World Expo Park, with convenient transportation. Except for 2 high-rise residential buildings, the rest are foreign-style houses, which can accommodate more than 900 households with an average reference price of 12000 yuan / m2.
According to the urban times, it is difficult to handle the pressure of moving in first, but as of now, it is difficult to handle the pressure of moving in. The house should have been handed in in in the first half of 2016, but it has not been handed in so far, so it is a problem for children to go to school. "
The reason behind the matter is not complex. The developer refused to pay the balance of the project on the ground that the builder had quality problems, so he was sued by the builder. Since then, the two sides have been in a lawsuit, resulting in the failure to complete the acceptance of the real estate, eventually implicating hundreds of owners.
According to public information, the developer behind "yunrun Tianyang" is Kunming Guishan Tianyang Real Estate Development Co., Ltd. (hereinafter referred to as "Guishan Tianyang"), which was established in December 2012, Among them, Li Guishan participated in the subscription of RMB 29.49 million, which was the second largest shareholder of the company. The next month after its establishment, the company won the development plot with 421 million yuan, covering a total area of about 93 mu 。
As the son of Tao Huabi, he participated in the investment and development, and this layer relationship once became the main selling point of "yunrun Tianyang" in 2014. Rubbing against the national recognition of Laoganma brand, "yunrun Tianyang" really won the trust of many owners, but it did not want to step on a big pit.
Even in the case of repeated delays in the delivery period, "yunrun Tianyang" sales situation is still not bad, but the loss of Guishan Tianyang is serious. From 2013 to 2017, the company had a cumulative loss of 60 million yuan, and its liabilities soared from 68% to 95%, with a total debt of 950 million yuan. Since 2018, Guishan Tianyang has chosen not to disclose its business data any more. However, its frequent listing on the list of dishonest executors and the nearly 100 judicial cases involved indicate that its business situation is not optimistic.
Today, although the lawsuit between Guishan Tianyang and the construction party has not been clear, a total of 54 real estate units and 293 parking spaces applied for execution by the latter have started the judicial auction process. All the shares held by Kunming Tianyang Enterprise Group Co., Ltd. (hereinafter referred to as "Kunming Tianyang group") held by Li Guishan's partnership legal person and the largest shareholder of Guishan Tianyang have also been pledged.
According to China business daily, huihuangcheng, the actual controller of Kunming Tianyang group, has disclosed that the total investment of Li Guishan in the whole "yunrun Tianyang" development project is about 100 million yuan. It's not easy to see that Li Shan's tuition is not cheap for his son.
As Tao Huabi's eldest son, after graduating from high school, Li Guishan couldn't bear his mother to bear the burden of raising two children alone. He voluntarily gave up the college entrance examination and joined the army. After the army was transferred, he joined the 206 geological engineering team where his father had been. After a short time in the system, I saw the old Ganma grow stronger and stronger day by day, and my mother was working harder and harder. Despite her opposition, she resigned from her iron rice bowl and went to the enterprise to help, becoming her right-hand man.
As the first general manager of the enterprise, Li Guishan has his own opinions in his mother's eyes, and is down-to-earth and willing to work. It not only helped the company set up the whole chapter and sorted out the process, but also taught the illiterate Tao Huabi how to sign the documents.
There is only one thing. Li Guishan also has his own ideas on the principle of "no loan, no equity participation, no financing and no listing" that his mother has always declared to the public. As early as 2005, Li Guishan invested and opened Kunming Jintai Hotel in Kunming, and has been operating continuously. This is one of the few successful investment cases of Li Guishan.
In contrast, Li Miaohang, Li Guishan's younger brother (formerly known as "Li Hui"), is much more obedient. Since he gradually stepped forward to the stage in 2008 and replaced Li Guishan as the assistant chairman and general manager of the company, he has been concentrating on locking his attention in the family business.
Although the old Ganma claimed Tao Huabi's two sons "Li Guishan is in charge of sales and marketing, while Li Miaohang is in charge of production and division of labor", but it is not difficult to see Tao Huabi's "eccentricity" from the equity distribution 。
Before June 2014, the equity distribution of Lao Ganma was 49% for Li Guishan, 50% for Li Miaohang and 1% for Tao Huabi. After that, Tao Huabi completely retired to the second tier and transferred 1% of his shares to Li Miaohang, which is undoubtedly an expression of his greater reliance on Li Miaohang as a successor.
Seeing that his brother gradually stood aside, Li Guishan gradually began to invest in his life, but there was no response, let alone the typical failure cases such as Guishan Tianyang. In 2014, Li Guishan specially established an investment company, which is already in the state of cancellation.
However, he did not give up. According to public information, Li Guishan has participated in 14 enterprises before and after, and his subscription amount has exceeded 200 million yuan. At present, it holds shares in the company indirectly, such as a, Shenzhen Pharmaceutical Industry Co., Ltd. and Shenzhen Pharmaceutical Co., Ltd., through the private equity companies such as sanhao.com and Shenzhen Pharmaceutical Co., Ltd., which are indirectly listed through the equity environment of the company.
The second son took over, and the performance fell for two years in a row
Compared with Li Guishan, who was alone in the capital market and ran into a wall everywhere, Li Miaohang felt that the heavy task lay on his shoulders, like walking on thin ice, although he had his mother's guidance and protection all the way.
A bottle of seemingly mediocre chili sauce, due to insufficient production in 1996, even a glass bottle had to be rubbed with the manufacturer. The annual sales volume reached 4 billion yuan. In 18 years, the output value increased nearly 80 times, becoming one of the top tax payers in Guiyang city. All these are inseparable from Lao Ganma's unique taste and Tao Huabi's management.
Although he doesn't know a big character, Tao Huabi has the most important integrity and diligence of a businessman. At the beginning, Tao Huabi didn't understand the fancy marketing methods. He ran business step by step in the village and small town with his feet. Once, in order to let the shops and canteens accept the chili sauce which was not famous at first, Tao Huabi clapped her chest to ensure that "after sales settlement, if it can not be sold, you can return it in full.".
In business for more than 20 years, "no debt, no credit" is Tao Huabi's principle, and "no lack of money, not listing" is Lao Ganma's never blown out. Nearly 4 billion yuan of sales was left to Li miaobi's family in 2014.
But since then, Laoganma has been repeatedly exposed to management problems. Around 2016, Lao Ganma was exposed to abandon Guizhou pepper and choose Henan pepper, which is cheaper. In the past, the suppliers who liked Lao Ganma's integrity and reputation gave up cooperation after Lao Ganma chose to change its taste.
"There are too many contradictions. I'm afraid to cooperate with Lao Ganma. There is no contact with those who have cooperated with him, such as shrimp, Xinzhou and Suiyang In 2015, Wu Rong, Secretary General of Zunyi pepper chamber of Commerce, said in an interview with business.
In this regard, consumers may not be able to taste too many taste differences for a while, but after the news came to light, they also said, "Laoganma chili is not as fragrant as it used to be.". According to the dealer, The price difference between Henan pepper and Guizhou pepper is about 5 yuan per kilogram. If the old Ganma uses 50000 tons of dry pepper every year, it can save about 500 million yuan a year on average 。
However, smart was mistaken by cleverness, and Lao Ganma's performance began to decline. According to the public data, after the sales revenue of Laoganma reached 4.549 billion yuan in 2014, it was not disclosed in 2015, and began to decline after 2016. The revenue in 2017 and 2018 were 4.4447 billion yuan and 4.389 billion yuan respectively.
In addition, in 2016, Lao Ganma also had major trade secrets leakage incidents, such as leaving employees to take away technical formulas. It can be seen that under the management of Li Miaohang, the employees are lack of the loyalty that Tao Bihua called "Laoganma".
With the change of business environment and marketing channels, many online hot sauce brands have sprung up in recent years, trying to challenge the status of Laoganma in the industry. Now it seems that although it is just "hitting the stone with an egg", the decline of Lao Ganma's performance is indeed a top priority.
In 2019, Tao Huabi, who is over 70 years old, once again comes out of the mountain to "put things out of order" for enterprise operation. After returning to China, Guizhou pepper was used again, and then the recipe of Laoganma was innovated. As the IP noumenon of "Laoganma", Tao Huabi's strong return has effectively promoted the growth of Laoganma.
According to a public announcement by Lao Ganma, In 2019, the company achieved a sales revenue of 5.023 billion yuan, a year-on-year increase of 14.43%, and a tax revenue of 636 million yuan, a year-on-year increase of 16.82% 。 At the same time, consumers are also concerned that there are more and more brands of Laoganma who have never advertised in the past, such as hot topics on Weibo and New York Fashion Week as fashionable brand sanitary clothes, which can refresh the brand's sense of existence.
After two years of continuous decline, Tao Huabi made great contributions to stop the decline for the first time, but whether the growth can continue has become the biggest doubt of the market to Lao Ganma. In August 2019, Lao Ganma's factory area caught fire twice, one of which was due to the burning of chili waste in the plant area, and the other was the spontaneous combustion of the warehouse roof due to high temperature weather. Fortunately, there were no casualties, but it also sounded the alarm again for the internal management of Laoganma.
"Thanks to the return of Tao Huabi, Lao Ganma has returned to the growth channel, but it is difficult for an enterprise to develop sustainably on one person, Laoganma also needs to establish a sound enterprise system and make adjustments to meet the challenges according to the different business concepts of the two generations 。” Zhu danpeng, an analyst with the food industry, said to a non crown financial researcher.
Tao Huabi is 73 years old this year. How can his sons bear to let his mother, who has worked hard all his life, continue to worry about the enterprise again?
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