129773438582812500_88More and more and more and more powerful opponents, restricting the Dong-e e-Jiao (42.86,0.54,1.28%) continued to undergo significant price increases, falling sales in 2011 may mean that continual price increases have to overdraw the company's premium brands. "The securities market weekly reporter Ningbo"/wendong-Jiao (000423.SZ) "valueStrategy "has reached its seventh year, net profit rose all the way. However, after the sharp price increases, company's main profit source of donkey-hide gelatin blocks about falling sales for the year 2011 20%, four-quarter although sales rebounded sharply, but the assertion of donkey-hide gelatin block sales to rebound is too early. At the same time, marketing Vice President leaving the company can maintain its superiority into question.Beginning in 2011, the company aggressively expanding hospitals and shangchao channels, seeking the compound of donkey-hide gelatin mixture and health product sales volume
swtor credits, achieved good results, but in the period, new channel development costs, impact on profit in the near future, need to be carefully weighed. Donkey-hide gelatin block is still a major source of profits of Dong-e e-Jiao-Jiao series products include compound of donkey-hide gelatin of donkey-hide gelatin blocks, paste, and Tao Hua Ji,Paste of donkey-hide gelatin, donkey-hide gelatin jujube and other health products. On three major products of the company adopted a different marketing strategy: donkey-hide gelatin blocks are "price control", compound of donkey-hide gelatin mixture is "widening the channel, constant volume", health care is "to cultivate and develop the billions of species". 2011 annual report showed that Dong-e e-Jiao sales revenue 2.759 billion yuan, one of donkey-hide gelatin products sales of 22.$ 8.9 billion, an increase of 27.08%, but the report did not disclose individual products, sales and financial data. Guotai Junan Analyst believes that in 2011, the company of donkey-hide gelatin business achieved revenue of about $ 1.2 billion, gross profit margins at around 81%; a compound of donkey-hide gelatin mixture business revenues of about $ 800 million, an increase of about 23%, gross margin of 62%; health products business practiceNow earn about $ 289 million, an increase of about 45%, gross profit margins at around 50%. If this projection, contribution of donkey-hide gelatin of donkey-hide gelatin blocks of Maori business cent of income and 54%. "Donkey-hide gelatin blocks almost completely go OTC channel, the channel has matured, cost stability. Beginning in 2011, for the promotion of donkey-hide gelatin mixture and compound health products merchant, the company's HospitalAnd shangchao channels into a larger, taking into account the cost factor, donkey-hide gelatin blocks to contribute profit share is higher than gross profit. "A familiar with Dong-e e-Jiao's pharmaceutical industry veteran marketing expert told a press conference. Seen from the channel, currently Dong-e e-Jiao have OTC drugstore, hospital, shangchao, built four direct store sales channels, including company 75% of the revenues obtained from the OTC channel.Assertion of donkey-hide gelatin block Dong-e e-Jiao-Jiao Qi promoted to fashion early products of the "return value" strategy is the market's attention. 2005 is the history of Dong-e e-Jiao's lows, increasing competition in the market, profit recorded negative growth for the year. In May 2006, Qin Yufeng took over as General Manager of Dong-e e-Jiao, products made of donkey-hide gelatin block "value back to the"Strategy. 2006-2009, donkey-hide gelatin blocks ex-factory price increase, 21%, and 25%, respectively, sales revenue growth, 13.98%, and 21.75%, continued higher net profit margin,, 14.3%, 17.57%, respectively."Value" corporate brand value, performance back on growth track, but as of 2009, bottleneck begins to emerge. After the reform, the company had four-time increase of donkey-hide gelatin block Terminal retail price, goods, fake, people concerned take factors such as the total reactive power back from the company, this is mainly due to the company's channel management capacity is weak. To break through the bottleneck, the company introduced in 2009ERP system, to channel management capability in the industry and the appointment of Cheng jizhong is known to be the VP of marketing, head of OTC channel. Cheng jizhong after assuming office, controls grafted on the company's strong brand marketing and optimization of distribution channels, for dealer stock, keep track of sales and price, flow of control products, have formed the current "interest between companies, distributors, retailersDistribution structure ", effectively supporting the formation of the price system. Meanwhile, in the field of pharmaceutical marketing mopagunda for many years on the market have a keen sense of smell Cheng jizhong has also helped under the Qin Yufeng of sharp price increases are determined to make "value" results in further expansion. In 2010, the donkey-hide gelatin block has 4 times to raise prices for the whole year, the cumulative rate close to 50%. In early 2011, Shandong provinceCancellation of donkey-hide gelatin product pricing restrictions, Dong-e e-Jiao one-time price increases 60%. In 2010, the company of donkey-hide gelatin and series main business income 1.802 billion RMB, an increase of nearly 50%. Net margin increased to 24.11%, sales of donkey-hide gelatin blocks and 2009 were flat. In 2011, the company net profits rose 46.5%, net profit marginIs nearly 8% per cent. In addition, accounts receivable turnover days down to 12.09 per cent in 2010 days days. Although still impressive profit growth, but falling sales of donkey-hide gelatin block is to cast a shadow over the company. In 2011, the donkey-hide gelatin mixture and health product sales growth and the beginning of donkey-hide gelatin blocks under the price of 60%, the companySeries products of donkey-hide gelatin and main business income 2.289 billion yuan, up only 27.08%. Many brokerages estimated company 2011 in about 1350 tons of donkey-hide gelatin block sales, up 20% per cent reduction. More and more and more and more powerful opponents, restricting Dong-e e-Jiao continued substantial price increases, sales fall in 2011 may mean, continuedPrice increases have been in overdraft company brand of premium. In 2011, the quarter, the company achieved sales revenue of $ 704 million, respectively, $ 576 million, $ 583 million and $ 896 million, an increase of 10.7%,-5.2%, and cent; net profit of $ 270 million and $ 184 million and $ 167 million, 2.4$ 700 million, an increase of 60%, 30%, and 49%. According to this calculation, sales in the second quarter of donkey-hide gelatin block at one point fell nearly 40%, four-quarter sales rebound, sequential and y/y growth and 53.7%, respectively. Many market participants believe that four-quarter sales fall of donkey-hide gelatin block is already in reverse, sales will rebound in the future, 2012 is expected to align up. But, given the company's 2011 season for both inventory and sales costs hit a historical high, this assertion is too early. Data show that in 2007-2010, company stock worth $ 150 million, respectively, $ 190 million and HK $ 202 million, $ 193 million, basic stability in the vicinity of $ 200 million. 2011, Former stock of up to $ 320 million in the third quarter, hit a historical high, four-quarter sales pick up does not make inventory minus how much inventory for $ 311 million in 2011, an increase of 60.56%. Inventories of raw materials and merchandise in stock of the company (that is, finished goods) amount to $ 97.93 million and $, rose 110.42%, 77.12%, semi-finished products and homemade 45.01 million Yuan, the basic flat to the 2010. Infer, yield stability of donkey-hide gelatin blocks, poor sales after the sharp price increases in 2011, cause an increase in inventory of the company, while the company in 2011 to increase the reserves of raw materials. Not only is the increase in inventories, company 2011 four-quarter cost the same67% than the growth, while sales revenue only rose 30%. It is clear that record companies in the first three quarters in stock under pressure from increased marketing spending in the end. The third quarter of 2011
swtor credits, the company sales cost of 310 million dollars, an increase of 2%. Company's 2011 sales cost as much as $ 300 million in the fourth quarter, and was flat in the third quarter before. Four-quarter salesIncreased $ 209 million in revenue, marketing expenses increased $ 128 million, price is not high. "As the cumulative price increases, price Qi Sheng phenomenon does not exist, so is the ceiling price profit growth, not a long-term solution. If companies continue to increase dramatically in the future of donkey-hide gelatin block factory, will speed up the peak. "These senior medical battalionSales expert, told reporters. Guotai Junan Analyst believes that in early 2012, company of donkey-hide gelatin factory prices and retail prices are 10%, expected 2011 and 2012 sales to flat or slightly down. This may mean that the Dong-e e-Jiao-Jiao business profit growth will slow in the future. The beginning of 2012, from Dong-e e-Jiao Cheng jizhong left, this is the donkey-hide gelatin block "Return to "another test on the road. "Joined in Dong-e e-Jiao Cheng jizhong encounter bottlenecks when he designed the Dong-e e-Jiao current sales channels, especially the OTC channel, coverage and penetration rates are very high, way in Office even more than cut away more than 1000 dealers in the early days, the channel focused on optimization and management in the future. But relative to the structure, management is more difficultAnd most important, personal ability, experience and market managers is very high with smell. A good Manager, not only to the continuous optimization of channels, but also by factors such as prices, dropped, the amount and direction of comprehensive control of amplifier channels of influence; on the contrary, the channels, however good, will be undermined. Cheng jizhong leave short-term effects on companies marketing system is limited, but long shadowObservation was needed. "These people told reporters. Price increases have been incurring premium brands of donkey-hide gelatin manufacturers of many, the current domestic market approved by the Dong-e e-Jiao, Hore donkey-hide gelatin and Beijing Tong ren Tang (15.08,0.30,2.03%) of donkey-hide gelatin. Dong-e e-Jiao "value" strategies to enhance performance and brand at the same time, also has a market share ofThe losses. At present, the same weight of donkey-hide gelatin blocks, tongrentang, Fu rubber prices are Dong-e e-Jiao 58%, respectively. Output of donkey-hide gelatin blocks east of donkey-hide gelatin and blessing of plastic to the maximum. It is reported that former 2011 annual output of donkey-hide gelatin blocks of 1500 tons, which in 2010 sales in 2000 tons of donkey-hide gelatin block from top to bottom. Fuk gel and tongrentang have been taken following the Dong-e e-Jiao pricesPolicy in nearly three years, the two companies ' price increases very rapidly. Price increases is the existence of some kind of understanding of the industry. Qin Yufeng has said publicly, Dong-e e-Jiao are not afraid of competition, to bigger and much more important market. But the problem is that, at present, gross margin and net margin of donkey-hide gelatin block is very high, growing market share of competitors, if Dong-e e-Jiao continued sharp price increases,While other companies are no longer followed, what kind of changes do occur in the market? In addition, high profit margin attracts new competitors also joined, taiji Group (6.97,0.00,0.00%) and other enterprises in 2011 to increase the input in the donkey-hide gelatin on the product. Beginning in 2011, donkey-hide gelatin block is no longer sold as food, sales of products on the market today are drugs zhunziLot number in the pharmacopoeia standards, countries relevant departments to oversee production. Therefore, regular factory production of donkey-hide gelatin blocks are also assured of the quality, which no simple evaluation of products better, brand recognition is particularly important at this time. Dong-e e-Jiao Fu rubber fighting over "authentic" but has been enforced "you to me, angry". Fu rubber has beenCCTV exposed negative news, brand impact, has also been restricted to high-end route development, but its image has been good in the export field. Tongrentang there are donkey-hide gelatin sold about 100-200 tons, the size of small, but it has a century-old brand appeal, is growing very fast. "More and more and more and more powerful opponents, restricting the Dong-e e-Jiao continued substantial price increases, 2011-year sales decline in may meant that sustained price increases have overdraft company brand of premium. "These people say. Qin Yufeng with new channel told reporters that the OTC is the main channel for our products, but comparison of hospital and health care product sales accounted for 2010 must increase, at present, three channels of sales is in the 7:2:1 structure conversion. Hope"Twelve-Five" of donkey-hide gelatin block and compound of donkey-hide gelatin sizing during two main items to create adult sales $ 2 billion worth of "double-OTC and hospital channels" star product. Donkey-hide gelatin block is almost entirely from the OTC channel sales. Compound of donkey-hide gelatin mixture is in the past, but beginning in 2011, open up channels of the hospital into the focus of the company, in addition to the OTC channel advertising the company increasedAcademic Hospital channel propaganda efforts. Many brokers believe 2011, sales revenue at around $ 800 million compound of donkey-hide gelatin mixture, hospital sources start volume, sales reach $ 100 million. Company 2011 advertising costs to $ 119 million, Qin Yufeng told reporters that advertising expenses for both compound and publicity of donkey-hide gelatin of donkey-hide gelatin slurry, cost about 50% per cent each, it can be seen thatCompany attaches to the compound of donkey-hide gelatin pulp sales work, also, new channel development inputs. In addition to the advertising costs in 2011, cost of sales channels and markets specialized in marketing costs up to $ 290 million, an increase of 63%. The company announced in early 2012, increase Terminal retail price not exceeding 30% of donkey-hide gelatin slurry, and adjusts the ex-factory price. The moveIs interpreted as intended to promote sales of the market. It is understood that the compound of donkey-hide gelatin mixture maximum retail price has not changed since 2005, raising of the ex-factory price at the same time, channel profit being compressed, which to a certain extent the enthusiasm of the dealer. In this regard, Qin Yufeng told reporters that the compound of donkey-hide gelatin slurry 2011 year of sales growth, product prices and push upHospital Terminal not directly related to sales, but according to time and price, margins will gradually improve. Price behavior of compound of donkey-hide gelatin mixture, journalists have expressed different views from above, "the central role of donkey-hide gelatin block is health, be ' despise the poor and curry favour with the rich ' route, the tasks of the business profit growth has taken the Dong-e e-Jiao, still haveTap potential of donkey-hide gelatin mixture is drugs, target population and of donkey-hide gelatin block differ, when pricing should be given more consideration to benefit people, continued price increases is not wise. "Huatai combined analysts, in 2011, the drug compound failed to enter the national base of donkey-hide gelatin slurry directory enables grassroots sales blocked. In 2012, as the addition of directory provinces to enter increase, over a three-year sales are expected toCompound growth rate of 20%. Qin Yufeng also told reporters that the latest situation is that compound version of donkey-hide gelatin mixture into 11 provinces in addition to basic medicines and drugs used in 17 provinces new cooperative directory, will be on the primary health care Terminal sales play a facilitating role. But there are two points of concern, first, the compound of donkey-hide gelatin slurry channels sales just starting out at the hospital, most sales oTC channel or Terminal sales volume will help hospitals increase retail prices, but the impact on OTC channel is more complex, and arouse the enthusiasm of distributors, but have a negative impact on consumer purchasing. How to balance the relationship between the two, is the test of Dong-e e-Jiao. Second, China Resources Group platform of traditional Chinese medicine in the CR 39, Dong-e e-jiao is the location of health products andBiological product platform, and therefore more difficult to launch channels in hospitals of the future new product of the company. Greatly expand hospitals mainly to promote a product
diablo 3 gold, get a higher return on your money remains to be seen, during the company's increase in selling and administrative expenses also erode profits. Ling reach pharmaceutical marketing product manager Wu Yanbing told reporters that the hospital is used in drug sales channels,With one of the highest rates. And Dong-e e-Jiao bio-pharmaceutical business has no hope, although growth in sales in 2011 116.63%, size but also only a block of donkey-hide gelatin and donkey-hide gelatin slurry, relatively little health products sales. "Health products main Super channel, OTC Terminal marketing of health products, but sales than not. "Dong-e e-Jiao toldReporter. Many brokers believed that in 2011, the company sales revenues grew at more than 50%, peach Ji A rubber cake sales have billions of them. Health care product sales revenue is at the stage of high growth in the future is expected to become an important engine of growth. China Merchants securities (Twitter) (11.80,-0.02,-0.17%), relative to the market of donkey-hide gelatin blocksValue regression of concern, the market ignored the explosive force of donkey-hide gelatin derivatives. "Dong-e e-Jiao potential of health food market is very large, scale is billions of possible, now channel coverage and penetration rates are very low, can expand in the future, action is crucial, but compared to other products, company investment in health products marketing was too small. "These people told reporters.2011 annual report shows that health products wholly-owned subsidiaries of the company net profits of 15.2182 million Yuan. This relative to the $ 300 million in sales, profit margins are too low. Dong-e e-Jiao officials told reporters that such profits do not represent all profits of the companies health products business. Even so, you can see, companies health products business the fact that margins are not high。 In this regard, Qin Yufeng told reporters that the pharmaceutical industry, health products industry margins are generally low, and also because of the company's products are in the market to import, high cost, as the size, expense ratio will gradually decrease, margins will gradually increase. In addition to three channels in OTC, hospitals, Super, "Dong-e e-Jiao now building their own direct store sales accounted for more thanAlthough not high, but growth is faster, compared with 2010, an increase of more than 50%. "Qin Yufeng added. Dong-e e-Jiao did not disclose the number of direct store, huatai United believes that at present more than number of stores in more than 30 per cent, "Twelve-Five" period will be extended to nearly 100. It is understood that the most direct store Dong-e e-Jiao has application for OTC drug sales, With the compound of donkey-hide gelatin mixture of OTC drugs and drug zhunzi product of donkey-hide gelatin blocks are available in-store sales. Qin Yufeng vision is to direct store, provided with donkey-hide gelatin as the main raw material, combined with other herbal paste series health products, health advisory service, to build across the National Health Museum. (Editors: Wen Jie)
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