Integration of Sanlu's war: Escape from St, three-dimensional urgent sale of Huaguan

About to crown the Triple stake in St Hat finally shot. November 2, Beijing Sanyuan Food Co., Ltd. (600429.　　SH) announcement will be its wholly-owned subsidiary-Beijing Huaguan Dairy Limited liability company 100% Equity listed transfer, the upset price is not less than 350 million yuan. Since the acquisition of Sanlu most of the assets, ternary has been trying to integrate, but the effect is unsatisfactory.　　Most dairy companies have lost money in 2009 years, but the ternary is still in the red. Ternary shares 2009 Annual report shows that the company's consolidated operating income of 2.38 billion yuan, to achieve the owner of the parent company's net profit-128 million yuan.　　This year, although the situation has improved, but as at September 31, the company's operating profit is still 73.44 million yuan. Yesterday's hot potato became a heavy burden today. For the company's losses, ternary blamed on the acquisition of Sanlu assets after the difficult integration. "Hebei Sanyuan is still in the integration period, product market and marketing investment, the company's main raw materials and energy prices lead to rising costs, as well as the fierce market competition caused by increased advertising investment." "To turn a profit, Sanyuan can learn from Mengniu, to sell some of the company's shares, to sell a profitable company, what is the purpose?"　　Wang Dingmian, a dairy expert, said the three-dimensional decision was "problematic".　　The reason for the urgent sale of China Crown is that Beijing Huaguan surrounded by residential areas, in transport, environmental protection investment is huge, increased the company's operating costs, and with daxing 1200 tons of dairy industrial park will be put into production, ternary will face the capacity of the transfer of idle land, real estate, equipment and other assets to activate the task, "is now a better time to transfer equity."　　Beijing Huaguan is located in the second flag Road west of Haiding District, registered capital and Paid-in capital of 69,165,297 yuan, business scope is the production of dairy products, including liquid milk (sterilization milk, yogurt) and other dairy products (cheese). Beijing Huaguan was only formally established in September this year, and in just half a month, ternary has twice to increase their capital--respectively, September 27, October 12, increased the registration of 48.4 million yuan and paid-in capital of 210 million yuan. Therefore, some people in the industry believe that the sale of the Chinese crown ternary early preparation, the previous increase in capital, in fact, in order to get better prices in the selling. "As of October 31, 2010, Beijing Huaguan Total assets of 282 million yuan, net assets of 281 million yuan, total liabilities of 1.35 million yuan, operating income of 1.45 million yuan, net profit of 140,000 yuan."　　"Ternary in the announcement said. "Huaguan is one of the few profitable factories, why sell it, it is very puzzling."　　"said Chen Lianfang, senior dairy analyst at Beijing Oriental Agricultural Consulting Co., Ltd. For the real reasons for the sale and details, ternary aspects of silence does not say, only said "All to the notice, the announcement of our inconvenient disclosure." But ternary in the announcement revealed part of the reason, "the company's industrial park project is in the investment period, still need to invest large funds." The company has further increased the cash inflow by transferring the stake of Huaguan company to provide necessaryFinancial support.　　"Ternary said that if the deal can be achieved within this year, it will increase the company's cash inflow." Ternary shares in the 2010-year quarterly display, as at September 31, the company's mobile money funds than the beginning of a sharp decline of nearly 40%, to 305 million yuan. On June 9, the ternary board of directors passed the "Temporary use of idle to raise funds to supplement the liquidity of the bill," from the first issue of the 2003 raise funds to withdraw 12.47 million yuan to temporarily replenish liquidity.　　It seems that the money problem is really troubling ternary.　　However, Chen Lianfang that the first three-yuan agriculture group is rich, financial problems is not enough to let ternary sell factories to solve the immediate problem, in his view, ternary losses, the body was the edge of the ST is the real reason for the sale. "St" crisis listed companies if the two consecutive years of loss, will be dubbed "St.".　　Ternary next year will be "hat", it depends on whether this year can stop losses.　　Let ternary embarrassed not only is a negative performance table, the stronghold of Beijing market share shrinking, more let ternary worry. In the peak period, ternary once occupied the Beijing market 80%, even in 2003, ternary also has more than 50% of the market share.　　But in 2004 ternary was Mengniu, Yili catch up, now still living under the light. Wang Dingmian that the market share of ternary itself has changed little, the reason for the decline is not to grasp the new market. "Beijing dairy market annual growth rate of 10%, this part of the growth is Mengniu, Yili and other giants robbed, ternary."　　Chen Lianfang told this newspaper, the current three-dimensional pasteurized milk in Beijing accounted for about 90% of the market, yogurt, cheese accounted for about one-fourth, and room temperature milk in Mengniu, Yili's storm left only about 15% of the market share. "The profits of the pasteurized milk are very low, and those with high profits such as the seasoned milk ternary have little to do." "Chen Lianfang that the three-tier product structure should be to high-end, high profit direction adjustment," shut down one or two of factories is not a fundamental policy.　　In addition, in Wang Dingmian view, the ternary state-owned enterprise background and system so that it can not be flexible to deal with market changes in the melamine after the ternary did not grasp the market opportunities, so even mengniu, yili these melamine scandal in the milk companies stand up, but in the melamine before the three instead of a slump. "Sales have been the ternary short board. "Wang Dingmian said.　　According to the International Dairy Association statistics, in the dairy industry chain, dairy cattle breeding, dairy processing, dairy sales three links are usually 7.5 1.5 1, while the profit ratio is 1 3.5 5.5. The whole industry chain has been a triple selling point. However, to do the whole industry chain high cost, investment, "dairy production needs of the milk source, processing, market three links, the most difficult to do is the milk source base construction, which we have done very well." Compared to the most easy to do, but also the most profitable market, we do is not good, now the key is how to do the market.　　Zhang Fuping, Director of Sanyuan Group, said. Consolidation Challenges 2009 34th, ternary shares and Hebei Sanyuan to 616.5 million yuan Price, successfully bid Sanlu bankruptcy property package.　　These include: First, Sanlu Group's land use rights, housing buildings, machinery and equipment, such as sustainable management of the effective assets, this is the core assets of Sanlu Group, and the second is the Sanlu Group held Xinxiang Dairy Co., Ltd. 98.8% of the investment rights and interests. After that, Sanyuan entered the long period of integration of Sanlu assets, but the effect of integration is not as satisfactory. "Hebei 10.8 billion yuan market, last year ternary only did 800 million."　　Wang Dingmian said that Sanlu to produce milk powder, and ternary liquid milk, the main business, in production equipment, staffing, sales channels, and so on, ternary must be integrated, to involve a lot of complex problems. Yuan shares Dong Yuan, the king, said earlier that the company has been in efforts to integrate, early on dealers, dairy farmers, the stability of the staff "can also", "is now in accordance with the Department of Direct Management Way, to Hebei ternary reserve is a small package of powder division, now has not completed the integration." Integration is a step-by-step process that takes time to prove its effectiveness. But insiders said to this newspaper, ternary in Hebei to the dealer is in the form of binding, "because the three deer owed the dealer's money, ternary can only give 1.2 million of the goods when 1 million, the remaining 200,000 as a return of money, otherwise they will do."　　He believes that the integration of the original Sanlu dealers is a big problem before ternary. In addition, ternary in Hebei most of the milk source can only be bought from the hands of farmers, which has been doing the whole industry chain ternary is also a challenge. "It takes time to establish a regulatory system.　　"Wang Dingmian said. "After the Sanlu incident, there is a little more clear that there is no future for the enterprises that have not built their own milk source." Zhang Fuping said that at present, ternary milk source has 80% from the self-built base. "In the next 3-5 years, in the construction of its own milk source, invest 1.5 billion yuan." ”