Shanghai hundred run market share only 0.3% biggest customers Gansu tobacco accounted for 42%

Shanghai hundred run to find in Gansu, unknown Hualong Securities sponsor, its actual control person Xiaodong is a start-up in Lanzhou cigarette factory Financial weekly IPO laboratory researcher Tan Ting Zhang Xingan/Wen Flavor and fragrance industry Pathfinder Shanghai Hundred Run will soon landing, the flavor industry A-share first gun. 100 million of sales, 1000 tons of capacity, 0.3% of the market share, very compact company.　　There are two kinds of products in Shanghai, one is edible flavor, the other is tobacco flavor. This is still a pure natural person's game.　　Shanghai Hundred Run's history is very insipid, 6 equity transfer from start to finish without VC/PE participation, the actual control person Xiaodong holds 51.74% equity. Interestingly, the company in Shanghai to find a far away in Gansu, unknown to the Hualong securities sponsorship, Bao Zhang Daiwei, Wang Paoping.　　Coincidentally, Shanghai's biggest customer is Gansu tobacco Company, its 42.6% of sales from Gansu tobacco.　　Foreign capital alone, 0.3% market share is difficult to break the domestic flavor and fragrance industry has been dominated by foreign companies, has been mired in the plight of foreign capital alone. According to the prospectus disclosed, has been the industry's sales revenue ranked mainly in the international flavor and Fragrance Company's enterprises in China. such as fen-kindness spices (China) in 2009 to 742 million yuan sales revenue accounted for 2.7% of the market share. By this reckoning, Shanghai Hundred run 2009 86.22 million yuan sales revenue, its market share almost negligible, only 0.3%.　　In the environment of foreign capital alone, how to break through, become the reality test of Shanghai Hundred run.　　Even compared with the domestic counterparts, Shanghai Hundred run advantage is not outstanding.　　At present, with the Shanghai Hundred run main similar listed companies have Hong Kong stocks Warburg International, 2010 Shanghai Hundred Run sales revenue is 108 million, and Warburg International 2010 to achieve sales revenue of HK $2.37 billion, equivalent to about 2 billion RMB, equivalent to 20 Shanghai hundred run. "The outlook for the industry is very good. But the Shanghai hundred run no special bright spot, is the performance growth is more stable, if can do import substitution, that is still good, key or technology.　　Said a food and beverage industry analyst who declined to be named.　　At present, China's flavor enterprise product development and development mainly rely on imitation, with independent intellectual property products are not many, Shanghai hundred Run is no exception.　　From the prospectus, Shanghai Hundred run engaged in independent research and development time is not long, currently has a utility model patent 6, invention Patent 2, 9 independent research and development of domestic leading formula production technology, are in the production phase. The only competitive advantage is its tobacco flavor business, but there is a single customer risk. The prospectus disclosed that its 2008-2010 sales of tobacco to Gansu province accounted for 37.59%, 42.56.% and 42.56% of the total sales revenue in the current period respectively. Shanghai Hundred run since the establishment of the early and Gansu Tobacco has established cooperation, which is related to the actual control of the experience of people xiaodong. Xiaodong has served in Lanzhou cigarette factory, former rival Shanghai AI Pu Tobacco Sales DepartmentActing。 On the contrary, its edible flavor lacks the stable big customer.　　Since 2006, Shanghai Hundred Run successively to the Wahaha, farmer Spring, Coca-Cola and other major customers, but the scale of business is small, for these customers, Shanghai run is not the main supplier. "This industry has a feature, is the stability of taste, customers to change the price of suppliers is also very large."　　"In this industry characteristics, Shanghai Hundred run to rob Big customers, according to its current situation is difficult to do." 1.8 million high-paying and supporting technical talents fragrance industry research and development is the basis of marketing.　　According to statistics, the world's top ten Spice Flavor company annual research and development investment accounted for the 5%~10% of its sales.　　Shanghai hundred run in recent years increased research and development investment, its 2009 research and development fee of 9.3874 million yuan, accounting for the current operating income ratio of 8.7%, to meet international standards. Research and development, core technical personnel is the key. The prospectus shows that at present, Shanghai Hundred Run owns Yongsheng and Zheng two core technicians.　　In order to retain talent, in September 2008, the transfer of equity, Shanghai Hundred run the actual control of Xiaodong will be part of the transfer of shares to Yongsheng and Zheng. What I have to say is that on the prospectus, we see an astonishing number---core technicians Yongsheng 1.8 million of the annual tax, which is rare in the SME board. and chairman Xiaodong Annual salary is 710,000, less than Yongsheng 1/2. Technical department Manager Zheng annual salary is only 470,000, less than 1/4 Yongsheng.　　Perhaps their only difference is the working background.　　Public data show that Yongsheng has a wealth of food flavors to tune the experience, 2004 into the Shanghai Hundred run before, before and after serving in the rival Germany (Shanghai) and Shanghai Givaudan.　　Exclusively natural person shareholder, no body Shadow Shanghai Hundred Run is a typical private enterprise, its equity evolution is very simple, neither the introduction of institutional investors, nor the complex reorganization of assets, since its inception experienced 6 equity transfer, circulation in the hands of natural people. The establishment of Shanghai hundred run has more than ten years, June 1997 by Xiaodong, Du Yuhong, Ma Xiaohua, bin and Lanzhou Jin Yuan chemical each invested 200,000 yuan jointly established.　　After several equity transfer, 5 original promoters have changed, only Xiaodong, and eventually become the actual control of Shanghai hundred run. January 2003, the second largest shareholder Liu Haibin through the transfer of shares gorgeous appearance.　　Liu Haibin is the original promoter of Ma Floret's husband, after the transfer held 24% stake, of which 20% from his wife Ma Xiaohua, 4% from Xiaodong, spent a total of 11.8896 million yuan. Since then, Liu Haibin and Xiaodong have always been inseparable. Not only do they hold a wholly-owned mirror Australian wine industry, they also share a 93.09% per cent stake in the Basque liquor industry.　　The prospectus shows that Xiaodong and Liu Haibin worked together for several years at the Lanzhou cigarette factory.　　After the transfer of two shares in 2007, Du Yuhong and bin two original initiators of withdrawal, all the shares transferred to Xiaodong and Liu Haibin. For the establishment of AG, September 2008, Xiaodong and Liu HaibinThe transfer of partial equity, the introduction of 15 natural shareholders.　　It is worth noting that the transfer price, xiaodong brother Liu Xiaojun and Liu Haibin brother-in-law Prof. Transfer price of 1 yuan/share, respectively, 8.23%, 6.41% Equity, become the third, fourth largest shareholder, the other 14 shareholders of the transfer price of 2.2 yuan, total holding 9.36%. According to the Shanghai hundred run earnings per share of 0.72 yuan, 2010 SME Board average P/e 37.7 times times, after listing, Xiaodong family wealth will reach 1 billion yuan.