Three-yuan shares integrated Sanlu and other weak state-owned enterprise system drag

"Beijing has become the last fig leaf of Sanyuan," said one of ternary executives. "The company, which has been ambitious to occupy the national market, still looks like a local dairy enterprise in Beijing," he said. Ternary has not stopped the integration outside the Beijing market. Recently, Beijing Sanyuan Food Co., Ltd. ("ternary shares") external publicity, the acquisition of its holding subsidiary Shanghai Ternary Dairy Co., Ltd. ("Shanghai Sanyuan") The remaining 49% of the equity, to achieve joint-stock holding the latter. Data show that Shanghai Sanyuan market development is not ideal, only 2013 years ago 5 months, namely, the loss of nearly 9 million yuan. and ternary shares since the acquisition of the core assets of Sanlu and the integration of the prince's milk, the development of their own situation is not optimistic, the integration of the ability of the outside world to be questioned, the return of all control of Shanghai Sanyuan, whether to improve its market situation, still questionable. Preparations for the industry reshuffle to recover the Shanghai triple stake may be related to the national overhaul of the dairy industry tide, the government may have some support for the ternary. Since June, the state to promote the concentration of milk powder industry policy, the relevant ministries have sacrificed the dairy industry rectification measures. The policy rules under preparation include policy support in the areas of taxation, capital and mergers and acquisitions loans. In the policy details have not yet been published, the dairy companies show a consistent silence. And breaking this silence is the triple stake. The company issued an external announcement on July 25 that it would buy 1.47 million yuan of the three 49% of the company's stake in Shanghai, the acquisition is completed, ternary shares will hold the Shanghai Sanyuan 100% of the equity. Public data show that, in 2009, the melamine crisis, the three-yuan shares, while the integration of Sanlu's core assets, while tightening the layout of the national market, in the bright dairy base in Shanghai set up a subsidiary. In order to allow the market to develop more smoothly, the Shanghai Sanyuan Management team funded 1.47 million yuan set up three companies, holding the Shanghai ternary 49% of the equity, and ternary shares of 1.53 million yuan accounted for 51% of the equity. 2010, ternary shares set up East China division, the overall planning of Shanghai Sanyuan, Shandong ternary and Jiangsu ternary double treasure. From the transaction point of view, ternary shares is the cost of the acquisition of the Shanghai Sanyuan Equity, and the withdrawal of the three companies, the company, plainly is the Shanghai Sanyuan management team to give up the equity. It is worth mentioning that Shanghai Sanyuan market situation is not ideal, is still in a loss state. Only 2013 years ago 5 months, Shanghai Sanyuan realized operating income of more than 200 million yuan, net profit loss of 8.7183 million yuan. As of May 31, 2013, the company's total assets of 13.8287 million yuan, net assets-106 million yuan. For the reason of the loss, the explanation given in the ternary aspect is that the East China market is big, the cost is high, the competition in the market is fierce, the advantage of the opponent's regionalization is obvious, and the price of the product and the sales increase are stressed. and "China Business newspaper" reporter inquires three shares in the first quarter of 2013 results found that ternary shares in the fiscal quarter to achieve income of 940 million yuan, an increase of 13%; The net profit attributable to the owner of the parent company loses 1254.million, compared with the same period 2012 profit of 4.92 million yuan has a larger decline. For loss reasons, ternary explained that raw milk prices, production costs increased year-on-year, the company's operating profit has a greater impact. Previously, ternary shares stranded in weak performance, in 2010 by selling its joint-venture subsidiary Beijing Huaguan Dairy Products Limited liability company to reverse the loss of the situation. Therefore, the integration is considered to degenerate into non-performing assets of Shanghai ternary, whether for the joint venture to hold a listing for sale, become a matter of concern. In this connection, the reporter contacted a number of ternary insiders, each other said that the move for high-level decision-making, they do not know the reasons for integration. Zhang Zhangna, the company's securities representative, also said to reporters, "my company semi-annual report will be disclosed on August 27, the disclosure of the first one months of sensitive period, temporarily do not accept interviews." Song Liang, senior researcher at the China-Commerce circulation Productivity Promotion Center, told reporters that the possibility of ternary shares selling Shanghai Sanyuan is not big, because the company does not sell any good prices, the capital of ternary shares is not much help. The move to recover the Shanghai triple stake may be related to the country's overhaul of the dairy industry, the government may have some support for ternary, ternary took the opportunity to take back the Shanghai Sanyuan, reposition, and re-operate this part of the market. Other people familiar with the matter told reporters that the original three-yuan acquisition of the core assets of Sanlu and the integration of the prince's milk, are under the guidance of the Government, as a condition, the government promised a lot of help, support policy, but later did not really perform, the government hopes to take this opportunity to rectify the dairy industry, to fulfill the promise of ternary So, ternary on the opportunity to comb their own market, hoping to improve the layout. Integration challenges many people attributed the weakness of the ternary performance to the old state-owned enterprise system, resulting in inflexible operating mechanism. In fact, ternary shares recover all the shares of Shanghai Sanyuan, that is, from the management team to recover the right to operate. But the three-yuan-dominated Shanghai Sanyuan can break the loss spell, the outside world does not seem to be optimistic. At the same time, it is worth mentioning that, from 2008 to 2013 of the 5-year period, three-yuan acquisition of Sanlu Plant has not played its due effect, but into successive years of performance losses. As for the three-story embarrassing performance, CIC's food industry researcher Jane pointed out that the melamine incident was originally the best time for the development of ternary, but the integration of Sanlu into another dilemma. Three-dimensional integration of Sanlu after the utilization of low capacity, so the ternary need to expand the market to improve capacity profitability, and thus improve the business situation. But the national market has been mengniu, Yili, bright, such as several major enterprises split up, so the three-dimensional outward expansion is bound to encounter interception. As a result of several major dairy enterprises in all aspects of resources are richer, so the three-dimensional breakthrough obstacle is more difficult. Song Liang also pointed out that the three yuan in the expansion of the national market does not have Mengniu, Yili expansion strength, and in the capital operation of the comparison failure, coupled with product positioning and brand promotion is not good. In addition, there are comments that the three-dimensional industrial layout of the unreasonable is also leading to its continued loss of important reasons. Media reports sayTernary in the expansion of the market when the implementation of the "My head cloth point, full spread" strategy, quickly spread to the national market, south of Guangzhou, east to Fuzhou and Nanning, and the bright dairy to enter Shanghai, and even Hong Kong, Macao and Taiwan also included in the market development goals. But it turns out that the subsidiaries or equity firms that were set up during the expansion were rarely profitable, causing expansion to stall and shrinking the front. Double-whammy, and just in time to catch up with dairy cattle feeding costs and management costs continue to increase, and "light assets, marketing" type of milk enterprises, even its Beijing stronghold market share has been declining. Also have to mention, many people will be weak ternary performance attributed to the old state-owned enterprise system, resulting in the operating mechanism is not flexible. "Most of the time, the state-owned enterprise managers are not, the three-dimensional problem is caused by the system." "Three Yuan shares a former senior executive told reporters. Ternary deputy general manager Chen Lijun also lamented to the media, the three-dimensional lack of research and development, but long-term investment in the courage and execution. "Some private companies are ready to lose a year's worth of money in order to push new products, and we dare not joke about national assets." "And this has entered the downward track of the ternary shares, but unexpectedly integrated Sanlu core assets and the prince's milk, it is not difficult to explain why they have to hand over the loss report card."