Business Club News, January 12 Core Tip: In response to this, Dong'e Ejiao's explanation is that the main raw material of donkey hides is becoming increasingly tense, and the purchase price continues to rise. However, people in the industry questioned that the rise in raw materials is far from enough to make Ejiao prices soar.
At a time when Maotai's price hike was buzzing, Ejiao, which has the name of "medicine in Maotai," has also begun to sprout - Dong'e Ejiao (000423. SZ) began to increase prices sharply.
On January 6, 2011, Dong'e E-Jiao announced that the company has decided that the ex-factory price of Ejiao block products will not increase by more than 60% from January 7. This is Dongjia Ejiao's history of the sharpest price increase ever. In 2010, Dong'e E-Jiao has raised its price by 4 times in a row, and the rate of increase has reached 52.4%. Thus, the price of E-Jiao has more than doubled in just one year.
In this regard, the explanation given by Dong-E E-Jiao is that the main raw material of donkey hides is increasingly strained and the purchase price continues to rise. However, people in the industry questioned that the rise in raw materials is far from enough to make Ejiao prices soar.
Ejiao nobles
“The basis for the price increase of Dong'e Ejiao is due to the shift of customer base and sales terminal.†For the sharp increase in Ejiao's price, Qin Yufeng, general manager of E-Jiao Ejiao, said that E-Jiao sales target is being transferred from the vast rural middle-aged women to urban white-collar workers. The sales terminal also changed from rural to urban areas. High-end consumer groups have become the decisive force to promote the return of Dong-E E-Jiao.
Dong-E E-Jiao is the largest E-Jiao enterprise in the country. The data show that E-Jiao's annual output and export volume account for 75% and 95% of the country's total. The ex-factory price has almost doubled in the past three years, nearly five times in six years. At the end of 2009, the ex-factory price of the gelatin block was about 393 yuan/kg, and after four price adjustments last year, the price of the gelatin block increased to 599 yuan/kg. If we add this price increase on January 7, 2011, the price of Ejiao will double and the ex-factory price will be about 954 yuan per kilogram.
The price of donkey-hide gelatin has always been constrained by the government's ceiling price. The NDRC stipulated that the maximum price of Ejiao should be 806 yuan/kg. However, starting from December 28th, 2010, the Ejiao block will no longer be included in the government pricing range, and companies will be able to set their own prices. The price of Dong-E Ejiao will also come immediately.
As a result of hearing the price of donkey-hide gelatin, on the 6th of January, the pharmacy doors in some cities began to gather together to buy long lines. There are even more rumors that some dealers have already begun mass shipments.
With continuous and significant price increase, Donga Ejiao's net profit increased by 74% year-on-year in the first three quarters of 2010. Although in the January 6 announcement, Dong'e Ejiao stated that “the company will further increase the development of the donkey aquaculture industry, preserve the upstream, ensure the supply of raw materials, and strive to reduce costsâ€. However, what is puzzling is that on the basis of abundant cash flow from Dong'e Ejiao in 2010, it took out 300 million yuan to purchase the wealth management products of Hua Xia Bank.
Although Ejiao's prices have been rising all the way, in Qin Yufeng's view, the value of Ejiao is still not fully reflected. He used to compare Ejiao with Cordyceps on several occasions. According to the data provided, from 1985 to 2009, the price of donkey-hide gelatin rose 12 times, the price of Cordyceps rose 120 times, and the per capita disposable income of urban residents' families increased 23 times. Qin Yufeng believes that donkey-hide gelatin products have been in short supply in recent years, and the out-of-stock season has become the norm. There is only one conclusion, that is, consumers agree with this price and agree with the value represented by this price.
Raw material is a bottleneck?
According to the announcement, the Ejiao price increase was due to the fact that the stock of domestic donkeys has been declining year by year, and the main raw material of donkey-hide gelatin has been increasing its purchase price. Dong'e donkey-hide gelatin gives a set of data. The demand for donkey-hide gelatin grows by 30% every year, but the stock of donkeys in our country decreases by 3.5% per year.
Without raw materials, donkey-hide gelatin production naturally turns out to be nothing.
Qin Yufeng explained that in order to solve the bottleneck of upstream raw materials, Donga Ejiao began to implement the “meat to skin†curve path from 2002, but this strategy failed to achieve the desired results because the donkey meat price was too low. Since 2007, Dong-E E-Jiao has ceased production due to lack of donkey skin almost every year. In desperation, Dong'e Ejiao has invested RMB 200 million to establish 13 donkey bases, and has formulated a plan to raise donkeys in 2010. To date, the donkey donation scheme has failed.
As a listed company, Dong'e Ejiao claims to control 90% of the donkey skin resources in the country. The number of self-owned donkeys is how many donkey hides can be provided for enterprises each year, but it is always a mystery.
Yang Fuan, the general manager of Shandong Fucao Group, which is the same source and ranked second in the industry, once questioned the above data. He said that the nature of the donkey determines that it is not suitable for large-scale group rearing. Even if they sign an acquisition agreement with the farmers, they still cannot restrict the rural households from reselling others. Circulation of donkey skins is generally a three-tiered acquisition system. That is, after the brokers purchase from the slaughterhouses around the country, they sell them to several large donkey hide distribution centers for resale. He said that he did not understand how to calculate 90% of the country's donkey skin resources.
For Dong'e Ejiao's increasingly tight funding of donkey hides, Yang Fuan did not agree. "At present, the number of domestic donkeys is not reduced but continues to grow." Yang Fuan said that the price of donkey hides accounted for about 50% of the total cost of donkey-hide gelatin. Take Fuolix Group as an example. Ejiao's price rose by 30% to absorb the pressure caused by rising raw material costs.
At a time when Maotai's price hike was buzzing, Ejiao, which has the name of "medicine in Maotai," has also begun to sprout - Dong'e Ejiao (000423. SZ) began to increase prices sharply.
On January 6, 2011, Dong'e E-Jiao announced that the company has decided that the ex-factory price of Ejiao block products will not increase by more than 60% from January 7. This is Dongjia Ejiao's history of the sharpest price increase ever. In 2010, Dong'e E-Jiao has raised its price by 4 times in a row, and the rate of increase has reached 52.4%. Thus, the price of E-Jiao has more than doubled in just one year.
In this regard, the explanation given by Dong-E E-Jiao is that the main raw material of donkey hides is increasingly strained and the purchase price continues to rise. However, people in the industry questioned that the rise in raw materials is far from enough to make Ejiao prices soar.
Ejiao nobles
“The basis for the price increase of Dong'e Ejiao is due to the shift of customer base and sales terminal.†For the sharp increase in Ejiao's price, Qin Yufeng, general manager of E-Jiao Ejiao, said that E-Jiao sales target is being transferred from the vast rural middle-aged women to urban white-collar workers. The sales terminal also changed from rural to urban areas. High-end consumer groups have become the decisive force to promote the return of Dong-E E-Jiao.
Dong-E E-Jiao is the largest E-Jiao enterprise in the country. The data show that E-Jiao's annual output and export volume account for 75% and 95% of the country's total. The ex-factory price has almost doubled in the past three years, nearly five times in six years. At the end of 2009, the ex-factory price of the gelatin block was about 393 yuan/kg, and after four price adjustments last year, the price of the gelatin block increased to 599 yuan/kg. If we add this price increase on January 7, 2011, the price of Ejiao will double and the ex-factory price will be about 954 yuan per kilogram.
The price of donkey-hide gelatin has always been constrained by the government's ceiling price. The NDRC stipulated that the maximum price of Ejiao should be 806 yuan/kg. However, starting from December 28th, 2010, the Ejiao block will no longer be included in the government pricing range, and companies will be able to set their own prices. The price of Dong-E Ejiao will also come immediately.
As a result of hearing the price of donkey-hide gelatin, on the 6th of January, the pharmacy doors in some cities began to gather together to buy long lines. There are even more rumors that some dealers have already begun mass shipments.
With continuous and significant price increase, Donga Ejiao's net profit increased by 74% year-on-year in the first three quarters of 2010. Although in the January 6 announcement, Dong'e Ejiao stated that “the company will further increase the development of the donkey aquaculture industry, preserve the upstream, ensure the supply of raw materials, and strive to reduce costsâ€. However, what is puzzling is that on the basis of abundant cash flow from Dong'e Ejiao in 2010, it took out 300 million yuan to purchase the wealth management products of Hua Xia Bank.
Although Ejiao's prices have been rising all the way, in Qin Yufeng's view, the value of Ejiao is still not fully reflected. He used to compare Ejiao with Cordyceps on several occasions. According to the data provided, from 1985 to 2009, the price of donkey-hide gelatin rose 12 times, the price of Cordyceps rose 120 times, and the per capita disposable income of urban residents' families increased 23 times. Qin Yufeng believes that donkey-hide gelatin products have been in short supply in recent years, and the out-of-stock season has become the norm. There is only one conclusion, that is, consumers agree with this price and agree with the value represented by this price.
Raw material is a bottleneck?
According to the announcement, the Ejiao price increase was due to the fact that the stock of domestic donkeys has been declining year by year, and the main raw material of donkey-hide gelatin has been increasing its purchase price. Dong'e donkey-hide gelatin gives a set of data. The demand for donkey-hide gelatin grows by 30% every year, but the stock of donkeys in our country decreases by 3.5% per year.
Without raw materials, donkey-hide gelatin production naturally turns out to be nothing.
Qin Yufeng explained that in order to solve the bottleneck of upstream raw materials, Donga Ejiao began to implement the “meat to skin†curve path from 2002, but this strategy failed to achieve the desired results because the donkey meat price was too low. Since 2007, Dong-E E-Jiao has ceased production due to lack of donkey skin almost every year. In desperation, Dong'e Ejiao has invested RMB 200 million to establish 13 donkey bases, and has formulated a plan to raise donkeys in 2010. To date, the donkey donation scheme has failed.
As a listed company, Dong'e Ejiao claims to control 90% of the donkey skin resources in the country. The number of self-owned donkeys is how many donkey hides can be provided for enterprises each year, but it is always a mystery.
Yang Fuan, the general manager of Shandong Fucao Group, which is the same source and ranked second in the industry, once questioned the above data. He said that the nature of the donkey determines that it is not suitable for large-scale group rearing. Even if they sign an acquisition agreement with the farmers, they still cannot restrict the rural households from reselling others. Circulation of donkey skins is generally a three-tiered acquisition system. That is, after the brokers purchase from the slaughterhouses around the country, they sell them to several large donkey hide distribution centers for resale. He said that he did not understand how to calculate 90% of the country's donkey skin resources.
For Dong'e Ejiao's increasingly tight funding of donkey hides, Yang Fuan did not agree. "At present, the number of domestic donkeys is not reduced but continues to grow." Yang Fuan said that the price of donkey hides accounted for about 50% of the total cost of donkey-hide gelatin. Take Fuolix Group as an example. Ejiao's price rose by 30% to absorb the pressure caused by rising raw material costs.
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