The hottest search for the invisible champion of C

2022-08-24
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Looking for the "invisible champion" of China's printing industry has always been a lingering dream of Chinese entrepreneurs, and it is also an important direction for relevant government departments to guide the industry, and the printing industry is no exception. In recent years, although the overall scale and strength of China's printing industry are increasing day by day, the small and scattered industry structure is almost the same judgment of industry insiders, which has been repeatedly mentioned in the "development plan for the printing industry during the 12th Five Year Plan" issued by the General Administration of publishing. When summarizing the problems existing in the printing industry during the Eleventh Five Year Plan period, the first item given in the plan is that the degree of industrial intensification is low. The example is: the annual output value of the top 100 enterprises in China is 60billion yuan, accounting for 14% of the country, only half of the output value of the world's leading enterprises. In response to this issue, the plan proposes to accelerate the construction of national printing demonstration enterprises and cultivate a number of advantageous printing enterprises with international competitiveness. By the end of the 12th Five Year Plan period, there were several printing enterprises with an output value of more than 5billion yuan, and more than 100 printing enterprises with an output value of more than 1billion yuan

on the cultivation list of super large printing enterprises, Donnelly, Zijiang, yatushi, Yongfa printing and Shanghai Yanyin are all candidates. They ranked among the top five printing enterprises in 2011, with the highest annual sales revenue of nearly 3.2 billion yuan and the lowest of nearly 2.1 billion yuan. However, there are also a number of enterprises whose size is almost the same as that of the top five, or even larger, but they are not well known in the industry for various reasons. Tetra Pak China, letterpress China, Aoke holdings, Zhengmei group, these names are familiar or unfamiliar, but for most industry insiders, these enterprises are like diving crocodiles, occasionally showing a little claws, but it is difficult to see the whole picture

hidden in the market

in the Internet era with extremely developed information, although the printing giants carefully protect their privacy to avoid overexposure to the spotlight, the information puzzle of the Internet era has unveiled their mysterious veil for us. By summarizing the information collected from various channels, we can be sure that among Tetra Pak China, letterpress China, Aoke holdings, Zhengmei group, which rarely appear in the industry in an overall image, there are not only leaders in various market segments, but also real giants in China's printing market, who are worthy of the name of invisible champions

as the leader of the global aseptic liquid food packaging market, Tetra Pak has entered the Chinese market since 1972, and has been working silently for 40 years. A data released by the Beijing Printing Association has pushed Tetra Pak to the center of the industry at one fell swoop. According to the statistics of the association, the sales revenue of Tetra Pak packaging (Beijing) Co., Ltd. reached 2.7 billion yuan in 2009, accounting for 13.6% of the sales value of the printing industry in Beijing. This sales scale is nearly 100million yuan higher than that of Donnelly China, which is considered to be the largest printing enterprise in China in the same year. In addition to Beijing, Tetra Pak also has production enterprises in Foshan, Guangdong, Kunshan, Jiangsu, Hohhot, Inner Mongolia and other places. In the public market information, Tetra Pak never mentioned the overall sales data in the Chinese market, but the IPO document of FanMei Packaging Co., Ltd. provided us with some clues. As Tetra Pak's main competitor in China, Fenmei packaging's IPO documents revealed that in 2009, Tetra Pak and Fenmei packaging accounted for 72.1% and 8.5% of China's aseptic packaging market respectively in terms of revenue (basically equivalent to sales revenue), while Fenmei packaging's annual sales revenue was about 770 million yuan, Based on this calculation, Tetra Pak achieved a sales revenue of about 6.53 billion yuan in Shandong raw material industry in China's sterile packaging City, which was far ahead of other domestic printing enterprises

as an international giant, Japan relief printing Co., Ltd. is also not as low-key as they are in China's printing industry. As a comprehensive group company, letterpress has a number of printing enterprises that are quite competitive in the industry, such as RiFeng Accor, letterpress printing (Shenzhen) Co., Ltd. and Beijing Nippon. According to the data, 2 then adjust the range according to the actual rough measurement results to the required 2010, the sales revenue of Lifeng Accor is about 1.91 billion yuan, the sales revenue of relief printing (Shenzhen) is about 540million yuan, and the sales revenue of Beijing Nippon is about 200million yuan. Based on this calculation, the annual sales revenue of relief printing business in China is more than 2.65 billion yuan, and the overall strength should be among the top three domestic printing enterprises. In the field of periodical printing, letterpress China is a well deserved market champion with the years of market accumulation of LFC accor

the lucrative cigarette packet printing field has always been a fertile land for predators, and Aoke holdings is the most magical recluse on this fertile land. Although it was listed on the Hong Kong Stock Exchange as early as 2004, Aoke holdings, which has more than a dozen holding enterprises in the mainland and focuses on the cigarette bag market, has not attracted much attention. Many insiders may have heard of the names of companies such as Qingdao limatun, Beijing limatun Pacific, Kunming Weijian, Hangzhou Weicheng, but few people associate them with Aoke holdings, which are all companies under Aoke holdings. The annual report of listed companies shows that in 2010, the turnover of Aoke holdings was HK $2.651 billion, about 2.253 billion yuan, more than 200million yuan ahead of its main competitor Jinjia shares, and ranked first in the domestic cigarette packet printing market share

Zhengmei group is the king in the field of label printing in China. This enterprise from Taiwan, which is longer than the mainland, shipped more than 10billion labels in 2010. According to industry insiders' estimates, the sales revenue is about 2billion yuan, which is unique in the field of label printing with an annual output value of only more than 16 billion yuan

evolution history of the giant

Tetra Pak China, letterpress China, Aoke holdings and Zhengmei group are naturally not all the invisible giant, but the annual sales scale of the four enterprises with a total of more than 13billion yuan is enough to change the industry's inherent understanding of China's large printing enterprise group. After a little analysis, we can find that the four enterprises that play a decisive role in China's printing market have a common feature: in terms of enterprise attributes, they are all foreign-funded enterprises. Tetra Pak China and letterpress China needless to say, although the predecessor of Aoke holdings is Weicheng group, a printing enterprise founded in the mainland by Li Weibo, a Hong Kong native, after listing in Hong Kong, after a dazzling capital operation, Weicheng group was finally controlled by Amcor group, the world's largest cigarette packet printing enterprise. Zhengmei group is a family enterprise from Taiwan (according to China's current law, enterprises established in the mainland by Hong Kong, Macao and Taiwan capital are managed with reference to foreign-funded enterprises). How can these outsiders grow into giants in their respective segments and even the whole printing industry in the Chinese market step by step

looking back on the growth history of the four enterprises, their start in the Chinese market is not perfect. Tetra Pak entered China in 1972 and did not set up its first Beijing licensed packaging material manufacturing plant in China until 1987. In the same year, Japanese relief set up an office in Beijing and its first printing enterprise in mainland China in Shenzhen five years later. However, due to various reasons, its development in China's printing market has been stalled for a long time. When Zhengmei group entered the mainland to set up factories in Shenzhen and Shanghai in 1995, China's label market was still in a period of ignorance and market demand was limited. Even at the end of the 1990s, China's per capita label demand was still only 0.2 square meters. Weicheng group, the predecessor of Aoke holdings, was founded in 1998, but its turnover was only HK $230million five years later

although the start is not perfect, with the unconventional and sustainable development of China's economy, the early positioning in their respective market areas has won four enterprises the opportunity of rapid expansion. However, in the face of historical development opportunities, the expansion paths chosen by the four enterprises are not consistent. On the whole, the development of Tetra Pak China and Zhengmei group tends to endogenous growth. With the outbreak of China's dairy industry, Tetra Pak has successively completed the layout of production bases in Beijing, Foshan, Kunshan and Hohhot since the 1990s, and has set up offices in Guangzhou, Chengdu, Xiamen, Harbin and other places. Following the Shenzhen and Shanghai factories, Zhengmei group has successively set up factories in Kunshan, Yantai, Chongqing and Zhengzhou since 2000

letterpress China and Aoke holdings prefer acquisitions. After more than ten years of stagnation in the expansion of China's printing market, Japanese letterpress suddenly made efforts in 2006 to acquire Beijing Nippon Printing Co., Ltd., whose main business is commercial printing. Two years later, it raised the stick of capital and obtained the leading enterprise of China's periodical printing market by acquiring Singapore SNP company. Aoke Holdings has exerted the magic of capital to the extreme. After its listing in March, 2004, it immediately started the acquisition journey. In July of the same year, it acquired 35% of the equity of Weijian group; After Amcor became a shareholder, it acquired the latter's businesses in Qingdao and Beijing in 2006; In 2007, it acquired Guilian group, one of the three major cigarette package printing enterprises in China, making its share in the cigarette package printing market reach a historic 17%; In 2010, it acquired the remaining 45% equity of Qiyao group while selling Guilian group. After a dazzling capital operation, Aoke Holdings has stabilized its position as the leader in China's cigarette packet printing market

Why are they?

endogenous growth and mergers and acquisitions are the ways for enterprises to grow, and the rising Chinese market is the most solid foundation for growth. The question is: why can they stand out from many enterprises and become the king of the market? In addition to the inherent first mover advantages of foreign-funded enterprises, what other characteristics of these enterprises promote their success

the rise of letterpress China and Aoke holdings benefits more from their own capital strength. The difference between the two is that relief China mainly relies on the scale strength accumulated by its parent company Japan relief printing Co., Ltd. in more than 100 years of development, while the confidence of Aoke holdings comes from the support of the capital market. If there is no large-scale acquisition after listing, it is difficult to imagine that the turnover of an enterprise can increase from 230million Hong Kong dollars to 2.651 billion Hong Kong dollars within eight years, with an expansion of more than 10 times

the unique customer base is an important factor for the success of Zhengmei group. Electronic product labels are one of the main products of Zhengmei group. In this field, a large number of it OEM enterprises from Taiwan, such as Foxconn, quanta, Compal and Yingyeda, have achieved considerable development in the mainland in recent years. As a link in the supporting industrial chain, Zhengmei group has benefited greatly

among the four enterprises, Tetra Pak China's success is the most noteworthy. Tetra Pak company, founded in 1951, started by providing liquid milk packaging, and gradually formed a unique business model with technology as the core in decades of development. Tetra Pak can provide a complete set of solutions from processing equipment, filling machine, packaging to aseptic technology for dairy products, beverages and other industries. Most of his enterprises mainly produce two-component polyurethane waterproof coatings. Through the bundling of equipment, technology and packaging, they go deep into the production process of customers, thus realizing the effective binding of customers. It is this unique business model that has won Tetra Pak a market share of nearly 80% of the global sterile packaging market and ensured its success in the Chinese market

capital, customers

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