Triumphant Huiyuan juice
What happened to Huiyuan Juice, which was established 29 years ago, from the "king of juice" to the current delisting?
Before you know Huiyuan Juice, you can't live without Zhu Xinli.
1952, Zhu Xinli was born in Yiyuan County, Shandong Province. In this small county town that once shouted "To get rich, plant fruit trees", Zhu Xinli took an iron rice bowl and became the deputy director of the Foreign Economic and Trade Commission of Yiyuan County.
Like many entrepreneurs, Zhu Xinli resigned and went into business. But from the beginning, he took over a mess that was in debt of 10 million and stopped production for many years.
Zhu Xinli established Zibo Huiyuan Food and Beverage Co., Ltd. after taking over the closed county fruit cannery.
This cannery is the predecessor of Huiyuan Juice.
At that time, people in China were not used to consuming concentrated apple juice, and products produced by Huiyuan could not be sold in China. According to China Youth Daily, 1993, Zhu Xinli went to Germany alone with samples of concentrated apple juice, invited children studying at friends' homes as translation guests, and finally brought back an export order of concentrated apple juice worth 5 million dollars.
Since then, Huiyuan Juice has exported concentrated juice to more than 30 countries.
1994 10, Zhu Xinli founded Beijing Huiyuan Food & Beverage Co., Ltd. in Beijing to enter the domestic juice market.
1997, Huiyuan Juice spent 70 million yuan to get 5 seconds advertising time for CCTV news broadcast. The advertisement of "Drink Huiyuan Juice and Take the Road of Health" is deeply rooted in people's hearts, and Huiyuan Juice has therefore become the standard for New Year's Eve. Since then, Huiyuan Juice has become a well-known national brand.
In February 2007, Huiyuan Juice was listed on the Hong Kong Stock Exchange, raising HK$ 2.4 billion.
After listing, Huiyuan Juice set up nine factories in Leling, Lan Shu, Jilin and Jinzhou, Liaoning.
Huiyuan juice, which has made great strides all the way, never imagined that a watershed would be ushered in a year later.
According to the Securities Times, on September 3, 2008, Coca-Cola and its wholly-owned subsidiary AltanticIndustries jointly announced that they would acquire all the issued share capital of Huiyuan Juice and all the issued convertible bonds of Huiyuan at a total price of HK$ 65.438+0.792 billion (then equivalent to RMB 65.438+0.54 billion). Cancel all outstanding stock options of Huiyuan, and put forward the suggestion of voluntary cash purchase.
Affected by this news, the share price of Huiyuan Juice rose linearly on September 3rd, skyrocketing 164.25%.
Acquisitions "destroyed" by antitrust
Heroes are always lonely.
Different from the fiery capital market, the domestic public opinion environment is cold and abnormal. According to reports at that time, as many as 82% netizens opposed Coca-Cola's acquisition of Huiyuan Juice. Seven months later, the Ministry of Commerce rejected the Coca-Cola acquisition on the grounds of anti-monopoly, which was also the first case that violated the Anti-monopoly Law. Subsequently, Huiyuan Juice's share price plummeted all the way, falling nearly 58% in just three trading days.
The chain reaction caused by the failure of the acquisition made Huiyuan Juice "devastated".
Since 2008, the performance of Huiyuan Juice has continued to decline. According to the annual report of Huiyuan Juice, from 20 1 1 to 20 16, the deducted non-net profit of Huiyuan Juice is negative every year, which are-230 million yuan,--3 18 million yuan,-479 million yuan and-respectively.
In addition, the "family-style" management mode of Huiyuan Juice has been criticized by the outside world.
According to the survey, her daughter Zhu has served as the vice president of Huiyuan Company for many years, her son-in-law as the vice president of the company, her younger brother Zhu Xinde as the general manager of Huiyuan Juice, and her nephew Zhu Shengbiao as the legal representative of Huiyuan Juice, in charge of Beijing Huiyuan Drinking Water Company under Huiyuan Juice.
20 13, hired Su, former CEO of Lee Kum Kee Sauce Group, as CEO. After Su took office, he made drastic reforms, canceled all business divisions, and asked salespeople to cut off the links that affected profits, with little success in the end. Only one year ended with Sue's resignation.
20 14 April, Liang Jiaxiang, former vice president of beverage operation in PepsiCo Greater China, became the senior vice president of Huiyuan Juice. In September of the same year, Yu Hongli, former executive vice president, became CEO. In 20 17, Cui took over as CEO, but it was only a cursory tour. 20 19, six senior executives left one after another in just over a month.
Problems such as poor integration with professional managers, resignation of senior executives, failure to obtain approval from the board of directors, and unilateral borrowing of 4.275 billion yuan led the HKEx to consider suspending the listing of Huiyuan Juice.
"Fairy Fight" in Beverage Market
The debt is high and the storm is coming.
In fact, the "marriage" between Huiyuan Juice and Coca-Cola was inseparable from the market environment at that time.
There are many industry giants, and the competition has already become fierce. I wanted to cross a hurdle, but I fell down. Since then, Huiyuan Juice has never recovered.
It is reported that at that time, China's beverage industry formed three competitive forces: First, Taiwan Province Enterprise Alliance and Master Kong; A mainland enterprise includes Huiyuan Juice, Wahaha and Farmers Orchard; There are also multinational companies such as Coca-Cola and Pepsi.
In this environment, Huiyuan Juice lost the advantage of "one family dominates".
In addition to brand competition, consumers are also very picky.
In 1980s and 1990s, the beverage market in China was dominated by carbonated drinks and packaged drinking water. 2/kloc-0 At the beginning of the century, tea drinks and fruit and vegetable juices rose; In recent years, energy drinks, coffee drinks, flavored drinks and so on have shown a rapid development trend; Nowadays, sugar-free bubble water represented by Yuan Qi Forest is all the rage. Consumers' demand for drinks presents a new trend of diversification.
Faced with fickle consumers and excessively subdivided racetracks, the problem of simplification of Huiyuan juice products is increasingly exposed.
In fact, Huiyuan juice on the market has many flavors, but its main category is juice, and its ability to resist risks in the face of competition is low.
In addition, the product specifications of Huiyuan Juice are awkward, and the main package is 1 liter, which is only suitable for multi-person or party scenes. In daily consumption, Huiyuan juice purchase accounts for a relatively low proportion. In addition, the channel sinking and publicity of Huiyuan's small bottled products seem to be insufficient, and the packaging is not exquisite enough, which has not caused consumers to wait and see. In contrast, people will prefer a small bottle of farmer's orchard or NFC.
Frustrated Huiyuan Juice is also seeking change.
In 2009, Huiyuan successively launched new low-concentration fruit juices and carbonated drinks such as "Lemon me" and "Juice Fruit Le", and then introduced new products such as sugar-coated gourd juice, Bailiwa and mixed fruit juices, and also set foot in cocktails, Pu 'er tea and other fields.
In 20 1 1 and 20 14 years, Huiyuan Juice acquired the iced tea brand "Rising Sun" and China "Suntory", which mainly drinks oolong tea, at the price of120180,000 yuan.
In 20 18, Huiyuan also launched 95 black bubble juice, aiming at the post-95 consumer groups.
Unfortunately, these operations seem to have been frustrated. The innovation of new products did not stimulate market consumption, and the market response was cold.
"Rising Sun" was discontinued one year after its acquisition; "Suntory" is locked in Huiyuan because of its different business philosophy, and its market performance is seriously affected; The black bubble juice didn't make a splash in the end.
In fact, it is difficult to find a single reason why Huiyuan Juice failed to resume trading.
But from the perspective of brand marketing, Huiyuan Juice is "a little interesting".
Although it has been losing money for years, it has spent a lot of money on advertising marketing. Please endorse Kenny Lin; Implanted explosive dramas "to the sky kingdom", "in the name of people" and "Ode to Joy 2"; Sponsor variety shows and engage in holiday marketing ... Huiyuan Juice has been involved in all popular marketing methods.
In addition, during the Spring Festival in 2020, the brand concept of "Celebrating the New Year with Huiyuan", which lasted for more than ten years, also landed on CCTV- 1 Great Country Brand, and showed the brand image of "Huiyuan" to hundreds of millions of viewers through the national platform.
Therefore, from the marketing point of view alone, Huiyuan Juice did not make any mistakes. But unfortunately, despite the great marketing efforts, the core value of Huiyuan brand is being lost.
The reason is that, on the one hand, in the fierce market competition, Huiyuan Juice has tried every time and lost its brand value every time.
On the other hand, the delisting storm triggered by the corporate debt crisis has made the brand firmly labeled as "the king of juice in the past fell" and "the light of domestic products ended", which is also hurting the value of the brand.
Although the production line and sales channels of Huiyuan Juice are still there, it is only losing its own "brand" step by step.
In addition, from 2065438 to April 2009, Huiyuan Juice announced the establishment of a joint venture company with Tiandi No.1 to expand the Huiyuan Juice and Beverage market.
Tiandi No.1 contributed 3.6 billion yuan in cash to the potential joint venture company, accounting for 60% of the shares. Huiyuan Juice invested 2.4 billion yuan in the form of assets, including the trademark of Huiyuan Juice. However, this cooperation did not have the grand occasion of 654.38+054 billion in that year.
It is reported that Huiyuan Juice obtained the exclusive right to use the trademark of "Juice Beverage" No.668129 on 1993. On September 28th, 20001year, we obtained the exclusive right to use the trademarkNo.164301on "fruit and beverage" and other commodities.
According to China Trademark Network, there are 587 trademarks under Huiyuan's name, including 202 trademarks with the word "Huiyuan". Including Huiyuan, Huiyuan Real Fresh Orange, Huiyuan Lemonade, Huiyuan You Xiang and other trademarks, the main registered categories are Class 30 and Class 32.
In fact, Huiyuan trademark has been rated as a famous trademark in Beijing and a famous brand product in China for many times since 1999. In 2002, the trademark of the former State Administration for Industry and Commerce was recognized as a "well-known trademark". Since then, Huiyuan trademark has been recognized as a well-known trademark by administrative organs and judicial organs for many times.
However, three months later, the cooperation with Tiandi No.1 ended ahead of schedule. 2065438+July 2009, Huiyuan Juice suddenly announced: "The company believes that the conditions for further promoting the proposed transaction under the agreement may be immature." This also means that Huiyuan Juice's "second marriage" failed after the Coca-Cola acquisition.
"Huiyuan" trademark is of great significance to Huiyuan juice. At that time, some analysts believed that "the core of the cooperation agreement with Tiandi No.1 is the right to use trademarks rather than equity. Although the trademark is the core asset of Huiyuan Juice, Huiyuan Juice uses the trademark as an asset. It is not clear whether it is the ownership of the trademark or just the right to use it. "
But there is no doubt that this ambiguous trademark offset is undoubtedly another heavy blow to its trademark value.
In fact, Huiyuan Juice has done a good job in protecting intellectual property rights. According to Zhichanbao's query, with "Huiyuan" and "Huiyuan Juice" as keywords, * * * retrieved 45 cases, mainly trademark infringement and unfair competition cases. 20 18, "Huiyuan" trademark infringement case was shortlisted as a typical case of intellectual property protection in the Supreme Court.
2065438+June 2004, Beijing Huiyuan Food & Beverage Co., Ltd. (hereinafter referred to as "Beijing Huiyuan Company") sued Heze Huiyuan Company for trademark infringement and unfair competition, claiming 6,543.8 billion yuan. 2065438+July 2005, Shandong High Court ruled that Heze Huiyuan Company constituted trademark infringement and unfair competition, and ruled that Heze Huiyuan Company compensated Beijing Huiyuan Company for economic losses of 3 million yuan. However, both the original defendant and the defendant appealed.
20 17 12. In the final judgment, the Supreme Court comprehensively considered the subjective malice of Heze Huiyuan Company and the fact that No.7400527 registered trademark was declared invalid and No.242665 registered trademark "Huiyuan Hetao" was revoked, thus maintaining the conclusion of Shandong High Court on trademark infringement and unfair competition. Heze Huiyuan Company's defense opinion on the legal use of the registered trademark at the time of the alleged infringement was not supported, and the compensation amount was increased to 6,543,800 yuan.
In fact, delisting does not mean delisting, and Huiyuan Juice still has a chance to reverse the situation. In the subsequent commercial competition, it is necessary to strengthen trademark protection at the legal level.
We will wait and see how Huiyuan Juice will go in the future.