Guests: Mr. Xie Ning, Chairman of Beijing Challenge Farming; Mr. Hong Ping, Chairman of Shenzhen Anyou; Mr. Lin Yigeng, General Manager of Campbell Animal Nutrition Asia; Mr. Li Guangyu, General Manager of Jilin Zhongnong Special Research Feed Company Limited; Mr. Yu Xuefeng, Chairman of Angie yeast Company Limited (from left to right). I hope we all relax a little bit I feel they are very nervous. We are here today. Then this morning we *** with to explore a topic in our feed industry is a new topic, whether in our academic or business community may be little known, the invisible champion. When I first came into contact with this concept, my own understanding of the word invisible champion makes people listen as if I'm not good. When I interacted with a lot of people, they didn't really accept such a concept. So now through the study can say that I also y realize the so-called hidden champion we really feel that they are in an industry, extremely focused, and then a very oil market share, outstanding achievements of some low-profile enterprises and the corresponding entrepreneurs, today we have invited a few are in different fields, and even in the corresponding regional market, to do excellent enterprises and entrepreneurs on behalf of. Then today we *** with the need for more than two hours of time, to put this concept and our entrepreneurs and representatives of enterprises to show our industry, especially in our industry today in a downturn, our feed market and the development of the situation is very depressed, this situation, we talk about today how we better segmentation of our market, the better the development of our enterprises, and even to create a special brand. Even to create a special brand. This is the important purpose of holding this program.　　So let's take a look at what we mean by "hidden champions" as we have a question board.　　We're talking about "hidden champions", and today we're going to **** with that concept. Now, I think we have a board on what a "hidden champion" is and what are the qualities of a "hidden champion".　　Entrepreneurs and friends present, today we invite you to *** with the discussion of a topic "hidden champions", it can be said that the concept of "hidden champions", whether it is for China's animal husbandry or feed industry is the first time to introduce, and all the media to discuss for the first time, I'm the first time to discuss. The media for the first time to explore, my first contact with this concept, I can feel that this concept is not good, because it can not show and now well-known enterprises and entrepreneurs the same brand effect. Why is it called "invisible"? Today, we really recognize and learn the concept of "invisible champions". Then the so-called "invisible champion", invisible means that our enterprises are almost not known by most people in our industry, the champion refers to our enterprises really do excellent results, in a market or a region to do excellent performance, and such entrepreneurs are very low-key, so we call them "Invisible Champion", there is such a concept, we will explore several topics **** with the same discussion, the first what is the "invisible champion", this is a topic we want to talk about, the second we "invisible champions Secondly, we "hidden champions" such enterprises, its entrepreneurs have what kind of spirit, and how its corporate branding, thirdly, we are going to talk about the enterprise "hidden champions" in which areas of concentration, and how they view diversification. Fourthly, we would like to discuss the special corporate culture of these "hidden champions". Lastly, we'd like to talk about how these "hidden champions" are adapting to the changes in our industry and how they are integrating their resources to develop themselves.　　So today we want to be very flexible, our entrepreneurs according to our topic to express their own views, our friends on the spot according to these concepts to ask questions and interaction, this is the purpose of our more than two hours.　　Moderator: Today, I would like to ask our entrepreneurs here, what do you understand by the term "hidden champion" or what are the similarities and differences between the concepts of your enterprise and it. First of all, we would like to invite Mr. Yu Xuefeng, Chairman of Angie's Yeast, to talk about his understanding of "hidden champions".　　Mr. Yu Xuefeng: A "hidden champion" is a company that focuses on its own products and the field it serves, which is not as familiar to the general public as many other products, but not to say that all people are not familiar with it. In the industry he focuses on is still very familiar, should be relatively invisible, then "champion" is said to be doing very well in this industry. Before participating in this exchange, I was reviewing our company and I think our company is more in line with such a definition. Because we have been focusing on the development of yeast technology, from our initial development to become a listed company, we have been using a kind of development goal to discipline ourselves, we proposed to be a large international specialized company, we went public in 2000, now it has been seven years, this seven years of development goal is a very effective guide for us, and at the same time, it is a kind of constraint, do not be bewitched by the temptation of other things, and focus on our own development. development, we went from food, brewing, human health care products, to enter the feed industry. Moderator: Very good. It can be said that in our industry, there are quite a lot of people who know about Angie's Yeast, especially in the field of yeast, which is the biggest one. However, I think in fact the scene of friends, really know 00 years on the market not many people know Angie yeast, do not know Angie yeast listed, I saw the material to know you listed. Please invite our Jilin Zhongnong Special Research Company's Mr. Li.　　Li Guangyu: I am very confused about this "invisible champion", through the introduction of our enterprises in the Institute, there are some many features, there are many overlap, first of all, we do more specialized, such as fox, mink, including deer and otter rabbit these do not understand, understand our company, understand our Institute, focus on the cultivation of internal strength. Cultivation of internal strength, our enterprise R & D team accounted for 40% of the proportion of employees. Specialized in special technology, we are so a small company has a research and development laboratory, of course, our special Institute, we are in the national support projects, especially like fox, mink, especially rabbits, although this is very small, but we feel that the combination of our internal strength is very important, the third point of the "hidden champion" characteristics I think the competitive pressure is low, the third point of the "hidden champion" characteristics I think the competitive pressure is low. I think the characteristics of the "invisible champion" I think the pressure of competition is small, I think the pressure of competition in our industry is very high, but the profit margins are very high, if the profit of 50, 60, 80 dollars, we should reach 100-120, of course, we hope to do brand and brand-name, we pay more attention to the brand, because brand-name want to do is not easy, but to do a good job of their own brand, from the beginning of the inner cultivation of their own, which is important, I think the "invisible champion" I think the "invisible champion" is the most important thing. I think the concept of "invisible champion", through our discussion, we can get a clear explanation here, very good.　　Moderator: Thank you, Mr. Li. I think from brand to brand name, brand name and brand has a process and relationship, our entrepreneurs here can be different from them, we can ask Mr. Lin, what do you think?　　Lin Yigeng: very happy to give us this opportunity, about the "hidden champions", so that is to say that we are further on today's "hidden champions" have an understanding of today's four doctors here happen to be doing our experiments, in Hohhot, is our customers! I'm not sure if you're going to be able to do that. Previously is to do our distributors, we do invisible is not really invisible, the market share of 80%, from the international field of view, there is a feed international magazines, line up words, there are 40 large factories is our current customers, we are duck water skiing, in fact, a lot of underwater action, because of the special nature of our products, is a niche market, is not aimed at the feed mill to use comprehensively, so this aspect of the words, so that we have a better understanding of "hidden champions" today. to use, so this aspect of the words, in fact, we have a very high share, including in China with us to understand how to set up factories, the company was founded in 1971 to the present, the international famous academic journals published countless reports, a lot of our experiments, including the Chinese Academy of Agricultural Sciences, many times our experiments, the China Agricultural University, they took the initiative to contact me to do experiments with me, there are Zhejiang University are with us to do experiments, because we enter China about four years or so, do not do a lot of experiments, our company in the world's different feed, raw material composition, we are a R & D-oriented company, so it creates a certain situation as if invisible, in fact, our team is the world's largest, and now a year end of 60,000 tons of production, we have been focusing on this field, so we are We have been focusing on this field, so we are the "invisible champion".　　Moderator: As you can see, we are the leader in the field of organic mineral research. Do so many years or invisible. Indeed, this concept of speaking in my understanding, not that is not known, but that this enterprise is very low-key, I speak of low-key what I mean it, a lot of enterprises made a lot of hard advertising, and accordingly, this soft advertising, in fact, this brand effect is spreading very quickly, this is the concept that we just talked about to make some amendments and additions. Anyou in the industry is not just high visibility, especially in our feed industry to do very good. How do you think about this?　　Hong Ping: Thank you Dr. Cai's praise, I was born of technology, but also learned the concept of the "hidden champion", we generally talk about how to do things internally to do fine, do beautiful, with the general business is not quite the same, the general business to talk about how to do strong and big, we only require to do fine, do beautiful, how to do it so that the industry agreed. The so-called do beauty, we move towards a high-quality production, customer praise for us, the beauty of the product will be presented, so we can do this, although we have always been very low-key, we have not seen Anyou's ads, if we do fine and beautiful, this is intangible advertising, customers can help us publicize.　　Moderator: Mr. Hong talked about the situation, is intangible advertising. Just talked about hard advertising, soft advertising, the so-called intangible advertising, the so-called gold cup, silver cup, not as good as word of mouth. We are more of this concept for some understanding. So in the industry, according to my concept of reputation is relatively large, I do not know how you see this "invisible champion" concept.　　Xie Ning: Because I understand that "hidden champion" is essentially a kind of comfort for the second place. Originally is not a champion, have to give a name is "invisible champion". That's how I understand it. But this forum I looked at the concept of "hidden champions", I feel more y, in fact, not very publicized, in this industry is actually a champion. My understanding of the "hidden champion" is relative, the first if it is a "hidden champion", the industry must not be a public industry, if it is a public industry we must all know, we all use everyday, you do not have to say that we know this champion, and One is to be separated from the line to appear "hidden champion", if the industry, let's say our feed industry, just said Anyou Technology Center, can not become a "hidden champion", is to do a good job. We all recognize. I think we have been doing this aspect of the original, as we challenge the pastoralism, but also challenge the group an investment company, if we are invisible, in the challenge of the initial time, we position high-tech, in the development process, in fact, we are doing a better job, think better, but in everyone does not know our challenge, in fact, we focused on this in 2000, really! Know us when in 04, this time we have entered the feed industry in front of the "invisible champion" is mainly to publicize the product, not to publicize the enterprise.