In & ldquo; Bao Wan's dispute & rdquo; Zhong Mingyang nationwide & ldquo; Baoneng & rdquo; increased its holding of nearly 5%of the equity of East Ejiao，East Ejiao as a star stocks instantly became popular，From the second quarter to September 1st, the stock price has increased by more than 25%。

 

  It is the same as the stock price of East Ejiao all the way，The price of Ejiao products has risen for ten years，Its terminal retail price has risen from less than 100 yuan per catty in 2006 to now more than 2,000 yuan，This brings rich profits to the company。East Ejiao President Qin Yufeng publicly stated in August this year: & ldquo; consumers in our pharmacy have transformed from low -end consumers in their 50s and sixties to with famous bags，Mainstream people driving good cars，This is a kind of regression。& rdquo; What questions investors is，Ejiao will become the & ldquo; lv & rdquo;，Is the value returning & rdquo; still gave investors a illusion of & ldquo; air tower & rdquo;?

 

  East Ejiao's ten -year price increase tide

 

  Donkey skin tightness is the fuse

 

  From 2006 to the present，East Ejiao experienced a high growth process of revenue and net profit。"Red Weekly" reporter reviewed the company's financial report after years and found，East Ejiao's net profit increased from 149 million yuan in 2006 to 1.625 billion yuan in 2015，Business revenue also increased from 1.076 billion yuan to 5.450 billion yuan。According to Qin Yufeng's words，Today's East Ejiao has developed from a county -level workshop -type enterprise to an excellent listed company。

 

  According to the reporter's understanding，East Ejiao performance thickening process，Basically overlap the price of price increases for its products。From 2006 to the present，East Ejiao increased the price 16 times in a row，Terminal retail price has increased from less than 100 yuan per catty to 2,000 yuan。

 

  My stake betting appThe stake sports betting appreporter found it when the price increase of Dong Ejiao's price increase，2010 is the turning point of the pricing strategy of Dong'e Ejiao。Previous Ejiao as a medicine，The price is controlled by the state，The price will reach the highest point allowed by the policy; after the adjustment of the national policy at the end of the year，Ejiao is priced by the enterprise as a health product，The ceiling of the price increase is broken，Since then，East Ejiao will offer a significant price increase every year & ldquo; magic weapon & rdquo;。

 

  Data display，Ejiao block owned by East Ejiao in early 2011 was 60%at one time; 2012，East Ejiao cumulative price increase 50%; early 2013，East Ejiao's price increase again 6%，In July of the same year, the company announced the off -season price increase of 25%; January 2014，East Ejiao adjust the factory price of Ejiao 19%，The retail price is adjusted accordingly，In September of the same year, Ejiao's factory price was raised by 53%;，East Ejiao once again adjusts its products out of the factory price，The upsurge of the upsurge is 25%。

 

  Each price increase，East Ejiao will give a thousand years of unchanged reasons: lack of raw materials。This，Yang Xiaozheng (pseudonym) of a large domestic brokerage company in China said to the Red Weekly，The scarcity of donkey skin resources is the most important cause of the price increase of Dong'e Ejiao。& ldquo; donkey skin is the main raw material of Ejiao，But because the profit margin of donkey is not high，At present, domestic donkeys are very low，No many people are willing to raise a donkey。& rdquo; According to the data of the statistical yearbook data of Chinese animal husbandry，my country's donkey stock quantity has been from 11 million heads in the 1990s，Falling to less than 6 million head now，and is still declining with a number of about 300,000 heads per year。

 

  East Ejiao also has a reason for price increases，That is the price increase helps to nurture upstream raw materials，Improve the enthusiasm of donkey nourishing。So，Why does the 10 -year price increase set by Dong Ejiao have not effectively transmitted to the upstream breeding industry? This，Some analysis believes，Compared with other breeding industries，Policy subsidies are not good，This is the most important reason for the low enthusiasm of donkeys。In addition，The breeding rate of donkeys is relatively low，The breeding cycle will be longer，And the donkey cannot be breed on a large scale，Gong donkey must have a donkey column，Single breeding。So，Even if Ejiao will be fed upstream，These objective factors also cause the incomplete economy of donkey，Directly leading stake betting appto the stake online sports bettingimbalance of supply and demand of donkey skin。

 

  Under the influence of the stake online sports bettingimbalance of supply and demand for long -term raw materials，East Ejiao also adopted the method of importing donkey skin to solve the pressure of raw materials。It is reported，East Ejiao currently has 20%donkey skin imported，and in Egypt、Peru、Purchase donkey skin in designated markets such as Mexico。But compared with imports，Enterprise independent breeding can resolve difficulties，But the only problem is that the cost of raising donkey independently in the enterprise is too high。So，At the two sessions of Shandong Province last year，Qin Yufeng even submitted the "Proposal on the Scope of Grass and Lives to Donkey to Donkey"，Striving for the same policy support treatment for the donkey。Yang Xiaoyi told the Red Weekly，If Ejiao enterprises increase the proportion of independent breeding，Can improve the supply and demand of donkey skin appropriately，Maybe it will cool the market price for the continuous hot Ejiao。

 

  East Ejiao's & ldquo; Value return & rdquo; play

 

  Although the donkey skin resources are scarce，But the price increase of donkey skin will not bring cost pressure to Dong'e Ejiao。"Red Weekly" reporter after consulting the company's financial report and found out，East Ejiao has remained at about 70%in recent years，So the scarcity of donkey skin resources is for Dong'e Ejiao，does not constitute cost pressure。

 

  Qin Yufeng was a public speech at the 2016 West Society held on August 22，Display the true reasons for the price increase of Dong'er Ejiao。He said in his speech: & ldquo; Continue to create cheaper products only one dead road，Because the opponent will find a way to suppress the price lower，We want to move from price competition to value competition。& rdquo;

 

  Actually，After holding the East Ejiao in 2006，Qin Yufeng proposed & ldquo; Value return & rdquo; strategy，Pulling the prelude to the price increase of the price of Ejiao。In addition to the above reasons mentioned above，Qin Yufeng used to talk about Ejiao's & ldquo; historical value & rdquo;，For example, the price of Ejiao in the Ming Dynasty。According to what he said，Ejiao taxes for one dollar in the Ming Dynasty for six points of taxes per cubble，According to the tax practice at the time，Circulation tax accounts for 1/20，Therefore, the price of Ejiao is roughly three or two dollars per city，Completed until now equivalent to 4000 yuan to 6000 yuan per catty。

 

  At the West Speed ​​meeting，Qin Yufeng compared Ejiao with Cordyceps，I believe that the price of Ejiao is far lower than Cordyceps。He said: & ldquo; The price of 6,000 yuan per catty per catty of Ejiao stake online sports bettingis Stake Sports Bettingstill not enough，The current price increase is just a step of exploration。& rdquo;

 

  but，For Qin Yufeng's & ldquo; value return & rdquo; strategy，There is a point of view of the source of the price of the historical material for its references。Netizen@ on the Zhihu platform，The Ming Dynasty "Kiyosen Pavilion & Middot; Shengsheng" has a cloud，& ldquo; All diseases are born by qi and blood，It will not attack the opponent with non -enemy。A Ejiao is often left and right，Fuyuan Guben enjoy Taiping。& rdquo; & ldquo; Therefore, you can see，Ejiao was precious at the time, but ordinary people were also consumed。& rdquo;

 

  In the Tang Dynasty's note novel "Puyang Miscellaneous"，Also with clear records: & ldquo; wedding Naito、Jiahe、Ejiao、Jiuzi Pu、Miwei。& rdquo; Among them，Ejiao as a dowry，Later, this custom gradually spread to the people，This has formed the custom of treating Ejiao as a dowry。From this can also be inferred，The price of Ejiao in the Ming Dynasty will not be too high，Usually the people can be able to keep the family。

 

  From another perspective，The price of Ejiao during the Tang Ming period has no substantial significance for today’s Ejiao，In the end, it depends on whether the market accepts & ldquo; high value & rdquo; and & ldquo; high price & rdquo;。

 

  Nourishing luxury goods created

 

  How many people will come to pay?

 

  Compared to East Ejiao，Its competitor Fu brand Ejiao、Tongrentang (31.130, 0.32, 1.04%) Ejiao has not followed the price of prices，A few companies that are rare in the two companies are also extremely low -key。

 

  Take Tongrentang Ejiao as an example，Only two price increases have been carried out in recent years，In 2012, the price of Ejiao block increased from 570 yuan per catty to 690 yuan; in 2014, price increase was 30%，increase the price of Ejiao blocks to 898 yuan/jin。East Ejiao's number one competitors Fu brand Ejiao，Only the Ejiao block of 480 yuan per catty of 480 yuan per catty in 2013 was quietly raised to 520 yuan per catty。Reporter logged in to Dong'e Ejiao official mall discovery，East Ejiao blocks now have a market price of 2365 yuan per catty，There is a huge gap between the price and other competitors in terms of price。

 

  Price increase in the front East Ejiao，The share of the low -end market is continuously lost。East Ejiao Represents，In the future, we will focus on the development of high -end markets。Qin Yufeng describes the consumer portrait of Dong Ejiao in his mind: & ldquo; Consumers in our pharmacy have changed from low -end consumers in the original 50s and sixty -year -old to a famous package，Mainstream people driving good cars，This is a kind of regression。& rdquo;

 

  This，Yang Xiaoyi said，& ldquo; The high -end positioning of East Ejiao stake online sports bettingdoes stake betting appnot have absolute advantages and disadvantages，Some high -end customers are not so sensitive to the price itself，For many years, the development of Dongjio has accumulated a strong brand influence。The choice of high -end positioning will affect the future development of the East Ejiao，can only be tested by time。& rdquo;

 

  That's，The reporter visited the Beijing area such as Jingzhitang、Kang Baixin and other chain pharmacies。Kang Baixin Pharmacy (Chaoyangmen Pharmaceutical Store) said to "Red Weekly"，Since the price increase in the past few years，The current market sales are not satisfactory。& ldquo; due to the price increase，In the past few years, Dong'er Ejiao blocks can sell a lot of boxes in our store for a year，I haven't sold it so far this year。& rdquo; And the staff of the Kyoto Pharmacy (Jicheng Mouth Pharmaceutical Store) told reporters，At present, the price increase of East Ejiao has not had much impact on its sales。& ldquo; There will still be some customers who come to the pharmacy to buy medicine，Even some customers only recognize East Ejiao，Buy a few boxes at a time，Maybe some customers have formed viscosity on Dong Ejiao，This part of the customer's recognition of the East Ejiao brand is still relatively high。& rdquo;

 

  Two pharmacies in the core business district of Beijing encountered different situations，Perhaps it reflects the difficulty of Dong'er Ejiao's luxury route。East Ejiao is the realization of & ldquo; value return & rdquo;，Still built a & ldquo; Air Tower & rdquo;，Time will be announced in the end。