---
title: "Bao Xiufei Resigns as General Manager of Beingmate, Founder Xie Hong Takes Over; Expected to Turn Profit in 2020"
description: "Beingmate announced that General Manager Bao Xiufei resigned due to personal reasons, and Chairman Xie Hong will concurrently serve as General Manager. The company also released its 2020 performance forecast, expecting a net profit of 54-80 million yuan, turning from a loss of 103 million yuan in the previous year."
author: "小食代"
publisher: "New Distribution"
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published: "2021-01-16"
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# Bao Xiufei Resigns as General Manager of Beingmate, Founder Xie Hong Takes Over; Expected to Turn Profit in 2020

> Beingmate announced that General Manager Bao Xiufei resigned due to personal reasons, and Chairman Xie Hong will concurrently serve as General Manager. The company also released its 2020 performance forecast, expecting a net profit of 54-80 million yuan, turning from a loss of 103 million yuan in the previous year.

Yesterday, Beingmate released the "Announcement on the Resignation of the Company's General Manager and the Appointment of the Chairman as Concurrent General Manager" and the "Beingmate Co., Ltd. 2020 Annual Performance Forecast."
According to the announcement, the company's board of directors received the written resignation of Mr. Bao Xiufei, the company's general manager, on January 14, 2021. Due to personal reasons, Bao Xiufei applied to resign from his position as general manager. After resignation, Bao Xiufei will no longer hold any position in the company or its subsidiaries.
At the same time, **Beingmate announced that on January 1, 2021, the 36th meeting of the 7th Board of Directors reviewed and approved the "Proposal on the Resignation of the Company's General Manager and the Appointment of the Chairman as Concurrent General Manager," deciding to appoint Mr. Xie Hong, the company's chairman, to concurrently serve as general manager, with the term starting from the approval date of the 36th meeting of the 7th Board of Directors until the expiration of the term of the 7th Board of Directors.**
According to another announcement, from January 1, 2020 to December 31, 2020, Beingmate is expected to "turn from loss to profit." During the period, the net profit attributable to shareholders of the listed company is expected to be 54 million to 80 million yuan, compared with a loss of 103 million yuan in the same period last year; the basic earnings per share is expected to be 0.05 yuan/share to 0.08 yuan/share, compared with a loss of 0.10 yuan/share in the same period last year.
This also means that Bao Xiufei, who took on the role at a critical moment two and a half years ago, has drawn a conclusion to his days of hard work at Beingmate. Beingmate has also opened a new stage of development.
Yesterday, Bao Xiufei also confirmed to Foodinc that he had submitted his resignation to Beingmate, but he has not yet revealed his next destination. A person familiar with the situation revealed that Bao Xiufei's three-year term would have just expired in July this year. However, at the internal meeting on October 12 after the National Day holiday last October, Bao Xiufei had already not appeared and had not been responsible for related specific work.
"The company expresses its heartfelt gratitude to Mr. Bao Xiufei for his contributions to the company's development during his tenure!" Beingmate said in the above announcement.
During his tenure of more than two years, Bao Xiufei led Beingmate out of ST status, promoted the company's overall product portfolio to ultra-high-end transformation, including creating the 1 billion yuan single product "Aijia," and deepened the third- and fourth-tier markets in channels and strengthened the layout in maternal and infant stores.
Beingmate General Manager Bao Xiufei (file photo)
In July last year, he also posted a message on his Moments about his two-year anniversary at Beingmate, mentioning that during this period, Beingmate "restored stores to 20,000, was profitable in 7 out of 8 quarters, and achieved double-digit growth for 4 consecutive quarters," "never deducted employee wages again, and had the first year-end bonus," but he also "lost all his hair, and even with high blood pressure and respiratory arrest, he did not dare to relax for a moment."
So, where did Bao Xiufei's time at Beingmate go? What the industry is currently concerned about is what trajectory Beingmate will take on its next new journey after bidding farewell to Bao Xiufei?
**-01-****"Three-Year Victory"**
In fact, inviting Bao Xiufei to join Beingmate was seen by the industry as a strong measure taken after Xie Hong "re-entered the arena" to personally serve as the chairman of Beingmate.
Due to consecutive losses of 780 million yuan and 1.057 billion yuan in the previous two years, Beingmate was given the "ST" label in April 2018. For Bao Xiufei, who officially joined Beingmate in July of that year, the first test he faced was whether he could lead the company out of the path of removing the label and protecting the shell.
Shortly after taking office, when Bao Xiufei first answered investor questions, he gave the vision blueprint of "breaking while building, seeking change in stability, improving year by year, and winning in three years," and Beingmate also set a new goal of building a maternal and infant ecosystem.
Beingmate General Manager Bao Xiufei (file photo)
With the arrival of the new management team led by Bao Xiufei, Beingmate began to take frequent actions in the market, and its voice quickly rose. Relying on years of experience and resources in milk powder sales, Bao Xiufei focused on reshaping the brand, adjusting product structure, and reorganizing channels as breakthroughs, launching a "turnaround battle" that lasted nearly three years.
At the end of 2018, Beingmate first signed Sun Yang as its global brand ambassador, and soon after introduced a new state-owned capital partner, making capital-level preparations in advance for the subsequent expansion from milk powder to the maternal and infant ecosystem. In July last year, Beingmate also released its "Great Power Brand" strategy.
At the product level, Bao Xiufei anchored the direction of "expanding ultra-high-end." On the one hand, Beingmate increased investment and R&D, and in 2019 turned its "Aijia" series into a single product with sales exceeding 1 billion yuan. On the other hand, by joining forces with Australian milk powder brand Bubs to enter the high-end organic milk powder market, it also sorted out its brand matrix and focused on laying out functional products such as special formula milk powder product lines.
To further extend into the broader maternal and infant market, Beingmate also developed new categories such as children's healthy snacks.
At the channel level, Bao Xiufei, who advocated the strategy of "strengthening key accounts and strengthening third- and fourth-tier markets," not only led Beingmate to establish strategic cooperation with national maternal and infant chain giants such as Kidswant and Aiyindao, and spread the sales network nationwide, but also promoted Beingmate to accelerate its layout in new retail channels.
In March last year, Beingmate announced a partnership with Yihuan Health, a comprehensive non-medical health service provider, to develop new gameplay such as digital community marketing.
After a series of measures, Beingmate not only completed the task of "removing the label and protecting the shell" in April 2019, but also delivered a report card of five consecutive quarters of profitability starting from the third quarter of 2019.
Despite the impact of the epidemic last year, Beingmate disclosed in an announcement released in October last year that the net profit attributable to shareholders of the listed company for the first three quarters of 2020 was expected to be 37 million to 52 million yuan, turning from loss to profit compared with the same period last year.
According to the performance forecast released by Beingmate today, which has not been pre-audited by certified public accountants, the company is expected to turn from loss to profit in 2020 despite the challenges of the epidemic.
"During this reporting period, with the continuous decline in the number of births, the market growth of the infant milk powder industry slowed down, brand competition intensified, and superimposed the adverse effects of the COVID-19 epidemic, the company still overcame many difficulties, turned crises into opportunities, continuously improved internal operations, focused on precision marketing, and maintained sustained growth in operating revenue. The company reasonably controlled various cost expenditures, strengthened account collection, and achieved significant results. At the same time, the company optimized disposal by analyzing asset efficiency and obtained corresponding transfer income." Beingmate pointed out in the announcement.
**-02-****Future Strategy**
If Bao Xiufei led Beingmate to take the first step in revitalizing performance and achieved the phased goal of "survival and life extension," then where will Beingmate go next?
In a notice released today, Beingmate stated that in 2018, the new management team of Beingmate sounded the founder's proposed six-fold change: rebuild the team, reshape the brand, re-establish goodwill, rebuild channels, restructure the system, and retrace culture.
**"After more than two years of efforts, it has injected new vitality into Beingmate's transformation and upgrading out of the performance swamp. How to further implement the strategic goal from survival to strength, and further complete the second half of the six-fold change, the founder's frontline command is undoubtedly an important step in promoting business innovation as a whole."** The company said.
"The general manager's change is due to personal reasons, and his phased historical tasks have been completed. For the healthy development of Beingmate in the next stage, the continuous transformation and reform in place, and the deepening of the previous strategic layout, the current personnel arrangement is the most suitable for the company's strategic development."
Jin Zhiqiang, the board secretary of Beingmate, said today that after Xie Hong takes over as general manager, he will "participate more in daily operations," and believes that Beingmate will be more efficient at the decision-making and execution levels.
As for Xie Hong's thoughts, perhaps we can get a glimpse from an internal employee letter he published in November last year to commemorate Beingmate's 28th anniversary. In the above letter, he talked for the first time about "Beingmate in his ideal."
Xie Hong said that although some outsiders do not understand Beingmate's path, he has always believed that the parent-child (family) consumption field is Beingmate's blue ocean, and insisting on the maternal and infant ecosystem route is the competitive strategy to cope with internetization and leverage Beingmate's advantages. He believes that all of Beingmate's actions revolve around this.
Xie Hong also summarized in the letter that in recent years, Beingmate "has only done one thing, which is 'survive and become strong.'" "I hope to see every Beingmate person be more spirited, take the initiative to step forward, dare to take responsibility, and face challenges head-on! I hope you can unswervingly promote the 'partner' system, actively participate in 'all-staff marketing,' and participate in the comprehensive digital and intelligent transformation!"
Source: Foodinc (ID: foodinc)
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