Condiments are a track that can produce giants, but giants are not content with just condiments. This is true in both China and Japan, two highly similar consumer markets. Japan's Ajinomoto and China's Meihua Bio both were condiment giants, and coincidentally, both established themselves through MSG. MSG, as a controversial presence in condiments, has faced food safety scandals in both countries, putting Ajinomoto and Meihua Bio, as "MSG Kings," at the forefront. Fortunately, they have always seized new opportunities presented by the times, becoming symbols of long-term growth. Ajinomoto's revenue exceeded $10 billion in fiscal year 2022, while Meihua Bio's revenue reached 27.761 billion yuan in 2023. The former has become a comprehensive giant in Japan's food sector, while the latter has developed a second growth curve in "animal health products." Though they took different paths, their current businesses are centered on life and health, and both are fundamentally related to amino acids. And amino acids are precisely the main component of MSG. The fate of these two giants seems to have been written at the moment of their birth. Ajinomoto: Endless Cross-Industry Expansion, Evergreen Foundation As an industry with rigid demand, broad reach, and high loyalty, condiments often show stronger anti-cyclical resilience during economic downturns, meaning condiments not only produce giants but also "time-honored brands." Japan's Ajinomoto is a century-old brand that started in the condiment industry. In 1907, Japanese chemist Professor Kikunae Ikeda, while tasting a bowl of kelp tofu soup, discovered a umami flavor distinct from the four basic tastes of sour, sweet, bitter, and spicy. His research revealed that monosodium glutamate (MSG) in kelp could enhance flavor. Based on the discovery of MSG, Ajinomoto was founded in 1909, and in May of the same year, it launched the world's first MSG product in Japan. Although MSG was expensive at the time, the outbreak of World War I led to rapid economic growth in Japan, boosting domestic MSG sales. Meanwhile, the rise of overseas colonial economies provided outlets for MSG exports, which once accounted for 45% of total output. The outbreak of World War II dealt a heavy blow to Ajinomoto, and its MSG business nearly stalled during the war. After the war, Japan's economy quickly recovered, and Ajinomoto returned to its core business. By 1955, its market share in MSG reached 80%, making it a veritable "MSG King." Unlike Kikkoman, which thrived by focusing on soy sauce, Ajinomoto did not have a smooth journey with MSG, but this prompted a half-century of transformation. Due to outdated technology, food safety scandals, and declining meat demand, MSG gradually declined in the late 1950s, and by 1968, MSG accounted for only 30% of Ajinomoto's revenue. To find new growth points, after the 1960s, Ajinomoto began to bet on compound seasonings, launching its first round of diversification, introducing products like amino acid seasoning powder and mayonnaise. In the 1970s, it developed bonito-flavored soup stock and Chinese recipe seasonings. The first transformation was quite successful. From 1963 to 1968, Ajinomoto's compound seasoning revenue grew at a CAGR of 76%, and by 1969, it accounted for over 40% of revenue. Concurrently with compound seasonings, Ajinomoto also started processed food businesses, such as cup soup convenience foods. Although this new business did not significantly contribute to revenue at the time, it accumulated momentum for the next transformation. In the late 1970s, with the rise in female employment, home cooking scenarios decreased. Even though Ajinomoto tried to compensate for sluggish MSG growth by focusing on compound seasonings, the proportion of condiment revenue continued to decline, falling below 30% by 1980. During this period, with the rise of convenience foods, Ajinomoto's previously bet-on processed food business began to shine, from early cup soups and coffee to mid-term frozen foods, and later dairy products and beverages. Diversification trials solidified the food business, which replaced condiments as the core of performance growth after the 1980s. The Plaza Accord signed in 1985 became a turning point in Japan's post-war economic development, and also a turning point for Ajinomoto. Before that, Ajinomoto had completed two track switches: MSG to compound seasonings to processed foods. Revenue grew from about 20 billion yen in 1956 to about 500 billion yen in 1985, with "condiments + processed foods" becoming the ballast of Ajinomoto's performance. After the Plaza Accord, the yen appreciated continuously, increasing domestic economic pressure and significantly impacting export business. In 1986, Ajinomoto experienced its first revenue decline. Although the Japanese government eased monetary policy, leading to a temporary boom, Ajinomoto briefly returned to a growth track and embarked on even more aggressive diversification. However, with the collapse of the bubble economy, Japan fell into a prolonged stagnation, and low-synergy diversified businesses were forced to be closed or restructured. Overall, Ajinomoto's revenue growth slowed in the 1990s. Revenue exceeded 600 billion yen in 1991, but by 2000, it had just surpassed 800 billion yen, and profit margins turned negative in 2000. Compared to the domestic market, overseas markets were broader. Although yen appreciation impacted exports, it also stimulated foreign direct investment. After the 1990s, Ajinomoto closed inefficient domestic plants, increased overseas production capacity investment, and expanded into untapped overseas markets. For example, in the MSG business, overseas production was only 15,000 tons in 1969, reaching 50,000 tons by 1982 (on par with domestic), and exceeding 220,000 tons by 1996, while domestic capacity had fallen below 50,000 tons.**Meihua Bio: The Hidden Giant That Survived the "MSG Rumors" With the trend of capacity relocation, China, which is close to Japan and has a cost advantage, naturally became one of Ajinomoto's overseas expansion targets. In 1993, Ajinomoto established a joint venture MSG factory in Henan, China, and in the following two years, gradually moved production of raw materials such as lysine and frozen foods to China. In the MSG industry alone, China's advantage lies not only in cheap labor but also in mature production technology, which greatly reduces the difficulty of capacity relocation. However, at that time, China was not a "wild land"; local MSG enterprises had taken root and left little room for Ajinomoto to compete. In fact, as early as the 1920s, when Ajinomoto was just founded, MSG had already been introduced to China. Later, "Father of Chinese MSG" Wu Yunchu extracted monosodium glutamate from grains through hydrolysis, founded Tianchu MSG Factory, and launched the "Buddha's Hand" brand MSG, which fiercely competed with Ajinomoto in the 1930s. Since the 1980s, China's MSG production entered a high-speed development stage. The industry's mature technology, low costs, and large market attracted many companies. In 1992, China became the world's largest MSG producer and has since maintained the top position. In 1999, Meng Qingshan, who had passed the age of "knowing destiny" (50), founded Meihua MSG, becoming one of the later entrants in the industry. At that time, the dominant MSG company was Lotus MSG, whose fame was so great that even its naming style was imitated by competitors. Because Meihua MSG lagged behind Lotus MSG by an era, when it entered, the C-end consumer market already had multiple established MSG companies. Therefore, Meng Qingshan expanded sales channels, not only focusing on the FMCG market but also laying out raw material exports and B-end large customer markets. Compared to the consumer market, exports and large customer supply areas have relatively lower requirements for branding, which was a boon for this newly blooming "plum blossom"—good wine needs no bush. In the early 21st century, the rumor that "MSG causes cancer" was rampant. Before the truth of this rumor was tested, MSG products were directly demonized, driven by the growing demand for healthy diets from rising material life and a "better safe than sorry" consumer mentality. For companies sticking to the MSG business, "a rumor can be started with a word, but dispelling it requires running off one's legs." The "MSG causes cancer" rumor lingered too long, and the speed and intensity of refutation could not keep up with the rumor's spread, making the rumor itself more like "cancer." The rumor severely damaged the rising MSG industry, with the hardest hit being the then industry leader Lotus MSG. Since 2004, Lotus MSG has faced operational difficulties and declining profits, changing hands several times, becoming a stepping stone for new-style seasonings to impact the traditional MSG market. Meihua also faced a survival crisis due to the rumor. But Meng Qingshan believed that crisis means both danger and opportunity. He joined the MSG science popularization campaign, repeatedly emphasizing on TV, radio, outdoor, and newspaper platforms that MSG is harmless. In 2006, Meihua was awarded the "China Well-Known Trademark" and the "Most Competitive Brand" title; in 2007, Meihua cooperated with CCTV's "Daily Diet" program at a cost of tens of millions of yuan; in 2008, Meihua signed Ni Ping as its product image ambassador. Through a series of brand-building actions, it formally established its industry position as the "MSG King." (Image source: Internet, delete if infringing) Meng Qingshan also established a unique sales system for Meihua, cooperating with well-known brands to make MSG, as an industrial product, firmly occupy the domestic food industry customer base, consistent with the strategy of targeting the B-end market from the beginning. After years of development, Meihua Group has become a supplier to well-known brands such as Unilever, Totole Chicken Essence, Haoji Chicken Essence, Master Kong Instant Noodles, Chacha Melon Seeds, and Guizhou Laoganma. Sales to large and quality customers account for 70% of total MSG sales. Deeply binding large customers and rooting in large and medium-sized cities and overseas markets helped Meihua Group smoothly survive the domestic MSG market elimination round, becoming a hidden giant in the invisible market. In 2023, the company achieved operating revenue of 27.761 billion yuan and net profit attributable to the parent of 3.181 billion yuan, ranking among the top three in the domestic MSG industry alongside Fufeng Group and Ningxia Eppen.Same Destination, Focus on Life and Health Both Ajinomoto and Meihua Bio started with MSG, and MSG comes from amino acids. Beyond the single product, amino acids themselves have created more than just MSG. Amino acids are the basic structural units of protein molecules, known as the "first element of life," with functions including protein synthesis, energy production, disease treatment, and nutritional supplementation. Among them, 8 amino acids cannot be synthesized by the human body and must be supplemented externally, making amino acids widely used as nutrients in medicine, cosmetics, and food. In fact, as early as the 1960s, when Ajinomoto transitioned from MSG to seasonings, it simultaneously launched amino acid products with higher added value and better profitability. By 1968, amino acid revenue had risen to 4.23% of total revenue. After the 1970s, to cope with the two oil crises and domestic high inflation, Ajinomoto optimized its export structure, promoting high-value-added amino acid businesses to rapidly expand in European and American markets. Export share rose from 35.1% in 1969 to 64.9% in 1980. After the 1990s, following the sharp yen appreciation, Ajinomoto relocated more cost-sensitive businesses, including MSG, glutamic acid, and aspartame (sweetener), overseas. In the new century, amino acids began to stably become part of Ajinomoto's revenue system, later classified under its healthcare business. Consumer-grade amino acids, feed-grade amino acids, pharmaceutical-grade amino acids, and sweeteners all achieved steady growth and global leadership. Particularly noteworthy is that with Japan's accelerating aging trend, consumer-grade amino acids gradually broke through from B-end to C-end. Ajinomoto also extended into amino acid retail, such as launching amino acid jelly drinks and other nutritional products in 1999, and later amino acid water and amino acid cosmetics in the new century. Today, in the health food field, Ajinomoto has become a company centered on amino acids. For example, its oral nutritional supplements "Leucine 40" and "Medimere" are nutritional foods featuring leucine. Like Ajinomoto, Meihua Bio, in its later development, also focused on amino acids themselves, striving to become a full-chain synthetic biology company primarily engaged in amino acid products. But compared to Ajinomoto, Meihua Bio is younger and its amino acid development is not as extensive. Beyond MSG, Meihua Bio has focused on animal nutrition amino acids, committed to providing "nutritional products" for animals. Animal nutrition amino acids are a collective term for amino acids used in animal feed additives. Meihua Bio's main products, lysine and threonine, are basic units of protein and essential amino acids for livestock and poultry growth. These protein-based "animal health products" that must be supplemented externally are also jokingly called "Er Ge's protein powder" (referring to pigs). In 2022, animal nutrition amino acid revenue reached 14.5 billion yuan, accounting for 53% of Meihua Bio's total revenue. Thus, the second curve became the mainstay of group revenue, and Meihua Bio smoothly transformed from the first-generation "MSG King" to an "animal health product giant." According to Baichuan Yingfu data, in 2023, China's threonine and lysine production capacity were 1.27 million tons and 4 million tons, respectively, while Meihua Bio's capacities were 300,000 tons and 1 million tons, both ranking first domestically, firmly holding the leading position. Like Ajinomoto, Meihua Bio is also laying out the medical and health field. Based on amino acid components, it has been accelerating the development of human medical amino acid products in recent years. In 2023, human medical amino acid business revenue reached 560 million yuan. Amino acids are both the starting point of the two giants and the core throughout their development. From the initial MSG to today's life and health field, Ajinomoto and Meihua Bio have completed multiple transformations through their "amino acid +" strategy. Conclusion The development histories of Ajinomoto and Meihua Bio seem to confirm the "time machine theory" hypothesis. They are nearly a century apart, yet they have walked similar paths in their parallel timelines. Both started with MSG, seized the dividends of domestic economic takeoff, experienced industry troughs, and continuously rejuvenated under new era opportunities. But they also differ. Ajinomoto's transformation path of "MSG-compound seasonings-processed foods" was not replicated in Meihua Bio's trajectory, which is determined by corporate genes and the different era backgrounds they faced during transformation. The so-called "time machine theory" can be a hypothesis, but it should not become a constraint that boxes in enterprises seeking their own development.