Introduction: Uni-President Group's revenue hits a new high. On January 10, 2023, Uni-President Group released its monthly revenue report, showing December 2022 consolidated revenue of NT$44.56 billion (approximately RMB 9.86 billion), up 19.5% year-on-year; cumulative 2022 revenue was NT$524.64 billion (approximately RMB 116.1 billion), up 10.8% year-on-year. This is the fourth consecutive year Uni-President has entered the hundred-billion club. Given the external uncertainties and rising raw material costs in 2022, achieving double-digit revenue growth is no small feat. Citing reports from Food Industry Entrepreneurs, Uni-President Group stated that the growth was mainly driven by the performance of its "little golden chicken" President Chain Store Corporation (PCSC) and Uni-President China Holdings, as well as its core food business, with both December and cumulative revenues showing growth. The "Hundred-Billion Empire" of the Food Industry Uni-President Group's products span multiple sectors, including food, with instant noodles and beverages being the two most well-known food categories among consumers. Additionally, the group's business extends to logistics, department stores, and real estate. After decades of growth, it has become a comprehensive giant in the Asian food industry, advancing alongside Master Kong in the food sector. Under the twin strategies of "internationalization" and "diversification," Uni-President will continue to invest and cooperate with internationally renowned companies to absorb international management concepts and technologies, while also leveraging the mainland and Asian markets to expand globally. In 1967, Uni-President was founded in Taiwan, China, primarily engaged in flour business. Founder Kao Ching-yuen previously focused on textiles. In 1972, Uni-President established four divisions: Flour, Food, Feed, and Oils, and in 1975, it took over the Qiaotou plant of China Dairy Company to establish a dairy division. In 1978, Uni-President introduced 7-Eleven convenience stores to Taiwan. To date, there are over 6,000 7-Eleven stores, which have become an indispensable part of daily life for consumers in Taiwan. In 1992, Uni-President quickly built a factory in mainland China to produce instant noodles, introducing its seafood-flavored noodles from Taiwan to the mainland market. In 1998, Uni-President partnered with Starbucks to open a Uni-President Starbucks in Taipei. To this day, Starbucks in Taiwan is operated by Uni-President. On July 19, 2022, PCSC held a press conference to announce the acquisition of Taiwan's Carrefour for NT$29 billion (approximately RMB 6.545 billion). Under the agreement, Uni-President will hold 70% of Taiwan Carrefour, and PCSC will hold 30%, with the transaction expected to be completed by mid-2023. After the acquisition, Taiwan Carrefour will become a wholly Taiwanese-owned enterprise. Uni-President Group will then obtain operating rights for 340 stores nationwide (including 68 hypermarkets and 272 supermarkets), 129 shopping malls, the Carrefour trademark, and some self-owned land and assets of hypermarkets and logistics centers. In July 2022, Uni-President Group announced the opening of its 10,000th 7-Eleven store in Asia, located in Anping, Tainan, Taiwan. This means that after 44 years of布局, Uni-President's 7-Eleven stores have surpassed 10,000. Continuing Forward The chairman of Uni-President Group joined the group in 2007 and is often referred to as the "son-in-law" by outsiders. This label is no longer important. In 2005, Uni-President acquired the beverage brand "Jianlibao" in southern China, but decided to sell it in 2016; the same year, it sold its stake in Jinmailang in Beijing. In 2022, with widespread raw material price increases affecting many companies, Zong Qinghou said in an interview at the end of 2022: "This year's raw material price increases ate into our profits by 1.8 billion yuan." Additionally, Uni-President Group Chairman Lo Chih-hsien has repeatedly discussed profit issues, lamenting: "In all my years in the industry, I've never seen such a severe situation, worse than the 2008 financial crisis." However, regarding raw materials, Lo also stated that raw materials are just one part of Uni-President's overall operating costs. If terminal prices are raised due to raw material price increases, it would be an unpleasant experience for consumers. As a consumer product manufacturer, we should think twice about things that make consumers unhappy. It is precisely this business philosophy that has led to Uni-President's current state. Additionally, his management style has unique aspects, particularly regarding company systems and talent. He advocates for system-first and talent-first, which is also one of the reasons for Uni-President's success. In the New Year's message released internally by Uni-President Group for 2023, Lo mentioned that the inflation triggered by the pandemic and war in 2022 became the nightmare monster of the year, fiercely eroding our quality of life. Uni-President's choice of a price freeze policy has put unprecedented pressure on the group's operations. What's more distressing is that looking ahead, there is no sign of an end to these pains. Lo emphasized that this year (2023) may be the most severe economic year in the past three decades, so we must recognize the reality that we should no longer expect these adverse factors to naturally dissipate in the short term, but rather examine whether we have the ability to adapt to such turbulence. Just as in the face of the most severe inflation in history this year, Uni-President chose to absorb rising raw material costs as much as possible, aiming to share the hardships with society. Lo himself is low-key and pragmatic, with little media coverage. He has created significant value for Uni-President Group, pushing its revenue to nearly NT$1 trillion. Going forward, Uni-President Group will continue to advance.