China

Wu Yueshi, Chairman of the Ausnutria Dairy Corporation Ltd

(China Daily)
Updated: 2010-11-22 07:48

In less than 20 years, Wu Yueshi has gone from civil servant to one of China's most successful dairy industry entrepreneurs.

Wu attributes his success to independent thinking and a pioneer spirit. His Ausnutria Dairy Corporation Ltd took just seven years to grow into a leading enterprise in China's infant milk powder business, with a market share that put it in 10th place nationwide in 2008.

Sales were up 117 percent in 2008 and 54 percent in 2009, compared with the previous several years, while net profits increased 215 percent and 158 percent those two years.

From 2007 to 2009, the company's weighted average earnings per share were 265 percent on a compound annual growth rate. The company was listed on the main board of the Hong Kong Stock Exchange in October 2009.

Ausnutria is considered an innovator in the dairy industry, having launched China's first organic milk powder and organic cereal for infants. Wu is also known as a philanthropist who has given 30 million yuan ($4.5 million) to charity. He is vice-president of the China Society for Promotion of the Guangcai Program.

Q&A:

What has your experience been like in running your own company?

I think there are three things that are quite important. First, an enterprise should have a goal, that is, to do what you feel is valuable and love to do. Second, an enterprise should have a good team. An enterprise is not an individual behavior, so it needs an outstanding team that will make a joint effort to create value. Third, an enterprise needs a good mechanism. Business progress is a process of striving and creating fortune.

When you consider the fact that many companies are copying your model, how will you keep your company competitive and innovative in the future?

In fact, Ausnutria Dairy's growth has been a process of continuous study and innovation. We started by choosing a path for building an international brand. This put us in the lead in innovation.

It is good that we are imitated because an enterprise grows through competition and mutual exchange. We are also learning through international cooperation.

How do you understand the term entrepreneurial spirit?

I think there are two core standards - dedication and responsibility.

The wealth an entrepreneur creates is not his own but something shared by society. Therefore, it is important for an entrepreneur to dedicate himself to society.

At the same time, the essence of the entrepreneurial spirit is responsibility.

An entrepreneur should shoulder the responsibility of taking risks. An entrepreneur is a member of management and different from other positions.

As a manager, he is required to be more dedicated and responsible.