Industrial Products Category Winner
Joyoung Company Limited, Chairman and President
Joyoung Co., Ltd (Joyoung) was founded by Wang Xuning as a kitchen appliances manufacturer, primarily of soymilk machines, blenders, juicers, kettles, cookers and pressure cookers, etc. In 1994, when the company’s predecessor was founded, Joyoung was a small enterprise selling soymilk machines in Shandong Province, China. Today, Joyoung is a diversified listed company that has grown into an integrated enterprise specializing in researching, developing, producing and selling various kinds of kitchen appliances. Annual sales volumes for the company now exceed RMB 5 billion.
Wang is the inventor of the soymilk machine. In less than 20 years, he brought his invention to 5 million of Chinese families and more than 20 countries and areas such as Taiwan, Hong Kong, Singapore. Wang not only invented an unprecedented product but also developed a new consumer market. This product brings a new, healthy experience to people and changes the breakfast habits and lifestyle of millions of Chinese families. As the company that has set the standard for domestic and international soymilk machines, Joyoung has a market share of more than 70% in this market segment. Joyoung now also produces juicers and food processors, which have overtaken soymilk machines as the company’s most popular products. Their innovative functions and reputation for quality have enabled the company to capture the largest share of the market for juicers and food processors in China within just a few years.
Wang Xuning also has a strong sense of social responsibility as evidenced by his Joyoung Hope Kitchen Program. He established Joyoung Hope Fund which plans to contribute RMB 50 millions for helping 1000 primary schools in countryside for the next 10 years. The program includes establishing dietary system for the schools, sponsoring kitchens and public dining halls, improving dietary condition and nutrition level of poor children. With nearly 300 Hope Kitchens established in 14 provinces over the last three years, this program has greatly improved the conditions for more than 150,000 children from poor areas of China.