109: Chapter 109 Year-End Strategy

On December 20th, it snowed all day in Seoul. A layer of white frost condensed on the floor-to-ceiling windows of the top-floor conference room at the Shunyi Foods headquarters, and the city's silhouette outside was blurred by the snow into a grayish-white silhouette.

Kim Young-jun arrived twenty minutes earlier than the scheduled time, debugged the projector twice, and arranged the printed materials according to the seats.

The heating was turned up high, so he took off his coat and draped it over the back of his chair, rolling up his shirt sleeves to his forearms. He glanced at his wristwatch; it was five minutes to nine. Not everyone had arrived yet.

Chairman Wang Shunyi was the first to walk in, holding a kraft paper folder, and didn't let Kim Young-jun take it. He walked to the head seat, sat down, placed the folder on the table, and tapped his fingertips on it twice without saying a word.

Kim Young-jun was used to this; when the Chairman didn't speak before a meeting, he was going over data in his head, and no one was supposed to make a sound.

Park Jeong-ho was the second to arrive, with a thick financial report tucked under his arm, the cover marked in red pen with "Fiscal Year 2025 · Final Version."

Kim Tae-ho followed behind, holding a cup of Americano, with dark circles under his eyes.

After the hotpot noodles and Chongqing Noodles were launched, he had stared at the production line for five full days without going home. The set of recipes in the kitchen had been locked in a safe, and the key hung around his neck; he didn't even take it off when he slept.

Lee Jung-hoon and Kim Sang-woo walked in one after another. Choi Soo-jin was the last, carrying a stack of documents. Her high heels clicked on the floor as she entered, and everyone looked up at her.

"Sorry, I'm late!"

"Ah, Soo-jin, you're not late; I just came early."

At nine o'clock sharp, the conference room door closed.

Park Jeong-ho spoke first. He stood up and flipped open the red-covered report; the numbers surged upward from the very first page. Total assets were 2.1 trillion, a year-on-year increase of sixty percent. Net assets were 1.4 trillion, an increase of fifty-five percent. The debt ratio was thirty-three percent, which was healthy.

Chairman Wang Shunyi leaned back in his chair and listened, the pen in his hand not moving. When Park Jeong-ho read that the annual sales were expected to be 1.35 trillion, he paused and looked up at the Chairman's expression, but he couldn't see anything.

"Net profit is 216 billion, with a net profit margin of sixteen percent. Cash reserves are 480 billion. The South Korean market contributed 720 billion, an increase of forty-five percent. The Chinese market contributed 15 billion—"

He flipped a page, "—an increase of three hundred percent."

"Three hundred?" Kim Sang-woo interrupted, his voice rising half a pitch. He was in the International Business Department, and the Chinese market was under his management, but the annual data summarized for him was 12 billion; this was 3 billion more.

Park Jeong-ho flipped through his drafts and said that the pre-sale figures from Tmall and JD.com for the first three weeks of December had been included. The new hotpot noodles and Chongqing Noodles alone had surged 3 billion Korean won in pre-sales.

Kim Sang-woo wanted to say something, but Chairman Wang Shunyi glanced at him, and he shut his mouth. Whether it was 15 billion or 30 billion, the number wasn't important; what mattered was that the arrow was pointing up, and the magnitude of that upward trend was large enough.

Kim Tae-ho's voice was hoarse when he reported on R&D. He said, "Twelve new products were launched throughout the year, including the high-end fire chicken noodles, the beverage line, and the China-exclusive flavor series. Cumulative sales in the first week of launch for the new products exceeded five million packs. The hotpot flavor uses Hanyuan Sichuan peppercorns, and the noodle dough recipe for the Chongqing Noodles came from Lim Ji-hoon."

That young man who graduated from Gyeongju University makes good noodle dough.

"Has Lim Ji-hoon's probation period passed?"

Chairman Wang Shunyi asked. Kim Tae-ho said, "Yes, it passed last month."

Chairman Wang Shunyi gave an "Mhm."

Lee Jung-hoon read the market report very quickly. Fifteen large-scale marketing campaigns, with brand awareness at eighty-five percent in South Korea and forty percent in China.

The endorsement partnership with TWICE has already been implemented, and awareness and favorability among the young consumer base have risen. When he mentioned SM Entertainment's female artists, his speaking speed unconsciously quickened a bit.

Bae Joo-hyun, Kang Seul-gi, and Yoo Ji-min have large fan bases in the Chinese market. If Sunyi can use them for endorsements, growth in China will be even more explosive.

The pen in Chairman Wang Shunyi's hand stopped.

"Team Leader Choi, what is SM Entertainment's current stock price?"

Choi Soo-jin opened her files; the quote and price-to-earnings ratio were a step higher than JYP's, but not absurd. The biggest problem wasn't the price, but the conflict between Lee Soo-man and the management.

The two sides were at a stalemate, and neither dared to make the first move. If Sunyi entered at this time, they might get dragged into it. She flipped to the page on the shareholding structure and pointed to several key figures.

"Then let's wait a bit longer. When they're finished fighting, we'll go in. When we go in, we won't be saviors, but businessmen. If the price is cheap, we buy; if it's not, we wait. China isn't lacking for that one face."

Lee Jung-hoon didn't mention the SM matter again.

Kim Sang-woo's voice was a notch louder than usual when reporting on international business. China, Japan, and Southeast Asia—three new markets were being pushed simultaneously. The site for the Guangzhou production base has been finalized, and trial production will begin before the end of next June.

Cooperation agreements with Japan and Thailand have been signed and will be on the shelves early next year. He wanted to say a few more words about the progress of the European market research, but Chairman Wang Shunyi raised his hand to interrupt.

"Europe is not urgent. Let's thoroughly penetrate Asia first."

Chairman Wang Shunyi looked around. Everyone was waiting for him to speak.

"The goals for 2026. Sales of two trillion, net profit of 320 billion. One trillion from the South Korean market, 50 billion from the Chinese market, and 30 billion from other international markets. The South Korean market is not a problem. The Chinese market—"

He looked at Kim Sang-woo, "Fifty billion, can it be done?"

"Yes."

"It's not 'yes,' it's 'definitely.' The words are out there; if it can't be done, you'll have to deal with the consequences."

Kim Sang-woo swallowed hard and didn't dare to wipe his sweat.

"In 2026, the production line's capacity must double. Before the Guangzhou factory goes into production, the South Korean factories need to add another night shift. Kim Tae-ho, go back and calculate if the equipment and manpower are sufficient. If not, buy and hire. Don't come looking for me when the capacity is already insufficient."

Kim Tae-ho took notes quickly in his notebook.

"For the entertainment business, we won't enter new companies next year. JYP's eight percent is enough. Wait for SM's internal conflict to explode and the stock price to drop to a reasonable range before taking action. As for what range, well... Team Leader Choi, you set a target price. Notify me when it's reached; if not, don't mention it to me."

"And one more thing."

His tone didn't intensify, but everyone involuntarily sat up straighter.

"Sunyi Foods will not become Samsung or Hyundai. At this stage, before we have completely mastered the food industry, we will not build houses, ships, or cars. For those, we only invest; we do not charge in. We make food, things that consumers have to eat every day. If anyone tells me they want to get into real estate, they can leave. Entertainment is the icing on the cake, not a change of tracks to start a new race."

The snow outside stopped, and sunlight leaked through the gaps in the clouds, making the glass curtain wall of the office building opposite glaringly bright.

At six in the evening, Chairman Wang Shunyi got into the car. Kim Young-jun asked where to go, and he said Cheongdam-dong.

Kim Young-jun didn't ask further and started the car. In December, Cheongdam-dong was covered in Christmas decorations, with colored lights wrapped around lampposts and Christmas trees in shop windows.

Chairman Wang Shunyi had Kim Young-jun park at the entrance of an alley and walked in himself, holding his phone. A message from Park Min-ji said the restaurant was booked, on the street behind Cheongdam-dong.

She was sitting by the window, with a cup of citron tea that was already half-drunk in front of her and a magazine she had flipped through a few pages at her side.

Seeing him come in, she closed the magazine and tucked it into the empty chair next to her. He sat down; she didn't ask about work, and he didn't take the initiative to mention it.

After flipping through the menu for a couple of pages, the two ordered much the same as last time: Hanwoo BBQ, seafood pancakes, and kimchi soup.

Halfway through the meal, she suddenly spoke: "You've worked hard this year."

"You too."

She put down her chopsticks and looked at him. "Can you really achieve two trillion next year?"

"Yes. Numbers aren't just shouted out; they are calculated."

She nodded and didn't follow up.

The snow outside began to fall again. When it was time to settle the bill, he took out his card, and she didn't rush to pay. The snow fell heavier and heavier as the two walked side-by-side in the alley; she walked to his right, her hands tucked in her coat pockets.

He reached out his hand, and her hand slipped out of her pocket and into his palm. His hand was warmer than hers.

The car took her home first. After she got out, he didn't immediately have Kim Young-jun drive away, but sat in the car watching her silhouette in the rearview mirror.

She walked to the entrance of the building, her keys flashing once under the light, looked back, and pushed the door open. The lights in the hallway lit up for three floors and then went out.

"Chairman, back to the apartment?"

"Yes."

The car drove out of the community and merged into the traffic. Snow fell on the windshield, and the wipers scraped it away stroke by stroke. He closed his eyes, his mind filled with the things to be done next year: the construction period of the Guangzhou factory, the 50-billion sales target for the Chinese market, the staffing arrangements for Taeyeon's line, and that tower and that silhouette.

The snow fell all night. He didn't see it, but he knew it was falling.