Cash flow to the left profit to the right, home business into a “ice and fire two days”

The amount of net profit is an important figure to prove the profitability of the company. The strong net cash flow is also considering the strength and vitality of the company. A big indicator. In the furniture industry, there are not a few companies with abundant cash flow, but there are many data that are not ideal enough. What is the reason behind this phenomenon? This article takes Gujiajia as an example to analyze and draw some factual conclusions.

Gujia Home recently made frequent moves in the acquisition. In the “Observation | Gujia home currency funds more than 800 million yuan, Gu Jiangsheng “buy buy and buy mode hard air open”, we analyzed the cash flow of Gujia home in detail The situation is that it has a strong cash flow to support this time-consuming purchase.

In fact, in the entire furniture industry, there are not a few cash flows, and the net cash flow generated by the recent operations of Weihua, Shengda Forestry, and My Le Home has been as high as The current net profit is more than three times.

In sharp contrast to these companies, although the net profit of four companies is positive, the net cash flow from operating activities is in a negative state, showing that although there is profit, it is real gold. Silver is hard to get. For the furniture industry company, what is the reason behind this phenomenon?

The cash situation on the home bill of the sofa is quite abundant, so is this industry characteristic or company characteristic? ?

We will look at the cash flow of the entire furniture industry along the home.

Sofa companies have abundant cash flow

The 2017 annual report of Gujia Home has not been released yet. Let us first look at the 2017 third quarterly report. In the first three quarters of 2017, Gujiajiao realized a profit of 620.081 million yuan, and the net cash flow generated from the realized business activities was 732.182 million yuan. In other words, in the first three quarters of last year, the company’s cash flow was nearly 20% more than the net profit.

In fact, the company is not just in the first three quarters of 2017, in 2016 and 2015. Cash flow is better than profit. For example, in 2016, the company’s profit was 575.051 million yuan, while the cash flow was 97,469,100 yuan. In 2015, the company realized a profit of 49,831,900 yuan, while the cash flow was 76,209,700 yuan.

For Gujia Home, the cash flow it gets in the year is better than the net profit, even early Received cash. This is mainly related to the mode of the industry. In the industry, it is basically in the form of “receiving money first, then re-delivery”.

As an old rival of Gujiajiao, Minhua Holdings’ performance is not bad.

Minhua Holdings listed earlier, and Gujiajiao listed late, the current market value of Minhua Holdings is 25.5 billion yuan, and the total market value of Gujia Home is 27 billion yuan, which has already become the meaning of later. Judging from the recent performance, Gujia Home is even slightly better.

The growth rate of operating income and net profit of Gujiajiao in the first three years of 2017 was 39.59% and 40.62%, respectively.

In 2017, Man Wah Holdings achieved a total revenue of approximately 9.503 billion yuan, a year-on-year increase of 28.6%, of which revenue from HomeGroup Ltd. was approximately 831 million yuan.

From the 2017 mid-year report, Minhua’s gross profit margin declined, and the overall gross profit margin fell from 42.7% to 38.3%. Excluding the business of HOME Group, which has a combined gross profit margin of only 23.6%, the prices of raw materials such as chemical products, steel products and packaging paperboard in the cost end have risen significantly, which has a great impact on gross profit margin.

The net cash flow generated by Minhua Holdings in the third quarter of 2017 was approximately 65,851,100 yuan. In the same period, the company’s profit was approximately 6,738,195,500 yuan, basically the net profit situation was slightly better. In the case of cash flow, but not as prominent as the performance of Gujiajia.

In the 2016 annual report and the 2015 annual report, the company realized profits of 155,573,600 yuan and 1,10,596.1 million respectively. Yuan, while the company’s cash flow for the same period was 154,513,100 yuan and 1,372,607,100 yuan. It can be seen that the cash flow situation of Man Wah Holdings is also quite good.

Net cash flow is more than three times the net profit

In fact, the cash flow status of Gujiajiao is not particularly prominent in the entire furniture sector, represented by my home. Some of the home business’s cash flow situation is enough to “smile.”

In several custom-made furniture companies that have been listed, the cash flow is basically based on the 2017 third quarterly report. The upper is 1.5 to 2 times the profit. Among them, my Le Home performance is even more amazing. The net cash flow from its operating activities in the third quarter of last year reached 127,475,400 yuan, while the company’s profit was only 40,461,900 yuan in the same period, and cash flow was three times the profit.

Shangpin’s home profit in the first three quarters of 2017 was 20,577,170 yuan, while the net cash flow during the same period reached 46,524,260 yuan, which means that cash flow is more than twice the profit. This performance is also very amazing.

If you expand your horizonsTo the entire furniture industry, there are companies with stronger cash flow.

Weihua’s profit in the first three quarters of 2017 was 18.53 million yuan, while the company’s cash flow during the same period reached 69.091 million yuan, and cash flow was 3.7 times the profit.

Followed by Shengda Forestry, with a profit of only 12.316 million yuan, the net cash flow from operating activities is as high as 40,439,500 yuan, and the cash flow is 3.28 times the profit. .

Weihua’s main business is fiberboard, and the company has extended its business to lithium salt and rare earth products in recent years. The company’s cash flow is mainly due to the company’s wood-based panel business.

However, for Shengda Forestry, the cash flow is in good condition, in addition to the main business, but also because of the reduced scope of consolidation and reduced expenditure.

The cash flow of the four listed companies is poor

At the same time, the cash flow performance of the four listed companies is quite bad.

Among them, the profit realized by Xilinmen in the first three quarters of 2017 was 214.39 million yuan, while the cash flow during the same period It is -924.11 million yuan; Jiangshan Ou Pai achieved profit of 88.9192 million yuan in the first three quarters of 2017, while the cash flow was -2,688,300 yuan; Yazheng’s profit in the first three quarters of 2017 was 4,187.35 million yuan, cash flow -983.15 million Yuan; Yongan Forestry’s profit for the first three quarters of 2017 was 29,367,500 yuan, and the cash flow was -5,665,700 yuan.

The cash flow of Xilinmen is not good, mainly due to factors such as increased procurement costs. Jiangshan Europa is mainly due to the increase in operating expenses and prepaid business promotion expenses. Yazheng’s home is mainly due to the increase in accounts receivable due to credit support for dealers’ newly opened stores, as well as new product development, increased custom products and increased inventory in the second half of the year. Yongan Forestry is due to the high factors of accounts receivable.

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Xiaomi Tao official website national market report center / one hand docking – Xiaomi Tao God of War system

New project, (now just registered inside, officially launched on May 20,

Xiaomi Tao blockchain new gameplay, full / ball head / home (A / Li data team) online Under the combination of Wanjia physical store … …

Three billion groups to create + direct sales brand + 360 degree intelligent scene high-tech technology + e-commerce (super Jingdong Taobao) + APP mobile search direct download government /Fu support (subsidy 1 billion) + block chain clothing, food and shelter application + entity landing (100,000 square meters of luxury exhibition area) big strength, big trend, small investment earning thousands of long-term pipeline income, static (only 398 earned Millions), dynamic various long-term consumption of recurring income, the next hundred times coin … … “Honey coins, international market at the end of June, measure the issue of 1 billion”!

What is Xiaomi Tao?

   Xiaomi Tao is a mobile social retail-led, seamlessly integrated online store, line The next store and the unmanned container form a new scene of smart new retail platform. Xiaomi Tao chose to embrace the blockchain, creating trust and security for social retail. Breaking the current prejudice and cognition of new social retailing. When all merchants are based on the blockchain-based shared trust system, based on credit and trust, they can realize seamless cross-border integration and create high-quality products together. The value of the shopper’s sharing and communication is digital, and each consumer can bring benefits to itself, naturally creating loyalty to a platform.

  The boundaries between online and offline retailing industry will become increasingly blurred, and the contradiction of development will no longer be online and offline competition. The essence of retail industry is to return to “ To provide consumers with more efficient, convenient, higher quality and better price service. To evaluate the quality of a retail model, the standard is also determined by both cost efficiency and shopping experience. Xiaotao Tao’s blockchain social new retail model, It will greatly increase the consumer user experience and meet the customer’s consumption demand while saving a lot of cost. By creating a safe and convenient, open and fair, consumer-investment social consumption network, it will give a new definition of social retail and open a brand new Fee era.

Next, introduce China Scene Technology Valley, which is the fifth phase of Hangzhou Bay Information Port. The project is a 4.0-model industrial park funded by Hangzhou Sci-Tech Valley. The infrastructure of the park is basically completed, and the investment in the light scene technology valley is 6.7 billion. It is an industry that is suitable for work, suitable for business, livable, suitable for travel and suitable for learning. The park is located in the center of the Hangzhou Asian Games section, at the G20 summit meeting place, the main venue of the Asian Games — — the Olympic Sports Expo block, covering an area of ​​100,000 square meters. The park will be officially opened on May 1 this year. The first investment promotion meeting of Xiaotaotao will also be held at that time. The Zhejiang Provincial Top Manager will be present at the opening ceremony.

  Consumer is a partner, peach “ Amoy, the income is inexhaustible, share the blockchain era trillion e-commerce dividend, 2018 steady earn, win step by step


  Consumer is a partner

  100% peach reward for your own consumer goods

  Get a peach reward of 50% of the consumer goods being shared

   Venture Partners

   Promotion Conditions : 398 yuan, you can become a business partner

   get 398 yuan entrepreneurship spree

   get 398 peach rewards

  100% peach reward for your own consumer goods

  50% peach reward for shared consumer goods

   Recommend a venture partner to receive 1000 peaches (100 yuan) rewards

  dream partners

   promotion conditions: direct push 5 people + team 30 people

   100% peaches for their own consumer goods Reed

  get 50% of the peaches rewarded by the sharer’s consumer goods

   directly push a venture partner to get 2000 (200 yuan) honey Peach Reward

  The recommended entrepreneurial partner team will recommend entrepreneurial partners, each of which will receive 1000 (100 yuan) peach rewards

 &emsp Self-recommended dream partners recommend entrepreneurial partners, each can get 200 (20 yuan) peach rewards

   holding peaches can participate in platform profit dividends, become Xiaomitao shareholders who wrote on the blockchain, the peaches were replaced by 0.1 yuan/piece in the early stage, and the value-added space was hundreds of times in the later stage!

Let’s compare the difference between Xiaomi Tao and other platforms:

1. Xiaotaotao is a real applicationA new social retail platform for blockchain technology. (Shoppers can get rewards for digital asset tokens when shopping on the platform or inviting friends to shop. Token can be used not only for discounts, but also for opportunities to share the value of the platform. Revenue, the real realization of consumption is)

2, the platform through the online mall, offline stores, plus unmanned intelligent vending terminals, forming a consumer network.

3, the product is the Netease strict selection route, good products, not expensive!

4, the reward mechanism is different (he has me excellent, I have him).

5,. Enterprises with direct sales licenses, safe and worry-free, long-term stability, so that efforts have accumulated.

6, the timing, the app only went online in a few days, the market space is large, has not started, let us win at the starting line!

In a word to talk about Xiaotaotao mode It is consumer entrepreneurship.

There is no need to change the brand, no need to change the consumption habits, just change the daily consumption to the cheaper and more secure Xiaomi Tao Mall consumption, and upgrade from the consumer to the consumer. Save money for your own use, share and make money!

Join Xiaotaotao and organize your resources into a learning and self-use team to create a legal, reliable and hereditary wealth pipeline. p>

Team Strength

   Our team’s daily training is complete and detailed, allowing Every agent quickly became a big coffee from Xiaobai!

  First. We have a strong gold medal instructor group;

   second. We have our own dedicated news promotion platform,

   third. Join all members of our team to enjoy the promotion policy,

   fourth. The team’s two-day course makes it easy for you to make big coffee,

   The team backed up to hold more than 3,000 network promotion companies to lay the foundation, and help each member to do it. We are the support that all the micro-business teams can’t give at present. Learn more, please join us, absolutely guarantee all our team’s Supporting policies will allow you to develop, and teach you how to post on Baidu and Sogou. Xiaomi Tao official docking WeChat: QQ9968134

Xiaomitao official website national market report center micro-signal: QQ9968134

Xiaomi Tao National Operation Center _ one-handed docking _ Xiaomi Tao to undertake the national team docking

Xiaomi Tao God of War system (articles and pictures from Network, if there is any infringement, please contact delete!)

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Chu Chu pushes the company profile – the relationship between Chu Chu Street, Chu Chu Tong, Chu Chu push

Vinegar Technology was established in 2011, which formed a platform business group consisting of Chuchu Street, Chuchutong and Chuchu.

Chuchu Street is a powerful e-commerce platform APP. After years of accumulation, the installed capacity exceeds 100 million, and the annual advertising budget Over 200 million, covering all levels and users from all levels of the city to the countryside, has formed a wide range of popularity, and has accumulated tens of thousands of brands and direct factory suppliers, which is unique in the emerging platforms of the past two years. Advantage.

Based on the massive goods on Chuchu Street, Chu Chutong has selected the advantageous products that benefit from social communication. The industry’s leading social e-commerce goods collection platform, and relying on Chuchu Street to accumulate years of customer service, after-sales, quality assurance and other industry-leading service capabilities, comprehensive protection of the promotion and purchase experience.

Chu Chu push is a social e-commerce platform that recommends and promotes Chu Chutong products, through strong technical research and development capabilities. The community operation capability and the convenient WeChat purchase and promotion experience have created a business platform that can save money by buying recommended products, and can also obtain rich profits by promoting products.

Company Honor

2014“Golden Award-New Shopping Platform Award

2014 “After the 90s Popular Mobile Shopping Stars

2015 International E-commerce Innovation Awards Aiqi Awards Greater China New Innovation Brands

2015 China Entertainment Marketing Awards Most Brand Value Spokesperson Award – Jing Boran

2015 Analysys International Annual Innovation APP

2015 GMIC Global Mobile Internet APP TOP50

2016 Annuity Award & mdash;— Silver Medal for Multi-Screen Integration Marketing Case of the Year

2016 iResearch Awards Jinrui Award & mdash;— Most Growth Product Award

2017 The Most Influential Brand of the 6th China Finance and Economic Summit

2017 Golden Coordinates Most Competitive Platform Awards

Chu Chu push wave brother invitation code: 3139Gn4w

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Xiaomi Tao national recruitment, docking headquarters mentor team, first-hand resources


*Hello everyone, today I will introduce you to Xiaomi Tao, Xiaotaotao is a blockchain social new retail platform!


*The reason we created such a new social retail platform through the blockchain is because we found the traditional e-commerce platform, which is the sharp opposition between the interests of consumers and the platform: consumers keep spending money, the platform Fang Yixin makes money.

* Consumers have earned money by China’s billionaire Ma Yun Liu Qiangdong and foreign billionaire Bezos, but these billionaires have no move to counter consumers!

*And Xiaomi Tao will not only provide the same high-quality, easy-to-use, cost-effective products, but also will feed back consumers from the interests, and eventually turn consumers into platform shareholders!

* On the Xiaomi Tao platform, every supplier, communicator and consumer can get the corresponding benefits according to their own contributions, and the medium for distributing benefits is the current popular tool: blockchain


* In our opinion, the blockchain is not mysterious, just new A tool that appears.

*After a new tool appears, different opinions will bring different results:

*After Weibo comes out, ordinary people only regard Weibo as a pastime. Tools, and there is also a person who uses Weibo as a tool to make money. Later, this part of the group became Weibo V, and now there is a tens of millions of income.

*After WeChat comes out, ordinary people only use WeChat as a communication tool, and some people use WeChat as a tool to make money. Later, this part becomes a derivative. The group swept across China in just one or two years.

*The blockchain tool is now appearing again. Taking history as a guide, are we going to look at this new tool from a profitable perspective?

*If it is from the perspective of making money The emergence of every new tool will bring a new bonus. The history of these tools has repeatedly proved that only by actively embracing new tools can we get a chance to get a new bonus!

*Now there is no Young pioneers used this new tool to find gold!


An example:

*First is a 95-year-old Anhui handsome boy! Just graduated less than a year ago, now it is already hundreds of millions of net worth, we asked him how you did it, he replied that it was only accidental Visiting knows to see a post, this post I will show you here:

*This post is like this, some people are asking: I have six thousand dollars in hand, what is there? Good financial investment advice? Then there is an enthusiastic netizen who replied: Buy Bitcoin to save the wallet and forget it. At the time, in 2011, a bitcoin was big. 6 dollars, and now is 60,000.

*It’s a pity that the questioner did not listen to this suggestion. Otherwise, he spent 6,000 yuan on Bitcoin in 2011, and now it has become 60 million, which has been turned over 10,000 times!

*This little brother in Anhui is completely different. After reading this post, he feels that although he missed 2011, his philosophy is that he will not be afraid of time as long as he can get on the bus, so he decided to run into it resolutely. The currency circle, just in time for all kinds of virtual currency explosions, more than 10,000 yuan of admission, now it has become more than one billion!

*Look at another example, there is a Wenzhou big sister, we call Chi Jie, Chi Jie is no different from ordinary family women, and even more embarrassing! She said that she does not understand anything, that is, follow friends, friends let her buy that coin, she will buy that, and then follow the crowd This is the 20,000 yuan admission to the middle of last year. She gave us a few days ago and said that she has earned more than 17 million now!

* In other words, it is stupid. People who bought the top 20 mainstream currencies in the world last year, the average return in one year is at least 30 times!

*Although some people have already found gold in the blockchain, this wave of people is still a small group of people. The whole of China is probably a few million people, less than 1% of the entire Chinese population. 99% of the people have not yet entered the market, there are a lot of opportunities, so it is not too late to run quickly!

Xiaomitao official docking WeChat: QQ9968134

Xiaomi Tao official website national market report center micro signal: QQ9968134

Xiaomi Tao National Operation Center _ One hand docking _ Xiaomi Tao to undertake the national team docking

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How to promote the coupons? Chu Chu push Nanning team

Chu Chut is the preferred platform for global social e-commerce public entrepreneurship, which is invested by Tencent and is the only e-commerce investment of Softbank after Alibaba. As a black horse of social e-commerce, Chu Chu pushes to detonate the whole industry once it is launched. It is favored by the world’s top investment institutions. Tencent strategic investment shares. After Softbank invested in Alibaba, the only investment in the e-commerce field is optimistic. The development prospects are bound to grow into the next Alibaba.

Join 20 reasons to join us, and join us now

1. Top investment background: strategic investment by Tencent, Softbank after Alibaba The only investment in the e-commerce sector. Lenovo, GGV, and the new Tianyu top investment stocks, C round financing valuation of tens of billions.

2. National Policy Support: Respond to the country’s call for the era of mass entrepreneurship and innovation, and enjoy the policy dividend of social e-commerce.

3. The call of the times and the trend of the times: At the meeting, General Secretary Xi Jinping pointed out that the development of China’s e-commerce in 2017 has far surpassed that of the United States, and e-commerce is gradually becoming the most fashionable way of consumption for Chinese people.

4. Strong company strength: the parent company vinegar slip technology, the scale of the billion, the company has Chuchu Street, Chu Chutong, Chu Chutui and other platform business groups, has a strong accumulation in the field of social e-commerce .

5. Innovative business model: no need to stock, ship, and sell your products with your fingers. A mobile phone can start a business, buy money yourself, and others buy money.

6. The big names are gathered, and the categories are rich: tens of thousands of high-quality brands, millions of selected goods, and the world’s top buyers, first-hand sources, genuine guarantees.

7. Factory price, rejecting high prices: unlike traditional e-commerce and offline supermarkets, Chu Chu pushes down agents and intermediate links at all levels, saving advertising costs, logistics costs, personnel costs and other increases. Eliminate huge profits and let quality goods spread directly to consumers through community word of mouth.

8. Rich commission income: Commodity commission is as high as 20%-80%, the same pay, higher return, easy to enter over 10,000.

9. Seven-star shopping guarantee: All goods support 7 days without reason to return, realize the security concept that is left to you, and the risk is left to me.

10. Quick lock powder, binding revenue: Anyone who clicks on your product link for the first time or scans your invitation code will be locked in. All of his consumption, you have a profit, lock the powder is to lock the market, quickly lock, directly lie.

11. Beautiful material, easy to publish: All the material you need to publish, have professional small series in advance Ready for you, you can release it with your finger.

12. Real-time incentives, cash withdrawals at any time: real-time revenue display, commission withdrawal, one second to account.

13. Easy promotion experience: Users can purchase your recommended items directly on WeChat, support WeChat payment, without any jump. You can also download the app and purchase it yourself through the app.

14. The top team in the industry: core executives from Alibaba, Tencent, Baidu and other well-known Internet e-commerce giants and top micro-business brand traders, with more than 10 years of experience.

15. Strong operational team: 1000-person technology R&D center, 500-person global goods operation center, 300-person customer service center, 100-person marketing planning center, and 100-person training center. A professional team of 2,000 people will escort your road to entrepreneurship.

16. Complete training system: The sales director will bring you the door, and the professional courses of the business school will help you to continue to grow.

17. Time is highly free: Chu Chu pushes the user’s time to explore deeply, and maximizes the fragmentation time, just use your finger and share it with one click.

18. A wide audience: Whether it is office workers, treasure moms, student families, freelancers, as long as you have a entrepreneurial heart, you can realize your dreams.

19. Broad development space: Excellent VIP shopping guides can be officially signed with the company, enjoying basic salary, social security, and annual salary is not a dream.

20. Excellent Opportunity for Micro-Business Transformation: Chu Chu pushes e-commerce and social integration to provide a new type of entrepreneurial platform and opportunity for micro-businesses seeking transformation.

Global Social E-Commerce Volkswagen Entrepreneurship Preferred Platform & mdash; Chu Chutong, is the first barrel you earn on your entrepreneurial road Golden opportunity. Chu Chu pushed by Tencent’s strategic investment, moving his fingers in WeChat, you can make money by doing business, there is no more reliable endorsement than this. Advertising can be spent on money, spokespersons can spend money, and fame can spend money on speculation. These are all replicable. Only investment relationships are truly unique and hard power.

For everyone who is interested in starting a business, starting from 0 to 1 is really a very difficult process! Today, you can use the platform to achieve your dreams and achieve your career. Take off.

Come and join us. The first 10,000 people can become ours with only 299 internal recommendation code. Vlp shopping guide

The first batch of leaders led by Bo Chu to bring you a million micro signals: QQ9968134

Full price increase on January 1, 2018, join the early day to make money, and realize your dreams one day earlier!

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Wu Hougang, Chairman of the Annual Meeting of Business Leaders, Mr. Wu Qiangang, “The Undersea Bank”

2018 Business Leaders New Year Forum Participant Series Report 3

Wu Hougang, Chairman of Zhangzidao Group, has confirmed participation Attend the “New Change and New Beginnings & Mdash;— 2018 Business Leaders New Year Forum hosted by the Business Media Group. From January 24th to 25th, 2018, he will wait and see in the forum’s 40 years · the entrepreneur’s glorious and dream series speeches. I want to listen to Wu Hougang’s speech at the scene.

Bentham Fortress, the island of legend, the wind and waves, the soul of the soul, the sea for many years, the ploughing of the sea.

Zhangzidao Town is under the jurisdiction of Changhai County, Dalian. It consists of four main islands, namely, scorpion, scorpion, large consumption and small consumption. The total area is 14.95 square kilometers, and currently 15,000 people live in the island. Its 57.7-kilometer coastline is winding and winding, with reefs interlaced and abundant aquatic resources.

In 2009, the per capita annual income of Zhangzidao was more than 20,000 yuan. On the island, every islander can share dividends from the company’s stock; any islander’s children will automatically own 1,000 shares of the listed company; kindergarten, elementary school and junior high school are provincial standards, children from kindergarten The education to junior high school is free of charge; the children who enter high school have a subsidy of 1,000 yuan per year, and the annual subsidy for admission to the university is nearly 10,000 yuan.

Not only that, the ordinary medical care of the islanders is free, and if they are seriously ill, they will receive help. All elderly people are also free of charge. An elderly couple can get a pension of more than 10,000 yuan a year. Old people enjoy a free medical examination and a trip every year.

What kind of power is it that makes this edge of the island a primitive communist ideal?

All this, with the market value of the billion-dollar scorpion fishery group, and it The head of the company, Wu Hougang, is concerned.

Chieftain’s Reform

Wu Hougang is the son of Zhangzidao.

Like other people on the island, Wu’s ancestors were fishermen. Wu Hougang’s father was engaged in offshore fishing and has repeatedly set a record for production. Wu Hougang’s memory of his youth, the happiest thing is to catch birds with his friends when it snows in winter. The most sad thing is that the sea is seasick. This congenital incompatibility makes Wu Hougang’s ideal when he was young, “Let’s work on land.”

The booming fishing industry in Zhangzidao in the 1980s also led to the growth of the shipbuilding industry. After graduating from high school, the 17-year-old Wu Hougang was admitted to the shipyard, starting with a riveting worker, and then transferred to work to do cashier and financial work.

At that time, the fishing town of Zhangzidao was a typical township enterprise with a combination of government and enterprise. It followed the traditional management mode of the chairman of the township committee and the general manager of the town. At the end of the 1980s, Wu Hougang, who had already honed his financial quality, was transferred to the financial office of the Zhangzidao Fisheries.

Through half a year of budgetary estimates and accounting, Wu Hougang discovered that the income data of the fishery in Zhangzidao has experienced a large fluctuation, and even did not make money for half a year. He immediately realized a serious problem: the marine fishery resources showed signs of depletion!

At that time, the fathers and olds liked to call the young Wu Hougang as “Children, who won the trust of everyone, in 1996. In the year, he became the mayor of Zhangzidao Town and the general manager of Zhangzidao Fishery. He is like a chief of the island, and he is trying to lead the island to the simple dream.

However, as soon as the new bureaucrat took office, the blow came. In 1996 and 1997, Zhangzidao Fishery Company suffered a loss of 50 million yuan for a continuous year. If it continues, the entire company and even the entire industry are likely to lose all!

It is a drastic change in the external environment. Under the system of planned economy in the past, the state implemented unified purchase and marketing of fishery products and implemented a unified purchase price for fishermen. The market economy suddenly opened up the circulation. Some of the two traffickers came to the island of Zhangzi and set a high price, which drove the fishermen to privately sell the fishery products to them. This directly led to a decline in the production of the fishery in Zhangzi Island and a serious loss.

Wu Hougang recognizes the seriousness of the problem: the institutional enterprises have no way to live, and the extensive resource plunder is even more precarious. He took the initiative and began to implement the reform of the property rights system to privatize all fishing vessels.

The production enthusiasm of the fishermen was mobilized and the company’s management costs were significantly reduced.

Just one year later, Zhangzidao Fishery turned losses into profits, operating income of more than 30 million yuan, and the fleet size was rapidly expanded from 23 teams to 100 teams.

The remote and arduous environment of the island not only honed the spirit of the will of the islanders, but more valuable, gave them an open and long-term vision.

The journey of the industry chain

Abandon the official sea and fight back. Where does the son of Zhangzidao want to lead the fate of his hometown island?

In fact, Wu Hougang has already calculated a clear and orderly industrial chain journey: at the top of the industrial chain, let go of the scorpion The resource potential of the island fishery accumulated over the past 40 years, the implementation of resource integration in the upstream of the industrial chain, and then the processing of the middle chain of the industrial chain, as well as the downstream distribution channels, and ultimately the retail terminal of the industrial chain.

This journey is called “three tactics & mdash;— grab the sea, grab the market and seize opportunities.

The sea is limited, but the opportunities are limitless. In 2004, Wang Zhifeng, president of the Agricultural Bank of China Dalian BranchThe words woke up Wu Hougang: “If you want to grow your business, you must integrate external resources. You can’t have more seas, but you can have more resources and products.

How can I integrate and utilize more external resources?

A business model called “5 in 1” came into being. The five-in-one refers to the government and Zhangzidao fishery. The company, the Agricultural Bank of China Dalian Branch, the Dalian Fisheries College and the farmers are one in five. The specific practice is: every spring and autumn, the Zhangzidao fishery will inspect a certain number of farmers according to the company’s development and market conditions. Eligible farmers, with the approval of the government, signed a cooperation agreement with Zhangzidao Fishery as a breeding base or processing base.

The Zhangzidao fishery provides funds to farmers, and the Agricultural Bank of China Dalian Branch distributes special loans in proportion to one to one. All funds are used to expand production and seed purchases. In the meantime, Dalian Fisheries College provides scientific and technological support, and Zhangzidao Fishery promotes the scale, production and income of farmers through market, management and talents.

—— This is the most cutting-edge, most popular “crowdsourcing model” in today’s emerging business model.

In 2005, Zhangzidao Fisheries acquired more than 6,700 tons of raw materials such as scallops and bay scallops from a number of raw material bases around Dalian, an increase of 76% over 2004. This has led to the enrichment of 16,000 farmers in Dalian, Shandong and Fujian, and the scallop farmers in Changhai County have increased their income by more than 30,000 yuan.

While completing the upstream integration, Wu Hougang quietly manipulated the tentacles of the Zhangzidao fishery and extended to the processing link in the middle of the industrial chain. “Only through the processing link, fishery resources can become commodity resources and further close to the end consumers. From 2003 to 2005, Zhangzidao Fishery integrated several processing plants including Shandong Rongcheng Food and Dalian Haishi Food.

In May 2005, this tentacles finally surfaced. Jinbei Plaza, a fishery investment of 120 million yuan in Zhangzidao, was opened in Jinshitan, Dalian. This is actually a large-scale industrial park integrating product logistics, shellfish purification, food research and development and safety monitoring. Dealers no longer have to take a boat to order on an island 56 nautical miles away, while the scallops and abalone that have just been salvaged from Zhangzidao can reach 72 aquatic products wholesale markets in 20 hours.

The real name of the island is September 28, 2006. On this day, Zhangzi Island was listed on the market, and immediately became the first high-priced stock in Shenzhen with an opening price of 60.89 yuan. Subsequently, its share price continued to climb, with a record high of 151 yuan. It has been sitting for the third consecutive month, and the first high-priced stocks in the Shanghai and Shenzhen stock markets.

The banker’s “Sanqi Theorem

Dialogue with Wu Hougang is to talk about his life landscape, and to talk about his business logic flowing down the industrial chain. It is a dialogue about the economic history of Zhangzi Island for more than half a century.

When interviewing Wu Hougang, I often think of some familiar names: Wang Hongbin from Nanjie Village, Wu Renbao from Huaxi Village, and Xu Wenrong from Hengdian Village. Their common point is to fight for their whole life. The hometown of poverty has changed into a hot land of wealth. With their thick shoulders, they also provoke the burden of township parents and company heads, forming a unique business model of government-enterprise integration.

In 2002, the 38-year-old Wu Hougang finally decided to let go of his parents’ duties and lifted the burden of the head. From the perspective of the commercial system, this must be a kind of piercing and penetration, a far-reaching progress.

—— Therefore, it is just right to interpret Wu Hougang’s business “undersea bank” with the indispensable role of the banker’s modern business civilization.

During the interview, I was amazed that Wu Hougang told me that we are still in the entrepreneurial stage. It should be noted that at present, Zhangzidao Fishery has more than 5,000 employees and a market value of 13.1 billion yuan, which is a well-deserved hegemon of domestic fisheries.

Perhaps, for the island of Yizi with glorious history and heroic temperament, Wu Hougang, who walked from the remote islands in the stormy waves, “entrepreneurial” is full of inexhaustible significance.

Wu Hougang, chairman and president, is both thoughtful about strategic decisions and has to be at the executive level. The work madmen in the eyes of employees are like this. However, in a mature and sound modern enterprise system, decision-making and execution must be separated.

Wu Hougang said to me that decentralization and governance are inevitable. Every organization must have such a process, but it depends on the stage. At the present stage in China, there is almost no good cooperation between the chairman and the president. After all, there are two heads, two values, two criteria, and even two cultures at all. He also gave me examples of Lenovo Liu Chuanzhi and Yang Yuanqing.

He insists that the best system in China should be the chairman and president, but when the legal and market systems are up to a higher and more mature level, they must be decentralized. Governance.

Surprisingly, this unique Wu minority view appears almost at every key point in his career as a submarine bank.

For example, in 1996, in order to try the bottom-casting technique, he carried tens of millions of dollars to the sea with his nickname. In 1998, at the time of the survival of the company, he withstood the pressure and promoted the reform of the property rights system.

Wu Hougang proudly told me that if a decision is supported by 70% of employees, then it is likely to be wrong; but if 30% of employees agreeThis decision is likely to be correct. Because the times are improving, if 30% of employees and you are thinking synchronously, this primary and secondary is normal, but if 70% are thinking with you, it means that your leadership is behind.

—— This is the “three-seven theorem” that runs through the life of a submarine banker.

In the office of the chairman of the Lions Island Fisheries, a narrow cot is quietly lying in the corner. Wu Hougang said that when he is tired of work, he is here to take a nap.

It turns out that the submarine bankers have to leave at all times and can only sleep on a camp bed.

(This article originally appeared in “business” in August 2010, published this abridged)

Author: Cao party lights Pan

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Wu Kezhong, Chairman of Advantage Capital, has confirmed attendance Sponsored by the Business Media Group, “Great Change and New Beginnings —— 2018 Business Leaders New Year Forum. From January 24th to 25th, 2018, he will have a heated discussion with the other four guests at the roundtable forum of the annual meeting. If you want to listen to Wu Kezhong’s speech on the spot, click on the picture to sign up.

In 2002, 38-year-old Wu Kezhong returned to China to create advantageous capital. So far (2010. Editor’s Note) has invested 61 projects, 16 of which have been successfully listed on major global exchanges, with a return on investment of up to 50 times, an average of 7 to 8 times, and the average of the private equity industry. Only 200% to 300%.

Wu Kezhong, who has a rich appearance, has crossed over what kind of heavy life, and what kind of capital game has been laid out, only to accumulate the amazing explosive equivalents now?

The stock critics are out of the way

On the Shanghai beach in the early 1990s, the capital market began to emerge. At the end of 1990, the Shanghai Stock Exchange opened its doors, and a thick capital gate slowly opened to the public, ignorant and disorderly.

At this moment, Wu Kezhong is 26 years old and has been teaching at Shanghai Jiaotong University for three years to teach the technical economy. In 1989, the People’s Bank of China took the lead in preparing for the stock exchange. Shanghai Jiaotong University took the lead in setting up a securities course. Wu Kezhong also took the initiative to apply for securities education. In the enlightenment stage of this Chinese securities, he extensively consulted the information of foreign securities markets, learned and learned, and soon became a well-known securities researcher in Shanghai.

After the establishment of the Shanghai Stock Exchange, the newly published “Shanghai Securities News” invited Wu Kezhong to write a stock review. From 1992 to 1993, almost every issue of the Shanghai Securities News had Wu Kezhong’s stock review article. Every day when the stock market closes, there are many editors waiting in line for his manuscript, and writing a page of fax pages.

In 1992, Liu Mingkang, then vice governor of Fujian Province, saw Wu Kezhong’s article on the securities market and corporate restructuring in the newspaper. He felt very insightful. He immediately sent a person to invite Wu Kezhong to visit Fujian to make suggestions for several companies with potential for listing. Among them is Cao Dewang’s Fuyao Glass.

At that time, Fuyao Glass was also located in Gaoshan Town, Fuqing City. Cao Dewang contracted this dilapidated township glass factory in 1983. After eight years of struggle, Fuyao Glass was built into a well-known private enterprise in Fujian. In 1991, Fuyao Glass became the first company in Fujian Province to publicly issue original shares at a price of 1.01 yuan per share.

Before Wu Kezhong went, the public offering of Fuyao’s original shares was very unsatisfactory. Therefore, it had to be distributed through government agencies at the same level, and it was even more resentful.

Fuyao Glass is spread all over the country

Wu Kezhong is in the dilapidated and prosperous Fuyao factory In, I saw Cao Dewang. At that time, small and medium-sized glass factories were established all over the country, and the management of extensive technology was backward. Cao Dewang has seen a huge market segment of automotive glass.

Wu Keyong began to get excited: diligent entrepreneurs and promising projects have accumulated ample market potential for Fuyao Glass, which requires only a light capital market. For example, the water of the bank is generally impacting the market.

It is for this reason that Cao Dewang spared no effort to operate Fuyao listing. It is only because of the remote Fuqing that it is too late to open the channel to Shanghai’s capital market. Wu Kezhong, who knows the securities market well, is exactly what Cao Dewang crave.

Wu Kezhong readily agreed to Cao Dewang’s invitation. He recalled to reporters: “Fuyao’s original issue price was 1.01 yuan, and the earnings per share was about 6%. At that time, we estimated the price-to-earnings ratio to be 50 or 60 times. After listing on the Shanghai Stock Exchange, the stock price should be above 30 yuan.

Once, a few large listeners who listened to Wu Kezhong’s stocks stopped him and asked: Didn’t Wu bring an ID card? Wu Kezhong, who was surprised, replied: Brought. As a result, several large households took five or six horses carrying huge amounts of cash, and even asked for Wu Kezhong to lead them straight to the airport, and went to Fuqing to sit and buy the original shares of Fuyao Glass.

Entering the magical world

Previously in the secondary market, I tried my best to guess the trend of the listed company and the boss, even if the profit is only calculated in percentage. But here you can stand on the same battle with the boss of the listed company, and then draw the value calculated in multiples.

Wu Keyong assisted in the crucial moment and always stood with Fuyao. In order to thank the listed military division, Cao Dewang generously presented 30,000 original shares. Out of the expectations of Fuyao’s listing and self-confidence, Wu Kezhong himself made a purchase of 30,000 shares of original stock at a price ranging from 2 to 3 yuan.

In June 1993, Fuyao Glass was officially listed on the Shanghai Stock Exchange. The stock price of the opening stock rose from more than 2 yuan to nearly 50 yuan. The 60,000 shares of Wu Keyong immediately became 2 million yuan. Funds!

In July 1993, Wu Kezhong went to study at Louisiana University in the southwestern United States. After receiving a master’s degree in finance, he broke into Wall Street and worked for a number of professional investment banking institutions to help companies go public. Seller business and private equity fund investment buyer business

If not 2001 shockThe global “lddition” of 9.11, perhaps Wu Kezhong will continue to study. At that time, he judged that the US economy is likely to undergo a major reversal and enter a long-term recession. On the other hand, the domestic capital market has become increasingly mature and vibrant. As he became more and more fledgling, he began to plan for returning to China.

At this time, an old friend extended an olive branch to Wu Keyong. The name of this person is Chen Rong. Just 10 years ago, he was a big shareholder and a loyal listener of Wu Kezhong’s stock review.

At the end of 2002, Wu Kezhong established advantageous capital. The partners were Wu Kezhong and Chen Rong, of which Wu was the largest individual shareholder. The initial capital of the advantageous capital was 110 million yuan, and the investors included Chen Rong and some American investors.

Where is the multiplication?

Wu Kezhong, who returned from the United States, was the first to introduce a popular Pre-IPO investment model. He positioned the superior capital as the discoverer of the enterprise value, grasping the arbitrage opportunities before and after the listing, and then drawing multiple returns. This is actually an advanced fission of Fuyao Glass’s first-half market.

However, this fissile seed, to take root and grow into a large tree, must find the soil that breeds multiply-level growth and produces multiples of fruit. In the days when the dominant capital was established, Wu Kezhong repeatedly asked himself: Where is the multiplication of the Chinese market?

At that time, the domestic counterparts were superstitious about the investment direction of the US market and devoted all their enthusiasm. In emerging industries such as the Internet and high-tech, it completely shields traditional industries in China.

So, Wu Kezhong decisively threw himself into the vast traditional industry. In order to discover the high-quality soil, he did not hesitate to lead the team to the economically developed areas of East China, Jiangsu and Zhejiang, a county, a county, or even a street street, like a salesman who sells products from house to house.

The real cruel reality is not to find the confusion of the process, but to find a piece of high-quality soil in surprise, but it is interrupted by the growth of multiplication by an unexpected variable.

Later facts proved that ZJS missed the best fighter for rapid expansion

2003 Wu Kezhong was exposed to the home delivery of the courier industry. It took three months before and after, and Wu Kezhong and Chen Ji, the chairman of ZJS, almost signed the contract. Who knows that Chen Ping’s brother, Taikang Life Insurance Chairman Chen Dongsheng, came forward at the last minute because he was unwilling to lose control because of the entry of outside capital.

In a word, Wu Kezhong’s efforts have vanished.

Until 2005, there were only a handful of projects for capital investment, and listing arbitrage was far removed. However, these helplessness and restraint have inspired Wu Kezhong’s struggle in the character of the Fujian man. At this time, he is like a piece of quicklime. The more he is splashed with water, the more steamy and high-spirited. He began to ask such a question: What should the capital multiplication in the Chinese market do?

Breakthrough: Quanzhou model

In the early days of entrepreneurship, Wu Kezhong was like a hard-working coward who led the advantage. Capital explores a problem and explores a problem —— Which mountain can you use the flower of multiplication to produce the result of multiple returns?

In 2005, Quanzhou has risen a lot. Enterprises such as Peak, Anta, and Jiu Mu, which have great reputation and growth potential, just like the Quanzhou Municipal Government also hope to deeply activate the brand competitiveness of Quanzhou enterprises from the perspective of capital — this is the advantage of superior capital. Market breakthrough!

In early 2007, Wu Kezhong returned to Fujian for the Spring Festival and found that Peak’s 2006 sales reached 600 million, which was beginning to feature the Quanzhou model. In this context, Wu Kezhong found the owner of the pig, Xu Jingnan, and told him in a well-intentioned way that in fact, Peak’s annual growth can reach 198%!

Wu Kezhong made a simple multiplication: Quanzhou’s enterprises have three growth fulcrums First, the growth of single store sales, Peak can increase by 15%; second, the increase in the number of stores, the low cost of opening stores in the domestic market, Peak’s annual growth of store opening up to 50%; Third, the growth of product lines, For example, Peak previously sold basketball shoes, now will add tennis shoes, previously sold sportswear, and now add sports cosmetics, which can also bring a 15% increase in Peak every year. The three growth fulcrums are multiplied by 115%× 150%× 115%=198%.

In April 2007, Peak’s overall price was 80 million US dollars. Wu Kezhong and former Jiaotong University alumnus Shen Nanpeng, Advantage Capital and Sequoia Capital each made 3 million US dollars, completing the first round of Peak financing.

In just over half a year, Peak made a series of adjustments according to Wu Kezhong’s multiplication formula. In November, the price of Peak’s second round of financing suddenly increased to 1 billion US dollars. At this time, the return on investment of superior capital has already reached 12 times!

Wu Kezhong Speaks at the 2017 Business Model China Summit

Multiplication Advanced

Wu Kezhong knows that only his own multiplication calculus becomes more Accurate and faster, in order to be invincible. Therefore, on the regional partner’s project network, he carried out a large-scale systematic and precise upgrade ——

First, in Deyang, Sichuan, Langfang, Hebei, and the government industry Guide the fund cooperation, and invest in the project according to the investment ratio of the superior capital and the industrial guidance fund of 4 to 1. In this way, the local government will spare no effort to recommend quality projects, and there is support from local policies.

Second, with businessThe bank set up a fund of 500 million yuan, which is the first time that ICBC has cooperated with domestic investment institutions. ICBC values ​​the value of superior capital to customers, while advantageous capital values ​​the project channels of ICBC.

Third, in the high-growth GDP of Chongqing, Foshan raised a special regional fund, based on the regional partner network, more accurate and in-depth exploration of high-growth enterprises.

On this network of intertwined, huge and deep projects, Wu Kezhong’s growth multiplication is increasingly refined. From the fourth quarter of 2009 to the first quarter of 2010, the superior capital invested in 12 projects including Carbon Source Technology, Tongji Tongjie, Yicheng Biological and Shenwu Thermal Energy, involving an amount of 7.1 billion.

Nowadays, on the TV program of venture capital investment, Wu Kezhong always wears a light gray suit and smiles in front of the public with his eyes, and then repeats his famous words: China’s capital market What is missing is not money, but investment opportunities.

(This article originally appeared in “business” in October 2010, published this abridged)

Author: Zhoupan Feng Cao party

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