Truth be told, it's not O2O's fault, and the losers who piled up a few years ago aren't all incompetent, it's just that the road ahead of them is too bumpy.

A narrow escape.

Ali is not good at offline, but what people have is money.

Three years ago, advances, receivables and other assets were 37.1 billion yuan, and this year they have reached 131.2 billion yuan......

During the same period, property and equipment assets soared from 24.9 billion to 103.4 billion......

The banknote ability is also very awesome,

Buy it, buy it, buy it!

In the whirlpool, Wanli is now also a competitor who is being targeted by the giants, compared to Ali's shirtless, the penguin is more indirect, likes to hide behind his back, control others to charge, and enjoy the thrill of playing chess.

Look at the little pair of eyes behind the little Pony's gold-rimmed glasses.

In the past, standing far away, the gods fought and the little ghosts suffered, but now they are qualified to be close together, between the giants, bloody and bloody.

Lightly landslides and ground cracks,

The worst is that the sky is dark,

It's hard to find a place to stay alone.

Especially hipsters,

is simply standing on the cusp of the storm,

Lao Song's pressure is not small.

Thinking of this, Shen Feng made up his mind to go public as soon as possible next year!

Taking advantage of the good opportunity of Hong Kong stocks to open their hands and IPO in one go, only capitalization can win more premium space and grasp the right to speak.

Even if it is listed in Europe, after all, it is niche, the market value will not be too high, and the essence is still a cash cow.

Wanli Media has reached its peak, and billions are just a drizzle for the current group.

The potential of Zhenwei is quite large, but it can't get up at all without three years, mainly because of the layout of offline and women's economy.

After the million-dollar winners, the tide talent is the most promising seed player of the group!

Just as he was about to leave the company, a piece of news came: the founder of Midea was almost kidnapped?

Shen Feng was surprised and asked Lei Li, "What's the situation?"

"No one was injured, and the victim He Moumou is safe. Lei Li explained: "According to our company's news, He Xiangjiang is safe. ”

Shen Feng nodded, Lao He is a legendary entrepreneur.

Billionaires, almost eighty, can be targeted by people for raising an old age?

"Don't worry, this kind of thing will never happen to you!" Lei Li was afraid that the boss would think too much, so she assured: "It happened on the way to play golf, and the other party seems to have explosives." ”

"Obviously, the security level is not high enough, and the quality of the personnel is not good, and it is estimated that it is a route that is often frequented, so I relaxed my vigilance. ”

Shen Feng waved his hand and interrupted: "It's just an emergency." ”

After more than a year, I am very satisfied with the security team, not only myself, but also my parents are also very relieved.

The modified big G went out to open the road, the Rolls-Royce Phantom in the middle, and the Bentley was delayed......

Not counting the driver's personal body, there are six, not to mention the escort with two trump cards......

Very relieved!

Coming to the club for leisurely entertainment, Bao bald head has been looking good recently, and the limelight of Chinese concept stocks has slowly subsided, especially for FA, the east is not bright and the west is bright, it's a big deal to come back to do Hong Kong stocks, whose money is not money?

"Last month, Gree and Midea's two major rivals issued financial reports before and after, one was 270 billion and the other was 190 billion, Midea was 40% ahead, but the net profit was 2% lower than Gree. ”

Bao Fan said: "In the capital market, Midea's market value is only more than ten percentage points higher than Gree's, and the price-earnings ratio is comparable. ”

It is worthy of being a home appliance giant, with an easy revenue of 200 billion yuan, which is the awesome part of the industrial chain.

It's hard at first, but once you reach a certain scale, it's not easy to die.

"There's no way, Sister Dong's household appliances and intelligent equipment haven't really been done, and she has been beaten by all kinds of beauty. ”

Bao Fanpin lipstick said: "From the perspective of investment, Midea has two engines: HVAC and consumer appliances, which are in normal working conditions and promote steady growth in performance. ”

"Gree only has an engine for air conditioning, and the revenue of other businesses is growing fast but the face is blurred, so it ......"

Shen Feng nodded, what real investors care about most is the safety of funds, and then the pursuit of profits.

Look at Warren Buffett, the whole team worked hard for a year, and finally earned 20%?

Aren't there any other projects that are more profitable?

The richer you are, the more cautious you are in investing, and many of them are unfamiliar with it, especially in the Internet era, where all kinds of so-called new projects emerge in an endless stream, and there are new tricks every day, and you don't have to do anything just to study BP.

Living to a certain level, money is really a number.

Shen Feng now enjoys the process of starting the project from scratch the most, of course, making money is the goal to measure, but it is definitely not the source of all the sense of achievement.

"Gree has a strong ability to control costs, especially sales expenses, but Midea's expenses are not spent in vain, especially R&D expenses. ”

"It can only be said that one dares to spend, and the other can save, which is quite ......"

Bao Fan joked: "In my opinion, there are weaknesses, beauty costs money, and Gree wants life." ”

Shen Feng laughed, a little interesting.

"Midea's flaw is goodwill, mainly due to the acquisition of Kuka at a high premium. Last year, 28.2 billion goodwill was smashed, and 22.24 billion came from Kuka. ”

"To put it bluntly, the acquisition consideration is higher than the net assets of the target, which is like spending 1 million to buy a cash cow, and the timber on the tree is only worth 50,000, so it generates 950,000 goodwill. ”

"If you can shake out 200,000 yuan a year, the discount rate is 8%, the present value of the income in the next 10 years is 1.34 million, and the net present value is 342,000, which is a good deal. ”

"But the problem is that the cash cow of Kuka has brought a net loss, and after tossing for a long time, it turns out that the meat bought can't grow on the body?"

Shen Feng shook his head, how easy is it for domestic companies to play with the tall German Niu X company?

What's more, there were still three chapters of the law at that time, until the acquisition of 24 years has been completed for seven years, one cannot lay off employees, two cannot close the production base, and three cannot adjust the management.

How can investors believe that you can make a shocking reversal?

"If I operate, delist directly overseas, and go on the Science and Technology Innovation Board after packaging and reorganization, I may be able to get a lot of investment returns. ”

Bao Fan said with a little disdain: "Gree is not much better, and the other businesses of the weakness only account for 20.8% of the revenue?"

"The gross profit margin of such a large business is only 3.5%, which is less than one-tenth of the air conditioning business. I don't even dare to disclose any details in the annual report, isn't it that many cats are not enough for outsiders?"

Shen Feng recognized this, if the weakness of Midea is Kuka, it is a big deal to sell it at a loss of 10 billion, and the impact on the market is limited.

Besides, the pus of 20 billion goodwill is easy to cover for four or five years, which is just a distant thunder for the capital market.

However, Sister Dong's failure to cultivate other businesses that can take the lead in addition to the air-conditioning business is a fatal problem.

It is difficult to make a forest alone,

Now who doesn't play a comprehensive strength?

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