In fact, the current small partner company is almost more than 70% of the employee shares, unless it is a newcomer who has just joined the company, the salary is not enough to subscribe to the company's shares. Pen ~ fun ~ pavilion www.biquge.info [full text reading] Otherwise, those who can hold shares conditionally generally choose to hold the shares of small partner companies.

At present, in China and even in the world, it is difficult to find such excellent and very undervalued investment targets as small partner companies.

Even if there is a growth that is no less than that of a small partner company, but ...... If you want to buy an asset of this level, you often need to pay more than ten times.

For example, a company as large as Tencent has a price-to-book ratio of more than 10 times for a long time after its value is discovered by the market. Even in the case of a stock market crash, Tencent's price-to-book ratio is rarely less than five times.

The growth rate of small partners is faster than Tencent, and the profitability can reach seven or eight times that of Tencent in the same period. However, when employees subscribe for the company's shares, they always subscribe according to the net asset value, rather than at a price of several times or ten times the net assets.

This kind of low price to subscribe for equity, at present, is equivalent to giving money. Some employees have been invested in shares for two or three years, and the equity dividends have actually recovered the investment costs.

It can be seen that the rate of return of the partner company is amazing.

For old employees who hold more shares, they wish their wages were less. After all, if the salary is high, it will be distressing to deduct too much tax. Although you also have to pay taxes to get remuneration in the form of equity dividends, even if you pay only 20% according to the highest tax rate, the higher the income, the more cost-effective you feel about equity dividends.

Wang Qinian's personal salary is not very high, and his monthly salary is only 20,000 yuan. It's not that he doesn't want a higher monthly salary, it's that there is no point in having an extra monthly salary, and personal income tax is very unfriendly to people who get a salary.

However, Wang Qinian occupies sixty percent of the equity of the small partner group, and most of his personal income sources should be the dividends of the small partner group company, and this year's dividend is tens of billions!

It can be said that the equity dividend mechanism is the most beneficial to Wang Qinian. Of course. At this stage, the small partner company has entered the right track, and a large amount of dividends are drawn out of cash, mainly to give blood transfusions to the other two major groups under Wang Qinian's name, Little Prince E-commerce Group and Jingtang Shengshi Real Estate Company.

Although Little Prince E-commerce Group is still the leader of the domestic e-commerce industry, its B2C and O2O models are integrated. It has created a pattern that is rare in the world. It is neither Amazon's model, nor Taobao's model, nor Walmart's model. Even, it's not like JD.com's model.

However, the e-commerce market is too tempting. Ali has been fighting closely with the little prince, relying on the C2C model of Taobao, and is rising strongly.

Subsequently, JD.com was also established, and its rapid rise is also grabbing market share.

Other Suning Tesco, Vipshop, Jumei Youpin, Dangdang.com, No.1 Store, and a bunch of e-commerce websites are also eyeing each other.

To put it simply, this is a marathon, and whoever is not physically fit is enough. You can fall behind at any time.

In the e-commerce industry, after falling from the position of the boss, not only will the share decrease, but also the profitability will plummet.

Therefore, Wang Qinian received the dividends of the small partner group, and planned to take 5 billion yuan to give blood transfusion to the Little Prince E-commerce Group. Because, the competition of e-commerce has entered a white-hot stage, and if you don't advance, you will retreat. The position of the boss must be kept in order to maximize the benefits. Otherwise. If you take a step back, your market share may fall back and forth in the future.

In addition, Wang Qinian also gave 3 billion yuan to Jingtang Shengshi. Jingtang Shengshi, which serves small partners and the little prince, almost invests in 20 commercial and cultural squares every year. The investment scale of each commercial and cultural plaza is roughly between 2 billion yuan ~ 5 billion yuan. So. Even though Jingtang Shengshi is very profitable, the cash flow has always been negative, and the money earned has not been as fast as the investment.

Replenish Jingtang Shengshi with 3 billion yuan in cash, which is only enough to develop a plaza project. But actually. The main purpose is to supplement the cash flow of Jingtang Shengshi and avoid cash flow breakage.

Many real estate developers go bankrupt, not because they are insolvent, but because of cash flow problems. Creditors* debts, many projects have been repaid cheaply. In essence, if all assets can be sold at the market price, most real estate developers in difficulty may not go bankrupt, after all, the gross profit of real estate is very high.

It is not the purpose to engage in real estate construction, but ...... Almost the vast majority of business activities are carried out in cities. Then, if you don't build a building, a lot of business can't be done at all. Therefore, for other projects, the building must be built.

If you don't build your own house, go outside to buy it and rent it. The price is definitely more expensive, for the sake of cost, Wang Qinian can invest in building a building by himself, and he will do it himself.

……

"We've had some new changes in the past year. For example, it is still investing heavily in Japan. Also, in the past, we were cautious about raising money, but last year we raised money aggressively. Bank loans, bonds, and subsidiaries and capital partnerships to finance with equity in the subsidiaries. ”

Wang Qinian said: "In the new year, the company should be more international. For example, when we invested heavily in Japan last year, we had the advantage of ACG resources in Japan, and we invested in subsidiaries there, using Japanese talents to produce anime, mobile games, and so on, and in addition, it was also necessary to obtain financing loans in overseas markets. In the future, we may set up branches in different regions such as the United States, the United Kingdom, France, Germany, South Korea, etc., not only to export our products to overseas markets, but also to sell products from overseas markets to domestic and different markets. It is also planned to issue bonds in different currencies such as the British pound, the euro, the Swiss franc, the Canadian dollar, and the Australian dollar, and the allocation of debt should be diversified. ”

"I have a question, since last year, the partner company began to borrow on a large scale, and the investment is obviously much more aggressive than in the past, why was the group company more aggressive in strategy last year?" Zhang Wei, general manager of Little Partner Financial Holding Group, asked.

"Conservative and radical are relative." Wang Qinian said with a smile, "Before, I was worried about the U.S. debt crisis and the black swan event, and the boots did not hit the ground, so I should be more cautious, cover my wallet, and prepare for the winter." Now, this crisis has erupted. Next, it triggered a loose bailout policy around the world. This relaxation, that is, printing money, is here to stay! Since the subprime mortgage crisis in the United States. The solution in the world is one – release the water, release the water, release the water. The dollar continues to release water, yuan, yen, pound, euro, whoever does not release water is a fool. Whoever doesn't release the water may step over first. Wang Qinian said with a smile, "The whole world is speeding up the printing of money." What does that mean? ”

"Inflation?!" Zhang Wei said.

"Yes, in the era of credit money, there is almost no deflation, and inflation is inevitable in the long run. Even if there is deflation in the short term, it will certainly be temporary. Wang Qinian said, "In this era of inflation, the appreciation of the currency is relative, and the depreciation is absolute." Deflation is a temporary illusion, inflation is the eternal truth. The money we borrow now, as long as the repayment time is constantly extended. The money will be repaid in the infinite future, so it will definitely be less than now. ”

In other words, in the era when governments around the world are playing hooligans to print money, those who do not borrow money actually suffer losses.

Even if Wang Qinian is not optimistic about the world economy, knowing that the various bailout measures taken by the world are in essence nothing more than stimulants. The United States, Europe, Japan, and even China, which is growing rapidly. None of them have fundamentally addressed the root causes of the economic crisis.

Countries have taken the idea of printing money to solve the crisis, but this idea is wrong. The crisis is not due to the lack of banknotes, actually. It's that the demand is saturated, and people who used to eat one pound of rice a day won't eat 10 pounds just because you printed money. Families who originally had TVs and mobile phones will not buy more TVs and mobile phones because you print money.

This economic crisis. It's not that there is a shortage of money at all, it's that there is an oversupply of many goods and services.

If you want to solve the economic crisis, you can either reduce the existing production capacity and let some companies go bankrupt, so that some of the problems will be solved destructively, the economy will come out of the depression, and most of the surviving companies will survive the difficulties and return to the growth track. But who is Nima's self willing to go bankrupt and let his peers profit?

From the national level, World War I and World War II used war to consume and destroy a large amount of excess capacity and rebuild after the war, which is also a solution to the economic crisis, but this way out is obviously not very good. The cost could be even worse than the economic crisis itself. After all, no matter how difficult it is for people in an economic crisis, it is much better than a world war.

Of course, the better way to solve the economic crisis is the new progress in human science and technology. For example, after World War II, the popularization of televisions, home appliances, computers, the Internet, mobile phones, and other products that changed human living habits appeared, creating a new market. The emergence of these innovations has stimulated new demand, allowed human beings to have new growth points, and solved bottlenecks.

However, today's technological innovation is weak again, and there has been no new demand comparable to the Internet for a long time.

On the surface, the mobile Internet is developing rapidly, but in fact, compared with the emergence of the Internet, the subversiveness has been much inferior.

When companies such as Boeing, Intel, and Qualcomm have become traditional industries, the emergence of products and technologies that need to change the future of mankind is the redevelopment of the human economy to a new level.

If you are not optimistic about the economy, but you are borrowing aggressively, you will definitely invest heavily after borrowing. It seems to be contradictory and schizophrenic, but in fact, this is a hedge against the collective hooliganism of governments around the world, and everyone competes to put watermark money, causing greater wealth shrinkage losses to partner companies.

Ordinary operating losses, which are visible losses.

But in fact, enterprises are racing with the speed of printing money by various governments, and only the profits created on the basis of outperforming the printing of money can ensure that wealth is not shrinking.

"In addition to the operational aspect, we have accelerated internationalization and globalization. In the past, it was in the Chinese market, and now it is in the world! Wang Qinian said, "Of course, the more critical is the product, no good product, our strategy is a big pattern is floating clouds, in 2012, we will launch more new products that lead the market trend." In addition to mobile phones and tablets, the company also plans to launch XOS smart TVs and TV set-top boxes......"

"Wait, set-top box? Can radio and television pass? A shareholder questioned, "Shengda Box was a mess of failure back then!" ”

I want to attack the TV market and expand my products from the traditional Internet to the TV audience in the living room. This kind of thing, Chen Tianjiao, the boss of Shengda, tried it in 04~05. But the project of Shengda Box failed in a mess, not because of technical failure, in fact, Shengda Box is technically and you are very mature. Unfortunately, the television field, which is regulated by radio and television, is more conservative than the Internet field. Shengda Box has expanded to the radio and television market in the Internet market where policy control is relatively loose, which is an attack on the TV market by the Internet industry, and after directly touching the interests of radio and television, it was immediately stopped by the policy.

As a result, the Shengda box that the Shengda Department invested heavily in was gone. Originally, it should be the first domestic Internet companies to attack the TV market. But because of policy factors, the business of TV boxes was ended very early.

"Now it's starting to change!" Wang Qinian said with a smile, "There have been a lot of Internet TVs, but different manufacturers have their own Internet TV systems, and they are technically incompatible with each other. There is also no uniform technical standard, so this gives us an opportunity! ”

In fact, after the failure of Shengda Box, the small partner company first made the XOS system, which was mainly based on the system of mobile phones and tablets. However, it is also possible to make a TV version.

The reason why I am ready to withdraw from the TV version of the system and Internet TV now,Because,There are already many Internet TVs on the market,There are also many non-radio and television official boxes。 In particular, telecommunications, Unicom and other companies, with the help of the triple play policy, vigorously began to launch their own TV set-top boxes. These telecom operators are all central enterprises, and the fairy bosses take the lead in the charge, PK radio and television. As a result, radio and television's control over the living room TV market has loosened a little.

This is why many TV manufacturers and Internet companies have begun to target the TV market. Ready, push your own products onto the TV platform.

But now Internet TV,That is, some pre-installed software,There are not many APP applications。 It's slightly better than a traditional TV.

And the Internet TV that the partner company is going to engage in,It's a real living room Internet entrance,You can download and install a variety of different TV versions of the APP application。

Of course, seizing the TV market is not just about the XOS system expanding into more areas. Moreover, the videos, games and many Internet products of the small partner company can also take this opportunity to start entering the TV market.

China's TV market has been far inferior to the Internet market for many years. Therefore, the Internet crosses borders to grab turf and seize the market of the traditional TV industry, as long as it is not prohibited by policy, then, free competition, it is definitely possible to seize the territory of blockbusters in the TV market, and it is not impossible to focus on anti-customers and make traditional TV media decline.

But does the TV media want to grab the Internet market? That's haha, its understanding of the market and users is not at the same level as Internet companies.

"As for the content, this year we are focusing on IP strategy. Big IP, for example, film and television, game linkage. Even novels, animation, music, games, film and television, etc. ”

"In terms of channel and platform construction, we control the traffic entrance and content platform online. Offline, newspapers and magazines, cinemas, amusement parks, etc., should make comprehensive efforts. ”

"Domestic and foreign content translates and exports to each other. For example, in Japan, our subsidiary's copyrighted games, light novels, manga and animation are translated into Chinese and distributed in the domestic market. Excellent domestic novels, games, animation, film and television works, translated into Japanese versions, exported to the Japanese market. In terms of translation team, I personally feel that the establishment of a Chinese-Japanese cultural translation company in China and Japan, the formation of a formal translation system, the mixing of Chinese and Japanese translators, Chinese into Japanese, and Japanese into Chinese are the company's business. Not only that, but there are also teams such as the Sino-British mutual translation team, the Sino-French mutual translation, the Sino-German mutual translation, the Chinese and Korean mutual translation, etc., all of which must be advised. In terms of the translation of literary and artistic works, we must be the boss in this market. ”

"In short, we will have a lot of things to do this year, and we will not be lying on the merits of the past and sitting back and enjoying the ......" (~^~)