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Although Wang Qinian is very optimistic about Kweichow Moutai, a good company and a good price, these conditions are met. Pen ~ fun ~ pavilion www.biquge.info However, in the end, the small partner company only invested 270 million yuan to buy 5 million shares of Kweichow Moutai.

Wang Qinian felt that this investment was very cost-effective, and bought Kweichow Moutai at a price of more than 40 yuan, and the small partner company quickly became the focus of the A-share market again.

Forced by countless reporters to interview, Wang Qinian could only say this: "Buying Moutai is based on value recognition, and I can't find a listed company that is far undervalued like Moutai for the time being." ”

"What assets are undervalued in Moutai?"

"Brands and goodwill, intangible assets are undervalued. We all know that the value of a good company is different from that of an ordinary company. It is normal for some garbage companies to ignore their goodwill, but some excellent companies, their brands and goodwill, are real and bring long-term benefits to the company, if their goodwill is counted as 0 in the financial report, it is definitely not right. Then, I noticed that companies in the A-share market did not include goodwill. This can also explain why excellent companies such as Moutai maintain good profitability is profitable. Because, its assets are not just those on the books, it may ...... The value of brand goodwill is underestimated by tens of billions of yuan! Goodwill alone should be more than the current valuation of Moutai, so, in my eyes, the current Moutai of 40 billion yuan is too cheap! ”

With Wang Qinian's release of ±, Moutai's share price quickly reflected and rose to more than 50 yuan.

Subsequently, the securities media began to accuse Wang Qinian of nonsense, Moutai's market value of 40 billion yuan is not cheap compared to the annual profit of more than one billion yuan, and the goodwill is worth tens of billions. This is simply nonsense, since it is an intangible asset, who can guarantee that it is really worth tens of billions? Wang Qinian's high-profile purpose is to attract other investors to buy a sedan chair for him, and prepare to sell it after the stock price rises. This practice is a typical bank-making behavior, and it is recommended that the CSRC strictly investigate the partner company.

"The heart of a villain is the belly of a gentleman!" Wang Qinian said disdainfully, "Our country's capital market is too young, so gamblers and speculation have always existed, and people who speculate on their own naturally regard the market as a casino." But I think there's always a need to spread positivity. What is the positive energy of the stock market - it is value investment! The way of value investing is to select good companies, and do not plan to hold companies for ten or twenty years. Won't hold it for a moment. A good company not only grows its assets, but also pays dividends and recovers its capital. For example, Moutai, I optimistically estimate that the dividends within ten years can recoup the investment! Therefore, I have no intention of it. Sell it in a few years! ”

Securities media reporters began to question again: "Do you dare to bet that you won't sell it for ten years?" ”

"Of course I dare, I didn't plan to sell Moutai at all. Be prepared to hold stocks for a long time and eat dividends, and prove to the market that speculation is not advisable, start with me and practice value investment. Refuse to tell stories and fry the concept of garbage companies! Wang Qinian said very calmly. I don't make money by the rise and fall of the stock price, as long as the company's profits are stable, the dividends are stable, and I don't plan to sell shares, why should I pay attention to the price? ”

This assertive attitude. suddenly earned Wang Qinian a lot of fans.

Of course, the reason why Wang Qinian can pretend to be so forced is because he holds a company that is not necessary to sell. When people talk about value investment in later generations, they buy Tencent in Hong Kong stocks, and A-shares buy Vanke, Gree Electric Appliances, Moutai and other companies in the early years.

Among them, Gree Electric has been listed for 19 years, and according to the listing price at that time, after the resumption, the return rate to investors is as high as more than 3,000 times. It can be said that Gree is the king of returns, and it is more profitable than Tencent. Of course, by the time investors realized the value of Gree, the scale of Gree had already become very large. Although it is still very profitable, it is no longer possible to replicate the growth of the 90s.

Vanke is also a model of a thousand-fold rate of return, Moutai was only listed in 2001, but the calculation of the compound price also brought investors a 400-fold rate of return when the shares and dividends were included.

A bunch of good companies are unpopular stocks, which are disliked by most speculators because of their long-term "stagflation". People only focus on the boom and bust, where will the value be considered?

In fact, there are many good companies in A-shares, and even many investors are too smart, all the good companies have been bought, but none of them have been transferred to the profits they should have.

So, many smart people have bought these companies with hundreds, or even thousands, of returns, but they can't hold them. Smart people can't make this money, and when they scold and complain, they talk nonsense that the A-share market is worthless.

In fact, any capital market has value, the problem is that there are too few people who have the vision to discover value and adhere to the concept of value investing for a long time. Smart people can read value investing, but no one can do it because they lack the patience. The more you want to get rich, the more you can't get rich.

On the contrary, the value investors who are friends with time are the final winners.

There are value investors on the rich list, and there has never been a speculative gambler who can be on the world's rich list.

……

With the A-share market after buying two stocks, people are speculating whether the partner company will carry out the stock speculation business to the end, Wang Qinian has no longer put his mind on this capital market.

In September 2006, Golden Harvest Entertainment, a subsidiary of the small partner company, announced that the investment of 150 million yuan to build "Sea Tiger 2" has begun to be completed and released.

"Sea Tiger 2" is still a classic Hong Kong comic, and in terms of the classicity of the story, it is not inferior to American superhero comics. Unfortunately, because the market of Hong Kong comics was relatively limited in the past, the readership was far inferior to that of American superhero comics! Yu Dong said, "However, we have adopted more new technologies, and I believe that the movies adapted from superhero comics are not inferior!" ”

In fact, the movie "Sea Tiger 1" has accumulated a lot of fans in China before. Now "Sea Tiger 2" has already had a market foundation because of the reputation of its predecessor, and has locked in some fan box office markets in advance. However, in order to achieve a better market, you also need to attract an audience that surprises your fans.

"What should I do if I haven't watched "Sea Tiger 1"?" The media asked.

"It's okay, "Sea Tiger 2" can be regarded as the story of **!" Yu Dong explained.

"Regarding the investment budget of "Sea Tiger 2" is as high as 150 million, is Mr. Yu confident that he will recover the cost? Many Golden Harvest shareholders are concerned about this issue! The media reporter emphasized. I am also a minority shareholder of Golden Harvest! ”

"Oh? Is it! Yu Dong said with a smile, "Strive not to disappoint investors, we are sincere in making movies." I believe that sincere movies will be liked by the audience and will not be lost! But. We strive to do our best, but the final box office data still depends on the market! ”

Of course, "Sea Tiger 2" changed the comic version beyond recognition, and also took a little bit of character design and part of the setting. This can't be helped, there are a bunch of discordant content in the "Sea Tiger" series, and if you don't make changes, it will be impossible to release it in China.

And if it can't be released in China, how can the 150 million yuan "Sea Tiger 2" recover its cost.

The news came out of the upcoming release of "Sea Tiger 2". Golden Harvest Entertainment's share price has seen a wave of declines, from a high of HK$27 a share, to HK$22.

Obviously, because the market is a little nervous about "Sea Tiger 2" invested by Golden Harvest Entertainment Company, you know, although Golden Harvest Entertainment Company's current cinema line business is gradually improving, it is expected to make a profit of about 30 million yuan per year. If "Sea Tiger 2" loses all its money, it is equivalent to losing the net profit in the next five years.

Even, some media directly hacked Jiahe. thinks that "Sea Tiger 2" will suffer Waterloo, and Yu Dong, CEO of Golden Harvest Entertainment, is not optimistic that this movie will return to its original glory.

on this. The legal department of Golden Harvest Company naturally issued a warning and proposed to sue some of the media. After the warning, a part of the media relented,

But on the Internet, bearish on Golden Harvest Entertainment's remarks. It's still one after another.

As the parent company of Golden Harvest Entertainment, the partner group is also fully operating "Sea Tiger 2", and the publicity and distribution of domestic and overseas markets have begun to be in full swing.

It's also about the reputation of the small partner group, after all. The only listed company under the small partner, if it loses, the investor who loses money will hack the small partner company for a lifetime.

And Wang Qinian also attaches unprecedented importance to "Sea Tiger 2", and personally talks about the distribution with China Film, Shangying, and even cinema companies such as Xingmei and Wanda. Of course, the partner company has also given up a lot of benefits, for example, in the future, the theater of the partner company will arrange more screenings for the film distribution of these peers.

To put it simply, it is an exchange of interests, and now everyone gives priority to "Sea Tiger 2" for the release of theatrical releases to build momentum for its box office results. In the future, the partner company will free up more of its own theater shows to other peers.

And now the partner cinema chain is the second in the industry, with 35 cinemas. In addition, Golden Harvest has more than 20 cinemas in the Asian market, and Xiaoyou already has more than 50 cinemas.

In the whole of Asia, small partner companies are well-known!

These domestic film companies, if they want to distribute overseas, also need to rely more on partner companies.

Therefore, the influence of small partner companies in the industry has gradually surpassed the existence of ordinary film companies. People regard small partner companies as the overlord of the Chinese film market. In particular, after the merger of Jiahe by the partner company, there are more people who hold this view!

After all, Golden Harvest was a brother in the Hong Kong film market for a long time in the 70s ~ 90s. At that time, the Hong Kong film market was the most successful market for Chinese-language films.

Even though the market share of Hong Kong films is gradually decreasing, the goodwill of some old film companies is still underestimated. Golden Harvest's predicament in the past was simply due to a lack of funds and the fact that the head of the company was old and did not have the energy to do a good job in the company.

And after changing a major shareholder, the small partner company has money and energy. An old company like Golden Harvest has naturally regained its vitality. (To be continued.) )

PS: Thank you for the support of TigerHill and Grim Reaper's Right Hand Commuter Pass. Both the previous 1,000-share fall limit, yesterday because the A-share market made an upgraded version of the 2000-share drop limit, although, my position is not heavy, basically half position, and there is a graded fund A, hedged part of the decline. But the mood is still not good, as if being beaten with a stick, and the net asset value returned to April. So, yesterday Mu was in the mood to update. Today, the central bank announced an interest rate cut + RRR cut, and I was in a better mood, and I sighed that the central mother is simply my own mother. Although, the stock lost money in June, life still has to go on, and the update still has to go on. Adjust your mood and keep updating.

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