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August 2006. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

With Wang Qinian's recent wind and rain, a huge momentum has been created. The "Youth Friends E-commerce Company" co-founded by the partner and Youngor also decided to start a wave of big moves.

T-shirt!

Internet T-shirt!

Eight yuan a cotton T-shirt sold only on the Internet platform, no less than a T-shirt of more than 100 yuan in the mall!

The reason for choosing T-shirts is that China consumes 3 billion T-shirts every year, and more than 3 T-shirts per person per person. As one of the most mass-produced garments, the production cost of T-shirts is also very low.

With Youngor behind it, the cost of production can be lower.

Because, Youngor itself has a production base of cotton and linen. Coupled with large-scale production, the production cost of a cotton T-shirt can be pressed to 5 yuan at the lowest!

The choice of eight yuan sales is mainly due to the factor of postage fees.

"Brother Nian, do you think e-commerce has to be so extreme?" Li Hanqiao, CEO of youth partner e-commerce, was a little puzzled.

"It has to be extreme, eye-catching!" Wang Qinian emphatically said, "Without eyeball effect, it is not an Internet sales model at all!" ”

"Eight yuan a piece, can you really make money?" Li Hanqiao said ≈.

"It can't be calculated like this, clothing and transportation mailing are not loss-making, and there is a large amount of capital flowing in and out of the platform, and cash flow is a very valuable resource!" Wang Qinian smiled and said, "A large amount of cash flow that does not pay interest, even if it is deposited in the bank, it is a considerable profit!" What's more, there are investment projects with higher yields such as real estate, equity, etc. ”

Li Hanqiao's eyes lit up, in fact, although she studied business, she liked to do financial investment more. In fact, Youngor also has a tradition of making investments, and at the beginning Youngor was purely industrial. But the traditional apparel industry has hit a bottleneck. After that, Youngor began to be forced to do real estate and investment.

Real estate is foolish, but the average annual income is about one billion, and if you don't make money, you don't make money in vain.

As for investing, it is because Youngor went public in the 90s and became interested in the stock market. Thenceforth. Youngor invested in CITIC Securities, and CITIC Securities was successfully listed, and created dozens of times the rate of return for Youngor. This makes the profit from the investment more than the total profit earned by Youngor's original main business of clothing for decades.

Although, in China's securities market, investment business cannot be regarded as the main business. But in fact, what Youngor really makes money is still in the stock investment business.

Like what. At this time, Youngor's capital was less than 10 billion. But soon, the market value of CITIC Securities' shares will rise to more than 10 billion yuan.

Financial investment is the main business that contributes to profits!

Therefore, the future direction of YOUNGOR's transformation will definitely be based on financial investment and transform into a company similar to Berkshire Hathaway.

In order to let Xiao Li take over, now Li Hanqiao is mainly learning financial and business-related knowledge.

Historically, Lao Li gave billions of yuan as Xiao Li's self-reserved land for her to invest. At first, Xiao Li was dizzy. At the highs of '07 and '08, I bought quite a few stocks. became a pick-up man. After making a bunch of mistakes, Xiao Li gradually matured, and gradually invested in private placements, VS and PE investment, and between 12~13 years, he frequently bought stocks at the bottom, and then the stock market rose sharply. ushered in another 10 billion floating profit.

"You mean, take advantage of the big bull market and buy some stocks?" Li Hanqiao asked.

China's stock market, which has been in a bull market for several years, has successfully bottomed out from 998 in 05. The share reform was used as a fuse, and the major shareholders of corporate shares were prohibited from circulating in the past. Shareholders of tradable shares can be given 2 shares, 2.5 shares or 3 shares for every 10 shares, etc., in exchange for corporate shares that have not been tradable for many years in the past, and after the completion of the share reform, the restriction period of several years expires and can be tradable.

At the beginning, investors questioned that there were originally less than two trillion tradable shares in the market, but a large number of corporate shares were allowed to circulate at once, and the stocks that were several times the funds in the market were smashed wildly, and the market could not afford it. Therefore, the rights and wrongs of the initial share reform are regarded as negative policies.

But after all, stocks were already cheap at that time, and gold was everywhere. Moreover, many major shareholders still give away their shares to investors in the market without issuing new shares. The immediate interests and the impact of a large number of tradable shares can be listed and circulated in the future, how can people think about the long-term.

Gradually, whoever is the first to share reform will benefit first!

The stocks that announced the share reform rose several times at least and tenfold at most, and later, gradually people went crazy, and on the basis of the sharp rise in the share reform, some stocks rose nearly 100 times in less than three years.

This crazy rise, in essence, is digging a hole and laying the foundation for a long-term bear market in the future. In addition, a few years after the completion of the share reform policy, non-tradable shares with a market value of more than 20 trillion yuan have begun to be lifted and can be sold. The lifting of the ban is indeed the main pressure on China's stock market in the next few years. 10~13 years is the peak period of the lifting of the ban, and waves of shareholders of original shares and corporate shares have been sold, which has overwhelmed the market. It wasn't until around 2014 that the problem of large and small non-sellers came to an end, and the market was gradually able to withstand the pressure of this degree of non-selling.

Of course, in fact, during the period of 11~14 years, it can be said that gold is everywhere, and cheap stocks can be picked and selected at will. By 14~15 years of sale, there is almost no money that is not profitable.

"A bull market is to sell stocks, and the real buying of stocks should be a bear market, the longer the bear market, the more time to buy stocks!" Wang Qinian explained, "Most stocks in the bull market are so expensive, they should be sold to those pickers who rush to buy at a high price, rather than buying stocks." If you buy stocks, I think it should be a big bear market, where stocks are cut in half and cut in half. A large number of stocks, falling below their net worth, or even, below their cash holdings, so much the better! ”

"Falling short of cash?" Xiao Li smiled, "NetEase's degree? ”

How badly did NetEase fall at that time? The richest man in China, worth 7 billion, fell to 30 million ordinary rich people. Of course, there were actually a lot of NetEase that could decisively copy the bottom at that time.

Moreover, most of them are Chinese investors who went to the U.S. market to buy NetEase. Afterwards, countless people began to copy NetEase that year. Boast about it as a seniority!

"Hmm!" Wang Qinian smiled indifferently.

Duan Yongping Duan Gushen, in recent years, has been constantly blowing his vision of copying NetEase. What $0.6 per share is a stock price, which is even more than the cash held by NetEase per share.

But...... It's nothing more than a long-standing trick played by Graham's past.

Graham, the originator of value investing, has experienced the beariest bear market in mankind. Therefore, he can often buy some, and the stock price falls below the net asset price. Even...... It also fell below the cash held by its company.

Of course, this kind of opportunity is actually very difficult to grasp. The opportunity for the stock price to fall below the net worth is very rare in the Chinese stock market.

After all, the Chinese market is a market with more money and less stocks. There are tens of thousands of stocks in the United States, so even in a super bull market, there will be stocks that are too unpopular to be overlooked.

"How much do you think this bull market has risen?" Xiao Li was very excited.

"I don't look at the Shanghai Composite Index and the Shenzhen Stock Exchange Index!" Wang Qinian shook his head. "It doesn't matter how many points the index is. Look at some meaningful indicators, such as the Hang Seng AH Premium Index, which is a comparison of companies with both A-shares and H-shares listed in both places. The same stocks, the same voting rights and dividend rights, are listed in two places, and the result is that A-shares are much more expensive than those listed in Hong Kong stocks. Even if you are optimistic about the company, you should sell your A shares. Buy cheaper H shares. If H shares are expensive and A shares are cheaper, go the opposite way and dump the shares of the same company listed in Hong Kong! Hong Kong stocks should be one of the cheaper markets in the world, if, the AH premium index shows. A-shares are cheaper than Hong Kong stocks, and they must be super bottoms. If the market is crazy to the point that A-shares are too expensive than H-shares, then A-shares must be crazy! Also, the Warren Buffett indicator. It is also valuable to compare the size of the stock market assets of a large country with the GDP. The median price-to-earnings ratio, the median price-to-book ratio in other markets, look at the history, and then come up with the historical average, and the high point above the historical average is definitely overestimated. Lows that are below or close to historical averages should be considered relatively cheap. ”

"That's it?" Li Hanqiao felt a little disappointed.

"Well, risk aversion is always more important than making money!" Wang Qinian said. In a good mood, he began to brag and pretend again, saying that he shorted US stocks after 911, and NetEase's stock price fell below $1 to copy NetEase.

There are also Internet peer companies listed, and he often speculates on the stocks of his peers to make profits.

In fact, speculating on peer stocks to make a profit is nothing, and many giants in the world are speculating in peer stocks. For example, Baosteel Group Co., Ltd., when steel stocks were cheap, invested in almost all the shares of its peers of steel companies, and then, when it was overvalued and its peers refused to be merged and reorganized by Baosteel Group, it cleanly sold the shares of its peers that could not be controlled, and made a lot of profits. Therefore, the performance of peers in the steel industry has obviously entered the winter, and Baosteel shares due to the financial investment of the parent company Baosteel Group, so they do not need to learn what to raise pigs from Wuhan Iron and Steel.

What's even more awesome is that Baosteel Group's ability to speculate in stocks not only earns profits from steel stocks, but also becomes the major shareholder of China Pacific Insurance, the third oldest insurance company. Xinhua Insurance, the fourth largest in China's insurance industry, and Baosteel Group also hold a lot of equity. These are all profits earned from speculating in steel stocks, and then engaging in insurance, taking finance and insurance as a sideline.

Conch Cement, another overlord in the cement industry, has also speculated on the stocks of the cement industry, and it has held almost all the stocks of cement companies. If you can obey and co-opt, the conch will buy it. If it cannot be acquired, Conch is taking advantage of the industry boom cycle and the stock market boom cycle to sell the stocks of its peers at a high price to obtain financial investment income and subsidize Conch's main business.

The big brother of the clothing industry, the reason why Youngor is the big brother is not because the clothing is better than others, or because this company is the most stock speculative company in the clothing industry.

Not doing a good job is just a misunderstanding.

The more speculation a lot of companies gets, the bigger they get. Essentially, because they make the most of their expertise, they get a huge amount of money from it.

For example, Baosteel Group mainly speculated in steel stocks in the early years, and Conch Cement Company's speculation stocks were mainly based on cement stocks. It is precisely because these industries and companies are within their circle of competence that they have the advantage of information asymmetry over other investors.

Knowledge with thresholds, made full use in the financial market, can often become the golden finger of nuggets!

"Brother Nian knows how to invest so well, I have to worship you as a teacher!" Li Hanqiang said.

"No, your dad is better than me! This investment of CITIC Securities will definitely be recorded in the history of A-share investment! Wang Qinian said with a smile. Besides, stock speculation should be within the scope of the circle of ability. For example, if anyone underestimates the stocks of peers in the clothing industry that Youngor pays attention to, your dad must be easier to make a correct judgment than me! ”

Of course, if the youth partner company can be successful. Even if it can be listed, the future market value may exceed that of Youngor, after all, people's pursuit of the concept of the Internet far exceeds that of traditional enterprises with stable profits.

……

18 August 2006.

The youth partner e-commerce website was officially launched, and two T-shirts for men and women were launched, both for men and women, and both men and women were 8 yuan. In terms of advertising, it is overwhelmingly bombarded on Mango Channel, BTV and other major local stations.

Also, soft advertisements in newspapers and magazines. It is even more expected!

The advertising budget of about 50 million yuan was smashed, and the news that the youth partner e-commerce website and the youth friend T-shirt of 8 yuan a piece were officially sold spread all over the country!

Through news soft advertising, many consumers learned that the youth partner e-commerce company is invested by some giants behind the scenes. A local tyrant who is not bad for money. The major shareholder is Youngor, and the quality is trustworthy.

As for the style of the t-shirt. It is also very amazing to consumers - all of them are brand new styles, and they are masterpieces at first glance, and they are sold so cheaply? !

"Buy, buy, buy!"

"If you don't buy it, you're not human!"

"It's only eight yuan a piece, it's too cheap!"

Overnight, the T-shirts of the youth friends company sold like crazy!

It is reported that the annual production and consumption of T-shirts in the Chinese market is more than 3 billion!

Even if it is a roadside stall. It is also profitable to sell it for 10 yuan a piece. It can be seen that the cost of T-shirts, as a product of industrial mass production, can be compressed to a very low level.

However, those roadside stand T-shirts. How can it be compared with a T-shirt with the support of a top factory like Youngor behind it?

Fabrics, workmanship, dyeing, washing, everything is top-notch. If, in a large shopping mall, a trademark of a few hundred yuan a piece is pasted, it is very appropriate.

But now it's eight yuan a piece that's cheaper than a roadside stall!

Crazy orders, almost paralyzed the website.

"On August 18th, on this day, we sold 1 million T-shirts, which is more than any clothing brand in China that sold on this day! Of course, our opponent is not the clothing industry, but the e-commerce industry! Li Hanqiao went out to boast the next day, "In the e-commerce industry, the achievements we made on the first day can be called the world's top ten e-commerce websites." Asia will be in the top five, and China will be in fourth. Take Asia as an example, only Yahoo Japan, Ali Taobao, Little Prince E-commerce and Partners E-commerce and other companies are ahead of us. In addition, the little prince and his little partner company are my allies. In the field of e-commerce, we have joined forces, which can be called the first in Asia. Next, our challenge is to surpass Amazon and become the number one in the world! ”

Internet, just brag and pretend to be forced!

If you don't blow a score of 100 points, others will not think you are modest, but will think that you will not build momentum and have little potential.

Therefore, the Internet industry must first learn to blow it up. Those who are patient in doing things are definitely not as good as the development of enterprises that do things in three points and brag about them in seven points.

As Li Hanqiao was ignited, he understood that if he didn't brag, he couldn't be an Internet company, so he kept starting to brag and pretend!

Overnight, Li Han changed from a "princess of Ya" to a "queen of clothing e-commerce"! People feel that Xiao Li seems to be about to surpass Lao Li soon!

Youngor started in the garment industry, but now it has transformed into a troika of clothing, real estate and investment.

From the perspective of profit contribution, investment and real estate far exceed the main business of clothing, of course, Li Rucheng, the head of Youngor, has always said that his main energy is still in the clothing industry.

However, Youngor and other brands of clothing suffer from the same problem - the problem of brand aging. The traditional Youngor brand is no longer young, it has become a high-end formal wear, and the pricing is generally high-end.

There is a problem with high-end pricing, and the market for Youngor is a brand that has not been able to expand.

If the price is reduced, it will damage the image of the brand and may not increase sales and profits. If the price is not reduced, it will be watching, and the rising star will continue to grab market share.

In the field of clothing, in the 90s, Youngor's annual sales were billions, but in the future there is still limited growth, profits, although more than the average level of peers, but sales do not grow, but gradually let its main business market share is slowly lost.

Of course, compared with the advantages of other clothing brands, YOUNGOR's biggest confidence may lie in the accumulation of a large number of cheap factories and huge capital reserves in the past.

In addition, CITIC Securities is about to usher in the main rising wave. Youngor held a large number of shares of CITIC Securities during 05 ~ 07 years, but it is a shadow stock of CITIC Securities!

The stock price of CITIC Securities is about to explode!

Wang Qinian is also ready to buy Youngor, although it may not be as good as directly speculating on CITIC Securities. However, holding Youngor's shares is conducive to long-term cooperation between the two companies, and Youngor's dividend yield has always been among the top listed companies. After buying cheaply, you can even hold the stock for a long time like Warren Buffett without considering selling, and rely on high dividends every year to get returns one after another. (To be continued.) )

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