Chapter 1059 Gree
In May, it acquired the remaining shares of Lingda Compressor and Gree Electric Co., Ltd. to achieve full ownership.
By acquiring manufacturers of core air-conditioning parts, the company has achieved vertical integration of the air-conditioning industry chain, ensuring the supply of core parts and controlling costs. ”
Xu Liang nodded slightly.
As the core components of air conditioners, compressors and motors account for about 35% and 15% of the cost respectively.
Gree relies on its two wholly-owned subsidiaries, Lingda Compressor and Kaibang Motor, to ensure the quality and quantity of the supply of core air-conditioning components.
At the same time, the two major companies not only supply Gree, but are also large companies in the field of Huaxia air-conditioning compressors and motors.
However, the technical foundation is insufficient and they can only produce some low-end products.
But this is also the normal state of China's industry. After all, it started late, and it is impossible to catch up with others' decades of technology accumulation in a few years.
"Production, also includes products.
From 1988 to 2000, Gree was in its initial stage. The company mainly focused on assembly and relied on imported core components.
With the acquisition of Lingda Compressor and Kaibang Motor, Gree has initially acquired the ability to independently develop and manufacture core components. Next, our main development strategy is: invest in research and development of our own core technologies and use our own We use advanced technology to produce our own products and become a top home appliance company that integrates production and research and development. "
"In terms of sales, we will continue to implement the 'off-season rebate' and 'year-end rebate' policies to attract dealers to join, fully mobilize the enthusiasm of dealers, and expand Gree's sales network.
Continue to implement the ‘regional sales company model’ pioneered by Gree...”
Looking at Dong Zhuming’s proud expression, Xu Liang could understand her feelings.
The ‘off-season rebate’ and ‘year-end rebate’ policies have made great contributions to Gree’s development.
In order to solve the vicious competition among dealers, such as price wars and cross-selling problems.
At the end of 1997, Gree's first regional sales company was established in Beihu.
The sales company united with large regional dealers to jointly invest in the establishment of a sales company.
The company has unified wholesale, unified prices, unified channels, unified management, and unified services, and the profits are divided into dividends based on shares.
By the beginning of 2002, all provinces and cities had successively established Gree sales companies based on this model.
It can be said that the reason why Gree has developed so fast is that the 'regional sales company' is crucial.
“Next step, we plan to introduce dealers to hold shares, form a community of interests, and deeply bind dealers.”
Looking at Xu Liang, he looked confident.
“The above is Gree’s development strategy in the next five years.”
Xu Liang smiled and clapped his hands.
“A very excellent strategy. If we continue with this strategy, I believe Gree can become a top company in the field of domestic home appliances.”
Dong Zhuming was excited and was about to say a few polite words. .
“But!”
“I have a question here. Can Mr. Dong answer it for me?”
"Please tell me."
"Now the domestic e-commerce business is developing in full swing. The annual turnover of Yihaodian and Taobao is growing rapidly, and foreign Amazon and Yahoo are also expanding.
Countless consumer electronics and retail companies are formulating their own online marketing strategies.
But Gree seems to be indifferent to all this.
Does Mr. Dong think that Gree’s regional sales strategy can work? Conquer the world? ”
Xu Liang's words were very sharp.
When Dong Mingzhu came, he also expected that the other party might ask about e-commerce. After all, the other party is the founder of Yihaodian, and has repeatedly promoted new concepts such as Internet 2.0 and Internet + in public.
We are one of the few people in China who admire e-commerce the most.
“Mr. Xu, e-commerce is indeed a very important sales model in the future, but it is still a little early.
According to our survey, most online sales are in the form of clothing, shoes, hats, books, etc. Value products are the main focus.
Because 3C products, including home appliances, are relatively expensive and cannot be seen or touched, customers are still more willing to buy them in offline stores when there is no way to confirm the quality. ”
“This is not the reason why Gree ignores online. "
Xu Liang handed over the stack of information at hand.
"This is the sales data of 3C products in No. 1 Store in the past three years. Let's take a look. ”
Dong Mingzhu took it.
After a brief glance, his expression changed.
In 2002, Yihaodian’s sales in the 3C field were not even 20 million.
But by 2003, it had increased more than ten times to 270 million Chinese dollars.
Although 2004 was not as exaggerated as 2003, it also expanded to nearly 1 billion Chinese coins.
The SARS outbreak in 2003 greatly helped the development of online retail.
Many people who don’t know much about online shopping are forced to shop online without leaving their homes.
After using it, it turned out to be quite good.
Slowly I became a loyal user of online shopping.
The battle between Taobao and eBay in 2004 and 2005, although the ultimate goal was to compete for China's C2C market, in essence, it also promoted online shopping.
Yihaodian’s revenue in the 3C field has doubled again, reaching a scale of 2 billion Huaxia coins.
It is now August 2006, and Yihaodian's revenue in the 3C field has exceeded 2.9 billion Chinese dollars.
This year’s revenue will definitely exceed last year’s.
In addition to total revenue, there are also revenue records for individual products such as computers, refrigerators, color TVs, washing machines, and air conditioners.
Dong Zhuming glanced at the air conditioner emphatically.
The total revenue in the seven months of 2006 exceeded 240 million Hua Xia Yuan.
Compared with the entire Gree's expected revenue of more than 20 billion Huaxia Yuan this year, it is only a fraction.
But it is undeniable that online retail is developing rapidly.
In 2005, it was less than 100 million, but this year it has doubled or tripled.
If this speed remains unchanged.
Next year it will reach 89 billion, and it will exceed 1.5 billion in 2008.
For any air conditioner manufacturer, the multi-billion channels cannot be ignored.
Dong Zhuming slowly put down the information in his hand.
“How do you feel?”
“Mr. Xu, I have indeed neglected the construction of online channels. After returning home, I immediately organized a meeting with the company’s senior management to formulate a detailed online marketing strategy.< br>
But I hope you can allow me to take this information back. ”
"It's okay to take it back, but don't disclose this information."
This is a trade secret that many commercial investigation companies want to get, and it can be sold for money.
Of course, Xu Liang doesn’t care about money.
But it cares about Gree’s competitors’ use.
“I understand.”
Originally, he planned to mention the 'smart home' thing to Dong Zhuming, but he gave up when the words came to his lips.
It’s only 2006, and smartphones haven’t even appeared yet.
It won’t be too late to pursue ‘smart home’ in five or six years.
Now Gree has just made some achievements in the air-conditioning industry. It is just when it is actively developing new technologies and laying a solid foundation that it rushes across borders and distracts its energy.
Not only is the air conditioning not done well, it also delays the development of new products.
The two talked about Gree's future development. Xu Liang originally planned to keep her for dinner, but Dong Zhuming was a resolute boss.
Especially when it comes to the establishment of online channels, I have to leave in a hurry.
Fortunately, Xiangjiang and Haizhu are across the sea, and the round trip by helicopter takes less than half an hour, which is very convenient.
Afternoon, small conference room of Hanhua International Center.
The registered headquarters of Hanhua Group is located in Xiangjiang.
The management headquarters is located in Beijing.
At the same time, the business of Hanhua Office is divided into two parts.
Part of it is local business.
Securities, trusts, insurance, etc.
The other part is the global business.
Mainly three major funds.
Private equity fund ‘Green Dragon’, hedge fund ‘Pacific’.
Xu Liang is directly responsible for these two funds.
Currently, Qinglong Fund is divided into three phases, managing a total of US$120 billion in funds.
Phase 1 is worth US$60 billion and will expire at the end of this year.
Phase 2 of US$30 billion is due at the end of next year.
Phase 3, worth US$30 billion, expires in October this year.
Pacific Fund is also divided into three phases, but the funds under management are US$30 billion less than Qinglong Fund.
The maturity time of the third phase fund is similar to that of Qinglong Fund.
Qinglong and Pacific are the two most prestigious funds of Hanhua in the world. It has consistently ranked first in the income rankings of two major series of funds, private equity and hedge funds.
The revenue record they set remains unbeatable to this day.
Qinglong and Pacific are the two pillars supporting the financial empire of Hanhua Group.
Except for these two brilliant funds that Xu Liang is personally responsible for.
There is also an ‘Indian Ocean Hedge Fund of Funds’ directly managed by the headquarters of Hanhua Group.
There are three sub-funds under it.
If there is a contempt chain in the fund field.
Then public fund managers are undoubtedly at the bottom.
Hedge fund managers are at the top of private equity.
Anyone who can become a hedge fund manager within Hanhua Group is a top financial genius who has proven himself.
In the seven years since Hanhua was founded, the number of venture capital funds and private equity fund managers has increased, and now the total number of managers is no less than thirty or forty.
But there are only three hedge fund managers.
"Old Sun, your No. 1 fund is due next year?"
Sun Zhenping nodded.
“Expires on December 1 next year.”
"How much is the floating profit now?"
"124%. Companies such as Amazon, Apple, eBay, and BlackBerry have developed very well in the past two years. The bonds they issued are very popular in the market, and their quotations have reached new highs. , I also made a lot of money.”
Sun Zhenping had a smile on his face.
In the past two years, he has been investing behind Xu Liang.
Xu Liang invested in Apple’s stocks, and he invested in Apple’s bonds.
Although people say in private that he has no real ability and is just following the rules, the money he earns is real.
As the first person in charge of Hanhua's independently managed hedge fund, the fundraising amount of the No. 1 fund he is responsible for has exceeded US$6 billion.
After seven years, his net worth has exceeded US$500 million just from fund dividends.
So, I don’t care what others say.
Xu Liang nodded and turned his eyes.
Sitting under Sun Zhenping was a plain-looking middle-aged man wearing a white shirt and black-rimmed glasses.
His name is Jiang Ping. He was once rated as one of the "Top 100 Traders" of the year by the famous Wall Street professional magazine "Trader", and he was also a financial wizard praised by Lao Ba.
Before Xu Liang’s rise, he was the strongest financial genius among Chinese in the world.
If it weren’t for the habitual discrimination against Chinese within Lehman.
It was not easy for Hanhua to poach this real financial genius.
"Lao Jiang, is the Fund No. 2 you manage due to expire this year?"
"Yes."
"How much money are you planning to raise for the second phase?"
"5 billion "U.S. dollars," Jiang Ping said with a smile.
“You have created an average annual excess return of 153%. Isn’t US$5 billion too little?”
"It's enough to jump from US$1 billion to US$5 billion. If it's more, I don't have a better investment channel.
The rate of return will not be guaranteed by then."
Hedge When it comes to fund investment, more money is not always better.
Without good channels, the funds remain in your hands and cannot be invested, nor can you make money.
The reason why Xu Liang dares to play with 90 billion US dollars is because he has the memory of his previous life and knows very well what is profitable and what is not.
Where is the pitfall, and when is the crisis erupting?
Others don't have his conditions.
"Sister Zhong, what about you?"
Zhong Lifang smiled and said: "I am the last to join Indian Ocean, and my experience is not as rich as that of Lao Sun and Lao Jiang. When the No. 3 fund in hand expires, Let’s raise 2 billion next time.
To be honest, the jump from 500 million to 2 billion US dollars has put a lot of pressure on me. Mr. Xu, please stop putting pressure on me.”
"Haha, okay. I won't say much more.
I'm here to summon you for a meeting. In addition to asking you about your next development, I also want to ask you what you think of the current real estate market in the United States.< br>
To be precise, when do you think it will explode?”
Hearing this, the three of them exchanged glances.
As for the U.S. real estate market, they knew from the information collected by the group that there were great hidden dangers.
But it's not going to explode, triggering a major downturn in the entire real estate market, they don't quite know yet.
After all, this kind of thing has never happened in the past history of American real estate.
"Old Sun, you come first."
Sun Zhenping organized his speech.
“Mr. Xu, M1 in the United States now exceeds 10 trillion U.S. dollars, and M2 exceeds 34 trillion U.S. dollars...”
Xu Liang interrupted him with a wave of his hand.
“You don’t need to tell me the macro data, just tell me your conclusion.”
Sun Zhenping thought for a moment.
“I think it won’t break out until 2008 at the earliest.”
Xu Liang nodded slightly, “Sister Zhong, what about you?”
"I also think it should be 2008, but it's hard to judge the specific time." Zhong Lifeng said.
"Lao Jiang, what about you?"
"I may be a little more adventurous than the two of you, probably in mid-2007, May or June." Jiang Ping said with a smile.
A flash of surprise flashed in Xu Liang's eyes.
This judgment is very close.
"Lao Jiang, although there is no room for subprime debt now, Europe, the United States and Japan and South Korea, two markets that are closely connected with the United States, still have a lot of capacity.
It should not explode in May or June." Sun Zhenping said.
Generally, it cannot be sold and will explode only after a liquidity crisis occurs. As long as there is still a market for U.S. subprime debt, it will not explode so quickly.
“The M2 in the United States is almost 40 trillion US dollars.
According to the current development speed, it will exceed 70 trillion in mid-2007, and maybe even 80 trillion.
Even if the European and American markets can share this huge pool, the market should soon maintain peace.
As for Japan and South Korea, the Asian financial crisis has robbed them of thirty years of development.
The current Japanese and Korean finances are not frightened, but they are certainly very conservative.
Although they are not sure when the U.S. subprime debt crisis will break out, they certainly understand that there is a big problem inside.
I won’t jump in hastily.
Ordinary people in Japan, South Korea, especially Japan are still paying off their real estate debts back then. Now they almost avoid real estate and real estate bonds like snakes and scorpions, and they will even less buy them.
China’s financial market is not in line with international standards.
The scale of Singapore, Malaysia and Thailand is too small.
So I judge that this bomb will explode in May or June of 2007. ”
Sun Zhenping did not refute again. This kind of thing is justified by the public and the mother-in-law. Without concrete evidence, no one can convince anyone.
The last three of them looked at Xu Liang.
The man in front of me is currently recognized globally as an investment guru who is comparable to Buffett.
After seven years since his debut, he has never failed.
Xu Liang was not polite: "I agree with Lao Jiang's judgment, but I am more radical. There will be a crisis in U.S. subprime mortgages in April next year."
"April? ”
Sun Zhenping and Zhong Lifang showed surprise on their faces.
Xu Liang nodded.
“It’s April, this is my judgment.
If you agree, take the opportunity to invest in some short options on U.S. subprime debt, such as CDS bonds.
I believe there will be better returns.”
Looking at the three people with thoughtful eyes, Xu Liang didn't explain any more.
"My judgment has been told to you. You can make your own decisions, just go and get busy."
Sun Zhenping and the other three nodded.
Everyone got up and walked out.
Watching them leave, Xu Liangliang breathed a sigh of relief.
Everything that needs to be said has been said, whether they can catch it or not depends on themselves.
(End of this chapter)