To be honest, it was not the fault of o2o. The mountain of losers that had piled up a few years ago were not all incompetent people, just because the road ahead of them was too bumpy.

Life-threatening.

Alibaba is not good at offline, but others have money.

Three years ago, advance payments, receivables and other assets were 37.1 billion yuan, and this year it has reached 131.2 billion yuan...

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

The money ability is also very awesome.

Buy it Buy it Buy it Buy it!

In the whirlpool, Wanli is now a competitor that is stared at by the giants. Compared to Alibaba's shirtless battle, Penguin is more indirect. She likes to hide behind her, control others to charge and enjoy the pleasure of playing chess.

Look at the little eyes behind Brother Ma’s gold wire glasses.

In the past, when the gods stood far, the little ghosts suffered, but now they are qualified to be close, and there are bloody storms among the giants.

At the least, the landslides and the earth will break.

In the worst case, the sky is dark,

It is difficult to find a place to protect yourself.

Especially for trendy people,

Just standing at the forefront,

Lao Song is under a lot of pressure.

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

Taking advantage of the good opportunity to open your hands in Hong Kong stocks and do your best to make a big splash. Only capitalization can win more premium space and gain the right to speak. As long as Luckin does not make fake accounts and seek death by itself, there is basically no big problem.

Even if the Luxury Time is listed in Europe, it is niche after all, and its market value will not be too high. It is essentially a cash cow.

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

The real taste has great potential, but it can't get up in less than three years. It's mainly about offline and women's economy.

After millions of winners, trendy talents are the most promising seed players in the group!

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

Chen Feng was surprised and asked Lei Li: "What's the situation?"

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

Chen Feng nodded, Lao He is a legendary entrepreneur.

A billionaire is almost eighty. Can someone be targeted even if you raise 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 promised: "It happened on the way to go to golf, and the other party seemed to have an explosive."

"It is obvious that the security level is not high enough and the personnel quality is not good. It is probably a route that is frequent, so I relax my vigilance."

Chen 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 my parents are also very relieved.

The modified big G opens the way, Rolls-Royce Phantom in the middle, Bentley adjudged...

Not to mention the drivers, there are only six close-fitting items, not to mention two trump cards to protect them...

Very reassuring!

Come to the club to have a leisurely entertainment. Bao Bald Head looks good recently, and the limelight of Chinese stocks has gradually subsided. Especially for Fa, if the east side is not bright, the west side is bright, at worst, come back to Hong Kong stocks. Whose money is not money?

"Last month, Gree and Midea's two enemies made financial reports, one was 270 billion and the other was 190 billion. Midea was 40% ahead, but its net profit was 2% lower than Gree."

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

It is worthy of being a home appliance giant, with a revenue of 200 billion yuan easily, which is the awesomeness of the industrial chain.

It was very difficult to endure at the beginning, but once it reached a certain scale, it was not easy to die.

"There is no way. Sister Dong's household appliances and smart equipment have not been really made, and she was beaten by Midea all kinds of things."

Bao Fanpin Lipin said: "From the investment perspective, Midea has two engines: HVAC and consumer appliances, which have normal operating conditions and promote steady growth in performance."

"Gree only has one engine for air conditioning, and its revenue growth is fast but its face is vague, so..."

Chen Feng nodded. What real investors care about the most is the security of funds, and then the pursuit of profits.

Look at Buffett, the entire team worked hard for a year and finally made 20% of the money?

Are there no other more profitable projects?

The richer you are, the more cautious you invest. Many of them are not familiar with it. Especially in the Internet era, various so-called new projects emerge one after another, and there are new tricks every day. You don’t have to do anything just by studying BP.

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

Chen Feng is most enjoying the process of project from scratch now. Of course, making money is a measure of the goal, but it is definitely not the source of all sense of accomplishment.

"Gree has strong cost control capabilities, especially in terms of sales expenses, but Midea's expenses are not vain, especially in terms of R&D expenses."

"I can only say that one dares to spend it, the other can save money, and the match is equal..."

Bao Fan joked: "In my opinion, they all have weaknesses. Midea wants money, and Gree wants death."

Chen Feng laughed loudly, it was interesting.

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

"To put it bluntly, the purchase price is higher than the net asset of the target. It is like spending 1 million to buy a money tree. The wood on the tree is only worth 50,000, so it generates 950,000 goodwill."

"If 200,000 can be shaken out every year, the discount rate is 8%, the present value of the income in the next 10 years will be 1.34 million and the net present value will be 342,000, which is the cost-effective."

"But the problem is that the money tree of Kuka brought a net loss. After a long time of struggle, I found that the meat I bought could not grow on my body?"

Chen Feng shook his head, how easy is it for domestic companies to play with the high-end German Niu X company?

What's more, there were three rules at that time. Until the acquisition lasted for seven years in 24, one could not lay off employees, two could not close the production base, and three could not adjust the management.

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

"If I operate, I will directly delist overseas and go to the Science and Technology Innovation Board after packaging and reorganization, and I may still get a considerable investment income."

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

"The gross profit margin of such a large business is only 3.5%, less than one-tenth of that of the air-conditioning business. Is it not that many tricks are not worth telling outsiders?"

Chen Feng recognized this point. If Midea's weakness is Kuka, it would be impossible to sell it by a loss of 10 billion yuan, which would have a limited impact on the market.

Let’s talk about the 20 billion goodwill, which is a thunder for four or five years, and it is just a distant thunder for the capital market.

However, it is a fatal problem that Sister Dong fails to cultivate other businesses that can take the lead in addition to the air conditioning business.

A tree alone can't make a forest.

Who doesn’t play with comprehensive strength now?
Chapter completed!