anxiety – Spress

700 million red envelopes were issued, but it’s hard to conceal Dong Mingzhu’s anxiety

editor — Sat, 26 Jun 2021 10:00:07 +0000

Edit | Yu Bin Produced | Chaoqi.com “Yu Jian Column Dong Mingzhu, who is very active in the Internet circle, once again stood on the top of the limelight. This time, she was on the hot search for an equity incentive announcement and a big red envelope of 700 million yuan to herself. All of these made Gree’s 300 billion yuan. White Horse’s share price hit a new low during the year. The most striking thing about Gree’s employee stock ownership plan this time is that as long as the performance reaches the target, employees can enjoy a 50% discount on their own stocks. Dong Mingzhu’s ambition is not only to provide employees with one apartment per person, but also to realize employee shareholding. Gree Electric’s share price continued to fall after its red open today, and its market value has fallen below 300 billion. Dong Mingzhu may not have imagined that the plan that was originally launched to face performance and stock price pressures has now been unhelpful and caused Gree’s market value to evaporate by more than 10 billion yuan. From mobile phones to new energy vehicles, from chips to high-end medical care, Gree’s diversification attempts are almost all thunderous. Today’s Gree not only loses its position as the air-conditioning boss, but also faces the diversification dilemma, as well as the future successor problem after Dong Mingzhu’s retirement, which makes investors doubt whether Gree is “ill”. “A little bit of a sledgehammer” Dong Mingzhu, born in 1954, is now 67 years old, an age at which he can choose to retire at any time. Gree Electric does not have a day to retire and can only keep moving forward. With low bargaining chips and visible profits, if the assessment target can be achieved, Gree’s profits may exceed the historical record of 26.2 billion three years ago. But Dong Mingzhu has forgotten that real estate, which is highly related to air-conditioning, has turned into a cold winter. Why would Dong Mingzhu go to live broadcast to bring goods, to make mobile phones, and new energy vehicles. Gree Electric’s announcement on June 20 is like a blockbuster. Among them, “50% off stock purchase”, “250,000 yuan per capita”, “Dong Mingzhu or Fuying 800 million” and other key information for this plan have also become The focus of market attention. Many people in Gree Electric’s investors believe that this plan is too inclined to Dong Mingzhu and other management, but some people think that this plan is understandable. Judging from the comments on Gree Electric Appliances Stock Bar, most people hold the former point of view. The essence of equity incentives is to motivate employees outside the core decision-making level such as the chairman, president, and general manager, because these people do not need to be repeatedly motivated. Gree’s 3 billion employee stock ownership plan may be just a “small test”. Gree used more than one billion shares for the holdings of 12,000 employees. It can be said that Dong Mingzhu is a 50% off sale of its own stock in terms of price. Gree previously spent 6 billion yuan to buy back these stocks. It is not uncommon for technology companies to give founders and founding teams “big red envelopes”. For example, before Xiaomi went public, the founder Lei Jun received nearly 10 billion equity incentives, but for Gree, an old player in the capital market who has been in his 20s, such a large-scale incentive plan is a bit abnormal. For example, Apple, the world’s most valuable technology company, and the head of Cook’s equity incentive plan are worth about 114 million U.S. dollars, which is not as high as Dong Mingzhu’s 30 million subscription rights. Moreover, if you want to get incentives, the standards to be met are also the rate of return on assets, net profit, and stock price growth. Gree’s requirements are based on the fact that Gree’s net profit fell by more than 10% during the epidemic last year. It is common for employees to hold stocks at low prices, but what is not common is that Gree’s mission threshold set this time is too low. But in fact, it is not as simple as the outside world thinks. As long as net profit this year and next year increase by 10% and 20% respectively over the previous two years, this figure seems simple to complete. However, Gree’s performance has been declining for two consecutive years, and the pressure to turn things around is not small in the case of performance decline. And despite Gree’s involvement in air conditioners, refrigerators, washing machines, water heaters, kitchen appliances and other fields, according to the annual report, air conditioners are still Gree’s lifeblood, contributing more than 70% of its revenue. As more and more players continue to enter the sinking market, the domestic air-conditioning track is already a stock market, and the current compound annual growth rate of the air-conditioning market is only 4.67%. The condition for obtaining shares is to restore Gree’s performance in the next two years to the level of Gree’s previous years. This situation is caused by the air-conditioning market, which is now in a growth woes. The retail sales of the domestic air-conditioning market in the first quarter of this year was 25.8 billion yuan, compared with 41.7 billion yuan in the same period in 2019. The profit margin has also been greatly compressed by the increase in material costs. Gree’s net profit of 3.453 billion yuan in the first quarter of 2021 has not returned to the level of the same period in 2019. It is not easy to return to the previous profitability level in the case of a sluggish air-conditioning business. Lost the throne, the old opponent overtakes But if Fang Hongbo, the head of Bimei, Dong Mingzhu’s taste is nothing. As the “soul figure” of Gree Electric, Dong Mingzhu received a total of 77,873,300 yuan in wages in Gree’s 16 years. In contrast, Fang Hongbo’s wages in the United States were higher than Dong Mingzhu in most years. Fang Hongbo’s salary in the past eight years was 65.5 million yuan, while Gree Dong Mingzhu’s was 59.79 million yuan. Of course, for Fang Hongbo and Dong Mingzhu, the annual salary is only a small part of the income, and the main income comes from the shares of listed companies. Fang Hongbo’s current holdings of Midea’s equity are worth 8.42 billion yuan, compared with 5.104 billion yuan for Dong Mingzhu’s shares. In addition, Gree has not been able to compete with its old rival Midea in the past two years, and the position of China’s air-conditioning boss that has maintained for more than 20 years has now been given to Midea. Midea’s revenue last year was 121.2 billion yuan, while Gree’s air-conditioning revenue was only 117.8 billion yuan. The most fundamental reason for all this is Gree’s channel reform that is one step behind. Using online channels, gross profit margin can reach up to 38%, while Gree’s dealer model is only 30%. Gree’s gross profit margin ceiling is only 33% by adopting the existing dealer model. Midea, which completed its channel reform two years earlier, launched a price war, and Gree, which was forced to fight, directly weakened the company’s profitability because of the sharp price cuts, and the company’s net profit margin has been cut in half. The price advantage has increased Midea’s market share, while Gree’s market position is not optimistic. Therefore, Gree Electric has carried out drastic reforms in its channels. There are also effects, such as expanding the proportion of online sales and helping dealers digest inventory. With the improvement of channel efficiency and the reduction of costs, Gree may be able to create a situation where the king returns. Because on the one hand, Gree once again opened up profit margins, the net profit rate in the fourth quarter of last year was the highest since 2018. The core business air-conditioning also pays more attention to online. Gree’s online retail sales share last year was nearly 30%, but the offline retail share of 35.1% is still unshakable online channels. Midea Group and Gree Electric have been chasing after me for the past ten years. However, in today’s sluggish real estate industry, Gree has seen its performance decline for two consecutive years, and Midea’s performance growth rate has always been positive. Midea’s diversified development has also succeeded. Although Gree is also trying to diversify, diversified products have not contributed much performance. Gree’s air-conditioning business accounts for as much as 70.08%. In contrast, Midea’s revenue structure is more diversified. Dong Mingzhu’s “side effects” In addition to this controversial issue of equity incentives, Dong Mingzhu also frequently searched for housing allocation for employees. On June 9th, Dong Mingzhu used Hunan Satellite TV’s “We Who Are New to the Workplace” column to use good enough to get the room first, but not good enough to wait slowly, and replied that the employee “has been here for five years without getting a room.” The problem. On June 15th, the more than 3,000 suites Gree gave to employees will soon be delivered, but even with equity and real estate incentives, it will not stop the departure of Gree’s executives. On February 21 this year, Huang Hui, the director and CEO of Gree, who has worked for Gree for nearly 30 years, resigned. Huang Hui is Gree’s “true” veteran and is considered to be the most likely successor of Dong Mingzhu. The biggest uncertain factor for Gree Group is nothing more than the next generation of corporate successors. During Gree’s development over the years, Dong Mingzhu has been labeled as “dominant” and “dictatorship”. There are naturally many benefits for a personalized head, but the question is how to make Gree another Dong Mingzhu-level head People. Moreover, Gree’s strong rival Midea has already found a successor when Gree is still suffering from the problem of successor. That is Fang Hongbo, who has never let the founder He Xiangjian down. Fang Hongbo has allowed Midea’s market valuation to rise to 600 billion, and it is not impossible for the market value of one trillion to rise. With the passage of time, it is undeniable that the Midea Group has caught up and even surpassed Gree Group. In a market with diversified products, Gree Group’s small home appliances are far behind Midea Group. Gree Electric’s current predicament is a “side effect” of Dong Mingzhu. An undeniable problem is that Dong Mingzhu’s personal profile is quite strong both internally and externally. The most typical ones are the Gree Dong Mingzhu store on the online channel and the opening screen of Gree mobile phone Dong Mingzhu. Even Hillhouse Capital, which has spent 40 billion to buy shares, can’t shake Dong Mingzhu’s right to speak in Gree Electric. The diversification time is too late, and the label of air-conditioning products is too obvious. These are important reasons for the failure of Gree’s diversified development. The most distressing thing about this stock price decline was Hillhouse Capital’s Zhang Lei, who spent 40 billion to buy 15% of Gree’s equity, because the stock price fell in one day and lost more than 2 billion of real money. The hills who bought shares from the primary market were bought at a low price, but this also has a price, that is, to give more rights to Dong Mingzhu. Gree’s management enjoys 41% of the income, which means that Hillhouse Capital has spent more than 40 billion yuan to invest in Gree, but 40% of the income belongs to Dong Mingzhu. The board of directors seats is also the most noteworthy point. As a major shareholder of Gree, he only has the right to distribute dividends. Neither Gree management nor Dong Mingzhu can influence its decision-making. Gree is still Dong Mingzhu’s Gree, not Zhang Lei’s Gree. But this is exactly where Gree’s problem lies

Original Changan Automobile’s loss after deducting non-deductions, the performance anxiety, the slow start of high-end cars, the lack of new energy models

editor — Sat, 24 Apr 2021 08:26:07 +0000

Author: less words

Source: GPLP Rhino Finance (ID: gplpcn)

On April 19, Changan Automobile (000625.SZ) released its 2020 annual performance report, achieving operating income of 84.566 billion yuan, a year-on-year increase of 19.79%, reaching a historical peak; achieving a net profit of 3.324 billion yuan, a year-on-year turnaround; net profit after deduction The profit still lost 3.25 billion yuan.

And in the first quarter of 2021, Changan Automobile surpassed Geely in sales of its own brand passenger vehicles.

However, behind the dazzling sales volume, Changan Automobile still has performance anxiety.

Behind the merger of “1Malaysia”, the status of joint venture brands is declining

In the history of Changan Automobile’s joint venture, there have been Suzuki, Peugeot Citroen, Mazda, Ford, etc., but Changan Suzuki and Changan Peugeot Citroen have become history, leaving only Changan Mazda and Changan Ford.

According to the production and sales report of Changan Automobile in the first quarter of 2021, the sales of Changan Ford and Changan Mazda were 64,400 and 29,300 respectively. In 2020, the total sales volume of the two joint ventures, Changan Ford and Changan Mazda, was only 500,000, and the total sales volume of the joint venture was one-fourth of the total sales volume of Changan Automobile.

It is understood that in 2016, Changan Automobile’s net profit was 10.3 billion yuan, and Changan Automobile’s net profit from Changan Ford was as high as 9.1 billion yuan, accounting for 88% of Changan Automobile’s net profit. In 2017, the profit ratio was 85%. It can be said that Changan Ford is the main force in the profitability of Changan Automobile.

By 2020, Changan Ford’s net profit is only 15.7534 million yuan, and the income has been left behind by Changan’s own brand. Compared with Changan Ford, Changan Mazda is in a better position. Changan Automobile has gained 724 million yuan in revenue, but it is also facing a decline in gross profit and profit.

(Source: Changan Automobile’s 2020 Annual Report)

It is worth noting that there are recent rumors that Changan Mazda and FAW Mazda will merge. Mazda (China) told GPLP Rhino Finance that it has not heard of this news and will not comment on speculative reports by individual media.

However, Changan Automobile is making every effort to promote the development of its own brands, and the importance of joint venture brands to Changan Automobile has declined.

The high-end market has just started, and new energy vehicles are still lacking

It is understood that Changan Automobile now owns Changan Automobile, Auchan Automobile, Kaicheng Automobile and other independent automobile brands, and produces and sells joint venture brand models through joint ventures Changan Ford and Changan Mazda.

The product lineup includes CS series, Yidong series, UNI, Auchan series, Shenqi series, etc.; joint venture brands include Fox, Forex, Sharp, Sharp, explorer, adventurer, Angkerra, CX-5, CX-8, CX-30 and other products.

However, it can be found that without Changan Ford and Changan Mazda, there is no product in the Changan Automobile product camp for the high-end market. Domestic independent brand manufacturers are already deploying in the high-end market. Great Wall Motor has WEY and Geely Automobile has also established Lynk & Co. These two brands have received good market feedback.

In contrast, Changan Automobile launched the new CS75Plus in the fourth quarter of 2019, and since the launch of the UNI-T model in the second quarter of 2020, and in March 2021, Changan Automobile’s high-end mid-size SUV UNI-K was launched, but these products have yet to show signs of going out. . Changan Automobile’s high-end transformation has a long way to go.

In addition, subject to the policies of the new energy industry, the decline of financial subsidies, the new energy double points system (the proportion of new energy vehicles is further expanded, and the new energy points of bicycles are reduced by 20%-40%), and the issuance of domestic industry standards, Changan Automobile needs to increase its R&D investment in battery safety application research, big data monitoring, on-board alarms, and thermal runaway suppression. It is understood that Changan Automobile’s R&D investment in 2020 will be 4.142 billion yuan.

At present, Changan Automobile has built new energy models such as Yidong EV, New Benben EV and CS15EV. However, according to the annual report, Changan Automobile will sell 34,926 new energy passenger vehicles in 2020, and 2,187 new energy commercial vehicles. Its new energy vehicle sales account for less than 4% of its total sales.

However, it is understood that in May 2020, Changan Automobile increased its capital in Changan Weilai New Energy Automobile Technology Co., Ltd. After the capital increase was completed, Changan Weilai New Energy Automobile Technology Co., Ltd. changed from a joint venture to a subsidiary. At the same time, it is reported that Changan Automobile, Huawei and CATL will jointly build high-end electric smart brands and enter the field of new energy vehicles.

At the Shanghai International Auto Show on April 19, Changan Automobile also announced that it will launch 26 new smart electric vehicles in the next five years. The first two smart electric vehicles will be unveiled this year.

However, in the eyes of the outside world, regardless of the high-end brand or the new energy transformation, Changan Automobile is always slower than its peers.

(This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

The Buddha’s talent anxiety: 30,000 temples, each with only 6 people

editor — Tue, 20 Apr 2021 13:30:08 +0000

The current mage can’t be a monk who can only meditate and recite sutras.

-Master Guangquan

Text / Ba Jiuling (WeChat public account: Wu Xiaobo Channel)

Put down the butcher knife and become a Buddha on the spot. This is a Buddhist proverb that everyone is familiar with.

Represents Buddhism Everyone has the door open.

But today may be a bit outdated.

A recent news has attracted more attention.

On March 24, the Lingyin Temple public account released a recruitment requirement of Hangzhou Buddhist College: recruiting high-quality teaching masters and home teachers from home and abroad.

Teaching Master means a monk who undertakes teaching work; at-home teacher means a teacher who has not officially become a monk but is also a Buddhist believer.

The key requirements are:

The monk must have a master’s degree or above, and the home teacher must have a doctor’s degree or above.

Faced with this news, many people are curious, why do Buddhist masters need a high degree of education?

What is the Buddhist Academy?

In fact, Hangzhou Buddhist College is more like a Buddhist version of a general university.

According to the definition of the official website: Approved by the State Religious Affairs Bureau, it is a comprehensive Buddhist college recognized by the Hangzhou Buddhist Association.

At present, there are the Faculty of Education, the Academy of Arts, the Academy of Foreign Languages and the Academy of Music.

The faculty members announced by the Faculty of Science and Technology of Hangzhou Buddhist College have a total of 24 people, including 7 undergraduates, 5 masters, and 12 doctors. And many come from domestic first-class universities such as Peking University and Sun Yat-sen University and well-known overseas universities.

In addition to recruiting teachers, Hangzhou Buddhist College is also simultaneously recruiting students: it mainly has two levels of undergraduate and postgraduate teaching, enrolling 30 and 10 students respectively.

Undergraduates require at least a high school diploma; postgraduates require a diploma from an intermediate Buddhist college or a junior college or bachelor degree, as well as a written test and an interview.

According to the Weibo V “PITD Asia Abuse Doctors Organization”, the freshmen of a Buddhist college in China include medical doctors from Zhejiang University, undergraduates from Nanjing University and Sun Yat-sen University.

The minibus flipped through the study courses of Hangzhou Buddhist College and other Buddhist colleges. In addition to general Buddhist courses, both undergraduates and graduate students need to learn “Mao”, English, and principles of economics.

In summary, the teachers of the Buddhist College are highly educated, and the students also require a certain degree of education. The curriculum is not limited to Buddhism. In other words, Now the Buddhist academy is not training monks in the traditional sense.

What kind of monk is it?

The abbot of Hangzhou Lingyin Temple and the dean of the Hangzhou Buddhist College, said Master Guangquan: “The current masters can’t be monks who only meditate and recite sutras. They need to manage the temple and be responsible for the planning and construction of the temple. The believers communicate and cooperate with the outside world and even foreign institutions to carry out activities.”

In this way, it is understandable that Buddhist academies require highly educated teachers.

According to the latest official version of “Freedom of Religious Belief in China”: As of September 2017, there were 91 religious schools approved by the State Administration of Religious Affairs, of which 41 were Buddhism, accounting for nearly 50%.

These Buddhist academies are equivalent to a reservoir, continuously exporting such atypical monks inside and outside.

Polarization and Internet celebrity temples

The main income of the Buddhist academy is government funding.

Taking the data of the Tibet Buddhist Institute for the last two years: In 2018, the financial appropriation income was 96.189 million yuan; in 2019, the financial appropriation income was 55,710,900 yuan.

Someone may ask, why does the government spend money to train Buddhist talents? And need to spend so much money?

simply put, The demand for Buddhist talents is severely in short supply.

According to “Freedom of Religious Belief in China”, As of September 2017,There are about 33,500 Buddhist temples in my country, and about 222,000 Buddhist clerical staff, which means that about 6 people are in charge of a temple.

And there are at least 200 million religious citizens in China, and Buddhist believers are the majority. Coupled with a good impression of Buddhism, they like to go to the incense sticks and pray for children during the holidays. Seek marriageThose who seek test scores conservatively account for more than one-third of the population.

To cope with such a large flow of people with such a small number of people will undoubtedly require huge management costs.

In fact, the commercialization of Buddhism is quite limited.

According to the “Religious Survey Report in China (2015)” published by Renmin University of China, Buddhism, which has the most followers, actually only 6% of places charge tickets, slightly lower than 7% of Taoism.

Because many Buddhist venues do not charge fees, the average income is more interesting. The average monthly income of the clergy of the five major religions is 506 yuan, while the monthly income of the clergy in the Buddhist world is only 397 yuan.

Buddhism urges “rich”, so many people mistakenly believe that Buddhist temples are very profitable, mainly a few online celebrity temples.

The highest profile is Shaolin Temple. Since Shaolin Temple established Henan Shaolin Industrial Co., Ltd. in 1998, it has been involved in tourism, e-commerce, real estate and other fields.

Behind the “success” of Shaolin Temple is the “credit” of Shi Yongxin, the first Shaolin Temple abbot who graduated from an MBA.

Introduce a cold knowledge, 90% of the country’s religious activity venues were approved to be restored after 1982, and they started anew from a blank space.

In comparison, Shaolin Temple has the golden sign of “1500 years of history” (Today, Shaolin Temple has applied for the registration of 666 trademarks).

Therefore, Shaolin Temple was able to start the road to internationalization in 1987.tollProjects include teaching foreigners to practice Shaolin Kungfu, performing performances (owner of the “Shaolin Monk Performance Group”), etc.

Some play historical cards, and some play technology cards. There is a famous temple in Beijing called Longquan Temple. This temple has a special title called “the strongest scientific research temple”.

The abbot of Longquan Temple is Master Xuecheng and the former president of the Chinese Buddhist Association. In interviews, he often talked about the Internet age and artificial intelligence.

The temple has a very magnificent lineup of masters: Master Xianyu, a top student in the Department of Mathematics of Peking University, and a gold medalist at the 47th International Mathematical Olympiad; Master Xianqi, Ph.D. in nuclear and thermal physics from Tsinghua University; Master Xianqing, Ph. Master Xianfan, graduated from Central America; Master Xiandu, graduated from Institute of Computing Technology, Chinese Academy of Sciences; Master Xianwei, Ph.D. from Institute of Biophysics, Chinese Academy of Sciences…

With the aura of these masters, Longquan Temple has united a large number of professional elites interested in Buddhism from various industries with various free meditation activities (such as IT meditation camps) around Longquan Temple, and created a large number of people with a clear division of labor. Volunteer system.

For Longquan Temple, these resources can provide strong material support and contribute free high-end skills. The most sensational example is that with the cooperation of the mage and volunteers, Longquan Temple launched an artificial intelligence robot called Xianer Robot Monk, which has an automatic dialogue function. This made Longquan Temple nowhere in the limelight.

According to the practices of Shaolin Temple and Longquan Temple, self-sufficiency can be achieved, but it is only an example after all.

The truth about commercialization

In 2015, Shaolin Temple invested 1.8 billion yuan to build a branch temple in Australia. The project includes a temple with a six-story pagoda, a martial arts school, a commercial area, a Chinese medicine physiotherapy center, a four-star hotel, an 18-hole golf course, and an area of 56.65 hectares. Of large-scale real estate development projects.

The residential, golf course and other projects have left many people confused.

This mystery is actually not difficult to solve.

Buddhism has four famous mountains, namely Mount Putuo in Zhejiang, Mount Wutai in Shanxi, Mount Jiuhua in Anhui, and Mount Emei in Sichuan. Among them, Jiuhua Mountain in Anhui and Emei Mountain in Sichuan have been listed on the A-share market for many years.

From their financial reports in recent years, it can be seen that the relatively mature business models of Buddhist temples are actually passenger ropeways and hotels.

The latest “negative case” is that at the end of last year, Hong Kong stock company China Travel Service transferred 51% of its shares for 255 million yuan, and Songshan Tourism Group took over.

This incident can be traced back to 2009 when the Hong Kong stock company China Travel Service Hong Kong and the Songshan Tourism Group wholly-owned by the Dengfeng Municipal Government of Henan established the Songshan Company, with China Travel Services Hong Kong holding 51% of the shares.The main business is the sale of tickets to Songshan Scenic Areas such as Shaolin TempleSell.

More than ten years later, the things returned to their original owners. However, the original price was 347 million yuan, which was cut by nearly 30%. Hong Kong China Travel Service only made a profit of 5.87 million Hong Kong dollars.

In fact, this business has not contributed much:The profit contributed in 2012 and 2013 was 4.45 million Hong Kong dollars and 1.88 million Hong Kong dollars respectively. After 2013, relevant data will not be released.

The main reason is not difficult to explain: Hong Kong China Travel Service did not increase investment in the follow-up, resulting in scenic spots that can only rely on tickets as the main income, and the revenue structure is single.

But Hong Kong China Travel Service alsoVery wronged: how to increase investment if income is not enough? As a result, one side cooperated while the other side wrangled with each other, and now the “breakup” is also expected.

After all, the scale of investment is not something that ordinary enterprises can afford . It can be found that the investment and development of local state-owned assets is the common denominator of Buddhist scenic spots including Mount Emei and Mount Jiuhua.

I don’t know if you still remember the Lingyin Temple recruiting editor earlier? Because it requires a full-time undergraduate degree, it has aroused the curiosity of many people.

The editor who finally stood out was called Zhao Liangui. He changed jobs after working there for a year and a half. In an interview, he said that his monthly salary was 5000, which was too low to pay off his mortgage.

Author | Limbo | On-duty editing | Zhang Wenlong

Editor in charge | He Mengfei | Editor-in-chief | Zheng Yuanmei

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