Reborn Entrepreneurial Giant.

Chapter 389 Financing or IPO

In order to help Xiao Ma persuade Zhang Yimou to join, Qu Li asked Big Dog to buy the film and television adaptation rights of "Snowpiercer" and also came up with the idea of ​​"Purge", a low-cost, high-box office movie that is only released overseas. , can help Xiaoma make some money.

Of course, in Qu Li's eyes, small money does not necessarily mean to a film and television company. He remembered that the cost of this series of movies was less than 1000 million U.S. dollars, and the box office was about [-] million U.S. dollars. How many days of revenue was this for Honor?

While Qu Li was busy with Glory matters, Wu Shihong began to accept media interviews. This year's Annual Meeting of Entrepreneur Leaders was about to begin again. Qu Li was invited to attend, but he refused, not out of grudge, but because he felt it was meaningless.

Some Wall Street financial capital came to Beijin to discuss financing matters with Qu Lileijun. Looking at the incredible data, it was difficult to give a suitable valuation.

The profit margin of Honor mobile phones is very high, with an average price of about US$200 and a selling price of about US$500. Even if each phone deducts the channel fee of US$120, there is still a profit of US$180, deducting the US$100 for various R&D and publicity. cost, and a net profit of about $80.

Honor's products this year include three series of mobile phones, one tablet and two laptops.

The sales volume of iPhone in 2010 was around 4000 million. The influence of the Honor brand is not weak. Even if the sales volume of G3 is not as good as iPhone4, the magic and mate series combined will definitely surpass the iPhone. There is also the just released G4. A rough calculation of the sales volume of Honor mobile phones in 2010 It should be more than 5000 million units.

The tablet computer iPad sold 2010 million units in 1500. Since the Honor GPad's operating system is Android, there is a natural gap between it and the iPad. The annual sales volume is calculated as 1000 million units.The two series of notebook computers are estimated to be 150 million units, which is not too bad and the profit is not high.

In other words, Honor mobile phones and tablets should be able to sell about 2010 million units in 6000, with a profit of US$80 per unit, which means a net profit of US$48 billion.If the negative impacts caused by various investments and industrial support are removed, the net profit will never be less than US$30 billion.

According to the valuation of the consumer electronics industry with a price-to-earnings ratio of 10, Honor is worth at least US$300 billion. Forbes has greatly underestimated Honor.However, it is impossible for these investment institutions to invest in Honor based on a valuation of 300 billion.

"Honor's risks are now controllable, and there are no issues with Apple's patent litigation..."

"Our development strategy is quite clear. The smartphone business is at the core, and most investments are centered around improving competitive advantages. Our investment in pure electric vehicles accounts for less than 10% of net profit..."

"The smartphone market still has great growth potential, and our profitability can be raised to a relatively high level at any time..."

Lei Jun introduced Honor's development this year on stage, which greatly affected the confidence of some investors.Apple's net profit in fiscal year 2010 reached US$140 billion, and its market value was approximately US$2500 billion. It was at its peak.

"Glory should go public directly. No one can take such a large amount of investment." One of them said. Although it was a bit exaggerated, it made sense. The subprime mortgage crisis had just passed and the capital market had become active again, but who would dare to make a fortune? Just spend tens of billions of dollars.

Honor's sales of 150 million computers are about 8 million. Including phablets, it is estimated that sales revenue will be about 2010 billion US dollars in 310. Calculated based on the net profit margin of about 21.5% in Apple's financial report, Honor's net profit level can be adjusted to 66 billion US dollars, with a price-to-earnings ratio of 18 times, and a valuation that can reach US$1200 billion.

You must know that in the eyes of consumers and investors at this time, Honor has surpassed Apple, has greater vitality and imagination, and may defeat Apple in the patent war, making it twice banned from sale globally.

These people have no idea how much profit the Apple Appstore can bring, nor the excellence of IOS, nor the fact that the cost of Honor phones will increase year by year due to patent expenditures.Samsung Electronics can be said to be one of the best consumer electronics companies in the world. Its subsequent market value does not seem to exceed US$5000 billion, because a large part of the value-added profits of smartphones has been divided by Google Android.Samsung can be replaced, but Apple has no brand to replace.

Although these capitals are optimistic about Honor, no one dares to risk investing in Honor with a valuation of more than US$1000 billion.

How dare Qu Li mess around at this time? This random struggle may be the difference between tens of billions of dollars. He really doesn't dare to take it lightly.

At the same time, Double Eleven is coming, Taobao has launched a promotion, Jumei will also launch promotional activities, Dangdang, Yixun, Yihaodian, Vancl Eslite, etc. all have such plans, and the entire network is promoting Double Eleven. On Singles’ Day, a shopping carnival, Taobao is more willing to spend money on promotion than Jumei.

This is caused by the different business models of both parties. Taobao wants traffic, and Jumei wants efficiency. Theoretically, there is no upper limit on the service scale of Taobao’s platform model, while Jumei’s self-operated model definitely has an upper limit, and can manage hundreds of thousands. A company with employees can be said to be excellent in terms of its organizational structure and management capabilities.

Qu Li didn't go to Yangcheng and contacted them by phone and email. He didn't have to worry about promotion matters. Dadongzi and Xu Lei were people who dared to fight a tough battle.

With the current scale of Ali Taobao, it is not possible to choose one or the other, so most merchants can conduct promotions on both websites at the same time. The difference is that Taobao has individual sellers.

In fact, there are many differences. Jumei Juhuasuan emphasizes service, which includes logistics and after-sales, as well as the evaluation system, which is Goudong’s Jingdou. It does not allow fake orders and positive reviews. If there is a violation, it will be punished and the account period will be extended. Limit withdrawals or even kick them off the platform.

Although Jumei attaches great importance to products and services, and Juhuasuan attaches great importance to price and service, and both emphasize service, the most important thing is always price. No matter how good your service is, most buyers will not pay attention to the price difference of the same product if it is more than [-] yuan. Choose the cheaper one.Because domestic labor costs are low, services are “not valuable”.

But low prices are not a panacea in promotions. In other words, at the same low prices, Taobao and Jumei have almost no advantage. Therefore, Taobao's promotions make consumers lose their sensitivity to prices. Various complex promotion methods, First increase the price and then promote the product. There are coupons for events and you can get red envelopes. After all the hard work, you will indeed get a discount, but it wastes a lot of time.

The two domestic platforms of Jumei have differentiated in their promotions. Jumei takes the high-end and high-quality route, giving price-sensitive users the opportunity to spend time to get discounts and buy goods that they would not normally buy.Juhuasuan is following the example of Wal-Mart and Pinxixi in offering “low prices every day”.In this way, Taobao’s promotional illusion can be broken and consumers can return to rational shopping.

The more you study Pinxixi, the more you discover their excellence. Of course, this does not mean that Pinxixi is a "good company". There is nothing wrong with low prices, but they have low prices but not quality.Only Goudong's B2C model can achieve high quality and low price with its own brand through efficient supply chain management.

Jumei's long-term strategic plan is not wrong, but the entire e-commerce industry is exploding. Taobao's combat effectiveness at this time is subversive. Consumers have not been harmed, have not formed antibodies to promotional activities, and have not formed a response to Jumei's cost-effective low prices. Cognition.

On Double Eleven in 2010, more than 1000 sellers participated in the event on Taobao platform, with a transaction volume of more than 20 billion.Jumei has less than 500 sellers participating in the event, plus less than 1000 Juhuasuan, and the transaction volume of third-party sellers is less than 10 billion, which is far inferior to Taobao.