2013.03.23 Costone Capital 浏览次数:
When many financial institutions with the obsession of copying the 'US pattern' to the Chinese market. Zhang focuses more on investigate the niche market between Chinese and foreign markets and investing in the Chinese economy with unique logic.
Shandong Liuhe was a famous case of Zhang in his early years. With annual sales of 70 billion yuan in 2014, this leading agriculture company used to earn only 1.4 billion yuan in 2003. It is highly controversial when Zhang invested 67 million yuan in Shandong Liuhe with a PE ratio of 4 because the agricultural industry is not profitable in history. Both total asset and net asset return ratios are relatively low with other competitors. More importantly, the problem caused by low efficiency in industrial volatility and industrial intensification is hard to overcome in China, so the Chinese agricultural firm can only specialize in one area.
In the field of poultry raising, Shandong Liuhe has found its unique, developing space and way. A decade ago, Liuhe positioned itself as a "server of farmers" to provide farmers with the whole service chain, including on-site field management, feeding tutorial, and epidemics prevention. More importantly, it unified the feeding supply chain, veterinary medicine, and even farm loans to guarantee. Shandong Liuhe achieved its business scope covering veterinary medicine, feed supply, epidemic prevention, site management, farmhouse set-up, and chicken purchase. The firm consistently adheres to its low-profit strategy and continuously decreases price as long as it earns a profit.
"China has a wide geographic area, and the economy in its developed province is even as same as in a major European country. Soufang and Focus are established on foreign business mode, which adopted the agent system belonging to a product of a highly developed commodity economy. Over time, the operational efficiency of two firms decreases as the increasing agent layer". In Zhang's opinion, the Chinese market is huge enough. There is still much space in the regional market to cultivate, of which 365 Real Estate is the representative firm dedicated to the Jiangsu market.
The above context is an excerpt of the speech by Qiwen Wang, the partner of CoStone Capital. For the original transcript, please refer to http://stonevc.com/news_view.aspx?fid=t2:5:2&id=528&isactivetarget=true&typeid=5
Edited by Li Yunzhen,Du Zhixin
几年前，我曾提出一个问题：中国经济繁荣的根基是什么？
我认为是“重商主义（这里借指市场经济）”与“儒家文化”这两个因素的核聚变，只要我们的体制大门开一条小小的缝，中国老百姓与生俱来的聪明、勤奋、奋不顾身，几千年穷怕了的物质主义和实用主义，就能创造一个新天地。
2021年，我见到一个新能源公司的董事长，谈及张维迎所言“直到20世纪70年代，绝大部分中国人的生活水平不比唐宋时期好多少”，他说这是真的，1978年他没有见过电，全家所有家当是一个小木柜。1979年，我的好朋友，一个咨询集团的董事长考上了大学，报到前他勤工俭学，骑六七十里山路卖冰棍，山里的一户人家，用几个鸡蛋和他换了一根，全家人排成一排每个人吮吸一囗。
在改革开放前，这是中国普遍的景象。而我们这一两代人，在改革开放后，怀抱着对美好生活的向往，创造了人类发展史上的奇迹。40多年过去，我们看到，轻舟已过万重山。伟大的中国工业革命，怎么赞扬也不为过！
而另一方面，中国用几十年的时间，走完了发达国家几百年的路，这也就注定了，我们上山的道路，更加的陡峭。同时，中国作为一个有几千年历史的古国，其发展正常就是“孔雀东南飞，五里一徘徊”。作为一个新兴经济体，我们讲究的是实用主义，中国的政策也是因时、因势而变的。
因此，并非一些简单的因素就能够遏制中国的增长，只要不出现战争这样会扰乱经济进程的极端因素，只要中国依然坚定地支持民营经济发展，保护企业家精神，中国经济的前进步伐就是坚定不移的。
如果认同这一点，那么无论是短期的政策、市场变化还是长期的中美对抗，都不会让我们产生太大的焦虑。
具体从我们做企业和做投资来讲，也无需过度悲观。“沉舟侧畔千帆过，病树前头万木春”，在一些行业和企业衰落的同时，也永远有一些行业和企业在崛起。
以半导体产业为例，我们不必纠结于半导体仿佛一年紧缺、一年过剩，因为问题的核心不是这个。问题的核心是第四次工业革命离不开半导体技术，而中美对峙、科技封锁，将进一步迫使中国在所有科技领域谋求自主可控，进一步迫使中国以举国体制解决创新问题。同时，当一项投资吻合科技进步趋势和政策引导的双重影响时，其估值亦将脱离传统财务模型。这些才是中国硬科技投资的重要的底层逻辑。
看待资本市场，我们更不必计较一时的股价波动。回顾历史，在资本市场发生剧烈调整时，那些优质的企业往往也会出现大幅下跌，但不同的是，优秀企业不仅能收复失地，还能再攀高峰。因此，我们继续坚定地布局那些有核心技术、有企业家精神的企业。而从我们的投资经历来看，那些有企业家精神的企业最终都带领我们穿越了周期，并获得了异乎寻常的回报。
莫愁前路无知己，天下谁人不识君！