How Did Guo Mei Leave "Wong Kwong Yu"?

household electrical appliances

In the past two weeks, Gome, which has already been drifting away from War Within Three Kingdoms, has caused a lot of agitation.

In November 17th, a shocking news came out on the Internet. "Wong Kwong Yu may be released early for medical treatment."

Affected by this, Gome's three carriages took the lead, and Zhongguancun's stock price was sealed up.

For a time, rumors started four times, and even some people judged that Wong Kwong Yu would split the Gome online into the triad company and build Zhongguancun into a financial investment holding platform.

Gome senior officials have heard a rumor in the past week.

Gome chief financial official told the media 23 days ago, "no information has been received. This is a rumor."

However, according to the information disclosed by the attorney of Wong Kwong Yu's case, Wong Kwong Yu would be released early in 2015 even if he did not seek medical treatment.

He Yangqing, senior vice president of Gome, did not accept requests for comment by telephone, text message and e-mail. However, Ge Wei, a public relations officer arranged by Gome, sent a half year, three quarter performance report to the weekly Times reporter and "O2M's all channel vendor strategy".

In the era of advocating heroes, Wong Kwong Yu's personal charisma has a profound impact on Gome.

However, the industry also doubts that even if Huang is released from prison, it will not be possible to make fundamental changes to Gome.

And whether or not it can be released from prison.

According to our law, even if Wong Kwong Yu is released from prison in advance, he can not openly engage in the management and operation of Gome.

Liu Buchen, chief consultant of Kuai Fu enterprise management consulting organization, pointed out to the times weekly reporter, "in fact, Wong Kwong Yu has been in the state of remote control of Gome in prison."

Wong Kwong Yu, the famous financial writer, "the truth of Li Delin" and "I know the truth of Gome", also told the times weekly reporter: "although in prison, Wong Kwong Yu still has enough control power. In recent years, major decisions of Gome were made by Wong Kwong Yu after making a personal decision."

Profit from "retreat" or "unsustainable"

Gome started in Beijing in 1987 and operates various household businesses.

The shop, which is mainly less than one hundred square meters, began to develop to the Chinese home appliance retail chain industry hegemony.

Gome successfully launched in Hongkong in June 2004.

In the era of Wong Kwong Yu, the "financial model" that relied on the entry fee of the store and the bad time to earn the accounts was the magic weapon of Gome.

However, "Cheng also Xiao He, defeated Xiao He", Gome's growth and profit model has been swallowed up by the consumer electronics business enterprises represented by Jingdong in the recent years.

On the one hand, Wong Kwong Yu was imprisoned by the incident of imprisonment, and on the other hand, he stumbled on the road of pformation. Gome had lost its original hegemony.

The scramble for internal control of management has once brought Gome into a vicious circle.

The struggle for control over Gome began in August 2010, after a year's end, with Chen Xiao (micro-blog) quietly leaving.

Huang's family finally gained control, but Gome's performance fell to the bottom.

In the first half of 2012, Gome had a net loss of 501 million yuan, the first half year loss for its listing in Hongkong in more than 8 years, and 2012 annual loss as high as 597 million yuan.

After a year and a half of strategic adjustment, Gome was completely out of the mire of losses in 2012.

According to Gome's data provided to the weekly Times reporter, the first half of 2014 showed that the company achieved sales revenue of 29 billion 120 million yuan, up 7.4% over the same period last year, and the profit attributable to the parent company was about 6 .9 billion yuan, up 115.2% over the same period last year.

The Gome announcement just released in November 21st showed that the net profit of the company in the first three quarters increased by 74.9% to 1 billion 18 million yuan under the positioning of "open channel retailer".

Gome has summed up this battle of "turning losses into profits" into a "dedicated line" of a shrinking front.

To sum up, it is the strategy of desalting online layout and deepening the construction of stores.

Since the end of 2012, Gome has begun to bid farewell to the development mode of fast track shopping in the past, and to pform the "commodity management" mode of pricing power. Since 2013, the focus of development has been placed on offline entities, and no longer entangled in the number of rebates, and began to form a "business with quantity" mode of cooperation with manufacturers.

In the era of the whole industry embracing the Internet, Gome announced the "return to the essence of retailing, no longer" after the end of 2013, and officially stopped using the electronic business platform.

However, people familiar with Gome's history can find that the pformation from the horse race enclosure mode to the "commodity management" mode that controls the pricing power has actually been put forward in the Chen Xiao era.

Li Delin, a well-known financial writer, told the times weekly reporter that the "commodity management" mode of Gome was actually "back to Chen Xiao's strategy" at that time.

Liu Buchen, chief consultant of Kuai Fu business management consulting organization, said: "Wong Kwong Yu's younger sister Huang Yanhong has briefly entered the board of directors of Gome. After she came back, she continued her family's horse race enclosure mode. I didn't know that the market had changed a lot, and the marginal effect of continued large-scale opening would drop."

Liu Buchen believes that the strategy at that time was an important reason for Gome to fall into the crisis of performance.

"In fact, in 2012, it was also based on Wong Kwong Yu's death order, and the Gome's performance could not be lost. Finally, Gome implemented the strategy of downgrading the online layout and deepening the store construction."

He also pointed out at the same time that the current situation of Gome's loss of profitability is not sustainable.

"Gome's subsequent profit defense campaign actually closed down a large number of stores and downplayed the online layout.

The money spent before is not spent. This shows the increase in profits financially. After the closure of the Internet, some of the original online marketers joined the offline marketing, and indeed increased the revenue of a single store.

However, according to Gome's materials sent to the weekly Times reporter, Gome will once again force the "Internet", that is, "O2M's all channel retailer strategy", which is intended to create a combined operation mode of "offline stores, online e-commerce and mobile terminals".

However, industry experts expressed their doubts about strategy.

Liu Buchen believes that "Gome withdrew from the competition when everyone started off and is now too late to join the competition."

Li Delin pointed out that online and offline combined operations will face contradictions between the two independent departments within the enterprise.

Sanlian, Zhongguancun's awkward position

In addition to Gome, Gome's listed companies, Sanlian company and Zhongguancun are all companies that Wong Kwong Yu bought before the window.

According to the previous deployment, Sanlian can enrich the coverage of Gome's home appliance chain, and Zhongguancun has become an important piece of Gome's real estate business.

Especially for Zhongguancun's acquisition.

Holding a lot of land reserves, the real estate market is in a blowout state. If Wong Kwong Yu was not in jail, even if the appliance chain industry had a certain decline, the huge gold mine of real estate would be enough to bring enough cash flow support to Gome.

However, after Wong Kwong Yu was sent to prison, Gome gradually cleaned up its real estate projects.

In fact, according to the "Securities Daily" report in 2012, Gome holdings in October 20, 2006 promised to seek or inject "high-quality real estate projects" and provide some financial help to Zhongguancun listed companies.

However, by 2012, Zhongguancun announced that the commitment to "perform obstacles" was due to the state's macroeconomic regulation and control policy.

Zhongguancun's position is also extremely embarrassing as the United States withdraw from the real estate front. As of the middle of this year, its revenue was only 1 billion 100 million yuan.

According to Zhongguancun's restructuring plan in the evening of June 12th, Zhongguancun's construction was basically in a deficit from 2010 to 2013, with net profit of -6052.32 million yuan, -1798.41 million yuan, 42 million 452 thousand yuan and -24200.01 million yuan.

After the divestiture is completed, the assets quality of listed companies can be improved.

But in fact, the construction business undertaken by Zhongguancun construction accounts for the bulk of Zhongguancun's overall revenue.

Taking the 2014 interim report data as an example, Zhongguancun's overall business income is 1 billion 120 million yuan, and Zhongguancun's construction revenue is 794 million yuan, accounting for more than 70%.

At the same time, the competition between Sanlian and Gome has not yet been solved.

In 2008, Gome sold 541 million shares of Shandong Longxia Island Construction Co., Ltd., holding 27 million shares of Sanlian Group, which became the largest shareholder of Sanlian trading company.

Gome's commitment to solve the problem of interindustry competition with Sanlian company within 5 years may include specific measures including the merger and absorption of Gome and the company. The company will divest the original business by way of Gome or its affiliate and other third parties' asset replacement, and establish a new main business or other way approved by the CSRC.

Up to now, Gome has not yet fulfilled its promise.

In February this year, the Sanlian company issued a notice on the implementation of the company's shareholders' commitment, and it was bluntly stated that "no definite and feasible plan has yet been formed".

The times weekly reporter consulted the bulletin of Sanlian company in recent years. After Gome's stake in the company, the company was not only included in the Gome procurement system, but also had lower purchasing costs.

Capital operation or Internet Finance

However, what is intriguing is that when the businessmen of various routes hit the bayonets on the "double eleven", Gome made another brilliant move and carried out a series of capital operations.

In the evening of November 11th, Gome suddenly announced that it signed an agreement with Limited by Share Ltd, a fast developing regional bank, Huizhou Merchants Bank, and Gome will subscribe 632 million 500 thousand shares of Hong Kong Merchants Bank H-shares at HK $3.80 per share, with a total price of HK $2 billion 404 million.

In November 27th, it was also pointed out that Gome Holdings Limited had prepared about 2 billion yuan in cash and plans to acquire part of Limited by Share Ltd's stake in Huatai Insurance Group, thus becoming one of the latter shareholders.

However, this information has not yet been confirmed by Gome.

Wan Qing consulting CEO Lu Zhen analysis pointed out: "the investment in the Huizhou Merchants Bank, in the short term, is more like a financial investment.

In the medium term, it may be a step for Gome to lay out personal Internet finance.

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