Riyu's Back File 2011

Moreover, there is a progressive relationship between infrastructure and kinetic energy.Today’s momentum may be tomorrow’s infrastructure.

Therefore, when looking for infrastructure, you must look for a higher level.Because from a historical perspective, the development between infrastructure and kinetic energy is constantly changing.Building infrastructure is to create kinetic energy, and with the development of the times, kinetic energy will gradually degenerate into new infrastructure to serve new kinetic energy.

It's complicated to say, but it's easy to understand the logic with just one example.One of the two major e-commerce giants in China, Dong Group, has exactly three sub-groups under it, namely logistics, shopping malls, and mathematics.Looking at the conversion between infrastructure and kinetic energy in this way, it is very easy to understand the business logic.

In 2012, when Miyazaki Sosuke was preparing to vigorously promote Wecaht's full field expansion, the country across the sea, with the strong support of Hillhouse Capital and Penguin Group, was about to build a huge and efficient logistics system.It is precisely by virtue of the efficiency and service of the "infrastructure" of logistics that the mall, as a "kinetic energy", can rise rapidly, gain recognition from the capital market, and once squeezed into the throne of the Internet Big Three.

And behind Hillhouse Capital and Penguin Group’s investment in a certain East, they have come together with China and the United States in the 1970s and 1980s, and joined forces against the eternal Soviets. It is precisely because of the common enemy that the two talents have come together.

So Penguin, like the United States in the late Cold War, packaged a large amount of infrastructure and dumped it to a certain company. It also gave a large amount of investment to strategically arm the other party and let it fight with Ali.

The Digital Science Group is the new kinetic energy for itself after the development of a certain Dong’s shopping mall system based on this new infrastructure.

The topic returns to the Japanese e-commerce market.E-commerce can be divided into many, B2B, B2C, C2C, etc., here is a brief introduction to the most common B2C online shopping.B2C has a more popular name in Japan, which is called trasportation, which is communication sales.

Sales are sales, and communication refers to information transmission and communication media, such as television broadcasts, magazines, etc., which belong to communication.Therefore, in Japan, the early DHC and Bestman’s membership magazine sales, radio and television shopping, etc. are regarded as hawkers.

Tonghuo has to add the word Internet before it is considered to have entered the Internet age, which is basically what we are talking about online shopping now.From a historical point of view, Japan's historical basis for trafficking is still good.

However, in the Internet era, the development of e-commerce in Japan can be described as extremely slow, with a low percentage of overall consumption and low penetration rate.The reason is nothing more than a small land area, a large population density, a high level of business, and the development of offline physical sales is too good and mature, which makes the development of e-commerce impossible.

This is the same as what Lenin explained in a book. Change can first be won in one or several countries.In places like the mainland where the Internet is deserted and offline retail sales networks are underdeveloped, on the contrary, the more likely it is to catch up from behind and lead the world's e-commerce revolution.

Because of the results of the offline market, fierce competition has led to low price moisture and thin profit margins. This is the fundamental reason why Japanese e-commerce has not developed so fast.

As for other reasons, such as high logistics costs, the cautious character and slightly closed social nature of the Japanese people, and the underdeveloped Internet penetration rate caused by the excessive population of the elderly, these are only secondary reasons.

For Miyazaki Sosuke, in the current Japanese e-commerce market, Wechat has no rivals like Ali, and it is a good time to enter the e-commerce market.Squeezing the development of direct sales e-commerce before Amazon entered the Japanese market happened to seize the trend.

If you really want to talk about competing products, Yahoo Japan, behind Ali, is considered a good opponent. In addition, with the extensive coverage of offline stores and the earliest e-commerce development of Rakuten, the two companies are now considered to be the Japanese e-commerce market. The first echelon.

But sometimes you have to admit that the current Japanese e-commerce is really bad. How bad is it? Until 2020, if you live in Japan, the e-commerce platform will not give you the same experience as 15 years ago. What is the difference between Taobao.

When Japanese netizens arrived, they even pushed the Japanese e-commerce market with excellent internet speed and high penetration rate of smartphones to these two because of the fact that the shopping experience on mobile phones of the two major e-commerce companies is so bad. Do not want to open.

Japan’s e-commerce has failed to develop in recent years, and it may be the pot of the two major e-commerce companies.The minimum limit of "you can shop online" has been achieved, but the upper limit is lower than that of e-commerce companies in China and the United States.

People who go to Japan for the first time have heard this joke about Japanese e-commerce companies.——"When I set foot on the land of Japan for the first time and wanted to shop online and opened the well-known Lotte, I was so scared that I quickly closed the webpage. I thought it was a copycat!” It can be seen how bad the services of Lotte and Yahoo are. .

Miyazaki Aosuke is not prepared to be a teacher of horses. It is the future to do direct sales e-commerce in Japan. Don’t you see that Amazon will quickly grow into the first echelon of e-commerce companies after arriving in Japan, relying on high-quality services in just two years Let Nichia become the leading direct selling e-commerce company in Japan, with sales nearly ten times that of the second yodobashicamera.

Speaking of yodobashicamera, it feels roughly equivalent to the domestic Suning Appliance Network Mall.There is a paragraph before, saying that the Japanese TOP3 is the most familiar Chinese. The first is hello, the second is thank you, and the third is-dear customers and friends, hello.We sincerely welcome you to Yodobashi.Yodobashi is a famous large shopping mall in Japan.There are nearly one million selected products, including digital cameras, camcorders...

People who have lived in Japan for a period of time understand everything, hahahahahahahahaha!

The next stage of Wechat's development direction will not turn to "global investment" and "universal entertainment" like Penguin, and start "de-industrialization", but will use the advantages of game and advertising infrastructure to develop the momentum of direct e-commerce. Use the new infrastructure of e-commerce to develop the new momentum of finance and technology.

I don’t think I need to say any more about the reason. The de-industrialized America and Wall Street have become slaves to capital. The benchmark is ahead, and I think the consequences need not be said.In the final analysis, companies cannot completely change the world without technology and products, and investing in other people alone.This is also the reason why the financial industry will still be impacted no matter how high it is, but it really falls on the ground.

For Miyazaki Sosuke, this time of 2012 is exactly the same.Ali has not yet succeeded in its IPO, and "Double Eleven" has not truly become a national consumer festival. The world has not yet seen the brilliant potential of e-commerce across the sea. Investors at home and abroad have not yet shifted their attention to Japanese e-commerce. In the commercial market, the competitiveness is not as great as later.

So from this perspective, the success of Miyazaki Sosuke is not only a personal struggle, but also depends on the course of history.

### One hundred and forty-fifth chapter flying on the wind of the pig###

Ali’s President Ma has always looked down upon a certain Dong, and even under his influence, Ali’s executives somewhat look down on this opponent. The reason is that certain Dong’s most important asset is logistics, and logistics is an asset-heavy infrastructure company. The fierce competition in infrastructure will make profits extremely low.

That's why Ali throws this market to Four Links and One Da. There is no essential difference between certain East Logistics and Four Links.

Once the capital market recognizes this, then the capital gathered in a certain east will inevitably withdraw on a large scale, because the capital market does not like to invest in asset-heavy areas. The reasons have been analyzed before.

At that time, some Dong's stock price will fall off a cliff like house prices without economic stagnation.

But I have to say that I don't like investment in the asset-heavy industry, but after it has really developed, it is still fragrant.Because the heavy asset of certain east logistics, in the end, it is not completely a pure heavy asset, but has become a warmer to cultivate new kinetic energy such as technology.Miyazaki Sosuke's goal of entering the asset-heavy industry of logistics, just like Dong, is to develop the new kinetic energy of the shopping mall, and then to create his own kinetic energy.

Just like the technology for manufacturing aircraft carriers cannot be cultivated in financial, entertainment and other companies, AI, artificial intelligence, human-computer interaction and other technologies cannot be developed on a pure software company. They must be implemented on physical devices. , And this platform of logistics company will be a very good experimental platform.

Even if Mr. Ma, who disliked logistics as a heavy asset, watched his competitors use the new infrastructure field of logistics to develop, he was greedy, so he had to launch a rookie. The chairman of the board was still Ali’s CEO Zhang Yong himself. It can be seen that the infrastructure of new retail logistics strategy is still very important to e-commerce.

In addition, in order to maintain the stock price and the expectation of providing capital, Miyazaki Sosuke must also upgrade the group in the asset-heavy system of logistics, so that the momentum of the mall will become a new infrastructure to develop and serve the "new momentum" of finance. And technology.The same is true for a certain East, and the mall has gradually become the infrastructure of the new momentum of Digital Science, and a stepping stone for the upgrading of the Digital Science industry.

At the regular board meeting of the Wechat Group in early August 2012, Miyazaki Sosuke proposed that “focus on using new technologies and scale effects to form new competitive advantages and cultivate and develop new industrial clusters”.

From social networking to games and advertising, to e-commerce and logistics, and finally to finance and technology, this is the history of development written by Miyazaki Sosuke for Wechat.

From a certain perspective, Miyazaki Aosuke dislikes the development strategies of certain companies.A company has achieved a market value of tens of billions and hundreds of billions, but does not want to develop new momentum, promote technological development, increase productivity, and assume its due social responsibilities. Instead, it tries to monopolize the market to increase corporate profits.

It can be said that the managers of these enterprises have completely become slaves to capital.

Even exaggeratingly speaking, it is better than the search engine that eats human blood steamed buns. At least people's investment in cloud computing and AI is solid. Relying on human blood steamed buns also promotes the development of new kinetic energy.

Interestingly, the partners who had joined forces against the Soviets in the past turned back.Therefore, Penguin has leaned most of its resources to another emerging e-commerce company-Pin Xixi.The biggest reason is that Pinxixi has become another infrastructure company chosen by Penguin.

The reason why a certain Dong was abandoned was that it was not satisfied with being a purely asset-intensive logistics company, but chose to engage in mathematics and industrial upgrading, which meant that it was no longer willing to simply be an infrastructure company for Penguin. , But after preparing for industrial upgrading, take the road of independent development.

You know, Penguin does not have any shares in the subsidiary of Suke.And more importantly, compared with companies such as food delivery and taxi-hailing, a certain company has an independent and complete industrial chain system. Besides BAT, it is also the only upstart capable of launching an assault on technology and finance.

Just like the strategic development direction chosen by Miyazaki Sosuke for Wechat, the development of infrastructure such as logistics and e-commerce will promote the progress of technology and finance.

This is why TikTok is so popular that it even seized the market share of a large number of communication users in the traffic field, squeezing the user traffic of Penguin. However, the capital market is still optimistic about Penguin. Then Penguin and Ali are the only two. A company that has established a complete and independent industrial chain system.

Certain Dong is expected to become the third company. During the epidemic, certain Dong Logistics' demonstrated strength not only surprised the public, but also surprised its opponents and the capital market.As for the headlines that have been fighting Penguins for more than a year, so far, although they have worked hard in this direction, they still do not see the prototype of success. Therefore, this is also the capital market this year, and the new quarterly earnings report is bullish. The truth of Penguin shares.

Penguin reduces content costs internally, cuts the infrastructure costs of the group company, and integrates the entire industrial chain system externally to be more complete and compact. The purpose is to reduce internal consumption and reduce infrastructure costs. The ultimate goal is to make the financial report look more beautiful. This is also the development strategy it has erected ten years ago, and it has never changed.

It’s just that the Penguin was not so huge a decade ago. It can also use the traffic to infuse and invade many Internet market segments through external expansion and mergers, so that the company’s financial report can meet the expectations of the capital market. The stock has maintained an upward trend.

But now, China’s Internet market has become saturated. Under the unfavorable economic environment, new investment outlets have become less profitable. These new markets cannot cultivate the market by burning money like the sharing economy. As a result, Penguin’s strategic department found that it could no longer expand its balance sheet through the old method of acquiring unicorn companies out of the country and engage in financial alchemy to win the favor of the capital market.

In addition, the emerging Toutiao system successfully grabbed a large amount of user traffic in the communication field through multiple software, which made Penguin's market share somewhat shaken.Therefore, due to the inability to expand, the decline of the general environment, and the aggressive attempts of competitors to kill themselves and become a dragon in one fell swoop, Penguin naturally had to turn external market expansion into internal resource integration.

By organically linking the cluttered subsidiaries and affiliates of the group, everyone’s internal consumption can be reduced, thereby reducing the cost of infrastructure. Even if the market and profits cannot be increased due to external reasons, the costs are reduced and the profits are naturally increased. This is Penguin's development strategy recently and will be implemented in the future.

Therefore, in fact, the vision is higher. Although Teacher Ma has a common enemy, Penguin will not be too willing to give full support to a company that may challenge itself.Because no one knows whether Pin Xixi will be the next certain Dong, he also started to register the logistics trademark, which is an outrageous idea that the President wants to engage in manufacturing.

At the same time, Penguin will definitely engage in internal competition like Pin Xixi to reduce its own infrastructure costs. This follows the U.S.'s shift to the Indo-Pacific strategy, and the continued increase in exports of electromechanical and mechanical products from Malaysia and Vietnam. There are also similarities.

The strategies of large companies and countries often have similarities. In a sense, the contract this time is also a high-level decision that follows to reduce infrastructure costs.This is in line with Penguin's consistent development strategy.

UP Master Lei Jun said that pigs can fly at the tuyere.Teacher Ma also said that all pigs died when the wind stopped.

The thinking of enterprise development is nothing more than looking for a sustainable development direction in one after another.Just like Xiaomi, the stock broke and fell to less than ten yuan after the listing, but immediately the board of directors announced the resolution of the stock repurchase.

The purpose is simple. It is to raise the stock price and raise the expectations of investors so that they can make money on Xiaomi’s investment.This is similar to the later reduction of Ali’s new hires' salary and reduction of labor costs. The purpose is also very simple, which is to reduce costs and make good financial statements, with the purpose of maintaining stock prices.

The purpose of the two is different, but the motivation is exactly different.

For Lei Jun, only by enabling investors to make money on Xiaomi, investment talents will continue to invest in Xiaomi, and then they will be able to learn from others, using investment to build their own mobile phone platform, develop infrastructure, and cultivate new momentum on it. .