Reborn Entrepreneurial Giant

Shiguang Jumei is a listed company that controls Jumei/Juhuasuan/Shopee/Shopify, Jumei Logistics, Riyue Fenghua (Xiangyun/Mi/Koala/Quanmian Times/Ming, etc.), Yunhe Search, Shiguang (WeChat/ Little Red Book/(Minions/Piggy Peppa Pig, etc.) Film and Television IP), Time Financial Services.

Most of these assets are wholly-owned subsidiaries. Except for Jumei Logistics, no matter how cheating Qu Li is, tens of billions will be invested in self-built logistics. Otherwise, how can it support the current nearly 150,000 employees? Quantity, how to build warehouses and integrated infrastructure.

Maintaining openness from the beginning, Jumei Logistics now accounts for more than 60% of its revenue from external customers, focusing on six major industries including fast moving consumer goods, home appliances and furniture, 3C, clothing, automobiles, and fresh food, providing integrated services to partners. Supply chain solutions.

Most of Quli's brands, such as Honor, Future Geometry, Xiangyun, Mi, Danlin, and Shein, have cooperative relationships with Jumei Logistics. Therefore, it goes without saying that he is the largest shareholder besides Time Jumei. In order to ensure that Honor Logistics security accounts for part of the stock.

The actual revenue in 2015 now has relatively accurate figures, including approximately US$10 billion in revenue from international business, which is much more than the original estimate of 60 billion.

Jumei Logistics' business includes express delivery, logistics and warehousing. In fact, it is based on warehouses and is good at optimizing the allocation of materials/resources. International business is going better than he imagined, thanks to their European partner TNT.

In 2013, UPS planned to acquire TNT, the largest express delivery company in Europe, but was ultimately rejected. TNT itself was not operating well. In order to be successfully acquired, it made a series of changes such as splitting its business, which made their problems worse. Although it received a breakup compensation of 200 million euros from UPS, it is still difficult to make up for its losses.

Just like Coca-Cola's acquisition of Huiyuan Juice, in order to be successfully acquired, the founder of Huiyuan dismantled the dealer network, missed several years of development, and finally failed to recover.

What should TNT do when encountering development difficulties? It happened that Qu Li led a team to explore the European market. Regardless of Glory, Geometry, or Time Jumei, they all needed courier companies to cooperate, so they fell in love with this piece of meat. However, they had no money to purchase it at the time, so they could only reach a cooperation agreement. Then, entrust a third party such as the Vision Fund to buy shares.

In the past few years, Time Jumei has been developing slowly in Europe. The business income of Honor and Geometry Auto cannot improve TNT enough, so the major shareholders still want to sell. FedEx made an acquisition request last year, but Huang Zheng started Shopee reformed, strongly promoted overseas warehouses in the EU, and added TNT express to ensure timeliness.

Shopee’s overseas business revenue increased by 56% last year and is still growing at a rapid rate this year. Seeing hope, TNT hesitated and chose to accept the goodwill of Jumei Logistics. The old shareholders gave up about 10% of the stock, plus directional financing of about 250 million euros to obtain 5 % of the shares, becoming the second shareholder after Netherlands Post, with almost the same shareholding difference between the two parties.

How can I put this price? It is not low. You must know that TNT's revenue is not as good as that of Jumei Logistics, with annual revenue of less than 7 billion euros. The price of Jumei Logistics' inflow shares has reached 5 billion euros.

Things went so smoothly, and the Vision Fund did a useless job. Fortunately, it can use money to deal with the aftermath, so the problem is not big. Some people may ask why they don’t acquire more. The problem is that Qu Li and the others want to make friends and reassure their partners.

Qu Li's Tianming Fund invested in GLP's logistics real estate, Jumei Logistics, and many other industries. It is impossible to say that there is no debt burden. However, it made a lot of money by shorting crude oil. During the Spring Festival, the price of crude oil fell below At 30 US dollars a barrel, not only can I cash out my short orders, but I can also make long orders on the backhand, making money while reducing my debt ratio.

It's hard to say how much they earned. A conservative estimate based on their investment: they earned US$100 million for every US$10 drop in crude oil prices. They went from more than US$105 to less than US$30 now, and earned US$750 million after removing costs. .

Even if Qu Li gave up his shares in Glory and Time Jumei, he would still be a billionaire. According to this trend, it would be difficult for him to go bankrupt.

Leaving aside personal assets for the time being, Jumei Logistics has invested more than 5 billion in overseas equity, and has also invested a lot in Tongda Network domestically. Therefore, it is now the second largest logistics company in China after the Postal Group, and it is also engaged in cross-border logistics. The best private logistics company.

The market value of Goudong Logistics is about twice the revenue, and the market value of SF Express is close to 1:1. The valuation of Jumei Logistics is about 35 billion to 65 billion. It is indeed a heavy asset. In terms of investment, although there are It's profitable, but the rate of return is really not high.

No way, this is a strategic asset and one of Jumei's core competitiveness. You have to invest even if you grit your teeth. Although the person directly responsible is Zhou Ting, there are already more and more elites at home and abroad. How can he work in such an environment? To gain a firm foothold in the country, it is impossible to rely only on the status of a veteran. You must also have certain skills.

Because of the importance of Jumei Logistics, Zhou Ting has always reported to Lu Qi. Now that Qu Li wants to let go, he has no scruples. If he wants to intervene and understand the situation, he must understand it.

The biggest disadvantage of having too many professional managers is that they only want to make money for themselves and consider the development of the company. Most professional managers who have not grown up with the company will not have real feelings or ambition.

For example, Xpeng Motors adopts a highly integrated hardware architecture of central supercomputing + regional control, and its technical strength should be very strong. However, it is the only company among the three Wei Xiaoli companies with negative gross profits. After tracing the source, it was found that Thanks to the efforts of many executives who have switched jobs from traditional car companies, the purchase cost of a car seat is thousands of yuan more than that of competitors. Even the Volkswagen Group knows that Xiaopeng has been cheated.

Therefore, in order to prevent internal corruption within the company, Qu Li has been promoting the establishment of the Sunshine Integrity Alliance in the country, and working with friends and businessmen to have zero tolerance for corruption. We are still using office informatization and other technologies and (internal control) systems to control, and using personnel systems and values ​​to restrain.

Qu Li inspected Jumei Logistics, from the Yangcheng headquarters to smart logistics centers in various places, from the company to employee dormitories, and to the ratio of five insurances and one fund to social security.

Quli is more realistic than Dadongzi. There are four dormitories for employees, and they are encouraged to rent houses in society after working for more than three years. The company subsidizes them. In first-tier cities, there are Yinghe Jinxiu long-term rental houses for the middle and low-end, and Jinxiu long-term rental houses for the middle and low-end. Jinlin long-term rental housing for high-end and overseas residents.

Qu Li did not do this to save costs. He always believed that people are social beings and tried not to limit his social circle to one company.

Regular employees must have five insurances and one fund, but there must be a certain proportion of labor dispatch contract workers, no more than 30% at most, and at least 10%. Without a certain amount of flexible employment space, the management difficulty will be greatly increased.

Basically, it is necessary to ensure that Jumei Logistics has the highest labor cost in the industry at the same level, but does not exceed SF Express by much. Only by providing high income to employees can we ensure that employees provide high service levels. This logic is irrefutable and cannot be done. Will definitely be eliminated!

Along the way, although there are some flaws, they are all understandable, and there are also some that are difficult to accept.

"What are the promotion paths for an ordinary courier in our company? What is the annual proportion?"

"We mainly have rank promotions, mainly promotions and salary increases; job promotions are upgrades to senior positions, management or professional and technical positions; department adjustments, employees can be adjusted to different business, functional and management departments; and cross-functional promotions... …”

Qu Li was quite satisfied after hearing this, but promotion and salary increase were always opportunities only available to a few people.

"There are only so many management positions..." Zhou Ting

"We can implement elimination at the end, not out of the company, but out of this position. After being eliminated, we can arrange for them to study intensively, so that our internal training can play a greater role." Qu Li

This trick was learned from the Chrysanthemum Factory, and the effect is quite good. Jumei Logistics now has 150,000 employees, which is obviously a bit bloated. How can we not strengthen management and put pressure on them?

In fact, it is not just Jumei Logistics. The whole time Jumei has accumulated a large number of "good old people" who have no ability and good social relations during the rapid development stage. If they are not eliminated or allowed to progress, the efficiency of the enterprise will not be improved. Time Jumei and Glory , the future will always be eliminated...