Top of the big era

Zhou Buqi actually doesn't care much about these data such as revenue, profit, year-on-year growth, month-on-month growth, etc. He is not a financial person. Seeing so many dazzling numbers makes his head big.

In fact, just focus on one thing - cash flow.

These companies he has carefully built have great potential for development. Even if last year's financial report data is not very good, it doesn't matter. As long as there is sufficient cash flow in the account, it will be enough to slowly develop in response to the trend of the big times.

It is easier to judge by just focusing on cash flow.

Ziweixing’s on-book cash flow reached 19.8 billion yuan.

However, there are 13.2 billion yuan in unpaid accounts.

For example, if you want to invest in building a 500 million yuan cloud data center, it is said that the investment is 500 million yuan, but the money will not be received at once. The initial investment may only be 100 million yuan, and the remaining 400 million yuan will be left in the account. It has become the cash flow of the company's operations; another example is the "10 billion subsidy". A real 10 billion yuan is not invested all at once. The remaining money will be transferred to the account.

Jieyu Media also has a lot of cash flow on its books, reaching HK$14.7 billion, which is due to the large amount of money it raised when it went public last year. Likewise, there are a lot of accounts to be paid, reaching HK$8.2 billion, of which the total investment in the platter investment business alone to further cooperate with Hollywood film companies has reached US$1 billion.

The rest are various domestic projects.

There are 6 variety shows; 7 movies; TV series... It’s an exaggeration. Zhou Buqi thought that Xu Baihui was not interested in TV series. Unexpectedly, after Jieyu Media got rich, it really wanted to sweep the film and television market, and it actually wanted to participate this year. Production of 15 TV series.

Among them, Jieyu Media controls 6 TV series and cooperates with other film and television companies to invest in 7 TV series.

There are also two films controlled by Yang Mi’s studio, with Jieyu Media’s investment share exceeding 60%.

Yuanwei Group's cash flow is 3.2 billion yuan. Following Shi Jinglin's advice, it plans to launch a round of annual dividends of 700 million to 800 million yuan. After the Spring Festival next month, the board of directors and shareholders meeting will be held to implement this matter.

Dividends are expected to be completed in mid-May.

This is the complexity of listed companies, and the procedures are relatively slow. It is not as simple as in previous years. If you make money in the previous year, you can start paying dividends to shareholders in January of the next year.

Ziweixing International has a cash flow of US$2 billion; Ziweixing Digital Media has a cash flow of 240 million pounds; Ziweixing Global has a cash flow of US$7.3 billion!

In the past fiscal year, Ziweixing Global’s net profit reached US$3 billion, almost the same as Time Warner!

However, if we only look at business profits, Time Warner is still higher. Time Warner's operating profit is US$5.9 billion, while MSI's operating profit is only US$3.8 billion, a full US$2.1 billion more.

The reason why net profit remained flat was mainly due to two reasons.

First, Time Warner’s structure is bloated, coordination between parts and subsidiaries is poor, and communication costs are too high.

Second, Time Warner's debt is too high, exceeding US$40 billion. Last year, it paid US$1.53 billion in debt interest alone. Purple Star Global's debt is only US$8 billion, and interest expenses are US$280 million.

Compared with Time Warner, Ziweixing Global is lighter. It does not have heavy assets such as TV stations, TV operations, magazines, and publishing. Its revenue is only half of the other party, but its profit margin is twice that of the other party.

In the eyes of the capital market, the more asset-heavy a model is, the less popular it is.

From this perspective, once MSI Global is listed, its market value will definitely be higher than that of Time Warner, and it will be much higher. Time Warner's scale, revenue, and profits far exceed Disney's, but Disney's current market value is US$60 billion, while Time Warner's is only US$40 billion.

Changyou's net profit last year was between US$760 million and US$820 million, and its current cash flow is US$2.92 billion. This may seem like a lot at first glance, but the amount of unpaid accounts reached US$2.72 billion.

This is the most troublesome.

Therefore, Zhou Buqi’s top priority is Changyou’s cash flow problem. On the one hand, it is to increase capital to SoftBank, and on the other hand, it is to issue external bonds.

These companies are what Zhou Buqi cares about most, and they are also directly or semi-directly controlled by him.

For the remaining companies, he basically delegated power completely.

Including companies such as Chaowan Commune, Taizun Real Estate, Bajixing Technology, Netflix, Spotify, Jingtao, Asda, Huayi, Jingdong, and Fantuan.

If it is done well, everyone will be happy; if it is not done well, it will be difficult to find a good solution.

You can't make a substitution, right?

Some are women of the family, some are real relatives, some are close partners, and some cannot be replaced without absolute power in their hands.

…

When we arrived in Hangzhou, Boss Ma gave us a warm welcome.

Looking next to Zhou Buqi, he saw several pretty little beauties... Wow! Sure enough, there was another change!

Boss Ma invited them to lunch, which included authentic Hangzhou dishes, such as West Lake vinegar fish, Dongpo pork, Longjing shrimp, Song Sao fish soup, eight-treasure tofu, chopped fish balls, casserole fish head tofu, sweet-scented osmanthus and fresh chestnut soup, etc.

There are a few dishes that Zhou Buqi really can't eat, such as the West Lake vinegar fish, which is completely different from the Northeast sweet and sour fish. However, the two little secretaries Yan Qiqi and Zhao Li Muge enjoyed their food, which was extremely fresh.

Boss Ma has an average alcohol capacity, but he can drink a little. He brought a bottle of rare red grass that has been collected for more than ten years. When drinking, I feel very reluctant to part with it.

It’s not that this wine is expensive, the key is that it’s pricey but not marketable.

He also told some inside stories.

This is a batch of high-end wine produced by the second generation who wanted to make money in the early years and contacted Moutai. All used are old wine and base wine that have been aged for more than ten years. Because the materials used were too precious, they were no longer produced later. This group of people all switched to being agents of Moutai liquor and became the first-level agents of Moutai. They could get the liquor at ex-factory price. Then sell it to a secondary agent, basically without doing anything. Once you have the approval, you can earn over a billion yuan every year.

Later, when Moutai went public, some shareholders suggested that Moutai could bypass the Moutai Group and sell its products on its own. Moutai has a market value of several trillion. Does it have to rely on the channels of Moutai Group to sell? Do we have to let the unlimited speculation in the market make Moutai more expensive than gold?

This is obviously impossible.

Market means can only solve market problems. The price of Moutai is high not because the output is too small, but because the relationship between the agents is too strong. Regardless of the advice of the Moutai company, the wine is stored in the warehouse and not sold. It is hoarded and turned into old wine and then sold at a higher price, which seriously leads to a shortage of supply. .

Zhou Buqi waved his hand and said, "I'm not very interested in drinking, but I am very interested in Yahoo."

Boss Ma thought he was talking about Alibaba stocks and said with a smile: "I'm not worried, so what are you worried about?"

Zhou Buqi snorted: "Don't blame me for not reminding you. Carl Icahn knows, right? He has been watching from behind. Yahoo's new CEO Thompson, he has been watching for several years. From PayPal to Yahoo, you... Aren’t you afraid that he will cause trouble?”

Boss Ma nodded, "Well, I know him. Yang Zhiyuan told me. Carl Icahn's power was behind him leaving the board of directors. They started fighting in 2008, and they fought back and forth... They are still the same. Yang left the board of directors. People who follow the rules can never defeat rule breakers. But it doesn’t matter, Yang Zhiyuan has arranged everything.”

Zhou Buqi asked: "How was it arranged?"

Boss Ma smiled and said: "There are many supporters of Yang Zhiyuan on Yahoo's board of directors. After he leaves the board of directors, other directors will stick to his intentions. He also listed a few names, such as the current chairman of Yahoo! I have met Roy Bostock, Arthur Kern, Viomesh Joshi, and Gary Wilson. They will support the new CEO Thompson and promote the repurchase of Alibaba shares. ."

Zhou Buqi looked at his calm attitude and asked curiously: "What kind of agreement did you and Yahoo sign? I have already said that Thompson, the new CEO, may have problems."

Boss Ma said nonchalantly: "Even if there is a problem with Thompson, as you said, it doesn't matter. The agreement I reached with Yang Zhiyuan is between Alibaba and Yahoo. There are two main ones. One, Yahoo holds For some Alibaba shares, Alibaba has the right of priority to repurchase; secondly, this year, Alibaba will repurchase 20% of the shares."

"That's it..."

"No matter who is on Yahoo's board of directors, no matter who is Yahoo's CEO, the contract has been signed and everyone must implement it."

"That's okay."

Zhou Buqi's face looked much better.

Boss Ma narrowed his eyes slightly, "Are you so concerned about Ali?"

Zhou Buqi smiled and said: "That's for sure, please help!"

"No!" Boss Ma shook his head repeatedly, feeling that something was wrong with this kid, "Do you have any other intentions?"

Zhou Buqi chuckled, "What's your intention?"

Boss Ma took a deep breath, "You are trying to find out what I am saying, right? You have not given up your plan to annex Yahoo! Yang Zhiyuan, including Roy Bostock, Arthur Kern, Viomesh Joshi The existence of these directors who are concerned about the company's long-term development is not conducive to your annexation of Yahoo."

Zhou Buqi sighed and waved his hand, "I think it's easy, but it's not that simple to do."

"You really want to!"

Boss Ma couldn't laugh or cry.

This guy is really ambitious!

At the end of last year, Son Zhengyi caused such a big scene, organizing a large consortium to acquire Yahoo, but failed. As a result, Masayoshi Son came under considerable pressure, and even SoftBank's stock price plummeted.

However, the impact of capital institutions on Yahoo during that period was not without effect.

At least Yahoo's board of directors is about to change.

Yang Zhiyuan, known as the "Chief" of Yahoo, is leaving the board of directors. For some investors who are obsessed with Yahoo and are thinking about acquiring it, this is the biggest opportunity.

Zhou Buqi smiled and said: "Try it, maybe it will work? When I win Yahoo, I can get the remaining 20% ​​of Alibaba's shares. Don't worry, I won't cause trouble for you."

Boss Ma's face darkened.

Yahoo has two seats on Alibaba's board of directors. After Alibaba repurchases 20% of its shares, Yahoo will reduce its number of directors by one, and there will still be one.

Once this guy buys Yahoo...

Depend on!

This guy might be on Alibaba's board of directors. These are not independent directors, but real directors with 20% voting rights.