iAsk x China Daily | How powerful is capital?

本文章刊登在CHINA DAILY-艾问专栏

车建新原名“车建兴”,之所以改“兴”为“新”,是为了提醒自己时时刻刻牢记“创新”。

Che changed his first name from”Jianxing” to “Jianxin” to remind himself of always being “innovative”. “Xin” in Chinese means something new and innovative.

多年前他曾对员工说:“我希望我的墓志铭上这么写——车建新是创新者,是时代的潮流者”。从小木匠到如今管理总资产2000亿的上市公司,车建新的创新之路,从未停止。

Many years ago, he told his employees: “I hope to carve the following on my epitaph – Che Jianxin was an innovator, a trendsetter of the era.” From a carpenter to the person behind a public-listed company which has a total asset of 200 billion, Che Jianxin never stopped innovating.

O2O风起,车建新就冲上去;数字营销当道,他就与腾讯合作开启智慧零售。

When online-to-offline commerce was popular, Che Jianxin followed; while digital marketing was in trend, he started a smart-retail collaboration with Tencent.

所有人都在想,对于一家总资产千亿规模的公司来说,这样的变化会不会太快了?但车建新不觉得。年过半百的他给自己取了个昵称,叫“车车”。他说这样显得年轻,他希望自己永远保持28岁的心态、思想和想象力。

Many wonder whether these changes are too rapid for a large, hundred-billion-scale company. Che Jianxin does not think so. He gave himself a nickname “Cheche”, as it makes him seem younger. Although he is over 50, he wishes to keep the mentality, mindset, and imagination of a 28-year-old.

故事一:

Story No.1:

车建新一手创建的红星美凯龙今年32岁了。

Red Star Macalline Group foundedby Che Jianxin is now 32 years old.

曾经的小木匠,如今已掌管着2000多亿的资产。

The little carpenter back then now operates assets over 200 billion.

车建新

32年,行业发生了很多变化。原来,家居只有使用功能,慢慢地,车建新让家居有了场景功能。从大排挡到家具城,再到连锁家居购物广场,红星美凯龙在自己的商业模式里横向发展、纵向提升。

Many changes have happened in 32 years in this industry. In the past, home furnishing had only functional purposes. Gradually, Che Jianxin developed different scenarios for home decorations. From street stands to furniture malls, and now to a chain of home furnishing oriented shopping centers, Red Star Macalline Group has developed horizontally and vertically with an unique business model.

32年,竞争也异常激烈。宜家、百安居等国际巨头纷纷涌入,国内很多自主品牌也龙争虎斗。红星美凯龙一边向巨头学习,一边自我创新。情景式布展、市场化经营、商场化管理······自己买地,自己建商场,自己做物业。

The competition has also been extremely intensive in this 32 years. International giants like Ikea and B&Q also entered the Chinese market, accompanied by other national brands. On the one hand, Red Star Macalline actively learns from the international giants, on the other hand, it also develops its own innovative models, such as scenario-oriented exhibition style, market-oriented operations, and mall-focused management. It purchases the land, builds the mall and also manages its own properties.

截至2017年底,红星美凯龙全国商场数量达到256家,总资产达到千亿规模后,红星美凯龙依然保持着高速的发展。

By the end of 2017, Red Star Macalline owns 256 malls in China, and keeps a high growth rate reaching hundred billion asset level.

艾问车建新:如何立于不败之地?

How to keep winning?

车建新

车建新:这个行业里大家都在变。三年前我们就到香港去上了H股,今年1月份就在A股挂牌上市了。我们是一个家居mall,是一个A+H的上市公司,所以说资本市场对我们的支持很大。应该说,走进资本市场让企业的发展突飞猛进。

Che Jianxin: Everyone keeps moving in this industry. Three years ago, we got listed on Hongkong stock market. This January, we went on A-shares in China. We are a home furnishing mall business and also a listed company on both China and Hongkong stock exchanges. The capital market gave us lots of support. Or so to say, entering the capital market helped us to develop greatly.

整体而言,家居行业在中国的变化特别大。80年代初,家居只有使用功能。但现在我们的家已经开始被布置的有情景了,然后你就会更爱这个家。这就是一步步的创新,从第一代到第九代,从创新到创造。从原来那种叫卖式卖家具,排挡式卖家具,变成了现在情景式卖家具,并且在全国做连锁,发展了购物中心。这就是纵向提升,横向发展。

As a whole, the home furnishing market has changed a lot in China. During the 80s, furniture only had functional purposes. Right now, our homes are being decorated and fulfill difference scenarios, so you would love your home more. These are step-to-step innovations, from the first to the ninth generations, from innovation to creation, from original “huckster” style business of selling furniture at street stands to today’s scenario-based furniture sales with chain stores all over China and shopping malls. This is both horizontal and vertical development.

艾诚:红星美凯龙做家居的方式跟别家最大的不同是特别重资产,并且建立了一个强强的壁垒,自己买地,自己建商场,物业也是自己做。不累吗?不应该各行其职、专业的人做专业的事吗?

Gloria Ai: The biggest difference between Red Star Macalline and other store is its asset-heaviness. And this creates a strong entry-barrier – by owning the land, building the mall itself, and managing its own property. Isn’t that a lot of work? Shouldn’t each firm only focus on its specializations?

车建新:我们公司也只能保证一二线城市的物业是自己的,我们目前有79个物业是自己的,29个物业是在建,还有200个物业是维管的。物业是自己的,这点很重要。有两个原因:第一,我们要造的这个房子的功能,其他物业不适合管理;

Che Jianxin: We can also only make sure that the properties in the first tier and second tier cities belong to us. We currently have 79 properties, 29 are being built, and 200 are rented. It is very important to keep the ownership of the properties for two reasons. One, the way we use this property is unique, and it is not suitable for others to manage it.

第二,物业到期以后人家要收回,或者涨价,涨到你没有利润,你就得拍拍屁股走人。比如说你要打造百年老店,但那百年老店的位置是别人的,人家把你赶走了,你地也没有了、商场也没有了,做什么百年老店?还是得回家。

Second, after the lease is over, the owner either wants to take the property away or increase the rent. If they increase the rent too much and take away all your profits, you also have to leave. For instance, if you want to build a century-old brand, but you do not own the spot, if they kick you out, you will have no land and no malls. How could you build a century-old store? You can just go home.

艾诚:所以你强烈得相信凡事都得靠自己?

Gloria Ai: So you firmly believe that one can only depend on oneself?

车建新:我觉得要做百年老店,物业得是自己的。

Che Jianxin: I think, if you want to make a century-old store, you need to own the property.

车建新

艾诚:过去30年,家居行突飞猛进得发展,竞争也异常激烈。国外有很多巨头进来了,宜家、百安居······国内也有很多自主品牌龙争虎斗,整个家居行业的竞争格局是什么样的?

Gloria Ai: In the past 30 years, the home furnishing market developed very fast, and also had intensive competitions. Many foreign giants entered the Chinese market, such as Ikea and B&Q. Meanwhile, there were also many domestic brands. How was the competitive landscape in the whole industry?

车建新:我对国外巨头的态度是向它们学习,特别是做连锁这点,我是向它们学习的,但其他方面我是自己创造的。

Che Jianxin: My attitude towards foreign players is to learn from them. Especially regarding how to run a chain business, I learned this from them. But other perspectives of the business was my own creation.

艾诚:哪些是红星美凯龙独创的、使自己立于不败之地的创新?

Gloria Ai: What are the unique innovations of Red Star Macalline whice make it so competitive?

车建新:情景式的布展就是我们创造的,市场化的经营、商场化的管理手段也是我们创造的。而且我们做市场、做连锁。市场怎么能做连锁?那个时候想都不敢想。

Che Jianxin: Arranging our products based on scenarios were our innovation. Market-oriented operations and mall-focused management were also our creations. Also, we run markets and chains. How to run markets and chains at the same time? This was unimaginable back then.

故事二:

Story No.2:

提到红星美凯龙,投资人和创业者的脑海里就会蹦出俩字——“有钱”。

Mentioning Red Star Macalline, the first thing which comes to the minds of both investors and founders is it is rich.

虽然2018年整个中国的经济情况有些疲惫,但红星美凯龙前三季度净利润的增长是46.5%。对于背后的原因,车建新解释道:当别人紧缩的时候我要扩张,争取市场份额。2008年和2018年,红星美凯龙用于营销的费用都比前一年扩大了2个亿。

Although China’s economy has been sluggish in 2018, Red Star Macalline still achieved 46.5% of net profit growth in the first three quarters. Che Jianxin explained the reasons behind this: when others are restraining themselves, I want to expand and gain more market share. In both 2008 and 2018, Red Star Macalline doubled its marketing expense comparing with the previous years.

红星美凯龙

除了品牌提升和营销,车建新在设计上也非常舍得花钱。

Aside from brand promotion and marketing, Che Jianxin is also willing to spends a lot on design.

15年前,车建新就问自己:家具行业有什么高科技呢?他想了想,没有。但是后来,他认定设计就是科技。自此以后,红星美凯龙的员工,就秉承这个理念来做事。

15 years ago, Che Jianxin asked himself: is there any high-tech in the furniture industry? His answer was no.Later, he realized that design is the high-tech in this industry. Since then, the employees of Red Star Macalline have been adhering to this concept.

在设计上,红星美凯龙花了比别人多几倍的钱,哪怕设计没有落地实施,车建新也觉得能从中得到启发,“排除了不好的,就知道好的是怎么样的”。把设计当成研发、当成科技,他就觉得没花冤枉钱。

Red Star Macalline spends several times more in design comparing with others. Even some of the designs were not implemented, Che Jianxin still believes they were valuable. “Excluding those bad ones, we know how the good ones look like.” Treating design as R&D and technology, he thinks the money is well-spent.

艾问车建新:如何实现逆周期增长?

How to realize counter-cyclical growth?

车建新

艾诚:经济有周期,都说逢“8”经济都有点压力、会放缓。红星美凯龙有感受吗?

Gloria Ai: The economy has its cycles, such as the “8-year cycle” that the economy slows down every 8 years. Does Red Star Macalline also feel the pressure?

车建新:今年整个中国的经济应该说是很疲惫的。比如汽车销售额下降了20%,房地产销售也下滑比较大,但家具行业还是很好的,特别是我们公司。

Che Jianxin: This year’s Chinese economy is very sluggish. For instance, the automotive sales decreased by 20%. The real-estate sales also decreased a lot, but the furnishing market is still doing well, especially our company.

艾诚:为什么?逆周期吗?

Gloria Ai: Why? Is it counter-cyclical?

车建新:我们公司在逆环境下是增长很好的,我们今年前三季度净利润的增长是46.5%。

Che Jianxin: Our firm has good growth during adverse circumstances. In the first three quarters this year, our net profit growth was 46.5%.

艾诚:您觉得背后的原因是什么?

Gloria Ai: What do you think is the reason behind it?

车建新:在大家都不推广的时候我扩大推广力度。2008年和2018年我都扩大了推广开支。今年的营销费用扩大了2个亿,2008年我也扩大了2个亿。

Che Jianxin: When no one is doing promotions, I expand the extent of promotions. In 2008 and 2018, I increased the promotion expenses. This year, I increased the marketing expenses by 200 Million. In 2008, I also increased the expenses by 200 Million.

艾诚:就是在别人贪婪的时候您恐惧,在别人恐惧的时候您贪婪,就像巴菲特的投资哲学一样?

Gloria Ai: This means, you fear when others are being greedy, and you are greedy when others fear, which is similar to Warren Buffett’s investment philosophy?

车建新:不是贪婪而是投入,是争取市场份额。当别人紧缩的时候我要扩张。

Che Jianxin: It is not greed but an investment to gain market shares. When others are saving, I am expanding.

故事三:

Story No.3:

对于上市,车建新似乎有着非同一般的执着。

Che Jianxin has been extremely persistent about taking the company public.

早在2007年,红星美凯龙成立不久,他就提出上市计划。2012年,红星美凯龙正式向A股提交上市申请,经过三年的等待一直没能落地,最终,车建新撤回IPO申请,决定寻求在港交所上市。

Back in 2007, shortly after the company was founded, he launched the plan to go public. In 2012, Red Star Macalline applied to get listed on China A-shares. It was not approved for three years. Eventually, Che Jianxin withdrew the IPO application, and planned to launch its IPO on Hongkong stock exchange instead.

车建新

2015年,红星美凯龙登陆港股市场,募资70.06亿港元。但车建新对A股念念不忘,2016年再次提交上市申请,并在2018年1月,成为中国家居零售A+H第一股。

In 2015, Red Star Macalline went listed in Hongkong and raised 7 billion Hongkong dollars. But Che Jianxin also did not forget about A-shares. He reapplied in 2016 and became the first home furnishing retailer in China on both A-shares and H-shares.

车建新说,是时代赋予了他一个新的标签——企投家。如能做好企投,他愿意相信,资本拥有“核武器”的力量。“原来是有多少钱做多少事,现在,你只要有一个故事、一个商业模式,就能拥有很多钱”。

Che Jianxin says it is the era which gave him a new label – an entrepreneurial investor. If investment and fundraising activities can be managed well, he believes that capital then has “nuclear powers”. “In the past, your ability to achieve something depends on the amount capital you have. Right now, you only need a story and a business model to gain a lot of money.”

对于投资,车建新看好人工智能和智能家居。红星美凯龙已经在智能家居、上游产业链龙头、家居物流、设计装修等领域进行了战略资本布局,投资了包括欧派家居、云丁门锁、紫光物联等知名企业,实现了全产业链布局。

As for invest focuses, Che Jianxin is positive about AI and smart-home business. Red Star Macalline has already invested in smart home, leaders in the upstream industrial chain, home furnishing logistics, and design and interior decorations areas for strategic purposes. It has invested in renowned firms such as Oppein, YunDing Loock, and Uiotto cover the whole industrial chain.

但对于企投的未来,车建新说他还是要坚持以做企业为本,资本为辅,“我的梦想是要把企业做成世界500强,一个从中国走出去的世界500强企业”。

As for the future of entrepreneurship and investment industry, Che Jianxin says he will take the main business as a priority, and capital operations as supplements. “My dream is to grow this enterprise to a fortune 500 company, a fortune 500 company from China.”

艾问车建新:资本的力量有多大?

How powerful is capital?

艾诚、车建新

车建新:资本的力量确实很伟大,特别是到美国上市的那些高科技企业。风险投资、私募投资和PE投资都对新产品、新经济的推动力大的不得了,这个社会的变化已经是由资本推动的了。

Che Jianxin: Capital is very powerful, especially those high-tech firms which got listed in the US. VC and PE are pushing those new products and new economies. The changes of this society are promoted by capital.

比如京东一直是亏钱的,它的市值还是有270亿美金;拼多多也是亏钱的,它的市值也有200多亿美金;蔚来汽车一个月亏损28亿,但它的市值还有600多亿美金,这都是资本的力量。

For instance, JD has never been profitable, and its market value is 27 billion dollars. Pinduoduo is also not profitable and also has more than 20 billion dollars’ worth of market value. Nio is losing 2.8 billion RMB every month, but it still has a 60 billion dollars of valuation. These all demonstrate the power of capital.

艾诚:您怎么看这些亏损,但市值仍很高的公司呢?

Gloria Ai: What is your opinion about these highly-valued, however unprofitable businesses?

车建新:看它们的市场占有率,还有它们的未来。现在的经济变化很大,变化最大的就是流量、是消费者的认同。这点和利润不是一个概念。

Che Jianxin: You need to look that their market share and their future. There are lots of changes in today’s economy. The biggest change is user traffic and user recognition. Comparing with profitability, this is a different concept.

现在的经济把投资当“核武器”。原来是有多少钱做多少事,相当于是步枪,一枪打一个敌人。现在,你只要有一个故事、有一个商业模式,就能拥有很多钱。拥有了很多钱就相当于拥有了“原子弹核武器”,威力巨大。

Today’s economy takes investment as “the nuclear weapon”. In the past, your ability to achieve something depends on the amount of capital you have. It is like a musket, you take down one enemy with one shot. Right now, you only need a story, a business model to gain a lot of money. Having a lot of money is like having “the nuclear weapon”, it is very powerful.

艾诚:您这样一个做实业、做传统家居出身的企业家说出“资本是核武器”这样的话还是让我很震惊的。

Gloria Ai: An enterpriser like you who came from the real industry, doing traditional furnishing business says “capital is like the nuclear weapon”. This is quite shocking to me.

车建新:对,原来我们是有多少步枪就打多少敌人,瞄得准打一个,瞄得不准还打不到。现在的核武器力量太大了。

Che Jianxin: Yes. In the past, how many enemies can be taken down depends on how many muskets we have. You also need to have a good aim, otherwise, you cannot take enemies down. Right now, nuclear weapons are way too powerful.

艾诚:您已经这么认同企投结合了,下面的投资您打算怎么干?

Gloria Ai: Since you agree so much on the concept of running an enterprise with the power of investment, what are your plans for future investment activities?

车建新:主要还是投资人工智能和智能家居,支持家具行业上游有潜力的家居工厂,把家居产业做好。

Che Jianxin: Mainly we will focus on AI and smart-home investments, and support high-potential upstream furnishing factories, and try to do well in the furnishing industry.

—END—

车建新签名图