The new spiral of the Jason: The change of the value of the people
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Yang Birch's last day of 2010 years, "Hibernate" for a long period of NASDAQ:FMCN () again moved. Choice in the Chinese people's December 31, 2010, the media announced that will be 61 million U.S. dollars investment in China Media (NASDAQ:VISN), accounting for the latter 15% of the shares. Limin, the founder, chairman and chief executive of China's media, is still the largest shareholder of front. This is the first major capital move by the audience in the "self-examination" series of acquisitions and mergers, and is one of only two wholly-owned acquisitions in its history. Prior to January 2008, the audience had 5 million of dollars in cash to purchase the Yellow Health Media Co., Ltd. 20% shares. January 4, Deutsche Bank in the Nasdaq after giving the division to maintain a "hold" rating, the target price of 22.20 U.S. dollars; January 5, the Gaokaigao went up 4.22%, reported 23.71 U.S. dollars. Is this China's largest outdoor digital media company already on the turn? The 2010 of the mass media seems to be a "rather contradictory" year. A few months ago, Jason, the chief executive, confronted the media for denying himself, in the earlier months he made a "zero-start" annual conference address for hundreds of employees, from self-denial to media criticism, from the disappearance of the big story concept to the subtraction of non-core business, feedback back to the internal emotions of the company, is disgraced. But in another silent place that is not widely watched by the public--the client market--the journalist learns different voices. Echoing the latter, the latest 2010-year quarterly earnings show a steady rise in profits: According to non-US accounting standards, the total revenue in the quarter is more than 1 billion yuan, the main business year-on-year growth of over 46%, net profit minus the sale of Internet business Good Yes income for 51.8 million dollars, Core business performance reached the best level in history. The net profit for the first two quarters was about 23.2 million dollars and 44.3 million dollars respectively. According to its forecast for the four quarter, the total annual net profit of 2010 is about 170 million dollars. "Customer Experience" is an abusive and prosaic word, perhaps more direct--customers will not experience a company's strategy, but will experience the quality and cost of the company's products. While the media is busy scoring the old stories of Jiangnan Spring's past two years, the market has been testing the new process of the entrepreneur's fission. For customers, this will never be a simple concept of right and wrong, but only "bad", "good" or "better" replacement. At the same time, whether the Internet or mobile applications are divided into the future, if this was a mistake, how will the new audience start again? Dormant two years of new capital movements, accompanied by the obsession with capital magic of the audience into the 2011. Jiangnan Spring after the bitter experience of "business theory" and "causal theory" also means that the new audience in the "third grade" is destined to be with its "second grade" completely differentStory。 24-month plus and minus according to the public announcement of the December 31, 2010, the Chinese media has entered 23 economically developed cities, with China's largest public transit subway TV advertising network, accounting for China's car wireless digital signal transmission TV terminal Total 76.8%, covering has been opened Subway TV terminal total of nearly 100%. The focus is expected, the integration will achieve media network coverage of 3 to 400 million urban consumers, occupy the average daily advertising ratings of the total time of 1/3, also for the audience at the end of the transmission and transmission of the docking process. This is the first time that the audience has been silent for the past 24 months. Over the past two years, how much has been accustomed to listen to the distribution of the capital layout of the story of the outside is a bit uncomfortable. At this time, had the company and Tan Care of Jiangnan spring has been returned to the post of CEO, in the earlier two years, he dominated the great leap forward from "Life Circle Media" to "China's largest digital media group", where it bought 9 mobile advertising companies and paid nearly 100 million dollars for a series of deals. The cost of a series of acquisitions for Internet advertising companies is even more high, with the audience paying nearly 500 million dollars and the company reaching 7. After the Jiangnan spring cautiously said, 24 months of silence is "immersed in a preservation of strength of self addition and subtraction"-the end of 2008 financial crisis is the catalyst for the division of the disaster, the real decisive reflection began with two fuses: first, the CCTV "3.15" party to the exposure of spam messages; Buying at a loss "a reflection of the acquisition of the city of Seal, Jason admits that it is the best way to buy it after it has been listed in the city and the price has been lowered due to losses. If the first fuse is more like a pile of "contingency" events, then the second fuse directly contributed to the inner fission of the Jiangnan spring. "We began to subtract, the return of other business to the main business, in fact, the building, store and framework of the three business itself is growing in the market, because these businesses have been recognized by customers, will not think or need to discuss the media, in addition to the financial turmoil of the customer's budget contraction impact, The 2010 recovery business immediately rebounded back to strong and solid. "Jason said. The third-year story seems to come back to the beginning, but without the second-year leap forward, Jason seems unable to see the starting point. The sale in the third quarter of last year was the end of the 2009-year series of reorganization, shutdown or stripping. The sale was good, and the audience received a profit of 79 million dollars, and two years ago it paid for its acquisition cost of $70 million in cash plus 155 million U.S. dollars in media shares. Public finance Deputy Xu Xian also told reporters that the 2008 and 2009 after the public has been selling a good part of the tangible and intangible assets, the current price is higher than the good net book value, "So we sell good will achieve asset profitability." And the results can still be seen in the subtraction of purification behavior, Jiangnan spring in addition to the outside world know little. According to Jason revealed that 2010 the focus on the product strategy around the four major sports: first, in the one or two-line city to carry outScreen high-definition movement; second, the three or four-line city to promote screen multiplication, expand coverage, and again, promote the content of advertising and entertainment, and finally, enhance the media interaction, together with Sina, Mobile launched with the Internet, cell phone wireless advertising cooperation to enhance the interaction with the audience to promote advertising sales. "High-definition and so bring us more bargaining power, growth to three or four-line city and advertising customers sinking demand kiss, the third is the customer needs is also the needs of the audience, the fourth is the advance of RFID technology." Jason said the audience wanted to make four changes that would allow customers to feel a higher return on investment. Similar to this logic, Jason in the new capital action just completed said: The minority equity investment anastomosis has been established development strategy, that is, in reducing the company's non-core business while focusing on expanding and investment in the core business. New media business again cross-examine Jason Values change, is the focus from investors, shareholders drive to customer-driven transformation, but "self-denial" four words is not literally so simple, it contains at least two layers of questioning. First, the acquisition is not right or wrong is always neutral means, if the focus of the past series of mergers and acquisitions is a mistake, then what is wrong? Second, whether the Internet or mobile applications are divided into the future, if the past is a mistake, then how will the audience start again? In response to the first question, Jiangnan Spring reflection: In the past, the public in the Internet and wireless business is caught in a "conceptual advance", that is, because "I want to do the Internet or wireless, so I want to access the Internet or wireless", the direct starting point is to meet entrepreneurial ambitions, mergers and acquisitions did bring the capital statement extension, but in fact, " We have no way to organically integrate these media because they are not strong with our original business connections, they are independent and have no synergy with our core business. Jason said, "If you look deeper," the audience in these two areas entered the value point at the same time a selective error, because all of our other business is the media, such as access to the Internet, we choose the value point is the agent rather than the media business, if Sina and the integration of the public success, then the business of the idea is right, We do not choose the most powerful media in the Internet and the audience to do a combination, if the choice is a most powerful media, then the audience today is an all-encompassing thing. [Page] In other words, the old audience chooses a wrong value chain to enter the new digital realm. But in fact, it is difficult for the audience to enter the value chain of what they call "truly correct" in these two emerging areas. In the past two years, the public has failed in 2009 for failing to approve a "Sina-minority" deal that has been launched to save the market capitalisation; Similarly, the wireless domain's biggest media is the operator, and the focus of the wireless value chain to choose the error also means that its business model faces a "mobile phone is very strong, but the mobile ad licensing is not strong "Natural hazards. For the answer to the second question, JiangnanSpring also remember the first question to clarify the idea: the focus of the expansion has not moved to the original business extension, then the future, the audience will also remember this lesson forever. More than 60% of advertisers are preparing to dramatically increase their digital media budgets, with Internet and outdoor TV becoming the main direction for advertising budget transfers, according to the latest report from the Institute of Advertising Research at the University of Communication. "Internet or wireless is really we do not go past the topic, but our extension must be related to the main business, we do not become others, we or ourselves, but a more powerful self." "Jason said. For example, "such as mobile phone business, the future with RFID technology, users in the building ads divided into large screen sites to see interested ads immediately after the use of mobile phone control, then the relevant information will be immediately passed to the user's mobile phone, if this is a Greek tourism board advertising, it will tell you, Greece is the most worth playing five places, Which travel agencies can do travel, what discount coupons, etc. "Jason stressed that, unlike the second-year story, similar business and the digital outdoor business has relevance," the audience will be from the digital outdoor media to the entire digital media forward, but the process must ensure that the extension of all business is with our main business has synergies, because the cornerstone of the focus is always the main business. " He asked, will the audience do better than others to do the Internet or other fields? "Not necessarily, it doesn't have to be the core competitiveness, but if someone imitates my RFID today, he doesn't have a niche for these screens." "Jason said. According to Jason revealed that the focus of the interior has done a relevant layout, but the relevant people expect that the user's hands of the mobile phone terminal to become RFID, in China's environment estimated to be two years time. The Wounded Jiangnan spring: "The world must have a cause and the fruit of" "21st Century": these two or three years, you personally change? Including marriage, having children and so on. I hear you will fly to Taiwan to reunite with your family every Friday, no matter how busy you are. These responses to the company's business, and your recent focus on thinking? Jason: I think it's two words. The first sentence is "Life to serve the purpose of making money is by the way." I haven't thought about it before, I think this sentence for me in 2009 years after feeling particularly deep, before I was not so clear consciousness, I do not know what the purpose of life, but now feel very deep, it has become a basic thing of enterprise, is your business rely on what to develop, is to rely on the value of service consumers or to meet their ambitions for development goals, with a lesson and serious thinking, I have this sentence. "21st century": this question I would like to cross-examine, now many Chinese entrepreneurs mentality is more impetuous, but in turn, do you think if an entrepreneur in the beginning to wake up so early, can also become a big deal? Jason: I think it is possible, we all have the same goal, are to make money, expand the career map, but the starting point is different, then why to serve the purpose? Let me give you an example of a person selling noodles,The first day he wanted me to do a good job, to do both healthy taste and good, can let others to eat the next day, then he made money is also destined. and the second person, if the first day to consider how I put the margin to do high, the next day how to make a chain, the third day to think how to market, then his company is doomed to lose money. Back to the audience, I think the first stage is to discover the value of consumers, but five or six years later, it began to deviate, and when you start to meet entrepreneurial ambition to pursue market value rather than increase the value of consumers, finally, your market value will be destroyed. Can never change the starting point, one is the fruit, one is because, this is called "Cause and effect." While the market capitalisation of our current niche is only half that of our highest peak, I think today we are much healthier than we were at the height of the day and the market capitalisation has returned to its rational position. As in the past, the market capitalisation may increase in the short term, but it will not improve in the long run because you are not bringing value to consumers. "21st century": What's the second word? Jason: The second sentence is "the world is a cause and effect", I feel very deep. You know sometimes people have a lot of ideas, but the reason for planting today will eventually change, such as mergers and acquisitions, companies can expand market capitalisation, but in the end, you're destroying market capitalisation. Now when we think about buying mergers, we think, uh, what will happen to this company in 5 years? Might not have thought about it before. What were you thinking? 5 years later, after 5 years, then this is a "bad" read, the beginning is good, but the end result must be a problem, because you are not responsible for this "fruit". What I have learned is that the world must have a cause and a fruit, so you need to think about it today, and don't think about how many years from now you're not doing it. I would like to cite another example, when we went to buy mobile phone business, you said I was not completely aware of the business model of the risk of natural defects? I think I have a little vague feeling, but I think the future may change, is like a "rough room", a lot of things in China are starting from the rough room, but can be transformed after the change, so at that time although there was a vague worry, we think we should do it, slowly will change, no matter how it is now very profitable, Say it 35 years later, and this is the way you start without taking the future as your responsibility. "21st century": Sometimes people do have a lot of ideas, you say in this "big head disease" in the case of entrepreneurs should be how to distinguish between "bad cause" and the enterprise "trial and error" behavior? I mean, many enterprises usually need to make some key decisions or "trial and error" after a few years ' development. Jason: Yes, businesses need to try and make mistakes, but the question is whether you have a positive change after you realize a risk, or whether you've made the transition to risk clear enough. Why did I do that? I still think: for example, I was 30 times times P/E, and he was 5 times times P/E., I can not resist this temptation, I think 30 times times eat 5 times times not just to make money, two or three years after their business model may automatically change, or may not change, but I have made money, then, this is a short-term thinking. 21st Century: What do you want to see for a long time? Jason: Today I will certainly go to see long-term, although maybe I may not be able to do five years 10 years, perhaps seven years I was laid off, not innovation was asked to be laid off by shareholders, but today I will definitely think about this thing. If this thing is right in the long run, then the short term even if it may or even bring some of the cash flow negative, we still do, because the world is causal, if you are right, so even if you lose money in the short term, will still make money, if things are the opposite, so even if you make short-term money, long-term or will cause damage, You can't do it. So you see, three years later, not only did I not be laid off, but also undertook all the main responsibility and the consequence of the handset business acquisition, we already undertook, and this is the reason that our idea is not long enough. This is the last two years I think a lot of things, in fact, is to return to a particularly simple truth, the original reason for doing business in fact will not exceed 10, just like fry stock is always low to buy high selling the same. I know all of these truths, but really only traumatized people, the understanding of these truths will be clearer, this truth becomes your code of conduct, so you come back here.
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