Original report

Viewpoint Real Estate Network 20 13 1 1.9 AFC Champions League final, Xu Jiayin is brewing a commercial gamble.

Evergrande is good at playing marketing cards, and the announcement of Evergrande Ice Spring is absolutely phenomenal. Guangzhou Evergrande brigade quietly changed into a new ball suit with the advertisement of "Evergrande Ice Spring", which matched with the TV advertisements broadcast in turn and the background billboards on the stage background board of the post-game celebration banquet. This new business line was born.

Few people outside know what remedial measures Evergrande will take if it finally loses. However, in the 58th minute, Muric assisted Daniel F. Akerson to score, and the broadcast screen focused on the goal. The latter's chest became the most eye-catching billboard in Asia.

Guangzhou Evergrande eliminated Seoul FC to win the championship by virtue of its away goal advantage, which is the first time that China Club has stood on the highest podium of Asian club competitions since the professionalization of football in China. Afraid of Korea? Anger and anxiety were swept away. The enthusiasm of the people of the whole country was ignited, making Evergrande the most successful brand exposure in history.

"In 20 14, the sales will reach 10 billion, and in 20 16, it will reach 30 billion yuan." Xu Jiayin declared that the company's mineral water business should achieve annual sales of150,000 tons within 10 year. In his imagination, Evergrande Ice Spring is expected to be built into another 100 billion platform outside the real estate industry.

But the subsequent development is well known. Evergrande Ice Spring flourished and declined after paying a high price, and its business line was sold in a hurry after three years of operation.

But now, Evergrande Ice Spring is back, in an extremely low-key form.

At the performance meeting at the end of March this year, when the management of Evergrande introduced its eight business platforms, Evergrande Ice Spring was impressively listed without any notice. In 20 16, the company packaged and sold its fast-moving businesses, including grain and oil group, dairy group and mineral water group, and has repurchased 49% of the shares.

According to the current plan, Evergrande's eight major businesses will "realize a data closed loop of our digital technology and provide us with a brand-new service ecology". Evergrande Ice Spring is considered as the latest piece of the group's "data closed loop".

Review the story of Hepu Zhu Huan. It broke into the FMCG market on 20 13-20 14, and was hastily sold and repurchased. Is it really that hasty? Hidden in the gray line of grass snake, we can see that these three buyers are inextricably linked with Evergrande.

Hold high and hit high.

At present, every time Evergrande makes up its mind to develop new business, it is a big capital bet. Through mergers and acquisitions, we will quickly piece together the business map, pursue rapid growth, pursue rapid achievements, and pursue greater profit prospects from the perspective of capital value. For Evergrande, an enterprise that emphasizes high turnover, the hot money of capital that it wants to contact is also high turnover.

So the day after the AFC Champions League final, Evergrande officially launched the Evergrande Ice Spring brand, and then launched an overwhelming advertising campaign. 201165438+1October 9 to165438+1October 30, the marketing expenditure of Evergrande Ice Spring reached/kloc-300 million yuan, and the advertisements covered three CCTV channels and 60 companies in 30 cities.

The sales channels of Evergrande Ice Spring also spread rapidly. It is reported that there are as many as 200,000 channel terminals a month, and the ultimate goal is 2 million.

2065438+On June 2, 2004, 65438+2004, Evergrande Ice Spring held a national partner conference and ordering meeting. It is said that at least 3,000 dealers have seized the agency right of Evergrande Ice Spring, and the national contracted amount has reached 5.8 billion. According to the management at that time, Evergrande Mineral Water Group has 363 sales companies, including 365 provincial sales companies, 438+0 sales companies and 332 municipal sales companies.

"Dealers sell Evergrande Ice Springs, and offline dealers don't need to pay a penny." Xu Jiayin announced that it would pay all the advertising investment under the online service of the distributor.

At the same time, Evergrande Ice Spring attracts a large number of terminal business salesmen through high basic salary. Regardless of convenience stores, grocery stores, small supermarkets or canteens, the stores they operate are said to be free of charge (stacking refers to the display of goods formed by supermarket goods), making plaques for free, and promising rich profit margins. At that time, the price of Evergrande Ice Spring was 500ml 4.5 yuan/bottle.

In fact, the entire production line of Evergrande Ice Spring was laid in a short time.

It is understood that Evergrande signed a cooperation agreement with Jilin baishan city only in September of 20 13, in which the former invested10 billion yuan to develop10 million tons of high-end mineral water projects in baishan city and its two counties, Jingyu and Fusong.

As a further plan, Evergrande immediately acquired two local water plants with an annual output of 400,000 tons and 800,000 tons, and carried out reconstruction work. In June+10, 5438, the brand of "Evergrande Ice Spring" was officially confirmed, and Yang Huafeng of China Railway Materials Wuhan Co., Ltd. took office.

165438+ 10, Evergrande welcomed Zhang Hua, who had previously worked for Pepsi and Nongfu Spring.

2065438+In July 2005, Evergrande Ice Spring announced its listing plan and submitted its listing application to the New Third Board. According to the prospectus of public transfer, the operating income of Evergrande Changbai Mountain Mineral Water Co., Ltd., the listed entity of Evergrande Ice Spring, in May-May of 20 13, 20 14 and 20 15 was 34.8 million yuan, 968 million yuan and 284 million yuan respectively, and its net profit was 550 million yuan and 284 million yuan respectively.

"In order to enable its natural mineral water to quickly occupy the FMCG market, the company has invested a lot in the early stage, including marketing expenses including advertising and labor costs increased by introducing the sales team." Evergrande Ice Spring said.

During the period, the company's production line extended to Antu County, Yanbian Prefecture, and the company's employees increased from about 65,438+0,000 to 8,397, including 5,048 salespeople, accounting for 60. 12%.

On the other hand, the development of Evergrande Grain and Oil and Evergrande Dairy generally follows the same path.

From 2065438 to August 2004, Evergrande Grain and Oil re-carved the ice spring route and made its debut through the AFC Champions League. According to the news, it has acquired a number of small oil plants in Heilongjiang, Jilin, Inner Mongolia and other places for transformation. According to the group, it invested nearly 7 billion yuan to build and acquire 22 production bases.

On September 1 day, Evergrande Grain and Oil held a national ordering meeting in Aershan Prairie, Inner Mongolia, and 3,500 dealers flew to Ulanhot on about 32 charter flights. It is reported that the order amount of this fair is as high as11900 million yuan. In the same month, Evergrande acquired New Zealand Wow Bear Dairy and established Evergrande Dairy.

The upfront investment in publicity and development has opened a financial gap. Evergrande Ice Spring proposed to terminate its listing two months after it was submitted for review. Subsequently, under the pressure of transformation, Evergrande reorganized and merged its fast-moving businesses such as mineral water, grain and oil, and dairy industry, and completed the sale one year later.

Sell or sell?

Evergrande chose to divest FMCG business from 2065438+September 2006.

Including mineral water business, the price is 654.38+0.8 billion yuan, and the recipients are Shenzhen Sanwei Turin Automobile Sales and Service Co., Ltd. and Lipu (Hong Kong) Co., Ltd.; ; The price of grain and oil business is 600 million yuan, and the takeover party is Shenzhen Lailai Industrial Co., Ltd.; The dairy industry was acquired by Morgan Stanley Capital International Turin Trading Co., Ltd. and Sunshine Property Management Co., Ltd. for 300 million yuan.

Among them, Shenzhen Sanwei Turin Automobile Sales & Service Co., Ltd. owns Zhang as the sole shareholder and Wang as the general manager. At that time, the company was also one of the corporate shareholders of Shenzhen Judan Industrial Development Co., Ltd., which was controlled by Shenzhen Cui Lin Investment Holding Group Co., Ltd. ..

Shenzhen Laiyang Industrial Co., Ltd. was formerly known as Shenzhen New Norton Trading Co., Ltd., and its major shareholder, general manager and executive director Wang Haili also served as the director of Shenzhen Cui Lin Real Estate Development Co., Ltd.

Shenzhen Morgan Stanley Capital International Turin Trading Co., Ltd., which undertakes dairy business, is well-known recently. In March earlier, it invested HK$ 654.38+08 billion to participate in the battle for Evergrande RV, and it was one of the top five bidders. Wang Weimin, the major shareholder of the company, is the former chairman of Shenzhen Qianhai Rong Jian Fund Management Co., Ltd..

According to public information, Qianhai Rong Jian was formerly the Finance Department of Shenzhen Construction Engineering Co., Ltd., the guarantor and long-term purchaser of the fund products was Shenzhen Construction Engineering Co., Ltd., and the actual controller was Wang Zhongming. People familiar with Evergrande should know that Wang Zhongming was the chairman of Cui Lin Investment Group and the vice president of Evergrande Real Estate Group at that time, responsible for the Shenzhen regional affairs of Evergrande Real Estate Group.

In addition, Cui Lin Group previously participated in the battle for RV treasure and the customized rights issue of Evergrande, with a contribution of HK$ 630 million, holding 0.386% and a contribution of HK$ 5 billion, holding 65,438+0.875% respectively.

Generally speaking, the recipients of Evergrande's FMCG business are inextricably linked with Evergrande. Maybe this deal is not a simple deal.

If we think of it as a strategic display. Then it is not difficult to understand why most of the senior management teams of these businesses have not changed after Evergrande sold mineral water group, dairy group and grain and oil group. At the same time, the recipient can also use the trademark related to Evergrande for five years until it is repurchased by Evergrande.

The end of 20 16 to the end of 20 17 is a turning point in the development of Evergrande group. In 20 17, after the three FMCG businesses were sold, Evergrande took the initiative to step on the brakes to start the strategic transformation, and Xu Jiayin announced that it would become the "profit king".

At that time, the external environment was that the real estate market, which had experienced explosive growth for several years, began to enter the downward cycle in 20 17. Tight financing environment and increasing costs are eroding the profits of every real estate enterprise.

It was also during this period that Evergrande decided to adjust its financing structure and replace perpetual debt with equity financing, and introduced three rounds of investment of * * *130 billion yuan. Since then, equity financing has become one of the most important financing channels for Evergrande.

Xu Jiayin said that the company should change from "scale" to "scale+benefit" in its development model, and from "three highs and one low" with high debt, high leverage and high turnover to "three lows and one high" with low debt, low leverage, low cost and high turnover in its business model.

In order to return to A through backdoor, Evergrande is deeply bound with dozens of bidders, and there is no difference between sales growth and carry-over profit performance. As a result, the fast-moving business, which is losing money and has little connection with the main business of real estate, has become the object of temporary abandonment.

A drunken man's ulterior motives.

In fact, FMCG business is not a bad business.

Eight years ago, Evergrande's logic was to promote drinking bottled water, grain and oil, milk powder, dairy industry and other fast-moving consumer goods closely related to people's lives through sports marketing to increase the exposure of Evergrande's brand, and its ultimate mission was to promote housing sales.

In addition, the fast-moving industries with smooth capital flow, especially the high-end bottled water business with high profit margin, will help alleviate the cash flow dilemma of the Group's main real estate development business.

Eight years later, FMCG, as a breakthrough for real estate enterprises to develop community resources, is self-evident. Community fresh food, community group buying, and fast-moving consumer goods are all key points.

Why should a group of Internet companies such as Ali, JD.COM and Meituan hand over the resources that real estate enterprises can firmly grasp through property management to millions of owners in thousands of communities? This is the blue ocean seen by major real estate developers.

At present, the APP of Evergrande Premium Mall was launched at the end of October19, and now it is selling its products such as Evergrande Ice Spring, Evergrande Grain and Oil, Evergrande Dairy, Evergrande Ollie (imported meat) and Evergrande Agriculture and Animal Husbandry.

It is an indisputable fact that the real estate industry is weak, and the situation is worse than 20 17, 20 18 or even 20 19. It is not feasible to return to the main business, and it is the only way to find a new business direction.

Evergrande's latest diversified development plan is to divide its business into eight industrial platforms, including Evergrande Real Estate, Evergrande New Energy Vehicle, Evergrande Real Estate, Hengteng Network, RV Bao Group, Evergrande Children's World, Evergrande Health Industry and Evergrande Ice Spring.

According to the latest plan, Evergrande will build Evergrande Ice Spring into the first brand of water in China and the first brand of healthy grain and oil in China. It is said that Evergrande has developed 14 series and more than 50 products in mineral water, grain and oil and dairy industry.

More urgently, Evergrande intends to spin off all eight business platforms for listing. RV Bao, Evergrande Children's World and Evergrande Ice Spring, which are not listed on the platform, all have relevant plans.

For Evergrande, the real estate leading story with annual sales of 750 billion yuan is not enough to attract attention. How to attract more investment and achieve the goal of debt reduction? Then tell a new story. Up to now, Evergrande has raised tens of billions of Hong Kong dollars from investors through three business segments: Evergrande Automobile, Evergrande Real Estate and RV Bao Group, and achieved the goal of reducing the debt ratio by splitting and divesting assets.

In fact, Evergrande raised nearly HK$ 88.8 billion in rights and interests on several major platforms last year through investment promotion and share offering in turn. It is revealed that Evergrande repaid the principal and interest of overseas debts with its own funds of HK$ 596,543.8 million last year, and did not issue a foreign debt.

Everything has its historical mission in every period. Evergrande has exposed too many problems in its diversified business. At present, the outside world has raised objections to Evergrande's slogan-style diversified management mode, which is especially reflected in the comparison of Evergrande's business and stock price.

However, the listing of Evergrande Ice Spring is not far away. On February 2, last year, 65438, Evergrande Real Estate successfully knocked on the Hong Kong Stock Exchange within four months after introducing investors. The listing of RV Bao is planned within this year.

Not to mention the grand goal of deep excavation of community resources and data closed loop, Evergrande Ice Spring's short-term mission is to estimate higher valuation and provide an additional fund channel for Evergrande Group before and after IPO under the current limited issuance of real estate bonds.

At present, after Evergrande attracts capital through diversified business, it should give an explanation to the capital, at least in the share price. Evergrande also needs them in terms of funds. The higher the share price, the more they can offer.

This article comes from Viewpoint Real Estate Network.