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2021-06-11
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Soros close comrade-in-arms: Fed gives investors 'false security'
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2021-06-11
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","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181877946","repostId":"1155810638","repostType":4,"repost":{"id":"1155810638","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1623383065,"share":"https://ttm.financial/m/news/1155810638?lang=en_US&edition=fundamental","pubTime":"2021-06-11 11:44","market":"us","language":"zh","title":"Soros close comrade-in-arms: Fed gives investors 'false security'","url":"https://stock-news.laohu8.com/highlight/detail?id=1155810638","media":"华尔街见闻","summary":"有“华尔街天才”之称的Stanley Druckenmiller，又一次炮轰了美联储。","content":"<p>Author: Zeng Xinyi</p><p>Stanley Druckenmiller, known as the \"Wall Street genius\", has once again bombarded the Federal Reserve.</p><p>On Thursday, June 10, Druckenmiller said in an email,<b>The Fed's ongoing loose monetary policy has distorted asset prices and induced investors to feel a false sense of security, but the market has not yet made a statement on U.S. inflation in May.</b></p><p>He also stated that,<b>Until the Fed stops removing market signals, market participants will continue to ignore risks such as inflation that are beginning to crop up.</b></p><p>Recently, the Fed has repeatedly stressed that inflation is only temporarily higher with the post-pandemic economic recovery. This means that the loose monetary policy implemented by the Federal Reserve in response to the epidemic crisis may continue in the foreseeable future.</p><p>However, Druckenmiller is quite unhappy with this, and has warned several times before.</p><p>Last month, he said in an interview that the Fed's policies aimed at maintaining market and economic stability during the COVID-19 pandemic may ultimately threaten the long-term health of the US dollar.</p><p>Moreover, the Fed's persistence in keeping interest rates down despite a boom in markets and economies and buying trillions of dollars in bonds is a long-term risk.</p><p>In the long run, the continuation of the Fed's policies and the heavy debt and fiscal deficits they support will also threaten the global reserve position of the dollar.</p><p>He even published an op-ed in the Wall Street Journal entitled \"The Federal Reserve is\" Playing with Fire \", scolding the Fed.</p><p>He saw that under the Biden administration, two-thirds of unemployment benefits were given to the population after vaccines proved effective and the recovery accelerated. In addition to flooding liquidity, inflation has reached historical averages.</p><p>Druckenmiller believes that the Fed's independence should act as a check and balance and should balance rather than drive up asset prices. It is precisely because of this \"soft policy\" that it encourages the excessive behavior of financial markets. Therefore, policies should be adjusted immediately to minimize risks.</p><p>In addition, the article also said that the Fed's attention to inflation expectations is very narrow. After all, the short-term risk of economic braking caused by tightening policies in 2022 is nothing compared with the long-term risk caused by asset bubbles and fiscal flooding!</p><p>For decades, Druckenmiller was considered one of the most successful macro hedge fund managers worldwide. Over 30 years, he has produced a compound annual growth rate of 30% and holds the record for no negative returns in his investment career.</p><p>Druckenmiller had been Soros's \"close comrade-in-arms\". In 1988, at the invitation of Soros, Druckenmiller officially entered Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the pound would fall against the German mark. At that time, he helped Soros \"snipe the pound\" and won a big victory against the Bank of England.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Soros close comrade-in-arms: Fed gives investors 'false security'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoros close comrade-in-arms: Fed gives investors 'false security'\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-11 11:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author: Zeng Xinyi</p><p>Stanley Druckenmiller, known as the \"Wall Street genius\", has once again bombarded the Federal Reserve.</p><p>On Thursday, June 10, Druckenmiller said in an email,<b>The Fed's ongoing loose monetary policy has distorted asset prices and induced investors to feel a false sense of security, but the market has not yet made a statement on U.S. inflation in May.</b></p><p>He also stated that,<b>Until the Fed stops removing market signals, market participants will continue to ignore risks such as inflation that are beginning to crop up.</b></p><p>Recently, the Fed has repeatedly stressed that inflation is only temporarily higher with the post-pandemic economic recovery. This means that the loose monetary policy implemented by the Federal Reserve in response to the epidemic crisis may continue in the foreseeable future.</p><p>However, Druckenmiller is quite unhappy with this, and has warned several times before.</p><p>Last month, he said in an interview that the Fed's policies aimed at maintaining market and economic stability during the COVID-19 pandemic may ultimately threaten the long-term health of the US dollar.</p><p>Moreover, the Fed's persistence in keeping interest rates down despite a boom in markets and economies and buying trillions of dollars in bonds is a long-term risk.</p><p>In the long run, the continuation of the Fed's policies and the heavy debt and fiscal deficits they support will also threaten the global reserve position of the dollar.</p><p>He even published an op-ed in the Wall Street Journal entitled \"The Federal Reserve is\" Playing with Fire \", scolding the Fed.</p><p>He saw that under the Biden administration, two-thirds of unemployment benefits were given to the population after vaccines proved effective and the recovery accelerated. In addition to flooding liquidity, inflation has reached historical averages.</p><p>Druckenmiller believes that the Fed's independence should act as a check and balance and should balance rather than drive up asset prices. It is precisely because of this \"soft policy\" that it encourages the excessive behavior of financial markets. Therefore, policies should be adjusted immediately to minimize risks.</p><p>In addition, the article also said that the Fed's attention to inflation expectations is very narrow. After all, the short-term risk of economic braking caused by tightening policies in 2022 is nothing compared with the long-term risk caused by asset bubbles and fiscal flooding!</p><p>For decades, Druckenmiller was considered one of the most successful macro hedge fund managers worldwide. Over 30 years, he has produced a compound annual growth rate of 30% and holds the record for no negative returns in his investment career.</p><p>Druckenmiller had been Soros's \"close comrade-in-arms\". In 1988, at the invitation of Soros, Druckenmiller officially entered Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the pound would fall against the German mark. At that time, he helped Soros \"snipe the pound\" and won a big victory against the Bank of England.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2f6bcea082d3702b693c2ed87aa0bab","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155810638","content_text":"作者：曾心怡\n有“华尔街天才”之称的Stanley Druckenmiller，又一次炮轰了美联储。\n6月10日周四，Druckenmiller在一封邮件中表示，美联储持续的宽松货币政策扭曲了资产价格，并诱使投资者产生一种虚假的安全感，只是市场现在尚未就美国5月通胀作出表态。\n他还称，直到美联储停止消除市场信号为止，市场参与者都将继续忽视开始冒头的通胀等风险。\n近来，美联储反复强调，伴随着后疫情时代的经济复苏，通胀只是暂时走高。这也就意味着，美联储为应对疫情危机而实施的宽松货币政策或将在可见的未来继续下去。\n但是，Druckenmiller对此相当不满，此前就已发声警告过好几次。\n上月，他曾在接受采访时称，美联储在新冠肺炎疫情期间旨在维持市场和经济稳定的政策，最终可能会威胁美元的长期健康。\n此外，美联储在市场和经济繁荣的情况下仍然坚持压低利率，并买入数万亿美元的债券是一个长期风险。\n从长远来看，美联储继续推行其政策，以及它们所支持的沉重债务和财政赤字还将威胁到美元的全球储备地位。\n他甚至还曾《华尔街日报》发表题为《美联储在“玩火”》的专栏文章，将美联储骂了一顿。\n他看到在拜登政府麾下，三分之二的失业救济金是在疫苗被证明有效并且复苏加速之后发放给民众的。除了泛滥的流动性，通货膨胀率也达到了历史平均水平。\nDruckenmiller认为，美联储的独立性应该起到制衡作用，应该平衡而不是推高资产价格。正因为这种“怀柔政策”，助长了金融市场的过度行为。因此应该立马调整政策，将风险降至最低。\n此外，文章还称美联储对通胀预期的关注是非常狭隘的，毕竟2022年因为收紧政策带来的经济踩刹车的短期风险与资产泡沫和财政泛滥带来的长期风险相比，根本不是事儿！\n几十年来，Druckenmiller被认为是全球最成功的宏观对冲基金经理之一。30年里，他创造了年均复合增长率30%的业绩，并且保持着投资生涯无负收益年份的记录。\nDruckenmiller曾是索罗斯的“亲密战友”。1988年受索罗斯邀请，Druckenmiller正式进入量子基金公司。1992年，Druckenmiller准确预测英镑对德国马克汇率将下跌。当时他帮助索罗斯“狙击英镑”，在与英国央行的较量中大获全胜。","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181873981,"gmtCreate":1623387072743,"gmtModify":1704202273840,"author":{"id":"3567313446080368","authorId":"3567313446080368","name":"蚂蚁窝","avatar":"https://static.tigerbbs.com/f5f80d27281149fa0102ec920d99e622","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3567313446080368","authorIdStr":"3567313446080368"},"themes":[],"htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181873981","repostId":"1183013437","repostType":4,"repost":{"id":"1183013437","kind":"news","pubTimestamp":1623384910,"share":"https://ttm.financial/m/news/1183013437?lang=en_US&edition=fundamental","pubTime":"2021-06-11 12:15","market":"hk","language":"zh","title":"Meituan: Organizational Evolution of China's Third Largest Internet Listed Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1183013437","media":" 中欧商业评论","summary":"自2018年上市以来，在美团的市值一路上涨的同时，是美团作为本地生活数字经济平台在组织生态上的不断进化。\nCBR精华抢先看：\n01.“Food + Platform”战略下，美团的年度营收在2020年","content":"<p>Since its listing in 2018, while the market value of Meituan has risen all the way, it is the continuous evolution of Meituan in organizational ecology as a digital economy platform for local life.</p><p><b>First look at CBR Essence:</b></p><p>01. Under the \"Food + Platform\" strategy, Meituan's annual revenue exceeded 100 billion yuan for the first time in 2020, more than half of which came from Food delivery business. In-store hotel and travel business contributed the highest profit margin to Meituan, while emerging businesses contributed the highest revenue growth.</p><p>02. The success of Meituan comes from the entrepreneurial experience and industry cognition accumulated by the management team in the Internet field, advanced technical capabilities, efficient operation management system, scientific and continuously evolving organizational structure and emphasis on talent training.</p><p>03. Entering the \"second half\" of the Internet, with the gradual implementation of supervision and the gradual standardization of the market competition environment, Meituan has entered a new growth stage driven by innovation. It is necessary to continuously expand the boundaries of its digital economy platform, strengthen the digital empowerment of the industrial chain, and build a more open ecosystem.</p><p>As of June 7, 2021, local lifestyle O2O giant Meituan still has a market capitalization of HK$1.83 trillion in the Hong Kong stock market, second only to China's listed internet companies in terms of market capitalization, although its share price has fallen by nearly 35% since its high this year.<a href=\"https://laohu8.com/S/00700\">Tencent</a>And<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>。</p><p><b>New economic giants still in expansion</b></p><p>As a digital Platform linking consumers and merchants, Meituan defines the company's mission as \"helping everyone eat better and live better\" and its strategy as \"Food + Platform\" (\"Catering + Platform\"). Through innovative and better services, it helps merchants improve operational efficiency, provides consumers with more convenient and reasonably priced high-quality products and services, and makes good use of technology to create more value for society.</p><p>According to the 2020 annual report of the United States Mission, the annual revenue of the United States Mission exceeded 100 billion for the first time, of which the food delivery established in 2013 accounted for more than half of the revenue of the United States Mission, accounting for the highest proportion of the revenue of the United States Mission, and has been the pillar business of the United States Mission in recent years. However, in terms of profit margin, in-store, hotel and travel business is the real profit-making business of Meituan. More than half of Meituan's revenue comes from the commission of take-out orders made by Meituan as a platform (similar to agency fees). Another major source of income is the marketing fees paid by merchants to the platform. New business and other income include self-operated businesses such as Meituan Bicycle, Meituan Grocery Buying and Meituan Charging, as well as Meituan Selection, Meituan Taxi, Meituan Flash Sale, to B Business Fast Donkey, etc. (Table 1).</p><p><img src=\"https://static.tigerbbs.com/88f31935c115bff72f1cc57d16f97697\" tg-width=\"1044\" tg-height=\"194\" referrerpolicy=\"no-referrer\"></p><p>Table 1 Revenue composition of Meituan in 2020</p><p>Source: Meituan 2020 Annual Report</p><p>It is worth noting that Meituan's net profit turned from profit to loss in the fourth quarter of 2020. The loss came from investment in new businesses such as community group buying and community e-commerce. According to Meituan's financial report for the first quarter of 2021: Although the addition of more than 59 million active buyers in a single quarter created a historical record of Meituan, Meituan basically completed the user increase of the whole year last year in one quarter. However, the new business loss in a single quarter is 8 billion, and it will take time to make a profit.</p><p>It can be seen that the operation mode of new businesses such as community group buying is similar to that of previous take-out and wine travel. First, according to data accumulation, specific regions are selected, traffic advantages are used to quickly promote, burn money to expand the market, transform the supply side, export management capabilities, solve the difficulties of enterprise supply and demand aggregation, subsidize consumers, make merchants and consumers rely on the Meituan platform, seize the main market share, and then transfer some costs to merchants and consumers, so as to achieve profitability under the scale effect of the platform (Table 2). But can community group buying replicate the previous success?</p><p><img src=\"https://static.tigerbbs.com/a1b2348f8d6f4baafbf2899e8321ab7b\" tg-width=\"1080\" tg-height=\"154\" referrerpolicy=\"no-referrer\"></p><p>Table 2 Meituan's Business Matrix</p><p>Source: According to public information</p><p><b>Internet Entrepreneurship Culture and Efficient Organization and Operation</b></p><p>Meituan was founded in 2010 by Wang Xing, Mu Rongjun, Wang Huiwen and others, with the founder Wang Xing as the core. The three were classmates and alumni of Tsinghua University, and they are still the three most important executives of Meituan. Before the founding of Meituan, several people had jointly founded Internet social networking sites such as Duoduoyou, Xiaonei.com, Fanfou.com and Hainei.com (Table 3). Several rounds of entrepreneurial experience have given the founding team a keen insight into the Internet and rich operation and maintenance experience. Wang Xing's team pays attention to efficiency and \"three highs and three lows\"-high quality, high efficiency, high technology, low cost, low price and low gross profit.</p><p><img src=\"https://static.tigerbbs.com/6db4e12bfd0f3d896c802d655f43bece\" tg-width=\"620\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Meituan Founding and Management Team Information</p><p>Source: Company announcements,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Research Institute</p><p>As an O2O company, the entrepreneurial experience of the founding team with Wang Xing as the core is mainly online entrepreneurship, and there is no experience in managing large-scale offline teams, and offline business requires Meituan to have strong organizational ability. After joining the US Mission in November 2011, Gan Jiawei, a sales veteran of Alibaba, helped the US Mission set up an organizational management system and a local marketing system, which has been followed since.</p><p>Gan Jiawei has formulated a quantifiable, measurable, traceable and controllable operation management system for the offline team of Meituan, such as anchoring the goal in business management, refining the execution, widely adopting the standard operation process SOP mode for management, splitting the original overall sales process into four steps of ABCD, and realizing the control of result E through the control of the process; At the same time, the incentive system was improved, so that employee incentives were highly linked to the company's goals, and employees had a strong grasp of business processes.</p><p>Gan Jiawei pays attention to the team management and construction at the level of \"borrowing false to cultivate truth\", that is, taking data, indicators and results as \"false\", while taking the development and promotion of talents and organizations as \"true\", forming the consistency of members' behavior and thoughts in the whole organization. In this way, even after Gan Jiawei left in 2016, this set of organizational management system and local marketing system has continued to this day, and the team's combat effectiveness has not been affected. In terms of talent reserve, Meituan reserves excellent BD as candidates for city managers at the grass-roots level, and excellent city managers are candidates for regional managers; Start the \"Leadership Echelon Training Program\" at the top level, carry out job rotation training, succession planning, talent inventory and other work, and establish a complete talent echelon from the grass-roots level to the top level.</p><p><b>Organizational Structure Serves Strategic Evolution</b></p><p>Since its launch in March 2010, Meituan has experienced several rounds of business expansion (Table 4), and its organizational structure has been continuously expanded according to the transformation of O2O business. When Meituan sets up an independent department for new business, it will quickly adjust the structure, establish an independent business unit, and designate a founding team member as the direct person in charge of the business unit to ensure the adherence of the overall culture and ideas in the process of promoting new business. Among them, Wang Huiwen and Chen Liang have played such roles many times. Taking the members of the founding team as the heads of the new business, and transferring it to other senior executives after maturity, makes the consistent entrepreneurial culture of Meituan well inherited and play a role in opening up new businesses.</p><p><img src=\"https://static.tigerbbs.com/0ca7684b0d4c3d14f178c69fd45d8a74\" tg-width=\"626\" tg-height=\"202\" referrerpolicy=\"no-referrer\"></p><p>Table 4 Meituan's business changes</p><p>In 2015, Tencent took a stake in Meituan, and after Meituan merged with Dianping to form \"New Meida\", it gave full play to the synergy of operation. The initial main business group purchase of Meituan gradually faded out, truly getting rid of the early positioning of \"Chinese version of Groupon\" and began to transform into a new economic platform of \"Internet plus\". The business structure has been established as three business groups: take-out delivery, hotel tourism and in-store business group, which has laid the core business of Meituan so far (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/734fa189ce296f1c54278290366c4b96\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 Meituan business organizational structure during the \"New Meida\" period</p><p>Source: According to publicly available information</p><p>In 2016, Meituan acquired Qiandaibao, a fully licensed payment company, laid out digital finance and online payment business, implemented the key links of O2O business closed loop, and laid the foundation of financial middle office for the construction of business ecology. In the same year, Meituan set up the world's first talent training platform, \"Internet plus University\" (IPU), to coordinate and promote the internal talent training of Meituan.</p><p>Since 2017, Meituan's O2O business has expanded significantly, and the three major business groups have been reintegrated (Figure 2):</p><p><img src=\"https://static.tigerbbs.com/681c80f1407a319ca23266dd84e58f88\" tg-width=\"1080\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p>Figure 2 Business organizational structure of Meituan during the period of rapid expansion</p><p>Source: Debon Institute</p><p>After the launch of Meituan Taxi in 2017, Meituan established the Travel Division, and subsequently completed the acquisition of mobike, further enriching Meituan's consumer data collection channels and traffic conversion channels. Subsequently, Meituan further integrated the business structure, integrating the original Meituan platform and the public comment platform (Figure 3):</p><p><img src=\"https://static.tigerbbs.com/dfe93a8f2e88d105574844cae1c2641b\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>Figure 3 Meituan's business organization structure after the launch of travel business</p><p>Source: Debon Institute</p><p>On 30 October 2018, after completing the listing on the Hong Kong Stock Exchange, the Company upgraded its organizational structure in accordance with the \"Food + Platform\" strategy. Several business unit optimizations have been carried out over the next two years, but the basic organizational framework has been adapted in 2018.</p><p>With the continuous development of new businesses, Meituan has integrated its business platforms, and the company's organizational structure serves the strategic direction. The core business is concentrated in two business groups: to-store business group and to-home business group, and then the synergy and efficiency of local businesses are improved through Meituan platform and intelligent transportation platform. With 'eating' as the core, Meituan has built a catering service chain from food supply, IT system to distribution and marketing, focusing on various catering service chain products such as Kuaili, Meituan grocery shopping and Meituan selection, with other business lines assisting IT (Figure 4).</p><p>From the changes in the organizational structure of Meituan, it can be found that the business group of Meituan, which was originally divided by business, has been changed to divided by scenario, so as to increase the synergy between different businesses and the same scenario, which is conducive to the vertical deepening of business. The user platform raises user traffic to the company level to operate and manage as a whole. The user platform is the entrance to the ecology of Meituan. The platform accesses the traffic, and then imports the traffic to the business departments and business groups with \"eating\" as the core, and builds into a multi-level science and technology service platform for the life service industry from the demand side to the supply side.</p><p><img src=\"https://static.tigerbbs.com/fb20239d777df83381537aad6b28aaeb\" tg-width=\"1080\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Figure 4 Meituan's business organizational structure under the \"Food + Platform\" strategy</p><p>Source: 36kr, Tencent,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Science and Technology, Debon Research Institute</p><p>From 2015 to 2019, Meituan's rapid growth mainly came from the expansion of business in various cities, the optimization and upgrading of online marketing, and the improvement of distribution network. Now that Meituan has entered a mature stage, its key development space lies in giving full play to its data advantages and expanding the network effect of the ecosystem, such as empowering small and medium-sized merchants in the ecosystem and stimulating synergy between different business departments. In 2017, Wang Xing has already realized that to B is an opportunity in the future. The traffic dividend period in the first half of the Internet economy has ended, and the direction of the second half is to focus on the innovation of supply chain and to B industry, so that the supply side of the whole Chinese industry can realize Internet digitalization by improving efficiency and reducing costs, and finally return to the road of sustained growth.</p><p><b>Finding a New Growth Curve: Focusing Heavily on Retail</b></p><p>After 2015, Meituan's annual revenue soared from 4.019 billion yuan to 114.795 billion yuan in 2020, with a compound annual growth rate of 95.5%. Behind this is the continuous evolution of Meituan's organization and strategy while obtaining financing and expanding its business. However, at the same time, it is worth noting that the revenue growth rate of Meituan is declining year by year, and it has dropped below 20% in 2020 (Figure 5). Such revenue growth rate does not meet the high growth expectations given to Meituan by the capital market.</p><p><img src=\"https://static.tigerbbs.com/e9dcd09ab7e94b0862fbba247f458704\" tg-width=\"977\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Figure 5 Meituan's high-speed revenue growth since 2015</p><p>Source: Company Announcement</p><p>Relying on the traditional core business, it is inevitable to usher in a decline in revenue growth, coupled with the low profit margin and fierce competition of pure food delivery business, which makes Meituan invest in finding a new growth curve. From the business structure in 2020, it can be seen that Meituan is trying to evolve into a comprehensive digital economy platform spanning local life and physical e-commerce. In terms of community group buying and e-commerce, as the largest take-out delivery platform in China, Meituan has launched new businesses such as Meituan grocery shopping, Meituan selection and flash sale with the help of its mature infrastructure, sufficient merchant resources and distribution channel advantages (Table 5), so as to further release the scale effect of Meituan as a platform.</p><p><img src=\"https://static.tigerbbs.com/b82f6a633186f4daecc0bbbf5adbea5c\" tg-width=\"759\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Meituan's New Battlefield</p><p>Source: Meituan official website, company announcement</p><p>For emerging businesses, Wang Xing said in the earnings call that e-commerce retail is a huge opportunity. Once the infrastructure is completed, there will be an opportunity to reach a large number of user groups. Once there is a new infrastructure, there will also be an opportunity to create a brand-new value chain, which will also bring new value to the whole society. E-commerce retail is an opportunity to reach the last batch of incremental e-commerce users (hundreds of millions of users in the sinking market), so it is necessary to invest more in retail businesses such as Meituan Preferred. Just recently, according to media reports, the US Mission plans to recruit 60,000 new people in 2021. These 60,000 people are mainly needed for basic positions such as logistics and local promotion, serving the community group buying business Meituan Selection and B2B catering supply chain business Kuaili. Before this, the number of Meituan employees has been stable at about 50,000 in recent years. Such a large-scale expansion reflects Meituan's huge expectations for retail business, and the organizational evolution of Meituan will continue.</p>","source":"lsy1567750882116","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meituan: Organizational Evolution of China's Third Largest Internet Listed Company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeituan: Organizational Evolution of China's Third Largest Internet Listed Company\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 中欧商业评论</strong><span class=\"h-time small\">2021-06-11 12:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since its listing in 2018, while the market value of Meituan has risen all the way, it is the continuous evolution of Meituan in organizational ecology as a digital economy platform for local life.</p><p><b>First look at CBR Essence:</b></p><p>01. Under the \"Food + Platform\" strategy, Meituan's annual revenue exceeded 100 billion yuan for the first time in 2020, more than half of which came from Food delivery business. In-store hotel and travel business contributed the highest profit margin to Meituan, while emerging businesses contributed the highest revenue growth.</p><p>02. The success of Meituan comes from the entrepreneurial experience and industry cognition accumulated by the management team in the Internet field, advanced technical capabilities, efficient operation management system, scientific and continuously evolving organizational structure and emphasis on talent training.</p><p>03. Entering the \"second half\" of the Internet, with the gradual implementation of supervision and the gradual standardization of the market competition environment, Meituan has entered a new growth stage driven by innovation. It is necessary to continuously expand the boundaries of its digital economy platform, strengthen the digital empowerment of the industrial chain, and build a more open ecosystem.</p><p>As of June 7, 2021, local lifestyle O2O giant Meituan still has a market capitalization of HK$1.83 trillion in the Hong Kong stock market, second only to China's listed internet companies in terms of market capitalization, although its share price has fallen by nearly 35% since its high this year.<a href=\"https://laohu8.com/S/00700\">Tencent</a>And<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>。</p><p><b>New economic giants still in expansion</b></p><p>As a digital Platform linking consumers and merchants, Meituan defines the company's mission as \"helping everyone eat better and live better\" and its strategy as \"Food + Platform\" (\"Catering + Platform\"). Through innovative and better services, it helps merchants improve operational efficiency, provides consumers with more convenient and reasonably priced high-quality products and services, and makes good use of technology to create more value for society.</p><p>According to the 2020 annual report of the United States Mission, the annual revenue of the United States Mission exceeded 100 billion for the first time, of which the food delivery established in 2013 accounted for more than half of the revenue of the United States Mission, accounting for the highest proportion of the revenue of the United States Mission, and has been the pillar business of the United States Mission in recent years. However, in terms of profit margin, in-store, hotel and travel business is the real profit-making business of Meituan. More than half of Meituan's revenue comes from the commission of take-out orders made by Meituan as a platform (similar to agency fees). Another major source of income is the marketing fees paid by merchants to the platform. New business and other income include self-operated businesses such as Meituan Bicycle, Meituan Grocery Buying and Meituan Charging, as well as Meituan Selection, Meituan Taxi, Meituan Flash Sale, to B Business Fast Donkey, etc. (Table 1).</p><p><img src=\"https://static.tigerbbs.com/88f31935c115bff72f1cc57d16f97697\" tg-width=\"1044\" tg-height=\"194\" referrerpolicy=\"no-referrer\"></p><p>Table 1 Revenue composition of Meituan in 2020</p><p>Source: Meituan 2020 Annual Report</p><p>It is worth noting that Meituan's net profit turned from profit to loss in the fourth quarter of 2020. The loss came from investment in new businesses such as community group buying and community e-commerce. According to Meituan's financial report for the first quarter of 2021: Although the addition of more than 59 million active buyers in a single quarter created a historical record of Meituan, Meituan basically completed the user increase of the whole year last year in one quarter. However, the new business loss in a single quarter is 8 billion, and it will take time to make a profit.</p><p>It can be seen that the operation mode of new businesses such as community group buying is similar to that of previous take-out and wine travel. First, according to data accumulation, specific regions are selected, traffic advantages are used to quickly promote, burn money to expand the market, transform the supply side, export management capabilities, solve the difficulties of enterprise supply and demand aggregation, subsidize consumers, make merchants and consumers rely on the Meituan platform, seize the main market share, and then transfer some costs to merchants and consumers, so as to achieve profitability under the scale effect of the platform (Table 2). But can community group buying replicate the previous success?</p><p><img src=\"https://static.tigerbbs.com/a1b2348f8d6f4baafbf2899e8321ab7b\" tg-width=\"1080\" tg-height=\"154\" referrerpolicy=\"no-referrer\"></p><p>Table 2 Meituan's Business Matrix</p><p>Source: According to public information</p><p><b>Internet Entrepreneurship Culture and Efficient Organization and Operation</b></p><p>Meituan was founded in 2010 by Wang Xing, Mu Rongjun, Wang Huiwen and others, with the founder Wang Xing as the core. The three were classmates and alumni of Tsinghua University, and they are still the three most important executives of Meituan. Before the founding of Meituan, several people had jointly founded Internet social networking sites such as Duoduoyou, Xiaonei.com, Fanfou.com and Hainei.com (Table 3). Several rounds of entrepreneurial experience have given the founding team a keen insight into the Internet and rich operation and maintenance experience. Wang Xing's team pays attention to efficiency and \"three highs and three lows\"-high quality, high efficiency, high technology, low cost, low price and low gross profit.</p><p><img src=\"https://static.tigerbbs.com/6db4e12bfd0f3d896c802d655f43bece\" tg-width=\"620\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Meituan Founding and Management Team Information</p><p>Source: Company announcements,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Research Institute</p><p>As an O2O company, the entrepreneurial experience of the founding team with Wang Xing as the core is mainly online entrepreneurship, and there is no experience in managing large-scale offline teams, and offline business requires Meituan to have strong organizational ability. After joining the US Mission in November 2011, Gan Jiawei, a sales veteran of Alibaba, helped the US Mission set up an organizational management system and a local marketing system, which has been followed since.</p><p>Gan Jiawei has formulated a quantifiable, measurable, traceable and controllable operation management system for the offline team of Meituan, such as anchoring the goal in business management, refining the execution, widely adopting the standard operation process SOP mode for management, splitting the original overall sales process into four steps of ABCD, and realizing the control of result E through the control of the process; At the same time, the incentive system was improved, so that employee incentives were highly linked to the company's goals, and employees had a strong grasp of business processes.</p><p>Gan Jiawei pays attention to the team management and construction at the level of \"borrowing false to cultivate truth\", that is, taking data, indicators and results as \"false\", while taking the development and promotion of talents and organizations as \"true\", forming the consistency of members' behavior and thoughts in the whole organization. In this way, even after Gan Jiawei left in 2016, this set of organizational management system and local marketing system has continued to this day, and the team's combat effectiveness has not been affected. In terms of talent reserve, Meituan reserves excellent BD as candidates for city managers at the grass-roots level, and excellent city managers are candidates for regional managers; Start the \"Leadership Echelon Training Program\" at the top level, carry out job rotation training, succession planning, talent inventory and other work, and establish a complete talent echelon from the grass-roots level to the top level.</p><p><b>Organizational Structure Serves Strategic Evolution</b></p><p>Since its launch in March 2010, Meituan has experienced several rounds of business expansion (Table 4), and its organizational structure has been continuously expanded according to the transformation of O2O business. When Meituan sets up an independent department for new business, it will quickly adjust the structure, establish an independent business unit, and designate a founding team member as the direct person in charge of the business unit to ensure the adherence of the overall culture and ideas in the process of promoting new business. Among them, Wang Huiwen and Chen Liang have played such roles many times. Taking the members of the founding team as the heads of the new business, and transferring it to other senior executives after maturity, makes the consistent entrepreneurial culture of Meituan well inherited and play a role in opening up new businesses.</p><p><img src=\"https://static.tigerbbs.com/0ca7684b0d4c3d14f178c69fd45d8a74\" tg-width=\"626\" tg-height=\"202\" referrerpolicy=\"no-referrer\"></p><p>Table 4 Meituan's business changes</p><p>In 2015, Tencent took a stake in Meituan, and after Meituan merged with Dianping to form \"New Meida\", it gave full play to the synergy of operation. The initial main business group purchase of Meituan gradually faded out, truly getting rid of the early positioning of \"Chinese version of Groupon\" and began to transform into a new economic platform of \"Internet plus\". The business structure has been established as three business groups: take-out delivery, hotel tourism and in-store business group, which has laid the core business of Meituan so far (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/734fa189ce296f1c54278290366c4b96\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 Meituan business organizational structure during the \"New Meida\" period</p><p>Source: According to publicly available information</p><p>In 2016, Meituan acquired Qiandaibao, a fully licensed payment company, laid out digital finance and online payment business, implemented the key links of O2O business closed loop, and laid the foundation of financial middle office for the construction of business ecology. In the same year, Meituan set up the world's first talent training platform, \"Internet plus University\" (IPU), to coordinate and promote the internal talent training of Meituan.</p><p>Since 2017, Meituan's O2O business has expanded significantly, and the three major business groups have been reintegrated (Figure 2):</p><p><img src=\"https://static.tigerbbs.com/681c80f1407a319ca23266dd84e58f88\" tg-width=\"1080\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p>Figure 2 Business organizational structure of Meituan during the period of rapid expansion</p><p>Source: Debon Institute</p><p>After the launch of Meituan Taxi in 2017, Meituan established the Travel Division, and subsequently completed the acquisition of mobike, further enriching Meituan's consumer data collection channels and traffic conversion channels. Subsequently, Meituan further integrated the business structure, integrating the original Meituan platform and the public comment platform (Figure 3):</p><p><img src=\"https://static.tigerbbs.com/dfe93a8f2e88d105574844cae1c2641b\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>Figure 3 Meituan's business organization structure after the launch of travel business</p><p>Source: Debon Institute</p><p>On 30 October 2018, after completing the listing on the Hong Kong Stock Exchange, the Company upgraded its organizational structure in accordance with the \"Food + Platform\" strategy. Several business unit optimizations have been carried out over the next two years, but the basic organizational framework has been adapted in 2018.</p><p>With the continuous development of new businesses, Meituan has integrated its business platforms, and the company's organizational structure serves the strategic direction. The core business is concentrated in two business groups: to-store business group and to-home business group, and then the synergy and efficiency of local businesses are improved through Meituan platform and intelligent transportation platform. With 'eating' as the core, Meituan has built a catering service chain from food supply, IT system to distribution and marketing, focusing on various catering service chain products such as Kuaili, Meituan grocery shopping and Meituan selection, with other business lines assisting IT (Figure 4).</p><p>From the changes in the organizational structure of Meituan, it can be found that the business group of Meituan, which was originally divided by business, has been changed to divided by scenario, so as to increase the synergy between different businesses and the same scenario, which is conducive to the vertical deepening of business. The user platform raises user traffic to the company level to operate and manage as a whole. The user platform is the entrance to the ecology of Meituan. The platform accesses the traffic, and then imports the traffic to the business departments and business groups with \"eating\" as the core, and builds into a multi-level science and technology service platform for the life service industry from the demand side to the supply side.</p><p><img src=\"https://static.tigerbbs.com/fb20239d777df83381537aad6b28aaeb\" tg-width=\"1080\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Figure 4 Meituan's business organizational structure under the \"Food + Platform\" strategy</p><p>Source: 36kr, Tencent,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Science and Technology, Debon Research Institute</p><p>From 2015 to 2019, Meituan's rapid growth mainly came from the expansion of business in various cities, the optimization and upgrading of online marketing, and the improvement of distribution network. Now that Meituan has entered a mature stage, its key development space lies in giving full play to its data advantages and expanding the network effect of the ecosystem, such as empowering small and medium-sized merchants in the ecosystem and stimulating synergy between different business departments. In 2017, Wang Xing has already realized that to B is an opportunity in the future. The traffic dividend period in the first half of the Internet economy has ended, and the direction of the second half is to focus on the innovation of supply chain and to B industry, so that the supply side of the whole Chinese industry can realize Internet digitalization by improving efficiency and reducing costs, and finally return to the road of sustained growth.</p><p><b>Finding a New Growth Curve: Focusing Heavily on Retail</b></p><p>After 2015, Meituan's annual revenue soared from 4.019 billion yuan to 114.795 billion yuan in 2020, with a compound annual growth rate of 95.5%. Behind this is the continuous evolution of Meituan's organization and strategy while obtaining financing and expanding its business. However, at the same time, it is worth noting that the revenue growth rate of Meituan is declining year by year, and it has dropped below 20% in 2020 (Figure 5). Such revenue growth rate does not meet the high growth expectations given to Meituan by the capital market.</p><p><img src=\"https://static.tigerbbs.com/e9dcd09ab7e94b0862fbba247f458704\" tg-width=\"977\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Figure 5 Meituan's high-speed revenue growth since 2015</p><p>Source: Company Announcement</p><p>Relying on the traditional core business, it is inevitable to usher in a decline in revenue growth, coupled with the low profit margin and fierce competition of pure food delivery business, which makes Meituan invest in finding a new growth curve. From the business structure in 2020, it can be seen that Meituan is trying to evolve into a comprehensive digital economy platform spanning local life and physical e-commerce. In terms of community group buying and e-commerce, as the largest take-out delivery platform in China, Meituan has launched new businesses such as Meituan grocery shopping, Meituan selection and flash sale with the help of its mature infrastructure, sufficient merchant resources and distribution channel advantages (Table 5), so as to further release the scale effect of Meituan as a platform.</p><p><img src=\"https://static.tigerbbs.com/b82f6a633186f4daecc0bbbf5adbea5c\" tg-width=\"759\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Meituan's New Battlefield</p><p>Source: Meituan official website, company announcement</p><p>For emerging businesses, Wang Xing said in the earnings call that e-commerce retail is a huge opportunity. Once the infrastructure is completed, there will be an opportunity to reach a large number of user groups. Once there is a new infrastructure, there will also be an opportunity to create a brand-new value chain, which will also bring new value to the whole society. E-commerce retail is an opportunity to reach the last batch of incremental e-commerce users (hundreds of millions of users in the sinking market), so it is necessary to invest more in retail businesses such as Meituan Preferred. Just recently, according to media reports, the US Mission plans to recruit 60,000 new people in 2021. These 60,000 people are mainly needed for basic positions such as logistics and local promotion, serving the community group buying business Meituan Selection and B2B catering supply chain business Kuaili. Before this, the number of Meituan employees has been stable at about 50,000 in recent years. Such a large-scale expansion reflects Meituan's huge expectations for retail business, and the organizational evolution of Meituan will continue.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZdP1NHQVlcm25Vdb6rW3rQ\"> 中欧商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65b7dbfaf22c1cfa3c335c257811fa09","relate_stocks":{"160636":"互联网","161025":"移动互联","QNETCN":"纳斯达克中美互联网老虎指数","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/ZdP1NHQVlcm25Vdb6rW3rQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183013437","content_text":"自2018年上市以来，在美团的市值一路上涨的同时，是美团作为本地生活数字经济平台在组织生态上的不断进化。\nCBR精华抢先看：\n01.“Food + Platform”战略下，美团的年度营收在2020年首度超过千亿元，其中超过一半来自餐饮外卖业务，到店酒旅业务则为美团贡献了最高的利润率，而新兴业务则贡献了最高的收入增长。\n02.美团的成功来自于管理团队在互联网领域积累的创业经验和行业认知、先进的技术能力、高效的运营管理体系、科学且持续进化的组织架构和对人才培养的重视等多个方面。\n03.进入互联网“下半场”，随着监管逐渐到位和市场竞争环境逐渐规范，美团进入创新驱动的新增长阶段，需要不断拓展其数字经济平台的边界，加强对产业链的数字化赋能，打造更加开放的生态系统。\n截至2021年6月7日，尽管股价自其今年的高点已下跌了近35%，本地生活O2O巨头美团在港股市场的市值仍高达1.83万亿港元，在中国的上市互联网公司中，市值上仅次于腾讯和阿里巴巴。\n仍处于扩张中的新经济巨头\n作为链接消费者和商户的数字化平台，美团将公司的使命定义为“帮大家吃得更好，生活更好”，战略定义为“Food + Platform”（“餐饮+平台”），通过创新及更优的服务助力商家提升运营效率，为消费者提供更为便利以及价格合理的优质产品和服务，善用科技为社会创造更多价值。\n根据美团2020年年报，美团全年营收首破千亿，其中2013年成立的餐饮外卖占据了美团超过一半的营收，为美团营收中占比最高的部分，已是近年来美团的支柱业务。但在利润率上，到店、酒旅业务才是美团真正赚钱的业务。美团的营收中，超过一半的收入来自于美团作为平台方进行的外卖订单抽佣（类似于中介费），另一大主要收入来源是商家支付给平台的营销费用。新业务及其他的收入则包括了美团单车、美团买菜和美团充电等自营业务，以及美团优选、美团打车、美团闪购、to B业务快驴等（表 1）。\n\n表 1 美团2020年收入构成\n来源：美团2020年年报\n值得注意的是，美团2020年第四季度净利润由盈转亏。亏损来自于对新业务的投入如社区团购、社区电商等。而根据美团的2021年一季度财报：尽管单季度新增5900多万活跃买家创造了美团的历史记录，让美团一个季度就基本完成了去年一整年的用户增量。然而单季度新业务亏损80亿，盈利还有待时日。\n可以看出，美团在社区团购等新业务的运营上，模式和此前的外卖、酒旅有一定相似，先是根据数据积累，选定特定地域，利用流量优势，快速推广，烧钱扩容市场，改造供给端，输出管理能力，解决企业供需聚合的难点，补贴消费者，让商户和消费者对美团平台产生依赖，抢占主要市场份额后再将部分成本转移给商户和消费者，在平台规模效应下实现盈利（表 2），但社区团购还能否复制此前的成功呢？\n\n表 2 美团的业务矩阵\n资料来源：根据公开信息整理\n互联网创业文化和高效组织运营\n美团网于 2010 年由王兴、穆荣均、王慧文等人创立，以创始人王兴为核心。三人曾是清华大学时期的同学及校友，至今也是美团最为主要的三位高管。在创立美团之前，几人曾联合创办过“多多友”、“校内网”、“饭否网”、“海内网”等互联网社交网站（表 3）。几轮创业经历让创始团队具备了对互联网的敏锐洞察能力及丰富的运维经验。王兴团队注重效率和“三高三低”——高质量、高效率、高科技、低成本、低价格、低毛利。\n\n表 3 美团创始及管理团队资料\n资料来源：公司公告，国金证券研究所\n作为O2O公司，以王兴为核心的创始团队的创业经历以线上创业为主，并没有管理大规模线下团队的经验，而线下业务需要美团具备强大的组织能力。阿里巴巴销售元老干嘉伟2011 年11 月加入美团后，帮助美团搭设了组织管理体系和地推营销体系，并沿袭至今。\n干嘉伟为美团的线下团队制定了可量化、可衡量、可追溯、可控制的运营管理体系，例如在业务管理上锚定目标，细化执行，广泛采用标准作业流程SOP模式进行管理，将原来一个整体的销售过程拆分成ABCD四个步骤，通过对过程的管控来实现对结果E的管控；同时改进激励制度体系，让员工激励与公司目标高度挂钩，员工对业务流程具备较强的掌握能力。\n干嘉伟注重“借假修真”层面的团队管理与建设，即以数据、指标、结果为“假”，而以人才和组织的发展和提升为“真”，形成整个组织中成员行为方式和思想的一致性，这样即使在干嘉伟于 2016 年离职后，这套组织管理体系和地推营销体系延续至今，团队的战斗力也未受影响。在人才储备上，美团在基层储备优秀的BD 作为城市经理的候选人，优秀的城市经理为区域经理的候选人；在高层启动“领导梯队培养计划”，进行轮岗锻炼、继任计划、人才盘点等工作，建立起从基层到高层完备的人才梯队。\n组织结构服务于战略演进\n从2010年3月上线以来，美团经历了多轮业务扩张（表 4），组织结构根据O2O业务变革不断拓展。美团为新业务而成立独立部门时，会迅速进行架构调整，建立独立事业部，并指定一名创始团队成员作为事业部直接负责人，确保整体文化和思路在新业务推进过程中的坚守，其中王慧文和陈亮就多次担任此类角色。以创始团队内部成员作为新业务的负责人，待到成熟后转交其他高管，这使得美团一贯的创业文化能够良好传承，在开辟新业务时发挥作用。\n\n表 4 美团的业务变迁\n2015年，腾讯入股美团，美团与大众点评合并组成“新美大”之后，充分发挥了经营协同效应，美团初期的主要业务团购逐渐淡出，真正摆脱了早期“中国版Groupon”的定位，开始转型成为“互联网+”新经济平台。业务架构确立为三大事业群：外卖配送、酒店旅游和到店事业群，奠定了美团到目前为止最为核心的业务（图 1）。\n\n图 1 “新美大”时期美团业务组织结构\n资料来源：根据公开资料整理\n2016年，美团收购了全牌照支付公司钱袋宝，布局了数字金融和网络支付业务，落实了O2O 商业闭环的关键环节，为业务生态的建设奠定了金融中台基础。同年，美团设立了全球首家人才培养平台“互联网+大学”(IPU)，统筹推进美团企业内部人才培养工作。\n2017年起，美团的O2O业务大幅扩张，三大事业群重新整合（图 2）：\n\n图 2 美团高速扩张期业务组织结构\n资料来源：德邦研究所\n在2017年推出美团打车后，美团成立了出行事业部，并随后完成了对摩拜单车的收购，进一步丰富了美团的消费者数据采集渠道和流量转化渠道，随后美团对业务架构进行了进一步整合，将原先的美团平台和大众点评平台进行了整合（图 3）：\n\n图 3 推出出行业务后，美团的业务组织结构\n资料来源：德邦研究所\n2018 年 10 月 30 日，公司在完成港交所上市后，按照 “Food+Platform”战略对组织架构进行了升级。此后两年间陆续进行了几次业务单元的优化，但基本组织框架在 2018 年调整后得到沿用。\n随着不断开拓新业务，美团将业务平台化整合，公司的组织架构服务于战略方向，核心业务集中在到店事业群和到家事业群两大事业群，再通过美团平台和智慧交通平台提高本地业务的协同和效率。美团以‘吃’为核心，打造从食材供应、IT系统到配送及营销的餐饮服务链，着重打造快驴、美团买菜、美团优选等各类餐饮服务链产品，同时其他业务线予以辅助（图 4）。\n从美团的组织架构变化中，可以发现美团的原来按业务划分为主的事业群改为按场景划分，以增加不同业务相同场景间的协同，利于业务的垂直深耕。用户平台将用户流量上升为公司层面整体去经营和管理。用户平台是美团生态的入口，平台接入流量，再导入流量到以“吃”为核心的事业部和事业群，建设成生活服务业从需求侧到供给侧的多层次科技服务平台。\n\n图 4 “Food+Platform”战略下美团的业务组织结构\n资料来源：36kr、腾讯网、新浪科技、德邦研究所\n2015-2019年美团的高速增长主要来自于业务在各个城市的扩张、在线营销的优化和升级、和配送网络的完善。如今已步入成熟期的美团，重点发展空间在于发挥数据优势，扩大生态系统的网络效应，如赋能生态内的中小商户，激发不同业务部门间的协同效应。在2017年，王兴就已经认识到，to B是未来的机会，互联网经济上半场的流量红利期已经结束，下半场的方向是围绕供应链和to B行业的创新，以效率提升、成本降低为方法让整个中国产业的供给侧实现互联网数字化，最终回到持续增长的道路上。\n寻找新的增长曲线：重注零售业务\n2015年之后，美团的年度营收从40.19亿元一路飙升至2020年的1147.95亿元，年复合增长率达到了95.5%，这背后是美团在获得融资、扩张业务的同时，组织和战略的持续进化。但同时值得注意的是，美团的营收增速呈逐年下滑趋势，在2020年已下降至20%以下（图 5）。这样的营收增速并不符合资本市场赋予美团的高增长期望。\n\n图 5 美团营收自2015年以来的高速增长\n资料来源：公司公告\n依赖于传统核心业务，不可避免会迎来营收增速下滑，加上单纯的餐饮外卖业务利润率低，竞争激烈，让美团投入于寻找新的增长曲线。从2020年的业务结构可以看出，美团正试图进化成横跨本地生活和实物电商的综合型数字经济平台。在社区团购和电商上，作为中国最大的外卖配送平台，美团借助自身成熟的基础设施、充足的商家资源，以及配送渠道优势，推出了美团买菜、美团优选、闪购等新业务（表 5），以更进一步释放美团作为平台的规模效应。\n\n表 5 美团的新战场\n资料来源：美团官网、公司公告\n对于新兴业务，王兴在财报电话会上称电商零售是巨大的机遇，一旦基础设施建设完毕，就有机会触及海量的用户群体。而一旦有了新的基础设施，也将有机会创建全新的价值链，这也将会为整个社会带来新的价值，电商零售是一个能触及最后一批电商增量用户（下沉市场数亿用户）的机会，所以必须对美团优选等零售业务加码投入。就在近日，据媒体报道，美团计划在2021年新招6万人。这6万人主要是物流、地推等基础岗位所需，服务于社区团购业务美团优选和B2B餐饮供应链业务快驴。而这之前美团员工近几年数量一直稳定在5万人左右，如此大规模的扩张反映出的是美团对于零售业务的巨大期望，美团的组织进化仍将继续。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9,"QNETCN":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":2991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":802806301,"gmtCreate":1627743900703,"gmtModify":1703495411910,"author":{"id":"3567313446080368","authorId":"3567313446080368","name":"蚂蚁窝","avatar":"https://static.tigerbbs.com/f5f80d27281149fa0102ec920d99e622","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3567313446080368","authorIdStr":"3567313446080368"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802806301","repostId":"1112061733","repostType":4,"isVote":1,"tweetType":1,"viewCount":3415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9069381210,"gmtCreate":1651236787767,"gmtModify":1676534875379,"author":{"id":"3567313446080368","authorId":"3567313446080368","name":"蚂蚁窝","avatar":"https://static.tigerbbs.com/f5f80d27281149fa0102ec920d99e622","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3567313446080368","authorIdStr":"3567313446080368"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/DOGZ\">$多尼斯(DOGZ)$</a>👍","listText":"<a href=\"https://ttm.financial/S/DOGZ\">$多尼斯(DOGZ)$</a>👍","text":"$多尼斯(DOGZ)$👍","images":[{"img":"https://community-static.tradeup.com/news/198aca3d6e0b040b631bd73d5d30b388","width":"1125","height":"3750"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069381210","isVote":1,"tweetType":1,"viewCount":3330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":181877946,"gmtCreate":1623387400785,"gmtModify":1704202283128,"author":{"id":"3567313446080368","authorId":"3567313446080368","name":"蚂蚁窝","avatar":"https://static.tigerbbs.com/f5f80d27281149fa0102ec920d99e622","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3567313446080368","authorIdStr":"3567313446080368"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181877946","repostId":"1155810638","repostType":4,"repost":{"id":"1155810638","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1623383065,"share":"https://ttm.financial/m/news/1155810638?lang=en_US&edition=fundamental","pubTime":"2021-06-11 11:44","market":"us","language":"zh","title":"Soros close comrade-in-arms: Fed gives investors 'false security'","url":"https://stock-news.laohu8.com/highlight/detail?id=1155810638","media":"华尔街见闻","summary":"有“华尔街天才”之称的Stanley Druckenmiller，又一次炮轰了美联储。","content":"<p>Author: Zeng Xinyi</p><p>Stanley Druckenmiller, known as the \"Wall Street genius\", has once again bombarded the Federal Reserve.</p><p>On Thursday, June 10, Druckenmiller said in an email,<b>The Fed's ongoing loose monetary policy has distorted asset prices and induced investors to feel a false sense of security, but the market has not yet made a statement on U.S. inflation in May.</b></p><p>He also stated that,<b>Until the Fed stops removing market signals, market participants will continue to ignore risks such as inflation that are beginning to crop up.</b></p><p>Recently, the Fed has repeatedly stressed that inflation is only temporarily higher with the post-pandemic economic recovery. This means that the loose monetary policy implemented by the Federal Reserve in response to the epidemic crisis may continue in the foreseeable future.</p><p>However, Druckenmiller is quite unhappy with this, and has warned several times before.</p><p>Last month, he said in an interview that the Fed's policies aimed at maintaining market and economic stability during the COVID-19 pandemic may ultimately threaten the long-term health of the US dollar.</p><p>Moreover, the Fed's persistence in keeping interest rates down despite a boom in markets and economies and buying trillions of dollars in bonds is a long-term risk.</p><p>In the long run, the continuation of the Fed's policies and the heavy debt and fiscal deficits they support will also threaten the global reserve position of the dollar.</p><p>He even published an op-ed in the Wall Street Journal entitled \"The Federal Reserve is\" Playing with Fire \", scolding the Fed.</p><p>He saw that under the Biden administration, two-thirds of unemployment benefits were given to the population after vaccines proved effective and the recovery accelerated. In addition to flooding liquidity, inflation has reached historical averages.</p><p>Druckenmiller believes that the Fed's independence should act as a check and balance and should balance rather than drive up asset prices. It is precisely because of this \"soft policy\" that it encourages the excessive behavior of financial markets. Therefore, policies should be adjusted immediately to minimize risks.</p><p>In addition, the article also said that the Fed's attention to inflation expectations is very narrow. After all, the short-term risk of economic braking caused by tightening policies in 2022 is nothing compared with the long-term risk caused by asset bubbles and fiscal flooding!</p><p>For decades, Druckenmiller was considered one of the most successful macro hedge fund managers worldwide. Over 30 years, he has produced a compound annual growth rate of 30% and holds the record for no negative returns in his investment career.</p><p>Druckenmiller had been Soros's \"close comrade-in-arms\". In 1988, at the invitation of Soros, Druckenmiller officially entered Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the pound would fall against the German mark. At that time, he helped Soros \"snipe the pound\" and won a big victory against the Bank of England.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Soros close comrade-in-arms: Fed gives investors 'false security'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoros close comrade-in-arms: Fed gives investors 'false security'\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-11 11:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author: Zeng Xinyi</p><p>Stanley Druckenmiller, known as the \"Wall Street genius\", has once again bombarded the Federal Reserve.</p><p>On Thursday, June 10, Druckenmiller said in an email,<b>The Fed's ongoing loose monetary policy has distorted asset prices and induced investors to feel a false sense of security, but the market has not yet made a statement on U.S. inflation in May.</b></p><p>He also stated that,<b>Until the Fed stops removing market signals, market participants will continue to ignore risks such as inflation that are beginning to crop up.</b></p><p>Recently, the Fed has repeatedly stressed that inflation is only temporarily higher with the post-pandemic economic recovery. This means that the loose monetary policy implemented by the Federal Reserve in response to the epidemic crisis may continue in the foreseeable future.</p><p>However, Druckenmiller is quite unhappy with this, and has warned several times before.</p><p>Last month, he said in an interview that the Fed's policies aimed at maintaining market and economic stability during the COVID-19 pandemic may ultimately threaten the long-term health of the US dollar.</p><p>Moreover, the Fed's persistence in keeping interest rates down despite a boom in markets and economies and buying trillions of dollars in bonds is a long-term risk.</p><p>In the long run, the continuation of the Fed's policies and the heavy debt and fiscal deficits they support will also threaten the global reserve position of the dollar.</p><p>He even published an op-ed in the Wall Street Journal entitled \"The Federal Reserve is\" Playing with Fire \", scolding the Fed.</p><p>He saw that under the Biden administration, two-thirds of unemployment benefits were given to the population after vaccines proved effective and the recovery accelerated. In addition to flooding liquidity, inflation has reached historical averages.</p><p>Druckenmiller believes that the Fed's independence should act as a check and balance and should balance rather than drive up asset prices. It is precisely because of this \"soft policy\" that it encourages the excessive behavior of financial markets. Therefore, policies should be adjusted immediately to minimize risks.</p><p>In addition, the article also said that the Fed's attention to inflation expectations is very narrow. After all, the short-term risk of economic braking caused by tightening policies in 2022 is nothing compared with the long-term risk caused by asset bubbles and fiscal flooding!</p><p>For decades, Druckenmiller was considered one of the most successful macro hedge fund managers worldwide. Over 30 years, he has produced a compound annual growth rate of 30% and holds the record for no negative returns in his investment career.</p><p>Druckenmiller had been Soros's \"close comrade-in-arms\". In 1988, at the invitation of Soros, Druckenmiller officially entered Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the pound would fall against the German mark. At that time, he helped Soros \"snipe the pound\" and won a big victory against the Bank of England.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2f6bcea082d3702b693c2ed87aa0bab","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155810638","content_text":"作者：曾心怡\n有“华尔街天才”之称的Stanley Druckenmiller，又一次炮轰了美联储。\n6月10日周四，Druckenmiller在一封邮件中表示，美联储持续的宽松货币政策扭曲了资产价格，并诱使投资者产生一种虚假的安全感，只是市场现在尚未就美国5月通胀作出表态。\n他还称，直到美联储停止消除市场信号为止，市场参与者都将继续忽视开始冒头的通胀等风险。\n近来，美联储反复强调，伴随着后疫情时代的经济复苏，通胀只是暂时走高。这也就意味着，美联储为应对疫情危机而实施的宽松货币政策或将在可见的未来继续下去。\n但是，Druckenmiller对此相当不满，此前就已发声警告过好几次。\n上月，他曾在接受采访时称，美联储在新冠肺炎疫情期间旨在维持市场和经济稳定的政策，最终可能会威胁美元的长期健康。\n此外，美联储在市场和经济繁荣的情况下仍然坚持压低利率，并买入数万亿美元的债券是一个长期风险。\n从长远来看，美联储继续推行其政策，以及它们所支持的沉重债务和财政赤字还将威胁到美元的全球储备地位。\n他甚至还曾《华尔街日报》发表题为《美联储在“玩火”》的专栏文章，将美联储骂了一顿。\n他看到在拜登政府麾下，三分之二的失业救济金是在疫苗被证明有效并且复苏加速之后发放给民众的。除了泛滥的流动性，通货膨胀率也达到了历史平均水平。\nDruckenmiller认为，美联储的独立性应该起到制衡作用，应该平衡而不是推高资产价格。正因为这种“怀柔政策”，助长了金融市场的过度行为。因此应该立马调整政策，将风险降至最低。\n此外，文章还称美联储对通胀预期的关注是非常狭隘的，毕竟2022年因为收紧政策带来的经济踩刹车的短期风险与资产泡沫和财政泛滥带来的长期风险相比，根本不是事儿！\n几十年来，Druckenmiller被认为是全球最成功的宏观对冲基金经理之一。30年里，他创造了年均复合增长率30%的业绩，并且保持着投资生涯无负收益年份的记录。\nDruckenmiller曾是索罗斯的“亲密战友”。1988年受索罗斯邀请，Druckenmiller正式进入量子基金公司。1992年，Druckenmiller准确预测英镑对德国马克汇率将下跌。当时他帮助索罗斯“狙击英镑”，在与英国央行的较量中大获全胜。","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181873981,"gmtCreate":1623387072743,"gmtModify":1704202273840,"author":{"id":"3567313446080368","authorId":"3567313446080368","name":"蚂蚁窝","avatar":"https://static.tigerbbs.com/f5f80d27281149fa0102ec920d99e622","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3567313446080368","authorIdStr":"3567313446080368"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181873981","repostId":"1183013437","repostType":4,"repost":{"id":"1183013437","kind":"news","pubTimestamp":1623384910,"share":"https://ttm.financial/m/news/1183013437?lang=en_US&edition=fundamental","pubTime":"2021-06-11 12:15","market":"hk","language":"zh","title":"Meituan: Organizational Evolution of China's Third Largest Internet Listed Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1183013437","media":" 中欧商业评论","summary":"自2018年上市以来，在美团的市值一路上涨的同时，是美团作为本地生活数字经济平台在组织生态上的不断进化。\nCBR精华抢先看：\n01.“Food + Platform”战略下，美团的年度营收在2020年","content":"<p>Since its listing in 2018, while the market value of Meituan has risen all the way, it is the continuous evolution of Meituan in organizational ecology as a digital economy platform for local life.</p><p><b>First look at CBR Essence:</b></p><p>01. Under the \"Food + Platform\" strategy, Meituan's annual revenue exceeded 100 billion yuan for the first time in 2020, more than half of which came from Food delivery business. In-store hotel and travel business contributed the highest profit margin to Meituan, while emerging businesses contributed the highest revenue growth.</p><p>02. The success of Meituan comes from the entrepreneurial experience and industry cognition accumulated by the management team in the Internet field, advanced technical capabilities, efficient operation management system, scientific and continuously evolving organizational structure and emphasis on talent training.</p><p>03. Entering the \"second half\" of the Internet, with the gradual implementation of supervision and the gradual standardization of the market competition environment, Meituan has entered a new growth stage driven by innovation. It is necessary to continuously expand the boundaries of its digital economy platform, strengthen the digital empowerment of the industrial chain, and build a more open ecosystem.</p><p>As of June 7, 2021, local lifestyle O2O giant Meituan still has a market capitalization of HK$1.83 trillion in the Hong Kong stock market, second only to China's listed internet companies in terms of market capitalization, although its share price has fallen by nearly 35% since its high this year.<a href=\"https://laohu8.com/S/00700\">Tencent</a>And<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>。</p><p><b>New economic giants still in expansion</b></p><p>As a digital Platform linking consumers and merchants, Meituan defines the company's mission as \"helping everyone eat better and live better\" and its strategy as \"Food + Platform\" (\"Catering + Platform\"). Through innovative and better services, it helps merchants improve operational efficiency, provides consumers with more convenient and reasonably priced high-quality products and services, and makes good use of technology to create more value for society.</p><p>According to the 2020 annual report of the United States Mission, the annual revenue of the United States Mission exceeded 100 billion for the first time, of which the food delivery established in 2013 accounted for more than half of the revenue of the United States Mission, accounting for the highest proportion of the revenue of the United States Mission, and has been the pillar business of the United States Mission in recent years. However, in terms of profit margin, in-store, hotel and travel business is the real profit-making business of Meituan. More than half of Meituan's revenue comes from the commission of take-out orders made by Meituan as a platform (similar to agency fees). Another major source of income is the marketing fees paid by merchants to the platform. New business and other income include self-operated businesses such as Meituan Bicycle, Meituan Grocery Buying and Meituan Charging, as well as Meituan Selection, Meituan Taxi, Meituan Flash Sale, to B Business Fast Donkey, etc. (Table 1).</p><p><img src=\"https://static.tigerbbs.com/88f31935c115bff72f1cc57d16f97697\" tg-width=\"1044\" tg-height=\"194\" referrerpolicy=\"no-referrer\"></p><p>Table 1 Revenue composition of Meituan in 2020</p><p>Source: Meituan 2020 Annual Report</p><p>It is worth noting that Meituan's net profit turned from profit to loss in the fourth quarter of 2020. The loss came from investment in new businesses such as community group buying and community e-commerce. According to Meituan's financial report for the first quarter of 2021: Although the addition of more than 59 million active buyers in a single quarter created a historical record of Meituan, Meituan basically completed the user increase of the whole year last year in one quarter. However, the new business loss in a single quarter is 8 billion, and it will take time to make a profit.</p><p>It can be seen that the operation mode of new businesses such as community group buying is similar to that of previous take-out and wine travel. First, according to data accumulation, specific regions are selected, traffic advantages are used to quickly promote, burn money to expand the market, transform the supply side, export management capabilities, solve the difficulties of enterprise supply and demand aggregation, subsidize consumers, make merchants and consumers rely on the Meituan platform, seize the main market share, and then transfer some costs to merchants and consumers, so as to achieve profitability under the scale effect of the platform (Table 2). But can community group buying replicate the previous success?</p><p><img src=\"https://static.tigerbbs.com/a1b2348f8d6f4baafbf2899e8321ab7b\" tg-width=\"1080\" tg-height=\"154\" referrerpolicy=\"no-referrer\"></p><p>Table 2 Meituan's Business Matrix</p><p>Source: According to public information</p><p><b>Internet Entrepreneurship Culture and Efficient Organization and Operation</b></p><p>Meituan was founded in 2010 by Wang Xing, Mu Rongjun, Wang Huiwen and others, with the founder Wang Xing as the core. The three were classmates and alumni of Tsinghua University, and they are still the three most important executives of Meituan. Before the founding of Meituan, several people had jointly founded Internet social networking sites such as Duoduoyou, Xiaonei.com, Fanfou.com and Hainei.com (Table 3). Several rounds of entrepreneurial experience have given the founding team a keen insight into the Internet and rich operation and maintenance experience. Wang Xing's team pays attention to efficiency and \"three highs and three lows\"-high quality, high efficiency, high technology, low cost, low price and low gross profit.</p><p><img src=\"https://static.tigerbbs.com/6db4e12bfd0f3d896c802d655f43bece\" tg-width=\"620\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Meituan Founding and Management Team Information</p><p>Source: Company announcements,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Research Institute</p><p>As an O2O company, the entrepreneurial experience of the founding team with Wang Xing as the core is mainly online entrepreneurship, and there is no experience in managing large-scale offline teams, and offline business requires Meituan to have strong organizational ability. After joining the US Mission in November 2011, Gan Jiawei, a sales veteran of Alibaba, helped the US Mission set up an organizational management system and a local marketing system, which has been followed since.</p><p>Gan Jiawei has formulated a quantifiable, measurable, traceable and controllable operation management system for the offline team of Meituan, such as anchoring the goal in business management, refining the execution, widely adopting the standard operation process SOP mode for management, splitting the original overall sales process into four steps of ABCD, and realizing the control of result E through the control of the process; At the same time, the incentive system was improved, so that employee incentives were highly linked to the company's goals, and employees had a strong grasp of business processes.</p><p>Gan Jiawei pays attention to the team management and construction at the level of \"borrowing false to cultivate truth\", that is, taking data, indicators and results as \"false\", while taking the development and promotion of talents and organizations as \"true\", forming the consistency of members' behavior and thoughts in the whole organization. In this way, even after Gan Jiawei left in 2016, this set of organizational management system and local marketing system has continued to this day, and the team's combat effectiveness has not been affected. In terms of talent reserve, Meituan reserves excellent BD as candidates for city managers at the grass-roots level, and excellent city managers are candidates for regional managers; Start the \"Leadership Echelon Training Program\" at the top level, carry out job rotation training, succession planning, talent inventory and other work, and establish a complete talent echelon from the grass-roots level to the top level.</p><p><b>Organizational Structure Serves Strategic Evolution</b></p><p>Since its launch in March 2010, Meituan has experienced several rounds of business expansion (Table 4), and its organizational structure has been continuously expanded according to the transformation of O2O business. When Meituan sets up an independent department for new business, it will quickly adjust the structure, establish an independent business unit, and designate a founding team member as the direct person in charge of the business unit to ensure the adherence of the overall culture and ideas in the process of promoting new business. Among them, Wang Huiwen and Chen Liang have played such roles many times. Taking the members of the founding team as the heads of the new business, and transferring it to other senior executives after maturity, makes the consistent entrepreneurial culture of Meituan well inherited and play a role in opening up new businesses.</p><p><img src=\"https://static.tigerbbs.com/0ca7684b0d4c3d14f178c69fd45d8a74\" tg-width=\"626\" tg-height=\"202\" referrerpolicy=\"no-referrer\"></p><p>Table 4 Meituan's business changes</p><p>In 2015, Tencent took a stake in Meituan, and after Meituan merged with Dianping to form \"New Meida\", it gave full play to the synergy of operation. The initial main business group purchase of Meituan gradually faded out, truly getting rid of the early positioning of \"Chinese version of Groupon\" and began to transform into a new economic platform of \"Internet plus\". The business structure has been established as three business groups: take-out delivery, hotel tourism and in-store business group, which has laid the core business of Meituan so far (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/734fa189ce296f1c54278290366c4b96\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 Meituan business organizational structure during the \"New Meida\" period</p><p>Source: According to publicly available information</p><p>In 2016, Meituan acquired Qiandaibao, a fully licensed payment company, laid out digital finance and online payment business, implemented the key links of O2O business closed loop, and laid the foundation of financial middle office for the construction of business ecology. In the same year, Meituan set up the world's first talent training platform, \"Internet plus University\" (IPU), to coordinate and promote the internal talent training of Meituan.</p><p>Since 2017, Meituan's O2O business has expanded significantly, and the three major business groups have been reintegrated (Figure 2):</p><p><img src=\"https://static.tigerbbs.com/681c80f1407a319ca23266dd84e58f88\" tg-width=\"1080\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p>Figure 2 Business organizational structure of Meituan during the period of rapid expansion</p><p>Source: Debon Institute</p><p>After the launch of Meituan Taxi in 2017, Meituan established the Travel Division, and subsequently completed the acquisition of mobike, further enriching Meituan's consumer data collection channels and traffic conversion channels. Subsequently, Meituan further integrated the business structure, integrating the original Meituan platform and the public comment platform (Figure 3):</p><p><img src=\"https://static.tigerbbs.com/dfe93a8f2e88d105574844cae1c2641b\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>Figure 3 Meituan's business organization structure after the launch of travel business</p><p>Source: Debon Institute</p><p>On 30 October 2018, after completing the listing on the Hong Kong Stock Exchange, the Company upgraded its organizational structure in accordance with the \"Food + Platform\" strategy. Several business unit optimizations have been carried out over the next two years, but the basic organizational framework has been adapted in 2018.</p><p>With the continuous development of new businesses, Meituan has integrated its business platforms, and the company's organizational structure serves the strategic direction. The core business is concentrated in two business groups: to-store business group and to-home business group, and then the synergy and efficiency of local businesses are improved through Meituan platform and intelligent transportation platform. With 'eating' as the core, Meituan has built a catering service chain from food supply, IT system to distribution and marketing, focusing on various catering service chain products such as Kuaili, Meituan grocery shopping and Meituan selection, with other business lines assisting IT (Figure 4).</p><p>From the changes in the organizational structure of Meituan, it can be found that the business group of Meituan, which was originally divided by business, has been changed to divided by scenario, so as to increase the synergy between different businesses and the same scenario, which is conducive to the vertical deepening of business. The user platform raises user traffic to the company level to operate and manage as a whole. The user platform is the entrance to the ecology of Meituan. The platform accesses the traffic, and then imports the traffic to the business departments and business groups with \"eating\" as the core, and builds into a multi-level science and technology service platform for the life service industry from the demand side to the supply side.</p><p><img src=\"https://static.tigerbbs.com/fb20239d777df83381537aad6b28aaeb\" tg-width=\"1080\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Figure 4 Meituan's business organizational structure under the \"Food + Platform\" strategy</p><p>Source: 36kr, Tencent,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Science and Technology, Debon Research Institute</p><p>From 2015 to 2019, Meituan's rapid growth mainly came from the expansion of business in various cities, the optimization and upgrading of online marketing, and the improvement of distribution network. Now that Meituan has entered a mature stage, its key development space lies in giving full play to its data advantages and expanding the network effect of the ecosystem, such as empowering small and medium-sized merchants in the ecosystem and stimulating synergy between different business departments. In 2017, Wang Xing has already realized that to B is an opportunity in the future. The traffic dividend period in the first half of the Internet economy has ended, and the direction of the second half is to focus on the innovation of supply chain and to B industry, so that the supply side of the whole Chinese industry can realize Internet digitalization by improving efficiency and reducing costs, and finally return to the road of sustained growth.</p><p><b>Finding a New Growth Curve: Focusing Heavily on Retail</b></p><p>After 2015, Meituan's annual revenue soared from 4.019 billion yuan to 114.795 billion yuan in 2020, with a compound annual growth rate of 95.5%. Behind this is the continuous evolution of Meituan's organization and strategy while obtaining financing and expanding its business. However, at the same time, it is worth noting that the revenue growth rate of Meituan is declining year by year, and it has dropped below 20% in 2020 (Figure 5). Such revenue growth rate does not meet the high growth expectations given to Meituan by the capital market.</p><p><img src=\"https://static.tigerbbs.com/e9dcd09ab7e94b0862fbba247f458704\" tg-width=\"977\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Figure 5 Meituan's high-speed revenue growth since 2015</p><p>Source: Company Announcement</p><p>Relying on the traditional core business, it is inevitable to usher in a decline in revenue growth, coupled with the low profit margin and fierce competition of pure food delivery business, which makes Meituan invest in finding a new growth curve. From the business structure in 2020, it can be seen that Meituan is trying to evolve into a comprehensive digital economy platform spanning local life and physical e-commerce. In terms of community group buying and e-commerce, as the largest take-out delivery platform in China, Meituan has launched new businesses such as Meituan grocery shopping, Meituan selection and flash sale with the help of its mature infrastructure, sufficient merchant resources and distribution channel advantages (Table 5), so as to further release the scale effect of Meituan as a platform.</p><p><img src=\"https://static.tigerbbs.com/b82f6a633186f4daecc0bbbf5adbea5c\" tg-width=\"759\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Meituan's New Battlefield</p><p>Source: Meituan official website, company announcement</p><p>For emerging businesses, Wang Xing said in the earnings call that e-commerce retail is a huge opportunity. Once the infrastructure is completed, there will be an opportunity to reach a large number of user groups. Once there is a new infrastructure, there will also be an opportunity to create a brand-new value chain, which will also bring new value to the whole society. E-commerce retail is an opportunity to reach the last batch of incremental e-commerce users (hundreds of millions of users in the sinking market), so it is necessary to invest more in retail businesses such as Meituan Preferred. Just recently, according to media reports, the US Mission plans to recruit 60,000 new people in 2021. These 60,000 people are mainly needed for basic positions such as logistics and local promotion, serving the community group buying business Meituan Selection and B2B catering supply chain business Kuaili. Before this, the number of Meituan employees has been stable at about 50,000 in recent years. Such a large-scale expansion reflects Meituan's huge expectations for retail business, and the organizational evolution of Meituan will continue.</p>","source":"lsy1567750882116","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meituan: Organizational Evolution of China's Third Largest Internet Listed Company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeituan: Organizational Evolution of China's Third Largest Internet Listed Company\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 中欧商业评论</strong><span class=\"h-time small\">2021-06-11 12:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since its listing in 2018, while the market value of Meituan has risen all the way, it is the continuous evolution of Meituan in organizational ecology as a digital economy platform for local life.</p><p><b>First look at CBR Essence:</b></p><p>01. Under the \"Food + Platform\" strategy, Meituan's annual revenue exceeded 100 billion yuan for the first time in 2020, more than half of which came from Food delivery business. In-store hotel and travel business contributed the highest profit margin to Meituan, while emerging businesses contributed the highest revenue growth.</p><p>02. The success of Meituan comes from the entrepreneurial experience and industry cognition accumulated by the management team in the Internet field, advanced technical capabilities, efficient operation management system, scientific and continuously evolving organizational structure and emphasis on talent training.</p><p>03. Entering the \"second half\" of the Internet, with the gradual implementation of supervision and the gradual standardization of the market competition environment, Meituan has entered a new growth stage driven by innovation. It is necessary to continuously expand the boundaries of its digital economy platform, strengthen the digital empowerment of the industrial chain, and build a more open ecosystem.</p><p>As of June 7, 2021, local lifestyle O2O giant Meituan still has a market capitalization of HK$1.83 trillion in the Hong Kong stock market, second only to China's listed internet companies in terms of market capitalization, although its share price has fallen by nearly 35% since its high this year.<a href=\"https://laohu8.com/S/00700\">Tencent</a>And<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>。</p><p><b>New economic giants still in expansion</b></p><p>As a digital Platform linking consumers and merchants, Meituan defines the company's mission as \"helping everyone eat better and live better\" and its strategy as \"Food + Platform\" (\"Catering + Platform\"). Through innovative and better services, it helps merchants improve operational efficiency, provides consumers with more convenient and reasonably priced high-quality products and services, and makes good use of technology to create more value for society.</p><p>According to the 2020 annual report of the United States Mission, the annual revenue of the United States Mission exceeded 100 billion for the first time, of which the food delivery established in 2013 accounted for more than half of the revenue of the United States Mission, accounting for the highest proportion of the revenue of the United States Mission, and has been the pillar business of the United States Mission in recent years. However, in terms of profit margin, in-store, hotel and travel business is the real profit-making business of Meituan. More than half of Meituan's revenue comes from the commission of take-out orders made by Meituan as a platform (similar to agency fees). Another major source of income is the marketing fees paid by merchants to the platform. New business and other income include self-operated businesses such as Meituan Bicycle, Meituan Grocery Buying and Meituan Charging, as well as Meituan Selection, Meituan Taxi, Meituan Flash Sale, to B Business Fast Donkey, etc. (Table 1).</p><p><img src=\"https://static.tigerbbs.com/88f31935c115bff72f1cc57d16f97697\" tg-width=\"1044\" tg-height=\"194\" referrerpolicy=\"no-referrer\"></p><p>Table 1 Revenue composition of Meituan in 2020</p><p>Source: Meituan 2020 Annual Report</p><p>It is worth noting that Meituan's net profit turned from profit to loss in the fourth quarter of 2020. The loss came from investment in new businesses such as community group buying and community e-commerce. According to Meituan's financial report for the first quarter of 2021: Although the addition of more than 59 million active buyers in a single quarter created a historical record of Meituan, Meituan basically completed the user increase of the whole year last year in one quarter. However, the new business loss in a single quarter is 8 billion, and it will take time to make a profit.</p><p>It can be seen that the operation mode of new businesses such as community group buying is similar to that of previous take-out and wine travel. First, according to data accumulation, specific regions are selected, traffic advantages are used to quickly promote, burn money to expand the market, transform the supply side, export management capabilities, solve the difficulties of enterprise supply and demand aggregation, subsidize consumers, make merchants and consumers rely on the Meituan platform, seize the main market share, and then transfer some costs to merchants and consumers, so as to achieve profitability under the scale effect of the platform (Table 2). But can community group buying replicate the previous success?</p><p><img src=\"https://static.tigerbbs.com/a1b2348f8d6f4baafbf2899e8321ab7b\" tg-width=\"1080\" tg-height=\"154\" referrerpolicy=\"no-referrer\"></p><p>Table 2 Meituan's Business Matrix</p><p>Source: According to public information</p><p><b>Internet Entrepreneurship Culture and Efficient Organization and Operation</b></p><p>Meituan was founded in 2010 by Wang Xing, Mu Rongjun, Wang Huiwen and others, with the founder Wang Xing as the core. The three were classmates and alumni of Tsinghua University, and they are still the three most important executives of Meituan. Before the founding of Meituan, several people had jointly founded Internet social networking sites such as Duoduoyou, Xiaonei.com, Fanfou.com and Hainei.com (Table 3). Several rounds of entrepreneurial experience have given the founding team a keen insight into the Internet and rich operation and maintenance experience. Wang Xing's team pays attention to efficiency and \"three highs and three lows\"-high quality, high efficiency, high technology, low cost, low price and low gross profit.</p><p><img src=\"https://static.tigerbbs.com/6db4e12bfd0f3d896c802d655f43bece\" tg-width=\"620\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Meituan Founding and Management Team Information</p><p>Source: Company announcements,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Research Institute</p><p>As an O2O company, the entrepreneurial experience of the founding team with Wang Xing as the core is mainly online entrepreneurship, and there is no experience in managing large-scale offline teams, and offline business requires Meituan to have strong organizational ability. After joining the US Mission in November 2011, Gan Jiawei, a sales veteran of Alibaba, helped the US Mission set up an organizational management system and a local marketing system, which has been followed since.</p><p>Gan Jiawei has formulated a quantifiable, measurable, traceable and controllable operation management system for the offline team of Meituan, such as anchoring the goal in business management, refining the execution, widely adopting the standard operation process SOP mode for management, splitting the original overall sales process into four steps of ABCD, and realizing the control of result E through the control of the process; At the same time, the incentive system was improved, so that employee incentives were highly linked to the company's goals, and employees had a strong grasp of business processes.</p><p>Gan Jiawei pays attention to the team management and construction at the level of \"borrowing false to cultivate truth\", that is, taking data, indicators and results as \"false\", while taking the development and promotion of talents and organizations as \"true\", forming the consistency of members' behavior and thoughts in the whole organization. In this way, even after Gan Jiawei left in 2016, this set of organizational management system and local marketing system has continued to this day, and the team's combat effectiveness has not been affected. In terms of talent reserve, Meituan reserves excellent BD as candidates for city managers at the grass-roots level, and excellent city managers are candidates for regional managers; Start the \"Leadership Echelon Training Program\" at the top level, carry out job rotation training, succession planning, talent inventory and other work, and establish a complete talent echelon from the grass-roots level to the top level.</p><p><b>Organizational Structure Serves Strategic Evolution</b></p><p>Since its launch in March 2010, Meituan has experienced several rounds of business expansion (Table 4), and its organizational structure has been continuously expanded according to the transformation of O2O business. When Meituan sets up an independent department for new business, it will quickly adjust the structure, establish an independent business unit, and designate a founding team member as the direct person in charge of the business unit to ensure the adherence of the overall culture and ideas in the process of promoting new business. Among them, Wang Huiwen and Chen Liang have played such roles many times. Taking the members of the founding team as the heads of the new business, and transferring it to other senior executives after maturity, makes the consistent entrepreneurial culture of Meituan well inherited and play a role in opening up new businesses.</p><p><img src=\"https://static.tigerbbs.com/0ca7684b0d4c3d14f178c69fd45d8a74\" tg-width=\"626\" tg-height=\"202\" referrerpolicy=\"no-referrer\"></p><p>Table 4 Meituan's business changes</p><p>In 2015, Tencent took a stake in Meituan, and after Meituan merged with Dianping to form \"New Meida\", it gave full play to the synergy of operation. The initial main business group purchase of Meituan gradually faded out, truly getting rid of the early positioning of \"Chinese version of Groupon\" and began to transform into a new economic platform of \"Internet plus\". The business structure has been established as three business groups: take-out delivery, hotel tourism and in-store business group, which has laid the core business of Meituan so far (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/734fa189ce296f1c54278290366c4b96\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 Meituan business organizational structure during the \"New Meida\" period</p><p>Source: According to publicly available information</p><p>In 2016, Meituan acquired Qiandaibao, a fully licensed payment company, laid out digital finance and online payment business, implemented the key links of O2O business closed loop, and laid the foundation of financial middle office for the construction of business ecology. In the same year, Meituan set up the world's first talent training platform, \"Internet plus University\" (IPU), to coordinate and promote the internal talent training of Meituan.</p><p>Since 2017, Meituan's O2O business has expanded significantly, and the three major business groups have been reintegrated (Figure 2):</p><p><img src=\"https://static.tigerbbs.com/681c80f1407a319ca23266dd84e58f88\" tg-width=\"1080\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p>Figure 2 Business organizational structure of Meituan during the period of rapid expansion</p><p>Source: Debon Institute</p><p>After the launch of Meituan Taxi in 2017, Meituan established the Travel Division, and subsequently completed the acquisition of mobike, further enriching Meituan's consumer data collection channels and traffic conversion channels. Subsequently, Meituan further integrated the business structure, integrating the original Meituan platform and the public comment platform (Figure 3):</p><p><img src=\"https://static.tigerbbs.com/dfe93a8f2e88d105574844cae1c2641b\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>Figure 3 Meituan's business organization structure after the launch of travel business</p><p>Source: Debon Institute</p><p>On 30 October 2018, after completing the listing on the Hong Kong Stock Exchange, the Company upgraded its organizational structure in accordance with the \"Food + Platform\" strategy. Several business unit optimizations have been carried out over the next two years, but the basic organizational framework has been adapted in 2018.</p><p>With the continuous development of new businesses, Meituan has integrated its business platforms, and the company's organizational structure serves the strategic direction. The core business is concentrated in two business groups: to-store business group and to-home business group, and then the synergy and efficiency of local businesses are improved through Meituan platform and intelligent transportation platform. With 'eating' as the core, Meituan has built a catering service chain from food supply, IT system to distribution and marketing, focusing on various catering service chain products such as Kuaili, Meituan grocery shopping and Meituan selection, with other business lines assisting IT (Figure 4).</p><p>From the changes in the organizational structure of Meituan, it can be found that the business group of Meituan, which was originally divided by business, has been changed to divided by scenario, so as to increase the synergy between different businesses and the same scenario, which is conducive to the vertical deepening of business. The user platform raises user traffic to the company level to operate and manage as a whole. The user platform is the entrance to the ecology of Meituan. The platform accesses the traffic, and then imports the traffic to the business departments and business groups with \"eating\" as the core, and builds into a multi-level science and technology service platform for the life service industry from the demand side to the supply side.</p><p><img src=\"https://static.tigerbbs.com/fb20239d777df83381537aad6b28aaeb\" tg-width=\"1080\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Figure 4 Meituan's business organizational structure under the \"Food + Platform\" strategy</p><p>Source: 36kr, Tencent,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Science and Technology, Debon Research Institute</p><p>From 2015 to 2019, Meituan's rapid growth mainly came from the expansion of business in various cities, the optimization and upgrading of online marketing, and the improvement of distribution network. Now that Meituan has entered a mature stage, its key development space lies in giving full play to its data advantages and expanding the network effect of the ecosystem, such as empowering small and medium-sized merchants in the ecosystem and stimulating synergy between different business departments. In 2017, Wang Xing has already realized that to B is an opportunity in the future. The traffic dividend period in the first half of the Internet economy has ended, and the direction of the second half is to focus on the innovation of supply chain and to B industry, so that the supply side of the whole Chinese industry can realize Internet digitalization by improving efficiency and reducing costs, and finally return to the road of sustained growth.</p><p><b>Finding a New Growth Curve: Focusing Heavily on Retail</b></p><p>After 2015, Meituan's annual revenue soared from 4.019 billion yuan to 114.795 billion yuan in 2020, with a compound annual growth rate of 95.5%. Behind this is the continuous evolution of Meituan's organization and strategy while obtaining financing and expanding its business. However, at the same time, it is worth noting that the revenue growth rate of Meituan is declining year by year, and it has dropped below 20% in 2020 (Figure 5). Such revenue growth rate does not meet the high growth expectations given to Meituan by the capital market.</p><p><img src=\"https://static.tigerbbs.com/e9dcd09ab7e94b0862fbba247f458704\" tg-width=\"977\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Figure 5 Meituan's high-speed revenue growth since 2015</p><p>Source: Company Announcement</p><p>Relying on the traditional core business, it is inevitable to usher in a decline in revenue growth, coupled with the low profit margin and fierce competition of pure food delivery business, which makes Meituan invest in finding a new growth curve. From the business structure in 2020, it can be seen that Meituan is trying to evolve into a comprehensive digital economy platform spanning local life and physical e-commerce. In terms of community group buying and e-commerce, as the largest take-out delivery platform in China, Meituan has launched new businesses such as Meituan grocery shopping, Meituan selection and flash sale with the help of its mature infrastructure, sufficient merchant resources and distribution channel advantages (Table 5), so as to further release the scale effect of Meituan as a platform.</p><p><img src=\"https://static.tigerbbs.com/b82f6a633186f4daecc0bbbf5adbea5c\" tg-width=\"759\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Meituan's New Battlefield</p><p>Source: Meituan official website, company announcement</p><p>For emerging businesses, Wang Xing said in the earnings call that e-commerce retail is a huge opportunity. Once the infrastructure is completed, there will be an opportunity to reach a large number of user groups. Once there is a new infrastructure, there will also be an opportunity to create a brand-new value chain, which will also bring new value to the whole society. E-commerce retail is an opportunity to reach the last batch of incremental e-commerce users (hundreds of millions of users in the sinking market), so it is necessary to invest more in retail businesses such as Meituan Preferred. Just recently, according to media reports, the US Mission plans to recruit 60,000 new people in 2021. These 60,000 people are mainly needed for basic positions such as logistics and local promotion, serving the community group buying business Meituan Selection and B2B catering supply chain business Kuaili. Before this, the number of Meituan employees has been stable at about 50,000 in recent years. Such a large-scale expansion reflects Meituan's huge expectations for retail business, and the organizational evolution of Meituan will continue.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZdP1NHQVlcm25Vdb6rW3rQ\"> 中欧商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65b7dbfaf22c1cfa3c335c257811fa09","relate_stocks":{"160636":"互联网","161025":"移动互联","QNETCN":"纳斯达克中美互联网老虎指数","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/ZdP1NHQVlcm25Vdb6rW3rQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183013437","content_text":"自2018年上市以来，在美团的市值一路上涨的同时，是美团作为本地生活数字经济平台在组织生态上的不断进化。\nCBR精华抢先看：\n01.“Food + Platform”战略下，美团的年度营收在2020年首度超过千亿元，其中超过一半来自餐饮外卖业务，到店酒旅业务则为美团贡献了最高的利润率，而新兴业务则贡献了最高的收入增长。\n02.美团的成功来自于管理团队在互联网领域积累的创业经验和行业认知、先进的技术能力、高效的运营管理体系、科学且持续进化的组织架构和对人才培养的重视等多个方面。\n03.进入互联网“下半场”，随着监管逐渐到位和市场竞争环境逐渐规范，美团进入创新驱动的新增长阶段，需要不断拓展其数字经济平台的边界，加强对产业链的数字化赋能，打造更加开放的生态系统。\n截至2021年6月7日，尽管股价自其今年的高点已下跌了近35%，本地生活O2O巨头美团在港股市场的市值仍高达1.83万亿港元，在中国的上市互联网公司中，市值上仅次于腾讯和阿里巴巴。\n仍处于扩张中的新经济巨头\n作为链接消费者和商户的数字化平台，美团将公司的使命定义为“帮大家吃得更好，生活更好”，战略定义为“Food + Platform”（“餐饮+平台”），通过创新及更优的服务助力商家提升运营效率，为消费者提供更为便利以及价格合理的优质产品和服务，善用科技为社会创造更多价值。\n根据美团2020年年报，美团全年营收首破千亿，其中2013年成立的餐饮外卖占据了美团超过一半的营收，为美团营收中占比最高的部分，已是近年来美团的支柱业务。但在利润率上，到店、酒旅业务才是美团真正赚钱的业务。美团的营收中，超过一半的收入来自于美团作为平台方进行的外卖订单抽佣（类似于中介费），另一大主要收入来源是商家支付给平台的营销费用。新业务及其他的收入则包括了美团单车、美团买菜和美团充电等自营业务，以及美团优选、美团打车、美团闪购、to B业务快驴等（表 1）。\n\n表 1 美团2020年收入构成\n来源：美团2020年年报\n值得注意的是，美团2020年第四季度净利润由盈转亏。亏损来自于对新业务的投入如社区团购、社区电商等。而根据美团的2021年一季度财报：尽管单季度新增5900多万活跃买家创造了美团的历史记录，让美团一个季度就基本完成了去年一整年的用户增量。然而单季度新业务亏损80亿，盈利还有待时日。\n可以看出，美团在社区团购等新业务的运营上，模式和此前的外卖、酒旅有一定相似，先是根据数据积累，选定特定地域，利用流量优势，快速推广，烧钱扩容市场，改造供给端，输出管理能力，解决企业供需聚合的难点，补贴消费者，让商户和消费者对美团平台产生依赖，抢占主要市场份额后再将部分成本转移给商户和消费者，在平台规模效应下实现盈利（表 2），但社区团购还能否复制此前的成功呢？\n\n表 2 美团的业务矩阵\n资料来源：根据公开信息整理\n互联网创业文化和高效组织运营\n美团网于 2010 年由王兴、穆荣均、王慧文等人创立，以创始人王兴为核心。三人曾是清华大学时期的同学及校友，至今也是美团最为主要的三位高管。在创立美团之前，几人曾联合创办过“多多友”、“校内网”、“饭否网”、“海内网”等互联网社交网站（表 3）。几轮创业经历让创始团队具备了对互联网的敏锐洞察能力及丰富的运维经验。王兴团队注重效率和“三高三低”——高质量、高效率、高科技、低成本、低价格、低毛利。\n\n表 3 美团创始及管理团队资料\n资料来源：公司公告，国金证券研究所\n作为O2O公司，以王兴为核心的创始团队的创业经历以线上创业为主，并没有管理大规模线下团队的经验，而线下业务需要美团具备强大的组织能力。阿里巴巴销售元老干嘉伟2011 年11 月加入美团后，帮助美团搭设了组织管理体系和地推营销体系，并沿袭至今。\n干嘉伟为美团的线下团队制定了可量化、可衡量、可追溯、可控制的运营管理体系，例如在业务管理上锚定目标，细化执行，广泛采用标准作业流程SOP模式进行管理，将原来一个整体的销售过程拆分成ABCD四个步骤，通过对过程的管控来实现对结果E的管控；同时改进激励制度体系，让员工激励与公司目标高度挂钩，员工对业务流程具备较强的掌握能力。\n干嘉伟注重“借假修真”层面的团队管理与建设，即以数据、指标、结果为“假”，而以人才和组织的发展和提升为“真”，形成整个组织中成员行为方式和思想的一致性，这样即使在干嘉伟于 2016 年离职后，这套组织管理体系和地推营销体系延续至今，团队的战斗力也未受影响。在人才储备上，美团在基层储备优秀的BD 作为城市经理的候选人，优秀的城市经理为区域经理的候选人；在高层启动“领导梯队培养计划”，进行轮岗锻炼、继任计划、人才盘点等工作，建立起从基层到高层完备的人才梯队。\n组织结构服务于战略演进\n从2010年3月上线以来，美团经历了多轮业务扩张（表 4），组织结构根据O2O业务变革不断拓展。美团为新业务而成立独立部门时，会迅速进行架构调整，建立独立事业部，并指定一名创始团队成员作为事业部直接负责人，确保整体文化和思路在新业务推进过程中的坚守，其中王慧文和陈亮就多次担任此类角色。以创始团队内部成员作为新业务的负责人，待到成熟后转交其他高管，这使得美团一贯的创业文化能够良好传承，在开辟新业务时发挥作用。\n\n表 4 美团的业务变迁\n2015年，腾讯入股美团，美团与大众点评合并组成“新美大”之后，充分发挥了经营协同效应，美团初期的主要业务团购逐渐淡出，真正摆脱了早期“中国版Groupon”的定位，开始转型成为“互联网+”新经济平台。业务架构确立为三大事业群：外卖配送、酒店旅游和到店事业群，奠定了美团到目前为止最为核心的业务（图 1）。\n\n图 1 “新美大”时期美团业务组织结构\n资料来源：根据公开资料整理\n2016年，美团收购了全牌照支付公司钱袋宝，布局了数字金融和网络支付业务，落实了O2O 商业闭环的关键环节，为业务生态的建设奠定了金融中台基础。同年，美团设立了全球首家人才培养平台“互联网+大学”(IPU)，统筹推进美团企业内部人才培养工作。\n2017年起，美团的O2O业务大幅扩张，三大事业群重新整合（图 2）：\n\n图 2 美团高速扩张期业务组织结构\n资料来源：德邦研究所\n在2017年推出美团打车后，美团成立了出行事业部，并随后完成了对摩拜单车的收购，进一步丰富了美团的消费者数据采集渠道和流量转化渠道，随后美团对业务架构进行了进一步整合，将原先的美团平台和大众点评平台进行了整合（图 3）：\n\n图 3 推出出行业务后，美团的业务组织结构\n资料来源：德邦研究所\n2018 年 10 月 30 日，公司在完成港交所上市后，按照 “Food+Platform”战略对组织架构进行了升级。此后两年间陆续进行了几次业务单元的优化，但基本组织框架在 2018 年调整后得到沿用。\n随着不断开拓新业务，美团将业务平台化整合，公司的组织架构服务于战略方向，核心业务集中在到店事业群和到家事业群两大事业群，再通过美团平台和智慧交通平台提高本地业务的协同和效率。美团以‘吃’为核心，打造从食材供应、IT系统到配送及营销的餐饮服务链，着重打造快驴、美团买菜、美团优选等各类餐饮服务链产品，同时其他业务线予以辅助（图 4）。\n从美团的组织架构变化中，可以发现美团的原来按业务划分为主的事业群改为按场景划分，以增加不同业务相同场景间的协同，利于业务的垂直深耕。用户平台将用户流量上升为公司层面整体去经营和管理。用户平台是美团生态的入口，平台接入流量，再导入流量到以“吃”为核心的事业部和事业群，建设成生活服务业从需求侧到供给侧的多层次科技服务平台。\n\n图 4 “Food+Platform”战略下美团的业务组织结构\n资料来源：36kr、腾讯网、新浪科技、德邦研究所\n2015-2019年美团的高速增长主要来自于业务在各个城市的扩张、在线营销的优化和升级、和配送网络的完善。如今已步入成熟期的美团，重点发展空间在于发挥数据优势，扩大生态系统的网络效应，如赋能生态内的中小商户，激发不同业务部门间的协同效应。在2017年，王兴就已经认识到，to B是未来的机会，互联网经济上半场的流量红利期已经结束，下半场的方向是围绕供应链和to B行业的创新，以效率提升、成本降低为方法让整个中国产业的供给侧实现互联网数字化，最终回到持续增长的道路上。\n寻找新的增长曲线：重注零售业务\n2015年之后，美团的年度营收从40.19亿元一路飙升至2020年的1147.95亿元，年复合增长率达到了95.5%，这背后是美团在获得融资、扩张业务的同时，组织和战略的持续进化。但同时值得注意的是，美团的营收增速呈逐年下滑趋势，在2020年已下降至20%以下（图 5）。这样的营收增速并不符合资本市场赋予美团的高增长期望。\n\n图 5 美团营收自2015年以来的高速增长\n资料来源：公司公告\n依赖于传统核心业务，不可避免会迎来营收增速下滑，加上单纯的餐饮外卖业务利润率低，竞争激烈，让美团投入于寻找新的增长曲线。从2020年的业务结构可以看出，美团正试图进化成横跨本地生活和实物电商的综合型数字经济平台。在社区团购和电商上，作为中国最大的外卖配送平台，美团借助自身成熟的基础设施、充足的商家资源，以及配送渠道优势，推出了美团买菜、美团优选、闪购等新业务（表 5），以更进一步释放美团作为平台的规模效应。\n\n表 5 美团的新战场\n资料来源：美团官网、公司公告\n对于新兴业务，王兴在财报电话会上称电商零售是巨大的机遇，一旦基础设施建设完毕，就有机会触及海量的用户群体。而一旦有了新的基础设施，也将有机会创建全新的价值链，这也将会为整个社会带来新的价值，电商零售是一个能触及最后一批电商增量用户（下沉市场数亿用户）的机会，所以必须对美团优选等零售业务加码投入。就在近日，据媒体报道，美团计划在2021年新招6万人。这6万人主要是物流、地推等基础岗位所需，服务于社区团购业务美团优选和B2B餐饮供应链业务快驴。而这之前美团员工近几年数量一直稳定在5万人左右，如此大规模的扩张反映出的是美团对于零售业务的巨大期望，美团的组织进化仍将继续。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9,"QNETCN":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":2991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
