The word says, run quickly madly all the way those who grow go all out great do not lack topic sex forever really. And be in now evening, go all out great published first annual report after appearing on the market, in annals also attach send partner mail first times of Huang Zheng. Notable is, the inscribe date of this letter was on April 21, just meeting is western Easter. And in Easter this day, huang Zheng issued this shareholder letter that has the implied meaning quite, answered a lot of query, 8 elder sister feel or be worth to look very much.
For instance, before, go all out great ever was oppugned deficit is too much, bring about share price be thwarted. And Huang Zheng criterion says in shareholder letter, go all out great the capacity that has generation to big run closes and make money at any time, and the short-term cost on Zhang face also has extremely strong at any time adjustable quality. Nevertheless, huang Zheng also thinks, go all out great present management strategy will not be changed inside quite long period of time, will last focusing gives birth to value inside the enterprise, seek favorable to long-term company value devoted opportunity actively, although these are thrown,according to the accountant criterion can be written down to be big and short-term cost. That is to say, to develop for a long time, go all out great likelihood still can be thrown continuously and deficit.
Again for instance, go all out before great with what clean out treasure " 2 anthology one " be troubled by bubbling with noisely, go all out great also became topic nucleus. To this, huang Zheng also expresses, all-time " 2 anthology one " can last for some time, but inherent hedge is sure to be broken, forming the contest that directs with innovating to be with increment to close is inevitable. These are not normal competition behavior " do not produce consumer value, also do not create value for brand business, generator, most even be in order to harm what main body and consumer interest are cost related zoology " , "Long-term and exclusive platoon he " it is inevitable meeting by broken.
Still be in recently, go all out great by sheet of doubt electron face " 2 anthology one " . Huang Zheng also expresses in shareholder letter, "Although area of electron of other main aspect is only,the system asks to fasten business door to be able to use its to appoint face sheet exclusively only from the body to now, but we still allow business door to select other electronic face only systems. " at the same time, he also is announced, go all out great the only system of face of content shedding electron that roll out, already made China and even world inside short time only system of face of the 2nd big electron, in the meantime, can build this one system inside short time, those who lean is main not be to go all out great oneself, however the popular feeling support or oppose that whole thing spreads express trade.
Additional, in annals, go all out great also showed employee number. Up to on December 31, 2018, spell great stuff a total 3683 people, relatively the 1159 people 2017 add 2524 people. Among them, engineer amount overtakes 1800 people, hold company half the number. This also makes clear, go all out great take technical height seriously.
8 elder sister also notice, spelled great annals to also be announced oppose a scale newly. Spell great author Huang Zheng to take hold company the share of 44.6% , have the voting right of 89% . Tecent hold goes all out great the share of 16.9% , voting authority is only 3.4% .
Good, of final attach yellow Zheng send partner to believe full text, for everybody appreciate is breathed out --
Send shareholder:
This is an interesting times, the world is being changed with unprecedented speed. Good bad be in happen, never anticipate very much more, some make a person open-eyed even nervous perhaps. Of old force inertial still very strong, the problem of generation still is; New power, new thinking, new method is in again eagerly bud. If Di Gengsi is in " twin city is written down " in be written, "... this is a believed time, the time that this is a suspicion... " , but no matter your belief still is doubt, active or it is passive, we and world are entering a new era with the speed close to sprint.
(one) the new report business of new era
In new era, with respect to us this is local, what does the new report business that we propose mean? What is the relation with traditional electric business elder?
Above all the biggest feature that I consider new report business is " Pu Hui " , this is the times decision that is born by it. The Internet 20 years ago just started in China when, the person that use is intellectual economy standard relatively the fraction person before leaning. Go all out after 20 years great when appearing, no matter countryside or city, the professor still is a farmer, in the life that mobile Internet entered Everyman already equally. The new platform that this moment appears, its historical mission serves the broadest Everyman namely. Since the first day, we along the travel before this mission, the hope increases income through farmer of the behavior on produce, provide material benefit for townsman, this became what platform grows at that time the most powerful motive force. Later, sell the sexual price that raises commodity to compare continuously through factory C2M, offer to Everyman those who can afford upgrade articles for daily use, let platform stride to this direction again one pace.
The 2nd feature of new report business is " factitious first " , this is decided by its gene. Go all out great be born at mobile Internet, slam the door PC searchs shopping time " content is first " . New report business regards real person as no longer discharge, discharge of commercial pattern make it wholesale, it tries to understand every temperature that clicks backside person, the join that tries to carry person and person and accredit will gather together coessential demand; Serve good person and enough to the person esteem only, crowd ability gathers into force, we just can gather together long periodic and scattered demand for demand of short period batch, appear the possibility of flexible and custom-built production, promotion supplies catenary efficiency, let value return to laborer and author; New report business also hopes those who carry person and person is interactive, make an user happier, similar and great orchard although such product is initial attempt only, but test and verify a kind of feasibility.
The 3rd feature of new report business is " opener " , the strategy that this is it chooses actively, it is the requirement that the times progresses more. Our strategy is not from break a forestall to arrive create a new monopoly, however from break a forestall to arrive offer a new alternative. Spell great rapid growth, also be every company in the industry is striven for live for a long time the inevitable result of authority. It is with express industry exemple, the base that we spread a domain in content is very fragile, but go all out great the electronic face only system that roll out can make China and even world inside short time only system of face of the 2nd big electron, those who lean is not us, however popular feeling. Everybody from do not hope to be forced in the heart, although resistance is heavy, but the desire that counterpoise to live for a long time and strives for a new option and force are powerful.
Although area of electron of other main aspect is only,the system asks to fasten business door to be able to use its to appoint face sheet exclusively only from the body to now, but we still allow business door to select other electronic face only systems. We hope trend of stimulative industry of earnestly practise what one advocates is opened, put power from the solution in striving for forestall and the local interest fight that fight forestall, investment arrives to be worth us more of main competition -- for example the content that produce goes up sheds efficiency promotion, such more the tickler that is helpful for society and most consumer and laborer comes up.
Will see such strategy from now the advantage of popular to content cause is apparent.
Flow besides content, on cloud service, the quantity can build our existing body to also can use only oneself, we still chose platform of computation of all mainstream cloud; In pay on, we received all mainstreams to pay platform, insist to leave customer multiple choice.
About new old concern, a lot of people review be waited for in light of the warlike thinking of idiomatic life-and-death, be just like the person that takes at field of ancient Rome wrestle to rectifying day to surround for, be not this namely those is whole world. Perhaps wrestle picture can bring stimulation of a few sense organs, but iteration of accrete of nature diversity zoology just is abiding true.
New report business is a successor, it is inaugurator. Since have a youthful look, each field is not perfect, a weak; It is newly emerging force, was full of vigor and hope, represented advanced way. Go all out great in a special favorable circumstances period innovate through commercial pattern and technology, broke through have situation already, initiate gave a new shopping setting, we hope to be able to pass oneself hard, guide zoology to side with more Pu Hui, have temperature, opener way more ceaseless iteration.
(2) spell great and current condition
2.1 go all out great still be a poineering company
Although go all out great grow very fast, also had certain dimensions, but it from hold water to now only 4 years of time, still be a poineering company. Be just like is the YAO that just read elementary school, although build is tall but still be a pupil only. In this phase, of need is enough nutrition and proper training. Although also can be introduced to now and then field, with argue of argue of player of chunk head manhood, here pays close attention to the antagonism on field with respect to special need judgment and coach reasonable, young adult is to be able to be in flesh is purple in grow, still be meeting ligament ruptures meniscus gets hurt. We believe everybody is willing to see more and more outstanding player emerge in large numbers, contribute wonderful game, is not competition ground fistfight.
As guardian, if want to foster him Xiang Shanhe is free-standing, go doing on the weekend do commonweal, go dining-room is done do casual to earn bit of money pretty good perhaps. But supervise and urge he earn the money that come to be put in coal tub, how much did weekly count put, this is afraid is not a clever investment, buy pair of beloved basketball shoes to him with this money perhaps should better.
Because entered competition ground, this young adult had generation income and the capacity that make money at any time at any time. Same, present go all out great also had the capacity that generates big run to close, current short-term expenditure and battalion close to have very weak correlation only. The short-term cost on Zhang face (we think to comparative is the investment that has value partly) also have extremely strong at any time adjustable quality. I think, take " deposit canister " the Qian Qucun in is afraid regularly is not a good idea. We will not change present management strategy inside quite long period of time, will last focusing gives birth to value inside the enterprise, seek favorable to long-term company value devoted opportunity actively, although these are thrown,according to the accountant criterion can be written down to be big and short-term cost.
2.2 what be faced with currently is all-time " 2 anthology one " can last for some time, but inherent hedge is sure to be broken, forming the contest that directs with innovating to be with increment to close is inevitable.
Spell great occurrence preliminary broke have electric trade situation already, natural meeting lets other platform react somewhat, this kind of reaction is exaggerated even sometimes. But all these behavior do not produce consumer value, also do not create value for brand business, generator, most even be with harming modes of life and relation to their environment relevant main body and consumer interest are cost. This kind undertake to strive for or maintain some kind of monopoly use up with harm it is sometimes " fight the enemy 1000, from caustic 200 " , it is sometimes " fight the enemy 1000, from caustic 2000 " , if cannot be maintained long-term " discharge him solely " , that just will be used up eventually and do not have earning.
And " long-term and exclusive platoon he " it is inevitable meeting by broken. On one hand, temporarily promise is put in length of 9 years, in light of the collectivity with businessman, consumer, cannot last necessarily, should return doubly reversely even. On the other hand, assume long-term neither one resembles going all out great the new report business that such body estimate exists, then whole industry swims up and down, brand business, capital shedding, content shedding will can be in only be on the move inside exclusive and optional system actually, that is inconceivable, also do not accord with commercial logic and the order of nature. Be afraid think even oneself of benefit when the thing square metropolis realizes this is a disaster gradually. Inevitable conference appears the new report business that estimates roughly so, not be now go all out great, be future " Costco + Disney " .
See old pattern for a long time whether maintain, not be to look " the competition that goes after exclusive forestall sex " can deal out is circumjacent how many interest, also not be to see those who how many violate self interest and apiration be forced to make known one's position. Sometimes rather, every time is forced is the growth that force resists in the heart rear.
A kind of commerce and pattern whether continuously, want to look to whether be helpful for consumer substantially, whether be helpful for laborer and value author, whether can create a value that cannot replace, whether to scrupulously abide by devoir to use up social responsibility.
(3) next politic
About next politic, I want to basically return is below at 4 o'clock:
The onrush of the times is vast and mighty, direction is held back hard.
Go all out great in 3 years short much high speed progress was experienced in the process all sorts of labyrinthian, it is each common people polls with his true gold silver supported her. In the forest, the competition of each local tree and tree is intense, different and local have a contest is unusual of rich, labyrinthian change. But if we see whole forest, the direction of final and all tree is consistent, that sides with the direction of sunshine namely. The force that faces sunshine is unusually powerful, he will transform a lot of things, or to transform thing blaze a trail. Because we have much fiercer capacity,spelling great occurrence and progress is not, platform has many to perfect, not be we have many even diligent, grow in sunny direction because of her however, this direction is Pu Hui, with be being mixed first artificially more open. Slam the door the 0 Caesarean type thinking with competition, change is a foundation to innovate in order to last, for the thinking of consumer and value of social creation increment, this is the sunshine that we see.
No matter our action has how old or have many tiny, we this generation person will be pushed by onrush of this times express eventually the different new era that belongs to us to.
Acknowledgment chooses to believe us, join us to create new report business this one wonderful and itinerary investor. Let us side with a morning 78 o'clocks together the direction of the sun is ongoing, because that ability is newborn direction.
Huang Zheng
Represent sincerely go all out great
On April 21, 2019
