千里千诚的个人主页 - 老虎社区

千里千诚

千里千诚

虎虎生威

IP属地：新疆

142关注

7粉丝

0主题

0勋章

2021-09-23

各方面看起来都很强劲的小米，真是让人醉了。[捂脸]

2020-11-04

小蚂蚁动了大银行的奶酪？

蚂蚁回应两地暂缓上市：深表歉意，妥善处理好后续工作

2020-03-11

体验三次比实际预想中的还要好一些，会逐渐在这个平台上买东西的

卸下偏见看拼多多：到底是“必死”还是“无敌”？

2020-02-18

$微贷网(WEI)$ 微贷有担当，时下真的太难了，相信微贷，我不慌。

2019-12-12

$ESR(01821)$ 悄悄的往上爬呢？

2019-12-11

再买400股

雷军不死心：“金山注定是英雄梦想，我内心有火焰”

2019-12-02

$老虎证券(TIGR)$ 一跌到位行不

2019-11-21

$嘉楠科技(CAN)$ 第二只老虎！[龇牙]

2019-11-21

$嘉楠科技(CAN)$ 有人中签吗？

2019-11-12

$中国抗体—B(03681)$ 这是一只好票，不看好？

2019-11-06

$医美国际(AIH)$ 嗯，还不触地反弹吗？

2019-11-06

$蔚来(NIO)$ 画风突变！[惊讶]

2019-11-01

$ESR(01821)$ 淡定，拿稳了哦。

2019-10-26

$有道(DAO)$ 跌成这样，这吃相太不理性了。

2019-10-25

$医美国际(AIH)$ 飞流直下三千尺。

2019-10-25

$医美国际(AIH)$ 中了140

2019-10-25

$登辉控股(01692)$ 这是给打新的浇凉水呢。

2019-10-24

$点牛金融(DNJR)$ 这公司看起来感觉都快不复存在了，这股票怎么还能交易呢？还有人会买？

2019-10-24

$向中国际(01871)$ 不中签但手续费还得出是吧？

2019-10-23

$快餐帝国(01843)$ 半日游，作妖？下午再暴拉？

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Consequently, Ant has decided that the concurrent H share listing plan on the Hong Kong Stock Exchange shall also be suspended.</p><p>Ant Group sincerely apologizes to you for any inconvenience caused by this development. We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.</p><p>We will overcome the challenges and live up to the trust on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation. We will continue to serve small and micro businesses and ordinary citizens with our passion, professionalism and commitment for society. We will keep in close communications with the Shanghai Stock Exchange and relevant regulators, and wait for their further notice with respect to further developments of our offering and listing process and disclose in a timely manner.</p><p>Ant Group</p><p>November 3, 2020</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>蚂蚁回应两地暂缓上市：深表歉意，妥善处理好后续工作</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n蚂蚁回应两地暂缓上市：深表歉意，妥善处理好后续工作\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-11-03 22:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>蚂蚁回应两地暂缓上市：对由此给投资者带来的麻烦，蚂蚁集团深表歉意。我们将按照两地交易所的相关规则，妥善处理好后续工作。</p><p>尊敬的投资者：</p><p><a href=\"https://laohu8.com/S/06688\">蚂蚁集团</a>于今日接到上海证券交易所通知，暂缓在上海证券交易所A股上市计划。受此影响，蚂蚁决定于香港联交所H股同步上市的计划也将暂缓。</p><p>对由此给投资者带来的麻烦，蚂蚁集团深表歉意。我们将按照两地交易所的相关规则，妥善处理好后续工作。</p><p>稳妥创新、拥抱监管、服务实体、开放共赢，会让蚂蚁集团经得起考验和信任。我们会坚持我们的初心和使命，继续用我们的热情、专业、担当，致力于为广大小微企业和大众消费者做好服务。有关发行上市的下一步进展我们将与上海证券交易所及监管部门保持密切沟通，并及时披露相关情况。</p><p>蚂蚁集团</p><p>2020年11月3日</p><p>Dear investors,</p><p>Ant Group was notified by the Shanghai Stock Exchange today that our A share listing plan on the Shanghai Stock Exchange would be suspended. Consequently, Ant has decided that the concurrent H share listing plan on the Hong Kong Stock Exchange shall also be suspended.</p><p>Ant Group sincerely apologizes to you for any inconvenience caused by this development. We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.</p><p>We will overcome the challenges and live up to the trust on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation. We will continue to serve small and micro businesses and ordinary citizens with our passion, professionalism and commitment for society. We will keep in close communications with the Shanghai Stock Exchange and relevant regulators, and wait for their further notice with respect to further developments of our offering and listing process and disclose in a timely manner.</p><p>Ant Group</p><p>November 3, 2020</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a26b7ba3b02c1fb57b999b5df1d3fe8","relate_stocks":{"06688":"蚂蚁集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155336206","content_text":"蚂蚁回应两地暂缓上市：对由此给投资者带来的麻烦，蚂蚁集团深表歉意。我们将按照两地交易所的相关规则，妥善处理好后续工作。尊敬的投资者：蚂蚁集团于今日接到上海证券交易所通知，暂缓在上海证券交易所A股上市计划。受此影响，蚂蚁决定于香港联交所H股同步上市的计划也将暂缓。对由此给投资者带来的麻烦，蚂蚁集团深表歉意。我们将按照两地交易所的相关规则，妥善处理好后续工作。稳妥创新、拥抱监管、服务实体、开放共赢，会让蚂蚁集团经得起考验和信任。我们会坚持我们的初心和使命，继续用我们的热情、专业、担当，致力于为广大小微企业和大众消费者做好服务。有关发行上市的下一步进展我们将与上海证券交易所及监管部门保持密切沟通，并及时披露相关情况。蚂蚁集团2020年11月3日Dear investors,Ant Group was notified by the Shanghai Stock Exchange today that our A share listing plan on the Shanghai Stock Exchange would be suspended. Consequently, Ant has decided that the concurrent H share listing plan on the Hong Kong Stock Exchange shall also be suspended.Ant Group sincerely apologizes to you for any inconvenience caused by this development. We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.We will overcome the challenges and live up to the trust on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation. We will continue to serve small and micro businesses and ordinary citizens with our passion, professionalism and commitment for society. We will keep in close communications with the Shanghai Stock Exchange and relevant regulators, and wait for their further notice with respect to further developments of our offering and listing process and disclose in a timely manner.Ant GroupNovember 3, 2020","news_type":1},"isVote":1,"tweetType":1,"viewCount":1629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":965802860,"gmtCreate":1583941591350,"gmtModify":1704351707082,"author":{"id":"3504233675467893","authorId":"3504233675467893","name":"千里千诚","avatar":"https://static.tigerbbs.com/6c643456ecc450b9756d4710d75061a3","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504233675467893","authorIdStr":"3504233675467893"},"themes":[],"htmlText":"体验三次比实际预想中的还要好一些，会逐渐在这个平台上买东西的","listText":"体验三次比实际预想中的还要好一些，会逐渐在这个平台上买东西的","text":"体验三次比实际预想中的还要好一些，会逐渐在这个平台上买东西的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/965802860","repostId":"1169643713","repostType":4,"repost":{"id":"1169643713","kind":"news","weMediaInfo":{"introduction":"华尔街见闻出品，专注于美股市场。为您提供最重要的资讯数据，最全面的市场动态和最深刻的解读分析。","home_visible":1,"media_name":"见闻IPO","id":"1083533104","head_image":"https://static.tigerbbs.com/0717bf7b1e5642e9827aeffbf11eb9ad"},"pubTimestamp":1583931732,"share":"https://www.laohu8.com/m/news/1169643713?lang=&edition=full","pubTime":"2020-03-11 21:02","market":"us","language":"zh","title":"卸下偏见看拼多多：到底是“必死”还是“无敌”？","url":"https://stock-news.laohu8.com/highlight/detail?id=1169643713","media":"见闻IPO","summary":"导读：依然是那个直击灵魂的拷问：拼多多是否有能力把“羊毛党”变成“剁手党”？\n美东时间3月11日盘前，拼多多$(PDD)$公布2019年四季度财报。拼多多这个季度经营亏损21亿，好于市场预期的31亿亏","content":"<p><b><i><span>导读：</span></i></b><i><span>依然是那个直击灵魂的拷问：拼多多是否有能力把“羊毛党”变成“剁手党”？</span></i></p>\n<p><span>美东时间3月11日盘前，拼多多<a href=\"https://laohu8.com/S/PDD\">$(PDD)$</a>公布2019年四季度财报。拼多多这个季度经营亏损21亿，好于市场预期的31亿亏损。</span></p>\n<p><span>只是这个不是重点！重点是GMV再次令市场失望了：本季度GMV见智测算大约为3706亿，全年GMV在前高后低的情况下勉强过了万亿大关。</span></p>\n<p><span>而结合本季度新增买家大涨4900万，而GMV增速加速放缓至113%，背后依然是那个核心拷问：</span></p>\n<p><b><span>新增用户到底是为了羊毛而来，还是真正看中了拼多多的商品、服务，买完一次后会开启持续买买买的模式？</span></b></p>\n<p><span>如果越来越多的新增用户只是为了撸个羊毛、尝尝鲜，而不是买了一次之后持续购买没有太多羊毛可撸的其他商品（也就是常说的交叉销售），那么拼多多走完自己一直擅长的“获客、获客再获客”粗放式增长后，接下来的大考才真正来临：</span></p>\n<p><b><span>拼多多要如何在商户、商品、品类的丰富和层次上打磨，让用户不仅可以买到便宜货，还能在快消、家居、服饰、母婴、家电、3C等，各个品类与商品上找到便宜又优质的货品？</span></b></p>\n<p><span>而这个背后是商户管理、商品与品类供给、物流服务与平台招商等综合供给侧发力的结果。</span></p>\n<p><span>巨头在上，拼多多的逆袭之路才刚刚开始！</span></p>\n<p><span>同时，对于市场上极端看空拼多多的资金，见智也要提醒一下，要避免不成功便成仁的极端化思维方式：</span></p>\n<p><span>一个C端用户的APP，能做到6亿的用户，必然是满足了网民普适性的需求，而不是简单靠一两百亿能够解释的。</span></p>\n<p><span>而且互联网各种变现模式中，电商对于用户变现效率远远高于其他模式，极端唱空拼多多是缺少对于商业本质的基本理解。</span></p>\n<p><span>见智坚持此前判断，一个6亿用户的APP即使向上突破存在困难，向下同样也已形成了估值的安全边际。</span></p>\n<p><b><span>详细分析前先看一下本季财报核心看点</span></b></p>\n<p><span>拼多多自上季发布失望财报股价暴跌又修复，截止目前仍下跌约7%，且期间表现亦如见智判断，出现下有底、上有顶的区间震荡状态。</span></p>\n<p><span>公司股价向上突破遇阻：拼多多尚需向市场证明走出获客顶峰之后，拼多多可以逐渐把“羊毛党”养成持续买买买的“剁手党”。</span></p>\n<p><span>而下方的安全边际同样明显：拼多多高达6亿买家共同铸成的电商用户价值安全垫。</span></p>\n<p><b><span>而本季度拼多多的核心看点主要有</span></b><span>：</span></p>\n<ul>\n <li><p><span>在阿里主场的电商旺季，拼多多的年活买家数能否持续惊艳？</span></p></li>\n <li><p><span>GMV表现是否持续疲软？</span></p></li>\n <li><p><span>而这两个数据背后反映的单个买家数消费额又隐含了怎样的用户粘性趋势？</span></p></li>\n <li><p><span>为实现这些新增买家与GMV数据，拼多多付出多大的营销费用代价？</span></p></li>\n</ul>\n<p><span><br>以下，见智就带着这些疑问，尝试在本季度的财报中寻找答案：</span></p>\n<p><b><span>1. 用户清洗要洗到头了？</span></b></p>\n<p><span>本季度买家数魔力持续：截止本季度末拼多多年度买家数已达到了5.85亿，净增4900万！而此前京东即使新增用户开始放量，也不过2800万。</span></p>\n<p><span>不过在绝对值上，上季度净增5300万，本季明显高位回落，而考虑到当前整体网购用户的大盘，6亿用户的分水岭近在眼前。</span></p>\n<p><span>随着C端用户获客瓶颈加速到来，拼多多在B端供给侧的问题也会愈加突出。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e48fdac8251f44c7e605f8be1d7863eb\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>本季度，拼多多APP独立月活用户数（打开APP的用户数）本季度末净增5200万，达到了4.82亿，依然在快速增长。</span></p>\n<p><span>见智注意到拼多多当下的很多营销玩法会引导用户先行下载APP，强化将微信用户清洗到自有APP上。</span></p>\n<p><span>这在一定程度上暗示拼多多清洗用户流量逐步到顶，运营端开始强调用户的迁移，强化拼多多独立APP作为自有流量池的地位。</span></p>\n<p><img src=\"https://static.tigerbbs.com/54919380180062a7f68ecaf3f898b65c\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>2. 新用户继续 “撸羊毛”？拼多多要拼内功了</span></b></p>\n<p><span>拼多多截止本季度末的年度GMV为1.01万亿，算是勉强突破万亿大关，基本实现了拼多多2018年时定下的目标，只是此前二季度数据过好，抬高了市场预期之后，最终先扬后抑，全年勉强达标，市场很难买账。</span></p>\n<p><span>趋势上，本季度同比增长113%，持续快速放缓；本季度GMV见智估计为3706亿，同比增长从上季度的111%快速放缓至81%。</span></p>\n<p><img src=\"https://static.tigerbbs.com/59f1666acde1b18b8e3e056eab3c386c\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>而统筹观察用户数与GMV，背后反映的问题与上季度令市场大跌眼镜的财报如出一辙：</span></p>\n<p><span>用补贴拉来的新增买家购买热情不足，导致单个买家贡献的消费额增速明显放缓：该指标的同比增速53%，较上季度的75%，继续快速回落。</span></p>\n<p><b><span>要知道单用户的消费额，由平均客单价和单用户下单次数构成</span></b><span>，</span><span><b>在已知客单价持续向上的情况下，单用户消费额增速的放缓只能说明新增用户来了之后并不热衷于持续剁手。</b></span></p>\n<p><span>依然是那个直击灵魂的问题：新增用户是不是越来越多单纯奔着百亿补贴过来“撸羊毛”的？</span></p>\n<p><img src=\"https://static.tigerbbs.com/756a9982ecda639fe3938d087f8e6011\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>当用户量逐步走到天花板之后，任何一家电商平台都走到精细化运营和供给侧补位上来。面对高质用户的需求，即使是性价比需求，也需要拼多多在商品的丰富度、层次感、物流等上做出区分度</span></b><span>。</span></p>\n<p><span>接下来，才是拼真功夫的时刻！</span></p>\n<p><b><span>3.拼多多要节制营销费用？想多了！</span></b></p>\n<p><span>从本季度的数据来看，营销费用（主要线上效果广告、线上线下品宣广告和用户补贴）93亿，绝对值上继续芝麻开花节节高，确实是实打实的“百亿”补贴。</span></p>\n<p><img src=\"https://static.tigerbbs.com/622bc6b424b85e344de488dd31ee793f\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>从占比上来看，营销费用本季度继续落在了营收额的下方，营销费用率为86%，不过这样的数据依然令人咋舌。</span></p>\n<p><span>此前还有券商研报认为，拼多多可能逐步克制营销费用的投放，甚至预测公司可能逐步接近盈利！</span></p>\n<p><b><span>这个季度拼多多再次用响亮的数字回应了：</span></b><span>拼多多这个公司正如黄铮所说，还是个呱呱坠地的“婴儿”，利润短期还是不用有太多想法。</span></p>\n<p><b><span>在其他重要数据上：</span></b></p>\n<p><b><span>1.</span></b><span>拼多多本季度营业收入108亿人民币，同比增长91%，不及市场预期均值111亿，主要是GMV表现不及市场预期。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e3d22428b756ad71d4f2e38d630abe7a\"></p>\n<p><b><span>2.</span></b><span>本季度GMV到广告营销收入的变现率为2.61%， 较去年同期稍有强化。而单季环比大致可以看出，在阿里主场的电商旺季，拼多多变现反而不如此前两个季度。</span></p>\n<p><img src=\"https://static.tigerbbs.com/20bad842a175138352eaa9585f73dcea\"></p>\n<p><b><span>3.</span></b><span>本季度毛利87.6亿，同比增长107%；毛利率81%，显著高于市场预期均值75.6%。</span></p>\n<p><span>公司对毛利率没有明确指引，而从趋势来看，拼多多毛利率表现一直都不稳定。</span></p>\n<p><span>只是，当前拼多多的爆发式增长要求公司持续补齐商户支持、客服中心等短板，见智认为短期波动并不改长期毛利率面临上行压力的情况。</span></p>\n<p><img src=\"https://static.tigerbbs.com/54474dee9af0b2b4ca4619e48201727e\"></p>\n<p><b><span>4.</span></b><span>本季度经营亏损为-21亿元，优于市场预期的-31亿。</span></p>\n<p><span>而如果观察超预期的原因，除了毛利率改善，行政费用率与研发费用率同样表现较好，而并非因市场最为关心的营销费用改善带动。</span></p>\n<p><span>本季度研发费用12.7亿，增速较上季度放缓，费用率为11.8%，占比也有所下降。</span></p>\n<p><span>而行政费用则非常令人意外，这个季度仅3.5亿，同比仅增7%。另外公司发放的股权激励占收入的比重也在下降。</span></p>\n<p><b><span>见智综合认为，拼多多对内有节约开支的苗头，而对待用户上依然是慷慨大方</span></b><span>。</span></p>\n<p><img src=\"https://static.tigerbbs.com/b8d1bffee47e43311ff81f86e3cb6103\"><img src=\"https://static.tigerbbs.com/6329d8e3a1c72e1f4b1f7496df392597\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>综述：</span></b></p>\n<p><span>见智一直强调，用户获客到顶也意味着拼多多用用户来拉增长的粗放式增长基本告一段落，未来是平台供给侧、精细化运营的较量。</span></p>\n<p><span>巨头在上，拼多多的战役才刚刚开始！</span></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>卸下偏见看拼多多：到底是“必死”还是“无敌”？</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n卸下偏见看拼多多：到底是“必死”还是“无敌”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083533104\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0717bf7b1e5642e9827aeffbf11eb9ad);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">见闻IPO </p>\n<p class=\"h-time\">2020-03-11 21:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b><i><span>导读：</span></i></b><i><span>依然是那个直击灵魂的拷问：拼多多是否有能力把“羊毛党”变成“剁手党”？</span></i></p>\n<p><span>美东时间3月11日盘前，拼多多<a href=\"https://laohu8.com/S/PDD\">$(PDD)$</a>公布2019年四季度财报。拼多多这个季度经营亏损21亿，好于市场预期的31亿亏损。</span></p>\n<p><span>只是这个不是重点！重点是GMV再次令市场失望了：本季度GMV见智测算大约为3706亿，全年GMV在前高后低的情况下勉强过了万亿大关。</span></p>\n<p><span>而结合本季度新增买家大涨4900万，而GMV增速加速放缓至113%，背后依然是那个核心拷问：</span></p>\n<p><b><span>新增用户到底是为了羊毛而来，还是真正看中了拼多多的商品、服务，买完一次后会开启持续买买买的模式？</span></b></p>\n<p><span>如果越来越多的新增用户只是为了撸个羊毛、尝尝鲜，而不是买了一次之后持续购买没有太多羊毛可撸的其他商品（也就是常说的交叉销售），那么拼多多走完自己一直擅长的“获客、获客再获客”粗放式增长后，接下来的大考才真正来临：</span></p>\n<p><b><span>拼多多要如何在商户、商品、品类的丰富和层次上打磨，让用户不仅可以买到便宜货，还能在快消、家居、服饰、母婴、家电、3C等，各个品类与商品上找到便宜又优质的货品？</span></b></p>\n<p><span>而这个背后是商户管理、商品与品类供给、物流服务与平台招商等综合供给侧发力的结果。</span></p>\n<p><span>巨头在上，拼多多的逆袭之路才刚刚开始！</span></p>\n<p><span>同时，对于市场上极端看空拼多多的资金，见智也要提醒一下，要避免不成功便成仁的极端化思维方式：</span></p>\n<p><span>一个C端用户的APP，能做到6亿的用户，必然是满足了网民普适性的需求，而不是简单靠一两百亿能够解释的。</span></p>\n<p><span>而且互联网各种变现模式中，电商对于用户变现效率远远高于其他模式，极端唱空拼多多是缺少对于商业本质的基本理解。</span></p>\n<p><span>见智坚持此前判断，一个6亿用户的APP即使向上突破存在困难，向下同样也已形成了估值的安全边际。</span></p>\n<p><b><span>详细分析前先看一下本季财报核心看点</span></b></p>\n<p><span>拼多多自上季发布失望财报股价暴跌又修复，截止目前仍下跌约7%，且期间表现亦如见智判断，出现下有底、上有顶的区间震荡状态。</span></p>\n<p><span>公司股价向上突破遇阻：拼多多尚需向市场证明走出获客顶峰之后，拼多多可以逐渐把“羊毛党”养成持续买买买的“剁手党”。</span></p>\n<p><span>而下方的安全边际同样明显：拼多多高达6亿买家共同铸成的电商用户价值安全垫。</span></p>\n<p><b><span>而本季度拼多多的核心看点主要有</span></b><span>：</span></p>\n<ul>\n <li><p><span>在阿里主场的电商旺季，拼多多的年活买家数能否持续惊艳？</span></p></li>\n <li><p><span>GMV表现是否持续疲软？</span></p></li>\n <li><p><span>而这两个数据背后反映的单个买家数消费额又隐含了怎样的用户粘性趋势？</span></p></li>\n <li><p><span>为实现这些新增买家与GMV数据，拼多多付出多大的营销费用代价？</span></p></li>\n</ul>\n<p><span><br>以下，见智就带着这些疑问，尝试在本季度的财报中寻找答案：</span></p>\n<p><b><span>1. 用户清洗要洗到头了？</span></b></p>\n<p><span>本季度买家数魔力持续：截止本季度末拼多多年度买家数已达到了5.85亿，净增4900万！而此前京东即使新增用户开始放量，也不过2800万。</span></p>\n<p><span>不过在绝对值上，上季度净增5300万，本季明显高位回落，而考虑到当前整体网购用户的大盘，6亿用户的分水岭近在眼前。</span></p>\n<p><span>随着C端用户获客瓶颈加速到来，拼多多在B端供给侧的问题也会愈加突出。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e48fdac8251f44c7e605f8be1d7863eb\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>本季度，拼多多APP独立月活用户数（打开APP的用户数）本季度末净增5200万，达到了4.82亿，依然在快速增长。</span></p>\n<p><span>见智注意到拼多多当下的很多营销玩法会引导用户先行下载APP，强化将微信用户清洗到自有APP上。</span></p>\n<p><span>这在一定程度上暗示拼多多清洗用户流量逐步到顶，运营端开始强调用户的迁移，强化拼多多独立APP作为自有流量池的地位。</span></p>\n<p><img src=\"https://static.tigerbbs.com/54919380180062a7f68ecaf3f898b65c\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>2. 新用户继续 “撸羊毛”？拼多多要拼内功了</span></b></p>\n<p><span>拼多多截止本季度末的年度GMV为1.01万亿，算是勉强突破万亿大关，基本实现了拼多多2018年时定下的目标，只是此前二季度数据过好，抬高了市场预期之后，最终先扬后抑，全年勉强达标，市场很难买账。</span></p>\n<p><span>趋势上，本季度同比增长113%，持续快速放缓；本季度GMV见智估计为3706亿，同比增长从上季度的111%快速放缓至81%。</span></p>\n<p><img src=\"https://static.tigerbbs.com/59f1666acde1b18b8e3e056eab3c386c\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>而统筹观察用户数与GMV，背后反映的问题与上季度令市场大跌眼镜的财报如出一辙：</span></p>\n<p><span>用补贴拉来的新增买家购买热情不足，导致单个买家贡献的消费额增速明显放缓：该指标的同比增速53%，较上季度的75%，继续快速回落。</span></p>\n<p><b><span>要知道单用户的消费额，由平均客单价和单用户下单次数构成</span></b><span>，</span><span><b>在已知客单价持续向上的情况下，单用户消费额增速的放缓只能说明新增用户来了之后并不热衷于持续剁手。</b></span></p>\n<p><span>依然是那个直击灵魂的问题：新增用户是不是越来越多单纯奔着百亿补贴过来“撸羊毛”的？</span></p>\n<p><img src=\"https://static.tigerbbs.com/756a9982ecda639fe3938d087f8e6011\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>当用户量逐步走到天花板之后，任何一家电商平台都走到精细化运营和供给侧补位上来。面对高质用户的需求，即使是性价比需求，也需要拼多多在商品的丰富度、层次感、物流等上做出区分度</span></b><span>。</span></p>\n<p><span>接下来，才是拼真功夫的时刻！</span></p>\n<p><b><span>3.拼多多要节制营销费用？想多了！</span></b></p>\n<p><span>从本季度的数据来看，营销费用（主要线上效果广告、线上线下品宣广告和用户补贴）93亿，绝对值上继续芝麻开花节节高，确实是实打实的“百亿”补贴。</span></p>\n<p><img src=\"https://static.tigerbbs.com/622bc6b424b85e344de488dd31ee793f\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><span>从占比上来看，营销费用本季度继续落在了营收额的下方，营销费用率为86%，不过这样的数据依然令人咋舌。</span></p>\n<p><span>此前还有券商研报认为，拼多多可能逐步克制营销费用的投放，甚至预测公司可能逐步接近盈利！</span></p>\n<p><b><span>这个季度拼多多再次用响亮的数字回应了：</span></b><span>拼多多这个公司正如黄铮所说，还是个呱呱坠地的“婴儿”，利润短期还是不用有太多想法。</span></p>\n<p><b><span>在其他重要数据上：</span></b></p>\n<p><b><span>1.</span></b><span>拼多多本季度营业收入108亿人民币，同比增长91%，不及市场预期均值111亿，主要是GMV表现不及市场预期。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e3d22428b756ad71d4f2e38d630abe7a\"></p>\n<p><b><span>2.</span></b><span>本季度GMV到广告营销收入的变现率为2.61%， 较去年同期稍有强化。而单季环比大致可以看出，在阿里主场的电商旺季，拼多多变现反而不如此前两个季度。</span></p>\n<p><img src=\"https://static.tigerbbs.com/20bad842a175138352eaa9585f73dcea\"></p>\n<p><b><span>3.</span></b><span>本季度毛利87.6亿，同比增长107%；毛利率81%，显著高于市场预期均值75.6%。</span></p>\n<p><span>公司对毛利率没有明确指引，而从趋势来看，拼多多毛利率表现一直都不稳定。</span></p>\n<p><span>只是，当前拼多多的爆发式增长要求公司持续补齐商户支持、客服中心等短板，见智认为短期波动并不改长期毛利率面临上行压力的情况。</span></p>\n<p><img src=\"https://static.tigerbbs.com/54474dee9af0b2b4ca4619e48201727e\"></p>\n<p><b><span>4.</span></b><span>本季度经营亏损为-21亿元，优于市场预期的-31亿。</span></p>\n<p><span>而如果观察超预期的原因，除了毛利率改善，行政费用率与研发费用率同样表现较好，而并非因市场最为关心的营销费用改善带动。</span></p>\n<p><span>本季度研发费用12.7亿，增速较上季度放缓，费用率为11.8%，占比也有所下降。</span></p>\n<p><span>而行政费用则非常令人意外，这个季度仅3.5亿，同比仅增7%。另外公司发放的股权激励占收入的比重也在下降。</span></p>\n<p><b><span>见智综合认为，拼多多对内有节约开支的苗头，而对待用户上依然是慷慨大方</span></b><span>。</span></p>\n<p><img src=\"https://static.tigerbbs.com/b8d1bffee47e43311ff81f86e3cb6103\"><img src=\"https://static.tigerbbs.com/6329d8e3a1c72e1f4b1f7496df392597\"></p>\n<p><span>数据来源：公司公告，见智整理</span></p>\n<p><b><span>综述：</span></b></p>\n<p><span>见智一直强调，用户获客到顶也意味着拼多多用用户来拉增长的粗放式增长基本告一段落，未来是平台供给侧、精细化运营的较量。</span></p>\n<p><span>巨头在上，拼多多的战役才刚刚开始！</span></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/02aa9153f4386a08c2cbc79999550248","relate_stocks":{"PDD":"拼多多"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169643713","content_text":"导读：依然是那个直击灵魂的拷问：拼多多是否有能力把“羊毛党”变成“剁手党”？\n美东时间3月11日盘前，拼多多$(PDD)$公布2019年四季度财报。拼多多这个季度经营亏损21亿，好于市场预期的31亿亏损。\n只是这个不是重点！重点是GMV再次令市场失望了：本季度GMV见智测算大约为3706亿，全年GMV在前高后低的情况下勉强过了万亿大关。\n而结合本季度新增买家大涨4900万，而GMV增速加速放缓至113%，背后依然是那个核心拷问：\n新增用户到底是为了羊毛而来，还是真正看中了拼多多的商品、服务，买完一次后会开启持续买买买的模式？\n如果越来越多的新增用户只是为了撸个羊毛、尝尝鲜，而不是买了一次之后持续购买没有太多羊毛可撸的其他商品（也就是常说的交叉销售），那么拼多多走完自己一直擅长的“获客、获客再获客”粗放式增长后，接下来的大考才真正来临：\n拼多多要如何在商户、商品、品类的丰富和层次上打磨，让用户不仅可以买到便宜货，还能在快消、家居、服饰、母婴、家电、3C等，各个品类与商品上找到便宜又优质的货品？\n而这个背后是商户管理、商品与品类供给、物流服务与平台招商等综合供给侧发力的结果。\n巨头在上，拼多多的逆袭之路才刚刚开始！\n同时，对于市场上极端看空拼多多的资金，见智也要提醒一下，要避免不成功便成仁的极端化思维方式：\n一个C端用户的APP，能做到6亿的用户，必然是满足了网民普适性的需求，而不是简单靠一两百亿能够解释的。\n而且互联网各种变现模式中，电商对于用户变现效率远远高于其他模式，极端唱空拼多多是缺少对于商业本质的基本理解。\n见智坚持此前判断，一个6亿用户的APP即使向上突破存在困难，向下同样也已形成了估值的安全边际。\n详细分析前先看一下本季财报核心看点\n拼多多自上季发布失望财报股价暴跌又修复，截止目前仍下跌约7%，且期间表现亦如见智判断，出现下有底、上有顶的区间震荡状态。\n公司股价向上突破遇阻：拼多多尚需向市场证明走出获客顶峰之后，拼多多可以逐渐把“羊毛党”养成持续买买买的“剁手党”。\n而下方的安全边际同样明显：拼多多高达6亿买家共同铸成的电商用户价值安全垫。\n而本季度拼多多的核心看点主要有：\n\n在阿里主场的电商旺季，拼多多的年活买家数能否持续惊艳？\nGMV表现是否持续疲软？\n而这两个数据背后反映的单个买家数消费额又隐含了怎样的用户粘性趋势？\n为实现这些新增买家与GMV数据，拼多多付出多大的营销费用代价？\n\n以下，见智就带着这些疑问，尝试在本季度的财报中寻找答案：\n1. 用户清洗要洗到头了？\n本季度买家数魔力持续：截止本季度末拼多多年度买家数已达到了5.85亿，净增4900万！而此前京东即使新增用户开始放量，也不过2800万。\n不过在绝对值上，上季度净增5300万，本季明显高位回落，而考虑到当前整体网购用户的大盘，6亿用户的分水岭近在眼前。\n随着C端用户获客瓶颈加速到来，拼多多在B端供给侧的问题也会愈加突出。\n\n数据来源：公司公告，见智整理\n本季度，拼多多APP独立月活用户数（打开APP的用户数）本季度末净增5200万，达到了4.82亿，依然在快速增长。\n见智注意到拼多多当下的很多营销玩法会引导用户先行下载APP，强化将微信用户清洗到自有APP上。\n这在一定程度上暗示拼多多清洗用户流量逐步到顶，运营端开始强调用户的迁移，强化拼多多独立APP作为自有流量池的地位。\n\n数据来源：公司公告，见智整理\n2. 新用户继续 “撸羊毛”？拼多多要拼内功了\n拼多多截止本季度末的年度GMV为1.01万亿，算是勉强突破万亿大关，基本实现了拼多多2018年时定下的目标，只是此前二季度数据过好，抬高了市场预期之后，最终先扬后抑，全年勉强达标，市场很难买账。\n趋势上，本季度同比增长113%，持续快速放缓；本季度GMV见智估计为3706亿，同比增长从上季度的111%快速放缓至81%。\n\n数据来源：公司公告，见智整理\n而统筹观察用户数与GMV，背后反映的问题与上季度令市场大跌眼镜的财报如出一辙：\n用补贴拉来的新增买家购买热情不足，导致单个买家贡献的消费额增速明显放缓：该指标的同比增速53%，较上季度的75%，继续快速回落。\n要知道单用户的消费额，由平均客单价和单用户下单次数构成，在已知客单价持续向上的情况下，单用户消费额增速的放缓只能说明新增用户来了之后并不热衷于持续剁手。\n依然是那个直击灵魂的问题：新增用户是不是越来越多单纯奔着百亿补贴过来“撸羊毛”的？\n\n数据来源：公司公告，见智整理\n当用户量逐步走到天花板之后，任何一家电商平台都走到精细化运营和供给侧补位上来。面对高质用户的需求，即使是性价比需求，也需要拼多多在商品的丰富度、层次感、物流等上做出区分度。\n接下来，才是拼真功夫的时刻！\n3.拼多多要节制营销费用？想多了！\n从本季度的数据来看，营销费用（主要线上效果广告、线上线下品宣广告和用户补贴）93亿，绝对值上继续芝麻开花节节高，确实是实打实的“百亿”补贴。\n\n数据来源：公司公告，见智整理\n从占比上来看，营销费用本季度继续落在了营收额的下方，营销费用率为86%，不过这样的数据依然令人咋舌。\n此前还有券商研报认为，拼多多可能逐步克制营销费用的投放，甚至预测公司可能逐步接近盈利！\n这个季度拼多多再次用响亮的数字回应了：拼多多这个公司正如黄铮所说，还是个呱呱坠地的“婴儿”，利润短期还是不用有太多想法。\n在其他重要数据上：\n1.拼多多本季度营业收入108亿人民币，同比增长91%，不及市场预期均值111亿，主要是GMV表现不及市场预期。\n\n2.本季度GMV到广告营销收入的变现率为2.61%， 较去年同期稍有强化。而单季环比大致可以看出，在阿里主场的电商旺季，拼多多变现反而不如此前两个季度。\n\n3.本季度毛利87.6亿，同比增长107%；毛利率81%，显著高于市场预期均值75.6%。\n公司对毛利率没有明确指引，而从趋势来看，拼多多毛利率表现一直都不稳定。\n只是，当前拼多多的爆发式增长要求公司持续补齐商户支持、客服中心等短板，见智认为短期波动并不改长期毛利率面临上行压力的情况。\n\n4.本季度经营亏损为-21亿元，优于市场预期的-31亿。\n而如果观察超预期的原因，除了毛利率改善，行政费用率与研发费用率同样表现较好，而并非因市场最为关心的营销费用改善带动。\n本季度研发费用12.7亿，增速较上季度放缓，费用率为11.8%，占比也有所下降。\n而行政费用则非常令人意外，这个季度仅3.5亿，同比仅增7%。另外公司发放的股权激励占收入的比重也在下降。\n见智综合认为，拼多多对内有节约开支的苗头，而对待用户上依然是慷慨大方。\n\n数据来源：公司公告，见智整理\n综述：\n见智一直强调，用户获客到顶也意味着拼多多用用户来拉增长的粗放式增长基本告一段落，未来是平台供给侧、精细化运营的较量。\n巨头在上，拼多多的战役才刚刚开始！","news_type":1},"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":917440922,"gmtCreate":1582041386666,"gmtModify":1704345597411,"author":{"id":"3504233675467893","authorId":"3504233675467893","name":"千里千诚","avatar":"https://static.tigerbbs.com/6c643456ecc450b9756d4710d75061a3","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504233675467893","authorIdStr":"3504233675467893"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WEI\">$微贷网(WEI)$</a>&nbsp;微贷有担当，时下真的太难了，相信微贷，我不慌。","listText":"<a href=\"https://laohu8.com/S/WEI\">$微贷网(WEI)$</a>&nbsp;微贷有担当，时下真的太难了，相信微贷，我不慌。","text":"$微贷网(WEI)$ 微贷有担当，时下真的太难了，相信微贷，我不慌。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/917440922","isVote":1,"tweetType":1,"viewCount":2144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":910424996,"gmtCreate":1576135272015,"gmtModify":1704271310797,"author":{"id":"3504233675467893","authorId":"3504233675467893","name":"千里千诚","avatar":"https://static.tigerbbs.com/6c643456ecc450b9756d4710d75061a3","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504233675467893","authorIdStr":"3504233675467893"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01821\">$ESR(01821)$</a>&nbsp;悄悄的往上爬呢？","listText":"<a href=\"https://laohu8.com/S/01821\">$ESR(01821)$</a>&nbsp;悄悄的往上爬呢？","text":"$ESR(01821)$ 悄悄的往上爬呢？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/910424996","isVote":1,"tweetType":1,"viewCount":1095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":910594556,"gmtCreate":1576038122275,"gmtModify":1704271104953,"author":{"id":"3504233675467893","authorId":"3504233675467893","name":"千里千诚","avatar":"https://static.tigerbbs.com/6c643456ecc450b9756d4710d75061a3","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504233675467893","authorIdStr":"3504233675467893"},"themes":[],"htmlText":"再买400股","listText":"再买400股","text":"再买400股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/910594556","repostId":"1988826130","repostType":4,"repost":{"id":"1988826130","kind":"news","pubTimestamp":1576036151,"share":"https://www.laohu8.com/m/news/1988826130?lang=&edition=full","pubTime":"2019-12-11 11:49","market":"sh","language":"zh","title":"雷军不死心：“金山注定是英雄梦想，我内心有火焰”","url":"https://stock-news.laohu8.com/highlight/detail?id=1988826130","media":"正和岛","summary":"作 者：钟灵\n被低估是英雄的宿命。\n很多人看不起金山WPS，觉得不过是一个老掉牙的小软件。\n直到11 月 18 日，金山办公挂牌科创板，人们才知道这家“活化石”公司，到底有多低调。\n上市第一天，金山办","content":"<p><b>作 者：钟灵</b></p>\n<p>被低估是英雄的宿命。</p>\n<p>很多人看不起金山WPS，觉得不过是一个老掉牙的小软件。</p>\n<p>直到11 月 18 日，<span><a href=\"https://laohu8.com/S/688111\">金山办公</a></span>挂牌科创板，人们才知道这家“活化石”公司，到底有多低调。</p>\n<p>上市第一天，金山办公的股价就暴涨了200%，截至目前，其市值已经超过600亿。</p>\n<p>在全员公开信中，创始人之一雷军写道：</p>\n<p>“31 年前，求伯君在深圳一间酒店闭关几个月写出第一版 WPS 时，就注定了金山的英雄梦想。</p>\n<p>31 年来，金山一直肩扛民族软件大旗，即便是在最艰难的时刻，也从未放弃。”</p>\n<p><img src=\"https://static.tigerbbs.com/216b44c1b7c1b75bea68dbf97ace0d09\"></p>\n<p>软件行业的人说：</p>\n<p>“因为WPS，才让<a href=\"https://laohu8.com/S/MSFT\">微软</a>在中国乃至世界办公软件市场不敢掉以轻心。因为WPS，让全世界了解到在中国还有一家公司能和微软抗衡。”</p>\n<p>【我的内心有一团火焰燃烧起来，很难平静，在操场里我奠定了一个梦想：日后一定要做一个伟大的人。】——雷军，18岁。</p>\n<p>90年代，WPS曾是中国电脑的代名词。</p>\n<p>程序员求伯君，也是后来金山董事长，蹲在出租屋14个月，敲了128万行代码，前后三次因肝炎住院，最后写出了WPS。</p>\n<p>这也是中国最早的文字处理系统之一。</p>\n<p>要知道，那时绝大部分中国人都没见过电脑。而WPS一年能卖三万多套，营收6600多万。</p>\n<p>无数热爱开发、希望留名<span><a href=\"https://laohu8.com/S/600536\">中国软件</a></span>史的程序员，纷纷加入这家公司。</p>\n<p>包括雷军。当时他丢下航天部铁饭碗，成为金山第6号员工。</p>\n<p><img src=\"https://static.tigerbbs.com/92e68ae6842c2225cbab9cce0af65602\"></p>\n<p>他常常通宵地敲代码。</p>\n<p>“凌晨四五点的时候，累了站起来看看窗外，发现整个世界都在睡觉，然后你还在写程序，觉得自己好伟大。”</p>\n<p>有的人身体里，天生流淌着英雄的血液。</p>\n<p>18岁时，雷军还在念大一，读到了一本书《硅谷之火》，激动得几夜睡不着觉，绕着武大体育场，走了一遍又一遍。</p>\n<p>书里讲的是乔布斯。</p>\n<p>“看完这本书，我的内心就有一团火焰燃烧起来，很难平静，在操场里我奠定了一个梦想：日后一定要做一个伟大的人。”</p>\n<p>整个金山，都是如此，欲望极低，使命极大。当时，WPS占领了市场95%，甚至盗版盛行。</p>\n<p>求伯君不以为然，还有点高兴：事业和金钱无关，我只希望我们的软件能运行在每一台电脑上。如果从开始就想着怎样赚钱，我也不会有今天。</p>\n<p>纯粹，是所有英雄的标记，也是所有英雄的弱点。他们往往要在现实中，粉身碎骨一次，才能绝地重生。</p>\n<p>当时微软也盯上了这块肥肉，大肆进军中国市场。</p>\n<p>为了扼杀WPS，微软用了狠招：对大陆地区，放任盗版的存在。</p>\n<p>这样一来，谁也挣不到钱。盖茨也说过，如果盗版，他希望中国盗微软的版，而不是其他软件。</p>\n<p>微软财大气粗，少了中国这点油水，完全不是问题。而对于WPS这些国内软件，招招致命。</p>\n<p>当时业界一片哀嚎：微软之下，寸草不生。</p>\n<p>为了迎战微软，金山几乎倾尽所有，让雷军牵头，研发“盘古”软件，试图反击。</p>\n<p>在北京四季青的一个四合院里，雷军带着20名顶尖程序高手，埋头三年。</p>\n<p>不设上限地投入，单广告费金山就烧了200万。不料1000多个日子，换来完完全全的失败。</p>\n<p>“盘古”在市场中接近全军覆没。“1996 年是金山历史上最艰难的日子，差点倒闭。200 多人的公司，当时走得只剩下十来个人，账上也只有几十万元人民币。”</p>\n<p>雷军说：那年，我失去了理想。没有理想对于一个年轻人来说，是最郁闷的事情。</p>\n<p><img src=\"https://static.tigerbbs.com/31672b8112f1510c03b1780bfa836cd2\"></p>\n<p>那年，整个中国软件行业都失去了梦想。</p>\n<p>国内所有的办公软件，几乎一命呜呼。雷军向求伯君提出了辞职，但被求伯君劝了下来，给了半年的假期。</p>\n<p>你可能无法想象，那6个月里，雷军天天天蹦迪，可见其崩溃程度。“只有那种重金属的震耳欲聋感才能让我什么都不去想。”</p>\n<p>【天才之所以是天才，绝不是我雷军这样的凡夫俗子靠勤奋所能达得到的，但是我仍然有一点点不死心。】——雷军，29岁。</p>\n<p>当雷军全盘性崩溃时，求伯君正面临威逼利诱。微软直接开出75万美元的天价年薪，试图收买。</p>\n<p>求伯君拒绝了，他看得一清二楚：</p>\n<p>“微软的这次求贤，是想让更多中国本土的人帮它去占领中国市场。如果接受了诱惑，似乎会背上‘汉奸’之嫌疑。</p>\n<p>更重要的是，中国要有自己的民族软件企业，如果这样一去，我们的一杆旗帜就倒下去了。”</p>\n<p>雷军也同样不甘心。</p>\n<p>6个月后，他缓了过来，重返金山，带回一句话：“天才之所以是天才，绝不是我雷军这样的凡夫俗子靠勤奋所能达得到的，但是我仍然有一点点不死心。”</p>\n<p>那时，金山已经没钱了。</p>\n<p>连能不能活下去都成了问题。雷军第一个自降了工资，但也有很多人不理解。每天都有人满腹怨言地离开。</p>\n<p>最后，金山的研发团队，算上雷军，只剩下四个人苦苦支撑。</p>\n<p>他们孤军奋战，先后推出了金山词霸、金山影霸。这些软件都大受市场捧场。</p>\n<p><img src=\"https://static.tigerbbs.com/d6cab1987fc14efcd563c461aab0a057\"></p>\n<p>同时，市场上疑问不断。金山就这样被微软干趴下了？不做WPS了？认输了？</p>\n<p>全然不是。他们怎么甘心中国人自己的软件一蹶不振？</p>\n<p>在进退两难的情况下，雷军提出了要生存就必须转型。他带着残损部队，“以战养战”，一边跳进泥坑里赚钱，一边悄悄开发新版 WPS 。</p>\n<p>求伯君甚至把价值 200 万元的别墅卖了，一分钱都没给自己留，都投了进WPS，没日没夜地开发。</p>\n<p>直到1997年，金山终于扬眉吐气地拿出了新版 WPS97。一经推出，大获成功。</p>\n<p><img src=\"https://static.tigerbbs.com/8641e678f8dd57602f5c560e7484c8b4\"></p>\n<p>他们在东南大学演讲时，学生们送给金山一条千人签名的横幅，上面写着：“我们支持金山敢和微软拼的作风。”</p>\n<p>雷军前往母校武汉大学做推广，心里根本没有“以卵击石”这个词，他带着学生一起喊口号：我要用未来十年和微软来一场豪赌。</p>\n<p>金山的赌注，代价非常大。可以说，起步极早的金山，看着<a href=\"https://laohu8.com/S/00700\">腾讯</a>、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>相继成立，却硬生生错过了互联网发展最黄金的阶段。</p>\n<p>雷军复盘过很多次，甚至感到过痛彻心扉的懊悔：</p>\n<p>“坚持做 WPS 让金山跟互联网擦肩而过，而金山后来所有的艰难痛苦，跟这个决定密不可分。</p>\n<p>我很内疚，那个决定是我当时做出来的。因为输了不服气，要扳回来，所以把所有优秀的人才都派去做 WPS ，所有‘以战养战’赚来的钱全部用来养 WPS ，这让当时的金山，背了一个巨大包袱在长征。”</p>\n<p>寥寥数语，道尽悲情。或许这就是英雄的代价。</p>\n<p>【只要金山还叫金山，我们不会改变原有的责任，这块业务甚至不用赚钱也可以。】——雷军，38岁。</p>\n<p>成为英雄，得浴火3次，重生3次。</p>\n<p>第一次，发现功夫再高，在现实面前只是花拳绣腿。</p>\n<p>第二次，发现手里的正义之剑，难敌世界这面盾牌。</p>\n<p>第三次，明知有些事可能会无能为力，但还是会抽刀挥剑，哪怕付出生命。</p>\n<p>雷军说，“从纯商业角度讲，做 WPS 办公软件是犯傻的事情。”</p>\n<p>金山几乎所有挣的钱，都用来补贴WPS。用钞币粉碎机来形容这个项目，毫不夸张。</p>\n<p>雷军不懂及时止损吗？求伯君不懂得机会成本吗？</p>\n<p>不，他们心知肚明。</p>\n<p>哪怕亏损，求伯君仍然坚持：“人要为理想，同时也要求生存；为了生存，就要讲策略；讲策略，是为了理想的实现。”</p>\n<p>雷军亦是如此。</p>\n<p>“十多年来，金山不惜从网络游戏、杀毒软件、翻译软件上赚来的钱贴补 WPS ，不论它多么孱弱，却从未被抛弃，因为这是中国软件的一面旗帜。</p>\n<p>只要金山还叫金山，我们不会改变原有的责任，这块业务甚至不用赚钱也可以。”</p>\n<p>此后，由于WPS极度烧钱，也有各方的原因，金山 5 次上市，5次被打回，最后花了8年时间，才在港交所敲钟。</p>\n<p>整个金山都被拖疲了。</p>\n<p>上市那天，一个8年的老员工给雷军发来一封邮件：“我加入金山时就听说公司要上市，每年过年回家都要跟我父母讲，结果最后连我爸都不再相信金山要上市了。”</p>\n<p>或许，英雄的赫赫战果，另一个写法叫牺牲。</p>\n<p><img src=\"https://static.tigerbbs.com/c528d6688e64062a2d5c1671987db345\"></p>\n<p>雷军说：“金山这一跑跑了八年，绝大部分公司都被上市拖垮了。知道为什么？你带着手铐、脚镣你能跑得过同行吗？一定跑不过的，可是金山居然跑下来了，只有我这个位置才感受特别深刻。这种疲惫很难用语言表达……”</p>\n<p>【创业如跳悬崖，我 40 岁，还可以为我 18 岁的梦想再赌一回。】——雷军，40岁。</p>\n<p>金山集团门口，曾经写着一句标语。“我的金山，我的青春：让我们的软件运行在每一台电脑上。”</p>\n<p>金山的梦想，也燃烧掉了雷军全部的青春。他回忆说：“我从 22 岁到 38 岁，在金山干了整整 16 个年头，这中间的压力很难表达，像马拉松一样。原来以为只是累了，但是休假四周后还是身心疲惫，这是真心话。”</p>\n<p>当2007年<a href=\"https://laohu8.com/S/03888\">金山软件</a>上市后，所有人都在庆祝，雷军却递交了辞呈，辞去CEO一职。</p>\n<p>这个决定极为艰难，也出乎所有人意料。</p>\n<p>当求伯君知道雷军心生去意，整夜整夜地和他交流。“慢慢地我理解了他的想法。我们都是减肥减不下去，雷军却日渐消瘦，衬衣领子从 42 号减到 38 号， 16 年每天十几个小时的工作，他真的太累了。”</p>\n<p>创始人之一的张旋龙，曾经大发脾气，最后心软了。“刚开始我很生气， 16 年来第一次对他发了脾气，但是后来我想，我们真的不忍心，这样下去真的对不起他。”</p>\n<p>16年的感情，相当复杂。</p>\n<p>金山成就了雷军，但似乎没有成就雷军的梦想。“过去的经历已经证明了雷军的优秀，但鲜有人知他的内心多么渴望卓越。”</p>\n<p>做出伟大公司的渴望，干一番伟大事业的火焰，从未熄灭。离开金山后，雷军做了几年投资人，又在2010年不顾一切地成立了小米。</p>\n<p><img src=\"https://static.tigerbbs.com/5c2487b085ee4408bee9eaba57bb09a1\"></p>\n<p>雷军带着13个员工，每人干下一碗小米粥，开始创业</p>\n<p>“不管这次创业成与败，我不能让人生充满遗憾。我一定要去试一下，看自己能不能创办一家世界级的技术公司，做一件造福世界上每一个人的事情。”</p>\n<p>很显然，雷军做到了。</p>\n<p>小米几乎凭借一己之力，让中国从山寨手机时代，跨入了国产手机时代。</p>\n<p>有一种说法是，“小米的成功，让国产手机厂商开始了向世界顶尖水平的追逐。”</p>\n<p>“创业如跳悬崖，我 40 岁，还可以为我 18 岁的梦想再赌一回。”</p>\n<p>雷军，赌赢了。</p>\n<p><img src=\"https://static.tigerbbs.com/02d33cc44e53230434504cb7092fe4fc\"></p>\n<p>2018年，小米顺利上市。2019年，小米成为全球最年轻的500强公司。</p>\n<p>【少做点事，把每件事情都做到极致，做到把自己逼疯，把别人逼死，这种程度才能成功。】——雷军，42岁</p>\n<p>雷军成立小米那年，也是金山生死关头的时刻。雷军收到了求伯君发来的短信：</p>\n<p>“如果你不回来，金山可能不行了。”</p>\n<p>求伯君和张旋龙，基本上两到三天，就找雷军谈心。“他们是我的老板、大哥，你说他们找我谈心，我能说不去吗。”</p>\n<p>当时雷军成立了顺为资本，手头投资了 20 多家公司，小米也正处于创业起步的关键期。</p>\n<p>手心手背都是肉，雷军一度很痛苦。</p>\n<p>“在过去的三年里，虽然我努力将金山放到内心深处，但是每次走进金山办公室，每一次看到金山的同学们，每次在媒体上读到‘金山’这两个字，都会心潮澎湃。</p>\n<p>无论我多么的克制，但是我知道，金山在我内心深处是永远挥之不去的。说的夸张点，我都愿意为金山赴汤蹈火，一度把金山看做我生命中最重要的东西。”</p>\n<p>为了拯救金山，雷军决定亲自上阵。他挨个和小米合伙人商量，获得一致支持后，他顶着压力，在2011年重返金山一线。</p>\n<p>本来就跟牛一样工作的雷军，这回几乎要把自己榨干了，凌晨两三点还在开会，小米、金山和顺为三家企业中跑断了腿。</p>\n<p>以前雷军还会喝点酒，但那段时间，雷军几乎拒绝了所有的活动。即使想喝，雷军每次也是喝几口就放下了，匆匆去处理事情。</p>\n<p>在大会上，雷军对着所有的金山人说：“我们已经是祖父级的公司，我们只有打烂所有的坛坛罐罐，才会重新变得强大起来。”</p>\n<p>他带着金山对自己动刀，并且全力下注移动互联网，成功把用户转向线上。</p>\n<p>“原来在金山我们讲的是艰苦创业，经过这几年现在我鼓励少干点，但要把每件事情都做到极致，做到把自己逼疯，把别人逼死，这种程度才能成功。”</p>\n<p>能成为英雄的人，一定在深夜里，杀死过自己无数次。</p>\n<p>2011-2017 年，金山集团整体收入年复合增长高达 47% 。整体收入已经超过百亿。</p>\n<p>在金山30周年庆典上，求伯君转身拥抱了雷军，数度落泪。</p>\n<p><img src=\"https://static.tigerbbs.com/dac5963d8eca7b3fb4446ea15246a51c\"></p>\n<p>雷军也难掩激动：“ 30 年不懈奋斗的岁月里，我跟张旋龙、求伯君以及众多为金山奋斗过的兄弟姐妹们肝胆相照、亲密无间，这份兄弟情始终没有改变。</p>\n<p>因为我们深信，在创业这条道路上，一个人走，可能走得快，但一群人走，会走得更远。”</p>\n<p>【乔布斯说活着是为了改变世界，我说我活着是为了科技报国，你信吗？】——雷军，44岁。</p>\n<p>11 月 18 日，这个时代终于为雷军和金山人，敲响那面锣鼓。</p>\n<p>在公开致谢信里，雷军写到：</p>\n<p>“31 年来，金山一直肩扛民族软件大旗，即便是在最艰难的时刻，也从未放弃。</p>\n<p>英雄都有改变世界、中流砥柱的使命担当；英雄都向往历经磨难、浴火重生的史诗历程。”</p>\n<p>苦熬这么多年，金山WPS成了仅剩的，能和微软“掰掰手腕”的中国软件。</p>\n<p>倪光南曾经奔走疾呼：“面对跨国公司借垄断而掠夺性的定价，借垄断而控制用户的机器，我们有权说‘不’。</p>\n<p>而在国产办公软件中，WPS是唯一能硬气说“不”的。</p>\n<p>办公软件的自主可控，是国家信息安全的关键。而WPS成了中国仅有的，能扛起这面大旗的。</p>\n<p>哪怕到了今天，WPS都并不赚钱。曾经有人问雷军，这么多年，究竟为了什么？</p>\n<p>“乔布斯说活着是为了改变世界，我说我活着是为了科技报国，你信吗？”</p>\n<p>有多少忍辱负重，就有多少豪情万丈。永远不要低估一颗英雄的心。</p>","source":"zhenghedao","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n雷军不死心：“金山注定是英雄梦想，我内心有火焰”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2019-12-11 11:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/w1MKKHT27LXgAMIGnAUJEg><strong>正和岛</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作 者：钟灵\n被低估是英雄的宿命。\n很多人看不起金山WPS，觉得不过是一个老掉牙的小软件。\n直到11 月 18 日，金山办公挂牌科创板，人们才知道这家“活化石”公司，到底有多低调。\n上市第一天，金山办公的股价就暴涨了200%，截至目前，其市值已经超过600亿。\n在全员公开信中，创始人之一雷军写道：\n“31 年前，求伯君在深圳一间酒店闭关几个月写出第一版 WPS 时，就注定了金山的英雄梦想。\n31 ...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/w1MKKHT27LXgAMIGnAUJEg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/92e68ae6842c2225cbab9cce0af65602","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/w1MKKHT27LXgAMIGnAUJEg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1988826130","content_text":"作 者：钟灵\n被低估是英雄的宿命。\n很多人看不起金山WPS，觉得不过是一个老掉牙的小软件。\n直到11 月 18 日，金山办公挂牌科创板，人们才知道这家“活化石”公司，到底有多低调。\n上市第一天，金山办公的股价就暴涨了200%，截至目前，其市值已经超过600亿。\n在全员公开信中，创始人之一雷军写道：\n“31 年前，求伯君在深圳一间酒店闭关几个月写出第一版 WPS 时，就注定了金山的英雄梦想。\n31 年来，金山一直肩扛民族软件大旗，即便是在最艰难的时刻，也从未放弃。”\n\n软件行业的人说：\n“因为WPS，才让微软在中国乃至世界办公软件市场不敢掉以轻心。因为WPS，让全世界了解到在中国还有一家公司能和微软抗衡。”\n【我的内心有一团火焰燃烧起来，很难平静，在操场里我奠定了一个梦想：日后一定要做一个伟大的人。】——雷军，18岁。\n90年代，WPS曾是中国电脑的代名词。\n程序员求伯君，也是后来金山董事长，蹲在出租屋14个月，敲了128万行代码，前后三次因肝炎住院，最后写出了WPS。\n这也是中国最早的文字处理系统之一。\n要知道，那时绝大部分中国人都没见过电脑。而WPS一年能卖三万多套，营收6600多万。\n无数热爱开发、希望留名中国软件史的程序员，纷纷加入这家公司。\n包括雷军。当时他丢下航天部铁饭碗，成为金山第6号员工。\n\n他常常通宵地敲代码。\n“凌晨四五点的时候，累了站起来看看窗外，发现整个世界都在睡觉，然后你还在写程序，觉得自己好伟大。”\n有的人身体里，天生流淌着英雄的血液。\n18岁时，雷军还在念大一，读到了一本书《硅谷之火》，激动得几夜睡不着觉，绕着武大体育场，走了一遍又一遍。\n书里讲的是乔布斯。\n“看完这本书，我的内心就有一团火焰燃烧起来，很难平静，在操场里我奠定了一个梦想：日后一定要做一个伟大的人。”\n整个金山，都是如此，欲望极低，使命极大。当时，WPS占领了市场95%，甚至盗版盛行。\n求伯君不以为然，还有点高兴：事业和金钱无关，我只希望我们的软件能运行在每一台电脑上。如果从开始就想着怎样赚钱，我也不会有今天。\n纯粹，是所有英雄的标记，也是所有英雄的弱点。他们往往要在现实中，粉身碎骨一次，才能绝地重生。\n当时微软也盯上了这块肥肉，大肆进军中国市场。\n为了扼杀WPS，微软用了狠招：对大陆地区，放任盗版的存在。\n这样一来，谁也挣不到钱。盖茨也说过，如果盗版，他希望中国盗微软的版，而不是其他软件。\n微软财大气粗，少了中国这点油水，完全不是问题。而对于WPS这些国内软件，招招致命。\n当时业界一片哀嚎：微软之下，寸草不生。\n为了迎战微软，金山几乎倾尽所有，让雷军牵头，研发“盘古”软件，试图反击。\n在北京四季青的一个四合院里，雷军带着20名顶尖程序高手，埋头三年。\n不设上限地投入，单广告费金山就烧了200万。不料1000多个日子，换来完完全全的失败。\n“盘古”在市场中接近全军覆没。“1996 年是金山历史上最艰难的日子，差点倒闭。200 多人的公司，当时走得只剩下十来个人，账上也只有几十万元人民币。”\n雷军说：那年，我失去了理想。没有理想对于一个年轻人来说，是最郁闷的事情。\n\n那年，整个中国软件行业都失去了梦想。\n国内所有的办公软件，几乎一命呜呼。雷军向求伯君提出了辞职，但被求伯君劝了下来，给了半年的假期。\n你可能无法想象，那6个月里，雷军天天天蹦迪，可见其崩溃程度。“只有那种重金属的震耳欲聋感才能让我什么都不去想。”\n【天才之所以是天才，绝不是我雷军这样的凡夫俗子靠勤奋所能达得到的，但是我仍然有一点点不死心。】——雷军，29岁。\n当雷军全盘性崩溃时，求伯君正面临威逼利诱。微软直接开出75万美元的天价年薪，试图收买。\n求伯君拒绝了，他看得一清二楚：\n“微软的这次求贤，是想让更多中国本土的人帮它去占领中国市场。如果接受了诱惑，似乎会背上‘汉奸’之嫌疑。\n更重要的是，中国要有自己的民族软件企业，如果这样一去，我们的一杆旗帜就倒下去了。”\n雷军也同样不甘心。\n6个月后，他缓了过来，重返金山，带回一句话：“天才之所以是天才，绝不是我雷军这样的凡夫俗子靠勤奋所能达得到的，但是我仍然有一点点不死心。”\n那时，金山已经没钱了。\n连能不能活下去都成了问题。雷军第一个自降了工资，但也有很多人不理解。每天都有人满腹怨言地离开。\n最后，金山的研发团队，算上雷军，只剩下四个人苦苦支撑。\n他们孤军奋战，先后推出了金山词霸、金山影霸。这些软件都大受市场捧场。\n\n同时，市场上疑问不断。金山就这样被微软干趴下了？不做WPS了？认输了？\n全然不是。他们怎么甘心中国人自己的软件一蹶不振？\n在进退两难的情况下，雷军提出了要生存就必须转型。他带着残损部队，“以战养战”，一边跳进泥坑里赚钱，一边悄悄开发新版 WPS 。\n求伯君甚至把价值 200 万元的别墅卖了，一分钱都没给自己留，都投了进WPS，没日没夜地开发。\n直到1997年，金山终于扬眉吐气地拿出了新版 WPS97。一经推出，大获成功。\n\n他们在东南大学演讲时，学生们送给金山一条千人签名的横幅，上面写着：“我们支持金山敢和微软拼的作风。”\n雷军前往母校武汉大学做推广，心里根本没有“以卵击石”这个词，他带着学生一起喊口号：我要用未来十年和微软来一场豪赌。\n金山的赌注，代价非常大。可以说，起步极早的金山，看着腾讯、阿里巴巴、百度相继成立，却硬生生错过了互联网发展最黄金的阶段。\n雷军复盘过很多次，甚至感到过痛彻心扉的懊悔：\n“坚持做 WPS 让金山跟互联网擦肩而过，而金山后来所有的艰难痛苦，跟这个决定密不可分。\n我很内疚，那个决定是我当时做出来的。因为输了不服气，要扳回来，所以把所有优秀的人才都派去做 WPS ，所有‘以战养战’赚来的钱全部用来养 WPS ，这让当时的金山，背了一个巨大包袱在长征。”\n寥寥数语，道尽悲情。或许这就是英雄的代价。\n【只要金山还叫金山，我们不会改变原有的责任，这块业务甚至不用赚钱也可以。】——雷军，38岁。\n成为英雄，得浴火3次，重生3次。\n第一次，发现功夫再高，在现实面前只是花拳绣腿。\n第二次，发现手里的正义之剑，难敌世界这面盾牌。\n第三次，明知有些事可能会无能为力，但还是会抽刀挥剑，哪怕付出生命。\n雷军说，“从纯商业角度讲，做 WPS 办公软件是犯傻的事情。”\n金山几乎所有挣的钱，都用来补贴WPS。用钞币粉碎机来形容这个项目，毫不夸张。\n雷军不懂及时止损吗？求伯君不懂得机会成本吗？\n不，他们心知肚明。\n哪怕亏损，求伯君仍然坚持：“人要为理想，同时也要求生存；为了生存，就要讲策略；讲策略，是为了理想的实现。”\n雷军亦是如此。\n“十多年来，金山不惜从网络游戏、杀毒软件、翻译软件上赚来的钱贴补 WPS ，不论它多么孱弱，却从未被抛弃，因为这是中国软件的一面旗帜。\n只要金山还叫金山，我们不会改变原有的责任，这块业务甚至不用赚钱也可以。”\n此后，由于WPS极度烧钱，也有各方的原因，金山 5 次上市，5次被打回，最后花了8年时间，才在港交所敲钟。\n整个金山都被拖疲了。\n上市那天，一个8年的老员工给雷军发来一封邮件：“我加入金山时就听说公司要上市，每年过年回家都要跟我父母讲，结果最后连我爸都不再相信金山要上市了。”\n或许，英雄的赫赫战果，另一个写法叫牺牲。\n\n雷军说：“金山这一跑跑了八年，绝大部分公司都被上市拖垮了。知道为什么？你带着手铐、脚镣你能跑得过同行吗？一定跑不过的，可是金山居然跑下来了，只有我这个位置才感受特别深刻。这种疲惫很难用语言表达……”\n【创业如跳悬崖，我 40 岁，还可以为我 18 岁的梦想再赌一回。】——雷军，40岁。\n金山集团门口，曾经写着一句标语。“我的金山，我的青春：让我们的软件运行在每一台电脑上。”\n金山的梦想，也燃烧掉了雷军全部的青春。他回忆说：“我从 22 岁到 38 岁，在金山干了整整 16 个年头，这中间的压力很难表达，像马拉松一样。原来以为只是累了，但是休假四周后还是身心疲惫，这是真心话。”\n当2007年金山软件上市后，所有人都在庆祝，雷军却递交了辞呈，辞去CEO一职。\n这个决定极为艰难，也出乎所有人意料。\n当求伯君知道雷军心生去意，整夜整夜地和他交流。“慢慢地我理解了他的想法。我们都是减肥减不下去，雷军却日渐消瘦，衬衣领子从 42 号减到 38 号， 16 年每天十几个小时的工作，他真的太累了。”\n创始人之一的张旋龙，曾经大发脾气，最后心软了。“刚开始我很生气， 16 年来第一次对他发了脾气，但是后来我想，我们真的不忍心，这样下去真的对不起他。”\n16年的感情，相当复杂。\n金山成就了雷军，但似乎没有成就雷军的梦想。“过去的经历已经证明了雷军的优秀，但鲜有人知他的内心多么渴望卓越。”\n做出伟大公司的渴望，干一番伟大事业的火焰，从未熄灭。离开金山后，雷军做了几年投资人，又在2010年不顾一切地成立了小米。\n\n雷军带着13个员工，每人干下一碗小米粥，开始创业\n“不管这次创业成与败，我不能让人生充满遗憾。我一定要去试一下，看自己能不能创办一家世界级的技术公司，做一件造福世界上每一个人的事情。”\n很显然，雷军做到了。\n小米几乎凭借一己之力，让中国从山寨手机时代，跨入了国产手机时代。\n有一种说法是，“小米的成功，让国产手机厂商开始了向世界顶尖水平的追逐。”\n“创业如跳悬崖，我 40 岁，还可以为我 18 岁的梦想再赌一回。”\n雷军，赌赢了。\n\n2018年，小米顺利上市。2019年，小米成为全球最年轻的500强公司。\n【少做点事，把每件事情都做到极致，做到把自己逼疯，把别人逼死，这种程度才能成功。】——雷军，42岁\n雷军成立小米那年，也是金山生死关头的时刻。雷军收到了求伯君发来的短信：\n“如果你不回来，金山可能不行了。”\n求伯君和张旋龙，基本上两到三天，就找雷军谈心。“他们是我的老板、大哥，你说他们找我谈心，我能说不去吗。”\n当时雷军成立了顺为资本，手头投资了 20 多家公司，小米也正处于创业起步的关键期。\n手心手背都是肉，雷军一度很痛苦。\n“在过去的三年里，虽然我努力将金山放到内心深处，但是每次走进金山办公室，每一次看到金山的同学们，每次在媒体上读到‘金山’这两个字，都会心潮澎湃。\n无论我多么的克制，但是我知道，金山在我内心深处是永远挥之不去的。说的夸张点，我都愿意为金山赴汤蹈火，一度把金山看做我生命中最重要的东西。”\n为了拯救金山，雷军决定亲自上阵。他挨个和小米合伙人商量，获得一致支持后，他顶着压力，在2011年重返金山一线。\n本来就跟牛一样工作的雷军，这回几乎要把自己榨干了，凌晨两三点还在开会，小米、金山和顺为三家企业中跑断了腿。\n以前雷军还会喝点酒，但那段时间，雷军几乎拒绝了所有的活动。即使想喝，雷军每次也是喝几口就放下了，匆匆去处理事情。\n在大会上，雷军对着所有的金山人说：“我们已经是祖父级的公司，我们只有打烂所有的坛坛罐罐，才会重新变得强大起来。”\n他带着金山对自己动刀，并且全力下注移动互联网，成功把用户转向线上。\n“原来在金山我们讲的是艰苦创业，经过这几年现在我鼓励少干点，但要把每件事情都做到极致，做到把自己逼疯，把别人逼死，这种程度才能成功。”\n能成为英雄的人，一定在深夜里，杀死过自己无数次。\n2011-2017 年，金山集团整体收入年复合增长高达 47% 。整体收入已经超过百亿。\n在金山30周年庆典上，求伯君转身拥抱了雷军，数度落泪。\n\n雷军也难掩激动：“ 30 年不懈奋斗的岁月里，我跟张旋龙、求伯君以及众多为金山奋斗过的兄弟姐妹们肝胆相照、亲密无间，这份兄弟情始终没有改变。\n因为我们深信，在创业这条道路上，一个人走，可能走得快，但一群人走，会走得更远。”\n【乔布斯说活着是为了改变世界，我说我活着是为了科技报国，你信吗？】——雷军，44岁。\n11 月 18 日，这个时代终于为雷军和金山人，敲响那面锣鼓。\n在公开致谢信里，雷军写到：\n“31 年来，金山一直肩扛民族软件大旗，即便是在最艰难的时刻，也从未放弃。\n英雄都有改变世界、中流砥柱的使命担当；英雄都向往历经磨难、浴火重生的史诗历程。”\n苦熬这么多年，金山WPS成了仅剩的，能和微软“掰掰手腕”的中国软件。\n倪光南曾经奔走疾呼：“面对跨国公司借垄断而掠夺性的定价，借垄断而控制用户的机器，我们有权说‘不’。\n而在国产办公软件中，WPS是唯一能硬气说“不”的。\n办公软件的自主可控，是国家信息安全的关键。而WPS成了中国仅有的，能扛起这面大旗的。\n哪怕到了今天，WPS都并不赚钱。曾经有人问雷军，这么多年，究竟为了什么？\n“乔布斯说活着是为了改变世界，我说我活着是为了科技报国，你信吗？”\n有多少忍辱负重，就有多少豪情万丈。永远不要低估一颗英雄的心。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":937498690,"gmtCreate":1575297833010,"gmtModify":1704729214616,"author":{"id":"3504233675467893","authorId":"3504233675467893","name":"千里千诚","avatar":"https://static.tigerbbs.com/6c643456ecc450b9756d4710d75061a3","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504233675467893","authorIdStr":"3504233675467893"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>&nbsp;一跌到位行不","listText":"<a 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