Lu Guanqiu: The Evergreen Wisdom

Industrial upgrading, mergers, integration, diversification, and internationalization, all the main themes of this round of the business cycle in the past seven years, did not miss the same universal. Only he chose another more modest and low-key way.

Lu Guanqiu is 60 years old this year. According to Confucius, he has reached a year of “early hearing about his words and decrees”. The Wanxiang Group he headed has also gone through 35 years.

In 1969, Lu Guanqiu was a poor young man who was willing to raise funds of 4,000 yuan and carried out with two farmers. He was a bold young man with two peasants engaging in blacksmiths' shops; Lu Guanqiu in 1991 was an ambitious and confident Chinese township entrepreneur on the cover of Newsweek. Deputies; Lu Guanqiu in 2005 was an old man from Xiaoshan Township with wisdom and wisdom in the outskirts of Hangzhou.

From the Hangzhou Airport to Xiaoshan, a local taxi driver took us with admiration and accurately told us: Wanxiang Group's "Head of the People" Lu Guanqi is ranked seventh on the China's Rich List this year. Wealth 8 billion yuan. Since Hurun launched the "China Rich List" for the first time in 1999, he was the most stable figure in the top ten seats.

From 1999-2005, it was just another round of a quiet period when the Chinese business community went from low to high, climbed up and climbed, and encountered macro-control.

These seven years may be the most colorful and cruel seven years in the history of Chinese business.

Lenovo, Huawei, Haier, TCL, Shanda, Sunco, Baidu - one after another "star" companies alternately debut.

Internet, communications, real estate, automotive, energy, steel, retail - one after another hot and cold industry hot and cold cycle.

Among them, Yang Bin, Yang Rong, Yang Rong, Song Ruhua, Zhou Zhengyi, Down brothers, Zhang Hai, and Gu Chujun - one after another corporate hero stepped down.

In addition to the annual National People’s Congress and occasional charity events, Lu Guanqiu, the former wave leader, has less and less appeared in the spotlight. What is he doing with his Wanxiang Group?

In 1999, it was also the beginning of a new page for Wanxiang Group. Ru Weiding, who was 30, returned from the United States and took over as CEO of Wanxiang Group, while Lu Guanqiu retired from the group's board of directors as chairman. At the same time, Wanxiang’s third “Ten-year Plan” began with the goal of achieving a corporate profit of 10 million yuan in 2009, and the employee’s highest annual income exceeding 10 million yuan.

Industrial upgrading, mergers, integration, diversification, and internationalization, all the main themes of this round of the business cycle in the past seven years, did not miss the same universal. Only he chose another more modest and low-key way.

In the past seven years, the annual compound annual growth rate of Wanxiang Group's turnover was 25.89%. In 1999, Wanxiang was a company with an annual revenue of 6 billion yuan, with a daily profit of 1 million. In 2004, Wanxiang had a business income of 20.8 billion and a daily profit of 5 million yuan.

“Maintaining the vibrancy of the family business may be the most difficult management task in the world.” Randle Carroll and John Ward, the famous American family business management scholars, opened the book “How to Maintain the Healthy Development of Family Businesses”.

If one considers that the average life expectancy of Chinese small enterprises is 2.9 years, and the average life expectancy of large enterprises is 7-8 years, then, it is still the family-style management that has always lived longer than the vast majority of Chinese companies and is healthy. .

"Wanxiang Group is a relatively independent and relatively unique Chinese private enterprise. It is not too arbitrary to switch according to various opportunities. It is very persistent," said Zhu Wei, General Manager of Roland Berger Consulting China.

In the past seven years, it was Lu Guanqiu’s efforts to cultivate successors. (In 1999, "Chinese Entrepreneur" once covered the story of Lu Guanqiu and his son Lu Weiding in the cover story "The temptation of his father's father." Lu Guanqiu admits: Wan Xiang is at the level of capital operation. Frequent shots have a direct bearing on Lu Weiding’s move to the front desk. In the subordinate's view, his son "Xiao Lu" Wei Ding thought comprehensive, bold ideas, high morale, with the "Old Lu" formed a good complement; and his daughter-in-law Ni-frequency is the creation of universal American company It opened the interface through international markets for Wanxiang; Shanghai Wanxiang Resources, another woman-in-law Han Youhong, contributed more than 1/4 of Wanxiang Group's profits last year.

Although Wan Guanqiu and his family built brick-and-mortar empire to form the prototype of the universal empire, what Wan Xiang is painting is another trajectory of the development of Chinese enterprises. If you really want to say that what has changed in the past seven years, it is a sense of crisis that Lu Guanqiu will follow, and the usual sense of victory and defeat, as well as hard-headed learning attitudes and perseverance for decades.

"What is it called success? Today's success does not mean success. Today you said that I am fine. Tomorrow I will make a big mistake. I will just give up all my efforts. The business is to look at the Arabic numbers. You can survive, and it is good to move forward." Lu Guanqiu said, "Now I cannot speak about my success, nor can I say I have failed. I want to change with change."

West Wing had a cloud: "The fox knows a lot of things, but Hedgehog knows a big thing." Lu Guanqiu said that he doesn't understand the Internet, dare not make cars, he can't make real estate, and he doesn't do steel... What do you know?

In the Chinese business community, those who are known as "evergreen" are still the only ones in Luguan.

Do not fight, come slowly
Wanxiangpu started the acquisition and merger process and started along the two fronts of manufacturing and agriculture. It followed Lu Guanqiu's strategy of “familiarity and not doing”. Choose a high-quality company and be a strategic investor first to be a second-shareholder. Do not rush to participate in management, accumulate industry experience, and share investment income. However, such a pragmatic strategy soon met the challenge of a strong opponent like Deron.

“After Deron collapsed, Tang Wanli had a long conversation with me several times here.” On the morning of October 24, 2005, Lu Guanqi pointed out on the sofa in front of the “Chinese entrepreneur” reporter. Do not exceed your own ability to bear, and don't go beyond the point where the mind is not enough. The reality is cruel, and the winner is the king and the loser is the jealous." As for the specific content of their conversation, Lu Guanqiu refused to elaborate.

Wanxiang officially dealt with DeLong started with the acquisition of “Huaguan Technology (600371)”. The meeting with the Down brothers stems largely from the overlapping of Wanxiang and the latter's business path. On Wanxiang’s business map, before 2000, there were already two business segments: one was manufacturing business mainly for automobile parts and components, and the core was Wanxiang Qianchao (000,559); the second was a relatively scattered investment in agricultural sector. . The small-scale investment in agriculture in the 30 years before Lu Guanqi, who claims to have a “peasant plot”, has been repeatedly defeated. In the 1970s, he wanted to run a business in each village. The result failed; in the 1980s, he engaged in three-dimensional agriculture and farms. He failed again; In this regard, his conclusion is: You must not be able to escape from the environment to do anything, you must have this ability.

After 2000, Vanguard’s Wanxiang began adopting mergers and acquisitions, investing capital in a high-quality company, and “cultivating” it as a listed company in a relatively short period of time. This kind of long-term investment strategy has made Wanxiang gain even greater benefits.

In June 2000, Wanxiang Group invested 52.25 million yuan as a strategic investor and transferred 23.75% of the equity of Huaguan Technology (the main business is corn deep processing) from the Heilongjiang Fuhua Group, becoming its second largest shareholder. In September 2002, the company was listed on the Shanghai Stock Exchange, and Wanxiang’s investment was value-added. On December 2 of the same year, Fuhua Group, which still holds 27.45% of the company's shares, ranks among the largest shareholder of the Group and Xinjiang Delong reached an agreement. The Huaguan Technology Board of Directors adopted the investment to purchase Chifeng DeNong Agricultural Co., Ltd. 41% of the equity and replacement of some of the company's senior executives and other matters, and in October the following year increased to 75%, the cumulative cost of more than 100 million yuan. The former controlling shareholder of Chifeng DeNong is the DeNong Seed Industry, the core enterprise of the Delong Department, which is regarded as one of Delong's most valuable assets.

After Aragon Holdings Chifeng DeNong, the Delong personnel quickly entered the senior management of Huaguan Technology and held positions of several directors, chief accountants and deputy general managers. Lu Guanqiu recalled, “Deron was stronger in agriculture than we were. Later, with the weakening of Fuhua Group's ability, Deron had the ability to do a good job and took the opportunity to come in. We can not do a good job in China, our own hearts Not the end, he has the ability to do a good job, he will come in."

Soon, Huaguan Technology was brought into the "security circle" within the Delong Department. In February 2003, with the objection of three directors of Wanxiang, the board of directors of Huaguan Technology passed a proposal for a mutual insurance agreement with Delong's flagship Hunan Torch (000549) with a maximum guarantee amount of 200 million yuan. Relevant data show that Huaguan Technology ultimately provided 164 million joint liability guarantees for the Hunan Torch, and the Hunan Torch provided 80 million guarantees for it. In September of the same year, the board of directors of Huaguan Technology decided to change an investment plan closely related to the main industry to invest in the establishment of the Heilongjiang DeNong Seed Industry with the consent of seven directors, three oppositions, and one unattend vote. Huaguan Technology will invest 40 million yuan. In this regard, the three directors from the two shareholders of Wanxiang Group expressed their opposition, but because the Fuhua Group and Deron were on the same front, the struggle was useless.

The differences between Lu Guanqiu and Down's brothers in their business concepts and operations are obvious. In the year before Deron collapsed, it was possible to use "dumb tolerance" to summarize the situation of Wanxiang in Hua Guan. An informed investment bank personnel personnel revealed to this publication that in the face of Deron’s overbearing, Lu Guanqiu’s instructions to Wanxiang staff are: “Do not fight and take it slow. It is not out of the bucket to do something. What to do? Laws are told, not rules, rules are set by people, powers are established, laws are natural, and they are scientific. So everything makes time to talk.”

In June 2004, the Delong series crashed, Wanxiang quickly obtained 6.2% of the shares from Wah Fu Group, became the largest shareholder of Arima Technologies, and injected the company into Wanxiang Sannong Co., Ltd. The experience of Huaguan Technology made Wanxiang understand that it is not easy to be a two-shareholder, but Lu Guanqiu did not change the usual habit of entering the company as a second-shareholder. Up to now, Wanxiang is still the second largest shareholder of several listed companies such as Chengde Lulu (000848), China National Color Co., Ltd. (000758) and Hangmin Co. (600987). The style of universal investment is still "being unfamiliar."

According to people around Lu Guanqiu, Lu Guanqiu has cultivated a habit for many years. Whenever a well-known company has a big ups and downs, he will collect the following information from all kinds of people and call him up to ten. In the five-square-meter office, it's time to analyze why these companies are down.

Upgrade to universal

...All Wanxiang's industrial upgrading, acquisitions and investments are all aimed at adding value. The strategy of universality is not book-oriented, and it is not necessary to integrate the ambitions of certain industries or to achieve the world's first few. The universal strategy changes according to changes in the market.

At the Wanxiang Group's annual meeting in 2005, President Wei Ding told the following managers from various places:

A poor student bought an old book with no academic value that survived the destruction of the Alexandria library at a low price of three copper coins. No book is readable, and poor students often read this old book. The book was torn down and a small piece of paper was written stating: Touchstone is a kind of small pebble that can turn any metal into pure gold. Compared with ordinary pebbles, touchstone is warm to the touch.

After learning of this secret, the poor students were ecstatic and immediately rushed to the beach to find the touchstone. But the pebbles that are in your hands are cool. He constantly picked up the pebbles and threw them to the sea. Day after day, it became a habit. The pebbles were thrown farther and farther and his strength was growing. Finally one day, he found a warm pebble. However, when you become accustomed to nature, when you realize that it is a touchstone, the pebbles in your hands have been thrown into the deep sea.

The poor student was completely disappointed and returned to the city without any gain. Just as the king puts on the benches to select Hercules, once he is selected, he can get a lot of wealth and the title of Earl. The poor student, watching for a while, found himself struggling with stone strength more than the Hercules on the stage, and he defeated all his opponents after he took office. The fate of poor students has changed.

Wei Ding quoted this story is to warn all managers to "persevere", to maintain the "normal" in the face of gains and losses "ten years of zero struggle", in the past more than 30 years, Lu Guanqiu this slogan has never been Failed to pass. In the 1970s, Wanxiang achieved a daily profit of 10,000 yuan, in the 1980s it was 100,000 yuan, by 1999 it was 1 million yuan, and in 2009 the goal was 10 million yuan.

Although the pace of diversification is accelerating, Wanxiang has always regarded the automobile parts industry as a key task. As the core of the universal manufacturing industry, the assets and sales scale of Wanxiang Qianchao all account for 1/4 of Wanxiang Group, and its profit contribution is 1/5, which is close to 400 million. Since 2004, the price of raw materials has risen by 20%, and the auto market has suddenly become cold. OEMs continue to break down the pressure of cost reduction to suppliers of parts and components. Wan Xiang Group’s board of directors and general manager of Qianxiang Qianchao, Zhou Jianqun, told the journal that if ten years ago they saw today’s market situation, they might not have confidence to do it at that time. Taking the oldest universal joint product as an example, the cost is 2-3 times that of the previous year, and the price is only half that of ten years ago. But despite this, with the doubling of the scale and operational efficiency of Wanxiang, the profits of Wanxiang Qianchao have increased by a factor of six.

The strategy for responding to changes in the market is to upgrade the management internally and to upgrade the industry chain.

Currently, Wanxiang Qianchao has 32 subsidiaries. Since the 1990s, Lu Guanqiu has proposed "big group strategy and small accounting system." The so-called “big group strategy” refers to the overall marketing management centered on resource sharing, emphasizing shared technology, common market, centralized procurement, centralized control of funds, and investment direction. The "small accounting system" means that each subsidiary company and professional factory are responsible for their own profits and losses and have independent accounting. Lu Weiding attaches great importance to the control of financial risks. Not only is the financial officer of each unit appointed by the group, a unified financial system has been established, but also a monitoring office consisting of more than 20 people has been established. A considerable number of the members are old entrepreneurs who have retired from the positions of the general manager and the director. These members will go to each factory for audit and inspection every month.

In order to absorb the pressure brought by the rising cost to the profit margin, Lu Weiding proposed "taking in". In order to improve the operating mode of the production organization, Wanxiang invited two experts retiring from Toyota to reform the logistics and supply and demand flows, and to reduce the profit rate of the products by increasing the turnover rate.

In the industry chain, Wanxiang's development path is first parts, rear parts, first foreign, later domestic, first secondary market, second-level market, in order to complete the upgrading of the industry chain. In China, Wanxiang has achieved an upgrade from the first-tier supplier, that is, it has directly provided the module assembly for the main engine plant. In overseas, it basically uses OEM (OEM manufacturing) methods for Wei Shitong, Delphi, etc. System suppliers provide accessories.

Lu Weiding said at the 2005 annual meeting that the general direction of universal manufacturing was to upgrade from a component manufacturer to an industrial service provider, but this was after the "ten-year plan" was reached in 2009. The work before this is to lay a solid foundation.

During the acquisition of some state-owned parts and accessories companies, Wanxiang first considered whether it can upgrade the existing main business and obtain effective assets. Take Lanbao Information, an exclusive supplier of FAW bumpers, as an example. The company's assets amount to 3 billion yuan, and the annual bumper revenue alone is 1 billion. Wanxiang began tracking it in 2000. However, at that time, the industrial-oriented Lanbao information was transformed into high-tech and invested in the creation of Huasheng Optics Valley, which is obviously different from Wanxiang's business philosophy. Thinking again and again, Wanxiang gave up the acquisition of Lanbao information.

However, in the past four years, the information on Lanbao has been hit and missed on high technology. In 2003, the loss of Huayu Guanggu was as high as 100 million. On May 17, 2004, Lanbao Information was forced to withdraw from Chinatown. Less than a month later, Changchun City SASAC, Wanxiang Group and Clanland Co., Ltd. signed an agreement, agreeing Wanxiang Group as a strategic investor to fully participate in the restructuring and reorganization of state-owned enterprises of the Changchun Climax Group. In August 2004, Wanxiang officially incorporated Lanbao information. Prior to the acquisition, Wanxiang had deducted 500 million non-performing assets from its total assets, but after entering, it still found that the legacy issues far exceeded the introduction of the major shareholder before the acquisition. “We have already stripped out the parts and components business of Lanbao, and other historical issues will definitely depend on the government to resolve it,” said Zhou Jianqun.

Since 2001, Wanxiang has started to supply modules for domestic OEMs. Currently, it has factories near Changchun, Shiyan, Hainan, Wuhu, Liuzhou and other regions. Its main products are chassis and exhaust systems. It requires delivery once every hour and half an hour to become a localized, integrated supply module plant.

At the same time, Wanxiang America is an international interface for the universal service provider strategy. Companies such as Schoeller, UAI, and Lockefort that are acquired by Wanxiang are all downstream of the value chain and they are also universal customers. After Wanxiang acquired them, they transferred technology and production to China and continued to use the original brands and channels to obtain high added value. The return on investment of universal parts and components business in the United States is as high as 100%, and the key lies in " Wanxiang is a company that can speak Chinese in the United States and speak English in China."

In addition to the huge main business, Wanxiang has many other investments. For example, Shanghai Wanxiang Resources, which contributed the most profit for Wanxiang last year, has more than 400 million optical copper futures arbitrage, and Shanghai Wanxiang has recently invested in 400 million oil transshipment terminals. The wide range of investment from farmers and farmers to the fast-growing forests, beverages and so on.

Ni Ni’s explanation is: “No matter what strategy, the key is still a question. Can you create value? You can't create value and you go away. Creating value gives money first. It's also a value. Business management is also a value. What value is there now? There is value in the management of auto parts. We have only the first value for money in other industries."

What is the ultimate goal of Wanxiang? Lu Guanqiu said that in the future Wanxiang will have 10 groups, of which the goal of the auto parts industry is to be stronger and bigger. As for how much to do, it depends on the changes in the market. "It changes, you do not change, then you will be unlucky." So, Wanxiang only has profit goals and no scale targets.

Not acquired for acquisition

The purpose of the Wanxiang acquisition is not to extract surplus value, but to create greater value. Wanxiang will not be a costly acquisition for a major strategic direction. This is the biggest difference between Lu Guanqiu and Gu Chujun’s so-called industrial integrators and China’s “Morgan”.

In the field of agricultural investment, Wanxiang passively confronted Deron positively. In the acquisition of its core business, auto parts manufacturing, Universal encountered the same domineering outsider, Greencool. Turning over the old account, Gu Chujun completed the acquisition of ST Xiangyang's bearings at lightning speed more than a year ago, and the bidding rival Wanxiang Group was generally portrayed as a successful failure or accidental miss. As a result, in May of this year, Gu's Kelon burst into a black hole, and Greencool's big tree will pour.

Fuyang Bearing Factory (hereinafter referred to as 襄-axis) is one of the country's four major bearing bases, and was also the country's largest professional manufacturer of automotive bearings at that time. Around 2003, Wanxiang’s annual revenue from bearings was more than RMB 500 million, and Xiangyang Bearing had 200 million. Just as Yu Zhensheng, secretary of Hubei Provincial Party Committee, came to visit Wanxiang and made an oral promise with Lu Guanqiu. He basically assumed that Wan Xiang took over the shaft and transferred the shares held by Handan Shaft, the first major shareholder of Axis. However, there are always two opinions on the management level inside the 襄 axis: I hope to do it wisely and continue to do it myself.

Since April 2003, led by Lu Weiding, more than 20 people from the Wanxiang Investment Banking Department have performed due diligence investigations on the axis of the shaft, and then put forward a request to slim down the shaft. Both sides focus on personnel placement and entry costs. . According to sources, in terms of personnel reception, as of the end of 2002, there were more than 7,000 employees on the shaft, and the local government hopes that 4100 people will be able to relocate. In the integration costs of the Wanxiang plan, the working capital will be removed. A maximum of 2400 people will be accommodated. At the purchase price, the compensation for the demobilized workers was more than 200 million yuan and the liabilities left over by the employees themselves were nearly 100 million yuan. Wanxiang is required to bear the major shareholders.

By the end of 2003, the number of employees had been reduced to 1600, and Wanxiang had invested 80 million yuan in the account of the Axis. However, on the eve of the formal signing of the acquisition agreement, Lu Guanban decided to abandon the acquisition. According to investment bankers, one of the reasons for this is that the staff resettlement program has caused a large number of employees to dissatisfaction. Lu Guanqiu worried that after entering the host, he could not control the situation and eventually gave up; Lu Guanqiu said to the Journal: The key issue is that there are several accounts. Not counting well, some debts are not willing to bear. "We are not buying for acquisitions, but we must integrate the bearing industry chain. We must not create surplus value, but we must create greater value." Lu Guanqiu said, "Ineffective things must be removed. Asset value of 100 Blocks, I will not be 80,90 blocks, it is the loss of state-owned assets, but you want 1000, who will bear this? How will the entrants rectify? Must seek truth from facts.”

Wanxiang finally decided to withdraw from the plan for a two-year acquisition. Greenkell then entered with lightning. For Gu's rapid entry, an internal employee of the original Shenyang Bearing has said: "We all feel incredible, and talked to Greencool for a month and sold the factory to it." Gu Chujun 2.6 yuan per share The bid price was not only higher than the 2.3 yuan per share bid decided by Wan Xiang, but Gu Chujun generously accepted the 7,000 employees of the stencil and continued to be run by the original management.

In this regard, Yao Wenxiang, an analyst at Dongfang Gaosheng Investment Consulting Co., Ltd., said: “The acquisition style of Lu Guanqiu is first to talk about costs first, and then talk about benefits; costs are incurred in advance, but benefits are uncertain, when the acquisition costs When he exceeds the plan, he resolutely gives up. Gu Chujun tends to use the acquisition target as a cash machine. The reason why he does not care about the cost of the acquisition is the thinking of the strategist because he can quickly obtain large amounts of money through the acquired listed company."

In the past seven years, Wanxiang Group's investment department submitted an investment plan to Lu Guanqiu, which was rarely passed in 100 copies. Even after years of follow-up investigations, Lu Weiding believes that the acquisition plan is very mature. Lu Guanqiu, who is the chairman of the board of directors, often exercises decisive veto power at the last minute. This is the case with the axis, and the same is true of the recent bid for the Hunan Torch.

As early as March 2004, the Delong system was on the verge of collapse. When Wanxiang sought to become a holding company, Lu Weiding had already been excited by another asset of Delong's flag, the Hunan Torch. In the domestic auto parts industry, Hunan Torch is second only to Wanxiang, ranking second, and its main business is heavy-duty vehicles, high-performance light off-road vehicles, auto parts (spark plugs, shock absorbers, gearboxes, axles, etc.), etc. . Three months later, while becoming the largest shareholder of Huaguan Technology, Wanxiang and Delong signed an agreement to acquire the Hunan Torch. According to the annual report of the Hunan Torch in 2003, Wanxiang plans to invest 640 million yuan. Lu Weiding claimed that the details of the agreement’s production week made it virtually impossible for Huarong’s Huarong Asset Management Company to take over.

Although Wanxiang increased the purchase price to 780 million according to Huarong’s request in July this year, Huarong decided to bid for the torch. In August, Weichai Power (Weifang) Investment Co., Ltd. won a bid of 1.02 billion yuan, and the universal offer was 820 million yuan. “Hunan Torch exceeds our ability to bear. 10 to 100 million, they have collected, it may be that they (Weichai Power) can do a good job, but this will take time to test. We are based on the return on net assets and assets. Because we want to see if his assets can increase. They are based on turnover."

In fact, there are great differences between the father and son on the acquisition of the torch. For Lu Weiding, the acquisition of the Hunan Torch is a long-term plan. Lu Guanqiu believes that the acquisition of the Hunan Torch has exceeded the ability of Wanxiang to bear. According to net assets and investment returns, the purchase price must be controlled at 7-8 billion yuan. "It is normal to have arguments. If there is no dispute, then it will not be a business. But if the argument is big, we must obey the board of directors." Lu Guanqiu said. However, the absence of the torch in Hunan caused Lu Weiding to feel "physical exhaustion." Lu Weiding decided to go out on holiday the week after the acquisition war.

Both Lu Weiding and Ni Feng used the term “petty” to describe the universal investment style. Lu Guanqiu said: “What is it called stingy, what is generous? This is not a standard. The standard of investment is to look at this. The project is reasonable and unreasonable. You should spend a lot of money on the money you should spend. You shouldn't spend any money.

In fact, for Lu Guanqiu, participation in mergers and acquisitions is not worthwhile, and what is more, it cannot be abandoned. When the outside world was full of Wanxiang these missed opportunities, Lu Guanqi smiled and said: "No regrets. What a pity. There are too many things that can be done."

Father and Son: BMW and Volvo

Weiding’s move to the front desk does bring many modern investment ideas to Wanxiang. He is the main promoter of Wanxiang’s mergers and acquisitions in recent years, but Lu Guanqiu firmly holds the steering wheel and brake behind his back.

At Wanxiang, his father Lu Guanqiu sat the VOLVO S80, the car with the highest global safety factor. The son's choice is the BMW 745, which focuses on speed and driving pleasure. In business operations, Lu Weiding spoke of speed and enthusiasm and rushed to the front line; Lu Guanqi often pulled back and pulled, strictly controlling the company's safety factor. Their management style is that Lu Guanqiu is more conservative and stable, and regards industry as its life. Lu Weiding has the taste of “returnees” and advocates modern investment management concepts.

At 6 o'clock in the morning, Lu Guanqi got up on time, went to the company at 7:10, and left at 6 o'clock in the evening. After returning home, eat and watch the news until 7:30. Then work until 11:30 in the evening. According to Zhou Jianqun, general manager of Wanxiang’s board of directors who has been with Lu Guanqiu for 20 years, and general manager of Wanxiang Qianchao, he often received calls from Lu Guanqiu at 10 or 11 in the evening to ask for details. Lu Guanqiu wants to let ordinary employees who do not have much culture understand the essence of "universal culture". He instructed the following to scribble various management ideas and make memorabilia into a picture book of the palm of the hand.

Both Lu Guanqiu and Wanxiang’s internal employees admit that Wan Xiang’s frequent attempts at capital operation have a direct relationship with Lu Weiding’s move to the front desk. Lu Weiding, a young boy, was not a student. He was obsessed with driving a bike on the road. Without waiting for him to finish high school, Lu Guanqiu sent him to Singapore to read business management. He returned to China after six months, and he also worked as a mechanic and team leader in the group. In 1994, 23-year-old Lu Weiding became the president of Wanxiang Group. When Wanxiang Qianchao completed the listing and Wanxiang American company was established, it was still old Lu rather than a neat little Lu who walked behind the scenes.

Five years later, Lu Weiding went to the United States for further studies and returned as the CEO of Wanxiang Group. Some of Wanxiang’s employees stated that Xiao Lu’s trip to the country was not a matter of gold plating, and he returned to the company as a man in terms of operations and management. Now, Lu Weiding travels frequently, but once he comes back to live in the office, overnight office. Since 2000, Wanxiang has started frequent operations in the capital market, successively taking shares in Huaguan Technology, Chengde Lulu (000848), China National Color Co., Ltd. (000758), Hangmin Co., Ltd. (600987), Lanbao Information (000631) and the United States. Scheler and UAI and many other companies. Soon after, Lu Weiding was well-known outside the country and was named “World's Most Influential Entrepreneur in 2003” by Time magazine.

For several years, Lu Guanqiu has played the role of a father, an incubator, a collaborator and a mentor. Lu Guanqiu said that at Wanxiang he has two things to master. First, it is a general direction. Things within the general plan are easy to pass. Projects outside planning must be studied and analyzed more slowly. The second is the review. Feasibility plan, but not involved in the process, so as not to be entangled and confused.

The appointment of all senior management personnel of the group’s subordinates must be personally interviewed by Lu Guanqiu. Although Lu Guanqiu has almost never been connected to the Internet, he would ask the secretary to collect about 20 centimeters of information materials every day. After his review, he will send important information to the board members.

A person who has observed Lu Guanqiu for many years believed that the biggest skill of Lu Guanqiu is the “manager”. “Which general manager are you looking at? What are the few people who write an article without typos? But he? It is to enable these people to maximize their strengths."

In implementing Lu Shi’s “prudent and indisputable” investment philosophy, the interior is not without controversy, and the most important person in charge of disputes is often Lu Weiding, the highest person in charge of universal management. At the age of 34, he served as the president of the Wanxiang Group for more than ten years, and his low profile was comparable to his father. What is different is that in the face of the outside world, Lu Guanquan’s remarks are full of hearty and free speech, while Lu Weiding is more skillful and comfortable.

In 2000, when the final decision was made to determine the management philosophy of the entire group, Lu Guanqiu proposed to change the last two “capital-style operations, international operations” and changed it to “capital-based operations and international operations”.

Lu Guanqiu’s principle of investment, which is universally required to be pursued, is: the profit-making industry does not do anything, the thousands of households can do nothing, and the country does not do all-purpose work. Even when there may be contradictions due to bids, Lu Guanqiu will opt out. This is the case with the bid for Delon’s Tianyi Linen. At first, the local government hoped to make an appearance, and China’s Wanxiang West, controlled by Lu Weiding’s Wanxiang West, is also very interested in this project. He hopes to enrich the farmers and the farmers in this project. Lu Guanqiu agreed to operate the project universally, but soon the two companies in Zhejiang found him through the relevant leaders and expressed their desire to operate jointly with Wanxiang. They put forward several reasons. Among them, the one that most touched Lu Guanqiu was that they already had a flax factory in the local area. They did a good job and were very close to Tianyi.

Lu Guanqiu considered that, first of all, the flax industry did not understand everything. Others understood it and let others do it. Secondly, the bidding had created contradictions. Local enterprises in Xinjiang were also competing and Wan Xiang did not want to compete with others. Wanxiang West reluctantly agreed to this project and Wanxiang’s Board of Directors “forced them to withdraw”. "Being a company must get its way, get people's minds, and follow the rules." Lu Guanqiu said.

However, Lu Guanqiu has also been convinced. For example, Wanxiang America’s company invested in a golf course project. It had never done anything in the past and was not in the general direction. However, Ni’s three reasons for investing are: a low cost and a knowledgeable management team. The most important point is that foreign companies in China are always considered to earn a little money and go. Wanxiang will establish a new investor image there. As a result, the golf course began to make profits once it was bought.

An industry person who has had more contact with Wanxiang told the journal that the core position of Wanxiang is controlled by the Lushi family and is a typical family business. Lu Weiding served as President of Wanxiang Group and President of Wanxiang China Holdings. The three sons of Lu Guanqiu were responsible for Wanxiang America, Shanghai Wanxiang Resources Co., Ltd. and Wanxiang Beijing Representative Office. In addition to universal equity, Outside the group, Lu Guanqiu and Lu Weiding’s shareholdings in Wanxiang Sannong, Wanxiang Holdings, and Wanxiang Resources are both 90% and 10%. To this proportion, Lu Guanqiu said that there is still a possibility of change. of. In 2004, the revenue of Wanxiang agriculture, rural areas reached 3.2 billion yuan, and the investment income was 10%, which exceeded that of the industrial sector. The biggest contribution to the profits of Wanxiang agriculture was the Shanghai Wanwan, which was engaged in the investment and trade of mineral resources. Resources.

Lu Guanqiu and his children rarely meet each other, often when there is something to do when they are on the phone, and even meals can rarely get together. However, Wan Lulu has absolute authority in the crown. He also clearly stated that if there is no change, Lu Weiding will certainly take his class. However, he and some Wanxiang executives do not recognize that Wanxiang is a strong family company. A management person told the publication that the board of Directors of Wanxiang Group has 21 directors, of which only 4 are from the Lu Family, and in the board of directors of the core listed company Wan Xiang Qian Chao, only the Chairman Lu Guanqiu has one person. From within the family.

The universality of the “red hat” and whether the property rights have been thoroughly clarified is still a mystery. Although many Zhejiang enterprises have made clear property rights very early on, Wan Jianqun board member Zhou Jianqun told the journal that Lu Guanqiu did not follow the crowd and many people were asked outside, but Wan Xiang did not seem to care about the inside. This matter. A person close to Lu stated that Lu Guanqiu does not live in a villa, does not play golf, and does not use any money. Moreover, Lu himself feels that the property rights are clear, but may create contradictions.

"Wonders don't take risks"

There are two reasons why Wanxiang diversification does nothing: first, the industry does not meet the needs of the society; second, we have insufficient capabilities (capital, talent, management) to do; at the same time, new businesses and There must be a firewall between core services

Lu's father and son are not without mistakes. 2001年底，在鲁伟鼎的一手操盘下，万向宣布投入10亿元巨资，以堪称中国电信增值服务领域的最大手笔，成立万向通信拓展电信增值业务。

但在经历几年的跌宕起伏之后，万向通信始终不能在曾大举进入的网络游戏和互联网接入等业务找到灵感。万向通信年检报告显示，2002年公司资产总额99317万元，营业额仅681万元，税后实际亏损2225万元；2003年公司资产总额99766万元，营业额大幅增长到6883万元，税后仍然亏损1226万元。最终万向通信不得不淡化甚至舍弃这些业务，主力已逐渐向鲁冠球擅长的汽车领域回归，目前旗下建立逾8年之久的“中国汽车网”品牌，已经获得800万美元的风险投资，并开始向海外资本市场迈进。而通过中国汽车网销售的汽车，已大概占中国汽车销售总量的2%到3%，而所有的网络销售占汽车销售总量比例已经达到10%左右。

虽然鲁伟鼎在继承父业前的这次大胆冒险难称成功，但凭借着“网络游戏”等概念，也让万向集团旗下“万向钱潮”等上市公司几次上演涨停好戏。堤内损失足以在堤外补回。

而在老部下周建群看来，鲁冠球的最大特点就是“不断自我总结，不断自我反思”，做决定之前，非常小心。

多年来，鲁冠球“天天晚上做梦都在想着造汽车”，万向研究院早就自主开发出轿车，但鲁冠球迟迟没有批准上马，我“越深入进去，越感觉到里面的难度大”。“其它企业可以搏一搏，但万向不是没有事情做，我们的利润多，不用着急走这条路。”

今年6月28日，万向集团以3.99%的比例入股广汽集团，成为其第二大股东。外界猜测，鲁冠球将借此实现他的造车梦。对此，鲁冠球对本刊直言道：“参股广汽，目的不是为了造车。我们看好日本车企的发展，它们的采购体系封闭得比较紧，我们作为股东，在质量、成本达标的情况下，有优先供货权；而且广汽的效益最好，作为股东每年有分红，投资回报高；当然等万向实力强的时候，广汽有一些新产品，可以让我们来搞，这是有可能的。”

鲁冠球提出了万向做汽车的三个必要条件：首先要有靠山；其次要有资本，当万向的收入达到1000亿时，可以拿出100亿去试试；最后还要国家允许，不要“硬碰硬”。

但鲁冠球强调，比资金更重要的是人才，“我们可以收购国外倒闭的汽车厂，但你有没有团队，能不能搞得好”。这也是万向几乎不涉足房地产业的原因，“我们自问没有这个能力，没有这方面的人才，所以不去冒风险”。

作为一个家族控股企业，“万向系”进入金融业的触角已越来越深，目前其投资的金融机构达6家、直接或间接控股上市公司10家，持有的金融牌照达11块。

鲁冠球坦承，在资金方面，万向如果完全靠自己，“虽然稳，但速度慢。现在竞争激烈，没有时间。”所以，一是靠自身积累，二是靠社会财团的支持。不过，鲁冠球始终把外来资金的比例控制在50％以内，在他看来“用别人的钱比用自己的更要小心。自己的钱损失了没人管，人家的钱损失了，就要提心吊胆了”。

历经10年争取，三个副总理批示同意，万向集团终于拥有了浙江省内第一个内部财务公司。2002年，万向控股、万向钱潮、万向集团分别按40％、30％、30％的比例投资组建万向财务公司，该公司除了不能开展吸纳个人储蓄等国家禁止的业务以外，几乎具备商业银行的主要职能。同时，万向已经成为民生人寿保险的第一大股东、浙江工商信托的第二大股东、全球第12家浙商银行的第一大股东。在国内，万向参股、控股的金融机构6家，总投资额为12亿元，在海外则设立了万向美国制造基金。

鲁冠球表示，这些是长期投资，绝不能作为企业提取资金的平台，“企业如果为了提款而参股银行，那这个企业就已经完了”。他称，万向参股的银行未来有几种可能：与外资合作、上市、出让都可以增值，也不排除万向有实力了，去整合其它银行的可能。

而与绝大部分民企在金融领域采取的垂直战略不同，“万向系”产、融分开，并以专业化的平台进行资本运作，以规避金融风险。万向集团“万向系”旗下惟一绝对控股的上市公司“万向钱潮”作为万向集团核心产业汽车零部件生产的旗舰企业，一贯专注于本产业的拓展与资源整合。“万向钱潮”仅参股了系下“万向财务”一家金融企业。

金融领域的扩张则以“万向控股”为龙头，发散式将众多金融机构纳入体系之中，整体架构非常清晰。在资本市场上，搭建“万向三农”和“上海万向资源”作为整合万向系下上市公司资源的平台。

鲁冠球还在等待着万向实力的增强，现在的万向究竟在积蓄怎样的能力？吉姆·柯林斯在他的名著《从优秀到卓越》中曾经指出：“从优秀公司向卓越公司的转变是一个累积的过程——循序渐进的过程，一个行动接着一个行动，一个决策接着一个决策，飞轮一圈接一圈地转动——它们的总和就产生了持续而又壮观的效果。”

附： 万向资本运作大事记

1994年，万向钱潮(000559)在深交所上市之后。

2000年6月，华冠科技（600371）的第一大股东黑龙江富华集团总公司将其持有的华冠科技5760万股中的2375万股以2.2元每股的价格转让给万向集团公司。万向集团以持股23.75%的位列华冠科技第二大股东。2002年9月，华冠科技成功上市。

2003年1月，深圳市万向投资有限公司受让露露集团拥有的共计公司总股本26%，成为承德露露（000848）第二大股东。

2004年6月，黑龙江富华集团将手中所持的961万股华冠科技股权转让给万向三农有限公司，万向增持后成为华冠科技第一大股东。

2004年8月，“航民股份”(600987)上市，万向集团作为主发起人之一，持有21.75%的股份，为公司第二大股东。

2004年8月，君子兰集团与万向集团签订了整体转让的正式协议，君子兰集团将持有的37％的兰宝信息(000631)股权转让给万向集团。转让完成后，万向集团成为兰宝信息第二大股东。

2004年11月，中国有色集团将手中持有的中色股份5808万股（占总股本的10%）转让给万向资源有限公司。转让完成后，中国有色集团持有的股份占总股本的42.89%，仍为公司第一大股东；万向资源为公司第二大股东。

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