The market's "misunderstanding" of Shangmei is quite deep, and now we have the opportunity to approach TA.
Source | Poly beauty
Author | @夏天童鞋
An old friend of a brokerage analyst told me happily when chatting that because of the first-hand information provided by friends close to Shangmei, coupled with his own research during this time, he felt that his confidence in Shangmei was getting stronger and stronger. Here are a few of her observations:
1. Shangmei returned to the public eye this year, and Han Shu has a sense of returning to the top.
2. The objective situation is that before 2017, Shangmei was still the top multi-brand group in China, but in recent years, it has fallen behind in the industry switching period, which is equivalent to "a wave of industry changes have not caught up", which leads to how much everyone will feel that there is a certain gap between Shangmei and several other cosmetics head companies that are listed on the A-share market first.
3. To be honest, in this year, when Douyin has become a key e-commerce marketing platform, I feel that the best trend is also his family, which shows that the ability and spirit of entrepreneurs are still very important key factors. Because of this year's big change, I think it is still necessary to re-face the real side of Shangmei.
4. Recently, there are some new insights, that is, there is still a big difference between companies, and some companies seem to be not a problem of energy, but a problem of ability, that is, they seem to work hard, but there is no effect. But there are some companies, the core problem is the problem of the boss's phased energy, once the boss's direction is right, or the energy begins to refocus, the positive feedback effect is very fast, such as Shangmei.
I replied that the differences between the bosses could be described as vastly different. It's like they're all founding emperors, and the skill points are completely different. There is Zhu Yuanzhang, who is particularly capable, and Liu Bei, who seems to be inferior to anyone but has an all-round team. In addition to what he said about his super personal ability, many people still ignore that he is also good at organizing talent management, and in recent years, Shangmei has actually built a good management.
So today we talk about this legendary boss.
1. Speaking of Lu Yixiong, we often meet each other, and the venue where we meet the most is in the office of the headquarters of Shanghai Mei Global Harbor. Every time we meet, he always sets aside a full amount of time in advance, so he has the opportunity to talk about the latest insights in depth. He is very open, willing to communicate, very open and honest, and not afraid to say the wrong thing.
2. He posts a lot of moments every day, and replies to messages very quickly, often replying in seconds, or with a string of voices. Sometimes I make fun of him in the article, and I don't get angry. I think it's because he's so confident that he doesn't care much about the comments in the market, including my article.
3. Over the years, I have always had the impression that for a long time, he was always working on the product when we met. In his huge office, he always sits in the corner by the window, and a long table forms an encirclement with the corner of the room, which makes me always feel that he is about to be "overwhelmed" by all kinds of bottles and cans sitting in the middle.
4. Usually, he also spends a lot of time in the middle of the product repeatedly figuring out and modifying every detail of the product. Therefore, in the industry, everyone is more recognized that his products, technical strength and aesthetics are always online.
5. Last year, the layout of his office has changed quite a bit, a round table has been placed closer to the center of the office, although there are still piles of finished products on the table, after all, it is not as exaggerated as before, maybe after studying Douyin, there is no need for so many new products. But in his words, sometimes the boss is omnipotent, and the organization is incompetent. So sometimes the boss has to be incompetent in order to develop a capable team.
6. Here's his latest take on the organization. In fact, for the methodology of the team and organization, in my opinion, this may be one of the core competitiveness of Shangmei, and it is also a place that is ignored by many people.
1. Lu Yixiong has attached great importance to research organizations since the early days of his business, and he has many profound experiences in this regard. I remember that the last time Lu Yixiong came to the beauty conference was in 2017. That time, in order to dig out dry goods from him, I invited him to drink the night before he took the stage with Wei Yu, who was the general manager of Tmall Beauty at the time, and he dismantled his thoughts on employment, organization, and corporate culture one by one, which amazed me and Wei Yu.
2. At that annual meeting, Lu Yixiong mentioned that Shangmei's values are "diversity, optimism, innovation, and adventure", which everyone felt was very close to his character. Later, Lu Yixiong changed Shangmei's values to "diversity, optimism, innovation, and inheritance". Recently, Lu Yixiong has a more layer of definition of "diversity", he believes that in the future, Shangmei should pursue common development, use commonality to support diversity, from leading development to assisting others in development, and promote development with a platform, so that there will be more friends, more partners, the future will be better and better, and the road will be wider and wider.
3. After that, Shangmei accepted the investment of Mr. Ge Wenyao Mingyao Capital, and then went through a series of actions, successfully listed on the Hong Kong stock market, and returned to the forefront of the industry through Douyin this year after several years of silence.
4. During the preparation of this conference, Wen Jun and I visited his office again, and after the end, he sent me several documents for me to put forward comments, and I opened them and found that they were the "Shangmei Talent Introduction Management System", "Shangmei Salary and Rank System", "Shangmei Talent Development Management System", and "Shangmei Equity Incentive Plan" implemented by Shangmei this year.
5. At a glance, we can see that these documents were written by Lu Yixiong himself, and the text is as honest, direct, and to the point as his words. For example, the document stipulates that "the head of every department should be the best personnel manager of the company, and a department head who cannot train people will definitely not be able to win the battle";
6. There are also some documents that are not written, such as the company's culture is to be transparent enough, such as requiring each position, who can replace whom, in both horizontal and vertical positions. Therefore, each core position has a clear two or three AB corners, and it has become a culture after a long time, and each manager must cultivate his own "prince" from the beginning of his office, and the "prince" must be ready to take over at any time, which is transparent.
7. Shangmei's organizational culture, combined with the experience of industry giants such as Procter & Gamble and L'Oreal, as well as Huawei's rotation mechanism, gave me a new understanding of the reasons why Shangmei has passed through the cycle. We immediately suggested that Lu Yixiong talk about Shangmei's organizational culture at the conference, which should be of great reference significance to the majority of Chinese enterprises.
1. In addition to not publicly talking about organizational talents, Lu Yixiong has not personally taken the initiative to disclose it, as well as "scientific research and technology", which is also something that Shangmei has been hiding under the water.
2. Actually, I think the biggest misunderstanding of Shangmei in the industry is that this company only attaches importance to marketing, or even only specializes in marketing, but does not invest much in scientific research and technology. Actually, quite the opposite.
3. In fact, from the perspective of the comparison of the whole industry, Shangmei has always attached great importance to upstream technology, not only began to do independent research and development and self-built factories 20 years ago, but also was the first domestic beauty group to continue to attract senior talents from multinational companies.
4. Then what is particularly important is that it is also a relatively early domestic enterprise that invested heavily in the formation of a technical team, and even spared no expense to introduce a large number of senior talents from multinational companies, and began to build a R&D center in the United States in 2016, taking the opportunity to absorb a large number of senior R&D personnel.
5. For example, Dr. Huang Hu, the former chief scientist of Procter & Gamble, is also in Shangmei, serving as CTO and global chief scientist, he is a scientific research pioneer with a global vision, responsible for leading the construction of Shangmei's scientific research and innovation system and multi-brand strategy, and driving Shangmei's basic research to a higher level.
6. In other words, Lu Yixiong and Shangmei's emphasis on and investment in technology are actually consistent, and the investment in 20 years is only a lot more than that of their peers. But why doesn't the industry perceive it? Because he doesn't speak.
Why does Lu Yixiong always not talk about organizational talent and does not openly talk about scientific research and technology? In fact, the reason is very simple: he thinks that deeds are more important than words, and it is good to devote himself to action.
After all, Shangmei's corporate culture is "because I like it"!
He doesn't like to talk about these things, so he just does not say it, and the industry is naturally unknown.
This time, taking advantage of the annual conference of Jumei held in Shanghai the day after tomorrow, we finally invited Lu Yixiong as his first public speech after the listing of Shangmei, and it is also the first time since the establishment of Shangmei to share in-depth thinking on the core competitiveness of Shangmei, such as "organization-driven leadership" and "scientific research leadership".
Do you have any questions for Lu Yixiong, do you want to ask Shangmei?
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——2023 Big Value Industry Annual Conference——Proya Fang Yuyou, Shangmei Lu Yixiong, Yatsen E-commerce Huang Jinfeng, Huaxizi Feislow and other guests confirmed to attend and release blockbuster speeches, and more guests continue to be confirmed. The 11th Jumei Conference focused on the latest exploration and insight of the big value industry, united the upstream and downstream cross-border experts of the industry, and made suggestions for domestic brands to cope with the competition in the new era, and was named the "Big Beauty Industry Annual Conference". All industry professionals are invited to gather at the Jumei Annual Meeting held in Shanghai from December 22nd to 23rd. At present, the price of tickets is increased according to the ladder until the original price is restored.