Prism Huang Guangyu's return for a hundred days: the "price war" with high hopes has few repercussions, and will it compete with ALI Rigang?

家电是国美的基础产品。就在黄光裕与供应商密切接触、巩固联盟的前几天，他刚刚在"国美与德莱赛app战略发布会"上发布了进军万亿元家装市场的计划。这是他正式获释后首次公开出席重大活动。

Home appliances are the basic products of Gome. Just a few days before Huang Guangyu made close contact with suppliers and consolidated the alliance, he just released a plan to enter the trillion yuan home decoration market at the "Gome and dresser app Strategy Conference". This is his first public appearance at a major event since his official release.

与十年前相比，黄光裕胖了一点，但他曾经因焦虑而被剥掉甚至剃光的头发都长出来了。他和杜鹃坐在第一排的中间，母亲曾灿珍坐在他后面。

Compared with ten years ago, Huang Guangyu is a little fatter, but his hair, which was once stripped off due to anxiety and even shaved, has all grown out. He and azalea sat in the middle of the first row, and his mother Zeng Chanzhen sat behind him.

主持人介绍黄光裕是"国美控股集团创始人"———根据《公司法》规定，他2010年犯下的非法经营等经济犯罪，只有在"执行期满后5年"后才能担任高级管理人员。也就是说，目前黄光裕在国美没有管理层职位，但员工们还是叫他"黄老板"。企业检查显示，黄光裕控制的"国美"企业仍有286家。

The host introduced Huang Guangyu as the "founder of Gome holding group" -- according to the company law, the economic crimes he committed in 2010, such as illegal business operation, can only be taken up as senior management after "five years after the expiration of the execution period". That is to say, at present, Huang Guangyu has no management position in Gome, but the employees still call him "boss Huang". Enterprise inspection shows that there are still 286 "Gome" enterprises controlled by Huang Guangyu.

作为"压轴"演讲，黄光裕发言近20分钟，分享共建、信息岛、B2B2C等互联网用语不时涌现。他表示，早在2020年12月，家装BIM平台"穿衣之家"就被国美正式控股，持股比例为80%。黄光裕预计"德莱赛"将在3年内实现5000亿Gmv的愿景，并透露国美将在"五一"期间展开"价格战"。

As the "finale" speech, Huang Guangyu spoke for nearly 20 minutes, with internet terms such as sharing and co construction, information island and B2B2C emerging from time to time. He said that as early as December 2020, home decoration BIM platform "dressing home" was officially controlled by Gome, with a shareholding ratio of 80%. Huang Guangyu expected that "dresser" would realize the vision of 500 billion Gmv within three years, and disclosed that Gome would start a "price war" during May Day.

这样的黄光裕很熟悉。十多年前，他以其凶猛的营销手段和"价格屠夫"而闻名于世。在4月7日的投资者电话会议上，黄光裕表示，国美、京东、品多多谁也毁不了，并预测今年国美供应链平台的利润有望超过8亿。

Such Huang Guangyu is familiar. More than ten years ago, he was famous for his fierce marketing means and "price butcher". At the investors' conference call on April 7, Huang Guangyu said that Gome, Jingdong and pinduoduo could not destroy anyone, and predicted that the profit of Gome's supply chain platform this year was expected to exceed 800 million.

从2月17日开始，黄光裕已经自由了一百天。他渴望重组。然而，国美的"复兴"之路非常艰难。近年来，国美门店收入下滑，人气低迷；1月份，修订上线的"真幸福"app用户认知有待提高；黄光裕对国美"五一价格战"的预期有限，他的电子商务对手也没有正面回应。

Since February 17, Huang Guangyu has been free for a hundred days. He is eager to restructure. However, Gome's road to "rejuvenation" is very difficult. In recent years, Gome's store revenue has declined and its popularity is low; In January, the user cognition of "true happiness" app, which was revised and launched, needs to be improved; Huang Guangyu's expectation of Gome's "May 1 price war" was limited, and his e-commerce rivals did not respond positively.

国美如何找回"失去的十年"？

How does Gome recover the "lost decade"?

如何界定"原始市场地位"？

How to define "original market position"?

"黄光裕回归国美后，给国美带来的最大变化是，国美过去可能是一个保守被动的公司，但今天更像是一个咄咄逼人的公司"，在国美与德莱赛app战略发布会后，国美投资公司CEO何阳青对前来参会的媒体表示。

"After Huang Guangyu's return to Gome, the biggest change brought to the company is that Gome may have been a conservative and passive company in the past, but today it is more of an aggressive company." After the Strategy Conference of Gome and dresser app, he Yangqing, CEO of Gome investment company, told the media who came to the conference.

笔者从国美内部人士处了解到，今年2月黄光裕推出"国美复兴计划"后，公司士气高涨，"各部门日夜加班"。2月底，黄光裕又召开了北京总部全体成员参加的会议。据与会人员介绍，他很兴奋，在会上"谈了近3个小时"，宣布国美未来将布局零售、投资、家装、房地产等领域，开拓线上线下战略；它还推出了大规模的人才招聘计划，称为"人才聚集计划"。

The author learned from the internal staff of Gome that after Huang Guangyu launched the "Gome revival plan" in February, the morale of the company was high and "all departments worked overtime day and night". At the end of February, Huang Guangyu convened another meeting attended by all members of Beijing headquarters. According to the participants, he was excited and "talked for nearly three hours" at the meeting, announcing that Gome would lay out retail, investment, home decoration, real estate and other sectors in the future, and open up online and offline strategies; It also introduces a large-scale talent recruitment plan called "talent gathering plan".

近十年来，黄光裕的妻子杜鹃一直执掌国美电器。在黄光裕狱中倡导的"保守治疗"下，国美在2013年至2016年保持了15个季度的连续盈利，但同时也见证了京东、阿里和苏宁在巨额投资、亏损和价格战中一步步扩张地盘。

In the past ten years, Huang Guangyu's wife cuckoo has been in charge of Gome. Under the "conservative treatment" advocated by Huang Guangyu in prison, Gome maintained 15 quarters of continuous profits from 2013 to 2016, but also saw Jingdong, Ali and Suning step by step expand their territory in huge investment, loss and price war.

2008年黄光裕入狱时，国美总收入458.89亿元，净利润10.48亿元。2020年，国美实现营业收入441.19亿元，同比下降25.83%，净利润亏损69.94亿元。

When Huang Guangyu was jailed in 2008, Gome had a total revenue of 45.889 billion yuan and a net profit of 1.048 billion yuan. In 2020, Gome's revenue was 44.119 billion yuan, a year-on-year decrease of 25.83%, and its net profit loss was 6.994 billion yuan.

据中国电子信息产业发展研究院数据显示，2020年前三季度中国家电零售商中，京东、苏宁、天猫分别占26.67%、20.98%和15.40%；国美电器的市场占有率仅为5.18%，远远不是第一梯队。

According to the data of China Institute of electronic information industry development, among the retailers of Chinese household appliances in the first three quarters of 2020, Jingdong, Suning, and tmall accounted for 26.67%, 20.98% and 15.40% respectively; Gome only got 5.18% of the market share, and was far from the first echelon.

2020年，随着假释的临近，国美的商业步伐开始明显加快，并逐渐转向"进攻"。

In 2020, with parole approaching, Gome's commercial pace began to accelerate significantly and gradually turned to "attack".

2020年4月和5月，品多多和京东分别认购了2亿美元和1亿美元的国美零售可转换债券。国美零售总裁王俊洲在接受媒体采访时表示，这两项交易达成的时间非常短，特别是与品多多的谈判只用了3天。

In April and may 2020, pinduoduo and Jingdong respectively subscribed for $200 million and $100 million convertible bonds of Gome retail. Wang Junzhou, President of Gome retail, told the media that the time for the two deals to be concluded is very short, especially the negotiation with pinduoduo took only three days.

同年9月，百度前高级副总裁项海龙加盟国美，出任国美零售执行副总裁兼国美在线CEO。

In September of the same year, Xiang Hailong, former senior vice president of Baidu, joined Gome as executive vice president of Gome retail and CEO of Gome online.

这些变化的背后，黄光裕的回归显然是最重要的砝码。零售专家庄帅告诉笔者：黄光裕对国美意义重大，体现在资本运作、高级人才引进、股价预期等多方面，"如果黄光裕不出狱，项海龙怎么能去国美？品多多和京东自然会提前得到一些关键信息。"

Behind these changes, Huang Guangyu's return is obviously the most important weight. Retail expert Zhuang Shuai told the author: Huang Guangyu is of great significance to Gome, which is reflected in many aspects, such as capital operation, introduction of senior talents, stock price expectation, etc" If Huang Guangyu doesn't get out of prison, how can Xiang Hailong go to Gome? Pinduoduo and Jingdong will naturally get some key information in advance. "

随着黄光裕的假释和正式释放成为两大目标，国美近十年来不断下跌的股价开始上涨。2020年4月至6月，国美零售（0493.HK）从0.66港元/股涨至1.66港元/股，四年来首次回归"1时代"。2020年6月24日，黄光裕被假释，国美股价上涨17.39%。在2021年2月正式发布后，国美股价升至每股2.55港元的最高点，一度超过苏宁。

With Huang Guangyu's parole and formal release as the two targets, Gome's stock price, which has been declining in the past decade, began to rise. From April to June 2020, Gome retail (0493. HK) rose from HK $0.66/share to HK $1.66/share, returning to the "1 era" for the first time in four years. On June 24, 2020, when Huang Guangyu was released on parole, Gome's share price rose by 17.39%. After its official release in February 2021, Gome's share price rose to the highest of HK $2.55 per share, once surpassing Suning's.

2021年1月，作为黄光裕正式出狱的前奏，国美宣布将"国美在线"升级为"真幸福"app。据企业调查，从2020年底到今年年初，国美电器围绕"真幸福"先后注册了一批风格相近的企业，包括欧瑶、乐盒、爱玉沟等品牌。

In January 2021, as a prelude to Huang Guangyu's formal release from prison, Gome announced that it would update "Gome online" to "really happy" app. According to the enterprise survey, from the end of 2020 to the beginning of this year, centering on "true happiness", Gome has successively registered a number of companies with similar styles, including brands such as oueyao, Lehe box and aiyugou.

出狱两天后，黄光裕在常务会议上提出"18个月内恢复国美原有市场地位"的方案，引起市场热议。

Two days after his release from prison, Huang Guangyu put forward the plan of "restoring Gome's original market position within 18 months" at the executive meeting, which caused heated discussion in the market.

如何界定"原始市场地位"？黄光裕和上述高管并未明确表态。庄帅认为，"原来的市场地位"可以理解为家电出货量和国美股价。尤其是在苏宁陷入债务危机的时候，黄光裕的回归有着不同的含义——2月28日，深圳国资旗下的深圳国际控股（深圳）有限公司和深圳市坤鹏股权投资管理有限公司以148.17亿元的总价收购了苏宁易购23%的股权。

How to define "original market position"? Huang Guangyu and the executives did not make it clear. Zhuang Shuai believes that the "original market position" can be understood as the volume of home appliance shipment and the stock price of Gome. Especially when Suning is in debt crisis, Huang Guangyu's return has a different meaning -- on February 28, Shenzhen International Holdings (Shenzhen) Co., Ltd. and Shenzhen Kunpeng Equity Investment Management Co., Ltd., owned by Shenzhen state owned assets, acquired 23% of Suning e-buy's shares with a total price of 14.817 billion yuan.

"黄光裕回归后，国美必然走向全渠道、全业态、持续增量的道路。苏宁应该通过抛售股票、加入物流和门店等方式摆脱重资产。这一过程会影响他们的市场价值变化和市场认知。黄光裕对这一变化过程的判断可能是18个月。"庄帅说。

"After Huang Guangyu's return, Gome is bound to move towards the path of full channel, full format and continuous increment. Suning should get rid of heavy assets by selling stocks, joining logistics and stores. This process will affect their market value change and market cognition. Huang Guangyu's judgment on this change process may be 18 months. " Zhuang Shuai said.

新故事：很难聚集"真幸福"的人气

New story: it's hard to gather the popularity of "really happy"

在黄光裕回归之后，国美当然需要一个令人兴奋的新故事，但在100天后将国美在线更新为"真正快乐"的应用程序这样一个颠覆性的改变，效果如何？

After Huang Guangyu's return, Gome certainly needs an exciting new story, but what's the effect of making such a subversive change as updating Gome online to "really happy" app after 100 days?

在4月份的投资者大会上，国美零售CFO方伟透露，今年一季度以来，该应用的月直播用户约4000万，日直播用户超过1000万，Gmv同比增长超过400%。在未来18个月内，该公司希望实现每月直播用户超过1亿。黄光裕接着补充道：月生活费的快速增长主要得益于"产品基数小"。

At the investors' conference in April, Fang Wei, CFO of Gome retail, disclosed that since the first quarter of this year, the monthly live users of the app have been about 40 million, the daily live users have exceeded 10 million, and the Gmv has increased by more than 400% year on year. In the next 18 months, the company hopes to achieve more than 100 million monthly live users. Huang Guangyu then added: the rapid growth rate of monthly living is mainly due to "the small base of products".

据内部工作人员透露，黄光裕对"真幸福"寄予厚望，希望刷新国美品牌。然而，目前客流昂贵，而新客源需要依靠国美的"自我造血"。据悉，黄光裕在职工大会上表示，国美系统累计用户已超过2亿，但其中不少是线下"熟睡用户"。如果它们能在网上被激活和传递，"真正的幸福"将会爆发出巨大的能量。

According to the internal staff, Huang Guangyu has high hopes for "true happiness" and hopes to refresh Gome's brand. However, the current passenger flow is expensive, and the source of new customers needs to rely on Gome's "self hemopoiesis". It is reported that Huang Guangyu said at the staff meeting that the Gome system has accumulated more than 200 million users, but many of them are offline "sleeping users". If they can be activated and transferred online, "true happiness" will explode with great energy.

这种观念要形成一种切实可行的转变并不容易。近十年来，经历了多次变革和CEO更迭的国美在线人气低迷。此前，"国美在线"的设计甚至不像电子商务应用，而是将具有安装和售后功能的"国美管家"放在了明显的位置。

It is not easy for this idea to form a practical transformation. In the past decade, Gome online, which has experienced many changes and CEO changes, has a low popularity. Previously, the design of "Gome online" was not even like an e-commerce app, but placed "Gome housekeeper" with installation and after-sales functions in an obvious position.

"真幸福"app解决了"国美在线"的历史问题了吗？作者从2月份开始下载《真正的幸福》。经过一段时间的观察，发现应用程序中的产品类型和SKU显著增加。目前，主页主要展示促销产品。页面左侧有小胡集、振轩、999、直播等多个标签，右上角设计了"真人导购"的视频连接功能。

Has the "true happiness" app solved the historical problem of "Gome online"? The author started to download "true happiness" in February. After a period of observation, it was found that the product types and SKUs in the app increased significantly. At present, the home page focuses on the display of promotional products. On the left side of the page, there are several labels, such as xiaohuji, Zhenxuan, 999, live broadcast, etc. the video connection function of "real person shopping guide" is designed in the upper right corner.

其中，"振轩"类似品多多的低价商品"99"模拟了京东的"加号会员"；打开"直播"页面，滚动全国国美门店的直播。在一定程度上，"真开心"app就像一个"盘子"，整合了多头电子商务的热门功能。

Among them, "Zhenxuan" is similar to pinduoduo's low price goods" "99" simulated the "plus members" of Jingdong; Open the "live" page and scroll the live broadcast of GOME stores across the country. To a certain extent, the "really happy" app is like a "platter", integrating the popular functions of multiple head e-commerce.

但从用户的感知水平来看，目前的"真幸福"app并没有比之前的"国美在线"有更多的存在感。

But from the user's perception level, the current "true happiness" app does not have more sense of existence than the previous "Gome online".

在tiktok，搜索"真正的幸福"，相关词中的关键词是"抢茅台"。关注"羊毛"并在tiktok上分享的用户不在少数，他们知道：茅台真的很擅长应用，茅台比京东、天猫、苏宁都好。

In tiktok, search for "real happiness", the key word in the relevant words is "grab Moutai". There are many users who focus on "wool" and share them on tiktok and know: Moutai is really good at APP, and Moutai is better than Jingdong, Tmall and Suning.

况且，官方用户对"tiktok"的震撼之声只有10万粉丝，而且大部分粉丝都继承了国美之前的改名。最近，《真的很开心》发布的每段视频喜欢的人只有几到几十个，互动也很冷清。更名前，"国美"一段视频中的赞数可能达到1万个左右。

Besides, the official users of the "tiktok" on the shaking voice have only 100 thousand fans, and most fans inherited from the Gome before rename. Recently, the number of likes for each video released by "really happy" is only a few to dozens, and the interaction is also very cold. Before the change of name, the number of likes in a single video of "Gome" could reach about 10000.

"铁通"与"北京国美"之比较

Comparison of "tiktok" and "Beijing Gome"

可见，"国美"的网络平台已经升级为"真幸福"，并没有植入用户的脑海。相对而言，"北京国美"作为线下门店的机构账户，更像是国美的家，拥有5.8万粉丝，每部推广视频有数千至数万人的喜欢度。

It can be seen that the "Gome" online platform has been upgraded to "true happiness" and has not been implanted into the minds of users. Comparatively speaking, "Beijing Gome", as the institutional account of offline stores, is more like Gome's home, with 58000 fans and thousands to tens of thousands of likes per promotion video.

然而，这一数字仍远没有竞争力。例如，tiktok在苏宁网的超级语音购买账户中拥有约300万粉丝。

However, this figure is still far from competitive. For example, tiktok has about 3000000 fans in suning.com's super voice buying account.

那么，方炜在投资者大会上提到的"真幸福"应用的新用户在哪里？

So, where are the new users of the "really happy" app mentioned by Fang Wei at the investors' conference?

近日，笔者走访了北京多家国美卖场，"真开心"app的广告在卖场随处可见。笔者在店里发现了几款装有冰箱、洗衣机和电视的SKU，两款的价格大致相同。虽然该店在商品价格和体验上有一定的优势，但店内人气仍然很冷清，只有少数中老年顾客。

Recently, the author visited many GOME stores in Beijing" The advertisement of "really happy" app can be seen everywhere in the store. The author found several SKUs with refrigerators, washing machines and TVs in the store, and the prices of the two were roughly the same. Although the store has certain advantages in commodity price and experience, the popularity in the store is still very cold, with only a few middle-aged and elderly customers.

北京西坝河国美店顾客少

Few customers in Beijing Xibahe Gome store

店内，一些销售电器的员工正在通过app进行在线直播，这是国美对员工提出的新要求。

In the store, some employees selling electrical appliances are doing online live broadcasting through app, which is a new requirement put forward by Gome to employees.

桂兴资本投行负责人王立行在接受采访时表示，自2019年下半年以来，直播的快速运营深刻改变了电商行业的内在逻辑，国美的重要资产之一就是拥有10万级线下员工，而且它很有可能成为未来的现场导购。这将产生很大的影响，尽管仍有许多障碍需要跨越。"

Wang Lihang, head of Kwai Hing capital investment bank, said in an interview that the rapid operation of the direct broadcast has profoundly changed the underlying logic of the electricity supplier industry since the second half of 2019. One of Gome's important assets is that it has 100000 level offline employees, and it is likely to become a live shopping guide in the future. It's going to make a lot of difference, though there are still many hurdles to cross. "

看来，黄光裕正在做的是争取把10万名门店员工变成网上购物指南。笔者从内部员工处了解到，国美总部将直播任务分配给门店员工。

It seems that what Huang Guangyu is doing is seeking to turn 100000 store employees into online shopping guides. The author learned from the internal staff that Gome headquarters assigned live broadcast tasks to the store staff.

不过，提克托克、吉特和桂台是自己商品的前提，但它们的流通并不丰富。据笔者观察，直播页面上大部分卖场销售的电器回购率低，决策难度大，观众一般只有几十人。在国美各地区领导人领衔的"老板直播"页面上，观众往往只有1000多人。

Tiktok, jitter, and Kwai Tai, however, are the premise of their own goods, but they are not rich in flow. According to the author's observation, most of the stores on the live broadcast page sell electrical appliances with low repurchase rate and high decision-making difficulty, and the number of viewers is generally only dozens. On the "boss live" page led by the regional leaders of Gome, the number of viewers is often only more than 1000.

"真开心"店的直播页面，一般观众不到50人

"Really happy" stores live page, the general number of viewers less than 50 people

据时代财经报道，从年初开始，国美电器就要求员工通过"真开心"应用程序引导客户下单。下单目标为10%-20%，目前已上升到90%；而直播考核指标要求每个场景的观众人数不少于30人，有员工建议管理层效仿苏宁网，用声音直播。但国美希望在"真正快乐"应用程序中尽可能保持流量，除非其他平台允许tiktok链接"真正快乐"产品。

Since the beginning of the year, Gome has asked its employees to guide customers to place orders through the "really happy" app, time finance reported. The target of placing an order is 10% - 20%, which has risen to 90% at present; And the live broadcast assessment target requires that the number of viewers of each scene should not be less than 30. Some employees suggested that management emulate suning.com and broadcast live in the voice. But Gome wants to keep the traffic as far as possible in the "real happiness" APP unless other platforms allow tiktok to link the "real happy" product.

金融与科技的再现：全面振兴的资本问题

Reappearance of Finance and technology: the capital problem of "comprehensive rejuvenation"

入狱前，黄光裕善于通过渠道销售商品，低价倾销，迅速扩张。董明珠也避开了他那凶猛的精神。采访中，后者曾摇头说："黄光裕利用低价攻击商场，想把挡在我们路上的小经销商全部消灭。在那个时候，我们的人民不能冒犯他。大连锁真厉害！"

Before his imprisonment, Huang Guangyu was good at selling goods through channels, dumping at low prices and expanding rapidly. Dong Mingzhu also avoided his fierce spirit. In the interview, the latter once shook his head and said: "Huang Guangyu used the low price to attack the shopping malls and wanted to eliminate all the small dealers in our way. At that time, our people couldn't offend him. Dalian lock is so powerful! "

目前，零售业已进入用户和场景差异化、多渠道碎片化、供应链高度耦合的时代。TiktokKwai不仅与京东、阿里、苏宁等老对手展开较量，还与众多玩家、拼图、快手等新对手展开竞争。除了正确的战略，它还需要充足的现金流支持。但现在，国美的造血能力逐年捉襟见肘。

At present, retail has entered the era of user and scene differentiation, multiple channel fragmentation and high coupling of supply chain. Tiktok Kwai is not only fighting with Jingdong, Ali, Suning and other old rivals, but also competing with many new competitors such as a lot of players, jigsaw and fast hands. In addition to the right strategy, it also needs abundant cash flow support. But now, Gome's hematopoietic capacity is stretched year by year.

从2016年到2020年，国美零售门店数量从1628家增加到3400家，在门店数量增加的同时，国美收入继续收窄，从767亿元增加到441亿元。单店收入方面，国美电器从4711万元/店降至1297万元/店，降幅超过70%。

From 2016 to 2020, the number of Gome retail stores has increased from 1628 to 3400. While the number of stores increased, Gome's revenue continued to narrow, from 76.7 billion yuan to 44.1 billion yuan. In terms of single store revenue, Gome dropped from 47.11 million yuan / store to 12.97 million yuan / store, a decline of more than 70%.

在单店收入增长缺乏有效途径的情况下，国美电器在投资者大会上宣布，未来18个月将以"自营+特许经营"的形式，扩大到6000家门店。

In the absence of an effective way to increase the revenue of a single store, Gome announced in the investor conference that it would expand to 6000 stores in the form of "self operated + franchise" in the next 18 months.

虽然在国美披露的方案中，拟扩建的门店主要是投资较少的县级门店；未来，国美将优化大型门店结构，植入家装、百货、超市、影院等综合体验业务；与此同时，国美电器也在采用轻资产运营模式，试图借助"国美优品"等火锅食品超市新模式的布局——但总体来看，国美电器所需现金量仍然巨大。

Although in the plan disclosed by Gome, the stores to be expanded are mainly county level stores with low investment; In the future, Gome will optimize the structure of large stores and implant comprehensive experience businesses such as home decoration, department stores, supermarkets and cinemas; At the same time, Gome is also using the asset light operation mode, trying to leverage the layout of "Gome excellent food" and other new modes of hot pot food supermarket - but on the whole, the amount of cash needed by Gome is still huge.

根据国美零售2020年年报，公司流动资产约370亿元。到2020年底，国美零售拥有约96亿元现金及现金等价物。100亿量级的现金流显然难以覆盖黄光裕的全面回收计划。

According to the annual report of Gome retail in 2020, the company's current assets are about 37 billion yuan. By the end of 2020, Gome retail has about 9.6 billion yuan in cash and cash equivalents. The cash flow of 10 billion orders of magnitude is obviously difficult to cover Huang Guangyu's comprehensive recovery plan.

在投资不足的前提下，黄光裕最为人熟知的"价格战"武器却收效甚微。

Under the premise of insufficient investment, Huang Guangyu's most familiar "price war" weapon has become less effective.

"真开心"app的五一价格战，主打产品优惠券早早被抢

"Really happy" app's may day price war, the main product coupons were robbed early

2005年，黄光裕亲自督战，在距离苏宁南京总部200米的腹地开设国美专卖店。在"低价"的吸引下，10万人半夜涌进商店。5分钟后，玻璃门被打破，制造了一场经典的商战。

In 2005, Huang Guangyu personally supervised the war and opened GOME stores in the hinterland 200 meters away from Suning's Nanjing headquarters. Attracted by the "low price", 100000 people poured into the stores in the middle of the night. Five minutes later, the glass door was broken, creating a classic battle of business war.

2021年五一期间，黄光裕再次提到"价格战"。不过，据笔者在"真幸福"app上的观察，虽然他主营销售的iPhone12和多个家电品牌的价格都比同期京东和品多多的百亿补贴要便宜，但从5月1日上午开始，3C产品的购物券大多被抢购一空。在接下来的几天里，"真开心"并没有把更多的3C产品放在促销头版，而是将特价产品调整到了日用品。

During the May Day of 2021, Huang Guangyu mentioned "price war" again. However, according to the author's observation on the "true happiness" app, although his main selling iPhone 12 and a number of home appliance brands are cheaper than the 10 billion subsidy of Jingdong and pinduoduo in the same period, since the morning of May 1, most of 3C products' shopping coupons have been snapped up. In the next few days, "really happy" did not put more 3C products on the front page of promotion, but adjusted the special products to daily necessities.

国美需要更多的弹药。

Gome needs more ammunition.

2020年8月，黄光裕假释出狱两个月后，迅速变卖了北京南二环越秀城项目，收回流动资金60多亿元。

In August 2020, two months after he was released from prison on parole, Huang Guangyu quickly sold off the yuexiucheng project in Beijing's south 2nd Ring Road and recovered more than 6 billion yuan of working capital.

2021年4月7日，国美零售发布公告称，计划从黄光裕控股的国美管理有限公司租赁国美商都、湘江9号、鹏润大厦三处房产，租期最长为19年，总租金约178.65亿元。租金的交易形式是国美零售以每股2.11港元（目前股价约1.20港元）向国美管理层发行99.24亿股。本次发行后，黄光裕及其同伙在国美零售的股权比例将从51.17%提高到65.52%。

On April 7, 2021, Gome retail announced that it plans to rent three properties, Gome Shangdu, Xiangjiang No.9 and Pengrun building, from GOME Management Co., Ltd. controlled by Huang Guangyu, for a maximum period of 19 years, with a total rent of about 17.865 billion yuan. The transaction form of rent is that Gome retail issues 9.924 billion shares to Gome management at HK $2.11 per share (the current share price is about HK $1.20). After the issuance, the equity ratio of Huang Guangyu and his associates in Gome retail will increase from 51.17% to 65.52%.

通过上述操作，黄光裕几乎不需要用现金或转让房产所有权就可以完成国美零售增资、减债、股权稀释或抵押再融资的多重目的。

Through the above operation, Huang Guangyu almost does not need to use cash or transfer the property ownership to complete the multiple purposes of equity increase, debt reduction, equity dilution or mortgage refinancing of Gome retail.

此举一度使国美股价上涨10%，但也引起股东批评，认为溢价发行稀释了中小股东权益。

The move once made Gome's share price rise by 10%, but it also aroused criticism from shareholders that the premium issuance diluted the rights and interests of small and medium shareholders.

4月8日，上市第二天，摩根大通发布研究报告指出，近期国美股价上涨主要是由于黄光裕解禁后高管与市场投资者的积极沟通，积极影响被过度反映。

On April 8, the next day of trading, JPMorgan issued a research report, pointing out that the recent rise of Gome's share price was mainly due to the active communication between senior executives and market investors after Huang Guangyu's release, and the positive impact had been over reflected.

摩根大通在报告中写道："国美对未来发展雄心勃勃，但其前景和计划尚不明朗。"。公司计划增加对社区服务和生鲜食品业务的投资，这将削弱资产负债表，推高融资成本。预计配股风险将加大。鉴于该业务面临激烈竞争，发展前景不明朗，公司重申"减持"评级，并将目标价由0.5港元上调至0.55港元。"

"Gome is ambitious for its future development, but its prospects and plans are not clear," JPMorgan wrote in the report. The company plans to increase investment in community services and fresh food business, which will weaken the balance sheet and push up the financing cost. It is expected that the risk of equity allotment will increase. In view of the fierce competition faced by the business and uncertain development prospects, the company reiterated its "underweight" rating and raised its target price from HK $0.5 to HK $0.55. "

家装市场：与阿里抗衡？

Home decoration market: fight with Ali?

总的来说，国美要想从零售战场上重新获得"市场地位"，将面临与苏宁一样的长期转型问题。从资金量和电子商务现状来看，国美很难全面发力，黄光裕需要找到新的突破口。

In general, Gome will face the same long-term transformation problem as Suning if it wants to regain its "market position" from the retail battlefield. From the perspective of capital volume and e-commerce status, it is difficult for Gome to fully press on, and Huang Guangyu needs to find a new breakthrough.

在国美与德莱赛app的战略新闻发布会上，何阳青表示：如果继续推广与京东天猫相同的电子商务模式，国美很难形成新的格局和竞争力。国美电器正在从泛家庭领域向泛家庭领域拓展，从线下社区店的网络建设向吃喝、购物、管家等家族企业拓展。

At the strategic press conference of Gome and the dresser app, he Yangqing said: if we continue to promote the same e-commerce model as Jingdong tmall, it will be difficult for Gome to form a new pattern and competitiveness. Gome is expanding from the pan family field to the Pan home field, from the network construction of offline community stores to the family businesses of eating, drinking, shopping and housekeeping.

"如果2024年德莱赛app的市场规模达到5000亿，相信国美的规模也能增长3倍以上"，何阳青对与"德莱赛"合作的国美电器有着乐观的预期。

"If the market scale of dresser app reaches 500 billion in 2024, I believe the scale of Gome can also increase more than three times." He Yangqing has optimistic expectations for Gome, which cooperates with the "dresser".

"dresser"CEO崔健也预测，未来三年，应用设计平台将有100万设计师；在材料平台上，将有1亿个数字SKU；在施工平台上，将有1000万工人。

Cui Jian, CEO of "dresser", also predicts that in the next three years, there will be 1 million designers on the app design platform; On the material platform, there will be 100 million digital SKUs; On the construction platform, there will be 10 million workers.

事实上，国美觊觎家装市场并非新鲜事。2017年，国美电器投资2.16亿元，对艾思空间进行C轮融资，共同打造"艾思空间"国美专卖店，试图从新的场景出发，引导流向电子商务和家电服务。

In fact, it is not new for Gome to covet the home decoration market. In 2017, Gome invested 216 million yuan in round C financing of aispace, and jointly built the "aispace" Gome store, trying to start from the new scene and guide the flow to e-commerce and home appliance services.

然而，家庭互联网+家居装饰行业已经开始从蓬勃发展走向泡沫破灭。2015年被业界评为"互联网家居装饰元年"。而在此前后，据易欧的统计数据显示，共有100多起互联网置业融资案例，吸引了近百亿元的投资。同年，万科携手链家高调打造"万联装饰"，并设想两年内销售额将升至10亿。

However, home furnishing Internet plus home decoration industry has begun to turn from vigorous development to bubble breaking. In 2015, it was named "the first year of Internet home decoration" by the industry. Before and after that, according to the statistical data of yiou, there were more than 100 Internet home financing cases, attracting nearly 10 billion yuan of investment. In the same year, Vanke joined hands with chain home to create "Wanlian decoration" in a high profile, and imagined that the sales would rise to 1 billion in two years.

然而，仅仅过了两三年，互联网家装行业就因为停牌，难以深入设计、选材、施工等重投资领域而逐渐沉寂。美庄、斋石府等多家互联网家装企业倒闭，万联装饰也匆匆落幕。

However, just two or three years later, the Internet home decoration industry is gradually silent because it stops trading and is difficult to go deep into heavy investment fields such as design, material selection and construction. A number of Internet home decoration enterprises, such as meizhuang and zhaishifu, closed down, and Wanlian decoration also came to a hasty end.

国美与"爱空间"的合作也陷入困境"据谈数据发布的报告显示，2020年互联网家装用户使用"爱空间"的比例仅为1.2%，远远落后于吐巴图、好又多、库嘉乐等品牌。

The cooperation between Gome and "love space" is also in trouble" According to the report released by talking data, the proportion of Internet home decoration users using "love space" is only 1.2% in 2020, far behind tubatu, haohaozhu, kujiale and other brands.

不过，随着行业的逐步洗牌，也有新的力量瞄准这万亿的市场机遇。2019年，阿里先后推出了jiyoujia和"laiping designer"，并先后投资曾智佳和红星美凯龙，寻求线上平台和线下流量的耦合。京东家装和苏宁家装继续从不同方向深化布局，如无界零售、流量倾斜、深度培育家居物流等。

However, with the gradual reshuffle of the industry, there are new forces aiming at this trillion market opportunity. In 2019, Ali successively launched jiyoujia and "laiping designer", and successively invested in zengzhijia and red star Macalline to seek the coupling of online platform and offline traffic. Jingdong home decoration and Suning home decoration continue to deepen their layout from different directions, such as unbounded retail, flow tilt, deep cultivation of home logistics, etc.

就在国美发布与"德莱赛"合作战略的前两天，4月27日，在杭州天猫家装商家沟通会上，天猫家装事业部总经理恩忠宣布，未来三年，天猫家装将创下1万亿元的成交纪录。

Just two days before Gome released its cooperation strategy with "dresser", on April 27, at the communication conference of Hangzhou tmall home decoration merchants, en Zhong, general manager of tmall home decoration business department, announced that in the next three years, tmall home decoration will hit the transaction record of 1 trillion yuan.

站在国美面前的依然是这些熟悉的竞争对手。在家装市场，国美能否确立自己独特的优势？冠硕企业CEO、上海市交通运输委员会邮政速递专委会副主任赵晓敏告诉笔者，目前国美的核心机遇在于自身的门店资源和安信物流。

Standing in front of Gome is still these familiar competitors. In the home decoration market, can Gome establish its own unique advantages? Zhao Xiaomin, CEO of guanshuo enterprise and deputy director of postal express special committee of Shanghai Transportation Commission, told the author that Gome's core opportunities now lie in its own store resources and its Anxin logistics.

"建材上下游之间有很大的议价空间，很多门店扎根很深，与当地经销商有着特殊的联盟关系。国家正在推进乡村振兴，实体店承担着就业保障，发挥着去杠杆作用。赵晓敏表示，未来，作为一个独立的行业，安信物流也有IPO和再融资的机会。

"There is a lot of bargaining space between the upstream and downstream of building materials, many stores are deeply rooted, and there is a special alliance relationship with local dealers. The state is promoting the rural revitalization, and the physical stores undertake the employment security, and play the role of de leverage. In the future, as an independent sector, Anxin logistics also has the opportunity of IPO and refinancing Zhao Xiaomin said.

在战略会议上，黄光裕对家装行业的解决方案是"国美应该是裁判，而不是玩家"，为无序的家装行业搭建平台、制定标准、协同优化，借助国美线下门店和"真幸福"平台，形成封闭的产业链。

At the strategy meeting, Huang Guangyu's solution for the home decoration industry was "Gome should be a referee, not a player", establishing a platform, setting standards and collaborative optimization for the disordered home decoration industry, and forming a closed industrial chain with the help of Gome's offline stores and "real happiness" platform.

然而，在万科、链家等房地产开发商落败之前，随后阿里家装雄心勃勃，付出了不菲的代价。黄光裕勾勒的家装蓝图能否帮助国美重振市场地位，还有待解决。

However, before Vanke, chain home and other real estate developers were defeated, and then Ali home decoration was ambitious and paid a lot of money. Whether the home decoration blueprint outlined by Huang Guangyu can help Gome revive its market position remains to be solved.

版权声明：腾讯新闻产品未经授权，不得复制和转载，否则将追究法律责任。

Copyright notice: Tencent News products, without authorization, can not be copied and reproduced, otherwise will be investigated for legal responsibility.

Link：https://new.qq.com/omn/20210531/20210531A057VT00.html

update time：2021-06-01 09:47:36