投資啓示錄 | 高瓴與藍月亮的這十年,時間是創新者的朋友
"世界上只有一條護城河,就是企業家們不斷創新,不斷瘋狂地創造長期價值。"
盼望着,盼望着,冬天來了,藍月亮的腳步近了……
港媒報道,藍月亮最快將於下週招股,集資約78億,估值高達936億元。
作爲"高瓴+消費品+國民品牌"三重概念的IPO,港股打新者們對它早已望穿秋水。
藍月亮爲什麼值得期待?在高瓴資本創始人張磊撰寫的《價值》中,可見一斑。
以下爲張磊《價值》的摘錄段落:
高瓴投資藍月亮,正是基於長期研究帶來的對趨勢變化的把握。2008年以後,中國出現了消費升級這個趨勢,當時很多基礎消費品品類都被跨國公司佔領。其中寶潔、聯合利華佔領了家用洗衣粉市場,但它們滿足於洗衣粉市場的超大份額,一方面不再將開創性的新品研發作爲公司的核心工作,研發投入佔比持續降低,而是將研發的重點轉移到了改進現有產品上面,不再作爲遊戲規則的改變者開發新品,因此忽略了消費升級的機會;另一方面對中國的中產階級以及高端消費市場的規格產生了錯判,沒有去關注高端洗衣液品類。但是我們長期研究的結果是,中國消費者迫切需要創新性的高端細分市場,於是我們鼓勵以洗衣液爲主營產品的藍月亮抓住這個機遇。在我們投資後的頭兩年,爲完成轉型,藍月亮由一家賺錢的洗手液公司變成了策略性虧損的洗衣液公司,但到了2014年,藍月亮的銷售額開始大幅增長,在洗衣液行業的銷售額比寶潔、聯合利華銷售額之和還要多。可以說,藍月亮是新興市場中本土品牌戰勝跨國公司品牌的經典案例。值得一提的是,藍月亮洗衣液的價格相對其他跨國公司品牌還能保持溢價,這也是非常罕見的。
小結:
"做時間的朋友"是張磊被傳播最廣的語錄,但是在《價值》這本書裏,張磊也說了"時間是創新者的朋友,是守成者的敵人。"
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