Companies in Shanghai: Hidden Champion, ߰ ȭ
ڷ Ϲ ڿ ش ߱ Ұϱ Ͽ ۼǾϴ. ߺ̾ڹ ǰ߰ ٸ ְ, 찡 ϴ.
귣 , ִ
ɹ̷
ؿ Ȱ ξ . 뷫 Ȱ 30% ̸. Ʈ ÷± Ϲȭ ʾ ϸ ù. ѱ̳ Ϻ ξ 1.67 ̸ ǰ
ɹ̷(̱Ѱ) ȸ Ƿڸƿ ɹ̱ OEM ǰ , ش ״ Ȳ ߱ Ŀ, ü ߱ (30~35%) Ȯǰ . ߱ ΰǺ , ɹ̱ Ư α Ȱ ڿ ȭǹǷ, ô θ ȿ ִ١ ȿ
Ȱ添 Flow
Ȱ添 ߱ Ա . ̵ ־ Ƿθ ձ ϳ, ƯϰԵ ü 귣带 ־ δ ȭ ۿ . ̹ ˵ öٰ , Ȱ Ǹ 귣 ǰ ˸ . Ÿ δ 簡 ġϰ ִ ð ū ó , , ָ մ ߽ ְ ÿ ڵ 1ð Ÿ
ֿ ӿ Ϳ ֵ, 濵 . Ƿδ ʰ ȸ ǻ ѵ Ʈʽ ǻ 濵 ϰ ִ Ȳ.
߱ ɹ̱ ܵ ϰ Ƿ JV 丮 . Ƿ 귣 ı ʾҴٸ . Ƿ Ʈʽ, Ƿδ ʰ īװ ÷̾ ó
߱ ǽ . 䰡 ġ Ȳ 2 2 . ̳ Ⱑ Ǯ鼭 Ʈ̳ γ ű CAPA Ȯ . CAPEX üڱ ̸ Ŀ Ը . ȸ翡 纸ٴ ڸ ϶ ħ
ɹ̷ Ȱ添 뵿 ( Ϻ 1.74 ̻ ǰ Ϻ ϰ ) ߱ ӱλ ̹Ƿ ű óδ ʴٰ . ϴ Ⱓ
ũ Ǿ 2009 640RMB ް . а ӵ ̶ ϳ, ؼ μ κ ʿ䰡
Ͽ콺 Ÿ
̷ (), Ͽ콺 ()
̷ 6 귣尡 ְ, ش ȭ Ա ٸ ν Ѵ
Ͽ콺 ̹ 1 ֿ ȭ . Ϻ Ͼ ְ ణ ̳ܰ ȭ ߰ . BASIC HOUSE , VOLL, Im DAVID 귣 Ī. ѱ ֽĽ忡 ϴ ߱ ȭ ̷ õ ε ̿ Ͽ콺 忩 ִ١ ߸ . 簡 ġŷϴ ̷嵵 ʱ , ̺ , Ͽ콺 Ȯ Ŀ ű 귣带 ĪϿ ȭ ø
IR ʿ ϴ ̿ Ŵ . ij־ ϴµ ߱ ش Ŵ ִ Ȳ̾ (Ƽ 10, 콺 20) å. Ǫ ٸ Ȳ ʹ ϰ 2011 ȫ ο ΰ . ڱδ ۷ι 귣带 License-in ȹ.
߱ ZARA, H&M ۷ι SPA . ߱ BASIC HOUSE ѱ(Ŭο ) ΰ ij־ Ƿ̱ £ ִٰ . ߱ ΰ 90% ̻ üǰ. 湮 ij־ Ƿ . Ŭοʹ ٸ Ÿ ٱ SPA 귣ʹ . ϰų ٰ ϴ ũ . ེ ߱ ѱٴ ȣ 귣 ٴ
· ̿ BM ؾ . ߱ ȭ ϻ ° ƴϱ ߱ â, , ̿ зǰ, ణ . ̿ 27 ƿ﷿ 忡 ϴµ, Ұ 10% (Ͱ꼭 αݵ Ӽ )
Ͽ콺 븮 Ȯ. ̵ ش μ ȭ 10 Ѵ ȣ . ߱ Ǵ ۷ι SPA 귣尡 ƴ ɼ . ٰ 븮 ϱ 븮 ɱ⸦ Ž ֱ 10~20RMB ޱ ϸ鼭 븮 ϴ
ڽƽ Ȳ .. ߱ 캼(Snowball)
߱ 1 ô ȭ , 2~3 ô . ó ڵ ȭ õ ϴ١ . δٴ Ŭ ̳ ȭ ѱ ٸ .
ڰ 湮 뵵 ȭ̳ ȭ Ժ귣峪 SEPHORA . ڽƽ 2, 3 ߵǾ ְ µ ȭ ( ̶ 츮 ȭ 1 Ϲ ǹ ֽŲ ¶ ذ )
ȭǰ ߴ Flow
ñ ȮǴ ý ȭ. GDP ϴ ȭǰ . þü κ ü ڱݷ° ɷ¸ . ü ü ڽƽ Źϰ ǸŴ 븮 Źϴ . پ 귣 ǰ ִ 븮 ʿ ڽƽ ǰ ȸٸ 䱸ϰ ֵ Ʈ ѱ̶ (븮 ü ϴٴ ̻ )
CAPA Ǿ ְ 귣ü 翡 ǰ 䱸ϴٺ, ϰԵ OEM ü ˣ Ǿ Ȳ. Made in China 귣 ְ ξ 100% ޱ ϰ
߱ ȭǰ OEM
̷ ȣ 쿡 2 ȹ. ߱ ȭǰ 귣ü, ü ̿ 쿡 ִµ, ֹȮ븦 ϴ ڽƽ ǰ 귣 Ϸ Ƽϸ .
CAPA 3õ ϰ 1 ̻ (2009 귮 4) ̿ ߱ ¡ ̱ ϰ Ƽ γ ġǰ µ . ȭǰ 븮 . ̷ ż ¡ ϴ
̷ ϼ ( Ƿ) CEO . ع ߱ ȭǰ ڶȸ ְ ɰ, ȭǰ 忡 ڽ ٸ Ȳ ̶ . ߱ 꽌á ؼ ģа̳ 뺯Ǵ 츮 ƴ϶ Ⱓ ŷڸ Ǿ ϴ ̶ .
̸ δ Ѵٰ . (1) ߰ ȭ (2) Image Share . ̳ ϱ о̰ о߿ 10 ̻ ؾ Ͽ찡 ڽƽ OEM•ODM ȸ ִ Ȯϴ . ͳ θ ȵ ź λ.
ǰ 䳻 ־ 䳻 . ε ˣ ִ ݺ Ӿ ȭ Ͽ 縦 Lock-in Ϸ . , ƿٿ ǰ ȸ ϰų, þü Ƹ۽ 丮 ָ鼭 ڿ ƿҽ Ǵ Ȯϰ ϴ . ع Ī ʱ ũ ʾҴ ͵ , Ż, ܼ OEM źϸ鼭 ̹ ״ Ⱓ̾
(), ()
Ž 翡 ñߴ . 50% ü η, 25% ߰ ͷκ , 25% κ . ͼ ֱⰡ .
ϰų κ ϴ ܰ Ǵ ݸ ͷκ ܰ γ ȸ Է ( 20% Ĩ ǰ) ֱ . μ ȸ, κ ڽ Ѹ鿡
ȸ о߸ Ȯϴ ͵ پ ǰ ִ Ḧ Ȯϱ ؼ. ϴٽ ߱ ε . ̿ Ḧ ϴ ߿ϴٰ Ǵ (ڿ ¾ Ű ̹ ͵ ƶ)
Ĺ 꼳 ߴ (ȣȲ ӵȴٸ ٶ ) ֵѸ ȴ . ȶ . 2012 350, 65 Ը ȹ
ٸ о ġ ? żʹ 찡 Ҵµ, ̵ š ܼ Ÿ . ߱ 籹 Ȱ ̱ ÿ ϴ ̸ ȯ ϴ ΰü Ͽ, ҵ.
ѱ 忡 ַ ϴ ̼ ġ ؼ ־. ұ ̼ ߱ ʴ ƴ϶, 6 ɸ ߱ ȭ . ᱹ ̼ ϴ żʹ M&A ɼ . ġ ȯ ȯ ٸ ƴ϶, ϼ ȯޱⰣ ª . ִ 6 ɸ ȸθ ο ȯ ϰ ʴ´ٰ . ġ Ÿ 17% ۵ 70% ȯְ . ȯ ϰ ҵ ̹Ƿ
߱ö
߱ 1, 4 Ǽ. , , Ǽ, One-stop Service ϳ ö, , , ͳ 簡 ַ. 90% Ǽε ߱ . , , ߵ ؿ
ε å ߸ . ÿ ΰ ؼҸ ű ε Ŀ. ̴ Ǽ û ϵ ͼ ȭǴ ¸ ϰ
ֱٿ ö ö Ǽ Ͼ . ö Ǽ 4,000Km, ö 2012 13,000Km Ǽ ̰ ̴ 9,000Km. ö ְ Ǹ, ü . ؿܾü 1 ̼(߱ ο ̼) Ұϰ ġ ϵ . ü ϴ ڸ о߰ 85%, о߰ 70%
̹溹
εŸ ִ ̹溹 1st 귣, Metersbonwe
ij־( 10 Ĺݿ 20 ʹ Ÿ) о 1% 1 ȸ. Ϲ ߱ мǾü ٸ ΰ ø ϰ . 2009 50RMB̰ ҸǸž ϸ 100RMB. ܰ 100~200RMB
ó Ƿ ϴٰ Ը Ŀ鼭 ü 귣带 Ȯ ̽. ǸŸ 65%, 35%. ַ ̴ ð . 2 ÿ ȮϿ 4~5 ̻ ȹ .
̹ ڸ ִ 귣 , ü 귣带 Ǵܵ. 絵 ̹ ü Ǹŷ 3 ̻ Ȯ ΰ ־ CR ϴٰ . ΰǺ ¿ ؼ ߱ ΰ 뵿 • ϰ ȣ Ǯ ־ ϴٰ
CFO Made in China ǰ DZɸ äδ ȸ ĥ ִٰ . ۷ι ð . 鼭 ð ߱ ۿ ؼ ܳ ̶
¾
ο 2, 5 ü. ̷ 2005 3~4 CAPA 7 ȮǾ . 丸ŭ ϰ ̷ . ں, ȯ, ȯı̶ Ʋ Sun Paper Model
Sun Paper Model
ֽĴڴ ֱ ö ĵ ĵ Ͼ ۿ ٰ ܾ. ε 2008 370 Ұϴ 2010 ĥ 꼳 ũ ɶ ä ľ 800 ѱ . ü ȭ, ȯ . μ 80, 35(̳Ͽ 17, ̳Ͽ Ը ƴ) CAPA. 40% ϰ ü Ȯ
Ư ؼ ߱ (α ) ڿ̶ ߴ . Ӹ ƴ϶ ݵ ؼ ؿ ʼ. ȯ Ѵ ϴ κ θ ̴ ſ ϰ ֱ ڱ
ȭ ؼ ©ϰ . ȭ 5% Ǹ Ͽ 3.6% ǰ ű ġ Ͽ 3.3% Ǵ ȿ ִٰ
VIPڹ (mwmtmw@naver.com)
1.̹ ġ 50% پϴ. 2012 Ե˴ϴ.
2. ȸ 4μϿ11Ǿ 7 4 μ Դϴ.
3.2010 1б 簡 Ͽϴ. Ǵ ̰ Ҿµ. ϱ Ͽ ȵ˴ϴ.
Ȯس ǰ ϶ 翡 ۿ ϴ. ȭ ȴٸ Ͽ ݱ ۾.
4. žü ϸ鼭 ͼ ֽϴ. ġȯ 5% ͷ Ϳ 8~10% پö 2012Ŀ ġȯ Ǹ 3~5% ͷ ͷ ϰ ɰԴϴ. 25~30% ROE 1/3~1/2 10~15% ϰ
̺κп ؼ ô?
ϴ ̳Ͽ ū ũ Ͻ ͷ̳ ROE Ȯ ڷ ٴ Դϴ. , · ð 鿴 ִ Ѱ踦 ֽϴ.