作者：吴晓波，浙江大学社会科学学部主任、管理学院教授 在全球企业发展史中，丹纳赫集团是一个低调、务实、神秘而又高起点持续推进创新的优秀范例。这家从 传统制造业起家，以独特的并购、整合、提升之道实现超常发展的企业，在短短数十年间完成了从制造业 巨头到生命科学领导者的华丽蜕变，其成功密码为众多企业家和管理者所神往。浙江大学校友杨益先生和 他的同伴以在丹纳赫集团10多年里从普通员工到高级管理干部的亲身经历为基础，以管理专家的客观、理 性立场，站在跳出丹纳赫看丹纳赫的高度，全面、系统地为我们揭开了这层神秘的面纱。 DBS是丹纳赫集团成功的核心密码。它井不是一个简单的管理工具集合，而是一个完整的商业操作系统。 从源自日本丰田的精益生产系统到自成一体的创新增长，从人才发展到领导力培养，DBS构建了一个自我 作为长期从事企业管理，尤其是创新与战略管理研究的学者，我非常高兴应杨益先生之邀请，为本书作 序。怀着浓厚的职业兴趣，酣畅地阅读完样书后，我觉得本书有以下五个方面的特点。 丹纳赫集团成功的核心密码：DBS 丹纳赫集团的本质是一个长青并购基金加管理咨询机构的复合体。这种独特的商业模式使其在资本市场和 实体经济两个维度都取得 ...

Core Insights - Danaher Corporation has successfully completed nearly 400 acquisitions over 40 years, spending approximately $90 billion, resulting in a market capitalization of about $200 billion and creating around $250 billion in shareholder value [2][4] - The company achieved an average annual return of 22% over the past 40 years, outperforming the S&P 500's 12% and Berkshire Hathaway's 16% during the same period [2] Acquisition Characteristics - High Frequency: Danaher averages over 10 acquisitions per year, with a peak of 19 in one year, never recording a year without acquisitions [4] - High Success Rate: While 70% to 90% of acquisitions in the market fail, Danaher's major acquisitions, such as those of Fluke and Beckman Coulter, have been largely successful [4] - Cross-Industry: The company has successfully operated across various industries, from low-end manufacturing to advanced life sciences and diagnostics [4] Evolution of Acquisition Style - In the 1980s, Danaher focused on high leverage and asset restructuring, later shifting to a strategy of seeking innovative, low-cost products and decentralized management [6] - Under CEO Kalp, a world-class core team was established, leading to a more scientific and structured acquisition process, integrating the Danaher Business System (DBS) into acquisition management [7][8] Recent Trends in Acquisitions - Post-2016, Danaher has focused on divesting non-core businesses and concentrating on life sciences and diagnostics, with over 95% of acquisition funds directed towards these sectors [11][12] - The average number of acquisitions per year decreased to 7.4, but the size of individual transactions increased significantly, with an average deal size of $910 million [12] - Danaher has also begun early-stage technology investments, establishing a venture capital arm to identify disruptive technologies in the life sciences sector [14] Platform Strategy - Danaher employs a platform strategy, starting with a cornerstone asset to build a strategic business platform, followed by acquisitions of independent companies to enter adjacent markets [16] - The water quality platform, established in the late 1990s, exemplifies this strategy, with significant acquisitions leading to substantial revenue growth [21][20] Performance Metrics - The water quality platform generated approximately $5 billion in revenue by 2022, with a return on invested capital (ROIC) exceeding 20% [21] - The testing and measurement platform, which included notable acquisitions like Tektronix, achieved significant revenue growth and profitability during its tenure [23] - The life sciences platform has become a key area of focus, with substantial investments and successful acquisitions contributing to its growth [41][42]

Core Insights - Danaher Corporation is a prime example of a low-profile, pragmatic, and innovative company that has transformed from a traditional manufacturing giant to a leader in life sciences through unique mergers, integrations, and enhancements [2][4] - The company's success is attributed to its clear strategic understanding and relentless execution, showcasing foresight and solid insights from leveraged acquisitions to international expansion [4][6] Group 1: Business Model and Strategy - Danaher operates as a hybrid of a perpetual merger fund and a management consulting firm, achieving significant success in both capital markets and the real economy [4] - The company has evolved from starting with million-dollar loans to becoming a multinational enterprise valued at over 100 billion dollars, marking its journey as a miracle in business history [4] - The core of Danaher's success lies in its DBS (Danaher Business System), which is a comprehensive operational system that translates complex management theories into executable, quantifiable, and replicable actions [4][5] Group 2: M&A Strategy - Danaher's acquisition strategy is characterized by a market-first approach, focusing on high-growth industries and ensuring each transaction creates shareholder value through strict valuation discipline [6] - The post-merger integration led by DBS is crucial for Danaher's acquisition success, emphasizing a pragmatic approach to ensure smooth and orderly integration processes [6][8] Group 3: Continuous Evolution - The essence of DBS is its ability to continuously evolve, ensuring operational efficiency and strategic execution through the application of various methodologies and tools [7][8] - Danaher has established a complete talent development system, ensuring cultural transmission and organizational vitality through immersive programs and new employee integration [8] Group 4: Lessons for Chinese Enterprises - Danaher's experience offers significant lessons for Chinese companies, emphasizing the importance of understanding the underlying logic of success rather than mere imitation [10][12] - The potential of the Chinese market provides new growth opportunities for Danaher, while the learning practices of Chinese enterprises inject new vitality into the Danaher model [10][12] - The need for Chinese enterprises to establish their own business systems (XBS) is highlighted, requiring a deep understanding of management systems and practical implementation [10][13] Group 5: Long-term Value Creation - Long-termism and the power of compound growth are fundamental to Danaher's success, indicating that true business success lies in the ability to create sustained value [12] - The current technological revolution presents numerous opportunities for Chinese enterprises to innovate and establish management systems that align with the characteristics of the new era [13]

Core Insights - Danaher Corporation's stock price has experienced a decline, with a 3.55% drop in a single day and a cumulative decline of 3.91% over two days, yet its long-term development strategy and mature business system remain noteworthy [1] - The company has gained attention for its successful acquisition strategy and the Danaher Business System (DBS), which is crucial for efficient execution in global acquisitions [1] - Danaher's ability to integrate and manage acquisitions has been a key factor in its transformation into a healthcare giant, completing nearly 400 acquisitions since its inception [1] Group 1 - The Danaher Business System (DBS) is derived from the Toyota Production System and has evolved into a comprehensive management approach that enhances post-acquisition integration and management efficiency [1] - Danaher's stock performance has outpaced many industry benchmarks, achieving an impressive 1800-fold return on investment through the implementation of the DBS [1] - Continuous self-upgrading and innovation are critical to Danaher's outstanding performance, especially in the context of technological transformation [1] Group 2 - Chinese companies are increasingly adopting Danaher's business model to enhance competitiveness through lean management and global expansion, with Midea being a notable example [2] - The introduction of Danaher's management philosophy has significantly improved operational efficiency and market competitiveness for Chinese enterprises [2] - The essence of the DBS is to systematize management knowledge and execution, enabling companies to achieve continuous improvement and efficient operations through a unified language and methodology [2] Group 3 - Companies looking to emulate Danaher's model must understand the underlying management philosophy rather than merely imitating specific operational tools [2] - It is essential for businesses to adapt the core principles of Danaher's approach to their unique characteristics to achieve management upgrades and business expansion [2] - In the context of a slowing global economy, companies must be agile in responding to internal and external challenges to drive long-term development [2]

It has been about a month since the last earnings report for Danaher (DHR) . Shares have added about 6.8% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Danaher due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Danaher Corporation before we dive into how investors and analysts have reacted as ...

Core Viewpoint - The article emphasizes the importance of mergers and acquisitions (M&A) for Chinese companies to transition from a cost-leadership model to a technology-leadership model, using the Danaher Group as a successful case study [2][11]. Group 1: Danaher Group's M&A Strategy - Danaher Group has successfully executed over 400 acquisitions to expand its business scale and improve gross margins through management empowerment and industry restructuring, focusing on high-margin emerging technology sectors [2][11]. - The company initially targeted low-margin businesses, utilizing a standardized management system (DBS) to enhance operational efficiency, resulting in an average gross margin increase from 18% to 35% within 18 months [8][9]. - As market conditions evolved, Danaher shifted its acquisition strategy towards high-tech companies, leveraging its management expertise to optimize operations and accelerate technology upgrades, achieving a transformation from a 20% gross margin in tools to approximately 60% in emerging technology sectors [9][12]. Group 2: Challenges Faced by Chinese Companies - Chinese companies are currently facing a "scale dilemma, profitability dilemma, and transformation dilemma," with an average gross margin of about 15%, necessitating a shift to a technology-leadership model [11]. - Recent supportive policies for M&A in China, such as the "National Nine Articles" and "Six M&A Articles," have injected significant momentum into the M&A market, with local governments establishing industrial M&A funds [11][12]. - The disparity in market capitalization between Chinese and U.S. listed companies indicates substantial potential for growth in the Chinese capital market, with M&A becoming a primary exit strategy for technology firms due to limited IPO opportunities [11][12]. Group 3: Strategic Recommendations for Chinese Enterprises - The article suggests that Chinese enterprises should seize the current M&A wave to integrate resources, optimize industry structures, and enhance profitability and cash flow through best management practices [12]. - It advocates for a strategic model of "M&A for scale, management for quality, and restructuring for excellence," allowing companies to choose different growth models based on their resource endowments [12]. - The focus should be on precise target selection during M&A, emphasizing management empowerment and synergy integration to achieve a leap from cost leadership to technology leadership, thereby enhancing global competitiveness [12].

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and wisdom, highlighting the value of continuous learning and interaction through book discussions and recommendations [2][3][6]. Group 1: Book Recommendation - The featured book is "The Danaher Model," which details the Danaher Business System (DBS) and its role in lean management and operational excellence [8][10]. - The book is authored by Yang Yi and Chen Chaowei, and it aims to provide insights into how Danaher has successfully executed over 400 acquisitions with an average return rate of 21% [10][46]. Group 2: Danaher Business System (DBS) - DBS is recognized as the leading lean management system in the Western world, evolving from the Toyota Production System to a comprehensive management approach that enhances customer satisfaction and revenue growth [10][12]. - The system is built on eight foundational tools that convert management common sense into quantifiable, trackable, and replicable actions, ensuring cultural unity and execution consistency across Danaher's global operations [12][13]. Group 3: Foundational Tools of DBS - The eight foundational tools of DBS include: - Value Stream Mapping: Identifies waste and improvement opportunities [13]. - Improvement Activities: Provides structure for continuous improvement [13]. - Problem-Solving Process: Systematic approach to identify and resolve root issues [13]. - Voice of the Customer: Guides product and service improvements based on customer feedback [13]. - Visual Management and Daily Management: Enhances process transparency and efficiency [13]. - Standard Work: Defines and optimizes workflows to ensure quality and efficiency [13]. - Transactional Process Improvement: Increases efficiency in non-production processes [13]. - 5S: Organizes and manages the workplace for efficiency [13]. Group 4: Value Stream Mapping - Value Stream Mapping is a tool for analyzing and optimizing production and service processes, helping organizations identify and eliminate non-value-adding activities [16][19]. - It visually represents material and information flows, allowing management to pinpoint waste and improve efficiency [16][19]. Group 5: Improvement Activities - Improvement activities focus on continuous, incremental enhancements to workflows and production processes, primarily aimed at waste elimination [24][25]. - The concept of waste in lean production includes categories such as overproduction, waiting time, unnecessary transportation, defects, excessive processing, surplus inventory, and unnecessary motion [26][29]. Group 6: Visual Management and Daily Management - Visual management tools are essential for maintaining and stabilizing improvement results, allowing managers to quickly assess production conditions and address issues as they arise [34][35]. - The article illustrates the application of visual management through a case study involving a child's academic performance, demonstrating the effectiveness of data-driven decision-making and continuous improvement [35][44].

Core Insights - The article highlights the remarkable investment journey of Danaher Corporation, co-founded by Mitch Rales and his brother Steven Rales, achieving an annualized return of over 21% from 1984 to 2024, resulting in an astonishing 1800 times investment return [4][3]. Group 1: Danaher’s Founding and Growth - Danaher was founded in 1984 after the Rales brothers acquired Master Shield and Mohawk Rubber, merging them into a new entity [5][4]. - The Danaher Business System (DBS), inspired by Toyota's lean manufacturing principles, was developed in the late 1980s, evolving into a comprehensive management system covering strategy, operations, talent development, and culture [6][8]. Group 2: Danaher Business System (DBS) - DBS emphasizes "continuous improvement" and "rapid iteration," allowing any business, individual, or issue to be quantified, broken down, tracked, and optimized [8][6]. - The Rales brothers viewed strategy as an ongoing process rather than a final destination, focusing on the organization’s evolution [9][10]. Group 3: Philanthropy and Leadership - Mitch Rales has shifted focus towards philanthropy, particularly through the Glenstone Foundation and Museum, which aims to integrate art, architecture, and landscape [12][11]. - The Rales brothers have committed to using their wealth for the benefit of humanity, embodying a "guardian" role that permeates their life choices [13][12]. Group 4: Glenstone Museum Philosophy - Glenstone aims to create a unique art experience by seamlessly integrating art, architecture, and nature, providing visitors with ample space to engage with artworks [21][22]. - The museum's design emphasizes tranquility and a slow-paced experience, contrasting with the crowded environments of traditional museums [23][24]. Group 5: Learning from Best Practices - The Rales brothers and their team studied around 50 museums globally to learn from their successes and mistakes, gathering valuable insights to inform Glenstone's design [54][57]. - This commitment to benchmarking and continuous learning is rooted in the early days of Danaher, where the Rales brothers sought best practices from successful companies [62][63].

不久前，美的集团董事长兼总裁方洪波在一次专访中谈到企业的转型路径。他表示，美的诸多管理实践，皆源于对发达国家跨国企业经验的学习与总结。 在列举学习对象时，除了广为人知的福特、丰田、特斯拉，他还特别提到了一个对国内读者相对陌生的名字：丹纳赫。 后来，为《丹纳赫模式》一书撰写推荐序时，方洪波更详细地提到丹纳赫对美的的影响。截止2024年，这套系统推动美的工厂效率年均提升约15%。 作为中国职业经理人中的代表性人物，方洪波将这本讲述丹纳赫模式的作品视为中国企业穿越周期的行动纲领，"对于包括美的在内的众多中国企业而 言，丹纳赫集团既是一面镜子，让我们看清差距；更是一把尺子，丈量出追赶的路径。" 40多年里，丹纳赫总计完成了近400次并购，花费约900亿美元，配合DBS（丹纳赫商业系统）赋能经营能力，创造出了约2000亿美元的市值，如果将被分 拆、出售的企业计算在内，其整体创造的股东价值接近2500亿美元。 根据丹纳赫2019年年报，自1984年至2019年，集团股票年均复合总回报率高达22%，超过巴菲特执掌的伯克希尔-哈撒韦公司，也是1984年以来唯一一个 在每个五年周期持续跑赢标普500指数的美国上市公司。 《丹纳 ...

Core Viewpoint - Danaher (DHR) has reached a significant support level and shows potential as a good investment choice from a technical perspective, having recently broken through the 200-day moving average, indicating a long-term bullish trend [1]. Technical Analysis - The 200-day simple moving average is a useful tool for traders and analysts to determine long-term market trends, serving as a support or resistance level [2]. - DHR has experienced an 11% rally over the past four weeks, and currently holds a Zacks Rank of 3 (Hold), suggesting it may be poised for another upward movement [2]. Earnings Estimates - The bullish outlook for DHR is reinforced by positive earnings estimate revisions, with no estimates decreasing in the past two months, while 11 have increased, leading to a rise in the consensus estimate [3]. - Given the important technical indicators and the positive trend in earnings estimate revisions, DHR is recommended for investors to consider adding to their watchlist [3].