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20年带出4家上市公司,他说:这3点,定生死
Sou Hu Cai Jing· 2025-10-23 04:23
在中国企业家的名录里,季琦是一个绕不开的名字。他先后参与创立携程、如家,亲手缔造的华住已经成为中国酒店集团中市值最高的企业。 作为连续将 4 家公司推向上市的 "创业教父",季琦的经历远比商业爽文更精彩。从携程到如家,从汉庭再到华住赴港上市,他四次创业均获成功。 一次两次成功可能靠运气,三次四次成功一定是靠硬实力。 为此,我们整理汇编了季琦的过往文章和他的新书《心生之境》,谈到了他在创业路上的反思和感悟,他对对管理经验、人生态度的理解。 过去的三家上市公司 让我懂得了这5个道理 从1999年到2010年,差不多十年的时间里,我创立和参与创立了三家企业(携程、如家、汉庭),最后这三家企业都在美国纳斯达克成功上市了,市值也 都超过了10亿美元。 携程从网上旅行社到订房中心,如家从酒店联盟到经济型直营,汉庭从中档有限服务到经济型酒店。 这个过程中关键的是创业团队要有变通的能力,不断摸索和创新。 综合起来看,这三家企业有许多共同点。 第一个特点,实际商业模型和最初融资的不完全一样。 如果守在当初不现实的理想模型里,这些初创企业可能都会夭折在摇篮里。 当理想的模型在实践中经受检验的时候,我们要能够敏锐地找到一条现实可行 ...
The Bank of New York Mellon(BK) - 2025 Q2 - Earnings Call Transcript
2025-07-15 14:30
Financial Data and Key Metrics Changes - Earnings per share (EPS) of $1.93 increased by 27% year over year, and by 28% excluding notable items [7][21] - Total revenue rose by 9% year over year, exceeding $5 billion for the first time in a quarter [7][17] - Pre-tax margin improved to 37%, and return on tangible common equity increased to 28% [7][21] Business Line Data and Key Metrics Changes - Security Services reported total revenue of $2.5 billion, up 10% year over year, with investment services fees growing by 10% [26] - Marks and Wealth Services segment revenue increased by 13% year over year to $1.7 billion, with net interest income up 21% [29] - Investment and Wealth Management segment revenue decreased by 2% year over year, with assets under management at $2.1 trillion, reflecting a 3% increase [30] Market Data and Key Metrics Changes - Firm-wide assets under custody and administration (AUCA) reached $55.8 trillion, up 13% year over year [19] - Foreign exchange revenue increased by 16% year over year due to elevated volatility and higher volumes [20] - Net interest income rose by 17% year over year, driven by reinvestment of maturing investment securities at higher yields [24] Company Strategy and Development Direction - The company is focused on a multiyear transformation to capture market beta and generate alpha through improved operational efficiency and client engagement [8][9] - Emphasis on delivering innovative solutions and enhancing the commercial model to deepen client relationships [10][11] - The transition to a platforms operating model is expected to enhance efficiency and client service [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted elevated market volatility and geopolitical tensions as key factors influencing the operating environment [6][5] - The company expects solid fee revenue growth in 2025, with net interest income projected to increase by high single digits year over year [32] - Management remains optimistic about the potential for organic growth and the impact of AI on operational efficiency [84][85] Other Important Information - The company returned approximately $1.2 billion of capital to shareholders, resulting in a 92% total payout ratio year to date [23] - A 13% increase in the quarterly common stock dividend was declared following the Federal Reserve's stress test results [33] Q&A Session Summary Question: How does the company view capital deployment relative to stock trading? - Management emphasized strong momentum and the importance of investing in the business while remaining open to sensible M&A opportunities if they align with strategic priorities [40][41] Question: Is it safe for investors to assume a high return on tangible common equity? - Management indicated that there is no ceiling on medium-term targets and that the company is focused on continuous improvement and organic growth [44][45] Question: Are fees performing better than original expectations? - Management acknowledged strong performance in fees and highlighted the positive operating leverage achieved, with a focus on organic growth [50][51] Question: What investments are being made to improve Investment Management performance? - Management noted leadership changes and a focus on cross-selling within the firm to enhance performance in Investment Management [62][66] Question: What is the outlook for acquisitions? - Management stated that while M&A can be a powerful tool, the primary focus remains on driving organic growth and ensuring any acquisitions align with strategic goals [102]
融资6000万美元后,帷幄科技叶生晅说商业模型才是一切的原点
暗涌Waves· 2025-06-27 07:55
Core Viewpoint - The article discusses the success of a SaaS company, Wailuo Technology, which has completed a $60 million Series C funding round, emphasizing the importance of profitability over grand visions in the current AI-driven market [1][2]. Group 1: Company Overview - Wailuo Technology defines itself as an "enterprise AI for business," focusing on implementing AI solutions in specific verticals [7]. - The company has developed AI products for various sectors, including smart name badges for bank tellers that utilize AI for sales training and customer analysis [8]. Group 2: Hardware vs. Software - The founder believes that starting with hardware was a strategic decision, providing a competitive edge in supply chain capabilities that newer companies cannot match [11]. - The company’s products have not fundamentally changed; rather, AI has enhanced production efficiency [13]. Group 3: Market Expansion and Funding - The recent funding round included significant investments from Southeast Asian firms, highlighting the scarcity of toB or AI companies in the region [15]. - The founder plans to expand into Japan and Western markets, noting that Asian companies are often undervalued compared to their American counterparts [16]. Group 4: Business Model Insights - The founder emphasizes that the essence of business is profitability, arguing that many innovative ideas do not translate into profitable ventures [25]. - The article discusses the challenges of toB businesses, which require deep service and long-term relationships, contrasting them with toC businesses that focus on high traffic [23]. Group 5: Market Dynamics and Opportunities - The founder identifies market changes, such as those brought by electric vehicles, as opportunities for growth, suggesting that economic downturns can create unique business prospects [30]. - The article highlights the importance of adaptability in business strategies, particularly in the context of international trade and competition [30].