READING BOOKS 「 湛庐·十一特辑 」 2025年的商业竞争中，市场从增量竞争转向存量厮杀，传统的"风口套利"模式日渐失效，依靠单一业务增长似乎总能看到天花板。而丹纳赫，这个曾经将 数百家企业整合、优化，最终孵化出市值超千亿美元的巨头却依然在持续创造价值。 当下的经济环境，正呼唤丹纳赫式的商业智慧！ ▲ 点击书封，立即入手 以丹纳赫为镜，锻造企业韧性 ——《丹纳赫模式》推荐序 美的集团董事长兼总裁方洪波先生，在这篇极具实践洞察的推荐序中，他深刻指出，伟大的企业皆因将"常识做到极致"——坚守流程、尊重事实、效率至 上。 请阅读本书，为大脑充电、为未来布局，这是一部能重塑你商业思维体系的深度之作。 无论是寻求转型升级的企业创始人、致力于推动内部变革的高管，还是希望在价值投资中精益求精的投资人，都能从中获得至关重要的启示！ 文/方洪波 美的集团董事长兼总裁 丹纳赫集团用40多年的时间，从美国本土低端制造业的杠杆并购者，进化为全球生命科学领域的冠军企业。丹纳赫商业系统(DanaherBusiness System,DBS) 的精髓是"常识为纲，贯彻有方(Commonsense,vigorously app ...

Core Insights - The article discusses the challenges faced by Chinese companies in a highly competitive environment characterized by homogenization, price wars, and rising costs, emphasizing the need for a systematic methodology to navigate these challenges [2] - It highlights the "Danaher Model," which is based on the Danaher Business System (DBS), showcasing how it has been successfully applied in various acquisitions and operational improvements [2][4] - The narrative underscores the importance of transforming lean management from a tool into a core competency, as demonstrated by Midea Group's implementation of the Midea Business System (MBS) [4][5] Group 1: Challenges in the Business Environment - The business landscape in 2025 is marked by unprecedented restructuring, with companies facing common anxieties related to profit erosion and growth stagnation [2] - The failure rate of mergers and acquisitions remains high, necessitating a robust approach for companies to survive and thrive [2] Group 2: The Danaher Model - The Danaher Group's early acquisitions were strategic, focusing on undervalued assets, but its transformation was driven by a strategy of industry upgrade through systematic acquisitions [7] - The evolution of Danaher from diversified acquisitions to a focus on healthcare illustrates that a company's boundaries are defined by its core capabilities rather than just capital [7] Group 3: Implementation of Lean Management - Midea Group's journey in adopting the DBS framework led to significant improvements in operational efficiency, with an average annual efficiency increase of approximately 15% across its factories [5] - The establishment of the MBS capability center and the development of over 60 lean management educational materials have empowered both domestic factories and suppliers [5] Group 4: Globalization Strategy - Danaher’s globalization strategy combines internal and external growth, emphasizing the importance of localizing research and development to meet local demands [8] - Midea's establishment of 17 R&D centers and 22 manufacturing bases abroad reflects a commitment to building a "second home market" through an Own Branding & Manufacturing (OBM) strategy [8] Group 5: Lessons for Chinese Enterprises - The book serves as a high-density management tool, addressing key questions about achieving capability integration through acquisitions, evolving lean management into a core competency, and balancing localization with integration in globalization [10] - The historical context of Danaher’s growth, from a $1 million loan for its first acquisition to a market valuation exceeding $200 billion, emphasizes the importance of adhering to fundamental principles such as process efficiency and factual respect [10]

Core Insights - Danaher has achieved an impressive 1800% revenue growth through 400 acquisitions over 40 years, outperforming Berkshire Hathaway under Warren Buffett's leadership [2] - The company is recognized for its exceptional long-term performance and unique operational model, which includes the Danaher Business System (DBS) and superior strategic acquisition and integration capabilities [2] Group 1: Common Sense - Danaher's success is rooted in simple common sense, emphasizing a market-first approach in its acquisition strategy, focusing on customer needs and competitive barriers [5] - The principle of "every acquisition adds value" helps Danaher avoid blind expansion and instead concentrate on high-barrier, high-value sectors [5] - The company believes in the power of compounding, aligning with Warren Buffett's view that "time is a friend of great companies" [5] Group 2: Systematic Approach - The Danaher Business System (DBS) is a dynamic management system that translates adherence to common sense into actionable strategies [6] - DBS is continuously evolving, integrating best practices from acquired companies, which enhances its resilience and adaptability [6] - The book provides extensive insights into DBS's philosophy, execution methods, metrics, and tools, offering valuable knowledge for readers [6] Group 3: Cultural Strength - The core culture of Danaher is built on humility, which fosters self-reflection and respect for human nature, attracting top talent [7] - Other key organizational traits include excellence, honesty, and focus, along with six behavioral principles that guide operations [7] - Danaher's success is fundamentally a cultural success, emphasizing the importance of learning and adopting its cultural values for other enterprises [7]

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 Viewpoint - The article discusses the challenges faced by Chinese enterprises in a highly competitive environment characterized by homogenization, price wars, and rising costs, emphasizing the need for a systematic methodology to navigate these challenges and achieve sustainable growth [2]. Group 1: Challenges in the Business Environment - The business landscape in 2025 is marked by unprecedented restructuring, with common anxieties among enterprises regarding profit erosion and growth stagnation [2]. - Cost reduction and efficiency enhancement have shifted from strategic choices to survival necessities for companies [2]. Group 2: The Danaher Model - The book "The Danaher Model" dissects the success strategies of Danaher, known as the "king of acquisitions," highlighting the Danaher Business System (DBS) as a key driver of its success [2]. - Danaher’s approach to acquisitions has evolved from merely capturing undervalued assets to using acquisitions as a means for industrial upgrading [7]. Group 3: Midea Group's Implementation - Midea Group began learning from international advanced enterprises, specifically the Toyota Production System, but initially saw limited success [4]. - After engaging with Danaher, Midea developed its own Midea Business System (MBS), focusing on lean talent development and factory transformation [4][5]. - By 2018, Midea's domestic factories completed their lean transformation, leading to an average efficiency improvement of approximately 15% annually [5]. Group 4: Globalization and Future Strategies - Danaher’s globalization strategy combines internal and external growth, emphasizing the importance of localizing research and development [8]. - Midea has established 17 R&D centers and 22 manufacturing bases globally, aiming to create a "second home market" [8]. - The future competition will hinge on both lean management capabilities and the integration of advanced digital technologies [7]. Group 5: Lessons for Chinese Enterprises - The book serves as a high-density management tool, addressing key questions about mergers and acquisitions, the evolution of lean management, and balancing localization with integration in globalization [10]. - Danaher’s journey from a $1 million loan for its first acquisition to a market value exceeding $200 billion illustrates the importance of adhering to fundamental principles such as process reliance and efficiency [10].

Core Insights - Danaher has achieved an impressive 1800% revenue growth through 400 acquisitions over 40 years, outperforming Berkshire Hathaway and matching the performance of private equity giants like Blackstone and KKR [2] - The book "The Danaher Model" by former Danaher executives reveals two core competencies that drive Danaher's success: the Danaher Business System (DBS) and exceptional strategic acquisition and integration capabilities [2] Group 1: Power of Common Sense - Danaher's success is rooted in simple common sense rather than complex theories, emphasizing a market-first approach in its acquisition strategy [5] - The principle of "every acquisition adds value" helps Danaher avoid blind expansion and focus on high-barrier, high-value sectors [5] - The company believes in the power of compounding, aligning with Warren Buffett's view that "time is a friend of great companies" [5] Group 2: Power of Systems - Danaher has transformed adherence to common sense into a practical, executable system known as DBS, which is a dynamic management framework rather than a rigid manual [6] - The continuous evolution of DBS incorporates best practices from acquired companies, making it a resilient and adaptive system [6] Group 3: Power of Culture - DBS is not only a methodology but also a core cultural element that fosters resilience within the organization, with humility being a key characteristic of Danaher's corporate culture [7] - Other core organizational traits include excellence, honesty, and focus, along with six behavioral principles that guide operations [7] - The success of Danaher fundamentally stems from its culture, which is essential for other companies to learn from [7]

Core Viewpoint - Danaher, a global merger giant, has achieved remarkable long-term performance and a unique operational model, providing valuable insights on how to navigate uncertainty in the business world [2]. Group 1: Danaher's Performance and Strategy - Over 40 years, Danaher has completed 400 acquisitions, resulting in a 1800% increase in revenue, outperforming Berkshire Hathaway under Warren Buffett's leadership [2]. - Danaher's gross margin has expanded from around 30% to over 60% [4]. - The company has cultivated successful leaders, including Larry Culp, who transformed General Electric from a crisis to a leading enterprise through strategic restructuring [4]. Group 2: Key Success Factors - The book "The Danaher Model" identifies two core capabilities that underpin Danaher's success: the Danaher Business System (DBS) and exceptional strategic acquisition and integration capabilities [2]. - Danaher's acquisition strategy is guided by the principle of prioritizing market needs, ensuring that each acquisition adds value and avoids blind expansion [5]. - The company emphasizes the power of compounding returns, aligning with Warren Buffett's belief that time is a friend to excellent companies [5]. Group 3: The Power of Systems and Culture - Danaher has transformed adherence to common sense into a practical, executable system through DBS, which is a dynamic management framework rather than a rigid manual [6]. - The continuous evolution of DBS incorporates best practices from acquired companies, reinforcing a culture of improvement and resilience [6]. - Danaher's organizational character is built on humility, which fosters reflection and attracts talent, contrasting with more hierarchical cultural norms [7]. Group 4: Cultural Principles and Practices - In addition to humility, Danaher's core organizational values include excellence, honesty, and focus, supported by six behavioral principles that emphasize continuous improvement and accountability [7]. - The success of Danaher is fundamentally rooted in its culture, which is essential for other companies to learn from and adopt [7]. - The insights from Danaher's experience can significantly enhance the competitive edge of both startups and established firms [8].

Core Insights - Danaher is a legendary company with a 40-year shareholder return of 1800 times, surpassing Berkshire Hathaway led by Buffett and Munger [2] - The company has executed over 400 acquisitions, achieving performance comparable to Blackstone [2] - Danaher is recognized as a "hidden Harvard" in manufacturing, having produced over 30 CEOs for publicly listed companies [2] - The Danaher model has been adopted by companies like Midea, Bull, Fosun, and WuXi Biologics [2] Danaher Model - The Danaher model is a continuous value creation business loop: acquire a company at a reasonable price → empower and enhance its performance using the Danaher Business System (DBS) → generate abundant cash flow → acquire the next company [4][8] - The model emphasizes that cash flow is vital, especially as "windfall arbitrage" becomes ineffective [4] Book Recommendations - The book "The Danaher Model" is recommended for managers seeking to improve management levels and pursue strategic acquisition growth [5] - It provides insights into high-quality growth, navigating cycles, and achieving extraordinary business success [5] Danaher’s Acquisition Strategy - Danaher has completed an average of one acquisition per month over the past 40 years, investing nearly $100 billion with a success rate far exceeding the industry average [9] - The acquisition strategy includes a scientific selection mechanism focusing on high-growth and high-barrier sectors, a long-term tracking system, and a platform strategy for business reorganization [9][10] Danaher Business System (DBS) - DBS is described as the "heart" of Danaher, enabling rapid integration of acquired companies into efficient operational frameworks [12] - The system covers all operational processes from production to marketing and human resources, emphasizing continuous improvement and data-driven decision-making [12] Globalization and Local Adaptation - The Danaher model serves as a valuable reference for Chinese companies facing transformation challenges in a globalized economy [17][18] - Companies like Midea and WuXi Biologics have successfully adapted Danaher's principles to enhance their operational efficiency and global expansion [20]

Core Viewpoint - Danaher Corporation has achieved remarkable long-term performance and a unique operational model, providing valuable insights on how to navigate uncertainty in the business world and achieve sustainable growth [1]. Group 1: Danaher's Performance and Strategy - Over 40 years, Danaher has completed 400 acquisitions, resulting in an 1800% increase in revenue, outperforming Berkshire Hathaway under Warren Buffett's leadership [1]. - Danaher's gross margin has expanded from approximately 30% to over 60% [4]. - The company’s former CEO, Larry Culp, successfully transformed General Electric, demonstrating Danaher's effective leadership and strategic capabilities [4]. Group 2: Key Principles of Danaher's Success - Danaher’s success is attributed to three main forces: the power of common sense, the power of systems, and the power of culture [4][8]. - The company’s acquisition strategy is guided by the principle of prioritizing market needs, ensuring that each acquisition adds value and avoids blind expansion [5]. - Danaher emphasizes the importance of compound growth, aligning with Warren Buffett's view that time is a friend to great companies [5]. Group 3: The Danaher Business System (DBS) - The Danaher Business System (DBS) is a dynamic management system that embodies the execution of common sense, continuously evolving through the integration of best practices from acquired companies [6]. - DBS serves as a vital framework for Danaher, promoting a culture of continuous improvement and adaptability [6]. Group 4: Cultural Aspects of Danaher - Humility is a core organizational trait at Danaher, fostering a culture of reflection and respect for human talent, which is essential for attracting and retaining top talent [7][8]. - Other key organizational traits include excellence, honesty, and focus, along with six behavioral principles that guide operations and decision-making [8]. - Danaher’s cultural success is fundamental to its overall achievements, suggesting that other companies can benefit from adopting similar cultural values [8].

Core Insights - Danaher Corporation has achieved significant long-term performance and operational excellence through a unique acquisition strategy, resulting in an 1800% increase in revenue over 40 years and outperforming Berkshire Hathaway [1] - The book "The Danaher Model" by former Danaher executives dissects the company's success, highlighting two core capabilities: the Danaher Business System (DBS) and exceptional strategic acquisition and integration skills [1] Group 1: Common Sense - Danaher's success is rooted in simple principles, emphasizing a market-first approach in its acquisition strategy, which is based on understanding customer needs and considering competitive barriers and return on invested capital [5] - The company avoids blind expansion by focusing on high-barrier, high-value sectors, reinforcing the idea that every acquisition should add value [5] - Danaher exemplifies the power of compounding, aligning with Warren Buffett's belief that time is a friend to great companies [5] Group 2: Systematic Approach - The Danaher Business System (DBS) is a dynamic management system that translates adherence to common sense into actionable strategies, rather than a rigid manual [6] - The book elaborates on the evolution of DBS, which continuously integrates best practices from acquired companies, enhancing its effectiveness and resilience [6] Group 3: Cultural Strength - DBS is not only a methodology but also a core cultural element that fosters humility, which is essential for attracting talent and promoting self-reflection within the organization [7] - Danaher's organizational values include humility, excellence, honesty, and focus, alongside six behavioral principles that guide operations and decision-making [8] - The cultural framework of Danaher is fundamental to its success, suggesting that other companies can benefit from adopting similar cultural practices [8]