Is Internet company or a technology company?

Since Tencent's reduction of JD.com, the next "abandoned" object of the Tencent Department has been speculated that the Meituan and Pinduoduo are of course the most discussed object. Recently, although the news of Meituan's reduction is a false alarm, many observers believe that the reduction of the US group is just a matter of time for Tencent.

In December last year, Tencent retreated from JD.com, and the shareholding ratio shrank from 17%to 2.3%. More than 7 years ago, in March 2014, Tencent obtained 15%of JD IPO shares for US $ 214 million. In front of this, Tencent's investment is accurate and successfully invested in many Internet companies in the retail and living service fields. Many of them have grown into industry unicorn and even become a platform with certain monopoly. As of now, there are still 6 listed companies with an investment ratio of more than 10%of Tencent, which are 17.2%of Meituan, 15.5%of Pinduoduo, 11.5%of Shells, 21.49%of the fast hand, 12.4%of Station B, knowing 12.02 12.02 %Shares.

Although the current investment map is adjusting, it does not mean that Tencent's investment strategy is completely conservative, and its investment tentacles have extended to hard technology -related industries. Data from Tianyan Check shows that in 2021, Tencent's key investment fields transferred hard technology tracks such as cloud services, artificial intelligence, integrated circuits, medical health, and autonomous driving. Among them, there is almost no trace of Internet companies.

The logic of Tencent's investment is very clear. That is, the prerequisite for Internet companies to be technology companies has changed. Many start -up companies that are under the banner of the Internet, which are essentially no basic characteristics of technology companies. The development prospects of a large number of Internet companies have become higher. In the future, they will become ordinary companies, instead of high -growth technology companies.

Tencent has been adhering to a ecosystem that it created in recent years, and JD.com and Meituan have been Tencent's most proud investment. Taking the Internet as a tool and means, JD.com has made a comprehensive transformation of the business model of China's retail industry, and has comprehensively improved efficiency. Similarly, Meituan has also produced a huge role in promoting the operating efficiency of life service fields through the Internet.

Through the Internet, Meituan has greatly improved the efficiency of life services. Whether it is market share or service level, Meituan belongs to the boss in the industry. However, Meituan is more bleak in operating efficiency, and even bear the notoriousness of the derivative merchants. The reason is not the problem of technical or management in Meituan, but the Internet's support for its business model is close to the boundary.

Taking the most important takeaway business of Meituan as an example, when its APP completes the three -party communication of users, restaurants and takeaway brothers, this service has a number of "work" to be completed during the completion process, including The production, packaging, takeaway brother pickup, delivery, customer demolition, and eating. This process is much more complicated than the completion of the distribution services of ordinary products, and the time constraints are much more strict, and there are more service quality problems. These issues involving the basic level of service industry, Internet technology cannot play a further role. With the shortage of labor, the cost of takeaway brothers will become higher and higher, the operating costs of ordinary restaurants are getting higher and higher, and the cost of each order of meals is also getting higher and higher. In a high -man -cost society in the future, a cheap fast food will be delivered by one person. Such a business model is too inefficient and also looks extravagant. Therefore, the scene of the take -out food will gradually shrink instead of expanding. The bottleneck of Meituan's development is very obvious.

Before the Internet enters the Chinese service industry, from retail to catering to life services, the degree of industrialization is very low, far behind the development of manufacturing and financial industries. In the past ten years, the Internet's comprehensive coverage of the service industry has greatly changed the operating efficiency of the service industry.

But now a very obvious change is that the Internet has become an infrastructure and daily tools from high technology. This has become popular in developed countries in Europe and America before 20 years, and has completely changed people's quality of life and production methods. Companies engaged in power transmission naturally became the most powerful technology companies at that time. For example, a group of large companies such as West House Electric and General Electric, which develops key equipment such as generators, transformers such as generators, transformers, and become the most critical technologies for power development. At that time, the technology that mastered electricity was equivalent to the most critical technology of the world's development.

In the first 20 years of the 21st century, China's Internet companies became the highest technological content and the greatest business to people's lives and work. In the last decade, Internet manufacturers have become China's most dynamic, innovative capabilities, and the highest salary of employees. Regardless of which field, as long as the words of the Internet are stained with the three words of the Internet, it will inevitably become the goal of investors.

But this situation is changing. In 2020 and 2021, the outbreak of new coronary pneumonia can be regarded as the highest point of the development of China's Internet companies. The increase in home time at the beginning of the epidemic has brought about the last round of the Internet company's high -speed growth. At present, the entire industry has obviously entered the downlink range, and the large head manufacturers have also begun to lay off layoffs.

In the future, the development prospects of companies with Internet labels will undoubtedly have a huge differentiation.

Starting from the first email to overseas more than 30 years ago, the Internet has completed the comprehensive coverage of Chinese society from production to life to entertainment. This coverage is difficult to find dead ends. From the acquisition and payment of information to the payment of funds, the Internet first covered and transformed the work and lifestyle of the office white -collar workers from the PC side. Then, due to the popularity of smartphones and mobile Internet, all adults obtained After the name of netizens, the mobile Internet made a comprehensive transformation and intervention in the lives of all ordinary people, and even children were involved in the Internet world by smart watches and tablets. The Internet penetrates into the daily work and life of almost every Chinese, and penetrates into each transaction. Whether it is the development speed or the density of the coverage, it even exceeds many developed countries. The level of penetration and coverage of China's Internet far exceeds China's industrialization and urbanization level.

In the service industry, almost all areas that can be thought of were occupied by Internet companies. In recent years, Internet practitioners have to extend their entrepreneurial borders. Ruixing Coffee, which is engaged in coffee retail, eggshells engaged in renting business, and daily fresh and Ding Dong buying vegetables engaged in fresh retail are the most representative companies. The fundamental reason is that these companies have been hit hard or have been ordered to hang a line. The root cause is that they have surpassed the boundaries of the business model of the Internet company. The efficiency growth brought by the Internet to these industries is no longer obvious.

The Internet shows the efficiency of the Internet through information communication. It cannot be reflected in all business fields without restrictions. In many service areas, it is difficult to use the Internet itself to make this industry fundamental change. Entrepreneurship companies that still claim to carry the maintenance of traditional industries with the Internet, when they really enter these industries, they will find that the Internet does not cover most of the operations. Cognition is more experienced.

From the perspective of human industrialization, once a certain technology becomes a general tool and infrastructure, it means the end of the high -speed development stage. It is difficult for companies to work in this field to be called technology companies. The so -called technology companies are actually companies that can develop rapidly and quickly change production and lifestyle at a certain stage. Such companies can be called technology companies.

How to measure which companies are counted as technology companies and which are not counted? It can be measured by two standards. The first standard is the proportion of total labor costs to the total cost. If the company's salary of land, houses, machinery and equipment and other fixed assets is not a technology company. The second criterion is the proportion of R & D personnel in the company's total employees. If R & D personnel account for less than 50%of the total number of employees, it is difficult to call technology companies. Use these two standards to measure, Tencent, Ali, Baidu and other companies are still standard technology companies, and JD.com and Meituan are more barely characterized by technology companies. And Ruixing Coffee, Daily Fresh, Dingdong Buying Cai and other companies have no basic characteristics of technology companies.

The reason why Tencent, Ali, Baidu, and other companies still maintain strong technology companies is that they continue to strive to extend to the upstream of the information technology field and continue to strengthen the characteristics of their technology companies. 60%.

Of course, those Internet companies that no longer have the qualifications of technology companies may not have no future development. However, if you still try to develop and operate in accordance with the previous Internet companies' entrepreneurial models, the problems brought by this logical chaos will emerge. If the field you entered determines that you are no longer a real technology company, then you can no longer be planned according to the logic of the growth of technology companies in investment, financing, valuation, management, development speed and path. The logic of entrepreneurial development in traditional industries.

Of course, the Internet will still have a lot of space in work, life, and other fields, but this high -speed development stage has been completely ended. The use of the Internet in all fields is more of stock applications. So we can see that Internet companies can still become excellent companies, and they are still a platform that can dominate various transactions and communication, but it is no longer an important object of investor investment.

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