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作為IMBA必修課的“壓軸大戲”與最終重塑自我的“頂點(diǎn)課程”， Capstone Project要求學(xué)生以小組形式，選擇一家上市公司來作為“診療對(duì)象”，對(duì)公司的成與敗、過去與未來、戰(zhàn)略與目標(biāo)進(jìn)行全面梳理，深入分析公司的財(cái)務(wù)及運(yùn)營(yíng)數(shù)據(jù)，全面研究公司所處的行業(yè)及市場(chǎng)狀況，描繪出公司長(zhǎng)遠(yuǎn)發(fā)展的路徑與藍(lán)圖，最終幫助其制定迎接挑戰(zhàn)的戰(zhàn)略決策。

這門實(shí)戰(zhàn)課需要同學(xué)通過小組合作討論、企業(yè)訪談等多種形式的溝通與研究，提供相關(guān)報(bào)告并進(jìn)行答辯。在導(dǎo)師評(píng)審組的指導(dǎo)下，同學(xué)們?cè)贗MBA的所學(xué)所思都將得到嚴(yán)格而扎實(shí)的檢驗(yàn)，這也正是Capstone Project的目標(biāo)所在：為學(xué)生提供一個(gè)整合知識(shí)、技能與經(jīng)驗(yàn)，并將其運(yùn)用到真實(shí)商業(yè)實(shí)踐中的機(jī)會(huì)。

在這長(zhǎng)達(dá)半年的時(shí)間里，同學(xué)們學(xué)以致用，真正踐行實(shí)戰(zhàn)，經(jīng)歷了涅槃與蛻變的成長(zhǎng)過程?，F(xiàn)在讓我們一起走進(jìn)E Stream，揭曉Capstone Project各小組背后的成長(zhǎng)與收獲。

01

Group

How proper corporate governance can support Xiaomi's sustainability

小組組長(zhǎng)：He Xin, Li Jiangting

小組成員：Song Ye, Chen Hongzhu, Zhou Yong, Xu Hui, Ji Huicheng, ZhangQiuyan

研究課題

Through the investigation of Xiaomi's business model and company valuation, we believe that corporate governance as the company's top-level design determines the sustainable development of Xiaomi. Through the analysis of Xiaomi's corporate governance structure and comparison with AT & T, Xiaomi's corporate governance has been studied from six dimensions, and the problems that need to be improvedand resolved are pointed out.

研究成果

1. Difference between self-positioning and stock performance

Xiaomi's business model and positioning of itself deviate from the market's valuation. Xiaomi has always emphasized that it is a high-tech Internet company, not a hardware manufacturer. This project analyzes the reasons for its insufficient momentum for sustainable development from the following aspects.

(1) Product Differentiation

(2) Product R & D

(3) Operation Supply Chain

(4) Operation Organization

(5) Marketing

2. Differences in corporate governance systems and practices

Corporate governance is the top-level design for the sustainable development of Xiaomi. This project uses some best practice evaluation methods and scoring tools to diagnose the following six elements in Xiaomi's corporate governance structure.

(1)Structure and Functioning of the Board of Directors

(2)Rights of Minority Shareholders

(3)Control Environment and Processes

(4)Transparency and Disclosure

(5)Commitment to Corporate Governance

(6)Governance of Stakeholder Engagement

3. Comparison of Xiaomi's corporate governance and reference companies

AT & T has a long history and a reputation for corporate governance, and it is a recognized benchmark for best practices in corporate governance. This project further compares the six elements in the corporate governance structure of the two companies and interprets them in combination with the disclosed information, so that these six elements are proposed for Xiaomi from different dimensions. It is expected that the value of Xiaomi will be further recognized by the financial market, and the product market will be expanded to become a stable, sustainable and great company！

我們的收獲

Through the capstone project, we have integrated and applied what we’ve learned in the past a year and a half, from industry, company, market, to company valuation, options, to operation, information management, and organizational leadership ... To be reflected. Under the guidance of professors, the subject matter established by our group falls into corporate governance, which is a brand new field for many students. After all, we still live in execution and study more in our studies and work. Strategy, which makes us feel less unpleasant when we use it！

However, with the encouragement and guidance of the professors, our group of students worked out the goal of “challenge unknown areas and get out of the comfort zone”. The team leader led us to formulate measures for project progress management, role division, and task tracking to ensure project progress controllable and project quality controlled.

In the process of project completion, we learned from each other, encouraged each other, sometimes engaged in fierce discussions, and sometimes echoed each other, resulting in countless sparks of innovative ideas, and everyone benefited a lot. At the same time, we’ve established a deep friendship, which is also one of our important and fruitful achievements. We believe that this friendship will accompany us forever！Long live Capstone, long live graduation, long live classmates, and long live friendship!

02

Group

NIO’s Dilemma

小組組長(zhǎng)：蔡圣棟

小組成員：蔡晨煒、李君、陸雷、李淑慧、劉怡、唐朋、王希匯

研究課題

在蔚來汽車陷入資金鏈緊張窘境之際，研究其現(xiàn)金流結(jié)構(gòu)、成本結(jié)構(gòu)、營(yíng)銷策略、商業(yè)邏輯、挖掘該公司失去資本青睞的真實(shí)原因, 對(duì)后續(xù)中國(guó)互聯(lián)網(wǎng)資本進(jìn)軍汽車行業(yè)提供參考價(jià)值。

研究成果

一方面，由于動(dòng)力電池產(chǎn)能瓶頸導(dǎo)致蔚來汽車的產(chǎn)量瓶頸，對(duì)比特斯拉的布局后，我們認(rèn)為初創(chuàng)企業(yè)應(yīng)該牢牢地將核心科技、核心零部件掌握在自己的手里，而不是外包給供應(yīng)商。高科技企業(yè)只有構(gòu)筑自己的科技壁壘才能保持競(jìng)爭(zhēng)優(yōu)勢(shì)。另一方面，新型初創(chuàng)企業(yè)必須控制生產(chǎn)成本和運(yùn)營(yíng)成本，盡快實(shí)現(xiàn)造血能力，而不是一味的燒錢。資本對(duì)企業(yè)的首要目標(biāo)是賺錢的預(yù)期，而不是情懷。

我們的收獲

Capstone項(xiàng)目是一個(gè)學(xué)術(shù)理論結(jié)合實(shí)際運(yùn)用的演習(xí)。它考驗(yàn)的不僅是我們的學(xué)術(shù)能力，更是我們的溝通能力、團(tuán)隊(duì)協(xié)作能力、任務(wù)管理等各個(gè)領(lǐng)域。在過去的四個(gè)月中，我們的小組隊(duì)員從彼此陌生到相互磨合最后通力合作，完成了到目前為止小有成績(jī)的研究成果。這都離不開每一位隊(duì)員的努力工作和相互支持，盡管我們的特點(diǎn)和專業(yè)各不相同，但我們各自都扮演好了自己的角色和分工，體現(xiàn)了很高的專業(yè)素養(yǎng)和合作精神。作為隊(duì)長(zhǎng)我在此感激全體隊(duì)員的辛苦付出，尤其是我們的項(xiàng)目管理員劉怡和剛剛做媽媽的李君。謝謝你們。

在此更要感謝Dr. Lu和Dr. Chan對(duì)我們組的專業(yè)指導(dǎo)和嚴(yán)謹(jǐn)細(xì)致要求，為我們指出不足和研究的方向，促使我們更加深入的去思考和挖掘問題的本質(zhì)。深夜2點(diǎn)，電腦里報(bào)表上冰冷的數(shù)字背后我仿佛看到資本市場(chǎng)的逐利與冷酷，更多的是一個(gè)企業(yè)家的情懷與堅(jiān)守。

03

Group

SIRIO’s business transformation from OEM to ODM after IPO

小組組長(zhǎng):Ding Haiqiong

小組成員:Zhang liyan, Chen Qi, Chen Di, Ma Hongyan, Gu Jin, Xie Danna, Zhou Mingxi

研究課題

小組研究對(duì)象為仙樂健康，是全球主要的營(yíng)養(yǎng)保健食品合同開發(fā)與制造商之一，于2019年9月底在深交所創(chuàng)業(yè)板上市。作為一家新上市的保健品行業(yè)OEM公司（融資近十億人民幣），其如何在行業(yè)內(nèi)保持持續(xù)競(jìng)爭(zhēng)力及未來三五年內(nèi)的戰(zhàn)略發(fā)展方向成為了我們主要研究目的。

研究成果

深入利用MBA所學(xué)知識(shí)對(duì)仙樂公司進(jìn)行研究，幫助其如何實(shí)現(xiàn)逐步由OEM到ODM的轉(zhuǎn)型并通過轉(zhuǎn)型獲取更大利潤(rùn)空間和可持續(xù)發(fā)展。并能達(dá)到對(duì)其他行業(yè)OEM企業(yè)轉(zhuǎn)型的借鑒意義。當(dāng)然是否能成功借鑒有待實(shí)踐檢驗(yàn)。

我們的收獲

近半年的小組磨合，討論，碰撞，讓我們充分感受到了team work的魅力；當(dāng)然每一次教授們精辟的點(diǎn)評(píng)都給了我們極大的啟示和指導(dǎo)，讓我們一次次精進(jìn)解決方案，同時(shí)也充分感受到了capstone的魅力。通過選擇企業(yè)的實(shí)操研究，我們?cè)诓粩嗟淖晕铱隙ㄅc否定以及自我發(fā)現(xiàn)的循環(huán)迭代中，全面提升了個(gè)人綜合運(yùn)用管理知識(shí)的能力和未來的職場(chǎng)競(jìng)爭(zhēng)力。

04

Group

Business Model Change in Volkswagen to Shape a Sustainable Future

小組組長(zhǎng):許云霞小組成員:王棟、王芊、樓燁珺、趙娟娟、鄭煒敏、凌潔凡、王婉婷

研究課題

在激烈的競(jìng)爭(zhēng)中大眾如何在新時(shí)代保持領(lǐng)先地位?

研究成果

大眾汽車集團(tuán)想從一個(gè)傳統(tǒng)汽車制造領(lǐng)域的領(lǐng)導(dǎo)者轉(zhuǎn)變?yōu)橐苿?dòng)出行服務(wù)商中的領(lǐng)導(dǎo)者，必須進(jìn)行全面的業(yè)務(wù)轉(zhuǎn)型，開啟以服務(wù)為中心的商業(yè)模式，才能在新時(shí)代變革中保持領(lǐng)先地位。

我們的收獲

在Dr. Chan的指點(diǎn)下，在團(tuán)隊(duì)一次次深夜的腦力激蕩后，我們逐漸清晰了主旨問題，并明確了研究方向。期間，我們有過爭(zhēng)執(zhí)和迷茫，但是沒有一個(gè)成員輕言放棄，在一起邁向勝利的同時(shí)也收獲了珍貴的友誼。

05

Group

Cummins Inc. in China

小組組長(zhǎng):Sun Qiaoke

小組成員:Yang Jing，Chen Zhen，Wu Mingming，Xu Sisi，Yan Yaqin，Yang Jing, Chen Zhen, Wu Mingming, Xu Sisi, Yan Yaqin, Zhou Haibin

研究課題

Cummins is facing some challenges in China: the 50/50 JV model with different OEMs in China, in order to get more market shares. And all these Chinese partners have owned brand diesel engine, Cummins engine and other Cummins key competitors as multiple sources, these partners are also drastically competing in the market. While the 50/50JV model is an independent operation entity, causing overlapping products and plant investment, high supply chain cost and lower economic scale to compete with key competitors like WeiChai and YuChai. Our key focus is to study: How can Cummins China maintain the success and grow business in China under the JV model?

研究成果

By deep diving into 4 dimensions, we dig out the key success factors to maintain as well as the room to improve incorporating.

Product Mix: Allocate the R&D investment to China localized product stream, and also expand application engineering capability in JVs.

Aftermarket and Service: Reduce cost, expand aftermarket network and improve the service quality.

Policies and Sino-US trade war: Align with China trading & investment policy, invest in high-tech products and develop local suppliers.

Business model: Keep JV model while optimizing the JVs operation and supply chain to achieve more collaboration and synergy.

What also worthy to mention is the challenges faced by Cummins are in common with other America-invested companies. Next step, we are going to extract our solutions generating from the Cummins case and extend to most of the American companies under such fast-involving relationships between China and America making our study is more universal.

我們的收獲

wards common goal in such setup is also critical to our future career achievement.

06

Group

Hengrui Builds the Best-in-class Global PharmaceuticalCompany

小組組長(zhǎng): SHEN PUYU

小組成員:WANG LI，GAO SHAN，XIAO DIHKU, JIANG SHAOQIANG, WANG YU, HU YUNCHUN

研究課題

Jiangsu Hengrui Medicine Co., Ltd., established in 1970 and headquartered in Lianyungang, Jiangsu Province, is not only the leader in domestic pharmaceutical industry, but also the front-runner in China’s innovative medicine. In 2019, the net profit of Hengrui has risen by 31% to 751.1Million USD, while revenue grew 34% to 3.28billion. Meanwhile, it was the first time for Hengrui listed in the Top 50 global pharmaceutical companies, ranking 47 in 2019. However, there is a huge gap for Hengrui comparing to Top 20 Global pharmaceutical companies, like the weakness in R&D and lack of M&A. Facing these weaknesses and challenges, the key factorto improve Hengrui’s performance is the robust capability of R&D.

研究成果

By analyzing the strengths and opportunities of Hengrui, we are convinced that Hengrui has the great potential to become a best-in-class pharmaceutical company in the world. However, considering it is far behind from other top pharmaceutical companies, it is mandatory for Hengrui to develop its sustainable comparative advantages.

First, it is necessary for Hengrui to strengthen its internal R&D capabilities by executing short-term and long-term strategies.

Second, Hengrui also can view M&A as a supplemental and effective strategy to acquire innovative products under certain appropriate conditions.

In conclusion, being the top 1 Chinese domestic pharmaceutical company, Hengrui is making progress and will have a bright future to jump onto the worldwide stage. In addition, all our team members have a deeper understanding on the pharmaceutical industry and have paidmore attention tothe progress.

我們的收獲

Pharmaceutical industry, as one of the cores of the healthcare industry, makes significant contribution to national economy and social welfare. As a top tier Chinese company, Hengruihas also started to play an important role in the global pharmaceutical arena. Through the project, we’ve integratedinsight from the market research with Hengrui’s capabilities to suggest a set of strategies for enhancingits successeffectively.

Our teamhasproperly analyzedthe logic framework and ensured that all project segments arefocused on the story line. We’vealso clarified roles and responsibilities basedon individual experiences and strengths for smooth and effective teamwork.

More importantly, we would like to thank Professors for helping us to extend our MBA learning to realistic business decisions and management. This is essential for us to deepen our understanding and knowledge,andtoget ready for the future business challenges, especially in the healthcare industry.

We believe that Hengrui and other Chinese pharmaceutical companies can generate more local and organic pharmaceutical innovations,accelerate their commercialization and access to patients, and create more business success so that Chinese companies will play more critical roles in the global healthcare markets.

07

Group

Beyond Meat, Go Beyond！

小組組長(zhǎng):Liu Ying

小組成員:Lin Chunhui, Gao Wei, Mao Jinglu, Shen Wenjie, Wang Yan, Zhang Xin

研究課題

BEYOND MEAT is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. The company builds meat directly from plants. Beyond Meat has revealed that it plansto expand into Chinese mainland market in 2020, which is the largest single meat consumption market.

Overarching issue for Beyond Meat: How to acquire customers in China as a new comer?

There are four key challenges ahead:

? It lacks of market knowledge & experience with respect to China

? Not much industry and brand awareness

? Chinese customers have different taste and eating habits

? Formidable Rivals including global competitors and local new companies

研究成果

Facing the overarching issue of Beyond Meat, we adopted a new analysis methodology including PEST and industry analysis for macro, Customer Profiling and 4P analysis for micro analysis of Chinese environment.

Following the above analysis and findings, we proposed recommendations in 4 dimensions: Product innovation, Price suggestion, Place and Promotion action plans. Meanwhile we suggested detail solutions to face the 4 key challenges.

Plant-based meat is a revolutionary high-tech segment of traditional food industry,which has drawn many attentions from high-tech innovation companies, giant food companies, investors and media reports. Through this capstone project we’d like to investigate how this new industry will develop in China.

我們的收獲

The capstone project is really a fantastic experience in our IMBA program. We work as a group to study, to share ideas, to apply what we’ve learned in IMBA program and to acquire advices from professors. We learn together, we pain together, we struggle together and we grow together. We invested together in stock of Beyond Meat and lost half of our money at this moment. In the end we believe we will harvest a lot not only on this capstone project but also on our investment.

08

Group

Research on Digital transformation of TAL Education group

小組組長(zhǎng):王麗娟

小組成員:徐燕燕、姜博、李穎、陸亦明、羅重慶、沈紅萍、于洋

研究課題

TAL好未來教育集團(tuán)是k12行業(yè)翹楚，一直處于高速發(fā)展?fàn)顟B(tài)，市值達(dá)千億。盡管TAL已經(jīng)實(shí)現(xiàn)規(guī)模化，但是成本費(fèi)用并未出現(xiàn)邊際成本效應(yīng)，反而與營(yíng)收成比例增長(zhǎng)，導(dǎo)致凈利潤(rùn)收到擠壓，2020財(cái)年第二季度出現(xiàn)負(fù)凈利。第二，好未來2019財(cái)年 1400萬學(xué)生報(bào)名，內(nèi)部教師團(tuán)隊(duì)近3萬人，同時(shí)好未來仍在不斷開拓新的城市領(lǐng)地，這些龐大的數(shù)字背后是運(yùn)營(yíng)的巨大挑戰(zhàn)。第三，市場(chǎng)競(jìng)爭(zhēng)激烈，新的對(duì)手不斷涌現(xiàn)，釘釘，字節(jié)跳動(dòng)等巨頭公司紛紛涉足教育行業(yè)。本文旨在研究TAL通過數(shù)字化轉(zhuǎn)型應(yīng)對(duì)上述挑戰(zhàn)，在數(shù)字化經(jīng)濟(jì)時(shí)代保持可持續(xù)競(jìng)爭(zhēng)力。

研究成果

在今天的內(nèi)外部環(huán)境，數(shù)字化轉(zhuǎn)型是TAL公司的一個(gè)必選項(xiàng)。傳統(tǒng)的競(jìng)爭(zhēng)策略是聚焦，做差異化或者低成本，而在數(shù)字化時(shí)代的競(jìng)爭(zhēng)策略應(yīng)轉(zhuǎn)為多產(chǎn)品多客戶維度的網(wǎng)絡(luò)效應(yīng) (network effect),因此TAL公司未來的商業(yè)模式應(yīng)重塑to C，To B的業(yè)務(wù)，成為一個(gè)平臺(tái)型公司，賦能整個(gè)教育生態(tài)系統(tǒng)。但數(shù)字化轉(zhuǎn)型是極其挑戰(zhàn)的，組織變革是推動(dòng)數(shù)字化轉(zhuǎn)型的關(guān)鍵，組織結(jié)構(gòu)和文化等等都需要配合未來的戰(zhàn)略做調(diào)整，最終須形成一個(gè)學(xué)習(xí)型組織，以適應(yīng)不斷變化的環(huán)境。這一研究不僅適用于TAL，對(duì)整個(gè)K12行業(yè)有普遍借鑒意義。

我們的收獲

我們的小組成員，來自于不同行業(yè)，小組成員之間的合作也是經(jīng)歷了諸多磨合；安排工作，首先就是要根據(jù)大家的特點(diǎn)和特長(zhǎng)，還得根據(jù)每個(gè)人工作學(xué)習(xí)生活安排的“脾性”，才能盡可能去保證所研究的內(nèi)容的廣度和深度。因?yàn)榈谝淮蝡resentation并沒有得到特別正面的feedback，我們也泄氣過；新的主題設(shè)定后，我們也遇到了越研究越覺得自己不懂的迷惘階段，也經(jīng)歷了過程中誰也說服不了誰的階段，最終，我們依靠大家互相鼓勵(lì)和包容，支持和妥協(xié)，才一步步開始走起走穩(wěn)。

09

Group

AN INTEGRATION FRAMEWORK FOR COMPANY AFTER M&A IN EDUCATION SECTOR

小組組長(zhǎng):龔曉花

小組成員:陳希、蔡庭彬、崔道泉、程曉琳、柏賀、王曉迪、李明坤

研究課題

Group 9 has come up with a framework on how OneSmart could do better on its M&A Integration.

About OneSmart: OneSmart International Education Group Ltd. (NYSE:ONE) is the largest premium K-12 Education Service Provider in China. OneSmart has 3 product lines, namely OneSmart VIP, HappyMath and FasTrack English. OneSmart was looking for ways to expand and diversify its geographical coverage in other parts of China.

Education market in China: 3 key characteristics – (1) Hugh market size, high-speed growth & highly fragmented. (2) Active VC/ PE involvement fueling the sector growth. (3) Aggressive M&A activities taken by listed education companies to expand market share and geographical coverage.

M&A activities done by OneSmart: Shortly after its IPO in 2018, OneSmart has acquired Juren Group (Beijing), Huayin Group (Tianjin) and DIBE (e-learning). Encountering fierce market competition, OneSmart expects to build up its education ecosystem through aggressive M&A activities.

M&A Integration by OneSmart: OneSmart didn’t do much on M&A integrationand its operations remainedindependent. Synergetic potential was unfound. Financial performances didn’t meet the expectation.

研究成果

?????Integration type: OneSmart has adopted “Preservation” & “Symbiosis” type of integration that hasbeen provenunsuccessful. We suggest that “Absorption” strategy should be adopted as to consolidate Juren & Huayin current resources andto tighten the management control for better operation efficiency.We developed a model, IFOCUSS, whichcould facilitate OneSmart to do integration contents in 7 areas.Information System Integration: IS integration is critical for achieving the intended M&A goals. Referencing to the DySIIM model, we suggest OneSmart should do the IS integration on both informational and operational level. Also, OneSmart shouldexplore transformational new technology on education.Financial Integration: We suggest OneSmart setting upashort-term & long-term centralized finance strategy and focusingon risk control & free cash-flow management. Also, OneSmart should focus on physical & intangible asset utilization and value maximization.Organization & Management Integration: First, OneSmart should adopt a Centralization management mode by imposing direct full control on acquired companies; Second, OneSmart should design an Exit Strategy for founders at those acquired companies. Third, OneSmart should initiate standardization on operation process, management rules & regulations and also the HR management system.Competency Integration: This is the moat to differentiate OneSmart from competition. OneSmart should continue to promote its premium services in the market. Then, it can leverage Juren & Huayin’s resources and introduce new courses in more cities. Furthermore, it should continue to improve the teaching materials by upgrading its online teaching resources database. Finally, OneSmart should train and retain its qualified faculty members in order to maintain tutoring services quality.Culture Integration: OneSmart should correlate with Absorption strategy to advocate its culture on the acquired company. Actions should include management team to practice corporate culture consistently, organizing corporate culture internal-marketing activities, and celebrating and recognizing star employees. Strategic Integration: This is the guiding beacon on the directions of M&A integration at the new organization. Corporate strategy will be re-positioned by conducting SWOT analysis and due-diligence. Human Resources Integration: To foster an amicable reaction from the staff after M&A, OneSmart should be 1) creating a transparent and frequent communication; 2) involving employees on making company decisions; 3) organizing more team-building activities and team work practices; and 4) conducting more regular training workshops.?????

我們的收獲

We believe our framework can help OneSmart to maximize the value from M&A. Also, we hope that it could be served as a reference to other companies in the Education sector in China on ways to maximize the synergies potential on M&A integration.And during the process, we enjoy the discussion, and innovation which we made.

關(guān)于Capstone Project

整合思考，商業(yè)實(shí)戰(zhàn)，成就跨越式成長(zhǎng)！港大-復(fù)旦IMBA項(xiàng)目頂點(diǎn)課程——capstone不止步一般課程的單向傳授，更致力于知識(shí)靈活整合與深度批判思考。同學(xué)們以小組為單位，選擇一家財(cái)務(wù)和營(yíng)運(yùn)數(shù)據(jù)可公開獲得的公司，發(fā)現(xiàn)其面臨的重要挑戰(zhàn)，在半年時(shí)間內(nèi)提交研究方案，并在三次小組演講與最終報(bào)告中不斷思考完善。Capstone課程促進(jìn)知識(shí)的梳理整合，提升團(tuán)隊(duì)協(xié)作能力，引領(lǐng)學(xué)生深入現(xiàn)實(shí)挑戰(zhàn)，成就跨越式成長(zhǎng)。