Cai Haoyu couldn't help but feel confused. The boss's words were different, and he immediately smiled and said: "Thank you, Mr. Lu, for your affirmation of the MiHoYo team... In fact, whether MiHoYo's current direction is on the right path, in today's domestic
In the game industry environment, what kind of development model is correct? This is the core issue we have been thinking about."
Lu Ming leaned back on the lazy sofa, crossed his legs and supported his chin with one hand, and said methodically: "Based on my personal humble opinion on domestic games, today's major game manufacturers can be roughly divided into three categories."
Cai Haoyu was curious: "What three categories?"
Lu Ming said: "The first category is the big companies that do whatever they want, the traditional big companies represented by Penguin and Wangzhen. They have strong funds and are deeply engaged in the field of games. They have done countless evil things and done some good things, and they are expanding in many fields at the same time.
There are many products, regardless of whether they are copied from the original ones, they occupy a huge market share. In short, these big manufacturers have the money to do whatever they want."
"The second category is the stand-alone manufacturers that occupy the high ground. Some are independent studios, while others are dependent on large manufacturers."
"The third category is the studios that occupy the bottom. Most of them are nameless and have no past or past life. They make money in silence, but even more die quietly."
"These three categories basically include all manufacturers in the domestic game industry, and they also basically represent the current status of the domestic game industry. In my opinion, domestically speaking, these three categories represent three attributes: capital, lineage, and users!
"
Having said this, Lu Ming took a glass of water and took a sip, and continued: "Capital is the large and small investors represented by traditional large companies; bloodline is the core players who hold the highest voice and appraisal rights in the gaming industry.
Users are ordinary players who occupy the largest market share and have the greatest potential and the largest number of people.”
"If we talk about the industry's most ideal model, it should be the trinity of capital-based users. To put it bluntly, it is to continue to launch 3A masterpieces that are well-received. I believe this is also the ultimate goal of most practitioners."
“But the actual situation is that the first category has a driving role, the third category is seriously separated from the second category, the third category and the second category are increasingly incompatible, and the first category is influenced by the second and third categories, and is
Restricting each other with the third category, such a strange circle forms a vicious circle characteristic of domestic games."
Cai Haoyu couldn't help but flashed with surprise and a very novel understanding, and immediately asked: "In Mr. Lu's eyes, what category does Mihayou belong to?"
Lu Mingyan replied succinctly: "Neither of them belong?"
Cai Haoyu was surprised again.
Lu Ming said with a smile: "The current situation of the domestic game industry is in a vicious circle. I see a brand new fourth category from MiHoYo, MiHoYo's technology type. It is said that the fourth category lies in MiHoYo's current situation.
At the same time, the sign has some of the characteristics of the previous three categories: it has its own capital, and it has accumulated a certain amount of capital in the past three years; it has its own pedigree, and the Honkai Impact series is an excellent work; it has its own users, and it already has a stable audience."
"Mihayou has acquired the first-category capabilities through the third-category operating model, and has gradually pushed itself towards the second category, forming a trinity to a certain extent. What is the right path? I think this is the right one.
Path. The key point is that the fourth category is completely dominated by itself and is not restricted by the first category of capital. This is the secret key to truly breaking through the vicious circle."
Hearing this, Cai Haoyu couldn't help but smile: "According to what Mr. Lu said, Namihayou should reject the olive branch offered by Tiansheng Capital. Capital, in particular, cannot avoid its inherent nature. It is not a philanthropist and is always on the road to profit.
It has nothing to do with any feelings.”
Lu Ming shook his head with a smile and said confidently: "You are wrong about this. You still have the stereotype of traditional capital towards Tiansheng Capital, that's why you think so. The investment philosophy of Tiansheng Capital and the current blockchain
Decentralization has the same effect. Once we make a move, we believe that the companies we invest in or even control can operate well in the hands of the original executives, and we like to win."
"To put it simply and straightforwardly, Tiansheng Capital likes free-range and wild animals. If the company we invest in has a problem that conflicts with Tiansheng Capital's philosophy, we will choose to exit instead of unilaterally forcibly intervening to return it to what we want.
On the track we want, we believe there will never be a shortage of good investment targets in this world. If you are not good or do not meet my expectations, I will leave you."
Cai Haoyu couldn't help but nodded silently, and after a moment he couldn't help but smile: "This is very different from the Tiansheng Capital I heard in the outside world."
Hearing this, Lu Ming said jokingly: "The controversy over Antiy's equity has caused harm, but that matter actually stemmed from a promise to one person. Telling the truth may seem... absurd, and it may not be true.
Some people believe it."
Cai Haoyu was surprised, but seeing that Lu Ming didn't want to reveal too much, he naturally didn't ask more questions. He wasn't interested anyway.
An Yirou next to her couldn't help but blink her eyes a few times when she heard this. Sometimes she really wanted to expose the truth of this matter. It would definitely be super sensational.
Lu Ming immediately brought the communication channel back to the topic and said: "Regardless of whether MiHoYo eventually introduces Tiansheng Capital, I personally still want to say one thing. MiHoYo wants to be MiHoYo and not Tencent MiHoYo or NetXin."
Mihayou, the only way out is to become a big company. It is not enough to ensure that it is firmly on the right path. It needs to take off with the wings of capital."
"The hidden dangers faced by MiHoYo are obvious, that is, the problem of single product and unstable revenue structure. To go further, changes must be made in the future. The Honkai Impact series of mobile games account for 99.9% of MiHoYo's revenue.
Well, this problem will be the biggest stumbling block to Mihayou’s listing.”
"Following the current thinking, it is only a matter of time before the penguin comes to your door. This is the 'BOSS' that Mihayou will have to face in the future. Either it will be merged into the territory of the Penguin Empire, or it will have to think about changes.
Seek change. Change has pains and sunk costs, which MiHoYo may not be able to bear. Tiansheng Capital can pay for MiHoYo.”
…
After a long (shi) knee-jerk (jin) long (hu) talk (you), Lu Ming finally won Mihayou. Cai Haoyu accepted and introduced 500 million yuan in financing from Tiansheng Capital and sold 25%
of shares.
Not only did he spend 500 million, he also helped Mihayou improve the company's top-level design, pointed out several control loopholes in its articles of association, and helped the founding team firmly control the company.
This can be said to have greatly won the founder's trust and favorability of Tiansheng Capital. Cai Haoyu discovered that if the equity structure is not improved in time, the company will inevitably have huge hidden dangers in the future.
Tiansheng Capital is the master who brought down giants like Anshi Group to death. The advice given by this kind of capital institution with full sincerity is naturally full of gold.
This also allowed Cai Haoyu to deeply understand the concept of "decentralization" of Tiansheng Capital Investment mentioned by Lu Ming. He really didn't think about seizing control at all, and then killed the chicken to take the eggs and left a lot of chicken feathers to look for again.
A vampire with one goal, but willing to help companies achieve value growth and share residual value, this is the real angel investor.
According to the investment agreement between the two parties, a weighted average anti-dilution clause was also signed like Pinduoduo's. This is to cope with future rounds of financing. The equity of early investments will not be wildly diluted. Naturally, Lu Ming will not suffer such a boring loss.
.
In comparison, Mihayou, as a mobile game company, naturally cannot compare its growth scale with companies like Pinduoduo.
Another investment agreement with Mihayou is that if the company wants to launch the next round of B financing, it can just come to Tiansheng Capital directly to ask for money. Unless it is bringing in strategic investors because of the company’s development needs, and it is simply short of money, it can go to Tiansheng Capital.
As long as Tiansheng's father is enough, he has enough money.
Lu Ming has always dared to make big bets on the companies or business models he has identified. These days, horses are not fattening, and people are not rich without windfall. Lu Ming has always been eager to work hard.
Mihayou received the RMB 500 million financing from Tiansheng Capital, and the first bold decision it made was to launch "Honkai Impact 3" on a large scale, which had been launched for more than half a year, and also experienced it.
The feeling that you can do whatever you want with money.
It turns out that having money feels so wonderful.
When it comes to pursuing excellent quality of works, Miha Youdao is not afraid of spending money. Anyway, it is the money of the VC father, so he doesn’t feel bad about it. If it is not enough, he will go to Tiansheng’s father to ask for it.
In fact, it’s quite distressing. When a VC wants money, it has to transfer the corresponding equity, and the province must also save money. This money is not blown from Tiansheng by a strong wind.
…
(Ps: Next is the monthly ticket update. It has exceeded 2,000 monthly tickets. At least 5 updates are confirmed here. It depends on everyone’s follow-up relay. Today’s data will be all cashed out today. The rewards started yesterday and today, including the first order data, have not been released yet.
Backend statistics, step by step, all will be cashed out today for sure, don’t panic, can the recommended votes reach 20,000 votes today?)
