Dialogue with Cao Dewang——

　　Transparent glass, transparent Fuyao

　　Securities Daily reporter Zhang Xin

　　A few days ago, the typhoon and Fuqing, Fujian, where Fuyao Glass Industry Group Co., Ltd. is located, "passed by," bringing plenty of rain.

After being washed away by storms, the glass curtain walls that can be seen everywhere in the Fuyao Glass Factory are more clear, shining in the sun after the rain.

In such a "transparent" atmosphere, Cao Dewang, chairman of Fuyao Glass Industry Group Co., Ltd., accepted the media interview.

　　"Transparency is the basic property of glass, and it is also the true color of Fuyao Glass." Cao Dewang said.

　　The right "rhythm" for efficient innovation

　　"A butcher’s son didn’t want his son to inherit his father’s business and wanted to learn how to kill dragons. He took his family’s money and ran away to study. Later, the butcher’s son "returned from his studies," but found that there is no dragon in the world. kill."

　　In response to how Fuyao Glass views innovation, Cao Dewang did not answer directly, but first told the above story.

　　Cao Dewang believes: "Products that adapt to the times and the market are good innovative products. Although Fuyao Glass belongs to a traditional industry, it does not mean that our products are also traditional. To better meet market needs, we must be market-oriented. , Research and develop marketable products."

　　In Cao Dewang's view, "marketability" is one of the most important criteria for judging innovation results.

　　Before the interview, the reporter visited the product exhibition hall of Fuyao Glass, and the R&D staff introduced several new products to the reporter.

For example, the smart dimming sunroof, whose principle is to add a dimming film to the glass to change the light transmittance of the glass by adjusting the current; such as "head-up display glass", with this product, car operating information can be clearly projected directly in front of the driver On the glass, the driver does not need to look down for information while the car is driving; another example is water-repellent glass. This product adopts the sol-gel method to form a layer of fluorine-containing compound film on the glass surface, so that the glass surface is not easy to get water droplets. , Thereby enhancing the visibility of driving in rainy days.

　　In fact, under the dual blessing of technological power and market orientation, Fuyao Automotive Glass is no longer glass in the traditional sense, but an integrated product with many functions.

　　Cao Dewang’s point of view actually fits the innovative concept of “research and development, reserve generation, and application generation” generally recognized by modern high-tech companies: innovation does not mean bringing the most cutting-edge technology to the market at the fastest speed.

The market needs a process of cultivation and maturity, and consumers also have a process of gradual adaptation.

Introducing products suitable for the current market needs, judging trends in advance based on market pre-research, locking in the direction of technology, products, and services, and launching new products in time when market demand changes are the correct "tempo" for efficient innovation.

　　Don't always think about making quick money in the manufacturing industry

　　"Manufacturing companies are asset-heavy companies, not'leather bag companies'.'Leather bag companies' make money fast, but'leather bags' are prone to breakage and easy loss. The manufacturing industry must work hard in every detail and cannot expect to make quick money. "

　　As the "head" of a listed company, Cao Dewang believes that the most important indicator to measure the health of a company's operations is the input-output ratio.

"For manufacturing companies, if they hope to achieve 10% growth next year, they must find ways to start investing last year, because it takes time from investment to output, and the input-output ratio is very critical." Cao Dewang believes that manufacturing Industrial enterprises must not have the idea of ​​making quick money, which is not in line with the characteristics of manufacturing.

　　Regarding investment issues, Fuyao Glass has always been more cautious. Projects with a low input-output ratio are resolutely not invested. Projects that fail to meet expectations should be stopped, and every penny and every effort will be used on the blade. .

　　Treat every investor equally

　　"Fuyao Glass is not only extremely cautious in project selection, and strives to ensure maximum shareholder rights, but also upholds the concept of treating all investors equally in the process of information disclosure."

　　"Fuyao Glass never predicts performance easily, nor does it easily make performance promises to avoid misleading shareholders." Cao Dewang emphasized the fairness of information disclosure. "New shareholders and old shareholders are the same, and large shareholders and small shareholders are the same. The company should give them the same and sufficient respect. Therefore, we will only disclose the company’s operations, capital operations and other relevant information to investors in an open and transparent manner for investors to make their own value judgments.”

　　True and complete information disclosure is a major feature of Fuyao Glass, and its financial reports hardly have any taboos.

For example, in this year's semi-annual report, the company disclosed that as of the end of the reporting period, the number of employees was 24,460, a decrease of 2,267 from the end of 2019.

In fact, this statement can easily lead to market speculation about "Fuyao Glass layoffs", but Fuyao still disclosed it. Of course, it also made it clear why, that is, the intelligent upgrade and the adjustment of the company's structure.

　　Fuyao Glass's respect for shareholders is also reflected in its generous dividends to investors.

Since its listing in 1993, Fuyao Glass has issued a total of 16.7 billion yuan in A-share dividends, which is 24 times of the 696 million yuan raised in domestic A-shares.

　　Enterprises should not "go out to sea" for "going out to sea"

　　"There are many paths for companies to achieve high-quality development, and'going out to sea' is just one of them.'Going out to sea' is just one of them.'Going out to sea' is to find the right direction and do what we can. Never'go out to sea' for'going out to sea'."

　　Fuyao Glass, which has experienced years of experience in overseas markets and has achieved good results, is a role model for many companies participating in the global industrial chain layout.

However, in Cao Dewang's view, it is not an inevitable choice for companies to "go out to sea", and they must do what they can.

Companies that have demand in the market and are prepared for it are suitable for "going out to sea". It is not wise to blindly "lay out".

　　"The premise of Fuyao Glass' going overseas is to have core technology, a mature market, and sufficient funds. At the same time, our company's credit rating in the international market is very high, which means that debt issuance and financing is also very convenient." Cao Dewang said.

　　Cao Dewang especially agrees with the expression of "accelerating the formation of a new development pattern with domestic and international cycles as the main body and mutual promotion of domestic and international cycles".

He believes that the current international economic situation is complex and changeable, and the complexity of "going out to sea" is only increasing.

At the same time, the domestic market space is very large, and there are still many areas that need to be cultivated.

He hopes that more companies can calm their minds, not to watch others "going to sea" and follow their enthusiasm, and to objectively evaluate the necessity of "going to sea", and it is more important to choose a development path rationally.