作为IMBA必修课的“压轴大戏”与最终重塑自我的“顶点课程”， Capstone Project要求学生以小组形式，选择一家上市公司来作为“诊疗对象”，对公司的成与败、过去与未来、战略与目标进行全面梳理，深入分析公司的财务及运营数据，全面研究公司所处的行业及市场状况，描绘出公司长远发展的路径与蓝图，最终帮助其制定迎接挑战的战略决策。

这门实战课需要同学通过小组合作讨论、企业访谈等多种形式的沟通与研究，提供相关报告并进行答辩。在导师评审组的指导下，同学们在IMBA的所学所思都将得到严格而扎实的检验，这也正是Capstone Project的目标所在：为学生提供一个整合知识、技能与经验，并将其运用到真实商业实践中的机会。

在这长达半年的时间里，同学们学以致用，真正践行实战，经历了涅槃与蜕变的成长过程。现在让我们一起走进G Stream，揭晓Capstone Project各小组背后的成长与收获。

01

Group

Activision Blizzard: No King Rules Forever

小组组长：王鸿良小组成员：严榕、李睿涵、陈旻韬、徐叶、黄智渊、张丹青、刘鑫

研究课题

The gaming market is booming, and user baseis surging globally. On the contrary, MAUs of Activision Blizzard (NASDAQ:ATVI), the key metric of game company’s performance, are dropping down. In this capstone project, our group mainly focuses on the study of the causal effects leading to the declining engagement. Specifically, by conducting in-depth study and providing solutions to boost the engagement for ATVI, this project aims to increase profitability of ATVI and improve the perceived long-term growth potential. Ultimately, the objective is to enhance returns and shareholder value for the company.

研究成果

Based on the analysis in the previous sections, we proposed practical strategiesbased onAnsoff matrix for the company to ride the trends and improve competitiveness in the gaming industry.The company resources are limited, so it’s never possible to carry out allthe proposed strategies and actions. Considering that competition and market landscape is continuously evolving when a company takes actions, and that strategies of each quadrant in the Ansoff matrix has different risk level and possible outcomes for ATVI, we will further evaluate the possible outcomes, impacton consumer engagement, return on investment, competition landscape, etc. of each proposed strategy, in order to prioritize the most efficient ones for ATVI to focus on.

我们的收获

eSports is a part of the culture of the video games industry, has been a hot topic gaining impressive audience in recent years. Although this kind of competition sports has existed for a long time, not until the late 2000s have we witnessed the dramatic viewership growth of this form of video game competition. With the surge of popularity of live streaming, this kind of events have attracted significant interest. Many leagues and tournaments have engaged huge viewership, and these companies can directly monetize the ‘fever’ of eSports. Capitals are investing to the video games industry, and the eSports market is constantly expanding. With our study in the capstone project, we firmly believe that the video games industry will continuously grow in great health. Working in our Group 1 to carry out in-depth study in the capstone project, each team member has obtained an opportunity to apply the knowledge gained from the courses in the IMBA program, together with our own managerial experience and industry insights. We value this practical project to help us develop teamwork and presentation skills, including skills to defend and explain executive level decisions.

02

Group

SAICMotor - Great Maritime

小组组长：郭建宁

小组成员：欧文卉、陈诗意、贾小雨、康驰宇、潘黎敏、于江、张璐

研究课题

How SAIC Motor to build a world famous automobile company with innovative spirit and lead the future automobile life.

研究成果

We have developed SAIC Motor's global operation strategy from Strategic Roadmap for Overseas Market, Brand Building, Products Planning and Financial &Risk management. In the end, we hope to work out a workable strategic plan for Chinese motor enterprises how to become a world leading and renowned automobile

我们的收获

This capstone project is a great experience to focus on an industry for all our 8 group members who are united and efficient. During the project, we all have put our full heart and energy for preparation. And the two instructors offered us helpful guidance when we were kind of getting lost at the initial beginning of the project. With our in-depth research into the industry, we hope our final study can be insightful.

Besides, this project has also provided us a brilliant chance to know our team members better as we have learned from each other to improve ourselves. Building up friendship among us is one of the most valuable things we’ve gained from this experience.

03

Group

Arc’teryx -A New Chapter In Anta’s Growth Legend

小组组长: 陈晓玲

小组成员: 周舟扬、任华亮、任艳玲、何嘉琪、徐宇泓、庞恩泽、唐宋媛

研究课题

作为中国市场领先的运动品牌，安踏近年来持续保持稳健增长，尤其是安踏对FILA的收购及成功运作，打造了增长新引擎。2019年安踏更将发展步伐迈向国际，通过收购国际运动品牌管理集团Amer，将始祖鸟等小众国际运动品牌招入麾下。本文旨在研究安踏是否能够运用其在多品牌管理优势，充分借力集团协同效应，快速孵化一个高速增长的新品牌，延续其增长神话，变成全球性的体育用品龙头公司。

研究成果

通过行业分析，对中国运动消费市场的未来成长空间和市场容量做了简要预测。运用定量问卷分析和定性研究，对运动鞋服类消费者行为形成洞察，基于上述分析明确了始祖鸟在中国的目标市场和定位。通过对安踏集团分析研究，发现安踏对消费者的理解较深入，核心优势领域在于多品牌管理、直营渠道构建、供应链平台搭建，在此基础上为始祖鸟如何在中国扩张提出策略。

我们的收获

跨行业的小组成员合作，给课题带来了思维的碰撞，也给个人带来了收获。我们在自身的工作之外对户外运动品牌的品牌构建，消费者调研，渠道的铺设等有了更加深刻的了解，对消费品行业的研究形成了基本框架。两位导师的点评，即不乏犀利的题问，又不乏循循善诱，将我们研究高度提升了一个层次。同时也借这次capstone的机会对两年学习到的知识的融会贯通，真正完成了一趟capstone项目高屋建瓴的历程。

04

Group

ResMed sleep business analysis

小组组长: 许小傲小组成员: 傅燕燕、何迪、汤涌睿、邱睿、周雪、杜慧玲、陈聪颖

研究课题

ResMed sleep business issues analysis and suggestions for solutions.

研究成果

Sleep business still has big potential in China, but there are some normal issues should be solved if ResMed want to expand the market.

我们的收获

Since we are from different industries and different functions, each one of us hasplayed an important role during the business analysis and solution proposals.

05

Group

Turnaround strategy to XiaBuXiaBu Group

小组组长: 汪婷婷

小组成员: 王天、张锐、张艳、张亚男、吴文博、吴恺奕、丁宗仁

研究课题

Turnaround strategy to maintain XiaBuXia Busustainable growth

研究成果

深度了解中餐尤其是火锅行业成本结构，展店和增长模式。通过研习客户的消费决策过程，提出了差异化市场定位，提升了品牌运营思维。

我们的收获

餐饮行业对我们五组成员都是一个没有从业经验的行业，呷哺呷哺并非行业龙头，而是一家面临增长困境的龙二公司。选择这样的题目对我们组是一个很大的挑战，也因此有了吸引力。感谢老师的每一次意见和反馈，帮助我们更全面严谨的分析和展开这个课题。小组成员在不同领域的专业能力在课题进展中得以互补，本次capstone项目离不开五组每一个人的努力。

06

Group

Race against time, reshape business model

小组组长: 张俊

小组成员: 张淼、宓颖、王雪、刘迎风、华苹

研究课题

蔚来成立于2014年11月，是中国本土新能源造车新势力中的领军者，在全球有数处研究中心，目前已经有两款成熟车型国内在售。CEO李斌作为连续创业者，也拥有非常丰富的行业经验。然而随着国内经济增长放缓，汽车行业的不景气，以及新能源汽车销售补贴的退坡，新能源汽车制造企业面临巨大压力。对于蔚来而言，如今股票市值已经跌至最高峰时期的20%，财报中毛利润已经连续两个季度为负，运营等费用高企，融资也遇到困难等。因此我们希望能通过对新能源汽车行业的挖掘，蔚来战略定位和财务数据的分析，找到帮助蔚来早日脱离困境的方案。

研究成果

通过这次的capstone的案例分析，我们对于汽车，新能源车和蔚来的现状有所了解。自2018年起中国的汽车产业结束了几十年的扩张，进入盘整阶段。而随着汽车产业的不景气，新能源汽车也受到了拖累，销量下滑。这导致了包括蔚来在内的新能源车，特别是造车新势力，面临巨大的经营压力。在对蔚来汽车的分析研究过程中，我们通过实操切实体会到了如何对公司的业务情况进行分析，使我们懂得通过对于财务数据的阅读寻找企业目前的困难，通过策略工具的应用探求企业发展的方向，通过投资收益的分析判断项目的可行性。但是，在案例的讨论分析过程中，我们也意识到了一些疏失。在选题初期研究不够扎实，早期的想法浮于表面而没有深入不够落地，对于研究项目的进程把控不够以及计划的实施执行力不足，这些都是我们在以后的学习工作中需要提升和改进的。

我们的收获

Capstone可以说是一门综合课程，小组通过从选题到最后得出完整的报告，需要系统地运用到整个MBA必修课所学到的内容，是个非常好的学以致用的过程。两位老师几次在Capstone过程中的反馈十分中肯并且能够很好的纠正并引导我们，使我们受益匪浅。小组成员通过大半年时间对所选公司的深入分析，发现问题，分析问题并解决问题，整个过程，小组成员各自发挥所长，互相学习，共同提高。每一个共同奋战的日夜，各抒己见，思维碰撞，都是一段美好而难忘的回忆。

07

Group

The quagmire of business development in SF Express

小组组长: 许敏小组成员: 蔡林芳、司徒翔禕、傅琳、郑媛、丁超祺、洪侃

研究课题

我们通过分析发现，顺丰面临着前所未有的挑战：传统业务的市场份额和利润率正在缩小，新兴业务无法获得足够的利润来实现业务更替。我们通过检查现有业务状态并探索新业务来帮助顺丰保持行业领导地位。

研究成果

顺丰公司预见到中国快递市场将进入充分竞争阶段，总体市场增长率将呈下降趋势。这对处于快递市场领先地位的顺丰而言是极为不利的。

对此，公司开始尝试多元化业务战略。顺丰已经涉足传统快递，重货物流，冷链运输，同城配送及国际物流等相关多元化业务。

顺丰的多元化经营必将与之核心竞争力相结合。顺丰的核心竞争力可以概括为三个方面-自营模式，科技和三网合一。我们通过横向、纵向多维度的对比，企业自身的发展趋势和行业的突破创新的研究，对顺丰提出了基于其目前业务和将来发展方向的建议。

我们的收获

我们小组齐心合作完成了Capstone项目。小组内部的同学人才济济，我们指点文字，激荡思想，在多次的思辨中互相学习。小组内部有投资经理、财务总监、营销专家等等，通过他们多层级多角度的解析，我们对于顺丰的战略有了更深层次的认知，同学间的友谊也变得愈发深厚。第二个维度上讲，capstone的指导老师Luk教授和胥教授也给了我们很好的建议。每次presentation完成，总能收到两位教授详尽的反馈，教导我们在顺丰这个案例中如何运用思维的深度,思维的广度,以及思维复盘。在两位教授的指导下，我们把MBA所学的课程知识体系运用到capstone的研究项目中，给顺丰提出了发展的建议。经历近六年探索后，顺丰的多元化进程刚刚开启，战略应以数十年维度验证，探索或时有反复，我们对顺丰抱有充足的耐心和希望，也对我们的后MBA生活抱有充足的信心。雄关漫道真如铁，而今迈步从头越！

08

Group

Luckin Coffee

小组组长: 陈婷

小组成员: 陈津韬、陈叶、郭杨舣、孙禹博、王金龙、杨清、祝捷

研究课题

Despite the rapid growth of the China coffee market in the past year, compared with the developed countries in Europe and America, China's coffee consumption is still in the early stage. How to winthe fierce competition in the first and second tier cities and obtain theprospect clients in third tier cities will be the main topic for the coffeecompany who aims to be the giant in the industry.

Founded in Oct 2017 after 2 year srocket-speed expansion, Luckin coffee has become the second largest coffee chain brand in China, targeting to take the place of the Starbucks. The key reason leading Luckin`s success is its new retail model plus fission marketing.However, by selling nearly 90m cups of coffee last year, Luckin is still lostRMB1.619bn because of the high cost of marketing new products, a series of cost expenditure and not high coffee prices side by side. Fortunately, Luckin is narrowing its loss, but how will they plan the road to profitability? What problems are coming with fast layout expansion? What are the strategies to realize Luckin`s vision “in their daily life starting with coffee” by building up are tail ecosystem?

研究成果

Luckin is adopting cost leadership strategy for coffee as the core product and will gradually try differentiation strategy based on its tech driven app and user profiling. It will continue to seek cooperation with enterprise clients to join its API plat form that enables customers to change digital rights into real consumption on third-parties platform. It sticks to its value proposition to provide high quality, high affordability and high convenience to clients. This will help grow its own customer traffic and own products.

We think in the near future Luckin is rapidly becoming a mass market FMCG brand and is dedicated to building aclosed-loop smart retail platform. Luckin first starts with the core product coffee to open the market and build brand recognition. Then it steps into otherfoods sector to obtain more users and consolidate brand awareness. In the longrun, when it comes to certain scale of user and store number, Luckin will build up both online and offline net for its own ecosystem and eventually achieves the new retail kingdom of Luckin brand.

我们的收获

Capstone is a great opportunity to practice what we had learned in IMBA courses by putting ourselves in the perspective ofan enterprise CEO. It is also a platform to learn great new ideas by cooperating and sharing with our classmates and professors. The project is revised successively and furbished gradually which leads us to the deeper exploration of the subjects whose business model and strategies. It also helps us to restructure business logic and methodology when applying to our daily work.

09

Group

Business Integration & Transformation for Luye Pharma Group

小组组长: 单羽小组成员: 曹娜、陈丛、黄红霞、马磊、单羽、尹秀芝、周亚飞

研究课题

由于政策的变化，绿叶制药曾经赖以生存的产品力朴素将失去其盈利能力，而企业近几年并购的新药又需要源源不断的资金投入研发，有资金链断裂的风险。绿叶制药的战略应做怎样的调整？是否应该继续原本要做企业转型的战略方向？

研究成果

企业转型做新药的战略大方向不做调整，但是必须放缓转型的步伐以防止资金链断裂。首先企业重心必须回归到仿制药，利用企业独有的制药技术以及在中枢神经系统的丰富经验，丰富仿制药的产品线，利用与中国政府的良好关系以及新出台的带量采购政策，增加神经类仿制药销量，以补足力朴素带来的资金缺口。其次企业需考虑持续稳定的将来，所以做新药依然是其策略的大方向。

我们的收获

经过这次capstone的学习，从一个医药企业的门外汉到能粗略了解制药的分类、方式、作用平台等等，组员中两位行业内的小伙伴也常常用有趣的比喻来让我们更理解这些枯燥的知识点。到最后我们能结合行业发展，国家政策，从绿叶制药茫茫的产品线中抽死剥茧出有市场优势的发展方向，提出战略新方向，真的实属不易。虽然我们已经从两次presentation中感觉到要在15分钟内很难将我们学习到的知识点清晰的表达出来，很难解释为什么我们选用中枢神经系统作为发展方向而不是心血管等等，但是小伙伴们依然乐此不疲的定期开着小会，挑战着，进步着。

关于Capstone Project

整合思考，商业实战，成就跨越式成长！港大-复旦IMBA项目顶点课程——capstone不止步一般课程的单向传授，更致力于知识灵活整合与深度批判思考。同学们以小组为单位，选择一家财务和营运数据可公开获得的公司，发现其面临的重要挑战，在半年时间内提交研究方案，并在三次小组演讲与最终报告中不断思考完善。Capstone课程促进知识的梳理整合，提升团队协作能力，引领学生深入现实挑战，成就跨越式成长。

编辑：刘晔