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E Stream，揭晓Capstone Project各小组背后的成长与收获。

01

Group

How proper corporate governance can support Xiaomi's sustainability

小组组长：He Xin, Li Jiangting

小组成员：Song Ye, Chen Hongzhu, Zhou Yong, Xu Hui, Ji Huicheng, ZhangQiuyan

研究课题

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！

我们的收获

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

小组组长：蔡圣栋

小组成员：蔡晨炜、李君、陆雷、李淑慧、刘怡、唐朋、王希汇

研究课题

在蔚来汽车陷入资金链紧张窘境之际，研究其现金流结构、成本结构、营销策略、商业逻辑、挖掘该公司失去资本青睐的真实原因, 对后续中国互联网资本进军汽车行业提供参考价值。

研究成果

一方面，由于动力电池产能瓶颈导致蔚来汽车的产量瓶颈，对比特斯拉的布局后，我们认为初创企业应该牢牢地将核心科技、核心零部件掌握在自己的手里，而不是外包给供应商。高科技企业只有构筑自己的科技壁垒才能保持竞争优势。另一方面，新型初创企业必须控制生产成本和运营成本，尽快实现造血能力，而不是一味的烧钱。资本对企业的首要目标是赚钱的预期，而不是情怀。

我们的收获

Capstone项目是一个学术理论结合实际运用的演习。它考验的不仅是我们的学术能力，更是我们的沟通能力、团队协作能力、任务管理等各个领域。在过去的四个月中，我们的小组队员从彼此陌生到相互磨合最后通力合作，完成了到目前为止小有成绩的研究成果。这都离不开每一位队员的努力工作和相互支持，尽管我们的特点和专业各不相同，但我们各自都扮演好了自己的角色和分工，体现了很高的专业素养和合作精神。作为队长我在此感激全体队员的辛苦付出，尤其是我们的项目管理员刘怡和刚刚做妈妈的李君。谢谢你们。

在此更要感谢Dr. Lu和Dr. Chan对我们组的专业指导和严谨细致要求，为我们指出不足和研究的方向，促使我们更加深入的去思考和挖掘问题的本质。深夜2点，电脑里报表上冰冷的数字背后我仿佛看到资本市场的逐利与冷酷，更多的是一个企业家的情怀与坚守。

03

Group

SIRIO’s business transformation from OEM to ODM after IPO

小组组长:Ding Haiqiong

小组成员:Zhang liyan, Chen Qi, Chen Di, Ma Hongyan, Gu Jin, Xie Danna, Zhou Mingxi

研究课题

小组研究对象为仙乐健康，是全球主要的营养保健食品合同开发与制造商之一，于2019年9月底在深交所创业板上市。作为一家新上市的保健品行业OEM公司（融资近十亿人民币），其如何在行业内保持持续竞争力及未来三五年内的战略发展方向成为了我们主要研究目的。

研究成果

深入利用MBA所学知识对仙乐公司进行研究，帮助其如何实现逐步由OEM到ODM的转型并通过转型获取更大利润空间和可持续发展。并能达到对其他行业OEM企业转型的借鉴意义。当然是否能成功借鉴有待实践检验。

我们的收获

近半年的小组磨合，讨论，碰撞，让我们充分感受到了team work的魅力；当然每一次教授们精辟的点评都给了我们极大的启示和指导，让我们一次次精进解决方案，同时也充分感受到了capstone的魅力。通过选择企业的实操研究，我们在不断的自我肯定与否定以及自我发现的循环迭代中，全面提升了个人综合运用管理知识的能力和未来的职场竞争力。

04

Group

Business Model Change in Volkswagen to Shape a Sustainable Future

小组组长:许云霞小组成员:王栋、王芊、楼烨珺、赵娟娟、郑炜敏、凌洁凡、王婉婷

研究课题

在激烈的竞争中大众如何在新时代保持领先地位?

研究成果

大众汽车集团想从一个传统汽车制造领域的领导者转变为移动出行服务商中的领导者，必须进行全面的业务转型，开启以服务为中心的商业模式，才能在新时代变革中保持领先地位。

我们的收获

在Dr. Chan的指点下，在团队一次次深夜的脑力激荡后，我们逐渐清晰了主旨问题，并明确了研究方向。期间，我们有过争执和迷茫，但是没有一个成员轻言放弃，在一起迈向胜利的同时也收获了珍贵的友谊。

05

Group

Cummins Inc. in China

小组组长:Sun Qiaoke

小组成员:Yang Jing，Chen Zhen，Wu Mingming，Xu Sisi，Yan Yaqin，Yang Jing, Chen Zhen, Wu Mingming, Xu Sisi, Yan Yaqin, Zhou Haibin

研究课题

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.

我们的收获

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

06

Group

Hengrui Builds the Best-in-class Global PharmaceuticalCompany

小组组长: SHEN PUYU

小组成员:WANG LI，GAO SHAN，XIAO DIHKU, JIANG SHAOQIANG, WANG YU, HU YUNCHUN

研究课题

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.

我们的收获

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！

小组组长:Liu Ying

小组成员:Lin Chunhui, Gao Wei, Mao Jinglu, Shen Wenjie, Wang Yan, Zhang Xin

研究课题

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.

我们的收获

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

小组组长:王丽娟

小组成员:徐燕燕、姜博、李颖、陆亦明、罗重庆、沈红萍、于洋

研究课题

TAL好未来教育集团是k12行业翘楚，一直处于高速发展状态，市值达千亿。尽管TAL已经实现规模化，但是成本费用并未出现边际成本效应，反而与营收成比例增长，导致净利润收到挤压，2020财年第二季度出现负净利。第二，好未来2019财年 1400万学生报名，内部教师团队近3万人，同时好未来仍在不断开拓新的城市领地，这些庞大的数字背后是运营的巨大挑战。第三，市场竞争激烈，新的对手不断涌现，钉钉，字节跳动等巨头公司纷纷涉足教育行业。本文旨在研究TAL通过数字化转型应对上述挑战，在数字化经济时代保持可持续竞争力。

研究成果

在今天的内外部环境，数字化转型是TAL公司的一个必选项。传统的竞争策略是聚焦，做差异化或者低成本，而在数字化时代的竞争策略应转为多产品多客户维度的网络效应 (network effect),因此TAL公司未来的商业模式应重塑to C，To B的业务，成为一个平台型公司，赋能整个教育生态系统。但数字化转型是极其挑战的，组织变革是推动数字化转型的关键，组织结构和文化等等都需要配合未来的战略做调整，最终须形成一个学习型组织，以适应不断变化的环境。这一研究不仅适用于TAL，对整个K12行业有普遍借鉴意义。

我们的收获

我们的小组成员，来自于不同行业，小组成员之间的合作也是经历了诸多磨合；安排工作，首先就是要根据大家的特点和特长，还得根据每个人工作学习生活安排的“脾性”，才能尽可能去保证所研究的内容的广度和深度。因为第一次presentation并没有得到特别正面的feedback，我们也泄气过；新的主题设定后，我们也遇到了越研究越觉得自己不懂的迷惘阶段，也经历了过程中谁也说服不了谁的阶段，最终，我们依靠大家互相鼓励和包容，支持和妥协，才一步步开始走起走稳。

09

Group

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

小组组长:龚晓花

小组成员:陈希、蔡庭彬、崔道泉、程晓琳、柏贺、王晓迪、李明坤

研究课题

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.‍‍‍‍‍

我们的收获

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.

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：赵培灼