“The 500 is more important than the 500, and 500 years is more important than the 500.” said Yu Ping, chairman of Guangxi Yuchai Machinery Co., Ltd. (hereinafter referred to as “Yuchai”).

Junping said that since 2013, Yuchai’s largest strategic deployment has been to promote “second startup”. In order to implement the deployment of the Autonomous Regional Party Committee and the Government’s “More and more decisions on accelerating new industrialization and realizing cross-border development”, the strategy of “strong Chai Xingyu” has been implemented in depth. Yulin Municipal Party Committee and municipal government has given the city the power to lead Yuchai’s industrial new city. To build a new-type equipment manufacturing (internal combustion engine) industrial base and achieve " second-time entrepreneurship ."

Yuchai Chairman Zhang Ping

From "reconstruct Yuchai" to "secondary venture"

When referring to second-time entrepreneurship, many people still remember the politeness of “rebuilding a new Yuchao for three years” that was proposed in 2006, the second year after Muping came to Yuchai.

In 2005, Yuchai Group’s sales were more than 12 billion yuan. In 2013, this figure was changed to 43 billion yuan. The cumulative sales of Yuchai’s core subsidiary, Yuchai Group, exceeded 500,000 units and became the industry’s first multi-cylinder diesel engine company to return to 500,000 units; the year-on-year increase was much higher than the industry average. At the level, market share increased by 3 percentage points in 2012, and then increased by 1 percentage point.

This is equivalent to saying that almost three past Yuchai were rebuilt. In accordance with the goals of the second venture, we will strive to form an annual output value of RMB 100 billion or more in 3 to 5 years. At least we must reconstruct a Yuchai at the current scale while ensuring production growth.

But now it is different from the past. Although the number of commercial vehicles in 2013 decreased from the previous year's decline to growth, it was a huge year of pressure and challenges for the engine segment: the automobile market concentration has further increased. The top 10 automotive groups that accounted for sales last year have already accounted for car sales. The total amount of 88.4%, an increase of 1.4 percentage points over the previous year, and most of these large enterprise groups have their own engine production companies, for the independent engine production company Yuchai, the gap in the cracks in the competitive disadvantage of even more prominent.

In this sense, proposing a second venture can better reflect the determination and courage of Yuchai’s reform. In Fuping’s words, the core of the reform is the transformation and upgrading. Now we are advancing the “second venture” is a self-revolution that will affect the future survival of our company.

This includes the adjustment of the six major industrial sectors of the “two product chains and multiple industrial clusters” to the new pattern of “two industry chains and two service platforms”, repositioning the development model of the group, and concentrating strength and resources. To extend the engine industry chain and petrochemical industry chain horizontally and vigorously develop the Group's logistics service platform and financial service platform to create a group value highland and promote the Group to become an integrated economic development entity with obvious advantages in the main industry and outstanding service advantages.

Yuchai’s second venture in transition

As mentioned earlier, the second venture involves not only the Yuchai Group itself but the “strong Chai Xingyu”. For this reason, many media colleagues have doubts about Yuchai's geographical position, which is relatively remote, and then there is no monopolistic interest. In order to realize such a super-scale growth, where does the company's emboldenedness lie?

Talent is the key

In this regard, Fuping's answer is only a simple word, people.

He said that since just over 10 billion in 2005, Yuchai has grown to a size of 43 billion after eight years of "war", with the average annual growth rate exceeding 30%.

Especially in the geographical environment of Yulin, in the internal combustion engine industry, an “alarm of ambush” industry, Luan Ping felt that his team had made a lot of efforts, and also reflected Yuchai’s indomitable spirit and outstanding wisdom.

As a business leader, he is conscientiously engaged in work, such as walking on thin ice, worrying about disappointing the expectations of Yuchai people and becoming a sinner in history.

However, at this stage of the development of the company, he must clearly understand that companies are no longer simply economic organizations, but also an important part of social organizations. From the corporate environment for development, in accordance with the corporate governance model of the past 30 years, without changing the corporate institutional mechanisms or upgrading the corporate system, companies will face the risk of being eliminated.

These need innovation. A good company must first possess excellent innovative cultural genes in order to carry out a series of innovations such as institutional innovation. On the other hand, only institutional innovation can guarantee the continuation and renewal of innovation culture. Therefore, in his opinion, system innovation, innovation culture, talent cultivation, etc. are all the focus of the company, regardless of whether or not it is important.

"But if I really want to mention it out, I'm particularly willing to elaborate on our hunger for talent and nurturing." Fuping said that the current enterprise is advancing the "second venture" strategic plan. In the second venture, the company will focus on the development of high-end equipment manufacturing industry, and will be led by Yuchai Industry Support. It is expected that by 2018, a composite industrial new city and strategically emerging Guangxi will be built to efficiently cooperate between high-end equipment manufacturing and modern service industries. Leading industries lead the district and national circular economy demonstration park.

"What is the criteria for assessing talent?" the reporter asked.

“I think that taking counter-products is not talent. At least it is necessary to achieve one talented person and one super-qualified person. We welcome all types of talents to emerge in the Yuchai family.”

He believes that if the current scale of 40 billion yuan, if you want to achieve 100 billion yuan, the first thing you face is the lack of human resources. This will not work in Yulin. Another is to be in line with international standards. In the next five years, what will be the real test of Yuchai? How is it connected with international standards? How does the product synchronize with the world?

Therefore, the key to the success or failure of Yuchai’s “second venture” is the professional talent team. The Group must formulate and implement an advanced talent strategy to guide the development of a professional talent team, and look to the world and introduce talent globally. We must also innovate the incentive mechanism for talented people and build a high ground for talented people; we must maximize the role of talented people and create a talented and talented person to use the environment.

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