Chapter 537: Half-Year Report Card

One hundred and eighty‑three days after the press conference, Shenzhen's spring arrived unusually early.

Li Yaozong stood by the window, a freshly delivered report clenched in his hand.

Outside, the outline of Fenghuang Mountain was strikingly clear in the morning light, and the kapok trees at its foot were already in bloom, a blaze of red splashed across the branches.

The first page of the report contained only a few lines of numbers.

Twenty subsidiaries, half‑year performance summary:

Revenue year‑over‑year growth: 37%

Profit year‑over‑year growth: 52%

New jobs created: 23,000 people

New patents: 1,047 items

He stared at it for a long time.

Then he set the report down, lifted the cup of ice‑cold Longjing Tea Tea tea, and took a slow sip.

Bitter at first, then a lingering sweetness.

At nine a. m., the conference room was filled with people.

Unlike six months ago, this time not only the core group leaders arrived, but also the heads of the twenty subsidiaries.

Zhang Yuan rushed over from Fenghuang Chat, Li Nan came from Wanxiang Live, and Zhou Ye arrived from Wanxiang Video.

The heads of Wanxiang Sports, Wanxiang Home Appliances, Wanxiang Real Estate, Wanxiang Retail, Wanxiang Hotel, Wanxiang Mining… familiar faces filled the long conference table to the brim.

Li Yaozong sat at the head seat, the half‑year report placed before him.

"I called everyone here today, not for a meeting."

He paused.

"It's to look at the report card."

Fang Wenshan stood up and walked to the projection screen.

"I'll first report the overall situation."

He pressed the remote, and a chart appeared on the big screen.

"Twenty subsidiaries, half‑year total revenue 87 billion, year‑over‑year growth 37%. Total profit 12.3 billion, year‑over‑year growth 52%."

He turned to the next page.

"Fenghuang Chat, monthly active users surpassed 600 million, advertising revenue year‑over‑year growth 167%."

Zhang Yuan stood up and nodded at everyone.

"Wanxiang Live, monthly active users 380 million, live‑commerce transaction volume surpassed 30 billion."

Li Nan smiled.

"Wanxiang Video, monthly active users 320 million, membership revenue quadrupled."

Zhou Ye did not stand, merely raised his hand.

Fang Wenshan continued turning pages.

"Wanxiang Sports, revenue year‑over‑year growth 47%, net profit year‑over‑year growth 63%."

The head of Wanxiang Sports stood up, a man in his early forties named Chen Jianguo, formerly deputy general manager of the apparel division.

"Wanxiang Home Appliances, revenue year‑over‑year growth 32%, refrigerator sales surpassed 2 million units."

The head of Wanxiang Home Appliances was a trusted lieutenant under Liu Yang, thirty‑five to thirty‑six years old, named Wang Lei.

"Wanxiang Real Estate, revenue year‑over‑year growth 58%, new construction area 1.2 million square meters."

The head of Wanxiang Real Estate was a man in his fifties named Zhao Deming, who had worked at Wanxiang for twenty years.

"Wanxiang Retail, revenue year‑over‑year growth 23%, new stores opened 87."

"Wanxiang Hotel, revenue year‑over‑year growth 41%, room occupancy rate 78%."

"Wanxiang Mining, revenue year‑over‑year growth 17%, newly proven reserves …"

Fang Wenshan turned the pages one by one; each time a page turned, someone stood up.

Twenty stand‑ups, twenty rounds of applause.

After the last page, Fang Wenshan closed the report.

"Everyone, the half‑year report card is finished."

The conference room fell silent for a few seconds.

Then Li Yaozong stood up.

He walked to the whiteboard, picked up a marker, and drew a large circle.

Inside were five words: automobiles, mobile phones, banks, R&D center, research institute.

He then drew twenty small circles outside the big one, each labeled with a subsidiary's name.

"Six months ago, I stood here and drew this diagram."

He turned around.

"Some said I was crazy. Some said Wanxiang was about to collapse. Some said Li Yaozong's actions were a prelude to a getaway."

He looked at the people seated.

"Six months later, you used this report card to answer those people for me."

He paused.

"The aircraft carrier fleet has set sail."

Thunderous applause erupted.

When the applause subsided, Zhang Yuan raised his hand.

"President Li, after Fenghuang Chat became independent, we did a few things."

Li Yaozong looked at him.

"Speak."

Zhang Yuan stood up.

"First, I went over the product line again. Back when it was tied to the group, there were things we wanted to do but didn't dare to; now we've done them all."

He walked to the whiteboard and drew a circle.

"Second, the user growth team became independent. Before, we had to compete with livestreaming and video for staff; now we hire and manage our own, and efficiency is much higher."

He paused.

"Third, we began laying out overseas. The Southeast Asia market will go live next month."

Li Yaozong nodded.

"Good."

Li Nan stood up.

"President Li, on the livestream front, we also have progress."

He walked to the whiteboard and drew another circle next to the one Zhang Yuan had drawn.

"First, we've connected with Wanshang Retail. Offline store livestream sales have tripled the expected effect."

"Second, we partnered with Wanshang Hotel. The hotel lobby does livestreaming, selling local specialties and travel packages, making twenty million in a month."

He paused.

"Third, we began building the infrastructure for livestream e-commerce: warehousing, logistics, after-sales—previously we relied on the group, now we build it ourselves."

Li Yaozong looked at him.

"Do you need support?"

Li Nan shook his head.

"Not for now. We can hold out."

Zhou Ye was the last to stand up.

He walked to the whiteboard and, above those circles, drew a larger circle.

"As for video, I want to say something different."

He looked at Li Yaozong.

"President Li, half a year ago you spun off video; I had no confidence then. The video business burns the most money, earns the least, and is most easily questioned."

He paused.

"But in the past six months, we've done one thing."

He pointed to that big circle.

"We built a copyright library. Movies, TV dramas, variety shows, documentaries—we bought three thousand of them. Although they aren't the newest or hottest, they're sufficient."

He then pointed to the smaller circle below.

"Then we linked Phoenix Chat with livestreaming. Users can watch videos directly in Phoenix Chat, and can on-demand movies in the livestream room."

He smiled.

"The effect was better than expected. Membership revenue doubled— that's how it came about."

Liu Yang raised his hand.

"President Li, the home appliances side also has progress."

Li Yaozong looked at him.

"Speak."

Liu Yang stood up.

"Refrigerators, air conditioners, washing machines—three product lines that used to be bundled together and fought each other. After becoming independent, each runs its own track, and now they're all running."

He pointed to a circle on the whiteboard.

"For refrigerators, we began making them smart. Linked with cars and phones, users can control their home fridge from the car."

"For air conditioners, we developed a fresh-air system. Partnering with real estate, new developments come pre-installed."

"For washing machines, we went for large capacity. Partnering with hotels, the linen-washing business brought in eighty million in a year."

Li Yaozong nodded.

"Good."

He Xiao raised his hand.

"President Li, I have two things to say."

He stood up, walked to the whiteboard, and drew an arrow inside the core circle.

"On the car side, cooperation with subsidiaries is increasing. The in-car version of Phoenix Chat went live last month. On the livestream side, we launched a 'Driving Livestream' channel dedicated to long-distance self-driving."

He paused.

"On the video side, we went even further—cutting our smart-driving footage into a documentary that has racked up over a hundred million views."

He looked at Li Yaozong.

"President Li, when these were bundled together, we couldn't do these things. Now that they're separate, everything actually works."

Chen Feng was the last to raise his hand.

He stood up but did not walk to the whiteboard.

"On the Crystal side, I'll just say one thing."

He looked at the people present.

"The graphene mid-scale trial is complete."

The meeting room fell silent for a second.

Then applause burst out.

Li Yaozong stood up.

When will energy be produced?

Chen Feng thought for a moment.

One year. One year later, graphene crystal can go on the production line.

He paused.

By then, we won't have to watch TSMC's mood.

After the applause subsided, Li Yaozong returned to his seat.

He looked at the people present.

Twenty faces, twenty pairs of eyes, all looking at him.

Six months ago, I split you up. Some cried, some cursed, some thought I was crazy.

He paused.

Six months later, you told me with your results that I wasn't crazy.

He stood up.

But this is only just beginning.

He looked at Zhang Yuan.

We need to keep a close eye on Phoenix Chat's overseas market. Southeast Asia is just the first stop; after that come India, Latin America, and Africa.

Zhang Yuan nodded.

He looked at Li Nan.

The infrastructure for live streaming must be accelerated. Warehousing, logistics, and after-sales service are the future moat.

Li Nan nodded.

He looked at Zhou Ye.

We need to keep building the video copyright library. Three thousand titles aren't enough; we need ten thousand. If we can't afford the newest and hottest, we buy classics and long-tail titles. First, we need to get the lineup up and running.

Zhou Ye nodded.

He looked at Liu Yang.

The intelligence of home appliances must be deeply integrated with cars and phones. It's not simple control; it's seamless collaboration.

Liu Yang nodded.

He looked at He Xiao.

Autonomous driving for cars must continue to iterate. Once graphene comes out, computing power could increase tenfold. By then, what we can do needs to be thought about now.

He Xiao nodded.

He looked at Chen Feng.

The mass production of graphene cannot be delayed even a day. Say what you need directly.

Chen Feng nodded.

The meeting ran from 9 a. m. to 1 p. m.

Four hours, we clarified the future directions of the twenty subsidiaries and five core businesses, one by one.

When the meeting ended, Li Yaozong didn't leave right away.

He stood by the window, watching those people walk out of the building one after another.

Zhang Yuan got into a taxi heading toward Futian. That is where Phoenix Chat's new office building is.

Li Nan drove a Wanshang car toward Longgang. That is where the warehousing center for the live-streaming business is.

Zhou Ye rode a shared bike toward Nanshan. That is where the content center for the video business is.

Also Chen Jianguo, Wang Lei, Zhao Deming...

They each have their own direction, their own path.

He recalled that half a year ago, these people were still crowded together in the group, fighting over a bit of resources.

Now, they each fight on their own, each running their own track.

Actually, they run faster now.

Lin Jiawen walked over and stood beside him.

"President Li, what are you thinking about?"

Li Yaozong shook his head.

"Not thinking about anything. Just looking."

Lin Jiawen looked at the receding figures outside the window.

"Half a year has passed, it's really fast."

Li Yaozong nodded.

"Yeah, it's really fast."

Lin Jiawen turned his head.

"President Li, there's something I've always wanted to ask you."

"Ask."

Lin Jiawen paused.

"When you decided to spin off, were you afraid?"

Li Yaozong remained silent for a few seconds.

"Afraid."

Li Yaozong looked out the window.

"I'm afraid they won't run well, afraid the group can't hold up, afraid those rumors outside will come true."

Li Yaozong paused.

"But now I'm not afraid."

Lin Jiawen looked at Li Yaozong.

"Why?"

Li Yaozong smiled.

"Because I saw it."

At three p. m., Li Yaozong went alone to the Nanshan Research and Development Center.

In the new‑materials lab on the sixth floor, Chen Feng was busy at the microscope.

Seeing Li Yaozong enter, he looked up.

"Li, why are you here?"

Li Yaozong walked over.

"Just taking a look."

He stood at the microscope, looking at the sheet of material so thin it was almost transparent.

"Is this graphene?"

Chen Feng nodded.

"Yes. Single‑layer carbon atom structure, thickness 0.335 nanometers."

Li Yaozong stared for a long time.

"Is it usable?"

Chen Feng shook his head.

"One more step left. The pilot test is done, but the mass‑production process still needs optimization. Within a year it can go on the production line."

Li Yaozong nodded.

"No rush. Doing it right is the most important."

After leaving the lab, Li Yaozong stood in the corridor for a while.

A few young researchers passed by, holding lunch boxes, heading toward the cafeteria. Someone discussed something while walking; the voices were low, but it was clear they were debating an algorithm.

The elevator doors opened, then closed.

The corridor fell quiet.

Chen Feng walked over.

"Li, the new building over there is about to be topped out."

He pointed out the window.

In the distance, a twenty‑story new building was under construction, its main structure already completed.

"It's being built for R&D staff. It has dormitories, a gym, and a 24‑hour cafeteria."

Li Yaozong nodded.

"When can we move in?"

Chen Feng thought for a moment.

"By the end of the year. Before year‑end, the first batch can move in."

At seven p. m., Li Yaozong returned to Wanxiang Dasha.

On the office desk lay several newly delivered reports.

One was the overseas expansion plan of Fenghuang Liao.

One was the infrastructure construction proposal of Wanxiang Live.

One was the copyright library list of Wanxiang Video.

One was the technology roadmap for smart home appliances.

One was the iterative plan for automotive intelligent driving.

One was the production schedule for graphene mass‑production.