ccb008
发表于 2007-2-28 17:33:09
<span style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">再说一下企业发展历程中的几个阶段,以及要注意的问题吧。<span lang="EN-US"><br/></span> <span lang="EN-US">1. </span>草创阶段(第一阶段):这个时期的企业资金链紧张,人员较少,一般每人都是多面手。<span lang="EN-US"><br/></span> 这个阶段的企业主要任务应当是:<span lang="EN-US"><br/></span> <span lang="EN-US"> a.</span>快速完成资本积累。<span lang="EN-US"><br/></span> <span lang="EN-US"> b.</span>形成主营业务<span lang="EN-US">(</span>公司<span lang="EN-US">70%</span>现金流的提供业务<span lang="EN-US">)<br/></span> 这个阶段应当注意的是:<span lang="EN-US"><br/></span> <span lang="EN-US"> a.</span>主营业务必须迅速定位完成,最大的忌讳就是这几个月做这个业务,发现不好做后几个月又转换到其他业务上去。这样前面打下的基础全部白费,全公司员工意识形态转变未必来得及,容易造成混乱,员工普遍会产生不安定感。<span lang="EN-US"><br/></span> 会这样随意转变的原因大体都是事先没有做过规划,没有仔细选择过进入领域。选择方法见我开头写的部分。<span lang="EN-US"><br/></span> 如果事先仔细考虑清楚,而又的确没有那种跨不过去的槛的话,那么就应当坚持,万事开头难,挺过去整个企业就会完全不一样了。</span>
ccb008
发表于 2007-2-28 17:33:46
<span lang="EN-US" style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><span style="mso-spacerun: yes;"> </span>b. </span><span style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">这个阶段的企业往往是什么有钱做什么,跨领域甚至跨行业的项目也做。这本身并没有错。初创企业确实需要多种资金积累的手段。但是中间最大的应当规避的陷阱在于:<span lang="EN-US"><br/></span> 你可以做任何项目,但是你<span lang="EN-US">90%</span>的成本应当投入到主营业务中去,只有最多<span lang="EN-US">10%</span>的成本(包括资金成本和人力成本)可以放在别处用。<span lang="EN-US"><br/></span> 因为,首先不熟悉的领域或行业都有其特定规则和门槛,贸然进入很可能摔跤,甚至于上当受骗。前面说了,初创企业现金流本来就非常紧,如果你把企业很多资金或其他人力资源挪威他用,万一遭遇损失你就彻底完蛋,毫无翻身机会。而非主营业务又恰恰是企业(不管大中小型企业)摔跟头摔得最多的地方。</span>
ccb008
发表于 2007-2-28 17:34:31
<span style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><span style="mso-spacerun: yes;"> </span>举个身边的案例,我一个朋友,他从一家跨国的<span lang="EN-US">PC</span>企业中离职创立了自己的企业。定位是做<span lang="EN-US">IT</span>服务。应当说他做的<span lang="EN-US">IT</span>服务理念和规划都是相当不错的,商业模式也相当具有可操作性。<span lang="EN-US">IT</span>服务在他的带领下收入越来越多。就在2年前,他做了一个错误决策。由于他和金蝶,用友的良好关系。他果断决定公司同时进入软件外包领域,之后投入资金扩大了办公室,增招了20多名软件开发人员(工资都是相当高)。结果去年,由于金蝶的大量拖欠款(金蝶接业务转包给他公司开发),导致整个企业现金流骤然紧绷,直到去年年底终于撑不下去,企业整个财务体系混乱,对外频繁拆借,外面大量应收款回不来,又拖欠供应商款项被人逼债。只好最近请我协助出售其优质的<span lang="EN-US">IT</span>服务部门(出售价格远远低于我为他评估的价值)。<span lang="EN-US"><br/></span> <span lang="EN-US"> c. </span>一把手必须学会如何正确测算现金流,必须保证随时用严格的财务工具管理公司。千万不能赚了点钱就头脑发热去干别的事情。我上面说的那个朋友,他在前年上半年赚了些钱,结果都不测算公司处于发展期对现金流的需要而头脑发热去换更好的办公室,装修,买新家具,全国开了10个办事处,一下子整掉5,60万。<span lang="EN-US"><br style="mso-special-character: line-break;"/><br style="mso-special-character: line-break;"/></span></span>
luckilypig
发表于 2007-2-28 21:31:36
<p>"创业不一定是自己开公司"</p><p>有想法 </p>
hyn1111
发表于 2007-2-28 22:52:29
<p>楼主说得很棒呀</p><p>是不是还没讲完?</p>
正版过客
发表于 2007-3-1 04:12:31
<p>好帖~望继续讲完剩下部分~</p>
hbwgw
发表于 2007-3-1 09:07:40
<p>非常好的。希望能够整理一下。</p>
ccb008
发表于 2007-3-1 09:29:59
<span lang="EN-US" style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><span style="mso-spacerun: yes;"> </span>d. </span><span style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">这个时期的管理往往都是中央集权制,也就是所有签字,日常管理都是由一把手负责的。这个阶段也忌谈什么企业文化。很多年轻的创业者喜欢追求那种做企业的感觉,明明公司还很小,却时刻大谈公司文化理念。其实这是错误的。<span lang="EN-US"><br/></span> 企业文化是企业在长期运作过程中自然形成的一种共性,而不是靠提口号形成的。<span lang="EN-US"><br/></span> 比如:做网络游戏的,整体共性就是开放,活泼<span lang="EN-US"><br/></span> 金融机构,整体共性就是严谨,一丝不苟,规章死板<span lang="EN-US"><br/></span> 这些都不是提口号提出来的。<span lang="EN-US"><br/></span> 至于某些口号,比如诚信,融洽等等,这些都是基本准则,不诚信的人不见得你提了口号他就会变得诚信,这些都是靠良好的管理制度来保障的,所以不提也罢。<span lang="EN-US"><br/></span> <span lang="EN-US"><br style="mso-special-character: line-break;"/><br style="mso-special-character: line-break;"/></span></span>
ccb008
发表于 2007-3-1 09:30:26
<span style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> <span lang="EN-US"> e. </span>关于这个阶段的管理:这个阶段更适合的是粗中有细的管理模式。所谓粗中有细,粗是指初创企业每个人都独当几面,因此不可引入那些大公司的日常管理制度,必须以更灵活,自由为原则。<span lang="EN-US"><br/></span> 所谓细,就是在财务控管上必须严格,要一丝不苟,斤斤计较。初创企业每一分钱的成本节约都是很有价值的。<span lang="EN-US"><br/></span> <span lang="EN-US">
<br/></span> <span lang="EN-US"> f. </span>关于待遇<span lang="EN-US">:</span> 先前说过,初创企业的人员必须精干,人海战术是不可取的,你请2个工资4千的人,远远不如你只请一个工资8千的人。还有就是这个阶段更适合以销售为导向,也就是说以非常高的奖金比例来和业务挂钩,这样更容易使你鉴别人才。<span lang="EN-US"><br/></span> <span lang="EN-US"><br/></span> 初创企业中有一类比较特殊的,就是技术型公司,这类公司通常都是引入风险投资创业的,这类公司有其特殊性,因此策略也相对不同,以后另外讨论。</span>
ccb008
发表于 2007-3-1 09:31:26
<span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">2. </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">发展阶段</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">(</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">第二阶段):</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> 怎么界定企业进入第二阶段了呢?从资产规模等等来界定显然不太合理。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">
</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">我认为,一个企业形成了自己非常稳定的主营业务,同时该主营业务为公司提供了</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">70%</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">以上的现金收入,每年还能够去年轻松实现盈利。公司净资产为正。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> 符合以上的企业,应当说是进入了第二阶段。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"> </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">第二阶段的企业要注意如下问题:</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"> </span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"> a. </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">与初创阶段相比,这时候的你应当更专注。多元化和专业化经营争论了很多年了,但是那是对于大企业来说的(大企业的多元化也应当是业务相关的多元化,而不是互不关联的多元化),对于发展阶段的企业必须实施专业化的策略。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">
</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">因为这个阶段要开始发力了,企业会进入快速发展的阶段</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">,</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">所以力要往一块使;同时你更无法接受摔跟头,这个时候就好比一个身高<chmetcnv wst="on" unitname="米" sourcevalue="0" hasspace="False" negative="False" numbertype="1" tcsc="0">2米</chmetcnv>的巨人,每摔一跤都是很沉重的。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"> b. </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">这一阶段,创业者应当进行必要的分工了,每一项专业工作都会耗费大量精力,身兼多职只会什么都做不好。同时一把手应当更多地去接触更广泛的社会相关资源。这些可能都是你在初创阶段不会也没必要去接触的。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br/></span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> </span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;">
</span><span style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-family: ''; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">这些资源包括:工商,税务,银行,政府关系等。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-fareast-font-family: 宋体;"><br style="mso-special-character: line-break;"/><br style="mso-special-character: line-break;"/></span>