Youbao has been seeking listing for a long time.
It has been six years since 20 16 listed the new third board, and 20 17 revealed that regional retailer Xinhua has to land in A shares. Later, the transaction was cancelled because shareholders failed to reach an agreement on the purchase price, and then delisted from the New Third Board on 20 19. Now, a prospectus has been submitted to the Hong Kong Stock Exchange.
Youbao has a deep relationship with capital. Sky Eye Survey shows that Youbao has completed 14 rounds of financing since its establishment. Investment institutions include CCB International, Ant Group, Chunhua Capital, Jiang Yi Venture Capital and CICC Capital.
From the perspective of ownership structure, founder Wang Bin holds 65,438+07.9%, making him the largest shareholder of Youbao. Shanghai Yun Xin, a subsidiary of Ant Group, holds 65,438+06.68%, making it the largest institutional investor and the second largest shareholder.
In addition, Shen Guojun, founder of Yintai Group, holds 6.52%, Chunhua Rongshun, a subsidiary of Chunhua Capital, holds 5.56%, Xu Ge, chairman of Huasheng Capital, holds 4.7 1%, CICC holds 4%, Qingcheng Changyou, a private equity fund managed by CCB International, holds 2. 13%, and Guo Xin Energy Fund, a subsidiary of Guo Xin Securities, holds 0.88%.
The most heated debate is the inextricable relationship between Youbao and Ant Group.
From 2065438 to March 2009, Youbao obtained financing from Ant Financial and Chunhua Capital/kloc-0.6 billion yuan, of which Ant Financial invested/kloc-0.2 billion yuan in the form of capital increase. According to the prospectus, as of 20 19 and 2020 12 and 3 1, Alipay China is one of the top five customers of Youbao, and Youbao charges them service fees for advertising and promoting its payment service products.
According to yost Sullivan's data, from 20 19 to 202 1, Youbao ranked first in the unmanned retail industry in China, and firmly took the first place in China. If successfully listed, Youbao will become the "first unmanned retail stock" in China.
10 year, 65438+ 10,000 units.
Wang Bin, the founder of Youbao, is an experienced post-60s entrepreneur.
In 1990s, he started his business for the first time and built the largest crane maintenance factory in the Pearl River Delta. 200 1, founded Wang Xing Technology, one of the earliest SP business companies in China. Three years later, the company was acquired by Sina for $654.38+25 million, and Wang Bin himself joined Sina. From 2004 to 20 10, he served as senior vice president of Sina for six years, in charge of the wireless business unit.
At the same time, Wang Bin is still an investor. In 2006, he became a partner of Yunfeng Fund and participated in angel investment in Taomi.com, an online children's entertainment community.
20 10, Wang Bin received a phone call from his old subordinate Li Minghao. Li Minghao said that he had made the prototype of a new generation of vending machines by hand. After several communications, Wang Bin saw the embryonic form and decided to invest 5 million yuan to start a business with Li * * * *.
It is reported that what excited Wang Bin most at that time was that it had a touch screen, which could not only display product information, but also advertise and do e-commerce through the collected sales data. This makes Wang Bin see the possibility of digitalization of traditional retail, which coincides with his profound Internet background.
Everything is ready, only the east wind is needed-good projects are available, and then funds are needed. 20 1 1 In May, Wang Bin found the first financing from Shen Guojun, the founder of Yintai Group-1100 million yuan. In the same year, Youbao Online was established in Beijing. At the beginning of 20 12, Miracle, who founded Ctrip, Home Inns, Hanting and other tourism and accommodation brands, also joined in with funds.
In addition, in the two years of 20 1 1 and 20 12, Youbao also received a series of financing of $0.00000 from Fenghe Investment, Hanergy/kloc-0.00000, and a series of investment of tens of millions of dollars from Yunfeng Fund.
By the second half of 20 13, there will be about 40,000 vending machines in China, of which Youbao has12,000, accounting for the largest share of the industry. By June 30th, 20 15, Youbao had deployed 30,000 machines in 58 cities across the country, and its monthly sales exceeded10 billion yuan.
The expansion ability and scale of vending machines are the lifeline of Youbao.
Founded more than ten years ago, Youbao has established a wide-point network covering core consumption scenes such as schools, factories, offices, public places and transportation hubs, and has continuously expanded to new consumption scenes. Among them, schools and factories account for the most, with 202 1 accounting for 24.3% and 23.4% respectively.
In terms of the number of outlets, the number of vending machines in Youbao increased from about 47,700 at the end of 2065,438+08 to about 65,438+002,700 at the end of 2026,5438+0, covering 288 cities and 365,438+0 provincial administrative regions. In 20021year, 8 1.3% points were distributed in first-tier cities, new first-tier cities and second-tier cities, and 18.7% points were distributed in third-tier cities and below. By the end of 20021,the cumulative number of identifiable trading users reached 320 million.
Chen Kunrong, president of Youbao, once said in an interview with the media: "If we have 200,000 vending machines, the annual turnover will exceed 1000 billion! The profit of any three points is also 300 million. "
In order to increase revenue and profit, Youbao keeps expanding.
The prospectus shows that the funds raised by Youbao IPO will be used for the coverage and penetration of peer-to-peer networks; Further develop supply chain capabilities; Lifting technology; Strategic investment and acquisition of potential companies in the unmanned retail industry.
According to the plan, Youbao will open about150,000 points within three years after listing, specifically about 40,000 points, 50,000 points and 60,000 points respectively from 2023 to 2025, and more than 80% of the new points will be equipped with smart containers.
From joining mode to partner mode
In the past ten years, how has Youbao's huge integral network been built?
In the early days of its establishment, Youbao took an asset-based self-operated model. It is reported that the purchase cost of a vending machine is as high as 20,000-30,000, and the profit margin is minimal.
Until 20 15, Youbao turned to openness, promoted the franchise model and began to make profits. In this mode, franchisees make money by operating commodity sales business and getting a share of advertising profits. Youbao can not only spread the market on a large scale, but also transfer the difficult commodity sales business to franchisees and improve the cost structure.
Since the epidemic in 2020, the offline vending machine business of Youbao has been greatly affected, and the number of franchisees has declined instead of rising. According to the previous financial report, the "franchisee" mentioned in this prospectus refers to franchisees. According to the prospectus, at the beginning of 20 19, Youbao had 20,000 "affiliated points", and by the end of 2002 1.76 million.
Youbao shifted its focus to the "partner model". Compared with the complete direct operation, the partner is like an agent to help Youbao "go out to sea", enabling the company to rapidly expand its position at lower cost and risk.
Simply put, the partner is responsible for finding the location, bearing the rent and facilities costs, and the location operation is still taken over by Youbao. Because the partners and the company share the sales, the interests of both parties are the same, which urges the partners to set the location in the optimal location.
At the beginning of 20 19, the point of direct mode was more than 5 times that of partner mode, and by the end of 200219, the point of partner mode had increased to nearly 7 times that of direct mode. As of 202 1, 65438+February, 3 1, Youbao Direct Mode 13700 points, Partner Mode 7 1500 points, Subsidiary Mode 17600 points.
At present, the partner model has accounted for more than half of the company's total income. According to the prospectus, in 20 19-202 1 year, the profits generated by the partners' operating points were 2.5100000 yuan, 762 million yuan and1479 million yuan respectively, accounting for 9.2% and 40 1% of the company's total revenue.
However, it also costs a lot of money to maintain and expand the points network and find partners. According to the prospectus, in 20 19-202 1 year, the proportion of "integral operation and development expenses" to "sales and marketing expenses" was 56 1%, 5 1% and 54.4%, which were 575 million yuan and 553 million yuan respectively.
Youbao also admitted frankly in the prospectus that if the current partner model scale cannot be maintained, existing integral partners can be retained or new integral partners can be attracted, the company's peer-to-peer network expansion plan may be interrupted, which will have a significant adverse impact on performance.
be beset with a crisis
Before the epidemic in 2020, Youbao had been making money. According to the previously submitted prospectus, from 20 15 to 20 17, the net profit of Youbao was 23.52 million, 77.5 million,1.80 million respectively, and the net profit in the first three quarters was 201.0/kloc-.
Since its outbreak, Youbao has faced tremendous performance pressure, with a cumulative loss of 654.38+372 million yuan in the past two years. According to the prospectus, from 20 19 to 202 1, Youbao achieved revenue of 2.727 billion yuan,1902 million yuan and 2.676 billion yuan respectively; The net profit for the same period was 39.649 million yuan,-165438+84 million yuan and-65438+88 million yuan respectively.
Youbao said that there are three main reasons for the sharp fluctuation of the company's gross profit margin in 2020: First, the epidemic has led to a decrease in consumer income in transportation hubs, public places, schools, etc., and these places often have higher sales gross profit margins; Second, the income of digital value-added services with gross profit margin exceeding 90% has dropped sharply; Third, mini KTV, intelligent orange juice machine and other equipment confirmed a large number of impairment losses.
Youbao * * * has four business segments, which are divided into smart retail business, supply chain operation service, digital value-added service and others.
Among them, smart retail service is undoubtedly the pillar of income generation. From 20 19 to 202 1, this business brought15.4 million yuan,13.37 million yuan and19/0/500,000 yuan respectively, accounting for 56.5% and 70.3% of the total revenue. The so-called smart retail service is to sell fast-moving consumer goods through vending machines, including bottled drinks, snacks, freshly ground coffee and brewed drinks.
The second largest business is supply chain operation services, including wholesale goods, sales and rental of vending machines, and the use of bulk procurement to provide mobile equipment distribution services. From 20 19 to 202 1, this business accounted for 16.8%, 16. 1% and 17.9% of the total revenue, respectively, and basically maintained an upward trend.
Digital value-added mainly provides digital advertisements for advertisers, and also provides intelligent operating system support for franchise operators and mini KTV franchisees. In the past three years, this business contributed 20. 1%, 1 1.7% and 9.3% of the total revenue respectively, and the proportion of revenue decreased significantly.
Other services, namely mini KTV, are one of Youbao's initiatives to cultivate new profit points. However, the revenue proportion of this business is not high. The revenue proportion of 20 19-202 1 is 6.6%, 1.9% and 1.2% respectively.
As one of the traditional offline FMCG business models, unmanned retail track is still a fast-growing track. Especially the vending machine format, with the characteristics of low operating cost and start-up cost, is growing rapidly. In 20021year, the number of vending machines in China reached 924,500, with a compound annual growth rate of 30.3% in recent five years.
In addition to the veteran players of unmanned vending machines like Youbao, there are also powerful logistics companies entering the market. Logistics supply chain and self-operated mode are its advantages. For example, in February, 2022, Feng Zu E Shi, an unmanned retail operator hatched by SF Express for five years, announced that it had won the Series A financing of 300 million yuan led by Softbank and invested by several head institutions.
There are also some new consumer brands eyeing this cake.
In the second half of 20021,Yuan Qisenlin announced that he would try smart containers and vending machines. It is reported that by the end of 20021,the number of forest intelligent freezers in Yuan Qi has exceeded180,000.
POP MART, a popular brand, has also come to the unmanned retail field and wants a piece of it. By the end of 20021,there were 870 POP MART robot shops1. In 20021year, the revenue of POP MART robot shop was about 470 million yuan, accounting for 10.5%. Other trendy brands, such as "1983 blind box", have also set up unmanned vending machines in shopping malls.
In 2020, Qian Zhi Ya, the founder of Ruixing, officially entered the unmanned retail field, and in that year, he launched two smart terminals, namely the unmanned coffee machine "Yi Rui Buy" and the unmanned vending machine "Yi Rui Deal".
Despite the rapid development, the penetration rate of vending machines in China market is still very low. 202 1, compared with 2 1.9 in the United States, 20.0 in Japan and 1 in Europe, the average number of vending machines per thousand people in China is only 0.7. As of 202 1, 65438+February, 3 1, vending machines in China only covered 7.6% of the potential venues in China.
This also means that the offline retail scene of vending machines has broad development prospects. According to Jost Sullivan's report, the retail market size of vending machines in China will increase from 27 1 billion yuan in 20265438 to 79.9 billion yuan in 2026, with a compound annual growth rate of 24.0%. It is estimated that by 2026, vending machines in China will cover 9.5% of potential places in China/KLOC-0.
Vending machines are a very special industry. According to industry insiders, the biggest advantage of Youbao is its early development. It entered the public transportation networks such as high-speed railway station and subway stations very early, and after ten years of layout, it became the head of the industry. However, its business model and operation model are not complicated and the barriers are not high.
In the face of powerful professional players, vertical new consumer brands such as coffee and tea are willing to spoil the IPO, and Youbao may be in danger at the moment. Can we continue to be the number one in the industry in the next decade?