Yonghui loses a lot, but the "eldest son" is going to go public

New Entropy Original

Author August

Edit Moon See

At the moment when the traditional offline retail industry continues to be sluggish, Yonghui has not tossed.

Yonghui has explored new formats such as "Super Species", "Yonghui MINI Store" and "Warehouse Store", but the market performance is unsatisfactory. According to the data, from the first half of 2020 to the first half of this year, the company has plans to close 28 super species shops, 455 Yonghui MINI stores, and the relevant data of the storage stores did not disclose in the 2022 semi -annual report.

But who thought that the TOC retail business did not improve, but the TOB business was unexpectedly listed.

On August 23, a person familiar with the matter revealed that Yonghui Supermarket focused on Yonghui Caixian in the field of B2B Fresh Fresh, and was seeking the first public offering of Hong Kong in 2023. One hundred million U.S. dollars.

The fresh e -commerce market that shows a little lonely after the daily mine is active after this information is disclosed. Unlike the retail freshness that often appears in Sunac's layout, the color food on the TOB supply chain is quite mysterious. After multiple rounds of financing led by Sequoia Capital and Tencent, it is reported that the current market valuation has reached 10 billion yuan.

However, it is interesting that the last financial report of Yonghui Cai Food Development Co., Ltd. was exposed in 2019. After the news of the IPO of Hong Kong, many media have asked Wu Guangwang, the chairman of Cai Shi Xian, and have not received it yet. reply.

The industry has the saying that "freshness is the last blue ocean of e -commerce", but with the difficulty of retailing freshness online, this sentence is a little bit ridiculous. This time, Yonghui Cai Fan appeared strongly with the tens of billions of market value. Is it relying on the strength of the old business super group, or is it another imaginative fresh e -commerce dream?

The current trend is fresh

Compared with brother companies such as Yonghui Yunchuang and Yonghui Yuanxin, it has been born in the unknown situation compared with brother companies such as Yonghui Yunchuang and Yonghui Yuanxin.

In fact, as early as 2015, Yonghui had set up colorful fresh food business. At that time, it was planned to cooperate with the Korean food industry giant CJ Group to provide standardized prefabricated fresh products for Yonghui Supermarket and hotel catering in Beijing. However, due to policy reasons, CJ withdrew from the cooperation project in early 2017. In March of the same year, Yonghui Supermarket was independently funded and formally established Beijing Cai Food.

At that time, the fresh retail e -commerce companies were fighting, and Yonghui Supermarket vigorously supported Yonghui Yunchuang, hoping to sell it online through its Yonghui Life Business. Cai Fan was arranged to provide supply chain support for Yunchuang business, becoming a silent service person behind fresh e -commerce.

If it is not for the growth of online freshness, the bottleneck is earlier than expected, and the colorful food may only become a part of the business logic of Yonghui Supermarket for a long time.

Fortunately, in November 2018, the colorful food that had been silent for a year and a half ushered in its own Bole, led by Gaozhang Capital and Sequoia Capital, and Beijing Cai Fan was renamed the development of Yonghui Cai Shi Food Development. The limited company was stripped from Yonghui's mother's body and began a journey of independent financing.

However, the dilemma of reality followed. Compared with the retail business, the color storage and logistics costs of fresh B -end supply chains are greater, and the investment in the previous period is huge.

According to the announced financial report, the net profit of colorful food in 18 and 19 years lost 160 million yuan and 370 million yuan, which means that the 1 billion yuan of early financing can only be supported by hardships, and the colorful food of the development dilemma has even stopped even stopped or even stopped. Financial report disclosure.

Just as the food was ejected, with the rapid development of community group purchases and large -scale catering, the demand for the freshness of the community increased sharply, and the colorful food finally ushered in the second spring of business growth.

Within two years, the radiation range of colorful food business has expanded to 20 provinces and cities, and 32 large -scale freshflower factories have been established in major regions such as Beijing, Guangzhou, Fujian, Zhejiang and Guangdong. Chunjiang water is warm, and the market enthusiasm has continued to rise. In December 2020, the announcement showed that the color food freshly completed a round A financing of 1 billion yuan. 32.3%of the largest shareholders.

Zeng silent colorful food finally stood at the core circle of Yonghui business. Today, the helm of the colorful food is Li Jianbo, who had made a contribution to Yonghui Supermarket. He was an IBM Chinese executive. He joined and resigned as the chief of the supermarket business in 2016 before the listing of Yonghui Supermarket. Historical mission ".

After serving as Yonghui Caixian CEO in early 2020, Li Jianbo has greatly improved the intelligent transformation efficiency of the supply chain with his information system management, and the losses of the overall business of colorful food have decreased significantly.

According to Zhang Xuansong, the chairman of Yonghui Supermarket, the current procurement score of Cai Fan in government departments ranks first among similar companies. In an interview with media such as "Commercial Observer", Li Jianbo also stated: "Lottery has already had a volume of nearly 10 billion, and it can maintain a 50%growth rate. It is expected that the market volume will reach 5 times in 2019 at the end of 2022. Break through 15 billion yuan. "

Chunfeng is proud of horseshoe. According to Bloomberg News, Cai Shi will be available in Hong Kong as early as the second quarter of 2023.

"Cai Second Generation" ended Yonghui Yi Bowl

A large part of the reason for the incremental market incremental market in colorful food is the "retrospective" of Yonghui's father.

Prior to 2020, for the transformation and upgrading of the supermarket business SaaS, Yonghui Supermarket always took Yun Chuang as the core and deployed multiple business ecology such as "Super Species" and "Yonghui Life". Almost all business super electronic retail channels. However, under the increasingly significant trend of fresh e -commerce companies and the serious market trend, Yonghui eventually frustrated in the competition with community group purchases, and proposed a new development plan of "no need to follow the trend, first practice internal skills".

The "internal power" here actually refers to the accumulation of the strength of the supply chain and warehousing and logistics. At the investor exchange meeting in 2021, Yonghui executives made such comments on community buying such as Duoduo vegetables: "There are fewer SKUs now, and the number of SKUs will be increased in the future. Delivery will become a big problem."

The cognition of the company's executives is often consistent with the direction of the company's development of sharp swords. From the business content that has been disclosed in colorful food, it can also be clearly felt that Yonghui's words must be necessary.

At present, Yonghui Cai Food is mainly based on the form of prefabricated freshness in the central kitchen, providing one -stop ingredients solutions for large group customers such as Yonghui Supermarket Headquarters, Party, Government, Military Enterprise Institutions, and Hotel Aviation.

Although the large -scale storage bases and supply chain channels invested by Cai Fan itself for many years are the sufficient conditions that can meet the requirements of such large catering customers. However, behind the project, it must be inseparable from the credit endorsement and business support of the old company of Yonghui Supermarket.

In 2021, the target customers of the fresh food focus on the procurement of the cafeteria of party, government, military enterprises and institutions, and account for 80%of all business market sales. These strong and stable cooperative customers have become the guarantee of the revenue of the colorful market. According to Bloomberg News, the fresh food has reversed the loss to achieve profitability.

But even so, like the beautiful vegetables and Meituan fast donkeys provided by the same as the B -end fresh supply, Cai Food is also facing a test from a wider market.

During an interview with the media, Li Jianbo, CEO of Cai Shi Fresh, admits that although the outbreak of the demand for the cold chain of the whole people provides valuable opportunities for the growth of colorful food business, it also leads to the emergence of many bad debts. 90%of these bad debts come from catering companies. Essence

This result is not difficult to understand that the stage of bad debts is the period when the prefabricated tide is gradually returning.

Guohai Securities Research Report shows that the prefabricated B -end market accounts for 80%in 2021. In order to save the cost of kitchen chefs without the supply of supply chain capabilities, most of them have invested in the embrace of prefabricated dishes.

However, such catering companies are also inadequate in cold chain logistics. Even large -scale production of prefabricated fresh fresh production will cause problems such as loss and deterioration during transportation. This is a pain point that merchants still cannot solve.

And because of the high demand for cold chains, the cost of prefabricated dishes cannot be further compressed, which makes the cash circulation and profits of prefabricated vegetable merchants difficult to ensure. Even if the prefabricated faucet has been listed, the financial report in 2021 shows that the average gross profit margin of each franchise store is only 26.01%.

Yonghui Supermarket cannot rely on supplies to public institutions and large enterprises to tens of billions of market value today. As the son of Yonghui, Cai Shi still has a long way to go in the market of socialized catering that serves more consumers.

Can you swim to the sea water to become "blue"?

In addition to the haze in the cooperation of independent catering companies, how to consolidate the existing advantages and stable and expand the scale for color food is currently the focus of consolidating the existing advantages.

In the media interview, we talked about the size of the fresh B2B market. The development of colorful food should be the first person to marked the American freshman Sysco. The track of the TOB supply chain is already a courageous general, and there are rookies later.

Among the mature TOB -side fresh -on platforms that have been built, American cuisine and Meituan fast donkeys have achieved long -term development in their respective fields. Especially Meituan Kua donkeys, relying on the Internet cross -border background and Meituan takeaway business advantages, provide suppliers with more convenient sales channels. The relatively complete and transparent information services also allow more and more catering companies Cooperative partner.

RT -Mart, which is also an old Shang Chao, is also actively modernized under the support of scientific and technological giants such as Alibaba. It has a great development trend with Yonghui customer group weight, and is gradually competing with Yonghui. There are even new hopes for the advantages of agricultural products, and have established a large -scale TOB supply chain company, which is reported that it is seeking new financing of $ 100 million.

The B2B fresh supply chain is already filled with smoke. The colorful IPO plan may be the first, but the latecomer is not far from the distance.

It is even more worthy of reference that more than 20 provinces and cities that focus on the development of colorful food business are highly rearranged with the inherent layout of Yonghui Supermarket. Comforture circle.

The biggest pain point in the development of TOB is the establishment of the warehousing logistics system in the early stage. Domestic immature agricultural products distribution and relatively decentralized fresh fresh industry have always lacking the advantages of collecting and mining. If you want to expand the area, you need to "burn money" in investment in heavy capital construction.

In addition, even if the new business scope has been opened up, the gross profit margin is far less enough to support the fresh profit of the color food before the scale effect is achieved without achieving the scale effect. Continuous and continuous injection external financing can be continuously supported to some extent support the development of colorful chase incremental development.

In addition, the colorful food will also face another national conditions -unlike the American catering industry operated by Sysco, the Chinese catering of the earth and the world is more diverse, and the number of consumers is larger.Far exceeding the existing logistics scale, which will further hinder profit growth.Liu Chuanjun, the founder of American cuisine, has accurately analyzed the source of the industry's profitableness: "The difficulty is to achieve scale, thereby reducing marginal costs." Fresh in my country is an industry without ceiling, but at the same time the standardization of this industry is also The cost of goods with a longer shelf life is higher, and it is more difficult to achieve profitable expectations.

Even if the colorful food is on the market, it is still the B2B fresh market in the initial stage. The dark and turbulent "blue ocean" has not yet reached the time of the wind and waves.

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