Daily prestige dilemma: Xu Zheng's fresh adventure

Source | Tech Planet

Wen | Wang Lin

After the 80s, Xu Zheng was an excellent model of "children of others": the first prize of the 15 -year -old Olympic Games was awarded, and he was delivered in high school. At the age of 33, at the age of 40, the company led the company's financial freedom.

However, on the other side of the coin, Xu Zheng's daily losses lost money for the daily freshness. Eight years lost nearly 10 billion yuan. Daily Fresh facing a delisting warning.

The daily stock price has continued to decline from the first day of listing, and the road of wealth freedom has fallen. A daily fresh middle level tells Tech planet that the exercise price is $ 10. This means that excluding the first day of listing, the stock price is lower than the right to exercise. "Originally, everyone wanted to wait for the exercise, but now I can't let it go."

Xu Zheng stepped into a sufficiently complex industry and a large industry. Relying on the first front warehouse model to find another possibility for the freshness industry.

In Xu Zheng's eyes, the barriers of the fresh fresh industry are difficult to establish, but its barriers are also high, and this company can last longer. But the reality is that the profit model that continues to rely on capital blood transfusion and has not yet runs has pulled the daily freshness to the dangerous edge.

In the past, every time in the crisis, the daily freshness can be resolved by capital, but when all the money that can be obtained, when the investment logic of the capital market changes, how to save yourself daily?

Crazy 3 months, 1 billion smashing the market

Daily Fresh was born in 2014 where the Internet dividends overflowed. At that time, as long as the Internet project in China grew crazy and squeezed into the first echelon, there was a steady stream of financing to renew. Expansion was the first thing they considered, not profits, not profits. Essence

Internet companies have tried many ways to provide fresh products for urban residents, but they all end in failure. The daily concept of the front position of Youxian's first position provides a possibility. This warehousing model transferred fresh goods from Dacang to the small warehouse near the city community in advance. The purpose is to send the goods to the home in the fastest time.

In the first five years of the first day of the freshness, it had almost no competitors. Until the appearance of Ding Dong's buying vegetables. With Xu Zheng's "even when the company's name and LOGO did not think about it", they got the angel round financing of Guangxin Capital, and in 2015, the Tencent A round A round of 10 million US dollars was different. difficult.

Liang Changlin, who was born in a soldier, saw investors every day and met a total of more than 150 investment institutions. Nothing did not get money. At the time of the hardest, Liang Changlin even mortgaged his house in the bank. It was not until May 2018 that Liang Changlin only from Gao Rong Capital. Get the first Pre-A round of financing.

Subsequently, Ding Dong's buying food and financing went smoothly. In the second year of launch, 6 rounds of financing were completed, and most of the community markets in Shanghai were quickly won.

The biggest competitor appeared. On May 16 of the following year, Daily Youxian CFO Wang Yan revealed that it is planned to invest more than 1 billion yuan this year to play the Shanghai market and start comprehensive competition in Shenzhen, Wuhan, and Southwest.

A daily Youxian employee revealed that Daily Yixian rented a 6 -story small building in Block A, Shanghai Shangpu Center as an office building. In the peak, there were more than 500 people in East China. "At that time, the company was still afraid of not enough workshops."

According to the "Third Seeing Retail" report, people familiar with the matter revealed that in just two months, the daily fresh funds consumed up to 800 million yuan. A daily employee of the East China East China told the TECH planet that this subsidy was basically used in summer, and it burned 100 billion in one quarter.

Users naturally like to pick up affordable, and the daily fresh single quantity increases at high speed. A daily fresh employee who is familiar with background data revealed to the TECH planet that the order volume can reach millions of dollars. However, after the subsidy, the single quantity returned to usual: a day hovering around 1 million orders.

An operator who joined Daily in 2018 said that the initial standard of their assessment was to meet the standard within -25%. The main data was to assess GMV, and the monthly ring increased by about 20%.

After this subsidy battle lasted 3 months, it stopped. An explanation given by a daily fresh -in -the -level middle layer is "no money." According to data from Tianyancha, from September 2018 to May 2020, in nearly 20 months, Daily Youxian did not receive a financing. Compared with the speed of one or even two rounds per year, it does decrease.

A daily employee of Youxian Shanghai said that at the end of that year, there were only more than 200 people in the large group of East China. However, at that time, the requirements of the gross profit margin daily on the gross profit margin began to improve: requiring to ride from negative to positive.

An employee recalled to the TECH planet that the three months in 2019 were almost the most glorious time daily.

Great fund gap

Every day, Youxian is almost listed at the best time point. Only 4 days earlier than Ding Dong bought the Nasdaq 4 days earlier, but it melted to 3 times more than Ding Dong to buy vegetables. For companies, more money means longer life and higher fault tolerance space.

But Daily Fresh does not seem to enjoy such dividends. Because it has not disclosed the annual performance report of 2021, and the stock price has been more than 70 consecutive days, below $ 1, it has received a warning letter from the Nasdaq's listing capital department twice.

In this regard, when responding to the media daily, the Nasdaq notification letter has no effect on the company's business operations. Next, the company will actively take reasonable and effective measures to re -meet the requirements of the stock price compliance. At the same time, the company will speed up The progress is disclosed as soon as possible. More than that. In May of this year, the news of the daily freshness became the executive of the person.

In August last year, the third quarter of the daily fresh quarter of the freshness showed that its cash and cash equivalent were only 2.172 billion yuan, while its liabilities were as high as 3.232 billion yuan.

A daily fresh supplier told the TECH planet that the daily premium period was 2 months, and now it has become 105 days.

A daily fresh grain and oil supplier told the TECH planet that since the end of last year, he has not received the daily fresh payment, with a cumulative amount of 8 million yuan. Now I dare not supply daily freshness. "Before that, there was no sign, that is, I feel that the order volume is much more than usual."

There are 16 billion suppliers, and some suppliers come to debt. In this regard, Daily Youxian responded to the Securities Daily. This debt of 1.652 billion yuan was "the account payable during the account period, not the payment of the arrears of suppliers."

This is not the largest amount. Many daily fresh suppliers told Tech Planet that there are many people who owe tens of millions of money.

However, this does not affect the daily fresh headquarters employees. Several daily employees of Youxian headquarters calmly told the TECH planet that their wages are still issued normally.

Every day Youxian gets almost all the money you can get. Domestic VCs, international VCs, government funds, and large factories are all listed. Listing was the last fight. In order to integrate more money, during the subscription of the new shares, Daily Youxian, Futu Securities and Tiger Securities launched a "recharge and delivery of additional signs" activities, which was recharged by 50 yuan on the daily Youxian APP to sign 10 shares.

Capital is not a antidote

Few companies are with disputes from birth like daily freshness.

A daily well -fresh mid -level employee told the TECH planet that since the establishment of the Daily Fresh, there have been three crisis of capital chain. One time before Tencent came in, once at the end of 2019, and once.

The first crisis is not difficult to understand. At that time, Daily Youxian was a startup company that was established for a year. The company was in the early days. The business model has not yet run. The lack of money is the normal.

The second time is 2019, and it is also the most intense time for the daily fresh and Ding Dong to buy food. Subsequently, the epidemic "saved" daily freshness, and it also waited for new funds.

From the perspective of many daily fresh employees, they are not a species with Hema Xiansheng and more food, and Hema's customer unit price is higher. It is not a species to buy vegetables daily and Duoduo. The daily customer unit price is higher.

A daily fresh middle level tells Tech planets that like us, we need to keep looking for funds until profitable funds can support themselves.

The Internet has developed for 20 years, and many business models pay attention to scale effects, that is, when the scale reaches a certain critical point, it can achieve profitability. The above -mentioned daily fresh middle -level told the TECH planet that there is a critical point in theory, but it is actually difficult to achieve. But capital now thinks that this model is problematic, and profitability is difficult.

A daily fresh employee who has resigned says that even if he finds money, it only eases short -term anxiety. "It's like a patient who has already entered the ICU. The upper ventilator can only allow you to live. Can you stand up? If you look closely at Ding Dong's financial report, you will find that during the epidemic, you can only improve the cash flow during the epidemic. But there is still no profit. "

Hema CEO Hou Yi has repeatedly expressed his views on the front warehouse mode. In Hou Yi's view, the model of the front warehouse is not reasonable. Unless large -scale logistics charges are recovered back, it may achieve profitability. However, as far as today’s pattern Essence

One of the logistics costs is the cold chain. A senior player in the fresh industry said to the TECH planet for example, for example, the cold chain needs to maintain -18 °, which means that the driver costs about 3 yuan for every kilometer, and almost no driver is willing to do so. "Now in order to lower the logistics cost, many refrigerated cars are -10 °."

"You need to find the group that requires time to change money, but there are very few such groups in the country. Originally, you can take a takeaway at 20 or 30 points. It is only one million. "A senior practitioner of the fresh fresh industry said," Fresh is not an industry that can be puzzled with seedlings. It requires a little bit of basic skills, or it is directly automated. I can't even open a factory. "

In an interview, Xu said that Daily Youxian is waiting for a time point -retail is a slow variable as a major factor industry. This slow factor is user behavior, and the calculation model brought by the corresponding scale will also change quality. "When the local crust occurs, the sports on the surface are not important." Xu Zheng said.

The problem now is, how to support the daily freshness?

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