"Zhongyi Fresh Food" may be born.

　　In the morning of June 9, Daily Youxian and Dingdong Maicai submitted their IPO prospectus to the US Securities and Exchange Commission (SEC), which will be listed on the Nasdaq and the New York Stock Exchange respectively.

Prior to this, the two have respectively completed 10 rounds and 9 rounds of financing.

　　"It's not that financing can solve all problems, it depends on who can have the last laugh." Xu Xiongjun, founder of Jiude Positioning Consulting, told a reporter from Securities Daily that the capital market is a must for fresh food e-commerce platforms. road.

　　Behind Daily Youxian and Dingdong Maicai's eagerness to go public is their continuous losses in recent years.

"Although the losses have been narrowed, it is still necessary to go public as soon as possible to solve the problem of capital entry." According to Bao Yuezhong, chairman of Baum Enterprise Management Consulting Co., Ltd., the fresh food e-commerce/community group buying industry has not yet formed a stable business model. Relying on investors may have a lot of pressure, so companies need to obtain continuous and stable blood transfusion function through listing.

　　Although the daily listing of Youxian and Dingdong Maicai coincidentally confirmed the IPO rumors, the industry has not yet formed an efficient profit model.

What is the meaning behind the competition for the "first share of China Probably Fresh Food"?

Whether it can turn losses into profits after listing, this is the concern of the industry.

Bid for listing

The first stock of Zhongyi Fresh may be born

　　During the listing process, Daily Fresh’s stock code is "MF", and its underwriters include JPMorgan Chase, Citigroup, CICC, and China Renaissance Capital.

The stock code of Dingdong Maicai is "DDL", and its underwriters include Morgan Stanley, Bank of America Securities, and Credit Suisse.

　　All along, the actions of the two in the capital market have been almost synchronized.

　　In February of this year, it was reported that Dingdong Maicai was considering an IPO in the United States, seeking to raise at least US$300 million.

At that time, a reporter from the Securities Daily interviewed Dingdong to buy food, but the other party did not respond.

Four months later, Dingdong Maicai officially handed over to the market.

　　On the second day after Dingdong Maicai's listing in the United States was reported, Daily Youxian also reported that it has launched a listing plan and has been in contact with a number of financial institutions.

　　Public information shows that since its establishment in 2014, Daily Youxian has gone through 10 rounds of financing. The latest round of financing is December 2020. Qingdao Guoxin, Sunshine Venture Capital, and Qingdao Municipal Government Guidance Fund have formed a joint investment entity to provide each The strategic investment of Riyouxian is 2 billion yuan.

Before the completion of the IPO, Daily Youxian founder Xu Zheng and the company's management team held 15.3% of the company's shares and 74.1% of the voting rights.

　　"It may be a coincidence that the two deliver the form on the same day, but both have been preparing for this day for half a year." Li Chengdong, founder of the Dolphin Think Tank, told the "Securities Daily" reporter. From the perspective of capital markets, because market funds are limited, go public first. May be more advantageous.

"In case the first company does not perform well in listing, it may be more difficult for the second company, so everyone is willing to be the first to go public."

　　In Bao Yuezhong's view, it may be a coincidence that the two submitted the IPO prospectus on the same day.

"The fresh food e-commerce/community group buying industry has not found a way to achieve profitability. At this time, there is no value in competing for the'first share'. Of course, the two models have some similarities."

　　The two models mentioned by Bao Yuezhong are similar, referring to the pre-warehouse model.

As one of the first batch of domestic daily fresh foods with the main "pre-storage" model, it currently provides fresh-to-home services in 16 first- and second-tier cities in China, and has set up 631 pre-storages.

On March 26, 2021, Daily Youxian officially announced for the first time that it is no longer limited to self-operated fresh food e-commerce, but to become a community retail digital platform. It will launch its smart vegetable market business in the second half of 2020. The retail cloud business was launched in 2021.

　　Established in 2017, Dingdong Shopping also adopts the model of direct harvesting from the origin, pre-warehouse distribution and home delivery.

Compared with Daily Fresh Food, Dingdong Maicai's front warehouse covers more cities and a larger scale.

At present, Dingdong Shopping has covered 31 cities in Beijing, Shanghai, Shenzhen and other places, and the number of pre-warehouses exceeds 1,000.

Losses have narrowed

But when will it turn losses?

　　In addition to the "coincidence" of the date of submission, there is another coincidence between the two-both are at a loss.

　　According to the prospectus, from 2018 to 2020, the daily net loss of Youxian was 2.231.6 billion yuan, 2.909.4 billion yuan, and 1.649 billion yuan. In the first quarter of 2021, the company's net loss was 610.3 million yuan, compared with the same period last year. The amount is 194.7 million yuan.

From 2019 to 2020, Dingdong Maicai’s net losses were 1.873.4 billion yuan and 3.176.9 billion yuan respectively; in the first quarter of 2021, the company's net loss was 1.384.7 billion yuan, compared with a loss of 244.5 million yuan in the same period last year.

　　It is worth noting that in 2020, the daily net loss of Youxian decreased by 43% year-on-year, and Dingdongmaicai increased by 80% year-on-year. The performance was uneven. Until the first quarter of 2021, both losses were narrowing.

　　The main reason for the losses of the two companies is that the performance costs are too high.

The performance cost is mainly composed of factors such as warehouse rent and distribution staff.

Daily Youxian's 2018-2020 performance costs were 1.239.3 billion yuan, 1.833 billion yuan, and 1.5769 billion yuan, accounting for 34.9%, 30.5%, and 25.7% of the company's current operating income, respectively.

The performance costs of Dingdong Maicai from 2019 to 2020 are 1.936.9 billion yuan and 4.0442 billion yuan, accounting for 49.9% and 35.7% of the company's current operating income, respectively.

　　Zhu Danpeng, a researcher at the China Brand Research Institute, told a reporter from the Securities Daily that many of the platform supply chains of the pre-position model are prone to problems because this model requires extremely high funds.

　　In Bao Yuezhong's view, it may not be possible to support the healthy development of the future by simply relying on the front warehouse. The front warehouse needs to be grafted to the store to form a systematic model plan.

Regardless of the model, fresh food e-commerce assets are relatively heavy. From the supply chain, cold chain warehouses, and the end, the cost increase caused by expansion is an important factor for these e-commerce companies to seek listing.

　　Our reporter Xu Jie, trainee reporter Wang Jun