The number of points doubled in three years, but the revenue only increased by 3%
According to the data in the prospectus, from 219 to 221, the revenue of Youbao was 2.727 billion yuan, 1.92 billion yuan and 2.676 billion yuan respectively; The gross profit was 1.329 billion yuan, 559 million yuan and 1.11 billion yuan respectively; From 219 to 221, the gross profit margin of the company was 48.7%, 29.4% and 41.1% respectively. The annual profits were 39.649 million yuan,-1.184 billion yuan and-188 million yuan respectively.
Youbao's self-service vending machines are mainly located in relatively developed areas, including Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei and provincial capitals. By December 31st, 221, about 9.6% and 3.5% of Youbao's locations were located in Beijing and Shanghai respectively. On the whole, as of December 31st, 219, 22 and 221, 22.7%, 22.9% and 22.4% of the locations were located in first-tier cities, 31.1%, 28.1% and 33.3% were located in new first-tier cities, while 24.8%, 25.6% and 25.6% were located. These locations are basically located in places with high passenger flow, including schools, factories, restaurants, offices, public places and transportation hubs. Therefore, when the public * * * problems arise, they are easily affected.
In 22, an epidemic broke out, and the place where Youbao was located was temporarily or even permanently closed, which led to the unexpected interruption of its regional expansion plan. Coupled with the accumulation of excess inventory, resulting in losses. In 22, Youbao's revenue decreased by 3.3%, from profit to loss. Compared with 219, the revenue of various businesses in 22 decreased, and the revenue of smart retail business, supply chain operation services, digital value-added services and other businesses decreased by about 13.2%, 33.4%, 59.3% and 8.% respectively.
among all the businesses of Youbao, the smart retail business, that is, self-service vending machines, accounts for the largest proportion, and it is increasing year by year. From 219 to 221, the revenue of Youbao's smart retail business was 1.54 billion yuan, 1.337 billion yuan and 1.915 billion yuan respectively, accounting for 56.5%, 7.3% and 71.6% of the total revenue respectively. This is related to the rapidly growing number of points. From 219 to 221, the number of points of Youbao increased from 47,7 to 12,7, with a compound annual growth rate of 29.1%. However, in terms of growth rate, the income growth rate is less than the point. In 221, 12,7 units doubled compared with 47,7 units in 219, but the revenue only increased by less than 3%.
Turn to a lighter partner model
From 219 to 221, the sales and marketing expenses of Youbao were 1.24 billion yuan, 1.84 billion yuan and 1.77 billion yuan respectively. Among them, the proportion of point operation and development expenditure is more than half, which is the largest part of this part of expenditure. It is worth noting that, despite the rapid growth in the past three years, there is not a big gap in the point operation and development expenses. From 219 to 221, this part of the expenses were 575 million yuan, 553 million yuan and 585 million yuan respectively.
this may be related to the change of mode. According to the disclosure in the prospectus, Youbao implements the point partner model. The partner is responsible for finding the location, bearing the development, lease and facility costs of the location, and taking a commission from the total amount of traded goods. After deducting the costs and expenses, the partner can probably get a share of 2%-3%. Initially, this set of processes was independently completed by Youbao. In 215, Youbao vigorously developed and joined, and at the same time, the advertising revenue increased significantly, from RMB 1 million in 213 to RMB 289 million in 216.
among all offline business models, the direct business model has the highest gross profit and the heaviest. Joining or partner mode is lighter, takes up less capital and expands faster. By the end of 221, among the 12,7 points owned by Youbao, there were only 13,7 points in the direct mode; The number of partner points is 71,5, accounting for nearly 7%, and there are 17,6 affiliated points. From 219 to 221, the income of smart retail business under the partner model was 251 million yuan, 762 million yuan and 1.48 billion yuan respectively. In 221, of Youbao's 1.92 billion sales revenue, 1.48 billion came from partners, which means that partners contributed more than 6% of the sales revenue.
Youbao plans to further increase the penetration rate in first-tier, new first-tier and second-tier cities, and gradually develop third-tier and below cities with high economic growth rate. According to Youbao's plan, about 15, new locations will be opened within three years after listing, including about 4,, 5, and 6, new locations from 223 to 225, and smart containers will be placed at more than 8% of new locations. However, Youbao also mentioned that if you can't retain or attract new point partners, you can't maintain or expand the existing network.
Youbao was founded 11 years ago, and has developed from a single self-service beverage vending machine to many businesses such as Youka, Youcoconut and mini KTV. After 1 rounds of financing, there are many star organizations behind it. Youbao was listed on the New Third Board in February 216. In 217, Xinhuadu, a A-share retailer, issued an announcement to convert shares to absorb and merge Youbao. The merger of Xinhuadu and Youbao was regarded as a case of the integration of old and new retail formats under the new retail concept at that time. Some analysts said that the transaction between the two parties is more like Youbao online backdoor landing A shares. In August 217, the cooperation between the two parties fell through. In March 219, Youbao delisted from the New Third Board.
During the listing of the New Third Board, Youbao introduced CITIC Construction Investment Capital, CICC Capital, Ant Financial Services and other institutions. After delisting, it completed the strategic financing of 1.6 billion yuan led by Ant Financial Services and followed by Chunhua Capital. For Youbao, after obtaining the strategic investment of Ant Financial, in addition to having more sufficient capital flow, it is more important to cooperate more closely with Ali's new retail ecology.
At present, Wang Bin, the founder of Youbao, and Chen Kunrong, his concerted action, hold 21.99% of the shares, of which Wang Bin holds 17.9%. The second largest shareholder is Ant Group, holding 16.68%; In addition, Chunhua Capital holds 5.56% and Zhongjin Qiyuan holds 3.96%.