Produced | Sohu Technology

Author | Yin Lina

In the morning of June 9, Youxian submitted its prospectus every day, formally sprinting for the IPO of US stocks.

The Daily Fresh Food Plan uses “MF” (abbreviation of the English name MissFresh) as the stock code and is listed on the Nasdaq. The tentative maximum fundraising amount is 100 million US dollars, and it launches an impact on the “first share of fresh food e-commerce” .

Daily Youxian is an old player in the “fresh food e-commerce” track. Because of the extremely high loss rate of this track, but it can also harvest huge traffic. Therefore, in the 6 and a half years of its establishment, Daily Youxian has witnessed the fall of many opponents and ushered in batch after batch of new ones. Players, and at the same time, need successive financing to replenish “ammunition.”

Nowadays, the competition in the “vegetable selling” business has become fierce. Internet giants such as Meituan Optimal, Orange Heart Optimal (under Didi), and Duoduo Maicai (under Pinduoduo) have entered the community group buying, and there are also from Dingdong Maicai and Meituan The opponents of buying food equivalent to the “pre-warehouse + delivery model” are developing rapidly. After the tide of bankruptcy of fresh food e-commerce, the track has become hot again. For Daily Fresh Food, this is a good thing, but it is also a challenge.

Performance dismantling: losses have narrowed significantly, and performance costs accounted for about 1/4 of revenue

From the performance point of view, from 2018 to 2020, the daily revenue of Youxian was 3.55 billion yuan, 6.0 billion yuan and 6.13 billion yuan.

2019 is a year of rapid development of Daily Fresh Food. This is not difficult to see in the “69% year-on-year increase in revenue”.

This is a year of daily excellence and freshness. One example is the large investment in technology and content. For the whole year of 2019, the daily cost of Youxian on technology and content was close to 4.7 billion, an increase of more than 100% compared to the previous year. At the same time, with the expansion of business scale, Daily Youxian has also increased its costs, performance costs, and administrative expenses, but has decreased marketing expenses.

Entering 2020, with more and more players pouring into the fresh food e-commerce track, the daily revenue of Fresh Fresh has only gained a small increase, from 6.0 billion to 6.13 billion. However, compared to the opponent’s strategy of trading losses for growth, Daily Youxian’s losses have significantly narrowed in 2020. The net loss has dropped sharply from 2.91 billion yuan in 2019 to 1.65 billion yuan in 2020, a drop of up to 43.3%.

In terms of cost control, Daily Youxian’s gross profit margin has increased from 8.6% in 2018 to 19.4% in 2020. Specifically, in the case of basically flat revenue, the daily operating costs of fresh fresh products have dropped by about 10%, and direct sourcing of commodities may be the main reason for the decrease in costs. Last year, Liu Zhidan, vice president of Daily Fresh Food and head of the Commodity Center, once said that the proportion of direct sourcing of commodities is close to 80% of the target, and that direct sourcing can further reduce costs by more than 10% compared to land sourcing.

In addition, Daily Fresh Food has also reduced various expenses to a greater extent. Among them, performance expenses fell by 14% year-on-year, marketing expenses fell by 20% year-on-year, and administrative expenses fell by 21%, all of which are manifestations of improved operational efficiency.

Among the various expenses, the daily excellent fresh flowers has the highest proportion of the cost of contract performance. From 2018 to 2020, daily Youxian’s performance costs were 1.24 billion yuan, 1.83 billion yuan, and 1.58 billion yuan, accounting for 34.9%, 30.5%, and 25.7% of the company’s current operating income, respectively, a significant decrease.

Since Daily Youxian launched the heavy asset model of pre-warehouses, discussions on performance costs in business analysis have been heated. Since the initial investment has become an established fact, how to increase the customer unit price to cover the cost has become a key concern of Daily Fresh. As of now, the daily average customer unit price of fresh pre-warehouse real-time retail is 94.6 yuan. According to its prospectus, this is currently the company with the highest unit price under the pre-warehouse model.

However, in the field of “selling vegetables”, compared with the previous high-investment pre-warehouse model, the current capital’s most favored model is the light asset model of community group buying, which is an appointment order + self-request. In this track, there are also Internet giants such as Meituan, Pinduoduo, Didi, and JD.com.

From a geographical point of view, the competition between Daily Fresh and the current popular community group buying is not a head-to-head competition.

Daily Youxian’s main battlefields are distributed in four regions: North China, Central China, South China, and East China. They are mainly first-tier or new-tier cities. Cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou are involved. Among them, North China is a key area, and only Beijing City The number of front positions has reached 1/5 of the total.

As for community group buying, as of the end of last year, Didi’s community group buying companies such as Orange Heart, Meituan, Duoduomai, Xingshengyou are still developing in second-tier cities, such as the Hunan and Hubei provinces in central China and the southwestern region. Mainly in Sichuan. However, after nearly half a year of development, as of the end of March this year, Meituan Optimal has stationed in more than 2,600 cities and counties across the country, basically completing national coverage. According to data from Everbright Securities, in April this year, Duoduo’s business coverage has covered about 1,800 counties.

Compared with the rapid expansion of community group buying, Daily Youxian appears to be more cautious in Kaicheng, but it also avoids the problem of further expansion of losses. As of March 31, 2021, Daily Youxian has established 631 front-end warehouses in 16 cities in China, and has accumulated more than 31 million trading users.

Financing story: Xu Zheng and his “100 billion” goal

Compared with the boring research on revenue, contract performance, and supply chain, the daily financing story of Youxian is more interesting.

Behind this fast-growing company is Xu Zheng, who was recommended to the University of Science and Technology of China at the age of 15, and became the youngest general manager of Lenovo’s business department in China at the age of 28. In the 30th year of his establishment, he took the initiative to ask Ying to transfer to Jiawo, abandoning the seemingly high-end business of “selling computers” and moving to the field to study “selling fruits”. Three years later, in 2014, he founded Daily Youxian.

According to incomplete statistics, Daily Youxian has completed 10 rounds of financing, with a cumulative total of more than 11 billion yuan. In the second half of last year alone, Daily Youxian completed two rounds of financing with a total of more than 5 billion yuan. And its investors are also from top VCs, well-known companies and local governments.

Among them, Tencent has invested in 5 consecutive rounds, and Xu Zheng’s old club Lenovo has also participated in the C round of investment. In terms of capital, Daily Youxian’s shareholders include ICBC International, CICC Capital, and Goldman Sachs. At the same time, state-owned assets such as Suzhou Changshu Government Industrial Fund, Qingdao Guoxin, Qingdao Municipal Government Guidance Fund and other local government funds also appeared on the list of investors.

Despite this, Daily Youxian has also encountered the darkest moments in its development. In the most difficult moment of financing, Xu Zheng used all of his real estate mortgage loans to prepare for the company to invest all of his belongings.

Look at the shareholder structure of Daily Youxian. In the management, Xu Zheng, the founder and CEO of Daily Youxian, holds 15.3% of the shares and has 74.1% of the voting rights. In addition, the company’s CFO Wang Jun owns 2.2% of the shares and owns 0.7% of the voting rights; the company’s COO Sun Yuan owns 1.3% of the shares and 0.4% of the voting rights.The directors and the company’s management hold a total of 20.2% of the shares and 75.6% of the voting rights

Among the external shareholders, Xiamen Daily Youxian Equity Investment Partnership (Limited Partnership), with a Qingdao state-owned background, holds the highest share of 8.7%, with 2.7% of the voting rights. According to the total investment of 2 billion yuan in Qingdao’s state-owned assets, as of December last year, the daily valuation of Youxian was around 23 billion yuan.

In addition, Image Frame Investment of Tencent Holdings holds 8.1% of the shares and 2.5% of the voting rights. Genesis Capital holds 7.2% of the shares and has 2.2% of the voting rights. In addition, Zeng Bin, the other founder of Daily Youxian, holds 5.5% of the shares and 0.3% of the voting rights.

The number of “hundred billions” is constantly mentioned in the financing stories of various stages and different versions of Youxian Daily.

In June 2019, Daily Youxian and Tencent jointly held a huge smart retail conference. It was at this press conference that Xu Zheng proposed for the first time the goal of growing into a “hundred billion” scale fresh food retail platform.

Daily Youxian’s latest financing occurred on December 9th last year, and it is also the largest strategic investment of fresh food e-commerce in the local area so far, with a total amount of 2 billion yuan. In this financing conference from the Qingdao government, the perspective of Daily Fresh Food is not limited to the “100 billion” track of “selling vegetables”, but involves the four “100 billion” of ecological chain, finance and technology.

Among them, the ecological chain is mainly undertaken by Sansheng Venture Capital, a fund of Daily Fresh Food, which mainly includes the five aspects of the upstream vegetable industry, dairy industry, fruit industry, fishery and meat industry. Guo Qi, the founding partner of Sansheng Ventures, is also the vice president of Daily Youxian. In his opinion, the cultivation, breeding, and processing of agricultural products are actually extended to deep processing and high added value, from agriculture to industrial products. Conversion.

Finance is mainly for farmers, channel merchants, merchants, and users, including four types of entities, including agricultural insurance for farmers, futures trading for channel merchants, supply chain finance for merchants, and consumer credit to users. The first step is to adopt a weekly settlement policy with the head supplier. In the field of science and technology, it mainly includes biotechnology and AI technology. Among them, biotechnology mainly involves the improvement of varieties, while empowering traditional industries.

However, these stories are far from being realized on the eve of listing. At the beginning of the prospectus, Daily Youxian proposed the formula (A+B)*N. A stands for real-time retail in the front-storage mode, B stands for smart food market, and N stands for retail cloud.

Previously, Daily Youxian has developed an end-to-end intelligent system based on a large amount of data accumulation and algorithm optimization-Smart Retail Network (RAIN), covering core areas such as smart supply chain, smart logistics, and smart marketing. Smart food market and retail cloud are new business formats for the B-end extended on this basis.

According to the prospectus, in the practice of smart vegetable market, Daily Youxian will first obtain the right to operate the vegetable market, then renovate the layout of the venue, optimize the combination of merchants and introduce new business formats; at the same time, provide merchants with electronic payment, online marketing, and CRM tools. SaaS service package including business planning; finally, help merchants of smart food market convert offline customers into online private domain traffic, and realize further increase in e-commerce business revenue through online trading platforms.

Up to now, Daily Youxian has signed operating agreements with 54 vegetable markets in 14 cities, and has started operations in 33 vegetable markets in 10 cities.

In the retail cloud business, Daily Youxian will target long-tail small and medium-sized supermarkets as its target customers, providing online and offline omni-channel retail, customer management, supply chain and performance management digital capabilities, and to achieve vertical e-commerce The development path towards platform.

The first-hand vegetable market and the other-hand supermarket, Daily Youxian has set its sights on the wider retail entrance.

But the story is also just a story. Today, Daily Youxian has turned the story of the pre-storage into reality, but Daily Youxian now has to face more capital influx into the track, and more experienced and well-executed companies as its opponents. .

In Xu Zheng’s prediction, the end result of the fresh food market will be the coexistence of multiple oligarchs at the level of hundreds of billions. For Daily Youxian, who is entering the next stage, it may be re-adjusting the fighting posture.

Britney Spears revealed to fans the meaning of the tattoo on the back of her neck. Photo: Britneyspears. Britney Spears shared on her personal page: “Have you ever seen my tattoo on the back of my neck? It’s the Hebrew language written backwards with the meaning of healing. This is my favorite tattoo.” The pattern on the back of Britney Spears’ neck is always hidden by hair. Therefore, fans cannot see it. It’s the Hebrew word Kabbalah, Britney Spears made it in 2004, according to Distractify . She got this tattoo after taking advice from singer Madonna. Madonna believes that this will be a healing force for Britney in later life. Britney has many tattoos on her body. Most of them are small in size, located on the female singer’s arms, legs, abdomen, and lower back. Britney Spears tattooed kisses on her right wrist, fairies on her lower back, butterfly wings and vines on her right foot… Britney Spears maintains a slim, healthy figure by working out and eating right. Photo: Hello Magazine. On her personal page recently, Britney Spears shared many photos and dance clips to bring a happy atmosphere during the epidemic season. Britney Spears is the type of person who likes to exercise. She once revealed in a post: “I run a lot”. According to the Eat This , running on a trail or on a treadmill is a great way to burn calories. Based on science, running also helps build muscle, reduce the risk of heart disease, improve sleep and maintain health. When it comes to diet, Britney Spears says she tries to eat clean and pay close attention to foods. In the eat clean diet, you need to choose fresh, unprocessed foods. Britney Spears spends most of her time eating healthy. She is not too strict, occasionally rewarding herself with her favorite food. King and queen tattoos for couples Beautiful tattoos help create a bond between you and your lover.

Korean actress Lee Sung Kyung is a model, with a sweet face and a well-proportioned body, especially long legs, she really makes many people jealous. Famous at home and abroad thanks to the movie “Weightlifting Lady Kim Bok Joo”, since then Lee Sung Kyung has been affectionately called “Weightlifting Fairy” by fans. After the drama ended for half a year, Lee Sung Kyung quickly lost 10kg but the actress did not rely on a strict diet like other actresses, even eating three meals a day including meals. dark. Lee Sung Kyung has 5 weight loss secrets and her menu is spreading widely on Korean websites, let’s find out together. 1. Fresh food replaces processed food: Lee Sung Kyung once revealed that she eats a lot, if trying to limit it too much, it can lead to letting herself eat to uncontrollably full. So even during the weight loss phase, she still eats all 3 meals a day. However, she will try to avoid processed foods and choose to eat fresh foods. In addition, the actress also avoids eating spicy food to reduce the burden on the body. 2. Eat slowly: Not only meticulous food selection, eating speed is also important, Lee Sung Kyung once said that she eats slowly, because each piece of food she chews at least 10 or 20 times. According to Lee Sung Kyung, when chewing slowly, you will feel fuller. Avoid drinking too quickly and eating too much. 3. Lee Sung Kyung’s weight loss menu went viral on the Korean Internet and many girls rushed to learn. For breakfast, Lee Sung Kyung eats a lot of protein such as milk, boiled eggs, tofu … to increase satiety, combined with fresh vegetables such as avocado, apple, salad. If still hungry, Lee Sung Kyung will eat more whole-wheat toast for good health thanks to high-quality starch. Lunch will be richer, because it is the main meal, so Lee Sung Kyung often eats steak to increase protein, because eating full, can also reduce the amount of starch. The dinner portion is relatively light, will try to avoid a lot of starch, often Lee Sung Kyung eats boiled chicken breast, steak without sauce, green vegetables. 4. Unsweetened yogurt: If you want to have dinner before going to bed or when you want a snack, eat unsweetened yogurt or unsweetened cereal, will not leave your stomach empty, even cereal biscuits will do, just Remember to choose the sugar-free type and you’re done. 5. Regular exercise to tone the body: In addition to diet efforts, Lee Sung Kyung also recommends appropriate exercises. She will do heavy exercises 2-3 times a week to work out different muscles to help her body have a clearer and more beautiful body. Remarkable weight loss achievements of many Vietnamese beauties

A girl named Iva living in Novo mesto, Slovenia, identifies herself as a simple person, with a clear life purpose and very honest. Iva used to live in an apartment, there was not much space to plant trees, but her love for nature was always strong. That love guided Iva on her education when the young girl decided to enroll in the Agricultural College in Ljubljana. After graduating from school, she decided to move back to the same suburb, stay on the ground floor and start cultivating, taking care of creating her first garden. Iva shared that she has never regretted her decision. The girl who loves gardening every day has reached the age to get married and have children, but with her love for nature, Iva has never stopped trying to plant and garden. Iva said: “I want to teach my two sons from gardening, helping them understand where food really comes from to appreciate, not waste. There is nothing better than enjoying clean produce made by yourself. hand made”. Iva’s gardening space is limited to an area of ​​​​about 30 square meters, plus 15 square meters of greenhouse space she creates to grow fresh vegetables all year round. With a small area, Iva’s garden grows more than 200 kinds of vegetables and fruits. She takes advantage of the small space by planting fruit and vegetable trees in between. “I wanted to make a more versatile garden with as many varieties of plants as possible, but didn’t have the space to do that,” says Iva. The girl who likes new things, likes to experiment, has grown many different plants in the garden. Iva’s greatest passion is growing and breeding tomatoes. To date, she has grown over 1,000 varieties and created 3 varieties of her own tomatoes. Iva said: “I love to watch my family enjoy fresh, clean food picked right from the garden. Gardening also helps me exercise, keeps me mentally alert. My desire is to own the land. to grow more fruit trees for the family, to live a simple life, close to nature”. Currently, Iva connects with other gardening enthusiasts through her personal Instagram. Iva owns an account with more than 25,000 followers. Hoang Dung (translation summary)

Aix-en-Provence is not a popular tourist destination for Vietnamese people. But if you want to get away from the magnificent capital of Paris, find peace and explore the local life, Aix-en-Provence becomes a place worth considering for you. It is about 760 km south of Paris. From the capital, you can take the TGV express train (3 hours) or the night bus for about 11 hours. If you choose to take the night bus, Aix-en-Provence will welcome you with the clear sunrise, green trees and La Rotonde fountain – an important symbol of the city. The town hall with its intricate carvings captivates visitors. In this area, people sell flowers and handicrafts. Place d’Albertas Square is famous for its yellow buildings that are hundreds of years old. Aix-en-Provence has many markets open in the morning. You can easily find fresh, varied food with a warm welcome from the locals. Fresh flowers are sold everywhere. Aix-en-Provence is also known as the land of lavender. Therefore, do not forget to buy bags of dried lavender and essential oil products from this flower, both as a gift and keep good memories of this place. Once a street for carriages, Cours Mirabeau has been transformed into one of the busiest and most vibrant places. This is the ideal place to take a walk, drink a cup of coffee in the morning, enjoy a delicious lunch or drink a beer watching the sunset. L’Occitane is a famous cosmetic brand, originating from Provence. The girls will enjoy shopping many good quality products, reasonable prices. There are many souvenir shops in Aix-en-Provence. You must definitely try Calissons candy – the traditional candy and a specialty of this land. A small box (pink) as shown in the photo costs 260,000 VND. Wandering here, you will be surprised to find a Vietnamese restaurant located in a small street. Traveling for many days and craving a taste of home, stop by for a hot bowl of pho or beef noodle soup. What’s more interesting, you are warmly welcomed by the owner, chatting happily because very few Vietnamese know and travel to this peaceful and small city. (according to the Star)

These days, when the Covid-19 epidemic is complicated and need to limit going out to prevent epidemics, Ms. Nguyen Thu Ha (office worker, living in Hanoi) has a habit of buying and storing food. once a week. Ms. Thu Ha shared: Usually she only goes to the market once a week on weekends. The amount of food each time she buys just enough for 7-10 days to ensure quality. According to the mother of these two children, if applying the way she is doing, the days when she comes home from work, cooking becomes idle only takes 15-20 minutes. Ms. Nguyen Thu Ha said that preliminarily processing and packing into separate boxes helps you save time when cooking. With her blood and blood experience in the first time, she did not process much, sometimes only wash and put a pound of meat in the freezer, until she only took 1 pound of meat to cook for 1 meal to see the suffering. After changing “tactics”, she began to prepare food, cut into pieces enough for one meal and then divided into small trays and boxes. Here are some food preservation tips that Ms. Ha has applied to both cook and keep the freshness, deliciousness, and ensure the food safety of the food. For sliced ​​or chopped foods (ground meat, chicken heart, oyster gut …) Ms. Ha shared that she often went to the supermarket to buy clean food and then put it in an ice tray with a lid, which helps to preserve the food in each box, easy to take, and quickly defrost. If 1 person eats 1 umbrella, 3 people can eat 3-4 plots, depending on need. For scallions, tomatoes Onions are seasoning vegetables used regularly in the meals of Mrs. Ha’s family. Wash onions, flake or roast all the water, cut into pieces or shred them into a bowl, drop the onions in boiling water. Very convenient and there will be onions at all times. With tomatoes, too, she often buys a lot and after cleaning and removing the damaged part, she chooses the areca piece to keep it in the tray in the freezer. Root onions you can plug into a bowl of water to have more fresh onions Tomato is a difficult food to preserve, but Ms. Ha is very confident with how not to spoil tomatoes. She often buys a lot, washed and cut off the damaged part, sliced ​​the areca nut and put it in the tray to prevent freezer. For fish meat: Rinse, drain, place in a tray and put in freezer. For leafy vegetables: N If you wash it, you must rotate it to drain it for a long time. If it doesn’t drain, the vegetables will quickly get boots. Lettuce should be washed and dried for 5 days. Small food in freezer. What to do if the container is large and has a small meal every meal? Use foil to prevent food layers, this prevents food from sticking together, and thinly spread foods also thaw faster. Separating the 2 layers of meat with foil prevents the meat from sticking to each other. The way to do it is very simple: Put the food in the box, spread 1 layer of foil, place the second layer of food, then put foil again, and do so until the box is full. Or you can replace foil with banana leaves, that will better protect the environment. Choose good food containers According to Ms. Ha, in order to preserve food well, fresh for a long time, the food containers must be really good. Should use a storage box suitable for the freezer. There are several types of high-end plastic containers, which when storing frozen food, are easy to remove, but the food does not stick to the side of the box. The sealed box has both good preservation and no mixed smell in the refrigerator, for 7-10 days for vegetables, and still fresh for 20 days of fruits.