After the disaster, Ding Dong's fundraising for vegetables has shrunk, and the scene of a fresh e-commerce accident?

鼎东开盘后表现平平，为28元，较发行价上涨19.1%。截至收盘，鼎东股份股价报23.51元，与发行价持平，上涨0.04%，市值55.41亿元。

Dingdong's performance after the opening was fair, at $28, up 19.1% from the issue price. By the end of the day, dingdong's share price was at $23.51, flat with the issue price, up 0.04%, with a market value of $5.541 billion.

无论如何，这一募资金额远低于游仙日化IPO近3亿元的募资金额，当然也远低于鼎东IPO前的预期金额。当然，在定东的蔬菜采购方面，目前募集资金较少，还有控制股价、后期发布利好消息、提高股价以利于增发再融资的可能。

In any case, this amount of fund-raising is far less than the amount of nearly $300 million raised by the daily Youxian IPO, and certainly far less than the expected amount before dingdong's IPO. Of course, in the aspect of dingdong's vegetable shopping, the current fund-raising is less, and there is also the possibility of controlling the stock price, releasing the good news later, and raising the stock price to facilitate the refinancing of additional issuance.

不过，市场普遍认为，投资者对生鲜电子商务股价表现存在疑虑，甚至取消订单，而叮咚买菜则是在日优生鲜电子商务破发后受到拖累。一开始，游仙担心被拖累是自己的事。那么，我们就要带头IPO拖累别人。这两家公司对凯投如何看待新鲜电子商务有着清晰的认识。

However, it is generally believed in the market that investors have doubts about the performance of fresh e-commerce's stock price, even cancel orders, and Ding Dong's buying vegetables is dragged down after the daily excellent fresh e-commerce broke. At first, Youxian was worried that it would be its own business to be dragged down. Then, we must take the lead in IPO to drag down others. The two companies have a clear idea of what capital thinks about fresh e-commerce.

游仙日报和定东买菜都是以原仓库为核心的生鲜电子商务企业。他们有相似的商业模式和估价模式。这是过去的教训。从长远来看，海豚智库并不看好丁东的资本市场表现。

Youxian daily and dingdong buy vegetables are both fresh e-commerce businesses with the former warehouse as the core. They have similar business models and similar valuation models. It is a lesson from the past. In the long run, dolphin think tank is not optimistic about Ding Dong's capital market performance.

前台的商业模式"不好"，或因社区团购而"失宠"

The business model of front position is "not good", or "out of favor" due to community group buying

资本不喜欢新鲜的电子商务业务。

Capital does not like the business of fresh e-commerce.

从商业模式来看，生鲜电子商务过去以仓储为核心，是一个毛利率低、利润率低的苦力。虽然烧钱可以换来用户、订单量等数据的增长，但最终还是要看这种增长在没有补贴的情况下能否持续。

From the perspective of business model, fresh e-commerce used to take warehouse as the core, which is a coolie with low gross margin and low profit margin. Although burning money can exchange for the growth of users, order volume and other data, it ultimately depends on whether the growth is sustainable without subsidies.

根据中国电子商务研究中心此前的数据显示，我国生鲜食品电子商务领域的进入者约有4000家，其中收入持平的仅占4%，亏损的占88%，盈利的仅占1%。截至2020年10月，我国新增电子商务实体已达16800家，在日益激烈的竞争下，企业盈利难度加大。

According to the earlier data of China e-commerce research center, there are about 4000 entrants in the field of fresh food e-commerce in China, of which only 4% have flat revenue, 88% are in loss, and only 1% are profitable. As of October 2020, the number of fresh e-commerce entities in China has reached 16800. Under the increasingly fierce competition, it is more difficult for enterprises to make profits.

就京东而言，除了行业竞争激烈，速食零售成为共识，社区团购迅速崛起外，以往仓促扩张的团购模式短期内无法实现自我发展，其盈利能力尚未得到确认，所以它对融资总是有很强的依赖性。

As far as dingdong is concerned, in addition to the fierce competition in the industry, with the instant fresh retail becoming a consensus and the rapid rise of community group buying, the former model of rapid expansion of warehouse buying can not achieve self-development in the short term, and its profitability has not been confirmed, so it always has a strong dependence on financing.

一旦离开资金支持，定东只能减少补贴，业务增长将存在很大的不确定性。

Once we leave the capital support, dingdong can only reduce the subsidy, and there will be great uncertainty in business growth.

融资方面，如果抛开今年上市带来的2021年3.3亿元D+轮内幕融资，定东蔬菜收购的上一轮融资已经是2019年，账户上的40亿现金只够烧半年。IPO是最好的解决方案。

In terms of financing, if we put aside the $330 million D + round of insider financing in 2021 brought about by this year's listing, the last round of financing of dingdong's vegetable purchase is already in 2019, and the 4 billion cash on the account is only enough to burn for half a year. IPO is the best solution.

企业经营的不确定性，迫使IPO以拯救资金链为目的，投资者和市场都不能乐观，这也是意料之中的。

Business uncertainty, forced IPO for the purpose of saving the capital chain, investors and the market can not be optimistic, which is also expected.

同时，要把视角扩大到整个社区和生鲜食品企业。生鲜食品电商独角兽的光芒真的被新兴的社区团购业务黯淡了。甚至可以说，它可能与资本"失宠"。

At the same time, we should enlarge the perspective to the whole community and fresh food business. The light of fresh food e-commerce unicorn is really dimmed by the new rising community group buying business. It can even be said that it may be "out of favor" with capital.

无论是立志成为"中国最大的社区零售数字平台"的日化精品生鲜食品，还是专注于"快"的叮咚购物，都是过去专注于仓储的生鲜产品即时零售公司。他们与最热门的社区零售业走在同一条轨道上。只是当用户的消费行为不同时，平台满足用户消费行为的解决方案就不同了。

Whether it's the daily excellent fresh food that aspires to become "the largest digital platform of community retail in China", or the Ding Dong shopping that focuses on "fast", they are all instant retail companies of fresh products, which used to focus on warehouse. They are on the same track as the hottest community retail business. It's just that when the user's consumption behavior is different, the platform's solution to meet the user's consumption behavior is different.

与社区团购模式&生鲜预仓模式相比，更快、更好的经济性是核心，但不同模式的侧重点不同

Compared with the model of community group buying & fresh pre warehouse, more fast, better economy is the core, but different models have different emphases

1） 前位模式值为"快+好"；目前，高速线城市更适合前仓模式；

1) The value of forward position mode is "fast + good"; At present, the high-speed line city is more suitable for the front warehouse mode;

2） 社区团购的核心价值是"省"；而且，在下沉市场中，有稳定的社区邻里关系和稳定的小店业态，这些都是社区团购发展的土壤。现在，社区团购第二天就要来了。可见，"快"并不是其核心价值取向。

2) The core value of community group buying is "province"; Moreover, in the sinking market, there are stable community neighborhood relations and stable small shop formats, which are the soil for the development of community group buying. Now, community group buying is coming up the next day. It can be seen that "fast" is not its core value orientation.

如今，巨头们在社区零售中的分量越来越大，显然更看好"省"加下沉市场的商业模式，而基于高速城市的前仓生鲜电商业务则难免被认为增长乏力。

Nowadays, the giants have increased their weight in community retail, obviously more optimistic about the business model of "province" plus sinking market, while the front warehouse fresh e-commerce business based on high-speed city is unavoidably considered to be lack of growth.

同时，资本圈有一种观点认为，未来鲜活电商圈内只剩下美团和品多多，其他公司将被市场淘汰——资本去追求社区团购，前沿鲜活电商的人气下降，影响了新鲜独角兽的估价。

At the same time, there is a view in the capital circle that in the future, only meituan and pinduoduo will be left in the fresh e-commerce circuit, and other companies will be eliminated from the market - the capital has gone to pursue community group buying, and the popularity of front position fresh e-commerce has declined, which affects the valuation of fresh unicorn.

因此，每天购买新鲜蔬菜和定东蔬菜时，都会抓紧时间IPO，补充弹药，以防更残酷的肉搏战。

Therefore, when you buy fresh and dingdong vegetables every day, you will seize the time to IPO and replenish ammunition in case of more brutal hand-to-hand competition.

在这条轨道上，最大的障碍之一就是融资能力。首都是最深的护城河。目前，与两家公司的指标相比，收入稳定、亏损收窄的日化优鲜更受资本青睐；财政收入大幅增长，持续亏损的叮咚买菜，不容乐观。

In this track, one of the biggest barriers is financing ability. Capital is the deepest moat. At present, compared with the indicators of the two companies, the daily excellent fresh with stable revenue and narrowed loss is more favored by capital; The radical growth of revenue, continuous loss of Ding Dong to buy vegetables, is not optimistic.

根据海豚协会的调查，大多数投资者愿意购买每日优质的新鲜食品。

According to the poll of dolphin society, most investors are willing to buy daily premium fresh food.

日常新鲜与叮咚购物比较：激进与稳健

Comparison of daily fresh & Ding Dong shopping: radical and steady

从招股书来看，定东买菜和天天优鲜的营收和Gmv均呈现高增长。日均优鲜，凸显毛利率，虽然仍处于亏损状态，但亏损幅度逐渐收窄。丁东强调，到2020年，财政收入将同比增长192%，财政收入将是生鲜食品日收入的两倍。当然，损失会比后者更大。

From the perspective of the prospectus, dingdong's buying vegetables and daily excellent fresh show high growth in revenue and Gmv. Daily excellent fresh, highlighting the gross profit margin, although still in the loss, but the loss range gradually narrowed. Ding Dong emphasizes that in 2020, the revenue will grow by 192% year on year, and the revenue will be twice as high as the daily fresh food. Of course, the loss will be even greater than the latter.

我们先来看看定东的蔬菜采购。它的收入实现了高增长，但亏损继续扩大。资本市场能否看好这样一家公司是个问题。

Let's first look at dingdong's vegetable shopping. Its revenue has achieved a high growth, but its losses have continued to enlarge. Whether the capital market can be optimistic about such a company is a matter of question.

招股书显示，鼎东2019年和2020年的销售收入分别为38.8亿元和113.36亿元（约17.3亿美元）；2021年第一季度，京东营收为38亿元人民币（约5.8亿美元），而去年同期为26亿元人民币。

According to the prospectus, dingdong's sales revenue in 2019 and 2020 were 3.88 billion yuan and 11.336 billion yuan (about 1.73 billion US dollars) respectively; In the first quarter of 2021, dingdong's revenue was 3.8 billion yuan (about 580 million US dollars), compared with 2.6 billion yuan in the same period last year.

亏损继续扩大：2019年为18.7亿，2020年为24.4亿，2021年第一季度为13.8亿。

Losses continue to enlarge: 1.87 billion in 2019, 2.44 billion in 2020 and 1.38 billion in the first quarter of 2021.

另一方面，日均优鲜，收入增长较慢，但亏损逐年收窄，2018年至2020年，总收入分别达到35.47亿元、60.01亿元和61.304亿元，年增长率分别为70%和2%。

On the other hand, the daily excellent fresh, revenue growth is slower, but the loss narrowed year by year, from 2018 to 2020, the total revenue reached 3.547 billion yuan, 6.001 billion yuan and 6.1304 billion yuan, the annual growth rate was 70% and 2% respectively.

2018年、2019年和2020年，调整后净亏损分别为22.16亿、27.77亿和15.90亿，调整后净亏损率分别为62.48%、46.27%和25.93%。

In 2018, 2019 and 2020, the adjusted net loss was 2.216 billion, 2.777 billion and 1.590 billion respectively, and the adjusted net loss rates were 62.48%, 46.27% and 25.93% respectively.

从盈利能力的角度来看，远期持仓模式被认定为低毛利业务。恐怕这两家公司要想大赚一笔，除了前沿阵地，还需要寻求其他模式。

From the perspective of profitability, the forward position model is recognized as a low gross profit business. I'm afraid these two companies need to seek other models besides the forward position to make large-scale profits.

从两大战略来看，2020年以来，鼎东仍坚持前沿阵地模式，迈出了激进的一步，收入同比增长192%。

From the perspective of the two strategies, since 2020, dingdong is still sticking to the front position mode and taking a radical step, so it has a 192% year-on-year revenue growth.

2020年的突发疫情，不仅能迅速培养用户习惯网购蔬菜，还能让生鲜电子商务公司享受到疫情带来的红利。叮咚的购物是受益者。

The sudden epidemic in 2020 will not only quickly cultivate users to get used to buying vegetables online, but also make fresh e-commerce companies enjoy the bonus of the epidemic. Ding Dong's shopping is the beneficiary.

鼎东创始人梁长林曾对媒体表示，2020年春节期间，鼎东用户每天增加4万人左右，除夕夜订单量环比增长300%以上，这也成为鼎东随后大幅扩张的动力。

Liang Changlin, founder of dingdong, once told the media that during the Spring Festival in 2020, the number of users of dingdong increased by about 40000 every day, and the number of orders on New Year's Eve increased by more than 300% on a month on month basis, which also became the driving force for the subsequent radical expansion of dingdong.

数据显示，定东蔬菜Gmv总量由2018年的7.42亿元增加到2020年的130.32亿元，市场占有率提高到10.1%，复合年均增长率达到319%，同期市场整体增长率为114.6%。自2020年疫情爆发以来，定东通过"北上京"战略大力扩张。在供不应求的市场背景下，降低了营销费用，带动了销售收入的大幅增长。

According to the data, the total Gmv of dingdong vegetables increased from 742 million yuan in 2018 to 13.032 billion yuan in 2020, the market share increased to 10.1%, the compound annual growth rate reached 319%, and the overall growth rate of the market in the same period was 114.6%. Since the outbreak in 2020, dingdong has expanded vigorously through the strategy of "going north to Beijing". Under the market background of short supply, it has reduced the marketing expenses and led to a substantial increase in sales revenue.

而天天优鲜已经在以前的仓储模式转向，开始追求利润，上岸后，风格更加稳定。

And the daily excellent fresh has been in the former warehouse mode turn, began to pursue profit, ashore, style is more stable.

日化优质生鲜食品Gmv由2018年的47.26亿元增长到2020年的76.15亿元，复合年均增长26.9%。然而，游仙日报在2020年的营收却保持了去年60亿元的水平，增长率仅为2%。为什么？

Gmv of daily excellent fresh food increased from 4.726 billion yuan in 2018 to 7.615 billion yuan in 2020, with a compound annual growth rate of 26.9%. However, the revenue of Youxian daily in 2020 has maintained the level of 6 billion yuan last year, with a growth rate of only 2%. Why?

因为天天优鲜推出的市场业务，通过对传统线下菜市场的智能化改造，以自身的渠道优势为其赋能，助力农产品贸易业态升级。在此基础上，菜市场交易的Gmv也被纳入天天优鲜平台，平台通过抵扣的方式获得收益。财务报告中反映的这部分业务的结果是：为了提振Gmv，收入基数较低，但毛利率较高。

Because the daily excellent fresh launched the market business, through the intelligent transformation of the traditional offline vegetable market, with its own channel advantages for its empowerment, to help upgrade the agricultural trade format. On this basis, the Gmv of vegetable market trading is also included in the daily excellent fresh platform, and the platform obtains income through the way of deduction. The result of this part of business reflected in the financial report is: to boost Gmv, the income base is low, but the gross profit rate is higher.

根据财报数据，大油县2018-2020年毛利率将分别达到8.57%、8.68%和19.42%；同期毛利润分别为3.04亿元、5.21亿元和11.9亿元。截至2020年3月31日的三个月内，攸县的日毛利为5.11亿元，而2021年同期为1.89亿元。

According to the financial report data, the gross profit rate of daiiyouxian from 2018 to 2020 will reach 8.57%, 8.68% and 19.42% respectively; During the same period, gross profit was 304 million yuan, 521 million yuan and 1.19 billion yuan respectively. For the three months ending March 31, 2020, the daily gross profit of Youxian was 511 million yuan, compared with 189 million yuan in the same period of 2021.

一方面，毛利率的大幅提高得益于成本优化，提高了运营效率；一方面是因为新业务的发展。

On the one hand, the substantial increase of gross profit rate is due to cost optimization, which improves the operation efficiency; On the one hand, it is because of the development of new business.

总体来看，日化优秀生鲜食品进入调整期。在控制成本的同时，部分资源向菜市场等业务倾斜，导致销售业务短期萎缩。但从长远来看，毛利率较高的菜市场业务有望成为日优鲜活食品盈利的关键。

In general, the daily excellent fresh food entered the adjustment period. While controlling the cost, some resources were tilted to the business such as the vegetable market, resulting in the short-term contraction of the sales business. However, in the long run, the vegetable market business with high gross profit is expected to become the key to the profit of daily excellent fresh food.

方正股权稀释：定东买菜有风险

Founder's equity diluted: dingdong's buying vegetables is risky

就融资轮的数量和数量而言，这两家公司是一致的。但资本市场普遍认为，从股权保护的角度看，实行同股同权的定东买菜，与实行同股同权的天天优鲜相比，团队更不稳定，管理风险更高，恶意收购的概率较大。

In terms of the number and amount of financing rounds, the two companies are on a par. However, the capital market generally believes that from the perspective of equity protection, the implementation of the same shares with the same rights of Ding Dong to buy vegetables, compared with the implementation of the same shares with different rights of daily excellent fresh, the team is more unstable, the management risk is higher, and the probability of malicious acquisition is greater.

对于需要大量烧钱的互联网企业来说，资金是企业的核心竞争力之一，而可持续的融资是发展的前提。然而，每一轮融资都会导致创始人和创业团队股权的稀释。更有甚者，一些投资机构持有的股权超过了核心管理层。AB股份以不同的权利充分保护创始人的话语权。

For Internet companies that need to burn a lot of money, capital is one of the core competitiveness of enterprises, and sustainable financing is the premise of development. However, every round of financing will lead to the dilution of the equity of founders and entrepreneurial teams. What's more, some investment institutions hold more equity than the core management. AB shares with different rights fully protect the founder's right to speak.

定东和岱油县经历了相同的融资和烧钱历史，但岱油县在同一股票上拥有不同的权利。大有仙创始人徐峥在企业上市时拥有绝对控制权，在未来企业管理和战略规划上拥有更大的自主权。

Dingdong and daiiyouxian have experienced the same history of financing and money burning, but daiiyouxian has different rights in the same stock. Xu Zheng, the founder of daiiyouxian, has absolute control over the enterprise when it goes public, and has greater autonomy in future enterprise management and strategic planning.

招股说明书显示，本次IPO前，天天游仙创始人兼CEO徐峥持有15.3%的股份和74.1%的表决权。管理层持股20.2%，表决权75.6%；在外部股东中，老虎基金持有12.4%的股份，拥有3.8%的表决权；腾讯则持有8.1%和2.5%的表决权。

According to the prospectus, before the IPO, Xu Zheng, the founder and CEO of daily Youxian, held 15.3% of the shares and 74.1% of the voting rights. The management held 20.2% of the shares and 75.6% of the voting rights; Among the external shareholders, Tiger Fund holds 12.4% of the shares and has 3.8% of the voting rights, while Tencent holds 8.1% and 2.5% of the voting rights.

定东市蔬菜收购实行同股同权制度。创始人梁长林持有的表决权已经稀释到30%，整个管理层的表决权只有31.6%，这是一个非常低的水平。

The system of the same shares and the same rights is implemented in dingdong's vegetable shopping. The voting rights held by the founder Liang Changlin have been diluted to 30%, and the voting rights of the whole management are only 31.6%, which is a very low level.

招股说明书显示，鼎东实行同股同权制度，表决权比例与持股比例相同。IPO前，公司创始人兼CEO梁长林持有公司30.3%的股份，公司管理层共同持有31.6%；在外部股东中，老虎基金通过互联网基金诉私人有限公司持有5.7%的股份；软银通过SVF II cortex subco（DE）LLC持有5.6%的股份。

According to the prospectus, dingdong implements the system of the same shares with the same rights, and the proportion of voting rights is the same as the proportion of shares held. Before the IPO, Liang Changlin, the founder and CEO of the company, held 30.3% of the shares, and the company's management jointly held 31.6%; Among the external shareholders, Tiger Fund holds 5.7% shares through Internet Fund V PTE. Ltd; Softbank holds 5.6% of the shares through SVF II cortex subco (DE) LLC.

创业团队股权稀释至此，公司未来很容易面临恶意收购。其次，如果创始人失去了对企业的话语权，让一群不懂企业的投资机构来决定企业的发展方向，很容易为了华丽的数据而做出短视的决定，这将带来无尽的麻烦。

The equity of entrepreneurial team is diluted to this point, and the company is easy to face malicious acquisition in the future. Secondly, if the founders lose the right to speak on the business and let a group of investment institutions who do not understand the business decide the direction of the enterprise, it is easy to make short-sighted decisions for the sake of gorgeous data, which will bring endless troubles.

Link：https://new.qq.com/omn/20210630/20210630A0A0VK00.html

update time：2021-06-30 18:57:19