Salted Fish’s Self-help Strategy

Remember in one second【】

At this time, a soft voice asked: "Mr. Chu, when is your next financing?"

Chu Yuanxi replied very confidently: "Maybe it will be this year or next year, if it is good, this year, if not, next year."

The other side suddenly lost his voice, and Yuan Mu was waiting to vomit, "You give me a little bit more! Especially you burn money as fast as possible, right?"

It is possible that other people thought the same way, even a little bit cold for a while. Chu Yuanxi didn't care, because he was mentally prepared to "break the jar and fall." Even Xu Xin was only willing to give out 200 million, Hu Shiheng barely followed 50 million, and then went in a hurry. He didn't even have time to participate in this call, so Chu Yuanxi asked Zhao Zhujiang to help the town.

Therefore, Chu Yuanxi’s current mentality has changed to "the old man does not ask for help." If it hadn’t been for the unexpected meeting with Lao Ning before, and the unexpected chat about the price of 18 billion, he had the intention to make the construct by casting a hidden bid. We bid. That is to say, I will give a brief talk on the current situation and future development of Xiaokang, and why we need to raise so much money, and then start receiving letters.

In this case, ts was drafted by Chu Yuanxi himself, and the conditions of the system were not discussed. Whoever gave the higher valuation would receive the money. The same system was adopted as the "call auction" stage of my large a-share transaction.

This was the appearance of Lao Ning that caused Chu Yuanxi to change her mind and was willing to talk more.

Soon there were investors talking again, but it started from doubt. In order to improve efficiency, Chu Yuanxi had already listed the current situation of Xiaokang and what he could do in the future when he sent emails before. Therefore, directly asking questions instead of listening to Chu Yuanxi say it again would help them deepen their understanding of Xiaokang.

So he asked directly: "Excuse me, Mr. Chu, what is the currency cycle mentioned in your email? Why do you need to burn money to stimulate the currency cycle?"

This question is quite unprofessional, but Chu Yuanxi must answer it.

"Ah, you can roughly understand the role of currency circulation as the cat food in Pinduoduo and the check-in and withdrawal rights. In fact, they are not but behave similarly. This will eventually be recorded in the cost, and it must be subsidizing users. It can be regarded as a modest way of burning money to subsidize users. This kind of subsidy is better. It is not a direct price war, but blurs the boundary between cash and virtual currency through "conversion", which makes users feel particularly value-added. The improvement is Experience."

In this way, the investors participating in the conference can basically understand, because they are all invested and consumed, they know more about Pinduoduo's routines than ordinary consumers, and some of them still hold Pinduoduo's stocks.

Pinduoduo puts fancy tricks out of the realm, and its right to sign in and withdraw cash is a typical routine. This is a kind of wool. At the beginning, it was said that it had to be accumulated to 10 yuan. After the user worked hard to save to 10 yuan, I found that people said that new users can only withdraw until 10 yuan, but there is no threshold for old users to exchange up to 10 yuan. Voucher, the wool is still there, it's just grown up.

At this time, the user looks down at the ten yuan cash withdrawal right, what should I do? I can only continue to accumulate, but I am slow to accumulate without cat food, and I suddenly realized that this wool is not good! In short, the users who wanted to squeeze this wool eventually became ecstatic, even suffering from Stockholm syndrome, and finally succumbed to the lucky cat.

However, if you plan to earn cat food carefully, you will find that some products that cannot appear in cat food stores are actually cheaper, and the difference is far greater than the amount of money that lucky cats can bring, which means that you earn cat food. At the same time, it is easy to pay IQ tax...

e... It is the experience that improves, and it has an inner taste. Many investors have remembered this one after another. Only Yuan Mu was at a loss. Is this our currency cycle? Why didn't I feel it?

She stabbed Chu Yuanxi and asked in a low voice, "I have experienced money circulation. The experience is different from cat food."

"Of course it's different. Pinduoduo is for cheating, we are not. I said it just behaves similarly."

Chu Yuanxi’s voice is not so low, and the hard-to-do tricks are completely insignificant to those who come out of the game. Such an active low-end plan is simply trying to break the sheep and Tucson, without technical content, put it aside In Xiaokang, any operation plan put forward this kind of plan will be sprayed by President Chu for half an hour. So he can straighten his waist and fight a lot, not afraid of being heard.

Another investor asked immediately. This time the question is much more professional: "Mr. Chu, I found that you don’t seem to have any plans to join? With a well-off operating status and a membership system that is ahead of the industry, it is completely possible to join. Right? And the ecology of the franchise should be significantly stronger than my friends. I don’t need to say more about the benefits of franchising, right?”

This is also a question that needs to be answered carefully. Chu Yuanxi turned out the memo very rarely and looked at it, and then began to proliferate: "We have a franchise plan, but it is in Milestone 8. The current milestone 5 has just started. More distant.

Regarding the difference between franchising and self-employment, I believe everyone has a deep understanding. For example, when SF and Big Goudong continued to export when the four links and one reached the collective nest. Why are you lying down? On the one hand, the order cannot be transmitted to the franchise operators, on the other hand, self-employed can directly increase the salary of the courier, but the franchise cannot.

The situation in Xiaokang is the same. Our performance this time is not bad, because the top clerk and logistics have not lost the chain. If it is a franchise, it must be closed first. In fact, there are many convenience stores opened to franchise. This time, the direct closure does not have the organizational ability for franchise stores. In the end, the effect of our persistence is also very good. This is the difference between self-employment and franchising.

Then I will explain why the franchise program is pushed back. As Mr. Ding of Zhonghai Fund said, our franchise ecology is definitely better than our friends, but the advantages after Milestone 6 will be extremely magnified.

^0^Remember in one second【】

But I don’t want to open after Milestone 6.

The benefits of joining, the first is to make money, and it is easy. If you don’t want to make progress anymore, you can start franchising as long as you organize the supply chain in various places. Even if the initial fee of a family is 200,000 per year, the initial fee of 10,000 is a net income of 2 billion per year. This does not include moving. The difference between the goods.

The second is that it is of great help to our mobile payment plan, because the store will naturally get offline traffic.

But there are also two disadvantages. First, it destroys the existing layout model. The current layout of Xiaokang is mainly in residential areas and commercial buildings. It is impossible to ask the other party to open in this type of location. People must like locations on the street with more traffic. Such a layout is our intention, and it will destroy the tone.

Second, we have bigger plans in the future. The franchise stores cannot carry this kind of plan, and it is also destructive. "

What Chu Yuanxi said here is very brief, only Xu Xin and Yuan Mu can understand it. Franchising is not good for community socialization, but it causes confusion, because franchise stores cannot undertake the social node function of direct-sale stores. The employees of directly-operated stores need to be both fathers and mothers. A franchise store is a seller, and the existence of franchising will make users extremely confused.

So at the point of joining, Zheng De, Xu Xin, and Hu Shiheng never questioned Chu Yuanxi’s decision. Xiaokang claims to have a valuation of 100 billion yuan, but that is the lower limit of the expected value. The upper limit depends on how the social network does. kind.

Just listen to Chu Yuanxi’s final summary: “In short, now that we are open to join, assuming that the franchise fee can only be received 200,000 a year, after the national layout, the logistics and warehousing of the stores will also keep up, and the bargaining power will naturally increase. Not in a hurry."

This explanation is detailed enough, but lack of sincerity, because what is the big plan? People hate other people selling things to themselves, and investors are no exception. The next investor's question becomes less polite: "Excuse me, Mr. Chu, looking at the current situation and future of the well-off society, where do you think is the biggest weakness of the well-off society? Where are the areas that need improvement most?"

"The weakness of Xiaokang lies in relying too much on the cluster effect." Chu Yuanxi was not afraid of this problem at all, and responded very peacefully: "For example, Dongguan is a good place, and friends and merchants open 00 stores in Yangcheng Pengcheng and go to Dongguan. 50 stores are just right. How about Xiaokang? The price/performance ratio of 50 stores in Dongguan is much lower than that of 00 stores. The efficiency of stores is not even as good as that of friends with 50 stores.

As for the thing that needs improvement most, it should be my temper? "

Unfortunately, his efforts in this communication atmosphere did not succeed. The next question is: "Mr. Chu, your price for this round of valuation is 18 billion. Is this price reasonable? Looking at the entire market, Xiaokang’s valuation is high. Right? I think 14 billion is already the limit I can accept. May I ask Mr. Chu, did you set the price so high because of the recent profitability or the increase in growth rate?"

Chu Yuanxi sounded quite wrong. The 14 billion yuan was exactly the same as Li Jingfei's previous price of 2 billion US dollars.

Of course, this kind of suspicion is inconvenient to say, he can only explain in terms of facts: "It is not profit and growth. It is not something to brag about that we are profitable with several times overtime pay."

Isn't it worth boasting that you are so bragging?

This is the voice of many people, but Chu Yuanxi is very calm: "When considering valuation, you can’t just consider profit and growth. At least I am not happy to see Xiaokang making a profit, because if others do better than you, the market share If the growth is greater than you, aren’t you still a younger brother? What use is your good growth?

There is a company in the U.S. that provides video conferencing services called Zum. The financial report came out with performance guidance and so on. The stock price fell by 10% at the opening. Why? Where are the data on WeChat Enterprise and DingTalk?

I think that using financial data to evaluate a well-off society is extremely irrational and without foresight. National business cannot look at the market-sales rate, but depends on the ability to occupy the market. There is a huge market for convenience stores. It is a pity that Xiaokang should have started to expand stores in Eastern Guangdong, but the pause button was forced to press. Otherwise, you will be able to see that a well-off society is invincible in the imperial capital, as well as in Eastern Guangdong Province. This ability to occupy the market gives me confidence that I want a more reasonable valuation. "

For a long time in the past, the market-sales ratio has been a very important indicator of the popular valuation method since Silicon Valley. Generally, companies are valued after round b at a price-sales ratio of 10 times. But that is a pure mobile Internet company. Convenience stores certainly can't make such a valuation. Chu Yuanxi has no opinion on the question itself, and definitely has an opinion on the person asking the question, so he said it very directly.

Hearing what he said, Xu Xin slapped him quickly, and at the same time motioned him to pay attention to his demeanor. After all, there is no expansion in Eastern Guangdong Province, so it cannot provide two points of proof, only the lone proof of the imperial capital.

Chu Yuanxi shrugged her shoulders and agreed. He didn't expect that the person on the other side of the phone seemed very upset by his remarks. She also asked quite directly: "Chu, I heard that SoftBank plans to vote for Xiaokang alone, why are you here? Didn’t mention anything in the email? Are you planning to talk to Dasheng Sun after having a meeting with us? But it is said that Softbank is going to be exclusive. I think you should talk to Softbank first, and you don’t need to have a meeting with us if you have a chat. It."

just in case? Chu Yuanxi said that this was a satire that I couldn't get Softbank's money? Really can't get it! But not what you think. This person's meaning is very obvious, saying that Chu Yuanxi used them as spare tires and bargaining chips with Sun Dasheng, but it was a pity that there was no such thing.

Thinking of this, he said: "Mr. Jiang, I remember that you have a good relationship with Li Jingfei. He didn't tell you that I had explicitly rejected it?"

At this time, someone else said, "Hey, Chu Yuanxi, let's talk about things, don't be emotional."

The speaker is Cai Yong

^0^Remember in one second【】

At the beginning, in 2018, Chu Yuanxi organized a self-media lecture for investors under the organization of Yuan Mu. Cai Yongjin was also a participant, so he had joined the WeChat relationship a long time ago, and because he had voted Qu Toutiao, so there is still a little star halo.

Chu Yuanxi knew that he had a good relationship with Li Jingfei, and it was not surprising that he began to pull sideways.

So Chu Yuanxi directly cut a screen of the email addressed to Li Jingfei and sent it to the WeChat group, and then said: "I have no emotions, please see the picture, there is the time for sending the letter. Monopoly is impossible to monopolize. If he monopolizes me, he will not be able to fulfill the solemn promise to the friends who participated in the A round.

In fact, when he first came to send money, I didn't really want it. Sun Dasheng was so difficult. There were so many fund-raising. Most of it was borrowing, which was for interest. I'm so embarrassed to take it. On the contrary, none of the money from the Pakistani people is borrowed. Not only do they don’t have to pay interest, but they can get interest. How much peace of mind is this money? "

Cai Yongjin and the surname Jiang stopped talking immediately. Chu Yuanxi's emotion of "My uncle is not used to you" is already very public, and bb is likely to be cleared out of the phone conference by him. They believe that Chu Yuanxi did it. !

It can be seen that face-to-face communication is the most important thing. In face-to-face communication, Chu Yuanxi will definitely weigh up the problems that he can't beat, and even harder.

At this time Xu Xin had to come out to make a round and asked: "I'm here in Xiaochu, but I also ask a question. Why did your quality life plan all go to the high-sugar crowd?"

"High sugar is a big group, sister Xu, there are more than 100 million people in the country, and the larger the city, the higher the proportion, and there are not many young people. Should we not serve this group?

From a market perspective, there is currently a shortage of services for high-sugar people only from the retail side. This is what the market still retains. Whether food or beverage, brands that can take into account safety, price, and taste are now rare. Either the price is extremely high, or the taste is really bad, or it claims to be sugar-free but contains a lot of sugar substitutes, and dare not eat it at all.

However, sugar-free food and beverages are just needed for high-sugar people. Isn't it a particularly good entry point to put a ‘0 sugar’ sign? The premium rate conversion rate is more effective than anything else, it is easier to make money, and it is also easier to get user loyalty. In particular, our user characteristics are that a user is likely to represent a family, which is determined by the well-off whole system, so the role of being able to grasp a user group is very high. "

"Wait, why is this just needed?" Xu Xin immediately found a logical question: "According to what you said before, the high-sugar people who have been absent for so many years have not come here too?"

"What you said..." Chu Yuanxi wasn't sure if Xu Xin really didn't know, and she still said this deliberately so that he could play, but it was objectively convenient for him to play.

"If we do national business, if we can’t make users’ lives better, what are we doing in national business? What’s our company’s name? Well-off, which means that the users we serve enter a well-off society and are capable Pursue a higher quality of life."

Yuan Mu took a mouthful and didn't know how to vomit, because eradicating poverty and moving towards a well-off society was originally the main theme of this year. Before the end of the year, I don’t know how many people have published their love packs saying that they are about to be wiped out. The countdown has begun. There are also various interesting local news. For example, there is still one person in a province who has not escaped poverty.

Is this what you rely on for your well-off?

But Xu Xin didn't mean to vomit: "Okay, okay~www.ltnovel.com~ Then what are you going to do? You didn't write it in the email."

"It's better to find an OEM according to the original plan, and then build your own factory." Chu Yuanxi regretted that he could not reach a strategic cooperation with Mido at this time. Otherwise, there should not be too many food experts under Mido. I don't know how many related mergers and acquisitions have occurred. This is the foundation that the sudden rise of the well-off society does not have, so the realistic choice is to follow the steps, first make quality control OEMs, and then slowly figure it out.

In fact, he has already started looking for foundry factories. The drinks are Qiulin in Jinmen. Because there are several types of food, the foundries are also scattered. Now the following process has started. Fortunately, the quality control specialist has already been recruited, and the following is the formula and food production license.

In fact, there is another advantage here. Generally, OEM foods want to take the route of light assets, that is, to make online celebrity food and go e-commerce, but the development process inevitably needs to take the route of low-price marketing, otherwise it will be very difficult. It is difficult to create an online celebrity model. But Xiaokang does not need to go to e-commerce, but directly into the store, so there is much room for maneuverability.

Dear, this chapter is over, I wish you a happy reading! ^0^