Zhou Wei is busier than before. The founder of the unmanned orange juice terminal "Angel Orange" has spent some time every day focusing on R&D. Every week, he will take time to see the factory, but now he has to receive many visitors who talk about business cooperation or talk about financing every day. .
Not long ago, on October 17, Shanghai Giant Investment Co., Ltd. (hereinafter referred to as “Giant Investmentâ€), the parent company of “Angel Orangeâ€, announced that it has received 400 million yuan B round of financing from Junlian Capital and Joy Capital.
Unmanned retail is considered to be the slogan of capital chasing this year, and unmanned vending machines, one of the unmanned retail formats, has also received much attention. Li Minghao, founder and former president of Youbao Online (836035), the largest unmanned retail machine operator in China, said that compared with unmanned convenience stores, terminals represented by unmanned retail machines are now more mature in technology.
According to a research report issued by CIC in October, the number of vending machines in China was 62,000 units in 2006, and it will increase to 505,000 units by 2015. If the growth rate of China's vending machine is 25% in 2017-2020, the number of vending machines in China is expected to reach 1.54 million units in 2020, calculated according to a single vending machine of 14,000 yuan, and will be sold in China from 2017 to 2020. The freighter market space is expected to total 51 billion yuan.
In this context, PE and VC capital have entered the unmanned retail market, and also brought a certain imagination to a series of industrial chains such as commercial compressors and supply logistics behind unmanned retail machines.
Which of these companies will become more valuable, and the market has to refresh the numbers in the capital competition.
3.5 billion capital
Zhou Wei told the Economic Observer that with financial support, the company can accelerate its market deployment in the country, and at the same time increase the development and production of new products. “I not only need to take care of the business of 'Angel Orange', but also have time. To invest in the development of new products such as unmanned coconut machines, coffee machines, ice cream, etc. Now there are more interviews in the media, and new investment institutions have met. Time is not enough, not enough."
Zhou Yi, founder and CEO of Giant Investment, graduated from the School of Computer Science (France) of the University of Paris Pierre Marie (France) with a master's degree in systems and a master's degree in business administration (France) from the University of Paris, Tofina.
At the end of 2009, after the idea of ​​globalizing the orange juice category was born, Zhou Wei believed that the time was not waiting for people, and the doctoral course was interrupted from France to Shanghai. Zhou Hao recruited and hired several skilled workers. He rented a factory in Shanghai Baoshan that had a light rain outside, bought a set of lathes and started the road to entrepreneurship.
"Angel Orange" company team told reporters that the company's earliest machine is not a special intelligent squeezed orange juice terminal, but can squeeze 5 kinds of juice, including kiwi, banana milk, orange, pear, apple. After three months of market-oriented, they found that 70% of the users chose orange juice, and the "Angel Orange" chose to focus on the orange juice.
The reporter learned that the intelligent fresh-smelling orange juice self-service terminal is characterized by breaking the long-running circulation mode of traditional orange juice sales and creating the concept of factory front-end. “Espress the Internet to make orange juice and save all intermediate thinking. "Angel Orange" covers less than 1.5 square meters per terminal and can be conveniently placed in crowded areas such as shopping malls and train stations.
Wang Wenlong, a partner of Junlian Capital, believes that the “unmanned goods†represented by “Angel Orange†has created a new consumption scene (freshly produced + instant convenience), which is in line with the general trend of consumption upgrading and rising production factors. There will be greater development opportunities in China's information infrastructure leading the world (mobile payments, Internet, Internet of Things, etc.), and the food environment is relatively backward (agricultural supply chain, NFC production, cold chain logistics, etc.) in a special environment. .
Liu Erhai, founding and managing partner of Pleasant Capital, said that although no one is now a slogan, the huge team is not a fast-moving company. The joy of capital investment is not a concept of its righteousness: "There is a huge presence in this field." More than five years of accumulation."
The Economic Observer reported that after the “Angel Orange†received 400 million B rounds of financing, it reflected the phenomenon that the entire unmanned retail market was chased by PE/VC institutions.
According to the statistics of the Economic Observer, from the rapid rise of this year's unmanned shelf project to the end of September, more than 30 projects have been disclosed in the unmanned retail sector, with a cumulative investment of over RMB 3 billion, of which the amount of single financing exceeded RMB 100 million. . Together with the "angel orange" 400 million yuan financing today, the cumulative investment amount is close to 3.5 billion.
For example, in September this year, the "unmanned convenience frame" with the "unmanned convenience rack" entered the new retail "Ran Convenience" announced the completion of over 100 million angel round financing; Guo Xiaomei also completed three rounds of financing in the past two months, the accumulated financing amount also Over 100 million yuan; In addition, the domestic commercial large-scale copy of the 24-hour unmanned convenience store - Bingo box (Bingobox) previously announced the completion of the A round of financing, financing amount of more than 100 million yuan.
Capital has been chasing from the concept of unmanned shelves to the concept of unmanned convenience stores, and has now reached the unmanned retail terminal represented by "Angel Orange".
Li Minghao believes that unmanned shelves, unmanned convenience stores and unmanned retail machines have their own advantages. "Compared with unmanned convenience stores, unmanned vending machines are flexible and have strong anti-theft capabilities. Two technical features. More mature. He also said that "technology is innovative, not today, does not mean tomorrow." The technology of unmanned vending machines is also constantly innovating. "
Industry chain to be activated
Similar to the fact that shared bicycles rely on mobile payment bursts to activate a number of established bicycle manufacturers, the unmanned vending machine industry chain is also looking forward to the timing of the explosion as payment methods change.
Taking Youbao Online as an example, public reports show that before the WeChat payment did not appear, Youbao’s 2012 revenue was only 180 million yuan. In the year when WeChat Payment was launched in 2013, Youbao’s revenue reached 650 million yuan.
According to the CIC Securities Research Report, Japan is the country with the highest density of vending machines in the world. The number of vending machines for 10,000 people is 389, and that of the United States is 140. At present, the number of vending machines in China is only 4. In China, the number of vending machines in the United States has been maintained. With the rapid spread of mobile payment in China and the rising labor costs, China's vending machine market will maintain a high growth momentum.
Guotai Junan Securities Research believes that unmanned vending machines will enter the growth stage in China and have huge space. "My domestic market vending machine application to the development period should be at least 500,000 units in the market, the annual production value should reach 10 billion yuan; and by the maturity period will reach 3 million units, the annual production value will reach 60 billion yuan."
Li Minghao said that if the unmanned retail machine market breaks out in the future, the corresponding upstream and downstream industrial chain will certainly grow with it, the relevant producers will be activated, and the products sold by unmanned retail machines will naturally be sold, such as oranges. Freshly squeezed products have driven the changes in supply and demand between upstream and downstream.
Zhou Wei reported to the economic observation that the future "Angel Orange" will accelerate the integration of the three industries with orange juice as the main line. It said that “Giant Investment is originally a three-in-one industrial chain platform enterprise integrating agriculture, industry and retail. Before the financing, it is in the process of layout. After the funds are in place, we will expand the plantation of the orange plant and establish it at the planting base. Radiation warehousing transfer station across the country. In the industrial sector, it will expand production capacity, not only to meet the business needs of the existing Angel Orange, but also to expand the new product line. The layout speed in the national market will also accelerate."
The industry related to the concept of unmanned retail is huge. A person who wants to acquire relevant listed companies in the field said to the Economic Observer that there are still many parts that have not been noticed by the market. For example, three types of automatic retail machines, namely beverage vending machines, food vending machines and integrated vending machines, are basically commercial compressors. “The biggest cost of producing an automatic retail machine is actually the commercial compressor. But the value of the compressor has not been noticed in the market.â€
The source believes that before the pain point of the payment method is resolved, the automatic retail machine and its related parts manufacturers face bottlenecks in development. However, with the innovation of payment methods and the growth of automatic retail machines, related manufacturers are expected to usher in a window of growth.
According to public information, Huayi Compress (000404.SZ) is mainly engaged in R&D, production and sales of refrigerator compressors and commercial compressors. A person close to Huayi Compress said that the company is involved in the field of commercial compressors, but the current market share is not very large. “If we wait until the explosion of unmanned vending machines, commercial compressor products will definitely have a larger market share, which is beneficial to related companies.â€
In addition, a research report from Zhongtai Securities said that as the leader of the cold chain equipment, Da Leng shares (000530.SZ) will also usher in a positive, "the future benefits from unmanned retail, e-commerce cold chain logistics rapid development, performance It is expected to develop rapidly."
Investors in the Shenzhen Stock Exchange interactively asked the company about the vending machine developed by the company, Da Leng shares responded that in the first half of 2017, the company's associated company Fuji Bingshan fully realized the intelligent upgrade of vending machine products, except Outside the beverage machine, new types of food machines such as large food machines, coffee machines, liquor machines, and lunch boxes have been developed and mass production has begun. The world's leading vending machine intelligent manufacturing new plant was completed and put into production, and the production capacity doubled to better cope with the rapid growth of unmanned sales opportunities. "With the arrival of the vending machine boom, as an industry leader, Fuji Bingshan is expected to benefit first. Fuji Bingshan will actively interact with key customers including operators and beverage companies to seek common development."
For the industrial space, CIC Securities analysis, if compared with foreign markets, the market size of vending machines is expected to exceed 50 billion yuan in 2017-2020. According to the analysis, it is assumed that vending machines are popularized in Chinese cities and towns. According to US standards, the vending machine market space will reach 5 million units, and according to Japanese standards, it can reach 12 million units corresponding to the market scale of 900-2160 billion yuan.
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