Zhou Wei is more busy than before. The founder of Orange, the unmanned orange juice terminal, used to spend a little time on research and development every day. He took time out to see the factory every week, but now he receives many visitors every day who talk about business cooperation or talk about financing. . On October 17th, the parent company of Angel Orange, Shanghai Juang Investment Co., Ltd. (hereinafter referred to as “Juang Investmentâ€) announced that it had obtained a 400 million yuan Series B round of funding from Julian Capital and Pleasant Capital.
No-person retail is considered to be the outlet for capital chase this year, and unmanned vending machines, one of the unmanned retail formats, are also receiving attention. Lee Myung-ho, the founder and former president of Yubo Online (836035), the largest unlicensed retailer operator in China, said that compared with no-convenience stores, terminals represented by unmanned retailers are currently more technologically mature.
A research report released by CIC Securities in October predicted that the number of vending machines in China will be 62,000 units in 2006 and will increase to 505,000 units by 2015. If the number of vending machines in China grows by 25% from 2017 to 2020, the number of vending machines in China is expected to reach 1.54 million units by 2020, which will be measured by 14,000 yuan for a single vending machine. The year 2017-2020 will be sold automatically by China. The freighter market is expected to total 51 billion yuan.
In this context, PE and VC capitals have entered the unmanned retail market and brought a certain amount of imagination to a range of industrial chains such as commercial compressors and supply logistics behind unmanned retailers.
Which of these companies will become more valuable, pending the market to refresh the figures in the capital competition.
3.5 billion capital to enter
Zhou Wei told the Economic Observer newspaper that with the financial support, the company can speed up the layout in the national market, and it can also increase the development and production of new products. “I need not only to take care of the 'angel orange' business, but also to have time. To invest in the development of new products such as uncooked coconut machines, coffee machines, ice cream, etc. There are now more interviews with the media, as well as appointments with new investment institutions. The time is not enough and not enough."
Zhou Yu, founder and CEO of Juang Investment, graduated with a Master's degree in System-on-Chip from the Computer School of Pierre Marie Curie University in Paris (France) and a master's degree in Business Administration (France) from the University of Daphne, Paris.
At the end of 2009, after the idea of ​​globalization of the orange juice category was born, Zhou Xie thought that the time did not wait for someone to stop the doctoral program from returning to France from France. Zhou Yu recruited troops, bought several skilled workers, and rented a factory outside Baoshui, Shanghai, where it was raining heavily, and bought a lathe and started the road to entrepreneurship.
"Angel Orange" company team told reporters that the company's earliest machine is not a dedicated smart orange juice terminal, but can squeeze 5 kinds of juice, including kiwi, banana milk, oranges, pears, apples, including. After three months of market launch, they found that 70% of the users chose orange juice, and the “Angel Orange†chose to focus on orange juice.
The reporter learned that the smart instant orange juice self-service vending terminal is characterized by breaking the long-running circulation mode of traditional orange juice sales, creating the concept of factory front-end, "using the Internet to make orange juice, eliminating all the middle thinking. "Angel Orange" covers an area of ​​less than 1.5 square meters per terminal and can be conveniently placed in densely populated areas such as shopping malls and railway stations.
Wang Wenlong, a partner of Junlian Capital, believes that “unmanned products†represented by “Angel's Orange†has created a new consumer scene (fresh real-time + instant convenience), which is in line with the general trend of rising consumption and rising production factors. In the special environment where China’s information infrastructure leads the world (mobile payment, Internet, Internet of Things, etc.) and food infrastructure is relatively backward (agricultural supply chain, NFC production, cold chain logistics, etc.), there will be greater opportunities for development. .
Joy Capital founding partner and executive partner Liu Erhai said that although no one retails nowadays, the giant team is not a company that catches the air. The pleasure of investing in huge capital is not just its concept: “The giant ang has a lot in this area. More than five years of accumulation."
The Economic Observer reporter noted that behind the "Angel Orange," which received 400 million B rounds of financing, the phenomenon that is reflected by the PE/VC institutions behind the current unreliable retail is reflected.
According to statistics from the Economic Observer, from the rapid rise of unmanned shelves this year to the end of September, there have been more than 30 projects that have been disclosed in the unlicensed retail sector. The accumulated investment exceeds RMB 3 billion, of which the single financing amount has exceeded 100 million yuan. . Together with the "Angel's Orange" financing of 400 million yuan today, the accumulated investment amount is close to 3.5 billion.
For example, in September of this year, the "unconvenience" of entering new retail sales with the "unattended convenience shelf" announced the completion of over 100 million yuan angel round of financing; Guo Xiaomei also completed three rounds of financing before and after within the last two months, and the accumulated financing amount is also It has already passed 100 million; in addition, Bingobox, a 24-hour unmanned convenience store that can be replicated domestically for commercial use, has previously announced the completion of Series A financing with a 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 it has now reached unattended retail terminals represented by the “angel orangeâ€.
Li Minghao believes that no-shelf, unmanned convenience stores, and unmanned retailers each have their own advantages. “Compared to unmanned convenience stores, no-person vending machines are flexible and have strong anti-theft capabilities. More mature, he also stated that "Technology is revolutionary, but today it does not mean it will not work tomorrow." The technology of vending machines is also constantly innovating. â€
Industrial chain to be activated
Similar to shared bicycles, which rely on mobile payment outbursts to activate a number of established bicycle manufacturers, the unclaimed vending machine industry chain is also looking forward to ushering in the explosion of scale as payment methods change.
Taking Youbao Online as an example, public reports show that before WeChat payment did not appear, Youbao's 2012 revenue was only RMB 180 million. In the year when WeChat payment was launched in 2013, Youbao's revenue reached 650 million yuan.
According to the China Investment Research report, Japan is the country with the highest density of vending machines in the world, with 389 vending machines and 140 machines in the United States. Currently, there are only 4 vending machines in China. Comparing Japan and the United States, the number of vending machines owned by 10,000 people in the United States, along with the rapid spread of mobile payments in China, and rising labor costs, the vending machine market in China will maintain a high growth momentum.
Guotai Junan Securities Research believes that there will be huge space for vending machines to enter China in the long run. "The use of vending machines in China's mainland market for the development period should be at least 500,000 units in the market, and the annual production value should reach 10 billion yuan. By the maturity stage, it will reach 3 million units and the annual production value will reach 60 billion yuan."
Li Minghao said that in the future, if there is an outbreak of the unmanned retail market, the corresponding upstream and downstream industry chains will surely grow along with it. The relevant manufacturers will be activated, and products sold by unmanned retailers will also be hot sellers, such as oranges, etc. The freshly squeezed products have driven changes in supply and demand both upstream and downstream.
Zhou Wei reported to the Economic Observer that the future "angel of oranges" will accelerate the integration of the three industries with orange juice as the main line. He said, “Jianang Investment has always been a three-in-one industrial chain platform enterprise integrating agriculture, industry, and retail. Before starting financing, we will start the layout. After the funds are in place, we will expand the cultivation of the Orange Park and establish a base for planting. We will radiate a nationwide sorting and warehousing transfer station. In the industrial sector, we will expand our production capacity not only to meet the business needs of the existing Angel Orange, but also to expand new product lines. The speed of deployment in the national market will also accelerate."
The industry related to the concept of unreliable retailing is very large. One person who wants to acquire related listed companies in the sector told the Economic Observer newspaper that there are still many parts that have not been noticed by the market. For example, there are three kinds of common automatic retail machines, that is, beverage vending machines, food vending machines, and comprehensive vending machines. The currently used compressors are basically commercial compressors. “The biggest cost of producing an automatic retailer is actually a commercial compressor. However, the value of the compressor has not been noticed in the market.â€
The source believes that before the painful point of payment was resolved, manufacturers of automatic retailers and their related parts and components were faced with bottlenecks in their development. However, with the innovation of payment methods and the outbreak of automatic retailers, relevant manufacturers are expected to usher in a period of performance growth.
According to public information, Huayi Compression (000404.SZ) is principally engaged in the 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 there is an explosion in the number of unmanned dealers, commercial compressors will certainly have a larger market share, which is beneficial to related companies."
In addition, a research report from Zhongtai Securities said that as a leader in cold-chain equipment, Da-Leng Co., Ltd. (000530.SZ) will also usher in good news. “In the future, there will be no retail sales, and e-commerce cold-chain logistics will develop rapidly. It is expected to develop rapidly."
Investors relied on the situation of vending machines researched and developed by SZSE Interactive Securities Co., Ltd. and Daqing Co., Ltd. Daqing Co., Ltd. responded that in the first half of 2017, the company’s affiliated company, Fuji Bingshan, fully realized the intelligent upgrade of vending machines products. Outside the beverage machines, new models such as large-scale food machines, coffee machines, white liquor machines and box lunch machines have all been developed and mass production has begun. The world's leading new factory for intelligent manufacturing of vending machines will be completed and put into production. Its production capacity will be doubled and it will be able to better cope with the rapidly growing number of unmanned sales machines. “With the advent of vending machines, as an industry leader, Fuji Iceberg is expected to benefit from priority. Fuji Iceberg will actively interact with key customers including operators and beverage makers and seek common development.â€
For the industrial space, China Investment Securities analysis, if contrasted with foreign markets, the market size of vending machines is expected to exceed 50 billion yuan in 2017-2020. The research report further analyzed that, assuming vending machines are popular in Chinese cities and towns, according to US standards, the market space for vending machines will reach 5 million units, and according to Japanese standards, it will reach 12 million units corresponding to a market size of 900-216 billion yuan.
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