• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Truth Survey

    2012/2/17 13:41:00 18

    Truth Survey

    A loss of 2 billion yuan? Is cash flow hard to sustain?


    At the end of the winter of 2011, Fan Cheng was plunged into the saliva of peers and media. After many executives left, the "customer crisis" seems to be getting worse.


    Reporters to visit Beijing industrial and Commercial Bureau

    Beijing

    The industrial and commercial materials of VIC are the important carriers of the investors' capital injection, and after interviewed many people who are close to Chen and fan, they do not seem to be so bad.


    Over the past three years, Fan Cheng has lost 250 million yuan, and in 2011, it will lose 600 million yuan.

    At the same time, all customers maintained an annual sales growth of more than 200%.


    On the other hand, fans of VIC are investing money in Vic. Today's Vic is an effort made by Chen and management, and VC is firmly committed to "smashing".


    For all customers this year is to maintain growth or profit, Chen told reporters in a delicate way: "all customers are advancing steadily this year."


    How much money did the customer "smash"?


    In June 2007, Chen retired from excellent network for 2 years, during the 2 years.

    Founder?

    He failed to win the electricity business, and this time he thought about selling clothes on the Internet.


    In July, he bought the 80% stake of Beijing dream Utopia Information Technology Co., Ltd. (hereinafter referred to as "dream state") from Wang Rongqing, and renamed it "fan Ke Cheng pin (Beijing) Technology Co., Ltd." (hereinafter referred to as "fan Ke Cheng pin").

    Before becoming the actual controller of dystopia, Lei Jun has been a shareholder of dream Utopia, accounting for 10% of shares.

    Moreover, Lei Jun has always been a shareholder of van customer service.


    He has worked as an executive in the excellent network and has also started his own business. He knew from the beginning that he had the power of capital.

    In September of the same year, he registered and established Beijing Fan Cheng pin Technology Development Co., Ltd. (hereinafter referred to as "Beijing fan bank").

    Since then, Beijing van bank has always been a link between VCM and capital. VC took a large sum of money to invest in Evan Corporation (Evan Corporation), and Evan limited poured money into Beijing's general store. Chen and other people pledge the ownership of VCM to Beijing, and Beijing's VB agreement controls VCM.


    Beijing fan library is an important node in the VIE chain, and also a carrier of VC funding.

    From the change of total capital and total investment in Beijing, we can know how burning money is to make VTech.


    The six round of financing before and after the sale of VCG is far more complicated than that of outsiders. Its main vein is as follows: A round is led by LIAN strategy and IDG capital; B round is led by Softbank Sai Fu; C round is sponsored by Qiming venture capital; D round is led by Tiger Fund; E round is invested by these old shareholders; the last round is the well-known Temasek and CITIC industry fund investment, IDG capital and investment.


    But the above is far from the six round of financing. Among them, LIAN is the most steadfast looking faction of VCE and the most popular firm in the past. Every round is followed by investment; IDG capital also follows many rounds; in the F round, apart from those three, there are also many shareholders in the aforementioned shareholders.

    Only tiger funds and Softbank Sai Fu have fewer rounds.


    The foregoing close to all customers pointed out that the total investment accumulated by VC in several rounds should be up to 2 billion yuan, which is estimated to be the source of the loss of 2 billion yuan at the beginning of the Internet.

    He pointed out: "loss of 2 billion yuan is nothing more than bullshit."


    Many people in the industry have told reporters that the sale of F is indeed $232 million, and that the valuation of this product is indeed $3 billion 200 million.

    So, at present, we have cash in hand, but not in our hearts.


    The F round of financing ended in August 2011. People familiar with the electricity industry knew that it was the peak of the electricity supplier bubble at that time. At that time, the industry was widely quoted as saying that the sales volume of one yuan RMB of the electric business enterprise corresponds to the valuation of one dollar in the private market.

    The F round of financing is undoubtedly one of the signs of the bubble's peak.


    A person close to the age also said that the first round of investors of all customers followed the rounds in the following rounds.

    He said that this shows that VC, who is closest to and understands Vic, is very optimistic about the old age.

    Van guest

    Honesty - otherwise it will not be firmly committed to investment.

    He also pointed out that the electricity supplier is really hard to do. Before hundreds of electric business enterprises in the United States, most of them got venture capital, and finally made Amazon only. Amazon also burned a lot of money for VC.

    China's electricity supplier industry will eventually achieve a certain scale and profit, not more than 10.


    Truth of loss


    The trend of the electricity supplier industry has been declining after the fourth quarter of 2011.

    The phrase "electricity providers spend the winter" should be shipped.

    According to the group statistics, from 2009 to November 2011, PE and VC invested 225 businesses in the electricity supplier industry, including tens of millions of dollars in investment.

    Although there are many funds in the same company.

    But this round of winter, the negative impact of the electricity supplier entrepreneurs and investors are very large.


    An electric business insider pointed out that the important reason for the pformation of the business enterprise from heat to cold is the closure of the window for China's concept stocks to the US.

    In August 2011, Tudou was difficult to list, and no mainland Chinese companies were listed in the US.

    The result is that it is difficult for the founder of the electricity supplier to raise funds through IPO, and the investors of the electronic business are hard to cash in.


    In this context, van Jin has become a heavyweight bird of the head.


    In the media and in the restaurant, the "customer crisis" was suddenly spread between the sky and the sky.


    According to the financial data of Beijing City Administration of industry and Commerce in the past three years, sales revenue of VCM from 2008 to 2010 is about 120 million, 300 million and 1 billion 200 million yuan. This data is different from the previous public statements, but it can be seen that the growth of VCM is amazing.


    From these data, we can see that in all the past three years, the loss has been around 250 million yuan, and the gross margin of all sincerity has remained at 40%, with a profit margin of -14.67% in 2010.


    After entering 2011, Chen once told the media that the sales target in 2011 was 10 billion.

    The old investors said privately, "when people are hot headed, we actually have not given him any pressure."


    The reporter learned that fan's sales revenue in the first three quarters of last year was 2 billion yuan, and its sales volume was 3 billion 200 million yuan last year.

    With the expansion of category, there is a trouble for fan: there is a significant increase in inventory.


    A person close to the age told reporters that Vic's inventory was too high last year between 8 and September. However, after the implementation of some promotional measures, Vic's inventory returned to normal level.

    But the bad result of low price promotion is that the profit margins of fan Kai Cheng are beginning to decline.

    In 2011, van gain's profit margins began to approach -20%.


    To sum up, the loss of van customer's last year is about 600 million yuan.


    Profit or speed?


    A foreign investment bank told reporters that in the four quarter, the final reason for its listing was that it was not satisfied with the valuation given by the capital market.

    He believes that IPO is not a problem. It depends on whether old investors and investors are willing to accept lower valuations.


    As mentioned earlier, the F round of valuation is $3 billion 200 million.

    Under normal circumstances, the valuation of IPO should be higher than this figure, otherwise the last round of investors will lose.

    At present, the US capital market, and even wait for a year, it is difficult for all customers to IPO at this price.

    At this time, Chen and VAI are at a crossroads: is it to cut down marketing costs, slow down growth, reduce losses, or continue to hit high sales? In the past few years, when VC invested in electricity suppliers, they decided whether to invest or not, the valuation geometry, and so on.

    Now, is logic changing?


    In December 30, 2011, Chen refused to answer this question when interviewed by reporters.

    problem

    It only means that the strategy of the future is to "advance steadily".


    Those who were close to the age also told reporters: "I think the strategy for the coming year is still based on stability."


    Behind the "prudent" principle is that this year's fans will slow down.


    Industry and commerce data show that the sales cost of the product was about 93 million in 2008, while the income of fan was 120 million yuan.

    In recent years, nearly eight of Chengdu's income has been handed over to Internet advertisers, and it is only by relying on his "object" that he can get "ordinary customers" in a short time.


    By 2010, the operating cost of van customer service is 539 million, of which the sales cost may exceed 400 million, and the sales cost will account for 1/3 of the revenue of van sincere.


    To some extent, this is the logic of the electricity supplier, which is advertising, and squeezing out sales.


    By 2011, there was a saying in the industry that the sales cost of van gentry was 1 billion this year.

    Those close to the age told reporters that the real cost is far from that.

    He believes that now there are a lot of repeat customers, "in 2010, the opportunity for all passengers to remain flat is not without it. Even if it is not smooth, it can achieve very little loss."


    This statement coincides with the view of a well-known business executive. He believes that if we cut down marketing costs, we should be able to strike a balance.

    Because the sales volume of today's customers means that there are more than 20 thousand people shopping every month. Customers sell clothes and there are many repeat customers. This is enough to support the sales revenue of fans.


    The old saying is, "you don't need to chop marketing expenses, or you can lose money.

    Because everyone is growing. "


    The meaning behind this sentence should be that no one should reduce the absolute amount of marketing expenses, but with the expansion of sales revenue, the proportion of total marketing revenue will naturally decrease as long as the marketing expenses do not increase.


    However, journalists are told that Vic is still under the leadership of the management, and VC will not interfere too much with the old decisions.


    In this regard, Chen did not deny that he said: "the capital side has given me enough trust and support."

    • Related reading

    Eagle And Technology Promise Commendation Meeting: The Life Of An Enterprise Lies In Its Responsibilities.

    Enterprise information
    |
    2012/2/16 16:26:00
    12

    The Two Patents Of 3534 Chinese Companies Are Authorized.

    Enterprise information
    |
    2012/2/16 15:24:00
    9

    The Demand For High-End Men'S Clothing Is Strong; &Nbsp; Card Slave Road Preemptive Machine.

    Enterprise information
    |
    2012/2/16 14:43:00
    11

    Double Star Cracking Labor Shortage: Stabilizing People'S Hearts

    Enterprise information
    |
    2012/2/16 14:39:00
    6

    Lining, XTEP, Anta And Other Sports Brands Are In A Predicament Of Growth.

    Enterprise information
    |
    2012/2/15 16:13:00
    19
    Read the next article

    World Famous Brand Bosideng Hot News In 2011

    Loaded with harvest and wonderful 2011, we suddenly fell into the sky of history. 2012, which is full of hope and expectation, has come to us.

    主站蜘蛛池模板: 永久黄色免费网站| 亚洲精品视频在线观看你懂的| 激情欧美日韩一区二区| 国产高潮国产高潮久久久| 亚洲成年www| 欧美日韩一道本| 日本三级电电影在线看| 午夜性色吃奶添下面69影院| a毛片视频免费观看影院| 欧美精品v国产精品v日韩精品| 国产精品亚洲va在线观看| 久久精品国产乱子伦| 美女露隐私全部免费直播| 女人张腿让男人捅| 亚洲国产精品xo在线观看| 麻豆国产在线观看免费| 思思久久99热只有频精品66| 人妻仑乱A级毛片免费看| 18一20岁一级毛片| 日本大乳高潮视频在线观看| 午夜爽爽爽男女免费观看hd| 99久久久国产精品免费牛牛 | 124du在线观看| 日韩AV无码一区二区三区不卡毛片| 啊灬啊灬别停啊灬用力啊在线观看| ass日本熟妇大全pic| 果冻传媒91制片厂| 四虎地址8848最新章节| 99re热视频这里只精品| 最近中文2019字幕第二页| 又爽又黄又无遮挡的视频在线观看 | JLZZJLZZ全部女高潮| 欧美videos在线观看| 四虎在线观看一区二区| 91大神在线看| 无翼乌无遮挡h肉动漫在线观看| 人妻免费久久久久久久了| 国产91精品在线| 婷婷人人爽人人爽人人片| 亚洲人成电影在线观看网| 美国bbbbbbbbb免费毛片|