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Bicycle sharing has suffered from heavy assets.
Wen/Ba Jiuling
Source/WeChat official account: Wu Xiaobo Channel
Many people first came into contact with the sharing economy from sharing bicycles.After years of fighting, OFO, the pioneer of the industry, became a martyr, while Halo Bike (later renamed Halo Travel, adding electric bicycles and hitchhikers) came from behind and came to the market.
Interestingly, in the sharing economy, the power bank (monster charging) has made a profit, while Halo Travel still has no profit.
With the published prospectus, the minibus wants to talk about the business of Hello Trip.
one
The biggest feature of sharing economy is that the owner of an item shares the right to use the item with others and charges a certain fee for it.
But the problem to be solved in the sharing economy is: how to use fragmented and unstable goods to provide stable services?
Although they are all sharing economies, the actual operation mode is different because of the contradiction between supply and demand.
For example, some low frequency, sporadic needs, such as free riding (ticker), short rent (Abby welcome), can be met by sharing;However, some high-frequency demands, such as shared power bank and bike sharing, can only be met by enterprises themselves.
According to HALO's prospectus, users will ride more than 5.1 billion times in 2020, which is a high frequency demand
Therefore, the business of sharing power bank and bike sharing is essentially a "charterer" when it comes to sharing.
Then, why can the sharing of rechargeable treasure be profitable, but not bicycle sharing?
two
The income minus the cost is the operating income of the enterprise.
In terms of income, although the charging standards vary from place to place, it can be determined that the cost of each use of the shared charging bank and the shared bike is about a few yuan.
In terms of cost, it is obviously cheaper than bicycles.
How big is the difference between the two? We need to find the answer from the financial reports of monster charging and Hello Trip.
The data of monster charging is as follows: in 2020, there will be 664000 charging cabinet points and more than 5 million mobile power supplies for monster charging nationwide.
A cabinet for monster charging, with multiple charging pads
On the revenue side, the cumulative number of registered users of Monster Charging was 219.4 million, and the operating revenue of that year was 2.8094 billion yuan.
To roughly calculate, if we share the money equally according to the number of users, each user will spend 12.8 yuan to rent a power bank a year;According to the number of power packs, the annual income of one power pack is 561.88 yuan.
In the same period, its operating cost was 430 million yuan, accounting for 15.3% of its revenue.
*The operating costs include transportation and handling expenses, staff salaries, rental expenses, depreciation, sales and lost costs of power bank and power bank cabinets.
To convert, the operating cost of a single power bank is 85.97 yuan.
The annual income of a charging bank is 561.88 yuan, and the cost is less than 100 yuan.This is the reason why we can make money by sharing the power bank.
Data source: Monster Charging Prospectus
Of course, the disadvantage of monster charging is that it has to pay high entrance fees to merchants and share them proportionally (in order to put charging cabinets into merchants).This part of "road buying money" accounts for 75.5% of the revenue.
In addition to administrative expenses and other expenses, Monster Charging did not leave much profit at last. Last year, the net interest rate was only 2.7%, and each charging bank earned 15.08 yuan a year.
Let's look at the travel of Hello.
It classifies bicycles and electric bicycles together, which is called shared two wheeled vehicle business.
The data is as follows: In 2020, more than 10 million bicycles and electric bicycles will be put into use.
The number of users served by Halo Travel last year (annual transaction users) was 183 million, and the revenue was 5.503 billion yuan.
Equally, each user will spend 30.07 yuan on cycling in 2020;The income of each vehicle is 550.3 yuan.
The revenue of each product of HalloTrip is similar to that of Monster Charging, and the difference between profit and loss obviously comes from the cost side.
The operating cost of Halo Travel's two wheeled car sharing business last year was 5.135 billion yuan, 12 times that of monster charging.
*Including depreciation of bicycles and electric bicycles, operation (moving from unpopular areas to popular areas) and maintenance costs.
The cost is 513.5 yuan if calculated on each vehicle.
As a result, the gross profit margin of Halo Travel's two wheeled car sharing business is only 6.7%.If there is a little leakage in other places, losses can't be more normal.
Data source: Prospectus of two companies
three
For the loss of Haruo, the minibus still needs to be supplemented.
Fixed assets of a company (such as power bank and bicycle), if used normally until scrapped, will be included in operating costs through depreciation.Depreciation is formed when fixed assets participate in production and operation and can be compensated from commodity sales.There are both efforts and gains.
If the asset is worthless due to unexpected factors, it is necessary to accrue the asset impairment loss, which will bring additional costs, and this is an unexpected disaster.
The use scenario of the shared power pack is indoor with large traffic, so the code must be scanned before it can be taken out of the cabinet for use. If the user does not return it in time, the deposit will be deducted directly, so the risk of asset loss (loss of the power pack) is very low.This part of the figure is very small, so it does not need to be listed separately in the financial statements, but can be classified as operating costs.
The shared bike is placed on the roadside, and even if GPS equipment is used for positioning, it is also very easy to lose.For example, Zhang San was short of a bicycle, so one dark and windy night, he took his bicycle home and privatized it.
When the bike is disconnected from the GPS system for more than 6 months, HALOCHU will write off these assets.From 2018 to 2020, the losses caused by the write off of assets of HALOCHANG will be 29.926 million yuan, 88.692 million yuan and 44.396 million yuan respectively.
For another example, Li Si was in a bad mood today. He poked a hole in the cushion of his bicycle or smeared the QR code with a pen, which would also cause asset impairment.
In addition to the clearance sale of old models during the renewal of bicycles, the losses caused by the disposal of assets of Halo Bike in 2018 and 2019 were 480 million yuan and 440 million yuan, so the total asset impairment losses of Halo Travel in these two years were 595 million yuan and 636 million yuan respectively.
Data source: Hello Prospectus
Therefore, the business of sharing bicycles is much worse than that of sharing power bank.
four
It was not profitable to do this business alone, so OFO died. Mobike was named by Meituan. Didi took over Xiaolan Bike and launched its own brand Qingju.
However, HALOCHANG has chosen to upgrade its consumption and enter into the free ride business with high passenger prices.
According to the prospectus, 40.2% of new transaction users of Shunfengche of Haluochuxing were converted from original bike sharing users.
The logic of conversion is very simple. Users who ride shared bicycles generally do not have their own cars, so these users also need to hitchhike when they go home across the city on holidays.
Compared with sharing the business of two wheeled vehicles, asset light Shunfengche is a better business.
In 2020, the revenue of Halo Shunfeng's business was 460 million yuan, accounting for only 4.7% of the total revenue. However, Shunfeng provided a gross profit of 380 million yuan, exceeding the gross profit of 368 million yuan from the shared two wheeled car business.
Driven by the downwind car business, the transaction volume of the HALO Travel Platform increased from 2.38 billion yuan in 2018 to 12.95 billion yuan, and the per capita transaction volume of users also increased significantly from 13.1 yuan in 2017 to 70.6 yuan.
Data source: Hello Prospectus, "GTV" refers to the total transaction volume on the platform
The more transactions occurred on the platform, the greater the hope of HalloTrip to draw a profit from it.
However, the scale of Halo Shunfeng is only the second, next to Dida Shunfeng, and their market share comes from the rectification of Didi Shunfeng's business, which is a "Pearl Harbor sneak attack". No one knows what the future situation will be.
Author | October | Editor on duty | Wu Xinyue
Editor in charge | He Mengfei | Editor in chief | Zheng Yuanmei
(Statement: This article only represents the author's view, not Sina.com's position.)
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