Microblogging, WeChat, Vibrating, Fast, Mo Mo, Pulse and other social platforms are everywhere. After 90, young people need to find an object on the marriage website?
The fate of the “seven days are destined, three points by hard work” is vividly displayed on the Lily Net, just different from the old ones, such as the “returning the sky” to the success of self-rescue, Lily Net After many changes, it is still going downhill.
In August 2015, Lily was unable to seek listing overseas, and then CEO Tian Fanjiang (resigned in early 2019) said: “We (Lily) have completed the VIE split, and we are more optimistic about China’s domestic capital market in the future. “High-profile claims that Lily.com has chosen the domestic capital market and listed the new three board at the end of 2015. This is four years.
At the end of October 2019, Lily.com announced that it is focusing on the company’s long-term development strategy and improving operational efficiency, saving unnecessary administrative and other listing-related costs and expenses. The company has carefully considered the company’s stock in the country. The stock transfer system was terminated. Unlike the high-profile listings four years ago, Lily.com has only issued an announcement for this delisting. It can be said that it is quietly carried out.
The turmoil of listing, suspension, and delisting
On November 20, 2015, the star company Lily.com was listed as the new three board. It was praised by the outside world as the new third board, “the first share of marriage and love”, and began a long journey of dealing with capital. As for the Lisan.com, the new three boards are said to be unsuccessful choices for overseas listings. Some people think that the new three boards are the best “medium” for Lily.
In fact, for most domestic companies, the New Third Board is a good platform for self-presentation and attracting investors.
On the one hand, the New Third Board is a platform for gathering “black horses”, which can increase corporate exposure and increase corporate influence. On the authoritative platform of the New Third Board, more PEs that enterprises can reach will help the rise in the value of equity. On the other hand, broadening the financing channels of enterprises can also improve the management level of the company, and the hard process of landing the new three boards can greatly enhance the company’s compliance operations, financial management and internal control capabilities.
About suspension, for an experienced company, it is only a temporary break and ready to go.
Lily net stopped two cards, one was suspended on the first day of listing; the other was that the suspension was announced again in early 2017. The two suspensions were due to the planning of major asset restructuring matters. The difference was that the first suspension was to prepare for the acquisition of Century Jiayuan, which set a “sales second” wholly-owned acquisition.The industry’s first talk has laid a solid foundation for its subsequent development. The second suspension was Baoxin Energy’s acquisition of 26.42% of Lily.com, and became the largest shareholder of Lily, and the capital of Lili was also involuntarily.
When the IPO was listed, the new three boards were listed, and the purpose was to raise funds. Does delisting now mean that Lily Net does not need financing?
To the good side, Lily was delisted because of sufficient funds, but this reason is obviously untenable. Lily’s 2018 annual report shows that the company’s revenue in 2018 is 1.329 billion yuan, up 98.07% year-on-year; the net profit attributable to the listed company’s shareholders is -824.21 million yuan, while the 2017 profit is 64.792 million yuan, 2018 compared with the same period in 2017. Decrease by 226.91%.
Similarly, Lily.com’s semi-annual report for 2019 shows that during the reporting period, the Group achieved operating income of RMB 685.62 million, an increase of RMB 74.09 million over the same period of the previous year, representing a year-on-year increase of 12%. Among them, the income growth of marriage and dating business was 41.61 million yuan, an increase of 8% year-on-year, which was mainly due to the income growth brought by the new offline VIP service stores. It is noteworthy that during the reporting period, the Group’s net loss attributable to owners of the parent company was RMB 64.7 million. In the same period of last year, the Group’s net loss attributable to owners of the parent company was RMB 65.7 million. The current period was slightly less than the same period of the previous year. Ten thousand yuan, the loss is still.
From the amount of loss disclosed in the financial report, Lily.com lacks money. The reason for applying for the company’s stock to be listed in the national share transfer system may be as stated in the Lily website announcement: reducing the listing expenses and accumulating the company’s follow-up development. force. The operation of Lily’s listing, suspension and delisting also reflects its “use of capital” side, which is exactly the same as the use of capital to acquire Century Jiayuan.
Acquisition of the Century Jiayuan Covering Potential
As everyone knows, when Century Jiayuan and Lily Net were old rivals, the outside world thought that the two sides would not fight for a lifetime. They did not want to turn the two into a jade at the end of 2015 to realize the same brand dual-brand operation.
In the early 20th century, the marriage and love market has been developing upwards since the “touching the net”. Century Jiayuan and Lily Net have taken the lead in the industry. After nearly a decade of development, while the online marriage market share has expanded, Century Jiayuan and Lily have also grown into industry giants. It is reported that the size of China’s online marriage and love market in 2013 exceeded 2 billion yuan, of which online business accounted for 84.2%, which is the main source of revenue for the marriage and love industry, while the offline business increased from 13.0% in 2012 to 15.7%. imagination.
The business model of Century Jiayuan and Lily.com is similar, which is why they become competitors, and why they can match and reach a consensus.
In the early days, the two established an online dating platform to attract single members to register their accounts, improve their materials, and then recommend matching users to each other.Rely on membership fees. In the later stage, offline activities will be carried out to improve the success rate of pairing and optimize the user experience. To put it simply, the essence of Century Jiayuan and Lily Net is the onlineization of traditional matchmaking agencies. Thanks to the outbreak of “single economy”, both of them are madly harvesting users and have experienced the highlights of the development process.
In the process of chasing the two, Century Jiayuan took the lead in successfully landing on Nasdaq, opening a gap with Lily. In the third quarter of 2014, Analysys thinks that Century Jiayuan covers 56.55 million people, accounting for 27.9% of the market share, ranking first; Lily Network users number 27.97 million, ranking second with 15.6% market share. Century Jiayuan had a revenue of US$99 million (RMB 583 million) in 2014 and a net profit of USD 3.2 million (RMB 20,733,400). Lily’s revenue in 2014 was RMB 298 million, but the loss was RMB 37,004,800.
In terms of the number of users and the amount of revenue, Century Jiayuan has spiked Lily. However, from the perspective of capital, Century Jiayuan’s valuation in the US stock market has been below 1.3 billion yuan for a long time; Lily has hanged a new three board, easily financing 1.023 billion yuan, and the valuation after financing is 3 billion yuan, twice the market value of Century Jiayuan. There are many. Century Jiayuan is only privatized in the US stock market. Lily is proud of the new three-board spring, and the market’s second-largest acquisition of the boss has become possible.
On December 7, 2015, Century Jiayuan and Lily.com announced a merger agreement. Lily.com’s wholly-owned subsidiary acquired Century Jiayuan, and then Century Jiayuan privatized and delisted and Lily.com packaged and merged into the new three board. In September 2017, the two parties completed the merger and changed their name to Lily Jiayuan Network Group Co., Ltd., and truly became a family.
Century Jiayuan delisted and Lily.com merged, and reversed the initial loss of Lily Net. Lily Net successfully saved itself for the first time.
Lily Net Annual Report Disclosure: In 2013-2016, Lily Net’s net profit continued to suffer losses, with losses amounting to 3,306,600 yuan, 3,704,800 yuan, 54.23 million yuan and 114 million yuan respectively. Until 2017, Lily Net and Century Jiayuan were combined to achieve profitability. Lily Net’s 2017 annual report shows that the company’s 2107 revenues were 671 million yuan (Century Jiayuan consolidated statements from September), an increase of 257.87%; the net profit of shareholders belonging to listed companies was 64.99 million yuan, turning losses into profits.
Overview of the history of the development of the domestic Internet industry, you can find the merger of Didi, the cooperation of Tongcheng Yilong, the marriage of 58, the US MissionComments hand in hand, the development of industry giants is nothing more than strong alliance, the reason is the capital to promote. However, unlike the merger endings in the take-away market, the travel market, and the tourism market, Lily Net and Century Jiayuan.com have “one plus one and no more than two”.
“Su Xiangmao Incident” caught fire and burned
In September 2017, Su Xiangmao, a well-known code farmer in Beijing’s science and technology circle and WePhone founder, committed suicide by jumping off the building. He left an eight-page suicide note describing his acquaintance and understanding of the marriage between Century Jiayuan and Yan Mou Xin. The words revealed the suspicion of a certain marriage. Because the “dog blood” of the incident is related to the Century Jiayuan, it caused a great uproar on the Internet. Some people analyzed the human moral issue, and some people pointed out that the problem of the user information review of the Century Jiayuan was not strict.
The “Su Xiangmao Incident” once again placed Lily Jiayuan in the spotlight. Due to this, Lily’s share price plunged on September 13th, a drop of nearly 50%, and the market value lost 1.63 billion in one day. The lack of strict review of member information on the dating website, low registration threshold, chaotic charging standards, and high complaint rate have once again become the focus of public opinion.
Lily Jiayuan, who was highly hoped by the capital market, now has an information security loophole in online business.
Lily’s marriage and love business revenue channels have several types. First, online membership fees are charged. Users pay a few hundred yuan membership fee on the platform. The platform provides communication products, display products and semi-self-service products. Related dating services; Second, VIP service, one-on-one service for the matchmakers under the line, platform to provide exclusive matchmakers, recommend qualified members, arrange separate offline appointments, etc.; third, advertising costs, for wedding, photography and other brand guides Stream, or carry out offline wedding business.
At that time, Lily Network relied on member income and the matchmaker’s one-on-one service income to maintain the normal operation of the platform, but it also could not stop the adverse effects brought by the “Su Xiangmao incident”.
The data of the complaints revealed that Lily.com and Century Jiayuan continued to encounter consumer complaints due to misleading sales and refunds, and the complaint resolution rate dropped significantly. Lily’s solution rate dropped from 58.3% in 2018 and 34.1% in the first quarter of 2019 to 30% in April 2019. The resolution rate of Century Jiayuan fell from 73% in 2018 and 60.4% in the first quarter of 2019 to April 2019. 17.6%.
The crisis of trust surrounding Lily Network has intensified, and the platform’s “deception attribute” is too strong for users to be discouraged, and user stickiness has dropped to the bottom.
Affected by the crisis of trust, Lily’s revenue declined and returned to a state of loss. Lily.com’s annual performance report for 2018 shows that during the reporting period, the company achieved operating income of 1.329 billion yuan, a year-on-year increase of 98.07%, and the net profit attributable to shareholders of listed companies was 82.482 million yuan. In the same period of last year, the profit was 649.921 million yuan, and the performance in 2018 turned from profit to loss.
“Su Xiangmao Incident” is a marriage and loveThe fuse of the market trust problem has exploded. After the “Su Xiangmao Incident”, the user’s trust in the platform of marriage and love was reduced, and the label of “fraud” was posted on the platform for marriage and love. Coupled with the rise of strangers, veins and other strangers social platforms, to a certain extent, the majority of traffic has been separated. Lily has to seek offline development, with the intention of building core competition barriers.
Talk about marriage and love ecology again
The negative news of the “Su Xiangmao Incident” has occurred in the Internet industry. The search engine’s bidding ranking event and the travel market’s drip security incidents are all started from the overwhelming crusades and moral paradoxes of netizens. The decline, the stock price plunged, and the platform has begun to recover again.
The wildfire is not burning, the spring breeze is born again, and the spring grass is not high, and the lily net is still re-surgling the cold food of marriage and love.
On October 25, the new three-board company Wuhan Jiahe Xizhuang Culture & Technology Co., Ltd. (Lily Net) plans to establish a wholly-owned subsidiary, Wuhan Lily Lanzhixi Culture and Creative Co., Ltd., with a registered capital of RMB 1 million. The aim is to further improve and optimize the wedding business, improve overall customer satisfaction and the company’s core competitiveness and profitability.
In fact, for the offline wedding business, Lily has been planning for a long time.
In 2015, Lily.com initially tested the one-stop service of marriage and marriage, and proposed the strategy of marriage and love ecosystem. Tian Fanjiang, CEO of Lily Net, explained the strategy of implementing the marriage and love ecosystem: “In the past, Lily’s service was only a marriage introduction service, and the service of the marriage market was definitely not just a marriage introduction service. It should also include emotional counseling services and wedding related services. Services, family financial services, etc., this is the part of Lily.com to expand its services in the future.”
The data of the Speedway Research Institute shows that the online marriage market in China was 1.4 billion yuan in 2014. By 2016, the online marriage market has reached 3.06 billion yuan, and the average growth rate of 20.9% continues to grow. According to this trend, it is estimated that in 2020, China’s online marriage and love market will reach 5.84 billion yuan.
In 2020, it was 5.84 billion yuan! The fruit of the online marriage market is full of flowers. If it involves the offline marriage market, from weddings, weddings, photography, marriage and marriage to mother and baby, then this data will be turned over to the scale of trillions. This is a huge temptation for any platform of marriage and love.
As a result, Lily.com began to seek diversified developments online and offline. 2017 confirmedIn the direction of marriage, photography, real estate and other fields, we have invested in several companies, such as wedding, finance, real estate, film and television, and even divination, in various fields related to the marriage and love industry chain, including the wedding network, the eternal chain, and the interest of sharing. , beauty, measurement constellation, Xipu wedding, Tao Pai, Tim Yuan dining, Lan Yu culture, Bao alloy clothing, wedding tycoon, Lanting digital, small two brands and other brands.
Hao set aside 2 billion yuan to make an investment in marriage and love, Tian Fanjiang put forward a three-step strategy: the first step is the vertical dating application, the user reaches tens of millions, has been completed; the second step is currently In the next three years, the marriage and love ecosystem will be built, and the users will reach 100 million. The third step is to build a family-connected marriage and love ecosystem in the next ten years, and the users will reach 1 billion.
However, as far as the current development of Lily Net is concerned, Lily Net is still spinning in the second-step strategy, and the realization of the third strategy is nowhere in sight. Lily.com’s semi-annual report for 2019 shows that the Group achieved operating income of RMB 685.62 million, an increase of RMB 74.09 million over the same period of the previous year, a year-on-year increase of 12%. Among them, the income growth of the dating business was RMB 41.61 million, an increase of 8% year-on-year, which was mainly due to the income growth brought by the newly established VIP service direct store. Secondly, with the gradual completion of the sub-business system such as wedding reservations, weddings and wedding halls, the income from wedding business also increased by 42.67 million over the same period of the previous year, a year-on-year increase of 101%.
The Internet industry is changing, and sometimes slow development is also the original sin. For Lily.com, the transition line means more risks, and it will bring huge operational workloads such as capital investment, personnel management, technology investment, and resource integration, but more from competitors. The pressure, in addition to the same marriage and love website, Mo Mo, Weibo, WeChat and other social platforms also come to share.
Where is the road anxious?
The marriage and love market has ushered in a new era, and the long-night lily network has ushered in new rivals and new dilemmas. The “2019 China Network Marriage and Dating Industry Research Report” released by iResearch shows that the marriage and love industry has experienced the germination period, growth period, maturity period and adjustment period. Now the industry has just finished the adjustment period and is about to usher in industrialization and intelligence. Turn into a new era of development.
Lily Jiayuan’s marriage and love ecological strategy can form a magic weapon for the industry, and still need a longer period of observation. At the moment, more importantly, strangers, explorers and other strangers social platforms continue to rise to seize the market traffic of marriage and love, in the face of the disappearance of traffic dividends, the rise of competitors, technologyDue to the limitations of the exhibition, Lily Net was caught in a new anxiety.
First, the technology is difficult to break
Internet technology is a development platform that conforms to the trend of the Internet. It is also a driver for product experience and service experience optimization. It leads the upgrade of the domestic marriage platform and promotes the marriage market to a new development climax.
Graphics, voice, short video, live broadcast… In the social field, the communication methods that users are keen on since the 90s have been changing. As a user group, the major marriage and love apps based on 80s and 90s are in urgent need of innovation and development. Meeting the social needs of new generation users, Lily.com live broadcast, short video and other functions are coming, but live broadcast, short video is a high investment, difficult to maintain business, huge research and development costs, follow-up maintenance costs will make the loss Lily net is difficult to continue.
In addition to the changes in social forms, the deeper “assisted means” of Internet technology is a way to provide accurate access to users for the platform. Lily uses big data and artificial skill technology to mine user preferences, analyze behavior data, and combine AI, VR and other emerging technologies to make content operations more precise and promote intelligent marriage match experience. With the change of Internet technology, the application of artificial intelligence and the progressive advancement of technologies such as big data, all major platforms will face the problem of “doing their own technology research and development or cooperating with the Internet giant”.
The integration of technology elements such as big data, artificial intelligence, live broadcast and short video into the marriage and love market has become irreversible. The platforms of major marriages are either good to accept the impact of technology, or stick to the status quo and then be eliminated by the times. For Lili.com and Zhenai.com, the integration of Internet technology into the marriage and love market is a difficult problem for the development of the entire marriage and love market.
Second, the user is too difficult to understand
The most fundamental contradiction between the platform of marriage and the user is the contradiction between the increasing personal needs of users and the backwardness of platform development. The love game is hot, the theme of love is overheated, is the personality of the new user after 90 is too “weird”, or the platform of marriage and love does not understand the “single dog” heart?
The popularity of the red-hot love game in 2017 continues today. From the same as the “rabbit frog”, the “heartbeat memories” and “distant time and space” to “love and producer” in the north and south of the river are all obvious. The position of love games in the hearts of young people. It is reported that the “Love and Producer” public test on the 10th day is over five million. The number of active users of the game today is over two million yuan, and the monthly flow is between 200 million yuan and 300 million yuan.
The 2017 China Game Industry Report showed that the overall operating revenue of the Chinese game industry in 2017 was approximately 218.96 billion yuan, a year-on-year increase of 23.1%. The revenue of the second-yuan game reached 15.98 billion, an increase of 45%. The love-developing class became the fourth-largest preference type, and the user’s ability to pay was higher. When the love game bursts red, the marriage and love APP is still a platform letter.I was troubled by the problem, did not grasp the user’s love psychology, and did not grasp the opportunity of the Nuggets.
In addition, in recent years, the museum of domestic lovelorn has been popular in major cities, and the matching phenomenon of marriage and love is the highest divorce rate in China. To a certain extent, the explosion of the Museum of Lovelorn and the high divorce rate are all predictions of the outbreak of the emotional services market for young people. In the early days, Lily.com provided emotional services such as love counseling, parent-child relationship, marriage and family, but now the emotional service business is still tepid. In the future, it needs to be vigorously promoted as a burst of power in the follow-up emotional information market.
Three, the opponent is difficult to conquer
Lily Jiayuan and Zhenai Net account for 70% of the domestic marriage and love market. The Matthew effect in the online marriage industry is obvious, and the competition between the head platforms is becoming more and more fierce. Lily Jiayuan and Zhenai.com have spread from the online to the offline, and the business has extended from marriage to emotional services.
Lily Jiayuan’s strength is obvious to all. In the first half of 2019, the total revenue increased by 12% year-on-year. The new business systems such as wedding reservations, weddings and wedding halls are gradually complete, but in some respects, there is still a gap with Zhenai.
From the user data point of view, the cherished network slightly wins the lily. According to the data of the Speedway Research Institute, in the first quarter of 2019, Zhenai.com became the first online marriage and love app with 6.05 million monthly independent devices. Century Jiayuan and Yiguan were divided into 3.11 million and 2.08 million monthly independent devices. The second and third place in the industry.
From the scale of offline stores, Zhenai has a wider coverage and strong strength. Lily Jiayuan’s financial report for the first half of 2018 showed that Lily Jiayuan had 26 direct-operated stores across the country, and the matchmakers had more than 1,000. The time for the cherished network to enter the store is earlier. There are 68 directly operated stores covering 41 cities across the country, and the professional matchmaker team has reached 3,000.
It can be seen that Lily Jiayuan wants to be a big one. It is almost impossible in recent years, and under the pressure of word of mouth, technology, and development direction, there is the possibility of being surpassed by Zhenai.
From the capital posture to the user’s spit until the construction of the marriage and love ecology, Lily network is wrong, step by step is difficult. Finally, I would like to ask: Weibo, WeChat, Vibrating, Fast, Mo Mo, Pulse and other social platforms are everywhere. After 90, the young people need to find an object on the marriage website.
文/刘旷 public number, ID: liukuang110