900 million yuan.
Youxin Q3 financial report shows that as of September 30, 2019, the company’s total assets were 6.963 billion yuan, of which cash and cash equivalents were 627 million yuan, and current assets held for sale were 4.071 billion yuan. (Assets held for sale, current) , this is obviously a used car in stock for Youxin, and the inventory risk of used cars will undoubtedly become the biggest “hidden mine” for Youxin.
Why do you say that?
For the time being, no matter how to assess the risk of loss, depreciation, and damage to this part of the current assets, first of all, how to store it is a big problem. It is obviously impossible to store it centrally, but it is difficult to audit across the country. Second, the natural attributes of used cars determine the best. The letter cannot form a “monopoly” of second-hand houses for second-hand cars. In the end, the heavy asset model of second-hand cars does not have the characteristics of low Internet marginal costs and rapid expansion of replication. In the beginning, it should not be based on the valuation of Internet companies. Way to look at Youxin.
In fact, the stock price of Uxin’s $ 2.56 (closed on December 2nd, Eastern time) has shrunk compared with the IPO price of $ 9 72%, Youxin has lost the lowest cost secondary market financing method, which can only be maintained through personnel optimization and business sales.
Yusin did ease the debt repayment pressure temporarily by divesting its business and selling assets. Q3’s financial report shows that Youxin’s current assets are 6.244 billion yuan, of which 3.35 billion yuan are current liabilities. Its liquidity is good and there will be no sudden capital chain. Risk of collapse.
But on the other hand, Youxin’s 627 million yuan in cash and cash equivalents on the books. With the increase in advertising and marketing expenses during the peak season of Q4 trading, a deficit is almost an inevitable result, and this may further worsen Yourense. Dilemma.
What’s more dramatic is that in the third quarter of 2016, the Renren car funding chain was in a state of despair for a time. “At that time, the exchange rate of the renminbi was very volatile. After the central bank issued a document, all renminbi outbound exchanges were basically suspended. However, the Renren car is a US dollar structure. Li Jian made such a re-examination of Zuo Linyou Youju, which gave Guazi a great opportunity to quickly surpass Renren in the C to C mode.
Next, Guazi used car to spend 1 billion advertising expenses to seize the user’s mind, successfully opened the market with “no intermediary to make a difference” as the grab, the office elevators are filled with Sun Honglei’s magic advertising words.
“The market has always been a relationship that has disappeared from one another. Everyone has grown to a certain degree. The subsequent growth is based on eating up opponents’ shares, and it has become a more vigorous process.” Guazi former market employees told Tiger Sniff , “Of course, Deng Delong’s advertising words are really powerful. As soon as the niche advertising space is spread, it explodes.”
Screenshot / Sun Honglei’s Endorsement for Gua Zi Ads
Tiger sniffed a set of data released on November 25, 2015, and found that its monthly transaction volume in September 2015 exceeded 400 million yuan and monthly active users exceeded 40 million. It cut off the used car C2C 80% market share on the model line.
In fact, most people only see Guazi’s competitive strategy of quickly occupying the market through brainwashing ads, but they ignore the key role of capital operation and talent reserve.
Yang Haoyong founded Gua Zi in 2015 not only put all the money from the sale and sale, but also saved 250 million US dollars in capital investment such as 58, Sequoia and Jingwei.
Compared with entrepreneurs like Dai Yan and Li Jian, Yang has really struggled and experiencedThe battle of 58 and the fair was naturally more adept at capital operations than those two.
The most obvious example is that Yang Haoyong intentionally bundled Sequoia, Jingwei, Tencent and other institutions from the beginning, greatly reducing the radius of choice for opponents in the capital market.
In terms of talent reserves, Guazi’s early business backbone was mostly rallied to the old department. In order to leave the team enough option pool, Yang Haoyong bought an equity from his own pocket, and then took out a portion of his shares to encourage him. team. In this regard, he once proudly told the media: “Our option pool should be the largest company in the industry, more than double the others, and then we issued additional shares in the second round.”
An investment banker analyzed tiger sniffing. (after 2012 ~ 2013) VC holds a lot of funds on hand after the last round of capital winter An urgent need for a quality target. Therefore, when investors see the huge cake of used cars being launched, everyone wants to share a piece.
This also makes the advertising war of the used car platform fall into a blind hedge of each other’s capital: the used car e-commerce platform is responsible for attacking the city in the front, and the capital behind it continues to increase the real gold and silver to help it gain its climbing share.
The used car platform does improve the matching efficiency of second-hand transactions through the innovative integration of vehicle sources. However, no matter what model or platform, the answer to the most essential issue of business-profitability is not answered.
The C to C asset-light model has huge market space and rapid growth, but the customer ticket spreads are small and the barriers are low; the B to B / B to C asset-heavy model has a large profit margin, but it needs to continue to build systems and empower car dealers. Put in.
The reason why capital ignores the slim profit and dares to bet on the one hand is because of the huge market prospects of second-hand car trading, but on the other hand, capital has been blinded by the “illusion”-the long-term transactions in the used car industry Falsified data.
A car dealer who has been in the used car market for 7 years told Tiger Sniff: “Before