What are the Internet home platforms doing from tubatu's prospectus?
It was not easy. Tuba rabbit set out to the market again. Recently, public information shows that Shenzhen Stock Exchange accepted the application for listing on the gem of tubatu, and the prospectus was made public.
The listing is naturally inseparable from the financing plan, and tuba rabbit plans to raise 0.704 billion yuan. Among them, the technology research and development and data platform upgrade project are planned to invest 0.218 billion yuan, the operation information platform construction project is planned to invest 48.4515 million yuan, and the operation service center construction and omni-channel marketing construction project are planned to invest 0.357 billion yuan, supplementary working capital: 80 million yuan.
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in terms of the planned investment of funds, the focus is on two directions: one is to upgrade the original platform, such as data platform, research and development, service center, etc.; The second is to develop omni-channel marketing, it should be the emphasis on traffic.
From the full text of tubatu's prospectus, we can find some key data, which not only represent the transcript handed over by tubatu, but also reveal what an internet decoration platform is doing, indicates the trend of the platform. Let's look at it one by one.
1. From 2018 to 2020, the revenue of tubatu is about 0.583 billion yuan, 0.68 billion yuan and 0.615 billion yuan respectively, and it has achieved profits, which are 38.6297 million yuan, 79.679 million yuan and 86.5975 million yuan respectively.
As a decoration platform, it can be stable between 0.5 billion and 1 billion for a long time and undoubtedly has quite strong strength.
However, compared with jia.com horizontally, there is still room for efforts in Revenue Volume. From 2018 to 2020, the revenue of jia.com (Qi Yi Technology) was 0.646 billion yuan, 0.771 billion yuan and 0.92 billion yuan respectively.
2. By the end of 2020, tubatu covered 347 cities and accumulated 114000 decoration companies and 9000 furniture and building materials suppliers, matching owners and installation enterprises 7.718 million times.
Looking at the coverage and the number of decoration companies, it is very good.
Matching the owner and the installation enterprise for 7.718 million times reflects that the flow of the decoration platform is considerable, and the situation of consulting the decoration business on the platform still exists widely.
As a platform, one end integrates decoration companies, the other end integrates owners, and then matches supply and demand, which requires traffic support. Without large traffic, it cannot attract high-quality decoration companies in various cities. Without a well-installed enterprise, it cannot provide reliable services to customers. Only when both ends are solved and a certain amount is achieved can the whole cycle run.
3. Since it is a platform that matches both the supply and demand sides, what is the business scale of this part?
According to the prospectus, from 2018 to 2020, the revenue of tubatu's online platform business was about 0.5 billion yuan, 0.655 billion yuan and 0.615 billion yuan respectively, accounting for 85.72%, 96.34% and 99.94% of the total respectively.
The online platform business is not only a combination of supply and demand, but also subdivides it into two parts: one is the platform information service, which involves intelligent order matching, value-added services, financial promotion services, material supply chain, etc. Value-added services are provided to decoration companies, such as quality inspection and training. The second is advertising business, which is provided to home improvement service providers, that is, decoration companies advertise on the platform, such as CPT, CPC, joint promotion, etc.
In 2019, tubatu also as principal home improvement business, that is, he did decoration company by himself, and then designed and constructed for the owner. It had not been done in 2020.
4. The revenue of each sector is shown in the following table:
we can see that intelligent order matching is the core role, accounting for more than 75% in 2019 and 2020. The scale of supply chain business is limited, which is 4.9794 million yuan, 7.2645 million yuan and 8.3042 million yuan respectively from 2018 to 2020.
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5. The study of Dazhu noticed another group of data about the content: 841000 decoration diaries, 132000 decoration strategies and experiences, 7.462 million decoration questions and answers on the tubaru platform, 1.89 million home improvement enterprise cases and 12.192 million renderings.
If this content is of high quality, it can create a very high user stickiness.
In recent years, there have been entrepreneurs who are home self-media, successfully transforming e-commerce brands, and some of their products sell quite well. Short boards also exist. In the current short video environment, whether it is tuba rabbit or jia.com, it has layout in TikTok, Kuaishou, Video number and other sectors, but the advantage is not very prominent.
6. In terms of improving operation ability, tubatu has some innovations in research and development, such as putting various tools into use. The intelligent matching system for installation owners focuses on data mining, matching installation companies and owners as accurately as possible, and improving the order signing rate.
3D cloud design can help designers make drawings and realize the design, rendering and drawing of 3D renderings. There are already many choices for this tool on the market, but it focuses on providing services for installation enterprises. Tubatu has its own advantages. Judging from the published performance data, this contribution is not large.
The intelligent customer service system realizes online communication and instant messaging between the installation enterprise and the owner, and adds WeChat for continuous follow-up to improve customer service efficiency.
In the current market competition, installation enterprises really need a set of digital infrastructure suitable for themselves, such as design tools, customer service systems, CRM, etc. If anyone can do a good job, the imagination space in the future is very large. However, there are too many competitors.
Tuba rabbit is working hard and is developing more tools. Big material research saw a form of "research and development projects in progress" in the prospectus, which mentioned: Data mid-end, Super Store (material Mall), collection home, call system, intelligent dispatch system, merchant SaaS system, paid quality inspection, online store, sales system, operation system, SCRM, financial sub-database, financial fund reconciliation.
House type images identify and design solutions with one-click intelligent layout, instant messaging, advertising system, content operation platform, self-media and mini programs, creator center, etc.
There are also multiple apps, including tuba Rabbit APP, Merchant APP, building materials APP, quality inspection APP, decoration Gallery APP, speed APP, a new house decoration APP, decoration experience hall APP, design this APP, etc. There are dozens of kinds.
By the end of 2020, 91 patents and 66 software copyrights had been obtained. From 2018 to 2020, the annual R & D investment accounted for 11.66%, 9.94% and 10.64% of revenue respectively.
Objectively speaking, it pays more attention to research and development and technological competitiveness.
7. Specific to the user scale, the prospectus is published in detail.
The number of owners who retain the decoration intention is very beautiful. From 2018 to 2020, there are 21.8311 million, 26.2634 million and 30.3598 million respectively. Registered installation enterprises have grown steadily in the past three years, from 94100 in 2018 to 108000 in 2019 and 114900 in 202020. The number of cooperative building materials merchants also increased from 5600 to 8000 to 9400.
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8. Looking at the page views and sales leads data, the situation in the past three years from 2018 to 2020 is: the number of PV is about 2.184 billion, 2.013 billion and 2.367 billion respectively. Registration clues (Home Improvement information and contact information left by owners) have been more than 5 million, and available clues have increased year after year. However, there are some fluctuations in the effective matching times of installation owners. 2019 is the peak period, reaching 1.2373 million times.
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9. So, how much can tuba rabbit charge for a successful introduction to the installation enterprise? According to the prospectus, the average unit price of landing cities is about 500 yuan, while that of non-landing cities is about 200 yuan, with an average price of more than 400 yuan. This is the matching service fee charged by tubatu to the installation enterprise.
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10. Traffic acquisition costs are very high.
According to the prospectus, in the past three years, the traffic acquisition fees are about 0.142 billion yuan, 0.206 billion yuan and 0.215 billion yuan respectively, accounting for 24.28%, 30.31% and 35% of income respectively. It can be seen that the proportion of customer acquisition expenses to income has been rising.
Several problems are reflected: first, the impact of the big environment, the traffic is concentrated on a few platforms, and the purchase cost is likely to continue to increase. The second is the private traffic operation of tubatu, the public praise of its own platform and the cohesion of natural passenger flow, and there is still much room for improvement.
How can the cost of obtaining customers be reduced? Big Material Research believes that it is very difficult and difficult to introduce, re-purchase and reputation of old customers.
11. Where is the value and future of such a decoration platform?
Taking decoration as the core and stringing up and down the industrial chain, it has both commercial value and social value. For example, recommend suitable decoration company for the owners, providing a large number of valuable content references, and providing financial, regulatory, quality inspection and other services during the decoration process, which can help the owners solve some problems.
Moreover, it can also provide some decoration companies with support such as customer flow, material collection, design tools, digital management, etc. As long as it is cost-effective and easy to use, it is valuable.
However, the prerequisite is that the tuba rabbit must ensure that the whole set of planning is strictly implemented, allowing the owners, installation enterprises, designers and other participants to profit, and can not only provide complete sets of services in the whole chain, it can also form lasting stickiness, so this closed loop can run, the career can last, and continue to broaden the imagination space.
Author Deng Chaoming, chief analyst of Dazhu research, internal management reference of pan-home owner, daily reading of manager and business staff of distributor and store manager * Disclaimer: if copyright is involved, please inform us to delete it; The content of this article is for reference only, does not constitute investment advice.
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