At this time, a soft voice asked: "Mr. Chu, when will you raise funds next time?"

Chu Yuanxi answered very confidently: "Maybe it is this year or next year. If it is good, this year, or if it is bad, next year."

The opposite side suddenly lost his voice, and Yuan Lu wanted to complain: "You give me a little bit of the same! How come you burn money faster, the better, right?"

It is very likely that others thought so, and they were even a little uneasy for a while. Chu Yuanxi didn't care, because he was mentally prepared to "stop". Even Xu Xin was only willing to pay 200 million, and Hu Shiheng barely followed 50 million, and then he was in a hurry and didn't even have time to participate in this call, so Chu Yuanxi asked Zhao Zhujiang to help him get in the market.

Therefore, Chu Yuanxi's current mentality has become "I don't ask for help". If it weren't for the unexpected meeting with Lao Ning and the unexpected chatting of 18 billion yuan, he would have been willing to bid for institutions by investing in a dark bid. That is, he would first call to briefly explain the recent situation and future development of Xiaokang, and why he needed to raise so much money, and then start receiving letters.

In this case, Ts was drafted by Chu Yuanxi himself. If the standard conditions are not discussed, whoever gives a high valuation will be charged whoever pays it. The same mechanism is used as the "call bidding" stage in my big A-share transaction.

This is why Lao Ning's appearance changed Chu Yuanxi and was willing to talk more.

Soon, investors spoke again, but started from questions. In order to improve efficiency, Chu Yuanxi had roughly listed the recent situation of Xiaokang and what he could do in the future when he sent an email. So asking questions directly instead of listening to Chu Yuanxi again will help them deepen their understanding of Xiaokang.

So he asked directly: "Mr. Chu, what is the currency cycle you mentioned in your email? Why does it cost money to stimulate the currency cycle?"

This question is quite unprofessional, but Chu Yuanxi must answer it.

"Ah, you can understand the role of the currency cycle as the cat food in Pinduoduoli. The right to sign in and withdraw, but it is not a similar performance. This is ultimately recorded in the cost, and it must be subsidized by users. It is a gentle way to spend money to subsidize users. This kind of subsidy is better. It is not a direct price war, but a blurred between cash and virtual currency through "conversion", making users feel particularly value-for-money, and what is improved is the experience."

After saying this, the investors attending the conference can basically understand that because they are all investing in consumer spending, they are much more clear about Pinduoduo's routine than ordinary consumers, and some of them even hold Pinduoduo's stocks.

Pinduoduo has made the fancy rogue and the right to withdraw cash is a typical routine. This is a kind of wool. At the beginning, it must be accumulated to 10 yuan. When the user worked hard to save up to 10 yuan, he found that what he said was that new users could withdraw cash only after they reached 10 yuan, but old users could exchange for 30 yuan for no threshold coupons. The wool was still there, but they just grew up.

At this time, the user looked down at the ten yuan withdrawal rights in his hand. What should I do? I could only continue to save it, but it was too slow to save it without cat food. I suddenly realized that this wool is not easy to pull! In short, users who want to pull this wool eventually became more ecstasy and even suffered from Stockholm syndrome and finally succumbed to the lucky cat.

However, if you plan carefully about making cat food, you will find that some products that cannot appear in cat food stores are actually cheaper, and the difference is much greater than the amount of money that the lucky cat can attract. In other words, it is easy to pay IQ tax when making cat food...

emmm... What improves is the experience, and it has a taste. Many investors have recorded this transaction one after another, but Yuan Lu is confused. Is our currency cycle like this? Why didn’t I feel it?

She poked Chu Yuanxi and asked in a low voice: "I have experienced our currency cycle. The experience is different from cat food."

"Of course it's different. Pinduoduo is trying to cheat us, not us. I said it's just like this."

Chu Yuanxi's voice is not that small, and Pinduoduo's slutty tricks are completely despised by people who make mobile games. Such an active low-end solution is simply a slap in Tusen, with no technical content. Any operation plan proposed by Xiaokangli will be criticized by President Chu for half an hour. So he can straighten his back and diss Pinduoduo without fear of being heard.

Another investor immediately asked, and this time the question became much more professional: "Mr. Chu, I found that you don't seem to have any plans to start a franchise? With a well-off operating status and a membership system leading the industry, you can start a franchise, right? Moreover, the franchise ecosystem should be significantly better than its competitors after my calculations. I don't need to say more about the benefits of starting a franchise, right?"

This is also a question that needs to be answered carefully. Chu Yuanxi rarely looked out the memo and then started to go out: "We have a plan to join, but it is in Milestone 8. The Milestone 5 that has just been opened is Milestone 5, which is still far away.

I believe everyone has a deep understanding of the difference between joining and self-operating. For example, when Sitongyida was collectively settled, SF Express and Dagoudong were continuing to output. Why did Sitongyida fall into the trap? The order cannot be transmitted to the franchise operators. On the one hand, the self-operating can directly give couriers a salary increase, but the franchise cannot be done.

The situation of Xiaokang is the same. This time we performed well because the front-line clerks and logistics companies have not lost their links. If you are a franchise, you will definitely close the door first. In fact, there are many convenience stores that open franchise. This time, they closed the door directly, which does not have the organizational ability for the franchise stores. In the end, the effect of persisting is also very good. This is the difference between self-operation and franchise.

Then I will explain why the franchise plan is pushed back. As Mr. Ding of Zhonghai Fund said, our franchise ecosystem is definitely better than its competitors, but the advantages after Mileage 6 will be greatly amplified. But I don’t want to open it after Mileage 6.

The first advantage of starting a franchise is that it makes money and it is very easy. If Xiaokang doesn’t want to make progress, he can start a franchise by sorting out the supply chains in various places. Even if the franchise fee of one company is 200,000 yuan per year, the franchise fee of one company is 2 billion yuan per year. This does not include the difference in the price difference of goods sold.

The second is that it is of great help to our plan to promote mobile payment, because once the store is opened, it will naturally obtain offline traffic.

But there are also two disadvantages. First, it destroys the existing layout model. Xiaokang currently mainly focuses on communities and commercial buildings. It is impossible to require the other party to be in such a position when starting a franchise. People will definitely like positions with greater traffic on the street. This layout is intentional, and starting a franchise will destroy the tone.

Second, we have bigger plans in the future. The franchise store cannot carry such plans, and it is also destructive."

Chu Yuanxi said it very briefly here, only those with insider information like Xu Xin and Yuan Lu can understand it. Joining a franchise is not good for community social interaction, but instead causes chaos, because franchise stores cannot take on the social node functions of direct-operated stores. Employees in direct-operated stores need to be both fathers and mothers, and the franchise store is a seller, and the existence of franchise will make users extremely confused.

So when it comes to joining, Zheng De, Xu Xin and Hu Shiheng have never questioned Chu Yuanxi's decision. Xiaokang claims to target a valuation of 300 billion, but that is the lower limit of the expected value. Where the upper limit depends on how social networking is doing.

I only heard Chu Yuanxi's final summary: "In short, Xiaokang is now starting to join the franchise. Assuming that the franchise fee can only be received for 200,000 yuan per year, after the national layout, the logistics and warehousing will also keep up with the store, and the bargaining power will naturally improve, so there is no rush."

This explanation is detailed enough, but it is not sincere enough, because what big plan is it? People hate others to keep themselves in hiding, and investors are no exception. The next investor’s question becomes less polite: “Mr. Chu, looking at the current situation and future of a well-off society, what do you think is the biggest weakness of a well-off society? What is the most important thing to improve?”

"The weakness of Xiaokang is that it relies too much on the cluster effect." Chu Yuanxi was not afraid of this problem at all, and responded very peacefully: "For example, Dongguan is a good place. Friends opened 50 stores in Pengcheng, Yangcheng, just in time to open 50 stores in Dongguan. What about Xiaokang? The cost-effectiveness of Xiaokang's 50 stores in Dongguan is much lower than 300 stores, and only the store efficiency is not even as good as that of 50 companies.

As for what needs improvement the most, it should be my temper, right?"

Unfortunately, his efforts to communicate atmosphere were not successful. The next question is: "Mr. Chu, your pricing for this round of valuation is 18 billion. Is this reasonable? Looking at the entire market, Xiaokang's valuation is relatively high? I think 14 billion is the limit I can accept. Mr. Chu, do you set the price so high because Xiaokang has made profits recently or the growth rate has increased?"

Chu Yuanxi sounded quite a bit bad. 14 billion was exactly the same as Li Jingfei's previous offer of 2 billion.

Of course, this kind of suspicion is inconvenient to say, and he can only explain it on the matter: "It is not profit or growth rate. It is not something worth boasting about when we make profits with several times of overtime pay."

Isn't it worth boasting about what you are boasting about?

This is the voice of many people, but Chu Yuanxi is very calm: "Thinking about valuation, you can't just consider profits, growth, etc. At least I was not happy to see Xiaokang profit, because if others do better than you and the market share growth is larger than you, then aren't you still a younger brother? What's the use of your own growth alone?

There is a company in the United States that provides video conferencing services. The financial report shows performance guidance and other aspects exceed expectations. The stock price fell by 10% as soon as the market opened. Why? Where are the data of WeChat Enterprise Edition and DingTalk?

I think it is extremely irrational and without vision to use financial data to evaluate well-offs. National business cannot be based on price-to-sales ratio, but depends on the ability to occupy the market. The market for convenience stores is very large. What is a pity for Xiaokang at present is that it should have started to expand stores in eastern Guangdong Province, but the pause button was forced to be pressed. Otherwise, you can see that Xiaokang is invincible in the imperial capital, and it is also in eastern Guangdong Province. This ability to occupy the market makes me confident that I have a more reasonable valuation."

In the past, among the valuation methods that have become popular in Silicon Valley, price-to-sales ratio is a very important indicator. Generally, the valuation of the company after the B round is 10 times the price-to-sales ratio. However, it is a pure mobile Internet company, and convenience stores must not be able to do such valuation. Chu Yuanxi has no objection to the problem itself, and he must have opinions on the person asking the question, so what he said is also very direct.

After hearing what he said, Xu Xin quickly called him and used his eyes to signal him to pay attention to his demeanor. After all, there is no expansion in eastern Guangdong Province now, so it cannot provide two points of evidence, only the lonely certificate of the imperial capital.

Chu Yuanxi shrugged and agreed. Unexpectedly, the person on the other hand seemed to be very upset by his words. He also asked very directly: "Mr. Chu, I heard that SoftBank intends to invest in Xiaokang alone. Why didn't you mention it in the email? Are you planning to have a meeting with us before chatting with Sun Dasheng? But it is said that SoftBank is going to have a exclusive period. I think you should talk to SoftBank first, and if you talk, you don't have to have a meeting with us."

What if? Chu Yuanxi thought it was a mockery of me that I couldn’t get the money from SoftBank? I really couldn’t get it! But it was not what you thought. The meaning of this person was very obvious, saying that Chu Yuanxi used them as a spare tire and negotiated with Sun Dasheng, but unfortunately there was nothing wrong with this.

Thinking of this, he said, "Mr. Jiang, I remember that you have a good relationship with Li Jingfei. He didn't tell you that I had clearly refused?"

At this time, someone else said, "Hey Chu Yuanxi, let's just talk about the matter and don't be emotional."

The person who spoke was Cai Yongjin. In 2018, Chu Yuanxi held a lecture on self-media to investors under Yuan Mu's organization. Cai Yongjin was also a participant, so he had already added WeChat relationships. Moreover, because he had made the title of Qutoutiao, he still had a star halo.

Chu Yuanxi knew that he had a good relationship with Li Jingfei, so he started to get along with him at this time, and it was not surprising.

So Chu Yuanxi screened the email to Li Jingfei and sent it to the WeChat group, and then said, "I'm not emotional, please see the picture, there is time for sending a message. Exclusiveness is impossible. If you give him exclusiveness, I will not fulfill my solemn promise to my friends who participated in the A round.

In fact, when he came to give money for the first time, I didn’t want it very much. It was so difficult for Sun Dasheng to raise so much money, most of it was borrowing and interest payments. I was so embarrassed to take it. On the contrary, none of the money from my Baren is borrowed. Not only do I have to pay interest, but I can get interest payments. How safe is this money to use?"

Cai Yongjin and the man surnamed Jiang stopped talking. Chu Yuanxi's mood of "I am not accusing you" was already very flamboyant. He would probably clear the phone call. They believed that Chu Yuanxi could do this!

It can be seen that face-to-face communication is the most important. Chu Yuanxi must consider the problem that can be beaten and cannot be beaten.

At this time, Xu Xin had to come out to smooth things over and asked: "I'm here with Xiao Chu, but I'll ask a question too. Why are your quality life plan all for high-sugar people?"

"Haotang is a big group, Sister Xu, there are more than 100 million people in the country, and the larger the city, the higher the proportion, and there are not many young people. Shouldn't we serve this group?

From the market perspective, the service for high-sugar people is currently lacking from the retail side, which is an opportunity for the market to retain. Whether it is food or beverage, brands that can take into account safety, price and taste are rare now. Either the price is particularly high, or the taste is really bad, or they claim to be sugar-free but contain many generations of sugar, so they dare not eat it at all.

However, sugar-free food and beverages are a necessity for people with high sugar. Isn’t it a very good entry point to stick the logo of ‘0 sugar’? Premium conversion rate and other things are twice the result with half the effort, making money easier, and getting user loyalty. In particular, our user characteristics are that a user is likely to represent a family. This is determined by the entire system of well-off society, so it is very effective to grasp a user group."

"You wait first, why is this a urgent need?" Xu Xin immediately found a logical question: "As you said, before, are there people who have absent for so many years without high sugar? "

"What you said..." Chu Yuanxi couldn't figure out whether Xu Xin really didn't know, or was saying this on purpose so that he could perform, but objectively it was convenient for him to perform.

"If we do national business, if we cannot make users' lives better, what are we doing national business? What is our company called? It is called Xiaokang, which means that the users we serve enter a well-off society and have the ability to pursue a higher quality life."

Yuan Mu held a mouthful of slap and didn't know how to vomit, because eliminating poverty and moving towards a well-off society was the main theme of this year. Before the end of the year, I don't know how many people posted emoticons saying that they were about to be eliminated, and they began to count down one after another. There were also various fun local news coming out, such as 17 people in a certain province have not been lifted out of poverty.

This is what you rely on to make a well-off society?

But Xu Xin didn't mean to complain: "Okay, okay, then what are you going to do? You didn't write it in the email you sent."

"It's better to find OEM as planned and build your own factory later." Chu Yuanxi was very sorry that he failed to reach a strategic cooperation with Medo. Otherwise, there wouldn't be too many food experts under Medo, and they wouldn't know how many related mergers and acquisitions were started. This is a foundation that the sudden rise of well-off society does not have, so the actual choice is to follow the steps, first produce OEM to do quality control and private label, and then slowly plan it.

In fact, he has already started looking for OEM factories. He is looking for Qiulin from Tianjin. Because there are several food products, OEM factories are relatively scattered, and now the subsequent process has begun. Fortunately, the quality control specialist has been recruited, and the following are formula and food production licenses.
Chapter completed!