"Science and Technology Innovation Board**" on January 31 (Reporter Chen Mei).Recently, the home repair platform Woodpecker submitted the main board of the Hong Kong Stock Exchange. This is a Chongqing Yubei District enterprise, the founder Wang Guowei has decades of entrepreneurial experience in the field of home maintenance.
According to the data of the Venture Capital Connect of the Financial Associated Press, among the current shareholders, in addition to the investment woodpecker of the Chongqing Liangjiang New Area Management Committee, the millet department of 58.com and Lei Jun also appeared in it.
Starting from scratch, the founder started from home appliance maintenance
According to data from CIC Consulting, the total transaction volume of the Woodpecker maintenance platform in the first nine months of 2023 is about 17With 900 million yuan, it is currently the largest home maintenance platform in China.
The founder, Wang Guowei, is a typical "self-made" entrepreneur. According to his resume, after his father's death in 1994, Wang Guowei took on the burden of the family and entered the maintenance industry after several choices.
At the beginning of his business, Wang Guowei found that instead of working as a handyman in Guangzhou and earning a fixed salary, it was better to learn a trade. It just so happened that at that time, the air cooler was on the rise, and Wang Guowei found that repairing a machine could earn a few hundred yuan, and the income was much higher than the fixed salary. So, he returned to Chengdu to learn from a teacher and learn home appliance maintenance.
During his studies, Wang Guowei bought a book on the theory of home appliance maintenance, and constantly disassembled and assembled the machine to improve his skills. After nearly 4 months of study, Wang Guowei joined a small maintenance company. However, the income of the job mainly depends on the commission of the business order, in order to increase the income, Wang Guowei decided to set up his own maintenance company, which is the prototype of the woodpecker home appliance maintenance company.
Over time, Wang Guowei has also continued to expand his business scope. After the single-store business model was run through, Wang Guowei started a national chain operation in 2004. The business scope of Woodpecker's home appliances has also expanded from air cooler maintenance to home appliance maintenance, and then sales of home appliance accessories.
Under the tide of Internet entrepreneurship at that time, Wang Guowei also established an online service platform to provide online maintenance services.
According to the prospectus, Woodpecker provides repair services to tens of millions of households in more than 300 cities, covering more than 300 major categories of home appliances and household facilities.
Yao Jinbo and Lei Jun both voted
Financing data shows that Woodpecker has experienced a total of 4 rounds of financing. The first round of financing in December 2014 was particularly important, when Woodpecker completed the first round of financing of 30 million yuan for the expansion of the business.
In 2017, Wang Guowei and Woodpecker received the attention of 58.com and Lei Jun, and Lei Jun's Xiaomi Group, Shunwei Capital, and Industrial Capital 58.com made a move to Woodpecker and completed a round A investment of 10 million yuan.
After the completion of the investment, it once attracted the attention of the industry. At that time, Lei Jun had invested tens of millions of dollars in three consecutive rounds of home cleaning service company Auntie, and Lei Jun reinvested in woodpecker maintenance, which should be Lei Jun's continued optimism about the O2O industry. In fact, Lei Jun has been concerned about the large residential industry chain for a long time, and the layout of household maintenance is regarded as a supplementary force to improve the ecological chain and service scope of Xiaomi.
At the same time, 58.com, which provides local life services, has also extended its attention to the field of home maintenance. The change of equity shows that in January 2021, Woodpecker underwent industrial and commercial changes, and new shareholders such as 58*** Hunan 58 Qianmo Equity Investment ** Partnership (Limited Partnership) were added. As a result, Yao Jinbo became a shareholder.
According to the prospectus, 58com holds 1189%；Tianjin Wuba Qianmo, holding 453%；Lei Jun holds 178% and 178%。
An investor told the reporter of "Science and Technology Innovation Board**" that in the Internet era, O2O is an investment direction, that is, offline services will quickly reach scale through online customer solicitation. "The essence of O2O is to open up online and offline, so that online can integrate more resources in a high-dimensional way, so that offline business can be closer to customers and obtain faster service response at a lower cost. ”
"However, in the process of development, there is a strong requirement for O2O operation. Because if all the offline outlets are self-built, the revenue will definitely not be balanced. O2O is the connection network, covering more interfaces to connect consumers; If you have limited control over your offline outlets, then there will be service disparities, which will eventually lead to word-of-mouth problems. The investor said.
In addition, the investor said that since the online business is an asset-light operation, it is equivalent to that the income will be more, but in the O2O operation, it is necessary to transfer the income to offline outlets; If the revenue is not transferred, it will be difficult to achieve a revenue balance with offline outlets. Therefore, the competition of O2O platform is ultimately the competition of scale. "The bigger the scale, the lower the cost. At the same time, although the data of O2O platforms listed in Hong Kong is regulated, the supervision is not so strong. ”
The latest pre-investment valuation is $1.5 billion
The reporter of the Science and Technology Innovation Board noticed that before the woodpecker went to Hong Kong for IPO, it also ushered in an investment.
On January 8, Gold Medal Kitchen Cabinet (603180.)SH) announced that the company's wholly-owned subsidiary, JPND Singapore PTELtd. intends to invest 40 million yuan with related parties Xiamen Detao Home Furnishing Industry Investment and M&A ** Partnership (Limited Partnership), Xiamen Detao Huitai Investment Partnership and other investors to invest 231660,000 shares.
The Cayman company holds 50% of the equity of Woodpecker, and at the same time agrees to control the other 50% of the equity of Woodpecker, achieving 100% control of Woodpecker. Gold Kitchen Cabinet said that the pre-investment valuation of this investment was 1.5 billion yuan. After receiving investment from well-known Internet groups and provincial state-owned financial holding companies, the valuation was 11200 million yuan.
At the same time, corresponding to Woodpecker's net profit from January to June 2023, Gold Kitchen Cabinet said that the annualized price-earnings ratio (pre-investment) is about 987 times.
Financial data shows that from 2021 to the first three quarters of 2023, Woodpecker's revenue will be 401.4 billion yuan, 594.6 billion yuan, 735.2 billion yuan, corresponding to a profit of 334310,000 yuan, 62040,000 yuan, 102.4 billion yuan.