Song Qinghui: The capital market's adjustment of Freshippo's valuation has something to do with its slightly vague positioning
Song Qinghui, a well-known economist, said that the adjustment of the valuation of Hema in the capital market has a certain relationship with the reshuffle of fresh e-commerce, the daily fresh thunderstorm, and the contraction of Dingdong Buying, and also has a certain relationship with the current vague positioning of Hema.
Hema IPO was blocked, and it entered the Jingdong flagship store, "tough" Sam
Before this year's Double 11, the official flagship store of Hema was opened on the JD platform, and Sam and the JD platform also have many cooperations.
Hema settled in JD.com, not only to release to the outside world the signal of open cooperation after Ali's split change, but also to compete with Sam on the JD platform in the home business.
With the "moving mountain price" and Sam's back and forth, the pace of Hema store opening this year has also accelerated significantly, and GMV has also moved towards 100 billion yuan. However, the road to the capital market has not been smooth, and the original plan to IPO in Hong Kong in November has been shelved.
Hema joins hands with JD.com to open a flagship store and settle in "Hour Reach"
Search for "Freshippo" on the Jingdong App, and you can see the flagship store of Freshippo, which sells leisure snacks, grain, oil and dry goods, and household products, most of which are Freshippo's own brand products.
Not only is it open a flagship store on Jingdong Mall, but also has an entrance in the Jingdong App "Hour Delivery" section, which has a more complete range of products than the flagship store, including seafood and aquatic products, fresh vegetables and other products are on the shelves, 1.5 hours to home, and meet the 49 yuan free basic shipping.
The Yonghui supermarket settled in the "hour" section needs free basic shipping for 59 yuan, and Sam's Club is free of charge for 99 yuan.
There used to be many barriers between JD.com and Alibaba, and Freshippo's entry into JD.com undoubtedly released a signal of openness and win-win between the two sides.
This is inseparable from Ali's "1+6+N" split change, which was divided into "N" in Hema began to make independent decisions and be responsible for its own profits and losses, and Hema chose to go out, rather than just brushing its presence in Tmall, Eleme, Alipay and other Ali apps.
For JD.com, Hema carries a large number of its own brands to settle in, enriching the variety of products and brands on the platform, further meeting the shopping needs of consumers and increasing the stickiness of users; For Freshippo, by entering JD.com, Hema has been able to reach a wider consumer base, expand its sales channels, and increase its brand exposure.
The choice of JD.com instead of Meituan and Douyin as the first stop to go global is inseparable from the competition between Hema and Sam this year. Previously, Hema had benchmarked Sam's popular products and played a "mountain-moving price"; Hema is also reducing the price of more than 5,000 products in stores by more than 20% to cope with Sam's price advantage.
Hema IPO was blocked, and it entered the Jingdong flagship store, "tough" Sam
At the Daojia business level, Sam's has a close relationship with JD.com.
At present, in addition to WeChat mini-programs and its own app, Sam's Online Ordering has the closest cooperation with JD.com. In Jingdong Mall, Sam's opened an official flagship store, and the goods were shipped by JD Express, and the timeliness was next-day delivery; Sam's has settled in the instant retail sectors such as JD Hourly and JD Daojia App, providing hourly home delivery services. In addition, Sam's Club also cooperates with JD.com to sell Sam's Club cards, and if you buy Sam's Club on JD.com, you can also get no-threshold coupons.
This means that Hema, which is at war with Sam in the store, must also open its home business to JD.com's territory and face direct competition with Sam's home business.
Physical retail or new e-commerce Hema IPO may be blocked due to unclear positioning
In this round of new retail competition, Hema has made great progress since 2016 through a series of innovations in high-quality private label products and "catering + retail + distribution" marketing methods.
According to public data, Freshippo's GMV in 2021 will be about 34 billion yuan, and in 2022, it will be about 45 billion yuan, and in order to prove to the market that it can achieve rapid revenue growth, Hema has accelerated the expansion of new stores this year, and even set a GMV target of 100 billion yuan in 2023. This also widens the gap between Hema and Yonghui Super Species, Jingdong 7FRESH and other similar business operations.
However, Sam's, which focuses on high quality and high cost performance, developed rapidly, and quickly started an encounter with Hema .
When talking about Sam, Hema CEO Hou Yi said in an interview with the media that in China, it is a combination of American goods and Chinese Internet technology, and it is also a new retail like Freshippo, and the competition between the two sides is not a day or two, but a long-term competition.
The capital market is not satisfied with the current state of Freshippo, after Ali's "1+6+N" split change, Hema was the first to announce a listing plan, and it was originally scheduled to IPO in Hong Kong as soon as November.
However, due to market sentiment and other factors, there have been rumors in the market that the potential investors approached by Hema have valuated the company well below its target when it considered raising private financing in 2022. It's November, and Hema has not made any more listings, which means that the previously set listing plan should be postponed.
Famous economist Song Qinghui
Song Qinghui, a well-known economist, said that the adjustment of the valuation of Hema in the capital market has a certain relationship with the reshuffle of fresh e-commerce, the daily fresh thunderstorm, and the contraction of Dingdong Buying, and also has a certain relationship with the current vague positioning of Hema.
Hema Fresh, Hema Membership Store and Hema Outlet Store are the "troika" of Freshippo, and accelerating the opening of stores is also an important path for Hema to drive GMV growth, and many consumers also know Hema through offline stores, but Hema is not willing to position itself as a physical store, and prefers to be called "new e-commerce" Hema has been trying to take the road of supply chain construction, but this road not only requires a lot of investment, competitors are not only Sam, but also traditional supermarkets such as Yonghui and RT-Mart, and Hema is still slightly immature after only 8 years. Under the existing three business formats, Hema is rumored to be testing the new store type of "wholesale + retail", and Hema has almost played all the retail models since its establishment eight years ago to find the answer to the development of new retail.
"In terms of how to balance and choose between physical retail and new e-commerce, and what is the direction of new retail development, Hema has not given a very clear answer at present." Song Qinghui said that investing in physical stores and supply chains at the same time will undoubtedly put pressure on Hema assets, and the integrated development of the two is a new exploration of retail forms. It means uncertainty for Hema that needs to enter the capital market with performance, and most investors will not give a listed company that should be mature too many opportunities for trial and error. Original title: Hema IPO was blocked, and it entered the Jingdong flagship store, "hard" Sam