With an annual shipment of 500,000 units, Big Fish Zhixing, a leading company of E-bike, recently completed a round of financing of 100 million yuan, which was invested by CICC Huirong, a subsidiary of CICC Capital. The funds in this round of financing are mainly used for team building, product research and development, marketing, supply chain optimization, etc.
As one of the first Chinese companies to capture the opportunity of e-bike, in 2017, Big Fish Intelligent Bicycle entered the overseas market with a differentiated design strategy, and the shipment volume reached 18,000 units that year, and it became the first Chinese e-bike company to enter the Costco channel in the following year, and its revenue maintained a doubling growth rate in the following years. With the dual-driven model of German designer team + Chinese supply chain, Big Fish Zhixing has flourished overseas, and its shipments have continued to climb to new highs, firmly holding the top position in the industry: with sales exceeding 150,000 units in 2020, it has become the first E-bike company in China to export more than 100,000 units, and at present, the annual shipment volume is the first to exceed 500,000 units.
Data show that the penetration rate of E-bike in Europe is increasing year by year, and it is estimated that it will increase to 42.6% by 2028, and the compound growth rate in the next few years will remain above 25%.
In terms of product positioning, Big Fish Smart Mobility takes young people as the main user group, and their daily life space is relatively small, so the folding E-bike is more in line with their scenario-based needs, which has become the E-bike category of Big Fish Smart Mobility, which currently accounts for more than 50% of the folding category in Europe and the United States. Focusing on the travel needs of European and American users, Big Fish has successfully developed multiple E-bike product lines covering folding, urban, mountain, fat tires, etc., obtained more than 100 global patents, and is a long-term high-quality supply partner of Costco, Sam's Club, bestbuy and other supermarkets, with a cumulative sales volume of more than 1.5 million units.
In terms of design concept, the design of big fish products is taken from the natural phenomenon of nature with a sense of beauty, among them, the classic D series of popular passwords is based on the Fibona wedge series (golden section sequence) of the most classic natural phenomenon parrot spiral as the design principle, with the help of the "golden spiral" we can find beauty, understand beauty, create beauty, and increase the dynamics of the dolphin jumping up, so when appreciating the big fish car, it naturally produces a feeling of beauty.
Big Fish adheres to the concept of customer first and innovation-driven product development. Because the start-up team is born as a balance bike, has rich product experience, and integrates the balance bike algorithm with the bicycle drive algorithm - in the past two years, the gyroscope that actively determines road conditions and automatically shifts has become an innovation in intelligent short transportation, and this technology has long been applied by Big Fish Intelligent Vehicle. At present, there are many imitators of Dayu Zhixing products on the market, but there is no surpasser, and the root cause is not only innovation, but also the overall sense of quality and product details accumulated for a long time.
Localized layout in overseas markets. Although Big Fish Zhixing has laid out online retail channels such as the brand's official website and Amazon, 90% of its revenue still comes from offline. At present, Big Fish Zhixing has settled in a number of offline supermarkets, including Costco and Sam's in the United States, Carrefour and Auchan in France, Myer Department Store in Australia, etc., and has relatively scattered dealer outlets in European countries such as the Netherlands, Italy, Poland and France. At the same time, it has also built overseas warehouses and after-sales service centers in the United States, the United Kingdom, the Netherlands, Poland and other places to serve overseas markets more conveniently.
Big Fish Zhixing has been precipitating in the field of short-distance travel for many years, and has the first-mover advantage of E-bike, supply chain advantage, and supermarket cooperation experience advantage. After this round of financing, a financial advantage will be established, and the E-bike market pattern may gradually become clear in the next two years.