In 20 17, Manbang Group was formed by the merger of two leading enterprises, Yuman and Truck Gang. Its main business is the information matching of vehicles and goods in intercity trunk logistics, which provides information matching for drivers and shippers by connecting the needs of fragmentation. On the evening of June 22nd, Manbang Group was officially listed on the New York Stock Exchange. After the opening, the share price rushed to $22.5, which was more than 18% higher than the issue price, and finally closed at $2 1.5. On that day, the market value of Manchuria reached 23.358 billion US dollars, about 1.5 1.385 billion RMB.
Based on this calculation, the full house raised more than $2.2 billion in this IPO. Manbang became the largest IPO in China this year. However, in the following two days, Manchu did not perform well in the capital market. On June 23, as a sub-new stock, the full share price fell slightly, but after the opening on the evening of June 24, the share price was sluggish. This may be related to the regulatory environment that China is facing.
One month before the IPO prospectus was submitted in May, Manbang Group was interviewed twice by the regulatory authorities. Among them, the joint interview on April 30 pointed out that some platforms, especially Manbang Group and Cargo Lala Company, have outstanding problems such as unreasonable pricing mechanism, unfair operating rules, irregular production and operation, and unfulfilled main responsibilities. Some operations of the platform are suspected of infringing on the legitimate rights and interests of truck drivers, and the majority of truck drivers have strongly reflected this. In the updated prospectus, Manbang Group specially issued a 55-page "risk warning".
Two important messages were mentioned: First, Manbang said, "We are subject to the ever-changing laws and regulations of China's road transport and Internet service industries. Strengthening regulatory review may lead to frequent regulatory communication, inquiry or investigation, which may have a substantial negative impact on our business model, operating performance and prospects. " Secondly, Manbang also stated that "the regulatory uncertainty related to or failure to comply with the anti-monopoly law and competition law may adversely affect our business, financial status or operating performance."
According to the prospectus of Manbang, there are 2.8 million drivers on its platform, accounting for 20% of all medium and heavy truck drivers in China. Some media wrote that it was 2.8 million drivers who propped up the market value of hundreds of billions of gangs. However, these drivers are not satisfied with Manchu, and even complain, mainly because of Manchu's unreasonable pricing mechanism. As early as 2020, there was a recording of Manchu Group on the Internet, which was widely circulated. The content is that the customer service of Manbang Group teaches shippers how to reduce prices. This incident once caused the anger of truck drivers.
However, with the further disclosure of financial information, the outside world's doubts about Manbang have deepened, mainly because of its ultra-high gross profit margin. According to the updated prospectus of Manbang, its net loss of 202 1 Q 1 reached197 million yuan, an increase of 2 1 1.2% compared with 63.6 million yuan in the same period last year. However, in 2020, the gross profit margin of Manchuria was 49.0 1%. Some media pointed out that according to the data, the general gross profit margin of China's logistics enterprises is 4%-6%, and the gross profit margin of logistics land transportation industry is around 20%.
In contrast, the gross profit margin of Fu You trucks listed in the same period was only 3%. Why is there such a big difference in gross profit between players on the same track? The media pointed out that Manbang Group made huge profits in the road freight industry. In 2020, the revenue cost of a full house will reach 565,438+0% of the total revenue, and in 2026, 5438+0, and the main business cost of a full house will increase by 65,438+065,438+07.6%. Even in Didi's online car service, the driver's cost accounts for 80%. In 2020, the profit margin before interest, tax and amortization of Didi's online car service in China will be 3. 1%. Under the comparison of the data of pulling people's drops, the business of Manbang is even more "profiteering".
This may be related to different business models. The freight matching service provided by Manbang is mainly based on the form of information matching, similar to Alibaba or 58 cities. The supply and demand sides publish information on the platform and trade on their own, and the platform does not participate in pricing, logistics and distribution. The advantages of doing this are light mode, large flow, low input cost and naturally larger gross profit margin. Simply put, the whole gang sells traffic, and the Lord and the Lord can eat at both ends. At present, Manbang no longer provides free information services for car owners. This means that its later profits will be higher.
Because it is selling traffic, after a certain scale, the scale advantage will appear. According to the prospectus, by the end of 2020, Manchu business covered more than 300 cities across the country, with more than 6,543,800 lines. In 2020, the total transaction volume (GTV) of the platform will reach 654.38+73.8 million yuan, and the order volume will reach 765.438+70,000 yuan. In the first quarter of 2002/KLOC-0, GTV 51500 million yuan, a year-on-year increase of108%; The average monthly life (MAUs) of shippers reached 1.22 million, and the number of fulfillment orders reached 2,265,438+million, which increased by 67% and 1.70% respectively.
This shows that Manchu has reached the critical point of this scale, and the income will increase with the increase of information. This is the basic logic of traffic business.
In addition, the users of Manbang are mostly individuals and small businesses. It is a typical Internet idea: connect shippers and carriers through matching platforms, and radiate and explore surrounding application scenarios based on these core groups, such as providing credit solutions for shippers and truck drivers, and providing other value-added services for insurance companies, highway administrations, gas station operators, automobile manufacturers and dealers to help them meet the basic needs of shippers and truck drivers. In the revenue composition of full house, we can see that the revenue proportion of freight matchmaking service has increased from 765,438+0.6% in 2065,438+09 to 75.5% in 2020, in which brokerage business is the main business.
Fu You trucks are slightly different. It takes big customers as the center, adopts a model similar to housing intermediary, and goes deep into the transaction link of logistics. As an intermediate platform between big customers and drivers, Fu You trucks have weak bargaining power. After all, big customers are the thighs of survival. In order to win over operators and improve their loyalty, Fu You trucks dare not touch drivers' cakes easily. That's why Fu You tearfully reduced the gross profit, which was low. Even the gross profit margin of 20 19 is -0.3%. The advantage of full help is that all small orders are less sticky, and the income model of information flow can boldly increase the information service fee.
But this is also one of the reasons why Man has just been interviewed. According to public reports, when the scale was still small, Manbang promised the driver that it would never charge and gave a lot of subsidies. However, after occupying the logistics market of long-distance transportation and becoming the largest cross-city freight intermediary platform in China, Manbang broke its previous commitment, charging membership fees from car owners and commissions from drivers' orders.
On October 20 18, 18 10, Manchu began to collect annual fees, which made drivers angry. After that, Man Bang clarified that only the owner was charged, not the driver. However, Man Gang first collected commission from truck drivers in pilot cities. From August, 2020, Manbang introduced a premium driver deposit of 1 1,000 yuan, and also provided services such as grabbing tickets in advance 1 minute. According to media reports, the technical service fee of 10 yuan, 15 yuan or higher is charged for each order. As Zweig famously said, "She was too young to know that all the gifts given by fate had been priced in the dark".
However, even with such a high gross profit, during the reporting period, Manbang Group continued to suffer huge losses. According to the prospectus, in 20 19 and 2020, the net loss of Manbang Group was 65.438+52.4 million yuan and 3.47 billion yuan respectively, and the net loss attributable to ordinary shareholders was 65.438+52.4 million yuan and 3.59/kloc-0.50 billion yuan respectively, totaling 56.5438+0. The loss was so serious because the expenses of Manbang Group remained high during the reporting period.
According to the prospectus, in 20 19 and 2020, the sales and marketing expenses, administrative and management expenses and R&D expenses of Manbang Group totaled 65.438+0989 billion yuan and 4.806 billion yuan respectively, accounting for 80.44% and 654.38+086.23% of the revenue respectively. Among them, sales and marketing expenses rose from 403 million yuan to 454 million yuan in 2020, a year-on-year increase. Even in 202 1, the expenses of Manbang Group are still increasing substantially.
From the future, the direction of Manchuria seems to be to increase the financial services sector. As early as 20 19, Manbang Group began to seek to acquire payment licenses. At that time, it was reported that Manbang Group might acquire Autoexpress of Harkin Holdings, thus obtaining the tickets for the payment industry. However, the transaction was not successfully completed. According to media reports, the transaction between Manbang Group and Ha Jinkong has not been approved by the regulatory authorities and it is impossible to continue negotiations. Now, the next step of Manchu value-added services is financial services.
However, even so, the future of Man Gang is still risky. If the freight market in the same city is also included in the observation range, you will find that there are many strong enemies, and players such as cargo lesbian, fast dog taxi and Didi Freight are deeply rooted.
Among them, Lala freight market share exceeds 50%, and by the end of 2020, it has covered 352 cities in Chinese mainland, with 480,000 monthly drivers and 7.2 million monthly users. In April this year, Lala was also exposed to plans to go to the US IPO with a valuation of at least $30 billion. Although Didi Freight is a new player who just entered the game in April last year, its momentum is fierce. In less than half a year, the daily order volume exceeded 65,438+10,000. Didi also merged the original two-wheeled vehicle business, driving, running errands and freight business into "urban transportation and service business group", attaching great importance to the freight field, and it is reported that it will be split and listed as soon as next year.
In fact, the business dividing line between intercity freight and intra-city freight is becoming blurred, and the war between the two battlefields has started. From the market point of view, Manchuria is close to the ceiling of the intercity freight market, and the growth space is limited. So he began to extend his business tentacles to freight transportation in the same city and completed it through acquisition. In 2020, it first acquired the provincial return bus, and then raised $65.438+0.7 billion to announce its full entry into the freight market in the same city. But at the same time, cargo Lala also started to fight back. It launched "cargo Lala Logistics", which provided cross-city freight services of more than 50KG for individuals and enterprises-a start-up business of Manchu.
In addition, it is somewhat surprising that the 65.438+0.95 billion freight matching service revenue of Manbang Group in 2020 is not from the withdrawal of 65.438+0.738 billion GTV (according to this calculation, the withdrawal ratio is less than 654.38+0%), but from the user's deposit and membership income. In addition, the prospectus shows that the value-added tax refund of local governments in 20 19 and 2020 is 860 million yuan and 939 million yuan respectively, accounting for 34.8% and 36.4% of their income. This ratio can be said to be extremely rare in the whole industry.
This is mainly because the profit of freight brokerage service depends on the low billing cost as a big platform and the subsidies of local governments. But this model is doomed to be unsustainable. Writing here suddenly reminds me of a sentence, "Under the background of uneven distribution of literacy and social capital, technology tends to expand inequality rather than reduce it." The birth of freight platform solved the problem of information asymmetry between drivers and shippers, but the truck driver who supported the whole transaction chain became the biggest risk taker in the chain, but in the long run, the truck driver decided the future of the platform.