2 Yaduo Sangu IPO

source ： New retail business review （ID：xinlingshou1001） author ： Koala is a deer edit ： Ge Weiwei

Bet on the future , Waiting for the unknown .

6 month 22 Japan , Yaduo group （ATOUR） The prospectus was filed with the securities and Exchange Commission again （ Add ）, Based on the previous prospectus , Yes 2021 The annual business data of has been updated .

2021 year , Operating income of Yaduo Group 21.48 One hundred million yuan , Year-on-year growth 37.1%; The net profit attributable to the shareholders of the company is 1.4 One hundred million yuan , Year-on-year growth 245.2%.

Yaduo group was founded in 2013 Xi'an in , A name has been added to the ranks of medium and high-end hotels . After nearly ten years of polishing , This humanistic and youthful brand has gradually become a warm and interesting Hotel representative in the eyes of the new middle class and the young generation .

According to frost Sullivan's report ,2015~2019 year , The compound annual growth rate of the operating income of China's chain hotel industry is 16.4%, among , The compound growth rate of operating income of medium and high-end chain hotels in the same period is as high as 39%.

2021~2025 year , Medium and high-end chain hotels will become the segment market with the fastest growth rate in the whole hotel industry . At the same time, it should be noted that , The business of Yaduo group is no longer limited to hotels ,2021 In, the retail and other revenues of Yaduo group increased year on year 106.6%.

from 2019 Began to seek A Share listing failed , To 2021 In, it submitted updated prospectus to the securities and Exchange Commission twice . today , The issuing price range of Yaduo hotel is always “ message ”.

Multiple impact IPO failed , What kind of hardship does Yaduo have ？ What is Yaduo's medium and high-end line concept ？ In addition to the traditional hotel business , Can Yaduo develop a new income growth curve ？

IP： The glory of the creator

Yaduo group is known as the best in the industry IP In the hotel .

Wang Haijun, founder of Yaduo Group , There is a flower name in the industry called “ Yeluyin ”. From Ctrip to Rujia and then to Huazhu , Yeluyin's work experience has covered all the leaders in the tourism and hotel industry . And in the end , He chose to realize his entrepreneurial dream in Yaduo .

Before Yaduo was born , There are already many medium and high-end hotels in the industry , But Yaduo's development path is indeed unique ： Take the humanistic route 、 Build character IP, These are unprecedented in the domestic chain hotel industry .

In yeluyin's view , Lack of innovation in the market 、 Themed mid tier hotels , Yaduo wants to fill this market gap , Make different humanistic hotels .

As early as 2017 year , Yeluyin once made his imagination public ：“ Yaduo kept saying ‘ room +X’, Housing is just an extension of these places in the accommodation field ,‘X’ It's a combination of scenes . How about a room with a ‘X’ Experience combination , That is the direction we finally want to reach . This year, ‘X’ The focus of our work is shopping 、 Finance 、 tourism , There may be sports in the future 、 recreational 、 Health, etc . This type of business , No longer sales ‘ room ’, Guests come because of experience . Today, many people still live because ‘ room ’ Experience ‘X’, The future is because you have ‘X’, Only others come to live , This is two-way diversion , Is the direction of Yaduo's efforts .”

From the humanistic point of view , Each hotel in Yaduo has more than 1000 This collection of books is for people to read , And in the lobby 、 corridor 、 Rooms and other places , Residents can enjoy local photography .

Besides ,24 Hour laundromat 、 Reading space and breakfast with local characteristics have become standard accessories for each Yaduo , Reflect the humanized and considerate service .

Yaduo emphasized “ One store, one design ”.2018 year , Yeluyin said that he would target Yaduo to Disney , Describe the hotel business model as “ The hotel + The crowd +IP”, adopt “ Introduce more cross-border IP, Create a higher visibility ”.

2016 year , Yaduo group cooperates with Wu Xiaobo for the first time , Launch the first IP The hotel “ Yaduo S Wu Hotel ”, Located by the West Lake . stay 2016 At the end of the year, Wu Xiaobo delivered a New Year speech , Yaduo as the co organizer , Appear in many promotional materials , For a while the fame was great .

thereafter , Yaduo group is IP Running all the way on the road of Lianming . You know 、 NetEase cloud music 、 The tiger jump 、QQ members , These unexpected traffic platforms are integrated into the decoration elements of the hotel , Become a highlight to attract guests .

These traffic platforms are closely related to the characteristics of Yaduo ： Or full of humanistic elements , Or have a strong IP attribute , Or quite appealing among young people .

Take Zhihu for example ,2018 year 3 month , Yaduo United Zhihu opened a business in Shanghai “ There is a problem ” The hotel . Step into this hotel , You will see all kinds of problem labels , Scan the QR code on the label , You can log in to Zhihu , Write down relevant answers .

In addition to the signature question and answer form of Zhihu , Yaduo also launched a suitcase with the joint name of Zhihu mascot Liu Jianshan 、 Products such as power bank . Check in consumers only need to scan the QR code next to the goods , You can log into Yaduo life Museum , Purchase corresponding products . Besides , The hotel also has travel and film themes “ Special room ”, It can be said that it is the appetite of all Wenqing .

according to the understanding of , Yaduo's joint name IP Unit price of theme room , It is about 10% higher than the average room , For all that , Its popularity is still significantly higher than that of ordinary rooms .

More Than This , And flow IP Our cooperation can greatly enrich the data source of Yaduo , Make the user portrait more three-dimensional and rich .

such as , Netease cloud concert tells Yaduo , What users like to listen to ; Netease yanxuan can tell Yaduo , Users' consumption power and product preferences .

Yes IP Yaduo is very good , But it's not good enough ？ Let's uncover the problem IP The dull pain behind .

trouble ： Pay for your dreams

Despite a series of IP It looks like flowers , Yaduo impact IPO The road of thorns is exactly the sentence “ The resistance and long ”.

As early as 2017 year , Yaduo has a clear listing plan , I hope to finish it in about three years A Shares of the listed .

But Yaduo is A The listing of shares has been broken for several times , Last 2021 In, it was completely defeated . A analysis says , Yaduo failed to land A The reason is that it can't reach A Relevant financial standards for the listing of shares , Some media even questioned the authenticity of the data related to Yaduo's prospectus .

Although the authenticity of Yaduo's business data remains to be further confirmed , But from Yaduo's latest prospectus , We can still work on the group in 2021 A glimpse of the business situation in .

Judging from several important indicators of hotel operation ,2021 In, the overall occupancy rate of Yaduo's hotels reached 67%, Year-on-year growth 3.5 percentage , But still far below 2019 Years before the epidemic 73.4%;ADR（ Average daily rate of sold rooms ） recorded 412.7 element , Year-on-year growth 6.7%, lower than 2019 Year of 429.5 element ;RevPAR（ Income per saleable room , Occupancy ×ADR） by 290.5 element , Year-on-year growth 12.47%, Also inferior to 2019 Year of 302.9 element .

With the upgrading of consumption, it continues to penetrate into every bit of life , People's living demand for travel began to gradually move away from the early simple and economical rooms . In traditional economy hotels , No matter what 7 God 、 Homelike or Hanting , Basically, they are carved in the same mold , Brands can only rely on price war to seize market share .

In recent years , Jinjiang 、 Hua Ju 、 The three giants of the first brigade have shifted their business focus to the medium and high-end market .

According earnings information ,2021 In, Jinjiang was in the limited service chain hotels that have been opened , The number of middle-end hotels has reached 5517 home , Proportion from 2020 Year of 47.01% Up to the 51.98%. And another giant, Huazhu 2021 The newly added medium and high-end hotels accounted for nearly 60% .

That means , Yaduo will face more fierce external competition in the future . And for Yaduo himself , Humanities and IP The development of is not as gorgeous as the dream at the beginning , The question that must be considered is ： The humanities 、IP Can this business really make money ？

First , The creation of humanistic feelings consumes a lot of space in Yaduo hotel 、 Manpower and materials .

According to Glenn exchange 2020 year Q4 Ranking list of star rated hotels in all provinces and cities in China , In the operating income of hotels nationwide , The proportion of catering revenue reached 44% above , It can be seen that catering has become an important source of hotel profits .

However , The reading space created by Yaduo for humanistic feelings just sacrifices the development space of catering . Reading is not just a necessity for most residents . And in the reading space , Yaduo also failed to create a landmark food or drink , Its profit cannot match that of catering .

secondly , Different characteristics IP It also means that every hotel cannot directly copy , It is difficult to develop on a large scale .

According to the data in the prospectus , By 2021 end of the year , Yaduo has 745 A hotel , However, the number of Direct stores is only 33 home , Franchise stores are absolutely dominant .

One side ,IP The creation of needs high-quality individual management ; And on the other hand , Franchisee mode also means that management is more difficult , The future test of Yaduo will continue unabated .

That's why , Yaduo's IP The concept has not been widely recognized in the industry . In the eyes of Sun Jian, general manager of BTL Rujia Hotel Group ,IP It can indeed attract or gather some new consumers , But the essence of business is more than just creating concepts , There must be a reasonable business logic , Especially the logic of sustainable development .

“IP It's a small-scale shop that makes fine products , Or make it a large-scale store , There is a huge difference between the two . If we want to really develop characteristic hotels ,IP Hotels are like concept cars at auto shows , Just for fun .”

in addition ,IP Joint names not only exist IP It may be a problem of passing breath , There is also the risk of stepping on thunder .

Before this , Wu Xiaobo once collapsed because of controversial remarks , Its co branded Yaduo hotel was also affected . And once IP A gas , The flow effect expected by the hotel naturally no longer exists .

periphery ： The second growth curve

In addition to the traditional management of hotel revenue and rental hotel revenue , Another major source of revenue for Yaduo is retail and other revenue .2021 In, the retail and other revenues of Yaduo group increased year on year 106.6%.

When all brands in the hotel industry are looking forward to the reversal of difficulties after the epidemic , Yaduo group aims its business center to survive the crisis at retail .

Actually , Long before the epidemic , Yaduo group has begun to develop retail peripheral business , and 2022 The re outbreak of the epidemic in objectively made Yaduo aware of the urgency of expanding the second growth curve .

Yeluyin said in an interview ,“ future , Starting from the needs of users, Yaduo planet will pay more attention to the research and development of sleep categories , The experience driving force of Yaduo group will become the booster of the second growth curve of Yaduo scene retail .”

This year, 3 month , Yaduo planet, a subsidiary of Yaduo group, launched “ Texture sleep series ” Sleep products , It mainly covers pillows and mattresses . among , The wave silicone pillow adopts the high elastic silicone pillow core exclusively developed by Yaduo planet , It can be washed repeatedly ; The double sense double spring mattress ridge mattress is the first time to break through the technical barriers of foreign 10000 yuan high-end mattresses .

at present , Yaduo planet 、SAVHE Sahe , as well as Z2GO&CO. It is the scene retail brand of Yaduo Group —— The three original lifestyle brands of Yaduo department store , Cover sleep 、 Fragrance, personal protection and travel .

By 2021 end of the year , Yaduo hotel has developed 1665 Scene retail SKU, Retail business GMV achieve 2.282 One hundred million yuan , This figure is more than 2020 year GMV（1.072 One hundred million yuan ） More than double .

For the expansion of retail business channels , Yaduo also uses the logic of Internet e-commerce to run volume .

Yaduo has established its own e-commerce team , And opened tmall flagship store and wechat mall . The same product in the hotel room （ Such as mattress 、 Pillow 、 Sheet 、 Quilt covers and other hotel supporting products ）, The supporting products in the hotel are used most frequently by guests 、 Products with the strongest sense of experience , These products can strengthen the stickiness with consumers .

Under the guidance of e-commerce thinking , Group purchase 、 Secsha and other promotional activities often appear in Yaduo's online stores . at present , Yaduo's e-commerce business contributed about 10% Operating income of , This is very prominent in the operation of medium and high-end hotels .

It can be seen that , Yaduo wants to build more than IP A joint hotel , It is to make the hotel IP, Integrate into retail products . If we can develop retail into a long-term and stable source of income , This innovative business growth point will undoubtedly serve as a benchmark for the hotel industry .

Of course , The premise of all this is , Yaduo can succeed IPO, Only with money can we continue to grind .

In the hotel industry today, the jungle , Many small and medium-sized brands already live in Jinjiang 、 Huazhu and other giants “ Oppression ” under .

Most of the mid-range hotels that once had a similar positioning with Yaduo have been acquired , For example, orange crystal hotel is under the command of Huazhu , Vienna Hotel was acquired by Jinjiang , Hilton huanpeng hotel's operator in China, Botao Hotel, was acquired by Jinjiang .

Some people in the industry predict , If Yaduo Hotel fails to be listed , It is very likely and difficult to avoid the fate of being acquired by industry giants .

Three times IPO, Yaduo is betting on the future , Waiting for the unknown .