Fun Sleeping Technology, holding Xiaomi's "thigh" IPO?

Introduction: Lei Jun's Investment Fun Sleeping Technology has to go to the GEM, but the price is high and low, the competitiveness is a bit weak, and it is inseparable from Xiaomi blood transfusion.

Produced 丨 Nuke Science Society

Author 丨 Ningxi

Lei Jun's capital myth has another more.

On July 6, the Securities Regulatory Commission approved the GEO application of Chengdu Qudi Sleeping Technology Co., Ltd. and registered. This means that this Xiaomi is a company that has received the attention and investment of Lei Jun. After two years of three -round inquiry, it finally reached the last step before listing.

Among the Xiaomi companies, Fun Sleeping Technology has always advertised themselves as an atypical Xiaomi ecological chain company. The reason is that it is different from other Xiaomi companies in the fields of home appliances, small home appliances, and digits. A very traditional business, mainly home products, the core is mattress.

According to the IPO application, 805 million funds raised this time were mainly used for product upgrades, marketing expansion, research and development, supplementary management costs.

Founded in 2014, this company covered the mattress, sofa, pillow, etc., and received investment in Shunwei Capital half a year after its establishment. It is one of the earliest Xiaomi companies.

But unfortunately, when Huami has long been flying, Zimi and other latecomers have rushed to the entrance of the listing, the elder brother of the Xiaomi company of Fun Sleeping Technology is still struggling on the way to the market. Then it sounded the door of the capital market.

The key is that the CSRC approved the IPO registration application very much, because when the IPO application form was updated in early July in early July, they were constantly answering the cooperation between the Securities Regulatory Commission's inquiry letter about the cooperation between the enterprise and Xiaomi, "Is it? The risk of being replaced, removed, or other reasons "."

This just poked the shortcomings of Fun Sleeping Technology.

Indeed, thanks to Xiaomi's empowerment, it is fast to sleep at the beginning of development, and there are a lot of gales for helping Xiaomi siege in the home market. But soon, with the saturation of Xiaomi's online and offline channels for the sales of such products, the revenue of Fun Sleeping Technology for three consecutive years did not rise significantly, and it was even in a state of continuous decline.

According to the prospectus, the revenue of Fun Sleeping Technology from 2019-2021 is 550 million yuan, 480 million yuan, and 470 million yuan, respectively. The income ratio from Xiaomi and related channels has declined, but in the past year, it has also exceeded 60%.

Back to the big tree of Xiaomi, the revenue still declines. Where is the problem?

01 丨 Failure to copy miracles

Lei Jun has been labeling "investment genius" since the success of Xiaomi, and his actions to build the Xiaomi company have also substantially made the label a lot.

For example, Huami, which is a watch, is the purple rice of the battery, the stone technology of the scanning robot, etc. Among them, the Xiaomi department of the light listed company has run out of 4, and after the completion of all the work of the listing, the fun sleep technology should be the Xiaomi system. Fifth company to complete listing.

Data from Sky Eye Inspection shows that in 2015, Xiaomi's Shunwei Capital and Xiaomi Group participated in the Angel Wheel of Fun Sleeping Technology and the Pre-A round of financing. As of the date of signing the prospectus, Xiaomi has a total of 12%of the equity of Fun Sleeping Technology and is the largest shareholder of the latter.

Lei Jun has always hoped to use the method of stone technology to promote the development of fun sleep technology, and even to occupy the market advantage in a market segment.

It is a pity that the use of "fan+Internet management+marketing+technology input" method, although it can win giants such as stone technology in the field of scanning robots, it can't stir up the dull pond water in the home market.

At that time, Lei Jun entered this market, seeing this market, especially the growth rate of the bedding market, and believed that it would build a peak of the sleep economy.

The "2021 Xilinmen Sleep Index Report" shows that from 2002 to 2019, the total consumption of Chinese mattress consumption increased from 30.6 billion yuan to 76.8 billion yuan (CAGR was 12.2%, about 11.5 billion US dollars), and the growth rate in 2019 reached 13.1 %, Has surpassed the United States to become the world's largest mattress market, and in 2022, the scale of this market is expected to reach 100 billion.

In fact, the mattress, as an imported product, was first introduced by overseas brands such as Shuda and Xi Mengsi. Domestic, too high price bands may limit the market share of overseas brands. Data from market institutions show that TOP5's brands are added together, but it only accounts for less than 20%of the market share.

This means that emerging brands have a wide range of prospects. As long as they work hard, it is impossible to kill a catfish in such a market. It seems that such competitiveness is scattered, brand is not concentrated, and consumers lack the lack of information acquisition capabilities. It is precisely suitable for corporate and business logic such as Xiaomi.

This is also the starting point for Lei Jun to quickly invest in huge sums of money after the establishment of Fun Sleeping Technology.

However, it is a pity that Fun Sleeping Technology has not met expectations. The prospectus shows that from 2019 to 2021, Fun Sleeping Technology revenue is 550 million yuan, 480 million yuan, and 470 million yuan, respectively. The key products of this company are not just mattresses, but also textiles such as furniture such as mattresses, sofas such as mattresses, sofas such as mattresses, sofas, and pillows.

As a mattress for the most important products, the revenue in 2020 was only 222 million, accounting for 46.39%of the total revenue. This is the peak period for the income of mattress items in recent years. In comparison, Mursey, who had just landed in A shares in 2021, revenue of 6.481 billion yuan in that year and net profit reached 686 million yuan. To some extent, Mousse mattress profits are three times the income of Fun Sleeping Technology -related mattress products.

Another domestic matrix leader brand Xilinmen's revenue last year was 7.772 billion yuan, net profit was 559 million yuan, and its profit was far beyond the income level of sleeping technology in the mattress field.

From the perspective of volume, fun sleep has not yet occupied a certain market voice.

02 丨 Xiaomi dependencies

Lei Jun's Xiaomi company has more or less contaminated Xiaomi's research and development logic and the business ideas of designing and marketing.

Even Huami, known as Xiaomi's highest technology level, has the naked 1 billion yuan inventory on the financial report, which also confirms that the self -propaganda market that this company promotes the external publicity may not be as beautiful as imagined.

Huami, which claims to have invested in the chip field, began in the third quarter of last year, and scientific research funds have also declined sharply, causing the media to question their chip research and development capabilities.

The same is true for fun sleep technology.

According to the prospectus of Fun Sleeping Technology, its most important product 8H latex mattress uses a pure foam structure. After packaging, it can be compressed by processing. question.

That is to say, Fun Sleeping Technology only improves the application scenario with the help of foam material technology. In fact, it is a product design and packaging that uses the value of the face value. It is a product research and development model that Xiaomi and the company uses the most.

Some extreme comments believe that this is a common problem for Xiaomi companies that are known for its appearance design and then packaged into a sense of technology. In fact, it is the same as other companies in Xiaomi. The investment in the research and development field of Fun Sleeping Technology is not sufficient.

According to the prospectus of Fun Sleeping Technology, the company's R & D expenses from 2019-2021 were 6.3092 million yuan, 6.1486 million yuan, and 80.44 million yuan, respectively, with R & D costs of 1.14%, 1.28%, and 1.70%, respectively.

In fact, even if the mattress does not seem to have any technological content, technology investment is the core competitiveness of the development of enterprises.

This is because the rise of the sleep economy brings new opportunities to the mattress market. With the improvement of sleep quality and the improvement of old mattresses, consumers' willingness to replace mattresses, especially comfortable mattresses, increase. In order to meet consumers' constant personalized sleep needs, mattress companies must break through the capacity of the mattress to withstand the unit, and even develop black technology.

According to the "2021 Mattress New Consumption Trends Report", the proportion of consumers' home mattress for more than 10 years still reached 17%, while the 16 -year mattress replacement period of 16 years has been shortened to 8 years; at the same time 47 %Of the crowd said that it has been determined to change the brand or has a purchase plan, and 22.2%of the people want to change the mattress but have not yet acted.

This is a huge market, but behind it must be promoted by science and technology capabilities.

It is precisely this trend that domestic mattresses represented by Xilinmen and Mu Si have already invested heavily in this field, carried out the research and development of corresponding technologies, and established a patented barrier.

According to public data, as of May 2021, among the representative companies in the Chinese mattress industry, Xilinmen has obtained 823 invention patents, 410 Mu Sisi, and 106 dreams.

In comparison, Fun Sleeping Technology is miserable. The prospectus shows that as of the end of 2021, Fun Sleeping Technology has obtained 194 patents, all of which are practical new patents and appearance patents. As of the end of February 2022, Fun Sleeping Technology applied for 49 patents, including 11 invention patents, but nine items were still waiting for the real -review proposal stage. Crossing calculations can be found that the invention patents owned by Fun sleeping technology are only individuals.

For example, the SMART 1 mattress of the Heading Enterprise Hi Linmen, after 9 years of research and development, can be used through the air spring, intelligent matching algorithm, and sleeping position recognition sensor to enable the mattress to adjust the hard and hard and comfortable in time with the sleeping position. Deep sleep time.

In fact, the so -called 8H small -packaged latex mattresses of Fun Sleeping Technology are placed with smart mattresses full of black technology such as Heilinmen and Mousse. It is self -evident how consumers should choose.

This is also an important reason why Fun Sleeping Technology cannot open the product situation.

Of course, Fun Sleeping Technology also knows, so they are adjusting. The prospectus shows that Fun Sleeping Technology plans to raise 805 million yuan. Among them, 462 million yuan was used for the entire series of product upgrade and marketing expansion projects; 193 million yuan was used for the construction project of the home R & D center; 53.21 million yuan was used for the digital management system construction project; 97 million yuan was used to supplement mobile fund projects.

It is understood that the "Home R & D Center Construction Project" here refers to fun sleep technology to establish new materials, new processes, and new structural research and development centers, "thereby improving the company's product research and development advantage in the field of furniture home textile products."

However, this is just a remedy, and it is not known how much such a statement can be implemented after listing. On the other hand, Fun Sleeping Technology's dependence on Xiaomi channels is too serious. The prospectus shows that the sales of fun -sleeping technology online channels for the reporting period accounted for more than 96%. Among them, the contribution of Xiaomi channels is the most significant. From 2019 to 2021, the revenue from the Xiaomi series online platforms was 418 million yuan, 327 million yuan, and 290 million yuan, respectively, accounting for 7569%, 68.43%, and 61.41%of the total revenue.

During the reporting period, Xiaomi Group is the largest sales customer of Fun Sleeping Technology. In 2020 and 2021, Xiaomi Group is also one of the top five suppliers of Fun Sleeping Technology. The proportion of purchasing the total purchase amount from Xiaomi Group is more than 5%.

This method is a taboo in the field of home products, because the home products represented by bedding are a product that consumers experience in the first cost consideration.

In other words, consumers experience this product well, which greatly determines the decision -making of his purchase. Therefore, the promotion of pure online channels for this product is far less significant than the combination of online and offline channels.

Because of this, the market share of domestic bedding brands in the past two years has surged, which is consistent with the trend of the offline stores crazy.

According to the research data from Pan-home Network 2014-2019, the total number of domestic stores in Mu Si, Xilinmen, Gujia, Zhihua Shi, Meng Lily, and Suibao in 2019 is 5242/8004/11393, respectively. The number of Jin Ke'er's store stores is 668/2330/2925. The domestic brand has led a sharp lead in the density of the outlets, so it has continued to increase the share of the listing brands of the leading listing of the leading listing of the leadership, the Minhua, Gu Jia, and Meng Lily leading listing.

Therefore, it is a foreseeable fact that relying on Xiaomi's online channels, which is a foreseeable fact.

03 丨 Lei Jun who keeps "withdraw"

All signs show that Lei Jun has gradually lost patience.

During the development of the entire enterprise, although Shunwei Capital has been paying attention to supporting the company behind it, maybe it is because of the unclear prospects. Lei Jun has experienced several rounds of cash in it. At present, Xiaomi's indirect and direct capital has fallen to 12%, and it is likely that Lei Jun will be cash further after lifting the ban, and eventually turn it into a strategic investor.

From the turn of the angel, Shunwei Capital has been with the fun sleeping technology for more than 7 years. Before the listing, Lei Jun could not wait to realize it.

The prospectus shows that from 2015 Lei Jun's shareholding to the present, the fun sleep technology shares held by Shunwei Capital, which have undergone 7 equity transfer. The earliest one can be found in May 2017.

If the first equity transfer is transferred to a small part of the shares to Xilinmen. If it is still introduced to the industry's strategic investment, all 6 times Lei Jun transferred the company's shares to other investment institutions. Suspected of being realized before listing.

According to the prospectus data, during the two and a half years since 2018, Lei Jun conducted a total of 7 cash withdrawal, with a total cash of over 190 million yuan. In addition to the nearly 9 million yuan cost of the latest investment in the listing, Lei Jun has made more than 180 million yuan in these several equity transfer.

According to the prospectus, Shunwei Capital and Xiaomi Group, as the related enterprise of Lei Jun, also held more than 12%of the shares of interesting sleep technology, and are the largest shareholders of the institution. If they are lifted after listing, they can also get more than 250 million yuan in income in the secondary market.

In other words, after Lei Jun invested nearly 20 million investment costs, Lei Jun will eventually earn more than 400 million income in Fun Sleeping Technology.

It is worth mentioning that Huami Technology, the first Xiaomi Industrial Chain Company invested by Lei Jun, has been cumulative 1.8 billion yuan for more than 4 years. On the 14th, it took the lead in reducing 500,000 shares, and it was close to 500 million yuan.

Lei Jun is worthy of being called a master of capital in investment genius.

In fact, no company can fly to the sky with the thigh of Xiaomi. In areas that are suitable for the development of Internet thinking, Xiaomi's usual ways will undoubtedly generate great value, but in the traditional field, the same logic may not apply.

How to combine Xiaomi's advantages in combination with the characteristics of the traditional field is out of its own development path, maybe it is the issue that all the managers of all Xiaomi investment companies should think about.

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