At the end of the table is DAU, repurchase rate, subsidy rate. However, the statistics of the repurchase rate are calculated when the first batch of coupons expires after the user registers for a week. This can filter out the pure wool party, but it is not possible to count the latest data today.

The so-called subsidy rate is the discount rate of subsidized users, for example, if the users of Luckin Coffee assume that they all use 1.8% off coupons to shop, then the subsidy rate is 81%. The repurchase rate of the well-off was 28% before Milestone 4, and the top two subsidy rates were 26% and 41% respectively, and it is normal for the subsidy rate to increase sharply during the discount period of new stores. In fact, the subsidy rate of 41% is not too high, at least not spicy to the eyes.

As soon as this data came out, many investors who are accustomed to the mobile Internet immediately focused on the number of three users, of which the number of registered users was 140,000 before the start of Milestone 4, and it has skyrocketed by 60,000 in the past week, and the two data of paid users are 110,000 and 160,000 respectively, while the number of member users is only 2,600 and 2,800.

DAU is also a data that has been paid attention to, with 26,000 before milestone 4 and 60,000 at present, which fully illustrates the deformity of DAU data during the opening period of new stores.

Let go of the ** DAU, soon an investor raised his hand, and then took the microphone and asked directly: "Mr. Chu, a store has about 10,000 customers, even if it opens 10,000 stores, it can only get 100 million users, are you satisfied with this customer acquisition efficiency? I remember you said that the goal of a well-off person is to serve at least 400 million users." ”

You must know that the last time Xiaokang did Pre_A round of financing was in March this year, and the money arrived in mid-April, four months ago. At that time, it was just Milestone 2, which was equivalent to only one mouth and nothing else.

Therefore, the last roadshow relied on a three-inch tongue, which was actually easier to convince investors.

After four months, although the round is still A, Xiaokang has grown from 2 to 4 years old, and he has to hand in homework and exam papers, so he has such a question.

It's like some entrepreneurs who take tens of millions of financing without even doing PPT, which is very easy, but they can't raise money in the B round, because the product is made and people can see it.

However, this question happened to be what Chu Yuanxi was willing to answer, because he had the confidence to answer, and he arranged the table into a special negative in vain, highlighting the number of customers acquired by this single store.

So his answer was, "I'm satisfied, you have to consider the scale effect, and the customer acquisition level of 10 stores is not the same as that of 1,000 stores." This will become apparent by the end of Milestone 4. ”

In the last column, "at the end of Milestone 4", there are many estimated data that are left blank, only the number of personnel, the number of stores opened and the number of bicycles, etc., have been planned, but the number of registered users column Chu Yuanxi is expected, and he filled in 12 million.

The permanent population of the imperial capital is 21 million, including the elderly and children, and the main battlefield of milestone 4 is the imperial capital, and it is a consensus that several other core cities can provide a total of one million registered users. Therefore, in order to reach 12 million registrations, you must reach a saturation attack. Many people hesitated after seeing this prediction, because the cow seemed to be blowing a little big? Who filled in this number for Chu Yuanxi's confidence?

Only a few people are thinking about this question - why did Chu Yuanxi only predict the number of registered users?

The reason why this is so is because Chu Yuanxi remembers every detail of the original world, and through the previous data, he can also judge that in the single data of "number of registered users", there will not be much difference between the two worlds, if there is, then this world is only a lot more, so you can fill it in with your eyes closed!

You must know that there were no Ba people in the original world, and now, before Milestone 4, the Ba people have not done much work. But in the follow-up, especially when several other major cities began to expand stores, the role of the Ba people must not be underestimated, and 12 million is already an extremely conservative estimate.

However, the other two, "paying users" and "member users", he didn't dare to accept the data in the original world, and the gap between the two worlds was relatively large, so Chu Yuanxi, who pursued rigor, chose not to make "predictions".

Seeing that many people showed disapproving looks, Chu Yuanxi smiled, "If you don't believe it, do you want us to follow Miss Dong and Rebus to make a gamble of 100 million yuan?"

Yuan Yu burst into laughter in the audience: "Who bets with you, the server is in your hands!"

Chu Yuanxi found that there were many investors who nodded slightly in approval, and marked them in their hearts, they couldn't get on the bus. "Do you know why no one brushes zombie fans on Douyin? Because the cost of brushing zombie fans is high, and the cost of posting content is low. I got this number in a bulldozer, can I use it to operate the server?"

Someone immediately took the microphone: "Mr. Chu, I see that in your plan, a total of 800,000 bicycles will be put into Milestone 4, which should be mainly placed in the imperial capital, right?"

"The imperial capital is almost 700,000. ”

"Have you considered the intensity of the competition? When Hello and Green Tangerine are increasing their investment, have you considered using too much force to enter the market? ”

Chu Yuanxi thought for a while and said: "It doesn't matter much even if my estimate is wrong, because from production to storage to delivery, our supply chain is still relatively strong, which can be adjusted at any time, and there is a corresponding operation team, which will not cause too many problems." As for the specific number of launches, first of all, we are also professional, and secondly, I feel that 700,000 units is not enough. Where do you usually work?"

"Wangjing. ”

"Oh, then at this time next month, you pay attention to the people around you, as well as the company's WeChat group and other places. ”

At this time, Xu Xin took the microphone and asked, "Xiao Chu, let me ask you, which of these data are you most dissatisfied with?"

Chu Yuan Xixin said that sure enough, ginger is old and spicy, this question is too ruthless. "What I'm most dissatisfied with is the number of members. "The number of member users was 2,600 before Milestone 4, and after these 7 days of hard work, it has increased to 2,800.

"I thought it was the repurchase rate. Xu Xin said and put down the microphone, meaning to let Chu Yuanxi do self-criticism. The repurchase rate was 28% before Milestone 4.

"The repurchase rate is always rising, so there's nothing to worry about, it's always going to go up to the ideal level. The number of people who pay membership fees can only be said that the market has been broken by many unscrupulous runners, and users are more resistant to paying membership fees, and it takes a certain amount of time to establish mutual trust. In the past, the three generations of Chinese medicine did not treat people before they could hang up the plaque, and now the well-off is also facing this problem, we have to be a big brand, and we can't lower the membership threshold at will. ”

Xu Xin: "Just tell me how to solve this difficulty." I remember you told me privately that member users are one of the underlying assets of the well-off, and it is indeed very important. ”

"In short, it's about building the minds of users and making them realize that this membership fee is a service fee and that the services we provide are worthy of this fee. Chu Yuanxi knew that this was the first test faced in the real sense of this entrepreneurship, and it was a place where he could not learn from the experience of the original world, and there was no problem of his grandmother in the original world.

According to the analysis, it is common for users to treat this membership fee as a ticket to a discounted special event. Therefore, if you can cash out immediately and earn back the membership fee by picking wool at one time, users will be willing to join the membership. What we want to change later is this mentality, because our membership fee is a continuous cost, and no matter how much we collect wool, it is impossible to get it back at one time. ”

"Yes, I understand, what I want to know is how you change it. Xu Xin didn't let go of it.

Chu Yuan Xixin said in his heart, don't you know? We have a special social network, but we can't say Ah kiss now! Xu Xin's sudden problem is definitely a bad taste, because this round of financing has nothing to do with her, she has already come in when she Pre_A, and it is impossible to increase her share in the A round, which has been said a long time ago, unless Xiaokang gets out of the state of over-raising.

The so-called over-offering means that the subscription is forever when the shares are issued, which means that the upper limit of the fundraising is exceeded, and this state usually occurs at the time of the A-share IPO because of the distorted speculation ecology of "undefeated new shares".

The roadshow is a public solicitation of investors, and the open financing of attractive projects will produce a state of more wolves and less meat, which is the only small advantage of the public roadshow of star projects, which helps to boost valuation.

However, it is also beneficial for Xu Xin to get to the bottom of the matter, and if Chu Yuanxi can still come up with convincing reasons to explain that the future is beautiful and the efficiency of burning money is super high, then the valuation will also be solid. Inflated valuations are like castles in the air, and at the end of the day, everything is important in the capital markets, but the most important thing is reputation and confidence.

So Chu Yuanxi thought about it and said: "First of all, this data looks pretty bad, but it was even worse before, the number of members a month ago was more than 1,000 nods, and it rose by 150% in a month before the 10th." In terms of growth rate, it is actually okay, especially in the same period, the number of paying users has only increased by more than 10,000 people, and the conversion efficiency of users from 'paid' to 'member' has increased by more than ten times. This shows that the work we've done is slowly transforming the minds of users over time. ”

In fact, this statement is a comfort, because the amount of data is too small, and it is too far from the original world. At that time, the original world shared bicycles without exception required a deposit, and many users paid a deposit when riding because they did not trust, and returned the deposit immediately after riding, which was not too troublesome at all. The well-off bicycle without a deposit is so dazzling in the world of shared bicycles, and the number of members has risen dramatically.

And now, everyone doesn't need to deposit, the advantages of this model were leveled in an instant, only riding is free, and the data growth rate is okay in the eyes of others, but in Chu Yuanxi's eyes, it is like a slap in the face.

However, when he finished speaking, he swept his eyes down the stage, and found that many investors nodded their heads in approval!

The villain in his heart rubbed his hands, Chu Yuanxi instantly had a bottom, and said eloquently: "Regarding the adjustment of this point, there are nothing more than two ways. The first is to provide more valuable membership services, and at the same time provide registered members with the opportunity to try them, so as to refresh the minds of users and make them realize the value of these services. Second, the service provider makes a differentiation, which is equivalent to creating some reasons for users to pay membership fees. ”

"This is too empty, have you done it?" Xu Xin continued to clamor.

This time, Chu Yuanxi stopped doing it, and clasped his palms together with a "snap": "What I do is online content, online content pulls core data, and the function has begun to be developed." As I reported when I summarized the work just now, the online content of Milestone 6 was developed in advance, and don't ask for details, asking is confidential. ”

Xu Xin had no choice but to give up. In fact, if you really want to investigate, you can find out what functions are currently being developed by the development team of Xiaokang, but this is a series of functions, even if you can find out each module, it is useless to not know how to combine and how to operate.

Therefore, the only content of this well-off that is currently kept secret by Chu Yuanxi, Xu Xin found that he still has to endure it until next year to see the clues.

In fact, the data of Xiaokang is quite good in her opinion, the key is that the efficiency of burning money is not low, each step has a basis, and the use of time is also very reasonable, which is equivalent to saving a wave of energy to Milestone 4. The speed of opening this store is a little slower than that of Luckin, but in horizontal comparison, it is much faster than other convenience store companies.

The key is that Chu Yuanxi's previous boasting has been cashed out, so Xu Xin has no doubts about the numbers on this form, and feels that they can also be cashed. If you can really cash in without discounting, the efficiency of burning money is not ordinarily high, it will definitely exceed Luckin, probably not as good as Pinduoduo, but it should not be compared with Pinduoduo.

Seeing Xu Xin sit down, Hu Shiheng felt that the first half would be fine, so he threw out the last question before the final halftime break: "How much do you plan to increase your A round valuation." ”

Chu Yuanxi said in his heart that your question is too direct, isn't it? However, Hu Shiheng did not participate in the Pre_A, he was introduced by Xu Xin long after the Pra_A of Xiaokangrong, and the first time he met Chu Yuanxi was in early June. So this A round must be led by him, of course, I care about how much it has risen.

Chu Yuanxi pretended to be embarrassed and touched the back of his head, and then directly reported the number: "The par value of each share is 18 yuan?"

Hu Shiheng said in his heart that you are also ruthless, right? It has risen by 20 percent, and the well-off angel wheel is 200 million, with a face value of 1 yuan per share, Pre_A it is based on the valuation of 3 billion yuan before financing, and the face value has risen to 15, but this is very normal, because it crosses the round. Why is this 15 up 18 in the same round?

But after thinking about it, there is no need to be entangled, Hu Shiheng and Chu Yuanxi actually talked more deeply than Xu Xin, because he is an investor with many entrepreneurial experiences, so he is not the kind of person who only looks at data, trend research and judgment is more important, and the positive trend of convenience stores is obvious, and the promotion of policies has almost formed a new outlet. Thinking about it in this sense, it is a loss if I don't get a bargain, but it hasn't risen to the sky......

So many Pre_A didn't invest in it and thought about investing in the A round, waiting for Hu Shiheng to bargain, but they found that Hu Shiheng was silent after asking?

After a short intermission, officially called a tea break, Chu Yuan Xi drank saliva for a long time, and heard a bunch of strange theories.

For example, Liu Lu pulled an investor she knew and said: "It's normal for prices to rise, isn't it common for you to buy and sell A-share stocks, and suddenly the state issues a big policy and then the main force pulls up and builds a position? ”

Chu Yuan Xixin said that your ability to speculate in stocks has risen, sister, but don't you have to shake and wash the market after this kind of pull-up?

Another investor pulled Xu Xin and asked: "Sister, Xiaokang and the Ba people seem to have related transactions, right? And they are both buyers of services, will they wash the money through the Ba people? Otherwise, I think the Ba people are very rich, why didn't they invest a penny in the Ba people?"

Chu Yuanxi couldn't help but look at this investor with admiration, and this person may not know that the Ba people have recently cleared out a few old shareholders, and they have become more suspicious and opaque!

I only heard Xu Xin say slowly: "I'm not worried, Chu Yuanxi invested 100 million by himself." Besides, Chu Yuanxi's previous entrepreneurial experience I think is also reliable, this kind of blind guessing is it, just close your eyes and vote. ”

Chu Yuan Xixin said that you are too direct, right?

Unexpectedly, Yuan Jing also made fun, and said in the past: "That's right, yes, if you buy it, you earn it, the A round valuation of 500 million dollars looks expensive, so it's a big deal, right? Ali If Ali had done a A round of 500 million dollars, would you not invest? 5 billion you rushed to invest." ”

Chu Yuanxi was really afraid of them. The atmosphere in this conference room is not expected to be more fanatical, a bit like a stock business hall, especially when the bottom of the policy market is good, shareholders will be inexplicably infected after walking in, and they will buy and buy without thinking about it, no matter what they buy.

This kind of situation is something he has not experienced in his original world, and the financing of the well-off in the original world is basically switching between hunger and thirst, and it is always a buyer's market. He couldn't help but stare at Xu Xinhuan's back, and said in his heart that the big guy deserves to be the big guy, really powerful, it seems to be making trouble in the roadshow, but it is actually a means to adjust the atmosphere, how can he still do this? This is a skill that should be recorded and learned repeatedly.

Soon, the coffee break ended, and the second half was a technical Q&A session, not about data, but about business factors such as industry, policy, and trends.

Investors are also divided into genres, not all of them are staring at the data, for example, Hu Shiheng is very good at asking questions in this link. And because Xiaokang has already made a "product", it seems that there are quite a lot of investors who have problems in the practical operation stage.

Hu Shiheng first threw bricks and led the way: "Xiao Chu, do you know the recent movements of 724?"

"I've been paying attention, but I really don't have the energy to keep an eye on it myself. ”

"Ah, then let me tell you, 724 has been working on APP recently. ”

Chu Yuanxi nodded, "Then you can observe what their purpose is for making an APP, but we are not the only one who has an APP in a convenience store, and we have an APP for a long time." ”