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- wxiaohuawxiaohua
  ·2021-06-20
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  Fudan students' IPO rings the bell: second-hand business, supporting a market value of 23 billion
  陈雪峰带队，从手机回收业务做到230亿元市值——这门二手生意，可能要比想象中大得多。
  Fudan students' IPO rings the bell: second-hand business, supporting a market value of 23 billion
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- wxiaohuawxiaohua
  ·2021-06-19
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  JD.com released the final battle report of 618: the cumulative order amount exceeded 343.8 billion
  北京时间6月19日凌晨消息，京东发布618最终战报：2021年6月1日0时至6月18日24时，2021“京东618，18周年庆”累计下单金额超3438亿元，创下新的纪录！这是给消费者带来最佳体验的最
  JD.com released the final battle report of 618: the cumulative order amount exceeded 343.8 billion
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The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/9b42ac0240157c2dce4e4489148b0ecf\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><h2><b>Fudan students collect garbage</b></h2><h2><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></h2>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p><img src=\"https://static.tigerbbs.com/b6af5cff89138ef2cea5ad57425f38b8\" tg-width=\"866\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><h2><b>First investment of $2 million</b></h2><h2><b>Once unrecognized, TS was torn up twice</b></h2>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><h2><b>There are also many well-known VC/PE behind it</b></h2><h2><b>Why are they eyeing the second-hand market</b></h2>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Xiaoxiong u Rent, Panghu Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><h2><b>An undervalued industry, JD Kuaishou is also here</b></h2><h2><b>The 41-year-old founder is worth 2.5 billion</b></h2>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/526a17c20fb88313ccdc5e2c620cc835\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fudan students' IPO rings the bell: second-hand business, supporting a market value of 23 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFudan students' IPO rings the bell: second-hand business, supporting a market value of 23 billion\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资界</strong><span class=\"h-time small\">2021-06-19 09:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last night, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>According to news from the investment community on June 18, China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>) The Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in China. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/9b42ac0240157c2dce4e4489148b0ecf\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><h2><b>Fudan students collect garbage</b></h2><h2><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></h2>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p><img src=\"https://static.tigerbbs.com/b6af5cff89138ef2cea5ad57425f38b8\" tg-width=\"866\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><h2><b>First investment of $2 million</b></h2><h2><b>Once unrecognized, TS was torn up twice</b></h2>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><h2><b>There are also many well-known VC/PE behind it</b></h2><h2><b>Why are they eyeing the second-hand market</b></h2>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Xiaoxiong u Rent, Panghu Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><h2><b>An undervalued industry, JD Kuaishou is also here</b></h2><h2><b>The 41-year-old founder is worth 2.5 billion</b></h2>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/526a17c20fb88313ccdc5e2c620cc835\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1274541962332165\">投资界</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b42ac0240157c2dce4e4489148b0ecf","relate_stocks":{"JD":"京东","QNETCN":"纳斯达克中美互联网老虎指数","RERE":"爱回收","09618":"京东集团-SW"},"source_url":"https://36kr.com/p/1274541962332165","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144708997","content_text":"昨晚，80后复旦学子率队站上了IPO敲钟舞台。\n投资界6月18日消息，中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊u租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9,"09618":0.9,"JD":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":2900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162659804,"gmtCreate":1624062466808,"gmtModify":1703827810793,"author":{"id":"3587069938224019","authorId":"3587069938224019","name":"wxiaohua","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587069938224019","authorIdStr":"3587069938224019"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162659804","repostId":"1146581762","repostType":4,"repost":{"id":"1146581762","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624032367,"share":"https://ttm.financial/m/news/1146581762?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:06","market":"us","language":"zh","title":"JD.com released the final battle report of 618: the cumulative order amount exceeded 343.8 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1146581762","media":"老虎资讯综合","summary":"北京时间6月19日凌晨消息，京东发布618最终战报：2021年6月1日0时至6月18日24时，2021“京东618，18周年庆”累计下单金额超3438亿元，创下新的纪录！\n这是给消费者带来最佳体验的最","content":"<p>News in the early morning of June 19th, Beijing time,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The final battle report of 618 was released: From 0:00 on June 1, 2021 to 24:00 on June 18, 2021, the cumulative order amount of 2021 \"JD.com 618, 18th Anniversary Celebration\" exceeded 343.8 billion yuan, setting a new record!</p><p>This is the best proof of bringing the best experience to consumers; It is also the best result of creating a good operating environment and a large number of assistance measures to help partners achieve strong growth; It is the best embodiment of helping rural revitalization, promoting employment, reducing carbon emissions, and creating more value for society.</p><p><img src=\"https://static.tigerbbs.com/4bdbbcff030412e8bba7e0b9f389964c\" tg-width=\"630\" tg-height=\"283\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD.com released the final battle report of 618: the cumulative order amount exceeded 343.8 billion</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJD.com released the final battle report of 618: the cumulative order amount exceeded 343.8 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News in the early morning of June 19th, Beijing time,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The final battle report of 618 was released: From 0:00 on June 1, 2021 to 24:00 on June 18, 2021, the cumulative order amount of 2021 \"JD.com 618, 18th Anniversary Celebration\" exceeded 343.8 billion yuan, setting a new record!</p><p>This is the best proof of bringing the best experience to consumers; It is also the best result of creating a good operating environment and a large number of assistance measures to help partners achieve strong growth; It is the best embodiment of helping rural revitalization, promoting employment, reducing carbon emissions, and creating more value for society.</p><p><img src=\"https://static.tigerbbs.com/4bdbbcff030412e8bba7e0b9f389964c\" tg-width=\"630\" tg-height=\"283\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4bdbbcff030412e8bba7e0b9f389964c","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","JD":"京东","09618":"京东集团-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146581762","content_text":"北京时间6月19日凌晨消息，京东发布618最终战报：2021年6月1日0时至6月18日24时，2021“京东618，18周年庆”累计下单金额超3438亿元，创下新的纪录！\n这是给消费者带来最佳体验的最好印证；也是创造良好运营环境以及大量帮扶措施，帮助合作伙伴实现强劲增长的最好成果；更是助力乡村振兴、促进就业、降低碳排放，为社会创造更多价值的最好体现。","news_type":1,"symbols_score_info":{"JD":0.9,"QNETCN":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":1722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}