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“The first unmanned retail stock” rose more than 40% on the first day of listing. Ant Group held 16.20% of shares, with Nai Xue and Shang Tang as cornerstones

Securities Times · Nov 4, 2023 15:16

来源：证券时报

作者：钟恬

香港IPO市场再现回暖迹象：被称为港股“无人零售第一股”的$友宝在线 (02429.HK)$昨日正式上市，其开盘后股价高歌猛进，收盘大涨40.87%，总市值为113.7亿港元。

友宝在线此次IPO引入4名基石投资者，其中奈雪认购6191万港元、商汤认购2722万港元。而此前友宝在线已在一级市场中获得蚂蚁集团、春华资本等机构的青睐。此次IPO后，蚂蚁集团持有友宝16.20%的股份，为最大外部投资方。

友宝在线登陆港交所

四季度以来，在港交所挂牌的新股上市后普遍走好，昨日上市的智能零售终端专业平台服务商友宝在线也不例外。友宝在线以12.5港元开盘，较发行价10.35港元上涨20.77%，之后一路走高，收盘大涨40.87%至14.58港元，成交总额为6286万港元。

此次IPO，友宝在线发售价为每股10.35港元，全球发售2257.65万股H股，预期募资总额2.34亿港元(无超额配股权)，扣除包销佣金及上市开支后，募资净额约1.549亿港元。

据悉，友宝在线香港公开发售部分获大幅超额认购，共录得5308份认购，合共认购股份相当于初步可供认购香港发售股份总数的约11.29倍;国际发售部分获小幅超额认购，相当于可供认购国际配售股份数目的约1.41倍。

友宝在线本次IPO募资所得，约80%将用于扩大点位网络覆盖面及渗透率，计划在中国大陆的一线、新一线、二线及三线城市的学校、工厂、餐厅、办公场所、公共场所及其他优质场所等不同消费场景增加点位数目;约5%将用于进一步发展运营能力以及通过在中国内地各地建设及升级仓储及/或物流系统以增强仓储存货管理能力;约7%将用于进一步发展研发能力以及提升运营系统及自动售货机的技术;约8%用于营运资金和其他一般公司用途。

作为中国内地无人零售经营商，友宝在线的主营业务是以智能自动售货机为销售形式，通过线上、线下两种渠道销售饮料、食品等日用快消品，并辅之以售货机销售、租赁及售货机广告、陈列等相关增值服务。

根据弗若斯特沙利文的资料，以2022年商品总额计算，友宝在线所占市场份额为7.6%。弗若斯特沙利文的数据同时显示，以交易商品总额及网络规模计算，于2019年至2022年，公司在中国内地无人零售行业均排名第一。截至2023年6月30日，友宝在线的点位网络有61888个自动售货机友宝点位，遍布中国内地157个城市及28个省级行政区，其中有87.3%集中于一线、新一线及二线城市。截至同日，友宝在线的累计交易笔数达54亿笔，累计可识别交易用户数达3.545亿名。

友宝在线的上市之路一波三折。公司曾于2016年2月在新三板挂牌，2016年下半年入选为创新层企业，随后于2019年3月摘牌。离开新三板之后，公司先后三次向港交所递交招股书，分别在2022年5月27日、2022年12月16日和2023年8月21日，第三次冲刺港交所终于成功圆梦。

备受资本青睐

值得一提的是，本次IPO，友宝在线引入4名基石投资者，包括$奈雪的茶 (02150.HK)$、$商汤-W (00020.HK)$旗下的SensePower、马六甲网络及魏晋兵(DigCom董事)，总认购金额约1.16亿港元，占基础发行规模约49.5%。

其中，奈雪的茶认购约6191万港元(包括交易佣金费用等)、商汤通过SensePower认购约2722万港元，魏晋兵认购约1563万港元、马六甲网络科技认购1078万港元的发售股份(包括交易佣金费用)。

事实上，友宝在线自成立以来一直深受资本青睐，获一众知名机构加持，公司为阿里系新零售生态的重要合作伙伴。

友宝在线的创始人王滨一直活跃于互联网圈子，其创办的网兴科技，是国内首批SP业务公司之一，3年之后以1.25亿美元卖给新浪。王滨在2004年到2010年曾经担任新浪高级副总裁兼无线事业部总经理，全面负责新浪无线业务的运营和管理工作。此外，其投资创立的淘米网于2011年在纽交所上市。

2011年，王滨创办了友宝在线。王滨自己投资了500万，随后赢得了银泰集团创始人沈国军的第一轮1亿元融资。2011年12月，友宝在线完成风和投资和汉能创投投资的数千万美元A轮融资，此后又相继获得云锋基金、华住酒店集团、北极光创投、凯雷亚洲基金等一线投资机构的青睐。友宝在线在新三板挂牌后多次实施定增，引入华夏海纳投资，中信建投资本、中金资本、蚂蚁集团等明星机构。2019年3月摘牌后，友宝在线还完成了一轮16亿元的战略融资，由蚂蚁集团领投，春华资本跟投。

招股书显示，友宝在线在上市后的股东架构中，一致行动人王滨、陈昆嵘，分别持股约17.38%、3.97%，合计持股21.35%。蚂蚁集团持股16.20%;春华资本通过春华荣顺持股5.40%;共青城畅游持股2.07%;国信能源基金持股0.85%;其他包括中金启元、公司的员工激励平台深圳友汇等293名股东合计持股约36%。

三年半净亏损达18亿元

不过，自动售卖机行业在高速发展的同时也不可避免地面临着一些挑战。对于友宝在线来说，就是最近三年多处于亏损状态。

2020年至2022年及2023年上半年，友宝在线的收益分别约为19.02亿元、26.76亿元、25.19亿元及12.53亿元;期内利润分别为-11.84亿元、-1.88亿元、-2.83亿元及-1.47亿元。经计算，友宝在线三年半累计亏损约为18.02亿元。同期，友宝在线的经调整净利润分别为-9.73亿元、-1.70亿元、-2.61亿元及-9128.1万元。由此可知，友宝在线近三年半经调整净利润累计为亏损约为14.95亿元。

同期，友宝在线的经营活动所得现金净额分别为-3194.8万元、1.79亿元、1.54亿元及1.86亿元。

招股书显示，友宝在线主要业务是自动售货机销售商品的智慧零售业务。2020年至2022年以及2023年上半年，该业务营收分别为13.37亿元、19.15亿元、19.75亿元、9.87亿元，分别占总营收70.3%、71.6%、78.4%及78.8%，比重逐年升高。友宝在线表示，为推动整体收益增长及实现长期规模盈利能力，计划在中国的一线、新一线、二线及三线城市的学校、工厂、办公场所、公共场所及其他优质场所类型等不同消费场景增加点位数目;计划以中国一线及二线城市为战略重心，利用合伙人模式于全球发售后两年内开设约18000个新点位。

根据弗若斯特沙利文的资料，中国内地无人零售市场渗透极低，于2022年，中国大陆每千人口拥有自动售货机的平均数量仅为0.8台。截至2022年12月31日，中国自动售货机仅覆盖国内潜在可摆放场地的8.8%，有关自动售货机覆盖下的线下场地渗透率预计到2027年可增长至15.6%。其预计，中国内地自动售货机零售市场规模将从2022年的人民币289亿元增长至2027年的人民币739亿元，复合年增长率为20.7%。

由此可见，自动售货机在线下零售场景具有广阔的发展前景。友宝在线表示，相信点位网络扩展计划有强大的行业潜力及消费者需求支持。通过提升点位网络的点位密度，预计将能够更好地管理点位的进货及营运，可节省及更高效管理物流及运营成本，并从规模经济受益。

编辑/new

Source: Securities Times

Author: Zhong Tian

The Hong Kong IPO market is showing signs of recovery: it is known as the “first unmanned retail stock” of Hong Kong stocks$UBOX ONLINE (02429.HK)$It was officially listed yesterday. Since its opening, its stock price has advanced by leaps and bounds. It closed with a sharp rise of 40.87%, with a total market value of HK$11.37 billion.

Youbao Online's IPO brought in 4 cornerstone investors, of which Nai Xue subscribed for HK$61.91 million and Shangtang subscribed for HK$27.22 million. Previously, Youbao Online had already won the favor of institutions such as Ant Group and Chunhua Capital in the first-tier market. After this IPO, Ant Group held 16.20% of Youbao's shares, making it the largest external investor.

Youbao logs on to the Hong Kong Stock Exchange online

Since the fourth quarter, IPOs listed on the Hong Kong Stock Exchange have generally improved since their listing. Youbao Online, a service provider specialized in smart retail terminals that went public yesterday, is no exception. Youbao Online opened at HK$12.5, up 20.77% from the issue price of HK$10.35. Since then, it has continued to rise, surging 40.87% to HK$14.58, with a total turnover of HK$62.86 million.

In this IPO, the online sale price of Youbao is HK$1,035 per share, and the global sale of 22.5765 million H shares is expected to raise a total of HK$234 million (no over-allotment rights). After deducting underwriting commissions and listing expenses, the net capital raised is approximately HK$154.9 million.

According to reports, the Hong Kong public sale section of Youbao Online was greatly oversubscribed, and a total of 5,308 subscriptions were recorded. The total number of subscribed shares is equivalent to about 11.29 times the total number of shares initially available for purchase in Hong Kong; the international sale portion was slightly oversubscribed, which is equivalent to about 1.41 times the number of shares available for international placement.

About 80% of Youbao Online's IPO proceeds will be used to expand the coverage and penetration rate of the network of points. It is planned to increase the number of points in different consumption scenarios such as schools, factories, restaurants, offices, public places and other high-quality places in mainland China's first-tier, first-tier, second-tier and third-tier cities; about 5% will be used to further develop operational capacity and enhance warehouse management capabilities through the construction and upgrading of warehousing and/or logistics systems across mainland China; about 7% will be used to further develop R&D capabilities and enhance operating systems and vending machine technology; about 8% will be used for operations capital and other general corporate purposes.

As an unmanned retail operator in mainland China, Youbao Online's main business is to sell daily FMCG products such as beverages and food through both online and offline channels using smart vending machines, and is complemented by value-added services such as vending machine sales, leasing, and vending machine advertising and display.

According to Frost & Sullivan, in terms of total product volume in 2022, Youbao Online's market share is 7.6%. Data from Frost & Sullivan also showed that from 2019 to 2022, the company ranked first in the unmanned retail industry in mainland China in terms of total traded products and network size. As of June 30, 2023, the Youbao Online network has 61,888 vending machine Youbao points, covering 157 cities and 28 provincial administrative districts in mainland China. Of these, 87.3% are concentrated in first-tier, new-tier and second-tier cities. As of the same day, the cumulative number of transactions on Youbao Online reached 5.4 billion, and the cumulative number of identifiable transaction users reached 354.5 million.

The path to the listing of Youbao Online has had its ups and downs. The company was listed on the new third board in February 2016, selected as an innovation-level enterprise in the second half of 2016, and then delisted in March 2019. After leaving the new third board, the company submitted prospectus to the Hong Kong Stock Exchange three times. On May 27, 2022, December 16, 2022, and August 21, 2023, respectively, the third sprint to the Hong Kong Stock Exchange successfully realized its dream.

Favored by capital

It is worth mentioning that in this IPO, Youbao Online introduced 4 cornerstone investors, including$NAYUKI (02150.HK)$,$SENSETIME-W (00020.HK)$Its subsidiaries, SensePower, Melaka Network, and Wei Jinbing (Director of DigCom), have a total subscription amount of approximately HK$116 million, accounting for about 49.5% of the basic distribution scale.

Among them, Nai Xue's tea subscribed for about HK$61.91 million (including transaction commission fees, etc.), Shang Tang subscribed for about HK$27.22 million through SensePower, Wei Jinbing subscribed for about HK$15.63 million, and Melaka Internet Technology subscribed for HK$10.78 million of shares (including transaction commission fees).

In fact, since its establishment, Youbao Online has been favored by capital and has won the support of many well-known institutions. The company is an important partner in Alibaba's new retail ecosystem.

Wang Bin, the founder of Youbao Online, has always been active in the Internet community. NetXing Technology, which he founded, was one of the first SP business companies in China. Three years later, it sold to Sina for 125 million US dollars. Wang Bin served as Sina's senior vice president and general manager of the wireless division from 2004 to 2010, and was fully responsible for the operation and management of Sina's wireless business. Furthermore, Taomi, which it invested in and founded, was listed on the NYSE in 2011.

In 2011, Wang Bin founded Youbao Online. Wang Bin invested 5 million yuan himself, then won the first round of financing of 100 million yuan by Shen Guojun, founder of Yintai Group. In 2011/12, Youbao Online completed Series A financing of tens of millions of US dollars from Fenghe Investment and Hanenergy Venture Capital. Since then, it has been favored by first-tier investment institutions such as Yunfeng Fund, Huazhu Hotel Group, Northern Lights Venture Capital, and Carlyle Asia Fund. After being listed on the new third board, Youbao Online implemented fixed increases several times, introducing star institutions such as Huaxia Haina Investment, CITIC Construction Capital, CICC Capital, and Ant Group. After being delisted in March 2019, Youbao Online also completed a round of strategic financing of 1.6 billion yuan, led by Ant Group and followed by Chunhua Capital.

According to the prospectus, in the shareholder structure of Youbao Online after listing, concerted actors Wang Bin and Chen Kunrong held about 17.38% and 3.97% of the shares respectively, for a total of 21.35% of the shares. Ant Group holds 16.20% of the shares; Chunhua Capital holds 5.40% of the shares through Chunhua Rongshun; Komqingcheng Changyou holds 2.07%; Guoxin Energy Fund holds 0.85%; and 293 other shareholders, including CICC Qiyuan and the company's employee incentive platform, Shenzhen Youhui, hold a total of about 36% of the shares.

Net loss in three and a half years reached 1.8 billion yuan

However, while the vending machine industry is developing rapidly, it is inevitable to face some challenges. As far as Youbao Online is concerned, it has been in a state of loss for the past three years or so.

From 2020 to 2022 and the first half of 2023, Youbao Online's revenue was approximately $1,902 billion, $2,676 million, $2,519 billion and $1,253 million respectively; profit for the period was -1,184 million yuan, -188 million yuan, -283 million yuan and -147 million yuan, respectively. According to calculations, the cumulative loss of Youbao Online for three and a half years was about 1,802 billion yuan. In the same period, the adjusted net profit of Youbao Online was -973 million yuan, -170 million yuan, -261 million yuan and -91.281 million yuan, respectively. It can be seen from this that Youbao Online's adjusted net profit for the past three and a half years has been a total loss of about 1,495 billion yuan.

In the same period, the net cash income from Youbao Online's operating activities was $319.948 million, $179 million, $154 million and $186 million, respectively.

According to the prospectus, Youbao Online's main business is a smart retail business where vending machines sell products. From 2020 to 2022 and the first half of 2023, the business's revenue was $1,337 million, $1,915 million, $1,975 million, and $987 million respectively, accounting for 70.3%, 71.6%, 78.4% and 78.8% of total revenue, respectively, increasing year by year. According to Youbao Online, in order to promote overall revenue growth and achieve long-term large-scale profitability, it plans to increase the number of points in different consumption scenarios such as schools, factories, office spaces, public places, and other types of high-quality places in China's first-tier, first-tier, second-tier and third-tier cities; it plans to use China's first-tier and second-tier cities as its strategic focus and use the partnership model to open about 18,000 new locations within two years of global sales.

According to Frost & Sullivan, the penetration of the unmanned retail market in mainland China is extremely low. In 2022, the average number of vending machines owned by mainland China per 1,000 people was only 0.8. As of December 31, 2022, vending machines in China covered only 8.8% of potential domestic placeable sites. The penetration rate of offline venues covered by the relevant vending machines is expected to increase to 15.6% by 2027. It predicts that the size of the vending machine retail market in mainland China will increase from RMB 28.9 billion in 2022 to RMB 73.9 billion in 2027, with a compound annual growth rate of 20.7%.

It can be seen from this that the vending machine offline retail scene has broad prospects for development. Youbao Online stated that it believes the Point Network Expansion Plan has strong industry potential and consumer demand support. By increasing the point density of the point network, it is expected that it will be possible to better manage the purchase and operation of points, save and manage logistics and operating costs more efficiently, and benefit from economies of scale.

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