As the star enterprise of the pet track, the new Ruipeng has been concerned by the market for a long time and has been pushed into the "spotlight" since it submitted its prospectus.

And why does the new Ruipeng continue to affect the market vision? Where should investors start to understand and understand their investment value?

The author believes that the new Ruipeng business plate contains important investment clues.

As we all know, China's pet market is in the ascendant, has great potential, has become a new consumer force that can not be ignored, but also gave birth to a new term-"its economy".Pet health care is a high-value and advantageous area of its economy, corresponding to greater penetration space, higher consumption and higher frequency of services, as well as higher barriers to entry.

Xin Ruipeng, formerly one of the earliest pet hospitals in China, cut into China's pet market from the field of pet medicine, and gradually developed into an absolute leader in the field, forging core competencies.

On this high-quality foundation base, the new Ruipeng has also successfully extended the business boundary and evolved into an integrated digital ecological platform covering the whole value chain. At present, it has formed pet medical services, supply chain services and local life.Serve the three pillar businesses, and develop third-party diagnostics, veterinary continuing education and industry-level enterprise services.His business sector has built a six-in-one ecosystem.

Such a development path and a leading and complete pattern can be said to have high value and sustainability, but also difficult to replicate and compete.It is also conceivable that for a long time now and even in the future, New Ruipeng will be the pet industry.One of the most important participants who have the most opportunity to share the fruits of the booming industry.

From a further analysis, the six plates and an ecosystem also help sort out the clear value context of the new Ruipeng, which might as well be discussed in turn.

1. Pet medical treatment shows the characteristics of specialization and scale, and has remarkable advantages in development.

In contrast to the growing and strong demand for pet medical care, the distribution of pet medical resources in China is seriously uneven, mostly operated by single-store pet clinics and small pet hospital chain stores, such market participants are usually professional water.The level is low and the scale benefit is not high. From a long-term perspective, the imbalance between supply and demand is bound to lead to reform.The advantages of head enterprises will become more and more obvious.

New Ruipeng has developed into the largest pet hospital chain in China, which is characterized by specialization and scale. AndAfter years of precipitation, it has the standardized level of diagnosis and treatment and formed a unique graded diagnosis and treatment system.These two points have also become the best in terms of medical ability and customer service in the field of pet medicine in China.Practice.

Specifically, in terms of core medical capabilities, New Ruipeng has always adhered to the nature of medical care and is in the forefront of the industry.

For example, Xinruipeng has formulated a comprehensive and strict medical compliance policy, and is one of the few pet hospitals that have developed a clinical decision support system for pet medical services (CDSS) in the industry.With the help of smart medicine to assist doctors in diagnosis and treatment, the risk of misdiagnosis is greatly reduced. Xin Ruipeng is also a forerunner in the comprehensive integration of pet ecosystem (1+P+C, that is, central hospital, specialist hospital and community hospital), so that medical resources can give full play to their value.It also establishes a good foundation for the cultivation of deep medical treatment and interdisciplinary ability.

The management of the company also said, "in the future, the hospital business will continue to pursue higher standards of medical capacity, which is on a par with the highest level of diagnosis and treatment in the world, so that the lives of Chinese small animals can be longer." It can also be seen that the new RuipengshenThe determination and development thinking of ploughing medical ability.

In terms of operation and management, New Ruipeng has achieved multi-faceted improvement of efficiency and efficiency.

First, the new Ruipeng already has a scale advantage in market coverage, and its larger scale determines that it can reduce procurement and other costs compared with comparable companies in the same industry. Moreover, this logic has existed for a long time. First, the scale of the new Ruipeng is in the lead.Strong, difficult to catch up in the short term; second, as mentioned above, the advantage of the head enterprise will become more and more obvious.

As of September 2022, Xinruipeng operates 1942 pet hospitals covering 31 provinces and 114 cities. According to Frost Sullivan's report, the number of pet hospitals it holds (data at the end of 2021)Ranking first in the industry, three times the total number of pet hospitals held by the second to tenth places in the industry.. From the perspective of brandNew Ruipeng operates more than 20 brands, such as Ruipeng Pet, Wachovia, Barbie Hall, pet Yisheng and so on.Pet owners who meet different needs.

Second, the new Ruipeng has set up a complete digital intelligence business system to strengthen management efficiency and efficiency.

In addition to smart medicine, Xin Ruipeng also focuses on intelligent service and intelligent management, forming a complete intelligent pet hospital system, which can improve the end of the hospital according to the business improvement points of each hospital.Dynamic generation optimization promotion strategy to improve the efficiency of managers and maximize the expansion of business management and servicesGranularity, finally strengthen the management efficiency and efficiency of pet medical business, and achieve large-scale cost reduction and efficiency.

Third, the 1+P+C system provides further help to enable the new Ruipeng to achieve higher economies of scale.

In fact, the 1+P+C system not only provides pet life cycle medical services to meet the different needs of pet owners, but also helps New Ruipeng enhance synergy, cross-selling, and effectively coordinate resources, thus greatly improving transportation.Camp efficiency.

2. The supply chain business has formed remarkable competitiveness and the future prospect is optimistic.

Also benefiting from specialization, scale and numerical intelligence, especially the obvious cost advantages brought about by scale, New Ruipeng has formed a significant competitiveness in the supply chain business, including superior price, lean quality, efficient operation, etc.Let it become the largest and few supply chain service providers with advanced collection capability in China's pet industry.

At present, Xin Ruipeng has established an one-stop pet professional supply with the integration of logistics, business flow, capital flow and information flow as the carrier to provide wide procurement, deep distribution, brand customization, digital service, new retail and other characteristic services.Should chain service platform (that is, run the supply chain).

Further focus, its significant competitiveness in the supply chain business, can also be seen from many aspects.

In terms of business operation, take the breadth of purchasing services as an example, Xinruipeng is usually able to ensure the supply of new products six months to a year ahead of the industry, and exclusively obtain hot products of high-quality brands, with a stable supply chain and a price.advantage.

In terms of service network, it has formed a huge scale and maintained the trend of growth.As of September 2022, the new Ruipeng supply chain service network covers more than 100 major cities across the country, providing services to more than 45000 pet stores, hospitals, clinics and other places across the country.

More intuitively, reflected in the financial performance, the new Ruipeng supply chain service has achieved rapid growth and has become one of the company's important growth poles. In 2021, the revenue of this business reached 1.28 billion yuan, a year-on-year growth rate of more than 110%.Revenue reached 1.573 billion yuan in the first nine months of 2022, an increase of 78.6 percent over the same period last year.

Looking to the future, the development of new Ruipeng supply chain service is still optimistic and has broad growth prospects.

First, due to the expansion of market demand by the industrial boom, and the fact that small and medium-sized enterprises pay more attention to efficiency, reducing costs and increasing efficiency, they choose to embrace the cognitive change of platform ecology; second, taking into account the company's digital intelligence genes, with the subsequent digital intelligenceContinuous construction may build more efficient warehousing and distribution, further strengthen the company's cost advantage and bring high efficiency.Service experience, and will bring full-link integration industry acceleration channel to build S2D2B2C for own brand.It is possible to open the increment in many ways.

3. Integrate the online and offline retail system to enhance the profit growth momentum of the company.

Local services, represented by Dr. Ah Wen, constitute the third growth pole of the new Ruipeng. Although, in terms of scale, local services account for only about 10% of revenue, compared with the two pillars of pet health care and supply chain services.There is a large gap in business, but its significance for the long-term development of New Ruipeng is no less than that of the first two businesses.

Under the influence of many factors, such as the improvement of people's income level, the obvious trend of consumption upgrading and the change of consumption concept, people's demand for local life services is increasing day by day. New Ruipeng Group develops local life business and develops beauty successively.Tuan takeout, ele.me, JD.com home, A smell home and other channel business, through the front warehouse, store layout constructionA city local commodity service network has been set up to provide one-hour goods-to-home service.

It is not difficult to find that one of the major features of Xin Ruipeng's local service is "online + offline". This can greatly enrich the customer-oriented SKU of the hospital port with the help of the network effect, and at the same time make up for the main reliance of the company's first two businesses.The short board of generating income is realized in the offline environment, which expands the traditional business scene of commodity sales and enables it to sell offline.The way of transformation and repurchase of online goods not only meets the multi-faceted needs of customers, but also brings more for the company.Multiple profit growth points.

In addition, the first two pillar businesses have high requirements for offline scenarios and infrastructure construction, whether it is pet hospital construction, mergers and acquisitions, warehouse operation and inventory management, which require heavy investment and high cost.The increase in body gross margin creates pressure. Local services can break through the limitations of physical scenarios and stand on the company's existingThe level of gross profit margin continues to rise above the infrastructure dividend, and this trend continues with the expansion of scale.The space to rise.

To some extent, the local service of New Ruipeng is the extension of its supply chain advantage. According to its prospectus, 38% of new Ruipeng's customers have purchased the company's products and services through other channels. There is no doubt that this part of the customer is facing the public.The products and services of the company are highly recognized, but Xin Ruipeng's supply chain business is mainly oriented to the B side and has failed.Covering this kind of customers, and relying on its own supply chain advantages, New Ruipeng can rely on higher quality and lower quality.The advantage of cost is reached and transformed into the company's local service business.

4. the third-party diagnosis fills the "gap" at the supply side and helps the industry to advance together.

As mentioned above, the distribution of pet medical resources in China is seriously uneven. in fact, most pet hospitals are able to carry out routine laboratory testing projects, but often do not have the ability to carry out some highly targeted professional tests.Test the conditions and capabilities of the project, which leads to a "gap" on the supply side. And, from the point of view of economic benefitsIt is the best choice to carry out testing with the help of a large third-party laboratory, which can ensure the testing quality and improve the service efficiency.The rate and price are also more advantageous.

It also shows that the market demand for third-party diagnosis is real and may continue to expand.

In this regard, the new Ruipeng has set up a diagnostic division, which combines the third-party reference laboratory, in-hospital laboratory equipment / consumables, and in-hospital imaging diagnostic equipment to serve the basic and high-end clinic of domestic pet hospitals.Diagnose needs, assist clinicians to improve diagnosis and treatment ability, customer satisfaction, and increase pet hospital income.

It is worth noting that the third-party reference laboratory of Beast Hill is rapidly seizing the market and becoming a leading brand in the pet testing industry. The international third-party reference experimental standards are in accordance with Chinese CMA, CNAS and ISO9001.Certified and has independent laboratories in Beijing, Shanghai and Chengdu. Data as of April 2022 showWuqiu Shanghai Laboratory has provided more than 50% of Shanghai local pet hospitals with services for more than one year.

In addition to the above laboratories, Wuqiu also plans to use two major laboratories in Guangzhou and Wuhan to further expand the scope of business, while operating the laboratory of Shenzhen Waite Central Hospital. This may indicate that it is intended to consolidate the radiation capacity of the business.Provide accurate and reliable testing services for pet hospitals across the country, and promote the development of pet medical industry in China.

5. Veterinary training builds talent barriers to provide long-term momentum for the development of the industry.

Compared with the United States, the Chinese pet market is still in the early stage of development, and the huge space for development is waiting for powerful players to give full play to their abilities. However, the long-term development of any industry is inseparable from the succession of high-quality talents.Only in this way can a sustainable industry ecology continue to function normally.

The cultivation of high-quality talents is inseparable from the continuing education close to the reality of the industry. at present, clinical veterinary education in China is biased towards generalist education, and it is difficult for students to master the skills needed to complete their practical work.They continue to receive vocational education of clinical veterinarians in social work, and constantly improve their knowledge reserve and clinical practice.experience.

In view of this, as a pioneer in the pet medical industry, Xin Ruipeng has created the brand of "Duoyue Education" and entered the field of veterinary continuing education. It is reported that Duoyue is committed to creating an education suitable for the lifelong growth of employees in the pet industry.Is a company covering veterinary assistants, general veterinarians, specialist veterinary training, pet industry business management training, teachingEducational collection of product research and development, knowledge service design, online and offline services, personal and corporate services团。

The implementation of vocational education is not only to set up schools and teach students, but also to carry out continuous targeted education according to the changes of the educatees' own conditions.

To this end, on the one hand, Xin Ruipeng strengthened its cooperation with first-class vocational colleges, carried out joint school-running projects, and intervened from the early stage of talent training; on the other hand, through the "Eagle Cup" small animal physician skills contest, "new"Ruipeng Summer overseas Summer Camp and other projects, the new Ruipeng enables students to develop practical skills in advance to adapt to the future.The rhythm of professional life.

In addition to offline education, Duoyue builds a digital ability model for users through online education platform Zhiyue APP, so that users can better understand their learning needs and match their learning content.

Moreover, while vigorously developing pet clinical education, Duoyue will simultaneously expand related business education, which will help 300000 related practitioners to make progress and development in the future.

Not only for the education of individual practitioners, Duoyue can also provide industry-level corporate services to corporate customers, from demand research, lecturer selection, course teaching design, implementation landing, student service, market promotion, effect management.Manage and export a package of solutions. It is reported that Duoyue has been Shuoteng, Boehringer, Lilan, Nestle Prenner and so on for a long time.World-renowned enterprises provide teaching, research and teaching services.

From this point of view, it is through a systematic training program that Duoyue creates high-quality pet industry talents who can develop continuously and iteratively, and builds a towering talent competition barrier for the long-term layout of New Ruipeng, as well as for the whole industry.Large, thick infrastructure, a continuous supply of running water, to achieve common progress of the whole industry.

6. enterprise service enabling brand to reap the growth dividend of the whole industry.

Enterprise service is another important exploration of new growth momentum by Xin Ruipeng.

As mentioned above, although there is no need to say much about the growth rate and space of China's pet consumption market, it is an indisputable fact that the development of the industry is still in the early stage, and consumers have low trust in the supply-side brands, which is not conducive to the industry as a whole.Development.

To this end, relying on the resources such as New Ruipeng Pet Medical Group, Runhe supply chain Group, Duoyue Education Group and pet industry marketing network, New Ruipeng tries to build an industry-level marketing center and is committed to becoming a pet.The accelerator of brand marketing and sales development in the material industry, which in turn catalyzes the faster growth of the whole pet industry.

Looking at the development of the pet industry from another perspective, consumers' awareness of the relevant brands is relatively low, which means that the sooner they can occupy the mental heights of consumers and form brand advantages, they will be able to do so in the longer term.Continue to gain more market share, so brands also urgently need at this critical timeThe window gets marketing support.

To this end, New Ruipeng improves its enterprise service business model from four aspects: multi-dimensional channel expansion to promote brand sales growth; reshaping industry marketing form and increasing brand exposure; industry-level R & D resources and dataAsset sharing to build a better ecology of the industry; efficient allocation of industry assets to help brands sail.

Generally speaking, through its own platform advantages, New Ruipeng empowers a large number of brand partners in marketing. On the one hand, it can realize the realization of traffic, on the other hand, it can firmly occupy the C of the pet ecosystem.Win-win cooperation with many excellent brands and fully enjoy the long-term growth dividend of the industry.

7. Conclusion

Pet health care, supply chain, local life services, third-party diagnostics, veterinary education and industry and enterprise services work together to depict the basic disk of Xin Ruipeng that "there is a basic guarantee under it and there is a broad space above", an evolvingThe image of pet integrated ecological platform is becoming clear gradually.

It can be expected that, according to Xin Ruipeng's business blueprint, whether you are a pet owner, a related employee or a related enterprise, you will be able to find the products and services you need on this platform and gradually precipitate into this.Part of the ecosystem follows the law of network effect, and as more nodes are incorporated into this ecological platform,The long-term value will show a geometric multiple growth, so it is not difficult to understand why the new Ruipeng can get so many.The recognition of capital.