Shared chargers and shared bikes, the brothers of the sharing economy, are equally up and trolled"reap"Users, on the matter of making money or not, have very different encounters.

As early as the second half of 2018, the head of the shared charging treasure players have already announced profits, and the pattern of "three electricity and one beast" has gradually stabilized.

Shared bicycles, which have always been favored by giants, have shown a strong ability to lose money. The same in 2018, the United States group financial report for Mobay data disclosure let people quite surprised: after the acquisition in April 2018 to the end of the year, Mobay 9 months revenue of 1.5 billion yuan, but during the same period of time, but a loss of 4.5 billion yuan. This is not a "disease", although Hello announced in 2020 is expected to achieve break-even, but have to admit, from the initial ofo and Mobay double oligopoly fierce battle, to today's Hello, Meituan, Qingdiao "tripod", the entire field of bike sharing are Deep in the whirlpool of difficult to profit.

Why sharing charging treasure can make money, but sharing bicycle can not? With the disclosure of the prospectus of the "first share of shared charging treasure" monster, the answer to this question is even more curious, also belongs to the field of sharing economy, charging treasure and bicycle, who can have a good "money"?

why?"two brothers"Big difference in earning power?

Comparing these two tracks, first look at the size.2019In 2007, the market size of shared bicycle can reach twice the size of shared charging treasure, although the market size of shared charging treasure has a higher growth rate.

The 2019 China Sharing Economy Market Data Monitoring Report shows that the scale of the shared bicycle market reached 18.348 billion in 2019, and after a surge in growth rate of 597.23% in 2017, the market stabilized in the following two years, and the growth rate in 2018 and 2019 rapidly fell back to 46.69% and 38%.In 2019, the shared charging Bao market size reached 7.89 billion, a year-on-year growth of 141.57% compared with 3.266 billion yuan in 2018.

In terms of business model, bike sharing and charging treasure sharing have certain similarities, with both revenue sources based on rental income and supplemented by advertising business.

Throughout the several major bicycle platforms, in the case of general deposit-free, the source of income is even more dominated by rental income, including the rental income generated by the bicycle use fee charged by the length of time and the charter services such as weekly and monthly cards, in addition to advertising income. Taking Qinglang Bicycle as an example, in the small program of Qinglang Bicycle, in addition to the code-sweeping bike riding and monthly card service, you can see the obvious advertising promotion.

Monster Charge's prospectus, on the other hand, disclosed that its rental income from charging treasure in 2020 was as high as 96.5%, with advertising revenue accounting for around 1%.

In a situation where we have to rely on rent to survive, it is important to increase prices."make one's own blood"Way. But the same price increase, shared bicycle and shared charging treasure can go up the space is very different.

Shared bicycle to solve the "last kilometer" of the travel needs of some users is a high-frequency demand, focusing on the subway station and home or business district between the mobility, at the same time, many users will have an alternative. The use of shared chargers is a low-frequency need for emergency situations, and users will be less concerned about the rental price and the number of times they will use the charger in the future.

Therefore, at the pricing level, shared charging treasure can set different prices in different scenarios. The general scene price is set at 1-2 yuan per hour, while in the bar, KTV, scenic spots and other scenes, it may be several times higher, up to 10 yuan per hour or even higher; Shared bicycle due to the availability of alternative solutions, and mobility, pricing is basically the same in each city, even if the price increase is difficult to achieve the same as the rechargeable treasure in some specific areas up to ten times the increase. But shared bicycle companies need to pay higher costs than shared charging treasure companies.

Shared charging treasure needs to put more energy on the front-end to grab merchant spots, but after the placement, by the user to rent and return, the later operation and maintenance costs are much smaller.

The highest percentage of Monster Charge's expenses are entrance fees and commissions ($1.576 billion), which account for 56.11 TP3T of full-year 2020 revenue ($2.809 billion).

The product cost and operation and maintenance cost of the shared bicycle, which has a higher frequency of demand and a larger range of mobility, is much higher than that of the shared charging treasure. The tidal effect faced by the shared bicycle, such as work time, the bicycle gathered in office buildings, subway stations nearby, off-duty time to residential buildings and other places, which requires companies to increase a large number of dispatchers, maintenance staff, investing a large number of operation and maintenance costs.

Especially in the early reckless stage of the market, the bike-sharing enterprises are greatly spreading the car to encircle the land, many places "bicycle garbage" piled up into a mountain, which triggered a series of social problems. 2017 onwards, the relevant departments have strengthened the management and regulation of the bike-sharing. Under the gradually strengthened standardized regulation, the benign development of the shared bicycle industry, the refined operation also needs industry players to pay more costs to achieve.

As previously reported by LatePost, the daily O&M expenses for each bike-sharing vehicle are around $0.50-$1. The manufacturing cost of a single vehicle is between $700-$1,100, and with three years of depreciation, the manufacturing cost is amortized to between $233-$367 per year.

In Chengdu, for example, in 2020, the official website of the Chengdu Municipal Bureau of Transportation released the "Public Announcement on the 2019 Chengdu "5+1" Regional Shared Bicycle Service Quality Reputation Assessment and 2020 Annual Share Allocation Results", which mentioned that the number of Meituan bicycles put in place shall not exceed 240,000 units.

That is to say, only in Chengdu, a city, the United States Mission bicycle placement volume if the 240,000 units, a single day of operation and maintenance costs between 120,000-240,000, the annual cost of operation and maintenance costs of 43.8 million-87.6 million yuan, the annual cost of the bicycle manufacturing costs of 55.92 million-88.08 million yuan.

In a way, the profit model of shared charging treasure is better than that of shared bicycle.

Why do giants prefer unprofitable bike sharing?

Enjoy the high cost of the bike, but also to deal with the burning money war, sharing charging treasure can be self-sustaining, the same is the traffic entrance to the offline business, why the giant lose sight of the other?

First of all, the capital wars that these two tracks are in are completely off the scale.

In terms of financing volume, the shared bicycle dumped the shared charging treasure by a few streets. The charging treasure industry's highest moment of glory was 11 financing in 40 days in 2017, and so far the largest single financing is still the monster charging completed before the filing of the prospectus of more than 200 million dollars of Series D. In 2017, JieDian sold 60%'s equity to Jumei Youpin for only 300 million yuan.

The former star of the bike-sharing enterprise ofo completed 11 rounds of financing in three years, the amount of financing is as high as 2.2 billion U.S. dollars; Qinglang bike 2020 completed 1 billion U.S. dollars of A round of financing, the first round of financing will refresh the highest record of single financing in the bike-sharing industry, which is five times the highest amount of financing of a single share of the charging treasure industry.

For a long time, shared bicycle and shared charging treasure are in a situation where one gets high financing and has the courage to carry out a money burning war, and the other has no money to burn.

In 2017, after ofo's "charge 100 get 100" promotion, Mobai also followed suit and launched the "charge 100 get 210" campaign, which is more favorable than ofo. The two companies also often launch a few days, unlimited free rides and other promotional activities.

Shanshui rotating, can only "self-feeding" sharing charging treasure head of enterprises have announced in the second half of 2018 have to realize profits, and at that time, the sharing bicycle price increases can not go up, high product costs, but also face huge late operating costs, the two big star enterprises long-term trapped in a loss-making state, the end is, Mobai was acquired by the United States group, ofo The end is, Mobay was acquired by Meituan, ofo is deep in the capital crisis.

The 2020 epidemic has caused a huge impact on the offline economy, and shared charging treasure is naturally no exception. However, the attribute of sharing charging treasure can make profits quickly, but make it in the epidemic catalyzed by accelerating into the capital "harvest" period. Small electricity and monster accelerated the listing process, while the call and street electricity is through equity financing to replenish blood, street electricity is also in the case of Jumei Youpin holding, in 2021 introduced a new shareholder Ganfeng lithium (holding 12%).

But can make money, does not mean that the giants will be favored, burn money losses, does not mean that not to the appetite of the giants.

In the first half of the shared bicycle, the double oligarchs lost, the bubble burst, but accelerated the layout of the giant in the ecological level of the shared bicycle. By October 2019, Hello, Meituan, Qinglang three accounted for a total of about 95% of the overall market share of the shared bicycle.The three killings are backed by giants. Seemingly, only Hello Travel is in an independent state of operation, but the word Alipay on its bicycle, behind the largest shareholder ant gold service once held a stake of 36.7%, so that it is difficult to clear the relationship with Ali. From the beginning, bike sharing has been the giant's high hopes, because this business is aimed at the last 1-3 kilometers. Hello is Ali's perfect travel segment in the "last kilometer" of the puzzle, is the starting point for cutting into the network car; Mobay bike is the offline traffic entrance of the United States group, is its super life service platform to the travel expansion of the chess piece; Qingkang and street rabbit motorcycle integration, perfecting the two-wheeled vehicle market in the ecology of the drip travel.

To this day, after the "disappearance" of Mobay, Meituan is still in the stage of large-scale investment in the travel segment. In the 2019 half-yearly report, Wang Xing, founder of Meituan, mentioned that the loss of the bike-sharing business narrowed year-on-year, but its 2020 financial report shows that the operating loss of the new business and other segments expanded from 1.3 billion yuan in the fourth quarter of 2019 to 6 billion yuan in the same period of 2020, and one of the reasons for this is that: the introduction of the new bikes and motorcycles has led to significant depreciation costs, which led to the operating loss of the shared riding business. Increase.

"But don't worry, as long as this industry has revenue and development, its capital value is far greater than the actual profit value." Yi Zhang, founder and CEO of AiMedia Consulting, said.

The reason for the giants' preference for bike-sharing is summarized in one sentence: the significance of high-frequency, just-demanded bicycles as an important supplement to the giants' ecosystems is far more valuable than a small business with meager profits.

Bike sharing and charging, who has more"coin"The way?

How much do the giants favor shared bicycles? An example of this is that the various families are not yet addicted to fighting on the bicycle, and have already taken the battle to the field of shared motorcycles.

All three - Hello, DDT and Meituan - have more than a million motorcycles planned for 2020. Also according to Late LatePost, shared motorcycles are already partially profitable in some areas in 2020, however, the giants are currently aiming to grab market share rather than profitability.

This proves two things: first, the center of gravity of the competition in the bike-sharing industry has long been shifted to the shared motorcycle, which has a relatively high passenger unit price and can be called the second growth curve of the bike-sharing industry.

Secondly, bike sharing is similar to motorcycle, they as part of the giant ecological map, although the intention to make a profit, but for the time being, this new market has not yet stabilized, the most important instead of profitability, but to continue to seize the market share."The competition in the bike-sharing industry is, at its core, a competition for market share. To seize the share during this period will inevitably continue to invest a lot, and this state will remain for some time." Zhang Yi said.

The placement of the motorcycle will inevitably bring about a rapid increase in costs, the high financing of the bicycle industry continues, although the momentum of burning money than the first half of the weakening, but "time is still the most valuable," Zhang Yi said, for the shared bicycle industry, even if there is a breakeven, but also just a short-lived phenomenon, is not representative, once the competitors to increase the discount strategy, other players are also bound to follow. Competitors to increase the discount strategy, other players are bound to follow. "To truly realize the profitability of the bike-sharing industry, it will take time to precipitate, only 'simmer', 'simmer' to the end to master the right to speak."

Perhaps in the future, after the competition in the market for shared two-wheelers has come to a full stop, the real picture of this industry will slowly emerge.

In contrast, although the sharing of charging treasure is a lucrative business, but in the long run the hidden worries remain, the industry ceiling is relatively low, the lack of imagination, in the negotiation with the capital of the right to speak is small.

On the one hand, the industry has yet to find a new growth curveAs you can see from Monster Charge's prospectus, the industry has a very single source of revenue;On the other hand, the competition in the industry has remained in the most primitive grabbing offline merchant resources, and for this reason, industry players have escalating costs in terms of entrance fees and commissions, making margins thinner and thinner.

In this way, since the second half of 2020, "three electricity a beast" following the 2017 charging treasure industry financing fever, a new round of progress in the capital market, are some "have to" meaning.

From the beginning, both bike sharing and rechargeable sharing have been a big gamble.

Shared bicycle bet to the capital of the takeover, and shared charging treasure bet to the viability of the profit model, but both industries are also still facing huge challenges, this big gamble is far from over.