The 28 million freedom drivers support the full 150 million market value, the founder is born \”in the iron army\”
In the 15 trillion big industry in the logistics, the full gang just started. Before listed, Zhang Hui will be full of strategies to focus on the road. The next phase of operation focuses on the data intelligence of the trunk platform, how to evolve from the Taobao ecological platform, an intelligent platform similar to the headline.
Editor 丨 周 春 林
Headmap Photography 丨 Shao Dan
Another 100 billion market value IPO was born .
Beijing time on June 22nd, with the world’s largest digital freight platform, full of governance group officially landed in the New Year, stock code \”YMM\”, the issuance price is 19 US dollars / ADS, the opening is closed on the same day US $ 21.16 / ADS rose by 13.16%, the total market value of 23.358 billion US dollars (about 150 billion yuan).
This IPO, full of total distribution of 82.5 million US stock stocks (ADS). Calculate this financing to $ 1.6 billion in this financing. If the \”green shoes mechanism\” is executed, the fundraising scale of this IPO can reach 1.8 billion US dollars.
In the past six months, online freight companies have entered the new gaming point, and the capital ammunition has become behind the important competition elements, the trunk, the same city freight company is attacking each other. Enter each other. After the fierce battle, a digital transformation of deep marrow is deeply changing this 15 trillion large industry.
from Zhang Hui’s office is looking out, it is the Nakamou Mountain in Nanjing. The full help of the Nanjing Wanbo Science Park is located in the Nanjing Wanbo Science and Technology Park, next to Ali Cloud, Huawei.
In 2013, Zhang Hui left Ali’s \”Iron Army\” and founded a full fullness. At each time, the drip is still in the battle. In the 14% logistics industry of GDP, \”200 famous cargo matching platforms\” is built in this Moxh.
In 2017, the truck helpers were full of industry survivors, all of which were among the 1 billion US dollar. After a fierce meat fight, November 27, 2017, the luck is full of trucks to announce marriage. Three years later, Zhang Hui became a chairman and CEO.
Today, more than 4,000 people have a total of more than 4,000 employees. According to the prospectus of the Group to the New Handling, GTV (Platform Total Trading) reached 173.8 billion yuan in 2020, order quantity More than 71.7 million single, a total of 2.8 million truck drivers completed freight orders on the platform.
According to the latest official data, the 2019 revenue is 2.47 billion yuan, and the revenue of 2020 is 2.58 billion yuan, a year-on-year increase of 4.4%. Based on non-US General Accounting Standards (Non-GAAP), the full net profit has achieved net profit for 281 million yuan, and the first quarter of 2021 is 1.1.3 billion yuan, a year-on-year increase of 3.2 times.
At the end of 2020, the full gang was completed by the Soft Silver Visionary Fund, with a joint leader of $ 1.7 billion in financing, and entered the same city freight market with \”full\”. Since then, the drip incubator has completed $ 1.5 billion A round financing. After completing 515 million US dollars financing in December 2020, the rumors were 1.5 billion US dollars in the Rheet of high-rise capital. In addition to the full help, the vehicle transportation logistics platform Fuyou truck is also submitted to IPO applications in May, and is joined in Nasdaq.
Before the listing, Zhang Hui has reorganized the full-hand business, and the company’s strategy is closed as the focus line. \”The main road, the main order, the main proxidation business must do itself\”, and the same city is classified as the main road.
Before the IPO, Zhang Hui accepted exclusive interview with \”Chinese entrepreneurs\”. He said that his personal work focuses on the trunk platform, like chess, \”the old man is in the field\”.
In the view of the seamless Chinese fund partner, it seems that the platform business is constantly expanding, the platform is constantly expanding, the driver’s safety, dispute processing, insurance, invoice and other platform services are strengthening and expanding, \”these It is a very important moat \”. The GGV Jiyuan Capital Management Partnership Foundation said that the border is not obvious about the company in the Internet, from the city to the same city, from the same city to intercity, including intercity, the vehicle logistics and LTL logistics, business form Multiple, there will be varying degrees of crossings, so there is also a large space for excavation.
Photography: Shao Dan
Zhang Hui is 42 years old this year. Before entrepreneurship, he is a member of the famous Ali \”Iron Army\”, served as the general manager of Shanghai and Guangdong.
Xu Qiang, Vice President of Gang, is in view of Zhang Hui, is a prudent adventurer, which will focus on \”controlled control of risk\”. At this time, Zhang Hui spent a few months to investigate the main logistics market. Sichuan Chengdu, a small blackboard, let him be determined to participate in this information asymmetry, the informatization technology is backward, and the inefficient-level industry entrepreneur is low.
In this logistics garden, a heavy card is neatly parked on the square, and the truck driver has a word on a small blackboard on the square. The small blackboard is filled with the purchase information of the day, and \”the driver runs thousands of kilometers is here to see a small blackboard\”!
The team developed capacity scheduling software for truck drivers and logistics companies. However, let driver and logistics companies transition from small blackboards to mobile app, need a lot of persuasion, installation, return visit, and touch some people’s interests.
Zhang Hui took out the actual experience of the Iron Army in Ali, establishing a team, stationed in a small hostel, gas station, and logistics park where the truck driver’s foot is stationed. Everything is difficult, starting at the beginning of 2014, there are 100 goods at the same time in \”full\”When the goods were released, Zhang Hui was relieved, and the team was drunk.
In the case of a few years, the team hit an informatization and striving. There are hundreds of logistics parks in China, and only 10 in the team are in construction, and nearly 2,000 people during the peak period.
Guo Yoshan recalled the \”Chinese entrepreneur\”, and the industry is mixed, and all the people pushed in the logistics park to let the same batch of drivers installed App. \”Why install you, don’t install him? There is a lot of execution requirements. \”Movement to push the brother and the driver to live on the shop, just continue to work in the evening; some push people have been sick to the hospital, then come back and then do it again. Young geosciences play in front of the frontline, high pressure, need psychological counseling, the team also has a role of the political commissar, constantly shouting in front of the front line, guaranteeing team morale. \”These systemified appeals and organizational skills are not a lot of teams can do.\”
Value depression will naturally be by many capital and giants, \”traditional, new, hope to be here A piece of capital of the capital is a piece of grain. \”Zhang Hui wrote.
From 2015 to 2016, there were at least five or sixty companies that were doing trunk logistics carries, which were fierce competition, which directly leads to the company’s unshire \”profit model.\” When you fight, no one dares to consider profits, you can only finance blood transfusion. When there is an investor to let go, \”the freight platform must die, we dare to invest.\”
In 2015, the Yunfeng Fund scanned nearly 10 buses in the industry. Matching platform, found founders of these platforms, one type is entrepreneur of the pure Internet background, no experience, all kinds of \”薅 毛\” can die; the other is the people from the logistics company. The platform, but the speed is too slow, and the national layout cannot be done in one or two years. Zhang Hui, who is born by the iron army, knows people, uses people, pay attention to team culture construction, and is seen by Yunfeng. In the same year, Yunfeng led a full C round financing.
A full-to-face memory, early entrepreneurship, Zhang Hui has a famous saying, \”\” Always integrate a round of money in the safe, heart \”, because\” This, the company has suffered how much external aggression Exterior competition, I won’t let the brothers didn’t have food. \”
2017, trucks and transportation is full of industry survivors. The angel investor Wang Gang has repeatedly replaced the suggestion of Xu Xin, which is the capital of this capital.
As a full-time angel investor, Wang Gang handled the problem in the merger process and the familiarity of the business, and the recognition of the parties behind the parties. In the end, Wang Gang has served as the chairman and CEO of the new group, retaining the management teams, setting up joint president, and becoming the inevitable choices at the time.
\”You can’t change this (organization) will, and it is definitely the best arrangement.\” Looking back, Zhang Hui told \”Chinese entrepreneurs\”.
However, in the opinions of the parties and the outside world, the probability of the joint president is a transitional state.
There is also a warm moment after the merger. Wang Gang and Zhang Hui went to the New Year’s Club, at the annual meeting, the truck helped the video of reviewing the development of the company, Wang Gang and Zhang Hui sat down under the stage, while watching the video.
But honeymoon is not long. A full of employees said that after the merger, the team once failed to assign uncommon. Zhang Hui told the \”Chinese entrepreneurs\”, and the starting point must be that everyone has formed together. The team team quickly discovered that \”there are many bumps after combining, the business is not good.\”
Recorded the \”Chinese Entrepreneur\”, in early 2018, in the beginning of the Fund Completed China New Fund and Soft Silver Vision Fund GGV has been a round of management interviews before the leader of the 1900 million US Finance. At that time, the inspector of the performance was that Zhang Hui consumes a lot of heart efforts, \”he is a very real person. I don’t know what the words are better to describe him.\”
In fact, the US Mission M \u0026 A comment, the merger, including 58 markets, Viterature and Le Bee Net, most of China’s mergers, the competition relationships are the main secondary. But the full gang is an exception, the combined pre-run full and truck is basically \”five five open\”.
Guo Mountain told the \”China Entrepreneur\”, and some Internet companies will spend a lot of time to integrate a fusion issue before combining, such as team division, interest division. However, it was subject to the competitive environment at the time, full of freight, and there was no obvious master, the above problem left the merger.
At the end of 2018, the board of directors decided that Zhang Hui was as a group CEO. Chairman Wang Gang will no longer serve as a CEO position. The phases of the joint president reached the stage.
After Zhang Hui took office, he would focus on the company’s organization. It is like a organ transplant surgery that is like physical experience, and the postoperative reincarnation is accompanied by, so that these symptoms must be eliminated. The means taken by Zhang Hui is the Thunder’s Reserved.
A full-to-help middle-level telling \”China Entrepreneurs\”, once employees apply for a few hundred dollars, and if they are not in the department budget to be established last month, they must be approved by Zhang Hui for approval. Finance has to be, if you have no budget, you may have to be alarming the CEO batch of 600 yuan, \”I hope you don’t do this, because the boss is very busy.\”
Strict management control, the business gradually gathered, slowly reopened the track, and formed a workforce.
Nowadays, it is a full-time and truck to help two apps, but the platform behind it is one, \”Just like a person with two clothes.\” Trading and energy, before you have your own offlinePromotion, the ground forces maintained by customers, now also gathered to a force; similar, financial and insurance complaints are also one.
In November 2020, after the election of the board of directors, Zhang Hui officially served as a chairman of the chairman. After 3 years of transition period, Zhang Hui completed power transfer as a period.
According to the prospectus, there are 6 members of the board of directors, two of which are independent directors. Including Zhang Hui, full of joint founders, Ma Guzhen, founder and first CEO Dai Wenjian, All-Star Investment Co., Ltd., Dai Wenjian, All-Star Investment Co., Ltd., Daiwen, Ji Ji, Shui Shishan, China The front Baidu capital CEO and the front Baidu CFO Li Wei bit are listed.
\”Gang Ge helped us, and played a key role in integration.\” Zhang Hui told \”Chinese entrepreneurs\”, \”If there is no just brother, the process of fusion may have to experience longer time It will not have a good situation now. \”Now Wang Gang returns to investors, the two feelings are still very good, and sometimes from time to time to drink small wine, explore the philosophical problems.
After experiencing the pain after surgery, Zhang Hui has been seen in some approval nodes in full. \”The person in charge of the Division is also constantly improving, from millions of yuan to several million yuan, including some of the permissions of recruitment,\” Xu Qiang told \”Chinese entrepreneurs\”, through order The right to discharge, Zhang Hui is free from a cumbersome affairs, and can think more about the development strategy.
\”Three years of cards for two years, 2020 began.\” Zhang Hui said that in 2020, full of help truly itself. \”In the past two years, in 20020 is a combing strategic direction and business, so you can see that the business has risen very well in 2020. Now the strategy is very clear, everyone is very confident.\” If the co-friendly president is the inevitable option, why The full transition period is three years?
\”Because there is not enough time, we can’t rely on the so-called background, experience, and the past is only the Yixian.\” Guo Shan said, the shareholders and board of directors around the governance structure, Interest align ( It has been a lot of arrangements. Three years, I believe that it will be invalid, the amount of efficiency is not high, and it may be 10 times more efficient than the time. \”
Photography: Shao Dan
2020, The full help of Zhang Hui’s leadership completed the adjustment of strategy to the organization.
Just completed the merger, one degree of nine business departments: platform, trading division, technology, gold service, new energy, logistics real estate, car, no driving and international division.
But under Zhang Hui, surround the strategy of deep farm trunk, full helpIn order to include a five-ring architecture such as a platform, value added, empowerment, homing city, and innovation. \”All our business units are doing around the platform.\” The rest of the department, the business is integrated and dismantled.
According to the \”Chinese entrepreneurs\”, the Logistics Real Estate Division is split, which is due to the full business of logistics real estate, so the team is split, and ALL IN in the form of entrepreneurship. In 2018, he has also acquired a car logistics team Zhihong logistics, and hopes to \”make up for itself in self-operated business\”, but finally split out, did not continue to do wide, one point of view It is platform that does not want to fight with the driver. As for the automatic driving, full of trucks, the first big strategic shareholder of the truck automatic driving company Zhijia Technology (Plus.ai), according to the prospectus, full of 24.4% of the share options of Zhijia.
Zhang Hui said that the operation focus on the next stage is the data intelligence of the trunk line, how to evolve from the Taobao ecological platform, which is an intelligent platform similar to the headline.
The next stage, full hope to evolve into a smart platform like \”headline\”, based on data accumulated in large orders, more intelligently to predict and match. According to Zhang Hui’s envision, the driver opens the app, thousands of people, seeing may be a few tickets, but it is my favorite, \”this has been improved.\” He said, \”The most important thing is The hope of the will. \”
This has a significant impact that R \u0026 D costs have risen, and there is a R \u0026 D center in Nanjing, Shanghai, Chengdu. According to the prospectus, as of December 31, 2020, 924 people in the R \u0026 D team, accounting for 22.8% of the total number. In 2019 and 2020, the proportion of R \u0026 D expenses with net income was stable at 16.0%.
In addition, since 2019, the investment in big data has increased significantly. By using intelligent business analysis and wind control, there is a large portrait of intelligent business analysis and wind control. the value of.
According to the prospectus, the cargo match is the basic plate of full, 2019 revenue reached 177 billion yuan, an increase of 2020 to 1.947 billion yuan. In addition, the platform value-added service income is 703 million, 634 million yuan in 2019,2020, respectively.
The platform income is cornerstone, one of the most stable income sources is the owner of the goods. Zhang Hui said that \”the growth rate of the owner of the goods is very high, and the large number of goods are actually delivered every day. These quantities are released.\”
How to release it? One is more and better drivers. According to public reports, the full-help platform certification driver exceeds 10 million, the certified goods exceeds 5 million, and the number of people throughout the truck driver is approximately 30 million; the second is the stronger platform performance guarantee capability – from the owner, the driver’s acquaintance, to the deposit , Unload, final return, freight settlement, process dispute processing, etc., Standard improvement.
As a platform covering about 1/3 truck driver in the country, the full help also encounters some drivers’ complaints and criticism, such as the platform leads to the decline in driver’s income, the platform controls industry freight, and is not allowed to bargain.
In response to this full year, 2020 is influenced by the epidemic, some people have started to engage in trunk transportation, in addition, 2020 heavy card sales have new high, the growth rate is significantly greater than GDP, becoming a truck driver The threshold is also getting lower and lower, and the change in supply and need indeffects the price of part of the transportation.
\”Driver This group is basically an individual. We actually help the driver to talk, help them to coordinate, voices, strive to benefit the rights, the platform is responsible for this matter.\” Zhang Hui said, there is definitely not enough Ok, it is necessary to strengthen.
In any case, the dry line logistics is more than 400 billion market size, like a natural oil field, early frame, and now mining oil. According to the statement, 2020, full of GTV (platform total transaction volume) reached 17.38 billion yuan.
It is worth noting that the trigram has entered the trunk logistics in 2018. In May 202, the triglut is announced to cover 116 mainland cities to complete their logistics network layout in cross-city. In an interview with \”Chinese Entrepreneurs\”, I was asked and how to see the competition from the city player cross-areas, Zhang Hui A: \”It is still good.\”
In the view of the performance, Zhang Hui is a \”\” The degree of investment is higher, the time plan is very good. \” Zhang Hui’s own words are, \”There is no thing than this (work) better.\”
Outside work, Zhang Hui’s amateur hobby and the climbing method are climbing. According to Xu Qiang recalled that in 2016, he worked on the first day of the company. The company opened the \”High-level meeting of the company’s ten people), and he went to the wild mountain. On the same day, 39 degrees high temperature, the executive team climbed all day on the mountains without the road, hiking 19 kilometers, almost everyone gave the limit of physical fitness, Zhang Huilele.
Zhang Hui was born in Yancheng, Jiangsu, a good family. But in the beginning of business, he has always maintained a simple style. Frottivity to Nanjing business trip, Zhang Hui truck came to the hotel to see him, one question, he did not have a driver. Later, every time, Zhang Hui was taxed. Once, the two were about a place in Nanjing, and Zhang Hui specially set a Bordeaux red wine tape. When the two were sitting in the store, they were snacks, drinking red wine, \”very interesting\”, this I have a deep impression on the performance.
ZhangHui does not have any social position, nor to manage money, not any fund’s LP, \”financial management is not like the company, this is the fastest\”. As for its family division, he is 100% responsible for work, and the wife is 100% responsible for the family. Guo Shan has asked him, 99% can’t work? Zhang Hui, no, in China, especially competitive industries, you have a heart, one step back, may lose a lot of opportunities.
In his favorite, Zhang Hui is an anxiety.
Zhang Hui did not deny this. He believes that the more anxiety, the more you want to think deeply, and you will be clear about things, clear the strategy. I got a quiet and peaceful, and I will put it later for things that can’t change now.
But he also franked because the network effect of the cargo matching platform was very strong, so he will be more anxious before the company mergers. \”After the merger\”. As the pressure of confrontational competition is suddenly reduced, the company’s crisis has also weakened, \”It is also a problem.\”
At the moment, the city freight becomes a new incision full of full business scenes, and also undertakes the task of enhancing the sense of crisis. \”The fight is the best built, we are constantly looking for it.\” Xu Qiang said.
In Guo Shan’s view, the ability to compete is often not intended to be limited. In China’s business competition, sometimes it is not your active attack, and more like a defense, but defense may also bring some active attacks.
Fully help the same city, the founder of the same city cargo matching platform province by 2020, Liu Fanjun. Zhang Hui evaluates Liu Fanjun that the company can live in such a fierce environment, can bring orders to the order, \”I have done it very quickly, and tens of thousands of orders are not. But where to find such Human? \”
In the view of the performance, although the full bonus has grown to the volume of billion dollars, the next two years and the previous two years, compared to the competition in the outside world, their own challenges still exists – The adjustment of the market, the management structure, the team’s construction, the change of talent structure, the alternation of the new and old blood, the exploration of business model, the increment of business, and the creation of culture. This is the natural trip to team growth, is a staged step, and it must be on the stairs.
\”The so-called success is only the success of the stage.\” Zhang Hui said that the product can be done according to user needs, and constantly innovate, it is always facing challenges.
\”The user will always be a compass and the wind direction. He tells you that you should change.\” But Zhang Hui also has a concern. \”The problem is how you changed? It is your entire tissue. Tissue rigid can not change, even individuals can’t move, how do you change the formation? \”His solution is to let the organization have a good talent soil.
Recently, Zhang Hui is focused on weekly, and is a recruitment of professional high-end talents. \”Our business depth is enough, now you want to width and heightI have to do this article, I have to spend money to find some professional fields, and the high-level people come over and pull up.
The first day, full of $ 23.3 billion. But when there is still a candidate to talk to a friend, everyone said that he has never heard, Zhang Hui said, \”This is not, the employer brand isStrengthen, let the people who join the whole have faces.\”
What is the border of the gang?\” On the surface, the border is you and your team want to do anything.\”Zhang Hui said, but after this, the core team thinking, willing, the growth border determines the border of the full border.
If the view is relaxed, the logistics industry is actually a 15 trillion big industry.–45 billion dome of trunk, 1 trillion city, 1 trillion big ticket, plus the entire warehouse ecology, the ecology of the car, after the car. \”How much do we do?\”Everything just started.\”