At the end of the table are dau, repurchase rate and subsidy rate. However, the statistics of re purchase rate is that the first batch of coupons are still purchased through app after one week of user registration. In this way, the statistics can filter out the pure wool party, but we can't count the latest data for the time being.

The so-called subsidy rate is the discount rate of subsidizing users. For example, if lucky coffee users assume that they are all shopping with 1.8% discount coupons, the subsidy rate is 81%. The repurchase rate of Xiaokang is 28% before milestone 4, and the first two items of subsidy rate are 26% and 41% respectively. It is normal for the subsidy rate to increase sharply during the discount period of new stores. In fact, the 41% subsidy rate is not too high, at least it is not eye-catching.

As soon as this data comes out, many investors who are used to the mobile Internet immediately focus on the number of users. Among them, the number of registered users was 140000 before the start of milestone 4, and it has increased by 60000 in the past week. The number of paid users is 110000 and 160000 respectively, while the number of member users is only 2600 and 2800.

Dau is also a concerned data, 26000 before milestone 4 and 60000 at present, which fully illustrates the deformity of dau data during the opening period of new stores.

Let go of * *'s dau, and soon some investors raised their hands, then took the microphone and directly asked: "Mr. Chu, a store can get about 10000 customers, even if it opens to 10000 stores, it can only get 100 million customers. Are you satisfied with the customer efficiency? I remember you said that the goal of Xiaokang is to serve at least 400 million users. "

You know, Xiaokang did pre last time_ Round a financing was in March this year, and the money arrived in the middle of April, four months ago. At that time, it was milestone 2, which was equivalent to having only one mouth and nothing else.

So the last roadshow relied on three inch eloquence. In fact, it was easier to persuade investors.

After four months, although the round is still a, Xiaokang has grown up from the age of 2 to the age of 4. He has to hand in his homework and examination papers. That's why he asked.

It's just like some entrepreneurs take tens of millions of yuan for financing without even doing ppt. It's very easy, but they can't get enough money in round B, because the products are made for people to see.

However, this question is exactly what Chu Yuanxi is willing to answer, because he has the courage to answer. He has made a special negative by arranging the tables, which highlights the number of customers in this single store.

So his answer was, "I'm satisfied. You have to consider the scale effect. The customer acquisition level of 10 stores is different from that of 1000 stores. This will be obvious by the end of milestone 4. "

Many of the estimated data in the last column "at the end of milestone 4" are left blank. Only the personnel, number of stores and number of bicycles have been planned. However, in the column of registered users, Chu Yuanxi has estimated 12 million.

The permanent resident population of the imperial capital is 21 million, including the elderly and children. The main battlefield of milestone 4 is the imperial capital. It is a consensus that several other core cities can provide a total of one million registered users. Therefore, if you want to achieve 12 million registrations, you must reach saturation attack. Many people feel hesitant after seeing this prediction, because it seems that the bull is blowing a little too much? Who gave chuyuanxi's confidence this number?

Only a few people are thinking about this question: Why did chuyuanxi only predict the number of registered users? Why don't those two make a prediction?

The reason for this is that Chu Yuanxi remembers every detail of the original world. Through the previous data, he can also judge that there will not be much difference between the two worlds in the single data of "registered users". If there is, there will be only a lot more in the world, so you can fill in it with your eyes closed!

You should know that there were no Ba people in the original world, but now, before milestone 4, the Ba people have not made much contribution. However, in the follow-up, especially when other major cities began to expand their stores, the role of Ba people must not be underestimated. 12 million has been an extremely conservative estimate.

However, for the other two, "paid users" and "member users", he did not dare to accept the data from the original world. There was a big gap between the two worlds, so Chu Yuanxi, who pursued strictness, chose not to make "prediction".

Seeing that many people showed disapproval, Chuyuan Xi said with a smile, "if you don't believe me, do you want us to follow the example of Miss Dong and rebus to make a hundred million yuan gambling?"

Yuan Mu burst out laughing: "who bet with you, the server is in your hands!"

Chuyuanxi found that many investors nodded slightly to show their approval, and gave them marks in his heart. They couldn't get on the bus. Zombie fans tiktok, do you know what is not on the shaking? Because the cost of painting zombie powder is high, the cost of sending content to get real powder is low. I drive a bulldozer to push this number and get it. Do I need to operate the server? "

Someone immediately took over the microphone: "Mr. Chu, in your plan, milestone 4 will launch a total of 800000 bicycles, mainly in the imperial capital?"

"The imperial capital is about 700000."

"Have you considered the intensity of the competition? When hello and green orange are increasing their investment, have you ever considered the strength of admission? They are all professional. "

Chuyuanxi thought for a moment and said, "even if my estimation is wrong, it doesn't matter much, because the supply chain of bicycles is relatively strong from production to storage to delivery, which can be adjusted at any time, and there is a corresponding operation team, which won't cause too much problems. As for the specific number of vehicles, first of all, we are professional. Secondly, I don't think 700000 vehicles are enough. Ha ha. Where do you usually work? ""Wangjing."

"Oh, at this time of next month, you should pay attention to the people around you and the company's wechat group."

At this time, Xu Xin took the microphone and asked, "Xiao Chu, I ask you, which of these data are you most dissatisfied with?"

Chuyuan Xixin said, sure enough, Jiang is old and spicy, this problem is too fierce. "What I'm most dissatisfied with? The number of member users. " The number of member users was 2600 before milestone 4. After seven days of efforts, it has increased to 2800.

"I thought it was the repurchase rate." Xu Xin said put down the microphone, meaning to let Chu Yuan Xi do self-criticism. The repurchase rate was 28% before milestone 4.

"The repurchase rate has been rising, so there's nothing to worry about. It will always rise to the ideal level. As for the number of people who pay membership fees, it can only be said that the market has been spoiled by many unscrupulous people. Users are more resistant to paying membership fees. It takes a certain amount of time to establish mutual trust. In the past, traditional Chinese medicine, whose ancestors and grandchildren had not died before, was able to hang up the plaque. Now Xiaokang is also facing this problem. What we need to do is a big brand, and we can't lower the threshold of membership at will. "

Xu Xin: "you can directly point out how to solve this difficulty. I remember you told me in private that member users are one of the bottom assets of a well-off society, which is really crucial. "

"In short, it is to build the user's mind and let the user realize that the membership fee is a service fee, and the service we provide is worthy of the fee." Chuyuanxi knows that this is the first test in the true sense of this venture. It's a place where he can't learn from the experience of the original world. There is no such problem as his grandmother in the original world.

"According to the analysis, it is common for users to treat the membership fee as a discount ticket. Therefore, if it can be cashed immediately and the membership fee can be earned back through one-time wool collection, users will be willing to join the membership. What we need to change later is this mentality, because our membership fee is a continuous expense. No matter how we collect the wool, we can't collect it at one time. "

"Yes, I understand. What I want to know is how you change it." Xu Xin is reluctant to ask the bottom of the matter.

Chuyuan Xixin said, don't you know? We don't socialize! But now we can't say Pro! Xu Xin's sudden problem is definitely bad taste, because this round of financing has nothing to do with her_ When a came in, it was impossible for round a to increase her share, which had been agreed for a long time, unless Xiaokang was out of the state of over raising.

The so-called over offering means that when issuing shares, the subscription will never exceed the upper limit of the offering. In the IPO of a shares, because of the distorted speculation ecology of "new shares are invincible", this state usually occurs.

In fact, it's very easy for unlisted enterprises to encounter similar situations when they do public roadshows. Roadshows are to solicit investors publicly. Open financing of attractive projects will lead to more wolves and less flesh. This is the only small advantage of public roadshows for star projects, which helps to boost the valuation.

However, Xu Xin's inquiry is also beneficial. If Chu Yuanxi can still give convincing reasons to show that the future is beautiful and the efficiency of money burning is super high, then the valuation will be firm. A falsely high valuation is like a castle in the air. It can't stand the wind. In the final analysis, everything is important in the capital market, but the most important thing is reputation and confidence.

So chuyuanxi thought about it and said, "first of all, this data looks very bad, but it was even worse before. A month ago, the number of members was 1000, and it rose 150% in the month before the 10th. From the perspective of growth rate, it's actually OK. In particular, the number of paying users in the same period only increased by more than 10000, and the conversion efficiency from "paying" to "member" users increased by more than ten times. This shows that the work we have done is slowly transforming the minds of users over time. "

In fact, this statement is a kind of comfort, because the amount of data is too small and far from the original world. At that time, bike sharing in the original world required a deposit. Many users paid the deposit when they rode because they didn't trust them. They immediately refunded the deposit after riding. It was not too troublesome. Xiaokang bicycle without deposit is so dazzling in the world of bike sharing that the number of members is surging.

Now, we don't need deposit. The advantage of this mode is flattened in an instant, leaving only free riding. The data growth rate is good in other people's eyes, and it's like a slap in the face in chuyuanxi's eyes.

However, when he finished, his eyes swept down the stage, and he found that many investors nodded their heads in recognition! How can I be so easily recognized?

The villain in his heart rubbed his hands, and chuyuanxi had the bottom in an instant. He said with great eloquence: "there are only two ways to adjust this point. First, provide more valuable member services, and provide trial opportunities for registered members, so as to update users' minds and let them realize the value of these services. Second, the service provider's business trip is equivalent to giving users some reasons to pay membership fees. "

"It's too empty. Have you done anything?" Xu Xin continued to clamor.

This time, chuyuanxi quit, "pa" of a double palm: "dry is online content, online content pull core data, function has begun to develop. Just now when I summarized my work, I also reported that the online content of milestone 6 was developed ahead of time. Don't ask about the details. Asking is confidential. "Xu Xin had to give up. In fact, if we really want to investigate, we can find out which functions the well-off development team is currently developing, but this is a series of functions. Even if we can find out each module clearly, we don't know how to combine and how to operate, it's useless.

Therefore, the only content of this well-off society that Chu Yuanxi kept secret at present, Xu Xin found that she had to endure until next year.

In fact, the data of Xiaokang is pretty good in her opinion. The key is that the efficiency of money burning is not low. Every step has a basis, and the use of time is reasonable. It's equivalent to saving a wave of energy to burst out at milestone 4. The opening speed of this store is a little slower than that of churuixing, but compared horizontally, it is much faster than other convenience store enterprises.

The key is that all the cattle that chuyuanxi blew before can be cashed, so Xu Xin has no doubt about the figures on this form, and thinks they can be cashed. If you can cash it without discount, the efficiency of burning money will not be generally high. It will definitely surpass Ruixing, and it is probably not as good as pinduoduo. However, you should not compare yourself with pinduoduo.

Looking at Xu Xin sitting down, Hu Shiheng felt that it was OK to do so in the first half, so he threw out the last question before the last half: "how much do you plan to increase the valuation in round a?"

Chuyuan Xixin said that your question is too direct, right? However, Hu Shiheng was not involved in pre_ A. He's pra_ A long time later, I was introduced by Xu Xin. The first time I saw chuyuanxi was in early June. So this time round a is sure to be led by him. Of course, he is concerned about the rise.

Chu Yuan Xi pretended to be embarrassed to touch the back of his head, and then directly reported a number: "the par value of each share is 18 yuan?"

Hu Shi insists that you are too cruel! Directly increased by 20%? Xiaokang Angel round 200 million, par value 1 yuan per share, pre_ A is estimated at 3 billion yuan before financing, and the face value rises to 15. However, this is very normal, because it is across rounds. What's so special? 15 up 18 in the same round?

However, on second thought, there is no need to tangle. Hu Shiheng and Chu Yuanxi actually talk more deeply than Xu Xin, because he is an investor with many entrepreneurial experiences, so he is not the kind of person who only looks at data. Trend research is more important. The favorable trend of convenience stores is obvious, and the boost of policy has almost formed a new air outlet. In this sense, it's a loss if you don't get any advantage, but it's not up to the sky

So a lot of pre_ A didn't throw in, thinking about throwing round a, waiting for Hu Shiheng to bargain. As a result, he found that Hu Shiheng was silent after asking?

After a short half-time break, officially known as tea break, Chuyuan xibang bar came down for a long time to drink, and finally heard a lot of strange talk.

For example, Liu Lu took an investor she knew and said, "it's normal for the price to rise. Don't you often buy and sell A-shares when the state suddenly makes a big positive policy, and then the main force pushes up the position? This kind of policy can't be bought at the end of the day. It will increase by 20% or 30% in the blink of an eye. "

Chuyuan Xixin said that your ability to speculate in stocks is rising, elder sister, but don't you still have to shake the market after this kind of rising? You're not very good!

Another investor took Xu Xin and asked, "elder sister, does Xiaokang seem to have related party transactions with Ba people? And they are all service buyers. Will they wash the money away through Ba people? Otherwise, I think Ba people have a lot of money. Why didn't they invest a cent in Xiaokang? "

How strange is your suspicious angle? Chuyuan Xi can't help but look at this investor with new eyes, and this person may not know that Ba people have recently cleared several old shareholders out, becoming more suspicious and more opaque!

Only listen to Xu Xin slowly said: "I don't worry, chuyuanxi himself invested a hundred million.". Besides, I think chuyuanxi's entrepreneurial experience is reliable. This kind of guessing is over with eyes closed. "

Chuyuan Xixin said that you hold it too directly, right?

I didn't expect Yuan Jing to make fun of it. He used to say, "yes, yes, you can make money if you buy it. The valuation of round a is 500 million dollars. It's expensive. It's still a big business, isn't it? If Ali had done round a with an estimated $500 million, would you vote? Five billion dollars, you're in a hurry. "

Chuyuanxi was really afraid of them. The atmosphere in this meeting room is quite fanatical. It's a bit like the stock business hall. Especially when the bottom of the policy market is good, the investors will be infected inexplicably after they go in. They will buy whatever they want, no matter what they buy.

This kind of situation is not experienced in his original world. In the original world, the financing of a well-off society is basically switching between hunger and more hunger, and it is always the buyer's market. He can't help staring at Xu xinhuantuo's back. He thinks that the boss is really a boss. He is really powerful. It seems that he is making trouble in the roadshow, but it is actually a means to adjust the atmosphere. How can he do this? This is a skill that should be documented and learned over and over again.

Soon, the tea break ended, and the second half was a technical Q & a session, which did not focus on data, but on industry, policy, trend and other business factors.

Investors are also divided, not all of them are staring at the data. For example, Hu Shiheng is very good at asking questions in this link. And because Xiaokang has made "products", it seems that there are quite a lot of investors who have problems in the practical operation stage.

Hu Shiheng first threw a brick to attract jade: "Xiao Chu, do you know the latest trend of 724?""I've been paying attention, but I really don't have the energy to watch myself."

"Ah, let me tell you, 724 is working on app recently."

Chuyuan Xi nodded, "that can observe their purpose of making app, but we are not the only one with app in convenience stores. We have app all the time."