温州牌九

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贝壳找房上市:游走于地产界与科技圈的资本宠儿,能否续写房产经纪新故事?

温州牌九yuanbiaoti:beiqiaozhaofangshangshi:youzouyudichanjieyukejiquandezibenchonger,nengfouxuxiefangchanjingjixingushi?

chupin | 温州牌九keji

zuozhe | yinlina

温州牌九ruguoshuoyouyijiagongsikeyizuidachengdudiyingxiangzhongguorendeshenghuopinzhi,zheijiagongsikenengshimayunchuangbandeali,huoshiwangxingdemeituan,yeyoukenengshichengweidedidi,danzuiyoukenengde,haishizuohuidebeiqiaozhaofang。

温州牌九8yue13ri,beiqiaozhaofangfumeishangshi。yigaoyuqujianjia(17-19meiyuan/gu)demeigu20meiyuanchouzi21.2yimeiyuan,zheishizi2018nian3yueaiqiyiipoyilai,zhongzigongsizaimeizuidaguimoipo。

zhaogushuxianshi,beiqiaozhaofanglianhelianjia,zaizhongguode103gechengshiyongyou260duogefangdichanjingjipinpai、4.2wanduojiamendianyiji45.6wangedailishang。buguo,beiqiaozaizhenggefazhanguochengzhongshizhongweinengbaituokuisunninao,2017nianzhi2019nian,beiqiaozhaofangjinsannianjingkuisunfenbiewei5.38yiyuan、4.28yiyuan、21.8yiyuan,hejichao31yiyuan。buguo,2020nianshangbannian,beiqiaokaishiniukuiweiying,jinglirundadao16yiyuan。

一、新房猛增超二手房

fankanzhaogushu,2017zhi2019nian,beiqiaozhaofangdeshourufenbiewei255yiyuan、286yiyuan、460yiyuan,tongbizhangfufenbiedadao12.2%he60.8%(shaoyige)。2020nianshangbannian,beiqiaozhaofangyingshou272.6yiyuan,xiangbishangniantongqide196.1yiyuanzengzhang39%。

贝壳找房利润表,数据来源:招股书

一个值得注意的现象是,贝壳的营收来源发生了结构性的变化。2017年占其总营收仅25%的新房业务,在2020年摇身一变成为了“营收大头”,2020年上半年的营收占比超过50%,达到139亿元。

weilenaxiaxinfangyewu,beiqiaozhaofangbudebuzunxunxiangkaifashangzhifudingjindexingyeguanli,jibaoxiaomoshi:zhongjieshouxianxiangkaifashangzhifuyidingdebaoxiaofeiyong,shuangfangtanhaodijia,jiangzhenggeloupanjiaoyouzheizhizhongjieduiwuchuli。zaifangchanchengjiaohou,yibankaifashanghuixiangfangchanzhongjiezhifuyidingde“yingxiaofeiyong”,benzhishangyuzhongjiefeiwuyi。youlianjiajingjirenxiang温州牌九kejibiaoshi,zheigefeiyongbiliyaoshijutihezuoqingkuangerding,fanweizai1~4%zhijianfudong。

温州牌九zhaogushuxianshi,jiezhi2020nian6yuedi,beiqiaozhaofangweilechengjiexinfangyewu,yixiangkaifashangzhifudingjinyue20yiyuan,tongshihaimianlinzhe100yiyuandeyingshouzhangkuan。2017-2019nian,beiqiaozhaofangxinfangjiaoyifuwudeyingshouzhangkuanfanbeizengzhang,fenbiedadao19.93yiyuan、27.79yiyuan、78.38yiyuan,huoxujiushiyouyuxinfangyewuzaocheng。xianzhuangshi,xuduofangdichankaifashangdeyewuzai2020nianchuyousuozhongduan,huikuankenengmianlintuichinaizhihuaizhangdefengxian。jiezhi2019nianniandi,gongsiyijingjitihuaizhangzhunbeidadao4.6yiyuan。

tongshi,beiqiaozhaofangzhongzhuyabaodexinfangyewudaijigongsidejinglirungongxianyebujiershoufang。tongguojisuanyongjinfeilvkeyifaxian,2017-2020nianshangbannian,beiqiaozhaofangzaiershoufanghexinfangyewushangxiangjingjirenzhifudeyongjinzhanzongyingshoudebilifenbiewei69%he55%、62%he59%、61%he76%、61%he75%,keyikandaoxinfangyewuzhongdexiangjingjirenzhifudeyongjinbilijibenzaizhunianshangzhang,bingzai2019nianchaoguoershoufang。

二手房及新房的佣金比例,数据来源:招股书

erconggongsideyingshoujiegoulaikan,2019niandeshujuxianshi,ershoufangyingshoude246yiyuanzhong,you150yiyongyuzhifuyongjin,erzaixinfangyewudeyingshou202yizhong,153yibeiyonglaizhifuyongjindengchengben。xiangbijiaozhixia,xinfangyewudejinglirun49yiyuanjinweiershoufangyewu96yiyuande1/2。

gongsibujichengbendikaituoxinfangyewu,sihuyuzuohuiciqiantidaode“cunliang”lunxiangfan。zaibeiqiaozhaofangzhengshidanshengbannianqian,zuohuicengzaiyigegongkaiyanjiangzhongtidao:“cunliangyoufeichangdadekongjian。bunengyiweidikaogaifangzijiejuewenti,jiaoweihelidebizhongyinggaishi:80%congcunliangjiejue,20%congzengliangjiejue。”

ershichangxianzhuangshi,2019nian,quanguodabufenchengshideyishoufangchengjiaoliangyaogaoyuershoufang。yinci,“zhongzichan”moshituozhanxinfangyewuyeshigongsizaifazhandebijingzhilu,youqishizaixianjinliuyijiuchongzudeqingkuangzhixia。2019nianmo,beiqiaozhaofangliudongzijinzonge(liudongzijinbaokuoxianjinjixianjindengjiawu、shouxianzijinjiduanqitouzi)wei335yiyuan,2020nian6yuemozengjiazhi399yiyuan,xiangbinianchuzengjia63.7yiyuan,jinxianjinjixianjindengjiawu,jiuyijingdadao251yi,shuominggongsibingbuqueqian。

erzaishangshiqiandemeiticaifangzhong,beiqiaozhaofangceopengyongdongyehuiyingcheng,weilaiqiwangdexinfangheershoufangdeyewubilishi1:1,danxinxingyewuruzhuangxiudengjianghuichengweiweilaishiniandeguihuazhongdianzhiyi。

另一个因为猛增而值得注意的关键数据是外部佣金的数额。

2017nian,beiqiaozhaofangdewaibuyongjinwei9.3yi,tongqizhifujineibujingjirendeyongjinwei156.6yi,yueweiwaibuyongjindejiangjin17bei。erdaole2020nianshangbannian,waibuyongjindeshuliangyijingdadao83.8yi,yijingjiejintongqideneibuyongjin99.1yiyuan。

zheixiangshujudemengzengcemianfanyinglebeiqiaozhaofangsuotuiguangacn(agent cooperation networkjingjirenhezuowangluo)dechengxiao。zheishiyitaorangjingjixingyeyoujingzhengbianweijinghedexingyeguize,hexinzaiyubazhenggefuwuliantiaoxihua,ranhougenjujingjirenzaigegehuanjiedegongxianlvjinxingfenyongdemoshi。

beiqiaozhaofangctoyanmicengzaijieshou温州牌九kejizhuanfangshibiaoshi,acnwangluoshijishangjiejuedeshi“fangyuanjishizichan”siweixiade“wupan”xingwei,dangkaifangfangyuandexingweidailailegengduodedaikan、chengjiaohou,caishizhenzhengdetishengxiaolv。

2019nian,quanguoshangpinfangxiaoshoue159725yiyuan,erlianjiazaixinfang(7476yi)heershoufanglingyu(12973yi)dezonggtvwei20449yiyuan,yuezhan12.8%。erjinyikaolianjiazaiduanshijianbujuquanguoshichangshijihubukenengshixiande。eracnwangluozekeyitongguolianhelianmengneidejingjigongsi,jiasuzhenggexingyedefangyuanliutong。

二、“同一梦想”的“死对头”

2005nian,yaojingbozaibeitaipingzhuangzhaofangdichanzhongjiezufang,jieguobujinfangzimeizudao,fandaobeipianle1200kuaizhongjiefei。weilejiejuezheigewenti,tongnian,yaojingbochuangbandefenleixinxiwangzhan58tongchengshangxian。

yutadejinglileisi,zuohuiyecengshige“beipiao”。tacengzishu:“1992niandaxuebiye,2004nianmailediyitaofangzi,zhongjianzhei12nian,woyizhizaizufang,huanle10gefangzi,yecengjingbeipianguo。”beipiandejinglirangtachangchengfangchanjingjilingyushi“shimingsuozhi”。

danyezhengshizheilianggeyouxiangsijinglinaizhixiangtong“lixiang”dedalao,congxiridehezuohuobanbianchenglerujin“siduitou”。yezhengshierzhejingzheng,cuishenglezuoweixianshangpingtaidebeiqiaozhaofangdansheng。

21shijidediyigeshinian,shi58tongchengdehuangjinshiqi,youqishizaifangchanjiaoyilingyu,jihubaolanlesuoyoudefangchanzhongjiegongsi,zhurulianjia、woaiwojia、maitiandengdoushitadekehu,meigeyuedouyaoshangjiaoyibi“bufei”deduankoufei,yicihuoquxianshangliuliang。

buguo,daole2014nian,yaojingbozaijieshoumeitizhuanfangshiduijingjixingyefangchuhenhua:“woyaozuoyigepingtai,rangzhongjiemeiyouhuolu。”shigebudao24xiaoshi,yaojingbosuijifaqianyuziweibo,gaikoucheng“yaodajideshiheizhongjie,erbushizhengguijingjixingye。”zheicitanhua,yejixianshangpingtaihexianxiazhongjieshuangfanghezuomaixialefubi。

温州牌九2018nianchu,58qixia58tongcheng、ganjiwang、anjukedeyicixingshangzhangduankoufei30-50%,zaodaozhongjiegongsimendejitidizhi。zheibushidiyicifangchanjiaoyixianshangpingtaizaodaodizhi,2014niansoufangwangjiucengyinshangzhangduankoufeibeizhongjiejiti“fengsha”,daozhigujiadadie。

温州牌九yuxianshangpingtaideduocichongturanglianjiajiakuailefazhanxianshangyewudejincheng。zaozai2008nian,“lianjiazaixian”shangxian,suihougaiminglianjiawang。2017nian4yue,beiqiaozhaofangzhengshishangxian。lianggeyuehou,58tongchengjubanleyichang“quanxingyezhenfangyuanshishidahui”,chulelianjiawai,jihusuoyouzhuliuzhongjiegongsidoucanyuchuxi。duilianjia“jidangcaipanyuan,youdangyundongyuan”dejitizhiyigongkaihua。yaojingbozhiyan,“youxiegongsixiwangzheigexingyedesuoyougongsidouluopoxiaqu,zijishiweiyihuozhederen,zheishibuduide。”

温州牌九2019nianchu,zaibeiqiaozhaofangchengliyizhounianzhiji,58tongchengqixiaanjukejiangqigaoshangfating,zhizeduifangdaoyongfangwutupian。suihoushuangfangduibugongtang,huxiangsuopei9000wanyuanhe1yiyuan。

rujin,beiqiaozhaofangyezaimeigushangshi,yu58pengmian,danshuangfangzaimeigude“tongtaijingji”kenengshifenduanzan。jinnianxiabannian,58tongchengxuanbuyimeiguputonggu27.5meiyuan、zuojia87yimeiyuanjinxingsiyouhua,zheiyeshiji2015nianqihu360siyouhuahouzuidazongdezhonggaigusiyouhuatuishi。

yigetuishisiyouhua,yigeshangshiipo,jiangshuangfangdemingyuntuixiangleyigexijuhuadegaochao。

图片来源于网络

温州牌九58jituandecaibaoxianshi,jiezhi2019niandi,58tongcheng、anjukedengpingtaifufeishanghushuyue330wan,huiyuanfuwugongxianle11.1yirenminbi(1.6yimeiyuan)deyingshou,zaixiantuiguangfuwubenjidushixianyingshou27.1yirenminbi(3.9yimeiyuan),renminbitongbizengzhang19.3%,liangxiangjiazonggongji38.2yiyuan,jinweibeiqiaozhaofangzongyingshoude8%。

buguo,congliuliangjiaodulaikan,beiqiaozhaofangbingbuzhanyoushi。jiguangdashujuxianshi,jiezhi2020nian4yue,beiqiaozhaofangappdeshentoulvwei1.38%,yuandiyuanjukede2.94%。anjukepingjundau235.2wan,erbeiqiaozhaofangpingjundauwei104.4wan。

buguo,lianjiayesuanshicongzijianwangzhanzhongchidaole“tiantou”。gongkaixinxixianshi,2019nian,yigelianjiamendiansuoyoudechengjiaokehuzhong,youbachengkehulaizixianshang,erchenglaizimendiandeziranlaifang,dao2020nian,zheigebilibianchenglejiuchenglaizixianshang,yichenglaizimendian。

yucitongshi,cengjingyu58jiemengdebufenzhongjiegongsiyexiangjidaoge。21shijibudongchanlvxiandaoge,suihouzhonghuandichanyexuanburuzhubeiqiao。rujin,yijingyou260yugepinpaixuanburuzhubeiqiao。

温州牌九eryuduishoudejingzheng,beiqiaocaiyongle“zhenfangyuan”zuoweishashoujian,zheishilianjiazaihenzaozhiqianjiuyijingquelidebiaozhun。zuohuihuiyi,zhenfangyuanxingdonggangtuichushi,lianjiajinglilehendadeyali,kehulaidianliangruijian,laizijingjirendebaoyuanyeyou。

温州牌九zheijishiduiyurujindefangchanjiaoyishichangyechengdeshangshi“gaobiaozhun”。ruzaifangchanzulinshi,renghuichuxianyidijiafangyuanxiyinkeyuan,zaiyong“duanzufang”“fangziganggangchuzu”dengliyouhuangchengzhanshifangyuanyijingbuzaibingdaikanqitaguijiafangyuandengxianxiang。“zheizhongjiubunengquqitadedisanfangfangchanjiaoyipingtaishangkan,nidequgejiazhongjiedeguanwang,neishangmiandecaishizhenshide。”yiweiwoaiwojiadefangchanjingjirendui温州牌九kejibiaoshi。

三、线上线下扩张的“资本故事”

温州牌九zongguanlianjiayijibeiqiaozhaofangdefazhan,yigelibukaidehuatishi“zibenyunzuo”。

2015niankaishi,lianjiakaishilemijiqiedaguimoshougou,zhuanzhuxianxiakuozhang:yifangmiantongguoshougoudifangxingdeyoushijingjipinpaikuozhanmendianshuliang,lingyifangmiantongguojianlijiamengpinpaideyoulongluogengduodexiaopinpaizhongjie。

2015nian2yue,beiqiaoyuchengdouyichenghebing;3yue,yushanghaideyou、shenzhenzhonglianhebing;5yue,hebinggaocejigou;6yue,yuhangzhoushengshiguanjiahebing;7yue,yuzhongqingdayexinghebing;9yue,yujinanfuruibudongchan、dalianhaowangjiao、guangzhoumantanghongdachengzhanlvehezuo。

温州牌九2018nian1yue,lianjiajituanxuanbuqiyongqixiafangchanjingjipinpai“deyou”kaizhantexujingyingyewu,jisuchengde“jiameng”yewu。jiezhidaojinnian6yue,deyoudemendianyijingtupoyiwanjia。

温州牌九erzaixianshangfazhanfangmian,xiangbiyuxuduochenglizhantoubu、sikaoruhetouzidaoyouzhibiaodedehulianwangqiyebutong,zaijieshuledaguimoshougouxianxiazhongjiegongsihou,beiqiaozhaofangzaixuanzegudongshangyeyoulingyitaosikao。

温州牌九rongchuangzhongguodesunhongbinzaitanjitouzilianjiadeluojishicengshuodao:“toulianjiawomentanleyinian,yinweilianjiabushixiangtoujiutou,shitoubujinqu。”youjiejinbeiqiaozhaofangdexiaoxirenshixiang温州牌九kejitoulu,aliyecengmianlinzhexiangtongdewenti:“xiangtoutoubujinlai,xianghezuomeiyoulujing。”

温州牌九zongguanbeiqiaozhaofangciqianderongzilujing,zailianjiasuojin“beiqiao”qian,2016nian4yue,lianjiahuodeblun60yiyuanrongzi,tengxun、baidulingtou。zheiyeshilianjiashoucihuodeshushiyiyuandedaetouzi。

suihou,lianjiadetouzibeijingxiangpingyizhibeiqiao,zaidajianviejiagou、touzirendepingyidengyixiliedepiaoliangcaozuohou,beiqiaozhaofangzaisuihoudeliangnianzhongmijidiwanchengleduolundaezhanlverongzi。

2019nian7yue,beiqiaozhaofangwanchengchao12yimeiyuandedlunrongzi,jinnian3yueyouxiaoxicheng,zaozaiqunian11yue,ruanyin、gaoling、tengxun、hongshandengjiuyijingzaicixiazhu,beiqiaozhaofangwanchengd+lunrongzi,zongrongziechaoguo24yimeiyuan。2017nian1yue,rongchuang26yiyuanlingtou,huodebeijinglianjia6.25%deguquan;sangeyuehouwankeyi30yiyuantouzilianjia。

贝壳找房在D轮以前的融资路径

congmuqianyijingpilushuziderongziqingkuanglaikan,beiqiaojincongrongzizhonghuodedezichanjiuyijingchaoguo120yiyuan。

温州牌九erzaigudongdezuchengshang,yaomeshinenggouweiqitigongliuliangdetengxun、baidu,yaomeshikeyiweiqitigongwendingxinfangyuandekaifashang,kejianbeiqiaozhaofangde“jingming”。yitengxuntigongde“jiugongge”rukouweili,pinduoduoshangshishibajiugonggejiekoudingjia28.52yimeiyuananwuxingzichanruzhang;meituanhuodelianggejiugonggerukoudedaijiashibuzaiqiangtuizijidezhifuyewu。

zaozai2017nian,jiuyoumeitibaodaocheng,lianjiadegudongzaidangshijiuyijingdadao32ge,erjigudonggengshigaoda129ge,gudongjianchigujiaocuofuza,chuletengxun、baiduwai,jinritoutiaozhangyiming,meituanwangxingshenzhi58tongchengdeyaojingbodoushijianjiechiguzhe,shenzhiyou“lianjiagudongyijiqibangekejiquan”deshuofa, danbeiqiaozhaofangdezhaogushuzhongbingweijutitijichigu5%yixiadegongsijigudong。

贝壳找房的股东持股情况,数据来源:招股书

zuixinzhaogushushuxianshi,zaiguanlicengchigufangmian,zuohuigerenchigubiliwei46.8%,yongyou82.8%detoupiaoquan,shibeiqiaozhaofangdediyidagudong。qicishihuaxingzibendebaofanhebeiqiaozhaofangceopengyongdong,chigubilifenbieshi3.8%he3.6%,danzaitoupiaoquanshangjunjinzhan1%zuoyou。

erduocilingtoudetengxunchigubilizai12.3%,weizuidawaibugudong;ruanyinquanzichiyoudesvf ii shell subco (singapore) pte. ltdchiyoubeiqiao10.2%degufen;gaolingzibenchigubiliwei5.3%。

温州牌九dangran,zibenzhiwai,beiqiaorengranmianlinzhexuduoluyaozou。

zuohuizaishangshiqiandemeiticaifangzhongbiaoshi,acnshibixuyaopaotongde,“jishicaiwushujukeyile,danacnyewumeizuoqilai,yebusuanshizhenzhengdechenggong。”beiqiaozhaofangdeguanwangxianshi,weilaijiangfugaiquanzhongguochaoguo300gechengshi,lianjie100wanzhiyejingjirenhe10wanjiamendian。errujin,beiqiaozhaofangyijinzhuquanguo103gechengshi,lianjiejingjimendianchao4.2wanjia,fuwu37wanjingjiren,banchengweizhi。

chucizhiwai,beiqiaohaixuyaohuidadeshi,kejiqudongdaodinengweixiaofeizhehuozhejingjirendailainaxiejiazhi。vr、aizuoweibeiqiaozhangshengbushuaide“jishugushi”,beihoudemenjianbingfeixiangxiangzhongneimegao。youshujutongji,congfangchanjingjiderenxiaolaikan,woguojingjirenmuqianrenjunniandanliangyuewei3dan,yumeiguoxiangdang,danshijiantouruqueshihouzhede2bei。erbeiqiaozhaofangzaitishengjingjirenxiaolvshangweinengyoumingxianshujukeyiniuzhuanzheiyixianzhuang。xingyezhongyeyoushengyinchengbeiqiaozhaofangmuqiannengxiyinhenduozhongjiegongsidengpingtairuzhu,zhuyaoshiyouyuqichengbenbugao,bingfeikejinengli。

温州牌九danwulunruhe,beiqiaozhaofanglianhelianjia,zai19niandefazhanguochengzhongzhongyushangshi。buguo,zaiyiqing、zhonggaiguxinrenweijihegushidongdangdeshihoushangshi,yexubingfeiliangce。

温州牌九xuanzecishishangshideyizhongshuofashi,2016nian4yue,lianjiablunrongzishicenghetouzirenqianding“duidu”xieyi,chengnuogongsizaiblunrongziwanchenghoude5nianneishangshi。ruolianjiaweinengzai2021nian4yueqianwanchengipo,touzirenyouquanzairenheshijiananzhao8%dedanlilvjinxinghuigou。danzuixinxiaoxixianshi,ipoduidushijiancongciqianyuedingde2021niangengxinwei2023nian12yue28ri。

“dangzhenggexingyedoubujigedeshihou,nizuodao60fen,nijiushizuiyouxiude。”fangchanzhongjiedecaomangshidai,zuohuicengzheiyangpingjiaxingyedejingzhenggeju,danyijingshangshi、xuyaojieshouzibenkaoyandebeiqiaozhaofangxianranbuneng“jigewansui”。

pengyongdongtancheng,zaishangshiqiandeduolunluyanzhong,beitouzirenwendezuiduodewentishi“beiqiaozhaofangdaodishishenme”,huanjuhuashuo,xuduotouzirenduiyuqimoshidebenzhiyijitasuonengdailaidexingyegaibianrengcunyihuo。

buguo,zaitanqingbenzhizhiqian,tayijingchangshileliyongacnwangluozhongsufangchanjingjidejingheguize,liyongai/vrdengkejishouduanfunengjingjirenhejiaoyishuangfang,danzheixiekenenghaiweinengdaidongzhenggexingyezouxiangyigezhengxiangxunhuan。youqishizaifangchanjingjizheigerongyi“liebiquzhuliangbi”delingyuli,youshihoujianshouchuxinyaobijishuqudong、guizegaizaogengzhongyao。

温州牌九(温州牌九kejiyuanchuangwenzhang,zhuanzaiqingzhuminglaiyuan)

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