From "Baihe Jiayuan" to "Fuai Heyuan", Baihe Jiayuan is trying to announce its repositioning by renaming.
On May 20, Baihe Jiayuan group was officially renamed "Fuai Heyuan group". The renamed Fuai Heyuan group announced that it has fully entered the three major tracks of marriage and love, entertainment community and marriage.
In the past, Baihe Jiayuan group, which is well known to users, focused more on marriage and dating. Nowadays, with the rapid changes in the marriage market, Baihe Jiayuan group has already begun to try new business. On the one hand, it is to build the marriage and love industry chain. On the other hand, it is concerned about the trend that the number of people going straight to blind date is reduced and the communication with weak purpose is trying to complicate the emotional relationship. Baihe Jiayuan has seized the scene of "maintaining the love relationship" of users with platforms such as "love records" and tasted the sweetness.
This makes the name from the merger of "lily net" and "century Jiayuan" a little embarrassing. "When the strategy of 'three tracks' is determined and developed for a period of time, our original' Lily Jiayuan 'is even more embarrassing, because the names of' Lily 'and' Jiayuan 'are only one of our businesses, so we decided to upgrade our current company." In an interview with 21st Century Business Herald, Wu Linguang, global partner of Fosun and CEO of Fuai Heyuan group, said. However, Wu Linguang also stressed that the renaming of the group does not affect the original product name of the company.
In addition to "renaming Mingzhi" to better inform users, Fuai Heyuan also wants to seize the hearts of investors. Wu Linguang explained to the 21st Century Business Herald reporter that Fuai Heyuan's move is also to better tell its own story to the capital market, so as to make the capital market have a more complete understanding of Fuai Heyuan and improve the valuation of the latter.
The next step to improve the valuation is undoubtedly to sprint to the market. Although Wu Linguang did not give a clear time point for listing, there is no doubt that the renamed Fuai Heyuan released a signal: from providing "once-in-a-lifetime" services to "for a lifetime". The one-stop marriage and love service industry service chain is the development idea of Fuai Heyuan's impact on listing in the future.
Cautious renaming
In an interview with the 21st Century Business Herald, Wu Linguang explained the reason for the name "Fuai Heyuan".
Among them, "Fu" has two meanings, one is a tribute to the controlling shareholder Fosun international, and the other is "double", which means that no matter what love relationship is based on two people; "Love" is the business of the group, that is, the connection, maintenance and witness of love relations. "Heyuan" is a tribute to the old brand of the original enterprise - "baihe.com" and "century Jiayuan" are further concentrated on the basis of "Baihe Jiayuan".
Wu Linguang pointed out that the renaming of the enterprise witnessed the change of Fuai Heyuan from a single track to diversified development. The previous four major events of love.
In 2015, "baihe.com" and "Shiji Jiayuan" merged to integrate the original track and establish "Baihe Jiayuan"; At the beginning of 2017, we started to build wedding business and officially explore the field of wedding; On July 4, 2018, Fosun International announced to become the controlling shareholder of Baihe Jiayuan group. At present, Baihe Jiayuan has become an important part of the "big happiness sector" of Fosun Group; In 2021, Baihe Jiayuan group will integrate the original brand track again and become a whole industry group covering marriage and love, entertainment community and marriage.
So far, Fuai Heyuan has sorted out three tracks. First, the traditional marriage and dating, which the company calls "connecting love relationship" - the combined registered users of its representative products "baihe.com" and "century Jiayuan" have exceeded 360 million; Second, the marriage industry, which the company calls "witness love relationship" - one-stop wedding experience service taking "Xipu" and "huiai" as examples; The link between acquaintance and marriage is "maintaining love relationship". The company classifies this as an entertainment community track. The "love record" platform developed in recent years fills the gap of Fuai Heyuan on this track.
After finalizing the diversified development route, one of the "lily Jiayuan" derived from the traditional marriage and dating business was slightly embarrassed. Lily Jiayuan therefore changed its name to meet the needs of brand upgrading and build a one-stop industrial service chain. According to the data, by the end of April 2022, the total number of registered users of Fuai Heyuan group has exceeded 400 million, Mau has reached 11.1 million, and there are more than 200 service stores all over the country.
Young social
As a veteran of the traditional marriage and dating sector, Fuai Heyuan once hesitated whether to join the entertainment community track.
According to the 2021 Research Report on China's Internet marriage and dating market released by Bida consulting, the Internet marriage and dating industry has ushered in a new round of adjustment period, and generation Z has become the main user of the love market.
Wu Linguang analyzed that young people's emotional relationships are being scattered into many small scenes. The reason is that more young people prefer a relatively gentle way, "two people have a try first", rather than the simple, direct and purposeful way that Fuai Heyuan is good at.
At the same time, Fuai Heyuan also sees the polarization of marriage and love age groups, and the difference between the two is more obvious since covid-19 in 2020. Facing the uncertain future, people who are anxious to find a partner become more anxious, and people who are not anxious are more self-centered. The former is what Fuai Heyuan is good at. "Our traditional track is to serve those people who are lower pressure, happier and more anxious to find (objects)", Wu Linguang said.
The latter's cake is more divided by social software tracks. For example, soul app, positioned as a social metauniverse, submitted a prospectus to NASDAQ only five years after its establishment. According to the data, as of the first quarter of 2021, the Mau of soul app mobile terminal reached 33.2 million, almost three times the cumulative latest data of Fuai Heyuan. In November 2020, generation Z accounted for 74.5% of soul's average dau.
"Lily Jiayuan" also pointed out in the financial report that love and marriage websites are facing the impact of new social platforms such as wechat, microblog, QQ space, Momo and YY.
Considering the difficulty of survival and the short board of business, Fuai Heyuan is particularly cautious in its decision-making on the new track. In 2021, after several rounds of judgment, Fuai Heyuan finally decided to cut into the entertainment and community track.
At present, the representative products of Fuai Heyuan on the track are "love", "hellotalk", "test constellation" and other assets. Among them, the most representative "love story" was invested by century Jiayuan in 2014. At the end of 2021, Baihe Jiayuan group completed the holding of love story. At that time, the number of users of love story had exceeded 30 million. Public information shows that the main company of "love story" is Wuhan didi Network Technology Co., Ltd. on March 31, 2022, Lily Jiayuan's share in the latter increased from 50.8% to 65.8%; Wu Linguang was appointed chairman of the company.
However, Wu Linguang also believes that the current scale of Fuai Heyuan in the entertainment community is far from enough. The next plan is to expand the user scale of "love story" and increase its user stickiness to meet the needs of more users.
At the same time, Wu Linguang pointed out that Fuai Heyuan also hopes to include more assets in this track and expand the scale of the community through the use of capital.
"We may use more capital operations to complete it. Our incubation time is too long. We can't wait."
Sword finger listing?
Another intention of the renaming of Fuai Heyuan is to better the capital market.
Although Wu Linguang did not confirm the listing node to the 21st Century Business Herald reporter, it is not difficult to judge behind the attempt to improve the valuation, and it will eventually go public.
Before that, Baihe Jiayuan, the predecessor of Fuai Heyuan, had a listing period.
According to the 21st Century Business Herald reporter, century Jiayuan (NASDAQ: date) was listed in the United States on May 11, 2011; Lily net Co., Ltd. (NQ: 834214) was officially listed on the new third board on November 20, 2015.
In December 2015, Jiayuan century and baihe.com started the merger. Baihe.com Co., Ltd. acquired all ads and common shares issued by Shiji Jiayuan by using the company's own funds, funds obtained from directional issuance of shares and bank loans, and Shiji Jiayuan became its subsidiary.
On May 13, 2016, Tianjin Baihe times Asset Management Co., Ltd. officially completed the merger transaction of Shiji Jiayuan, which was subsequently delisted from NASDAQ. On September 8, 2017, Tianjin Baihe times officially became a subsidiary of baihe.com, the merger of the two officially ended, and was renamed "Baihe Jiayuan Network Group Co., Ltd." at the end of the year.
Lily Jiayuan's imagination after the merger is that the fierce competition between the two companies in the past decade will be eliminated, which will further lay the company's leading position and resource integration ability in the marriage and dating industry. After the merger, the revenue growth of Baihe Jiayuan once soared, from 1% in 2016 to 257.87% and 98.07% in 2017 and 2018.
In 2017, with the merger of the two, Lily Jiayuan's wedding business also began to be distributed nationwide. In addition to its own business, Baihe Jiayuan has made a lot of investment and mergers and acquisitions in wedding, wedding dress, wedding banquet and other brands. The resulting investment and M & A risks test the operating ability of Baihe Jiayuan. In 2017, Baihe Jiayuan carried out product R & D and marketing with great vigour; In the following years, the company focused on optimizing existing products and building offline Direct stores.
On December 24, 2019, Baihe Jiayuan Network Group Co., Ltd. announced the termination of its listing. Behind the delisting is the annual loss of Lily Jiayuan. In 2015 and 2016, the company's net profit attributable to the shareholders of the listed company amounted to -83 million yuan and -135 million yuan respectively; After the formal merger in 2017, it turned losses into profits, deducting non net profit of RMB 22 million; But then it fell back into a loss situation, and the deduction of non net profit in 2018 even reached - 720% year-on-year.
When delisting in 2019, Baihe Jiayuan did not mention the reason. But in the financial report, there is an irresistible trend: the profit growth space of online marriage and dating business faces the risk of narrowing. Nowadays, Fuai Heyuan has chosen to face risks and build a one-stop industrial service chain. With its new identity of "Fuai Heyuan", the capital market has a clear understanding of the company's diversified business, so as to improve the company's valuation.
