1、ward Looking Statements and Industry Data 68 Use of Proceeds 70 Dividend Policy 71 Capitalization 72 Dilution 74 Enforcement of Civil Liabilities 76 Our History and Corporate Structure 78 Selected Consolidated Financial and Operating Data 81 Managements Discussion and Analysis of Financial Condition
2、 and Results of Operations 86 Industry Overview 111 Business 116 Regulations 143 Management 154 Principal Shareholders 166 Related Party Transactions 170 Description of Share Capital 171 Description of American Depositary Shares 184 Shares Eligible for Future Sale 196 Taxation 198 Underwriting 206 E
3、xpenses Related to This Offering 217 Legal Matters 218 Experts 219 Where You Can Find More Information 220 Index to Consolidated Financial Statements F-1 Table of Contents PROSPECTUS SUMMARY This summary highlights selected information contained in greater detail elsewhere in this prospectus. This s
4、ummary may not contain all of the information that you should consider before investing in our ADSs. You should carefully read the entire prospectus, including “Risk Factors“ and the fi nancial statements, before making an investment decision. This prospectus contains information from an industry re
5、port commissioned by us and prepared by iResearch Global Inc., or iResearch, an independent industry research fi rm, to provide information regarding our industry and our market position in China. We refer to this report, which was dated August 28, 2019, as the iResearch Report. Our Mission Our miss
6、ion is to help people live better. Our Business We are redefi ning the residential rental market through technology. We started Danke in 2015 to provide young people with comfortable yet affordable homes. Today, we are one of the largest co-living platforms in China with the fastest growth, accordin
7、g to iResearch. We established operations in 13 cities in China as of September 30, 2019 and have become a major player in each of the 10 cities that we entered into prior to June 30, 2019. We grew the number of apartment units we operated from 2,434 as of December 31, 2015 to 406,746 as of Septembe
8、r 30, 2019, a 166-fold increase over less than four years. Number of apartment units of Danke Apartment (in thousands) (1) Increase over the three years and nine months from December 31, 2015 to September 30, 2019. (2) CAGR over the three years from December 31, 2015 to December 31, 2018. Chinas res
9、idential rental market is expected to nearly double its size from 2018 to reach RMB3.0 trillion in 2023. We see an enormous opportunity within this addressable market, one of the last conventional markets to be touched by technology. Chinas residential rental market is highly 1 Table of Contents fra
10、gmented and ineffi cient, and one in which both individual property owners and renters suffer from numerous pain points. We provide solutions to both property owners and renters through our innovative “new rental“ business model, which is defi ned by the following features: Centralization. We centra
11、lly operate the apartments sourced from property owners and rent them out to our residents. Standardization. We standardize the design, renovation and furnishing of our apartment units, and provide high-quality, reliable one-stop services. Online. Our entire business process is empowered by technolo
12、gy to enable seamless online experience for both property owners and residents. We have had no physical storefront since inception. (1) According to a survey conducted by iResearch of Chinas leading co-living platforms, including us and our peers. 2 Table of Contents We operate two branded products,
13、 “Danke Apartment ( )“ and “Dream Apartment ( ).“ Danke Apartment has been the primary focus of our business since our inception in 2015. We source and lease apartments from individual property owners on a long-term basis, design, renovate and furnish such apartments in a standardized and stylish ma
14、nner, and rent them out to individual residents, either as private rooms within an apartment or an entire apartment. Leveraging our experience in operating Danke Apartment, we introduced Dream Apartment in November 2018 to target the large but underserved blue-collar apartment segment. We lease enti
15、re buildings or fl oors in a building, transform them into dormitory-style apartments, and rent them to corporate clients for employee accommodation. For all of our residents, we provide high-quality one-stop services, including cleaning, repair and maintenance, WiFi as well as 24/7 resident support
16、. We run Danke like a data science company. As our founders are technology veterans, technology is deeply rooted in our DNA. At the core of our technology system is our proprietary artifi cial intelligence decision engine, or “Danke Brain,“ which makes real-time and unbiased decisions based on data
17、analytics to guide each step of our business operations and generate valuable business intelligence. Danke Brain has self-learning capability. It is able to apply what it learns in existing cities and neighborhoods to new cities and neighborhoods, and improves from each transaction and interaction.
18、It reduces our reliance on local expertise, enables higher effi ciency and facilitates rapid expansion. Danke Brain is supported by our big data platform, which continually processes and structurizes a massive amount of data with over 100 dimensions. Connecting everything together, our IT infrastruc
19、ture digitizes our business operation and links all of our employees, property owners, residents and third-party service providers. Leveraging our robust technology capabilities, we are able to handle complicated and large-scale business operations. For instance, pricing decisions represent a core c
20、ompetency for a co-living platform, yet pricing is complex due to the heterogeneous nature of apartments, neighborhoods and cities. Our technology system enables us to make tens of thousands of pricing decisions each day with approximately 95% accuracy rate of the estimated lease-out price, without
21、the need to rely on the local expertise of individual agents. We also have strong capabilities to manage the dynamic supply chain through technology. We can effectively manage an extensive network of renovation contractors to simultaneously renovate 50,000 apartment units scattered in thousands of n
22、eighborhoods across 13 cities and maintain consistent quality. We use proprietary technologies to achieve precise budgeting, accurate time estimate, and seamless workfl ow coordination across our supply chain. Empowered by our data, technology and apartment network, we have created a vibrant and exp
23、anding ecosystem to connect and benefi t property owners, residents and third-party service providers. Their interaction forms a virtuous cycle, while also providing us with signifi cant monetization opportunities. 3 Table of Contents Our disruptive business model has enabled us to achieve unparalle
24、led growth, operational excellence and customer satisfaction. We are particularly proud of the following achievements, where in each case we ranked the highest amongst our peers, according to iResearch: (1) Growth over the three and a half years from December 31, 2015 to June 30, 2019. We achieved 1
25、66-fold increase in the number of apartment units we held over the period between December 31, 2015 and September 30, 2019. (2) As of June 30, 2019. Our occupancy rate was 87% as of September 30, 2019. (3) Percentage of residents surveyed that would recommend our platforms to others, according to a
26、survey conducted by iResearch in August 2019. (4) For the fi rst half of 2019; excluding residents who entered into leases with Aishangzu prior to our acquisition of Aishangzu. The renewal rate of our residents exceeded 50% in each of 2017 and 2018. We improved our ranking among our peers in terms o
27、f such renewal rate from the third in 2017 to the fi rst in 2018 and the fi rst half of 2019, according to iResearch. The renewal rate of our residents for the nine months ended September 30, 2019 was 52%. (5) For the period between our inception and June 30, 2019; excluding property owners who ente
28、red into leases with Aishangzu prior to our acquisition of Aishangzu. The renewal rate of our property owners for the period between our inception and September 30, 2019 was 79%. We currently generate revenues primarily from rents and service fees. Our revenues increased by 307.3% from RMB656.8 mill
29、ion in 2017 to RMB2,675.0 million (US$374.3 million) in 2018, and by 198.8% from RMB1,673.0 million in the nine months ended September 30, 2018 to RMB4,999.7 million (US$699.5 million) in the nine months ended September 30, 2019. We are just taking off. Our business model not only enables us to achi
30、eve strong performance, but also places us in a unique position to capture the enormous potential of Chinas residential rental market. Our Market Opportunities Chinas residential rental market size reached RMB1.8 trillion in 2018 and is expected to grow to RMB3.0 trillion in 2023, according to iRese
31、arch. The residential rental market size of Chinas tier 1 and tier 2 cities reached RMB1.2 trillion in total in 2018 and is expected to grow to RMB2.0 trillion in 2023. The growth in Chinas residential rental market is mainly driven by the following factors: Continued urbanization High housing price
32、s, particularly in tier 1 and tier 2 cities Changes in young peoples consumption habits and lifestyle Favorable policies supporting the residential rental market 4 Table of Contents Currently most of the residential rental properties in China are still owned and operated by individual property owner
33、s. Property owners and renters suffer from numerous pain points, as illustrated below: As a result, there are massive opportunities for co-living platforms that centralize the leasing and operation of rental properties. In particular, affordability is the biggest issue for young renters today, parti
34、cularly in tier 1 and tier 2 cities. In the conventional residential rental market, the smallest unit available for rent is often an entire apartment, as individual property owners are generally unable or otherwise unwilling to bear the burden and risk of renting out private rooms. Co-living platfor
35、ms reduce the smallest unit available for rent to a private room, thereby providing an affordable alternative. For instance, Danke enables renters to enjoy substantial savings by offering private rooms at less than half of the price of renting a studio or one-bedroom apartment in the same neighborho
36、od in Beijing in the nine months ended September 30, 2019. Average Monthly Rent in Beijing (1) Average monthly rent for a studio or one-bedroom apartment in the six urban districts of Beijing, namely Haidian, Chaoyang, Dongcheng, Xicheng, Fengtai and Shijingshan. (2) Average monthly rent for Dankes
37、private room with shared common space, such as living room, kitchen and bathroom, in the six urban districts of Beijing mentioned above. Source: i浳浳2.1流动资金占比12.90%3收入万元11348.004总成本万元8586.595利润总额万元2761.416净利润万元2071.067所得税万元1.148增值税万元380.889税金及附加万元196.8510纳税总额万元1268.0811利税总额万元3339.1412投资利润率24.46%13投资利
38、税率29.58%14投资回报率18.35%15回收期年6.9516设备数量台（套）9217年用电量千瓦时730992.1418年用水量立方米4850.5919总能耗吨标准煤90.2520节能率26.01%21节能量吨标准煤33.3822员工数量人186 1 证 券 研 究 报 告 证 券 研 究 报 告 行 业 深 度 研 究 行 业 深 度 研 究 火锅行业深度报告：火锅行业深度报告：群英毕至群英毕至，火中取“利”火中取“利” 休闲服务行业休闲服务行业 投资要点：投资要点： 火锅作为餐饮行业细分品类中的翘楚，迎来万亿市场空间。火锅作为餐饮行业细分品类中的翘楚，迎来万亿市场空间。2018年全
39、国餐饮收入42716亿元，同比增长7.8%，其中，火锅餐饮依旧是餐饮细分中 最大的品类，占餐饮市场份额的比重达到20.5%，实现总收入8757亿元。根 据2018年中国餐饮业年度数据报告，对比其他餐饮业态，火锅业每平 米营收高达2.63万元，营收同比增速24.7%，净利率为11.8%，领先其他餐 饮品类，预计到2020年，国内火锅市场规模有望破万亿。 门店席卷全国，竞争格局分散。门店席卷全国，竞争格局分散。据2018年中国火锅品类专题报告 数据， 截至2018年上半年， 全国火锅店数量已经接近40万， 其中以“麻辣” 口味为主的川渝系火锅占据半边江山，甚至更多，但是目前行业竞争格局 分散，排名
40、前十的企业门店数量合计不到6200家，占国内40万家的比重仅 为1.55%，连锁化率较低。 上游食材丰富，强化供应链管控压缩成本。上游食材丰富，强化供应链管控压缩成本。火锅的食材非常丰富，但 是原材料采购的地域来源跨度较广， 同时原材料成本占营业成本比重较大， 因此合理的采购流程叠加供应链管控，能够降低企业的成本。以海底捞为 例，原材料及易耗品成本占经营成本的比重高达45.08%，其次才是人力成 本，占比为32.61%。 中游调味品和速冻食品，颐海国际、天味食品、安井食品。中游调味品和速冻食品，颐海国际、天味食品、安井食品。2017年火 锅调味品的市场规模突破200亿元，年增速达到13.7%，
41、预计2018年的火锅 调味品市场规模已经达250亿元左右，其中火锅底料市场占比约80%。目前 火锅底料市场中，红九九（9.2%）、颐海国际（7.9%）和天味食品（7%） 的市场份额合计占比24.1%，集中度不高。速冻火锅料制品中规模最大的就 是安井食品，火锅料制品的销售额目前不足30亿元。而速冻米面制品的行 业集中度较高，CR4超70%，未来速冻火锅料制品的集中度有望进一步提升。 下游下游行业行业发展发展三大三大趋势趋势，火锅门店火锅门店、火锅外卖火锅外卖、方便火锅方便火锅。1）火锅门 店，根据统计局的数据，全国餐饮门店的总个数是656.9万家，也就是说每 100家餐饮门店中，就有6家是火锅门
42、店，。2）火锅外卖，传统火锅的外卖 成本非常高，发展几经坎坷，近年来以火锅的衍生品种冒菜、麻辣烫、香 锅等外卖发展较快。3）方便火锅，随着生活节奏的加快，人们对便捷就餐 的要求逐步加大，方便火锅目前已经成为各大龙头企业零售端发展的主要 方向之一。 风险提示风险提示：原材料价格波动的风险、食品安全风险、行业竞争格局变 化的风险、宏观经济下行的风险。 2019 年 10 月 28 日 投资建议：投资建议： 中性中性 上次建议：上次建议： 中性中性 一年内行业相对大盘走势一年内行业相对大盘走势 Table_First|Table_Author 钱建 分析师 执业证书编号：S0590515040001
43、 电话：0510-85613752 邮箱：qj 江甜丽 研究助理 电话：051082832787 邮箱：jiangtl 相关报告相关报告 1、 中秋国内旅游人次过亿，十一假期行情预热 休闲服务 2、 行业增长进入低速区间，龙头贡献加大 休闲服务 3、 中秋小长假即将来临，周边游需求旺盛 休闲服务 请务必阅读报告末页的重要声明 -20% -7% 6% 19% 2018-092019-012019-052019-09 休闲服务 2 请务必阅读报告末页的重要声明 行业深度研究行业深度研究 正文目录正文目录 1 1 火锅火锅: :餐饮行业细分品类中的翘楚餐饮行业细分品类中的翘楚 4 4 1.1 火锅市
44、场迎来万亿空间 . 4 1.2 六大派系口味各有千秋 . 5 2 2 火锅市场的现状：高盈利火锅市场的现状：高盈利+ +竞争分散竞争分散+ +多多业态业态 7 7 2.1 高盈利模式下的优选赛道 . 7 2.2 门店席卷全国，竞争格局分散 8 2.3 价格阶梯分布，传统火锅价位更高 . 9 2.4 差异化带来多元化，业态不断丰富 . 10 3 3 火锅产业链分析：聚众上演沸腾时刻火锅产业链分析：聚众上演沸腾时刻 1111 3.1 上游：完善采购流程+强化供应链管控 . 12 3.2 中游：调味品和速冻食品 . 14 3.3 下游：火锅门店+火锅外卖+方便火锅 19 3.3-1 火锅门店：多品牌
45、竞争激烈 . 20 3.3-2 火锅外卖：成本居高不下，火锅衍生品更佳 . 23 3.3-3 方便火锅：零售空间大，渠道竞争是关键 . 24 4 4 行业相关标估值比较行业相关标估值比较 2626 5 5 风险提示风险提示 2626 图表目录图表目录 图表图表 1 1：20102010- -20182018 年餐饮行业收入及增速年餐饮行业收入及增速 . 4 图表图表 2 2：20172017 年餐饮行业细分类别市场份额年餐饮行业细分类别市场份额 4 图表图表 3 3：20182018 年火锅行业市场规模突破年火锅行业市场规模突破 87008700 亿元亿元. 4 图表图表 4 4：500050
46、00 年前的初级火锅年前的初级火锅小陶灶小陶灶 . 5 图表图表 5:5:春秋时期的青铜火锅春秋时期的青铜火锅 5 图表图表 6 6：海底捞具有四川特色的清油麻辣锅底：海底捞具有四川特色的清油麻辣锅底 . 6 图表图表 7:7:海底捞具有重庆特色的牛油麻辣锅底海底捞具有重庆特色的牛油麻辣锅底 . 6 图表图表 8 8：国内六大派系火锅分类：国内六大派系火锅分类和区域分布和区域分布 . 6 图表图表 9 9：粤系经典火锅：粤系经典火锅潮汕牛肉火锅潮汕牛肉火锅 7 图表图表 1010：台式小火锅：台式小火锅 . 7 图表图表 1111：20182018 年火锅与其他品类餐饮经营情况对比年火锅与其他品类餐饮经营情况对比 . 8 图表图表 1212：2014201420182018 中国餐饮门店数量及火锅门店家数占比中国餐饮门店数量及火锅门店家数占比 8 图表图表 1313： 20192019 年中国火锅年中国火锅 TOP10TOP10 企业排名及门店数量企业排名及门店数量 . 9 图表图表 1414：人均消费：人均消费 5050 元以下的火锅仍是主流元以下的火锅仍是主流 . 10 图表图表 1515：传统火锅及火锅衍生出的其他：传统火锅及火锅衍生出的其他“变种变种” . 10 图表图表 1616：火锅行业产：火锅行业产业链图谱业链图谱 . 11 图表图表 1717：201820
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