luda 徐鹏股份(8月15日)在新三板上赢了牌。
Ruipeng Pet Healthcare Group Co., Ltd. was delisted on the New OTC Market (August 15).
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One of the most important things in the pet medical industry recently is the?2018 China Pet Medical Talent Summithosted by Ruipeng and published by its own media CHOICE, Guests include veterinary bureau, animal science colleges of several agricultural universities, global animal protection animal protection giant Zoetis, Boehringer-Ingelheim, Police Dog Research Institute of the Ministry of Public Security, Former Dean of Taiwan University, China Agricultural University, etc.
宠物医疗行业近期最重要的一件事儿，是由瑞鹏主办，其媒体宠嗅发布的《2018中国宠物医疗人才高峰论坛》，嘉宾阵容包括兽医局、数所农业大学动科学院、全球动保巨头硕腾、勃林格殷格翰、公安部警犬研究所、台大前院长、中国农大等。
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The event has gathered the scarcest resources in the medical industry. It is likely to be the leader of the industry. However, as a wholly-owned Dr. Pets platform of Hillhouse, it can be evenly matched with Ruipeng in terms of scarce resources. The partners of Dr. Pets include China Agricultural University, Shandong Agricultural University, Northeast Agricultural University, Nanjing Agricultural University; pharmaceutical brands as Boehringer-Ingelheim, IDEXX, MSD, Bayer; association institutions as Pet Clinic Branch of Chinese Veterinary Medical Association, Beijing Pet Industry Association, Beijing Daxing Dog Association, Liaoning Veterinary Association, Liaoning Pet Physician Club, Sichuan Animal Husbandry and Veterinary Medicine Association, Chengdu Center for Animal Disease Prevention and Control, etc.
这可谓汇聚了医疗行业最稀缺的资源，颇有做老大的感觉。但作为高瓴全资的宠颐生平台，其实在稀缺资源方面，可与瑞鹏势均力敌。宠颐生合作伙伴包括：中农、山东农业、东北农大、南京农大；医药品牌，勃林格殷格翰、爱德士、默沙东、拜耳；协会机构：中国兽医协会宠物诊疗分会、北京市宠物行业协会、北京市大兴犬协、辽宁省兽医协会、辽宁宠物医师俱乐部、四川省畜牧兽医医学会、成都市动物疫病预防控制中心等。
How can Hillhouse Capital, as the one which has the deepest layout for and the most meticulous research on the domestic pet industry, even the pet industry, obtain the dividend of Chinese pet industry??Perhaps we can get a glimpse from the global layout of the pet industry in recent years.
作为国内宠物医疗行业、甚至宠物行业布局最深、研究最为细致的高瓴资本，如何收割中国宠物行业红利？或许我们可以通过近几年其在宠物行业的全球布局略窥一斑。
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After its establishment in 2005, Hillhouse Capital has developed rapidly. At present, the publicly announced scale of assets under management (AUM) is 30 billion US dollars. Hillhouse has always been known for its value investment in the industry, and has in-depth research on the industry and investment targets.
高瓴资本2005年成立之后，发展迅速，目前对外公布管理资产规模（AUM）300亿美金。高瓴在行业内一直以价值投资著称，对行业、投资标的研究深入。
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For the pet industry, public data show that Hillhouse has invested in several overseas targets. In October 2016, it acquired Gimborn, a German pet brand with more than 50 years of history. Main products of Gimborn include pet snacks and cat litter, which is very helpful for Hillhouse to develop high-end snack market in Asia, especially in China. Just in this year, the GIMBORN brand officially entered Chinese market, and has begun to conduct business through the channels of big trade and pet hospitals.
对于宠物行业，公开数据显示，高瓴投资了数家海外标的。2016年10月，其收购拥有50多年历史的德国宠物品牌俊宝（Gimborn），其主要产品包括宠物零食和猫砂，这对高瓴在亚洲，特别是中国开拓高端零食市场有很大帮助，就在今年，俊宝品牌正式进驻中国，目前已经开始通过大贸和宠物医院渠道开展业务。
German old pet brand GIMBORN
德国老牌宠物品牌俊宝
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Internationally, another potential company in pet industry is called Vet First Choice, which was established in 2010. Not surprisingly, by the end of the year, it will be merged with Henry Schein Animal Health (one of the Fortune 500 companies, NASDAQ: HSIC) and become a new listed company as "Vets First Corp."
国际上，另外一家宠物行业潜力股叫Vet First Choice，这家公司于2010年成立，不出意外，到年底，将与Henry Schein Animal Health（财富500强公司，纳斯达克股票代码：HSIC）合并，合并后以“Vets First Corp.”成为一家新上市公司。
Just in last July, Hillhouse took the lead to invest in this company. In addition, Sequoia Heritage, the partner with the most cooperation in the primary market, also conducted a follow-up investment with a total amount of US$223 million. Sequoia Heritage is a service provider for pet hospitals to improve communication between veterinarians and pet owners. Its ability in improving the communication efficiency of veterinarians and pet owners has been proven in the United States.
就在去年7月，高瓴领投了这家公司，除此以外，一级市场合作最多的伙伴红杉（Sequoia Heritage），也进行了跟投，融资金额共2.23亿美金，这是一家为宠物医院提供技术的服务商，在提升兽医和宠主沟通效率方面，已经在美国经过验证。
In addition, one thing that has to be mentioned is that its founder, Ben Shaw, is the son of David Shaw, CEO of IDEXX, the global leader in veterinary diagnostics, which has also gave a biggest endorsement to the success of this startup. After the investment was completed, Zhang Lei also made it clear that “investing in this company is mainly for international business, and the most important market is in China.”
另外，不得不提到的一点是，其创始人Ben Shaw，是目前全球兽医诊断行业领导者爱德士（IDEXX）CEO David Shaw的儿子，这也给这家创业公司的成功，做了最大的背书。在投资完成之后，张磊也明确表示，“投资这家公司主要是为了开展国际业务，最重要的市场就是中国。”
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In addition to equity investment, actually Hillhouse also participates in a large number of secondary market investments, a considerable part of which is in US stock market. According to the US SEC 13F document, as of March 31, 2018, Zhang Lei's Hillhouse Capital holds a total of 48 US stock listed companies with a market capitalization of 5.668 billion US dollars. Among them, there is the IDEXX mentioned above, with a totaling of 6.389 million US dollars (33,400 shares); Jingdong is still the one holding the largest position billion US dollars). Jingdong, as a limited partner of Hosen Capital, also participated in the largest acquisition of China's pet industry last year - acquiring Australian pet food company Real Pet Food with 5 billion US dollars.
高瓴除了股权投资，实际上还参与了大量二级市场的投资，其中相当大的一部分在美股。美国SEC 13F文件显示，截止2018年3月31日，张磊的高瓴资本共持有48家美股上市公司的股票，市值达56.68亿美元。其中包括持有上文提到的爱德士（IDEXX）共638.90万美元（3.34万股），持仓最大的还是京东（14.2亿美元，京东作为厚生资本的LP也参与了去年中国宠物行业最大宗收购案——50亿收购澳洲宠物食品公司Real Pet Food。
As of March 31, 2018，48 US stock listed companies held by Hillhouse Capital.
截止2018年3月31日，高瓴资本持有的48家美股上市公司。
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The overseas acquisition conducted by Hillhouse is mostly for the domestic layout. In general, Hillhouse uses medical and food as its pointcut, and its research and layout are extremely deep.
在海外，高瓴的收购大多是为了国内布局。总体来讲，高瓴以医疗和食品为切入，研究和布局都极为深入。
In its domestic layout, it mainly uses Skyfield (Shanghai) Investment Co., Ltd. The company has a registered capital of 450 million US dollars.?Cexing is?one of the subsidiaries of Skyfield, focusing on the investment platform of the pet medical industry. Its investments include?Dr. Pets, Gaoyu , Tianjin Yuhui , Qingdao Ainuo (60%), Shanghai VET ANAN (Zhuhai Hillhouse Tiancheng34.48%+Skyfield31.39%),Yunchong(HillhouseTiancheng44.8%+Skyfield 30.7%+Huichong 2%), Nanjing Ai-Bi Pet (In July 2017, Hillhouse directly invested it, and in July 2018, Skyfield continued to increase its holdings), ShanghaiNaughtyFamilyPetCo.,?Ltd.?(In April 2017, Hillhouse directly invested it, and in May 2018, Skyfield continued to increase its holdings), Chongfuxin (publicly announced on April 16, 2018).
其在国内布局，主要使用瓴域（上海）投资有限公司，该公司注册资本4.5亿美金，其中策行是瓴域子公司，专注于宠物医疗行业的投资平台。旗下投资包括宠颐生、高屿、天津域汇、青岛爱诺（占股60%）、上海安安宠物（珠海高瓴天成34.48%+瓴域31.39%），云宠（高瓴天成44.8%+瓴域30.7%+惠宠2%）、南京艾贝尔（2017年7月高瓴直接投资，18年7月瓴域继续增持）、上海顽皮家族有限公司（2017年4月高瓴直接投资，2018年5月瓴域增持）、宠福鑫（2018年4月16日对外公布）。
Hillhouse arranges the layout of pet industry platform
高瓴布局宠物行业平台
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At present,petnosis (ID: petnosis)has made statistics based on the public data of official website and WeChat. At present, Dr. Pets has 171 pet hospitals; VET ANAN has 197 hospitals; Qingdao Ainuo has 22 hospitals; Yunchong Puppy Town has 82 hospitals; Abel has 72 hospitals; Chongfuxin has 20 hospitals; and Naughty Family has 3 hospitals. In this way, there are roughly 600 hospitals in total. In fact, considering the number of no updated and unfinished ones, the number of hospitals in the Hillhouse system should be around 800.
目前，宠物行业观察（ID：petnosis）通过对各家官网、微信公开数据进行统计，目前，宠颐生共171家宠物医院、安安197家、青岛爱诺22家、云宠芭比堂82家、艾贝尔72家、宠福鑫20家、顽皮3家。这样算下来大致总共近600家，但实际上，考虑到未更新及尚未最终完成流程的标的，高瓴体系的医院数量应该在800家左右。
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From the perspective of the location and characteristics of each hospital, Dr. Pets has the latest start but the fastest development; VET ANAN has an earlier development, has a more in-depth layout in Shanghai, currently mainly covering Jiangsu, Zhejiang and Shanghai; Ainuo is mainly concentrated in Shandong; Puppy Town focuses on Beijing, Guangzhou and Shenzhen, and is mainly based on specialized publicity; the old-fashioned chain Ai-Bi pet also ploughed from the Nanjing headquarters to the Yangtze River Delta and developed rapidly after receiving the support from Hillhouse; in addition, the hospitals of Chongfuxin which is acquired by Hillhouse are also located in Beijing; Naughty Family is a well-known old company in Shanghai.
从各家医院地域和特点来看，宠颐生发力最晚，但发展速度最快；安安宠医发展较早，在上海有更深入的布局，目前主要覆盖江浙沪；爱诺主要集中在山东；芭比堂主打北京和广深，对外以专科宣传为主；老牌连锁艾贝尔也从南京总部深耕长三角，得到高瓴资金支持后，扩张势头迅猛；另外，今年高瓴收购的宠福鑫主要医院也在北京；顽皮则在上海属于知名老店。
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Judging from the acquisition strategy, the Hillhouse system's acquisition of hospitals is basically holding shares in the earlier stage, and will obtain the control right of hospitals one year later.
从收购策略来看，高瓴体系对医院收购的基本为前期占股，1年后完成对医院的控制权。
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In addition, it must be mentioned that Hillinsight, a high-data subsidiary of Hillhouse, currently has a data volume of 368,539,019 megabytes (as of August 15, 2018), which come from VET ANAN, Dr. Pets, Puppy Town and Kudi pets, etc. External data includes Amap, Taobao and 58. Partners include Jingdong Finance, Jingdong and dianping, etc. Hillinsight is also the core department of Hillhouse's data-driven investment. There are roughly 200 team members who could make convenient judgments for Hillhouse's investment in China. Most of Hillhouse's data insights into the pet industry come from here.
另外，不得不提到的是，高维数金这家高瓴旗下的大数据子公司，目前拥有的数据量368,539,019兆数据（2018/8/15），宠物行业数据来源主要包括安安宠医、宠颐生、芭比堂、酷迪宠物等。外部数据包括高德、淘宝、58。合作伙伴包括京东金融、京东、大众点评等。这也是高瓴数据驱动投资的核心部门，大致有200人团队，为高瓴在中国的投资做数据方便的判断。而高瓴对宠物行业的数据洞察也大多从这里来。
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Referring to the pet store, Hillhouse also invested in theChongwujia, a pet store chain. At present, there are 17 stores in Beijing, mainly located in Chaoyang District, providing door-to-door and shop-to-store services for the pet owners. However, the Easy Item Preference shows that the project has now ceased to operate. Pet Home contacted the relevant personnel, knowing that the stores are still operating normally. We also queried its app version, and the last update was also normal, 3 weeks ago.
提到宠物店，高瓴还投资了一家宠物店连锁——宠物家，目前北京共有17家门店，主要分布在朝阳区，为宠主提供上门和到店服务。但易项优选显示，该项目目前已停止运营。宠业家联系了相关人员，其表示店目前还在正常运营。我们也查询了其app版本，最后一次更新也正常，在3周前。
Kudi Pets of Hillhouse under Gao Liwei Technology of Hillhouse Tiancheng are not active enough in the market. Tuola Pets under Hillhouse did not continue to provide products for its small business volume. It can be seen that Hillhouse is retreating from financial leasing of the pet shop section and pet hospital.
高瓴天成之前旗下高立维科技的酷迪宠物，市场目前也缺少声音。高瓴旗下专注宠物医院融资租赁的妥拉宠物也逐渐因为业务量过小，没有继续提供产品。可见，高瓴在宠物店版块和宠物医院金融租赁方面正撤退。
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At present, the outstanding projects carried out by the Hillhouse Group wish to gather the senior hospital directors and managers under the system for training. The main purpose is to emphasize the strict implementation of SOP, reflecting the advantages of the chain store: the increase in the number of stores under the capital support and the improvement of the floor effect. In addition, we also selected high-quality targets for key support.
目前，在瓴域集团进行的卓越项目，其希望汇聚体系下优质医院院长、管理者进行培训，主要目的在于强调严格执行SOP，体现出连锁店的优势：资本支持下店数目的增加和坪效的提高。另外，也筛选出优质标的进行重点扶持。
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Considering that Ruipeng, who is a listed company and has raised 500 million yuan in recent months, is currently delisted from the New OTC Market, we boldly judge that currently the best solution is to integrate the company's own system quality hospitals with Ruipeng Direct Hospital, so as to quickly realize the integration of the scarce resources, and package and market to seek secondary market realization.
考虑到瑞鹏目前从新三板摘牌，瑞派属于上市公司，近几个月融资5亿人民币，我们大胆判断，将瓴域旗下自有体系优质医院，与瑞鹏直营医院整合后将会是目前最优化的解决方式，可迅速实现最稀缺资源的整合，打包上市寻求二级市场变现。
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After being listed, the status of pet medical leader will be strengthened through introducing, integrating the medical industry services. At the same time, Bridge, the pet staple food company invested by Hillhouse is going to be listed. GIMBORN has also entered the domestic market and is expected to have an increase in sales. Hillhouse will eventually complete the complete layout in the medical and pet food industry chain, and get the two most important entrances for consumers.
而上市之后，通过引入、整合医疗产业服务商资源，夯实宠物医疗老大地位，同时，通过高瓴投资的宠物主粮公司比瑞吉，也在上市的路上，俊宝也已经进入国内市场，预期将迎来销售额提升，高瓴将最终完成在医疗和宠物食品产业链上完整布局，拿到直面消费者最重要的两个入口。
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In this case, Hillhouse can enter and retreat. Further, after the listing, it is easier to establish a pet incubator similar to Mars, use its own huge ecological advantages to promote the innovation of the pet industry and enjoy the dividend of the Chinese pet innovation company.
这样的话，高瓴可进可退。进一步，在上市之后，更容易建立类似玛氏的宠物孵化器，利用自身庞大生态优势，推动宠物行业创新，享受中国宠物创新公司红利。
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