在建项目整体盘下，收购存量土地、拿下开发公司股权……在房地产高歌猛进的时代，房企收并购动作，往往围绕开发项目发生，然而随着“转型”成为当前地产公司的关键词，房企不再将资产盈利指标，作为收并购的抉择的单一指标，以新业务协同效率，快速切入热点赛道，实现传统业务的升级与协同为并购依据，正逐渐成为地产行业嬗变时代对外投资的新法则。
一、龙湖的非典型收购
9月29日，龙湖集团发布公告称，通过收购公司第一大股东蔡馨仪个人孵化的智能硬件及医疗服务资产包，合计作价21.6亿元，快速切入智能硬件赛道的同时，拓宽该集团“点心”业务医养板块的范围，正式进军妇儿医疗领域。
21.6亿，对于地产公司的收并购而言，并不算大额资金，但公告显示，上述两个项目尚未实现盈利。
“站在上市公司的普遍规律来看，如果说佑佑妇儿的亏损，属于正常的较长投资回报 周期逻辑，华龙证券分析师牛阳表示，智能硬件资产包的收购，则是更贴近科技公司的收并购特点。
公告资料显示，此次龙湖收购大股东的智能硬件资产包百佑科技，除了语音呼叫等业务外，其核心资产为北京千丁智能技术有限公司（以下简称“千丁”），该公司目前更多瞄准的是ToB业务，与最初提出的社区O2O，再到后来的云服务等，已与初创期发生了颠覆性的变化。
二、“走过的弯路也是路”
“显然和很多智能科技企业一样，千丁的发展经历了一番探索，走了行业里很多科技公司都走过的弯路。”互联网分析师李学东表示，2014年整个行业做社区O2O的几乎没有一家存活，包括当下各类上门服务、送菜上门等大型企业，仍都属于亏损烧钱状态。
物业云则因为赛道太小，传统的互联网企业，特别是软件服务公司能快速切入，也让市场的蛋糕争夺，异常激烈。
但随着5G技术的广泛运营，人工智能大数据的方兴未艾，智能硬件赛道，这个万亿蓝海，正在成为越来越多的空间科技企业新的业务增长点。
千丁的财务信息印证了这种判断，公告显示其2020年的营业收入为1.1亿元,同比增长200%，这在社区智能硬件这一细分领域属于绝对的高速增长。
“百佑科技资产包其实对于上市公司而言，已属于折价收购。”龙湖集团相关负责人表示，由于龙湖集团数字化建设全面提速，有着极强的补齐短板业务需求。
相关数据显示，2020年到2021年，龙湖集团各类空间，对于智能硬件的需求，将出现300%的增长，而未来几年也是几何级的增长。
李学东表示向记者表示，传统企业切入智能硬件赛道，通常会有多种选择。一是与传统的大型智能硬件企业合作，寻找一些适配性广度强的硬件；二是通过一级市场股权投资，绑定一些战略合作企业，快速“拿来主义”；三是建立自身的研发、设计、制造团队，量身定制开发属于自己的产品。
显然房企里有着“技术控”范的龙湖，更愿意搭建自己的专属智能硬件科技团队，成为具备“专精特新”基因的技术研发企业。百佑科技进入龙湖体系内，在国家相关政策支持下，能协助公司不断将人工智能技术与智能硬件在传统各航道的业务进行融合，形成发展新合力。
三、未来看现在，“亏了”还是“赚了”？
“其实从整个行业来看，特别是站在未来看现在，百佑科技出售给上市公司的价格相对合理。” 牛阳表示实房地产企业与空间科技、智能硬件企业联姻，龙湖并非孤案，碧桂园与成都天问、融创对于天津锋物科技的投资，均是今年房企涉足该领域的典型案例。
天眼查数据显示，互联网明星创业人，前百度副总裁、有着“百度太子“之称李明远，创建的天津锋物科技，其在2020年接受了融创物业超过4亿元的A轮融资，而2021年3月雪湖资本参与的A+轮融资，其最新的估值已经达到了近30亿元。
与中海、卓越等物业服务企业，形成战略合作的四格互联，则从2014年北极光创投天使轮开始，到2020年C轮融资，参投的创投机构超过10家，相关机构数据显示，四格互联目前的整体估值已经超过10亿元。
“从一级市场估值来看，目前龙湖收购百佑科技资产包的价格整体合理。”牛阳表示， 尽管行业整体仍处于烧钱的状态，但是行业的曙光，其实已经悄然出现。随着5G技术大规模普及和运用，无论是ToB，还是ToC，围绕各类城市不动产的数据服务企业，都出现了激增的态势。
“将空间智能硬件业务规模领先的百佑科技，纳入上市公司体系，对于提出‘空间即服务’战略的龙湖而言，能快速提升其公司价值。”分析师牛阳指出。
翻译：
Overall sale of projects under construction, acquisition of stock land, equity of development companies…… In the era of rapid development of real estate, M&A activities of real estate enterprises often revolve around development projects. However, as “transformation” has become the key word of current real estate companies, real estate enterprises no longer take the asset profit index as the single index of M&A choice, but take the synergistic efficiency of new business, quickly enter the hot track, and realize the upgrading and coordination of traditional business as the basis of M&A. Is gradually becoming the real estate industry transmutation era of foreign investment new rules.
First, Longfor’s atypical acquisition
On September 29, Longfor Group announced that the acquisition of intelligent hardware and medical service assets incubated by CAI Xinyi, the largest shareholder of the company, was valued at a total of 2.16 billion yuan. While rapidly entering the intelligent hardware circuit, Longfor Group also expanded the scope of the “snack” business medical care sector, and officially entered the field of women and children’s medical care.
2.16 billion, for the acquisition of real estate companies, does not count large funds, but the announcement shows that the two projects have not yet realized profit.
“Standing in the general law of listed companies, if You You women’s losses belong to the normal logic of a long investment return cycle, Niu Yang, an analyst at Hualong Securities, said that the acquisition of smart hardware assets package is closer to the characteristics of technology companies’ acquisition.
Announcement data shows that the acquisition of major shareholders of Longfor intelligent hardware assets package Baiyou technology, in addition to voice call and other businesses, its core assets for Beijing Qianding intelligent Technology Co., LTD. (hereinafter referred to as “Qianding”), the company is now more aimed at the ToB business, and the initial community O2O, and then to the cloud services, etc., Has taken place with the initial stage of subversive changes.
Two, “The detour is also a road”
“Obviously, like many intelligent technology companies, Qianding’s development has gone through a bit of exploration, taking the detour that many technology companies in the industry have taken.” Li Xuedong, an Internet analyst, said that in 2014, almost no one in the whole industry did community O2O, including all kinds of large enterprises such as door-to-door service and food delivery, still suffered losses and burned money.
Property cloud because the track is too small, traditional Internet enterprises, especially software service companies can quickly enter the market, but also let the cake competition, extremely fierce.
But with the extensive operation of 5G technology, the rise of artificial intelligence big data, intelligent hardware track. The trillion blue ocean, is becoming a new business growth point for more and more space technology enterprises.
Qianding’s financial information confirms this judgment, the announcement shows that its operating revenue in 2020 is 110 million yuan, a year-on-year growth of 200%, which is an absolute high growth in the community intelligent hardware segment.
“Baiyou technology assets package for listed companies, already belongs to the discount acquisition.” The relevant person in charge of Longfor Group said that as the digital construction of Longfor Group accelerates comprehensively. There is a strong demand for filling the short board business.
Relevant data show that from 2020 to 2021, the demand for intelligent hardware in all kinds of space of Longfor Group will increase by 300%, and the growth will be geometric in the next few years.
Li Xuedong said to reporters that traditional enterprises cut into the intelligent hardware circuit, usually have a variety of choices. First, cooperate with traditional large intelligent hardware enterprises to find some hardware with strong breadth of adaptation. Second, through the primary market equity investment, bind some strategic cooperative enterprises, quickly “bring doctrine”. Third, to establish their own R & D, design, manufacturing team, tailor-made development of their own products.
Obviously, there is a “technology control” fan of Longfor housing enterprises, more willing to build their own exclusive intelligent hardware technology team, to become a “specialized and new” gene of technology research and development enterprises. With the support of relevant national policies, Baiyou Technology’s entry into Longfor system can help the company to continuously integrate artificial intelligence technology and intelligent hardware business in traditional waterways and form a new force for development.
Three, the future look at the present, “loss” or “gain”?
“In fact, from the perspective of the whole industry, especially in the future, Baiyou Technology sold to a listed company at a relatively reasonable price.” Niu Yang said real real estate enterprises and space technology, intelligent hardware enterprise marriage, Longfor is not alone, Country Garden and Chengdu Tianwen, Sunac for Tianjin Feng material technology investment, are this year’s housing enterprises involved in the field of typical cases.
Tianyan Research data shows that Tianjin Fengwu Technology, founded by the Internet star entrepreneur Li Mingyuan, former vice president of Baidu and known as “Baidu Prince”, received more than 400 million yuan of A round of financing from Sunac Property in 2020, and the latest valuation of the A+ round financing participated by Snow Lake Capital in March 2021, has reached nearly 3 billion yuan.
It has formed strategic cooperation with property service enterprises such as China Shipping and Excellence.
It has formed strategic cooperation with property service enterprises such as China Shipping and Excellence. From the angel round of Northern Lights Venture Capital in 2014, to the C round of financing in 2020. More than 10 venture capital institutions have participated in the investment. Data from relevant institutions show that the overall valuation of Sigrid Interconnection has exceeded 1 billion yuan.
“From the primary market valuation point of view. The current Longfor acquisition of Baiyou technology assets package price is reasonable overall.” Niu Yang said that although the industry as a whole is still burning cash. But the dawn of the industry, in fact, has quietly appeared. With the large-scale popularization and application of 5G technology. Data service enterprises centering on various urban real estate, whether ToB or ToC, are surging.
“The inclusion of Baiyou Technology, which leads the scale of space intelligent hardware business. Into the listed company system will rapidly enhance the value of Longfor. Which puts forward the strategy of ‘space as a service’.” Analyst Niu Yang pointed out.
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