China Food

With 137 investments in 7 years, Tang Binsen is mass producing “Yuanqi forest”


wide spread network, Tang Binsen at the same time layout of several 10 billion, 100 billion scale track, he intends to in each category, mass production of the next vitality forest.

“In a good industry, you have ranked 100, 10 and 20, which is better than being the first in a bad industry.” Tang Binsen, founder of Yuanqi forest, once said.

There is no doubt that “water” is a good business. The latest round valuation of Yuanqi forest has reached US $6 billion. This new brand, which has been established for only five years, has been benchmarking Coca Cola from the beginning. As a challenger, it has set off a frenzy of Zero sugar, zero calorie and zero fat on the trillion beverage track, redefining “bubble water”.

But Tang Binsen doesn’t stop in the forest of vitality, and he’s not satisfied with the label of popular Internet.

Vitality forest comes first, Challenger capital comes second. According to incomplete statistics of public data, Tang Binsen has made 137 investments in the new consumption field in the past seven years through “bright and dark” of vitality forest and Challenger capital. In addition to trying to maintain high growth through category expansion, it is also an extension of its consumption concept.

Tang Binsen is constantly replicating the “red hot logic” in other brands, such as pastoral, Beihai ranch, water and so on. Although some time ago, the marketing rollover was questioned by consumers, but Tang Binsen is still in an orderly secret layout of the “vitality Empire”. Sugar free drinks are the starting point of vitality forest, but not the end of Tang Binsen.


In seven years, Tang Binsen made 137 shots

In the past six months, the layout of Yuanqi forest has been speeding up, and Tang Binsen’s ambition has begun to show.

Guanchao new consumer has noticed that Yuanqi forest has completed five foreign investments in three months focusing on light food and drinks. The amount of investment is not too much, but it accounts for a lot of shares.


In December 2020, Yuanqi forest will take shares in Shangui chicken soup and pastoral company, holding 80% and 20% respectively; Up to now, Yuan forest has invested three companies in 2021, namely, Bishan beer, Guan Yun Baijiu and NeverCoffee, holding 25%, 25.8% and 51% respectively.

Throughout the equity relationship between Yuanqi forest and its invested enterprises, its shareholding ratio is more than 20%, which is not a simple strategic investment. It is not difficult to see that Yuanqi forest does not just want to make bubble water. Light food, coffee and wine may be the key layout direction of the follow-up track.

It is worth mentioning that as early as November 2015, Tang Binsen invested 5 million yuan in Baiyun Baijiu liquor as an angel investor. The latter was also funded by two rounds of Challenger capital and energy forest. The total amount of financing is over 100 million.

According to public data, Chen Zhenyu, a controlling shareholder of Guan Yun liquor, owns 45.61% of the company’s shares. On the surface, it is the largest shareholder of the company. But the proportion of capital forest, Challenger capital and private equity fund is nearly 52%, plus hundreds of millions of yuan investment. Tang Binsen’s attention to the wine circuit is remarkable.


Tang Binsen has created a vigorous forest empire of 40 billion yuan on one hand, and on the other hand, he is also in the field of big consumption with Challenger capital.

For many years, the Challenger capital behind Tang Binsen has been low-key layout, including food and beverage, life services, pets, medical care, culture and entertainment, scientific and technological intelligence, finance and other consumer segments. With the popularity of Yuanqi forest, Challenger capital gradually surfaced.

According to incomplete statistics of public data, since its establishment in 2014, Challenger capital has completed 132 investments in the field of big consumption.

In the consumer circuit, Challenger capital focuses on food and beverage, culture and entertainment industry. Up to now, 28 and 53 investments have been made in the two fields respectively. Among them, 9 projects including food and beverage, culture and entertainment were put into two rounds of continuous investment. Hand pulled noodle, panda essence, Guan Yun Baijiu, Wang Xiaolu and other new brands have been emerging in recent years.

Overall, Challenger capital preferred to invest in round a and early projects before round a, and early financing projects accounted for about 50% of the total investment projects. At the same time, most of the early financing projects are independent investment projects. It’s a bit like the experimental field, and also has the style of “cultivation investment”.


Zhou Hua, partner of Challenger capital, once said that Challenger capital pays attention to early investment because it is good at grasping the trend of consumer goods.

Obviously, in 2017, challengers capital started to layout drinks, Baijiu and brew beer tracks. In 2018, it started to work on the new catering store track, and also occupied a place in the major wanghong snack track. At the same time, Challenger capital also expands its layout to the consumer areas of washing and care, pet products, household products, etc.

On the whole, since last year, Yuanqi forest and Challenger capital have been busy in the layout of food and beverage track, with fast investment frequency and wide segmentation. The invested enterprises are basically the food and drink projects that young people pay attention to. Health and low fat are the key words.

What’s more interesting is that nevercofee, Shangui and Guanyun, which Yuanqi forest has recently invested in, all have Challenger capital in the middle and early financing of these projects.

The vitality forest and Challenger capital, one in the light and the other in the dark, have clearly outlined the outline of the light food consumption empire.


Estimated at US $6 billion in five years to build a light food consumption Empire

In March this year, Yuanqi forest completed the latest round of US $500 million strategic financing. This round of financing was led by new shareholders Huaping investment, l catterton and old shareholders Sequoia Capital China, followed by Temasek. In addition, many old shareholders such as Gaorong and Longhu continued to follow. Up to now, Yuanqi forest has completed six rounds of financing.


Why is Yuanqi forest valued at 6 billion US dollars?

In the initial stage, Yuanqi forest is quite different from traditional enterprises.

The first is the product. In terms of track selection, Tang Bingsen chose tea drinks with large population base, high penetration rate and high consumption frequency, which means that there is a greater probability of explosive products.

At the same time, the selection idea of Yuanqi forest comes from Tang Binsen’s “geopolitical arbitrage” theory, which observes which consumer categories are the most popular in foreign markets from a global perspective. After selecting the categories, it improves and develops the taste and formula preference of domestic consumers.

It is not difficult to find that in the current product matrix of Yuanqi forest, there are many overseas popular tea products. For example, the standard of burning tea is Japanese sugar free tea: Suntory oolong tea and ITO garden green tea, and milk tea is ITO garden milk tea.

Product appearance. Nowadays, Z generation has become the mainstream consumer group, and simplicity, national fashion and delicacy have become the mainstream aesthetic trend. Good looking product packaging is often the premise for young people to further understand the product. Yuanqi forest successfully captured the young consumers of Yan Kong with its fresh and high-value Japanese packaging.

In terms of healthy diet. Yuanqi forest takes the lead in using natural sweetener erythritol. The product positioning of “0 sugar, 0 fat, 0 card” is in line with the health concept of contemporary young people.

Good looking, not fat and good to drink label has become the key for Z generation consumers to buy again.

The second is the channel. In recent years, with an average annual growth rate of 10%, convenience stores have become an important consumption scene for young consumers in first and second tier cities. In the early days of its establishment, Yuanqi forest keenly captured the changes of traffic, eliminating the layers of channels of traditional dealers, and laying out a large number of convenience stores such as convenience bee and Rosen in the first and second tier cities, which not only directly reached young consumers, but also saved costs.

According to public data, in 2020, Yuanqi forest’s Omni channel terminal sales exceeded 2.5 billion, of which online sales accounted for about 25%, and the remaining 75% of sales came from offline channels: convenience stores accounted for about 35%, large supermarkets accounted for about 1%, and traditional sales channels such as restaurants and schools accounted for about 39%.

Finally, marketing. In the early days of Yuanqi forest, it mainly used word-of-mouth communication, cooperated with a number of microblogs and xiaohongshu KOL, planted grass closely around the Z generation, continuously strengthened the selling point of “0 sugar, 0 fat, 0 card” of Yuanqi forest bubble water, and captured consumers’ minds.

Different from the growth path of traditional giants, we timely grasped the “health” tuyere of yancon Z generation. Yuanqi forest broke the curse of difficult to produce explosive products in the beverage industry, and successfully detonated the bubble water that redefined the category.


According to public data, in 2020, the performance of Yuanqi forest increased by about 270% year on year, and the annual sales reached 3 billion yuan. During 618 of the same year, Yuanqi forest ranked first in the sales of tmall drinks.

Yuanqi forest did catch the wind of sugar free, but with the popularity of bubble water, delicious, Pepsi and Nongfu spring entered the market one after another to seize the incremental market. In addition, Xicha has introduced 0 sugar, 0 fat and 0 calorie xixiaocha soft drink, and the product design, channel and marketing have completely copied the development path of Yuanqi forest bubble water. Under the same conditions, Xicha can also rely on offline store channels to achieve more efficient shipment.

At the same time, Yuanqi forest has also exposed the problem of over reliance on popular products. Last year, 70% of Yuanqi forest’s sales came from soda water.

Giant new forces are covetous, just with a bubble of water to fight it is not enough, to rebuild the next vitality forest is imminent.


Mass production of “Yuanqi forest”

Tang Bingsen is not plain sailing.

Before he founded Yuanqi forest, when he was in the most difficult time to start his own business, he couldn’t pay his salary for eight consecutive months. Until 2008, with the support of Beihang science and Technology Park, zhimingmingtong was established. Relying on the vegetable stealing game “happy farm”, it swept the whole network and even the world, opening the door to the game. In 2014, it once again became popular in overseas markets with its self-developed game the dispute between kings.

In the same year, after two unsuccessful attempts to seek IPO, zhimingxing Tong sold himself to Chinese media at a price of 2.66 billion yuan. Tang Binsen, then chairman of zhimingxing Tong, finally cashed out several hundred million yuan.

“ With a large amount of money accumulated before, Tang Binsen created Challenger capital in the same year, focusing on investment and consumption and TMT direction.

In fact, Tang Bingsen has been trying to create the next explosive.

At the dealer conference in 2020, Tang Binsen said that 95% of Yuanqi forest’s products have not been launched, and 2021 will be the year of Yuanqi forest’s products.

In addition to bubble water, Yuanqi forest’s existing product lines include Yuanqi forest milk tea, burning tea, bodybuilding light tea, alien functional drinks, Beihai ranch yogurt, full score juice bubble water, coffee latte milk tea, etc., with a comprehensive layout of beverage segments.


Among them, the alien functional beverage also considered the diversified and personalized demands of young consumers, launched three flavors of litchi sea salt, grapefruit and lime, eliminated the short board of single taste of electrolyte water in the market, and tried to create a new functional pop drink.

Beihai ranch was established in April 2018, and the first product “Beihai ranch 3.1” was officially put on the market in June of the same year. Yogurt with “0 sugar, low calorie, high protein” selling point is popular, whether it is product positioning, or fresh Japanese packaging design are the same as Yuanqi forest.


Nowadays, new consumer groups are keen on eating and drinking, but they don’t want to get fat. The combination of new brand and healthy low-fat can often attract a large number of young consumers who love to eat. They not only satisfy their appetite, but also don’t feel guilty because they eat too much. Tang Bingsen and Yuanqi forest have grasped the lifeblood of young people.

One by one, Yuanqi forest has been reproduced and produced, but the current effect is far less than that of Yuanqi forest. Since last year, Yuanqi forest and Challenger capital have accelerated the layout of food and beverage consumption track around healthy and low-fat.

Wide net, Tang Bingsen at the same time layout of several 10 billion, 100 billion scale track. Whether it’s Yuanqi forest bubble water, Yuanqi forest milk tea with low sugar and low fat, or beverage and food enterprises with foreign investment, he intends to mass produce the next Yuanqi forest in each category.

After selecting the competition road and optimistic about the trend, Yuanqi forest’s production and marketing methods were copied to other invested brands. At the same time, Challenger capital, through early investment and deep post investment management, continuously enriches the antennae and scenes of consumer goods circuit for vitality forest, and finally forms a consumer goods empire with the same gene and underlying logic.

It seems that what Yuanqi forest wants to create is not only a simple product matrix, but also a category covering all the needs of a generation. And in these categories to create popular, firmly occupy the minds of consumers.

It took Coca Cola a hundred years to become a world brand, and Zhong made Nongfu Shanquan a household name in 24 years. Under the new wave of consumption, the speed of brand rise is amazing, but the challenge is also greater. The speed of consumer forgetting will only be faster than cognition.

The forest of gas is the dark horse of bubble water industry. But who will break through the next industry, such as coffee, light food, beer and Baijiu, unexpected winner?

Author: Wang t t; Source: ID: tigesight, reprint authorized. Joining the community: Cherry (wechat: 15240428449); Business cooperation: Amy (wechat: 13701559246). Recommended reading “five questions” of hyaluronic acid  |  2021 next innovation award  |  Sugar crisis   |  100 billion light food|   2021 the most innovative company in the world   | | |  |  |  Collagen Peptide  |  Daily new walnut stew: Isee trend  |  Editor’s  |  Reader’s  
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With 137 investments in 7 years, Tang Binsen is mass producing “Yuanqi forest”
















































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