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- 投资股投资股
  ·2025-07-22
  $Opendoor Technologies Inc(OPEN)$
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- 投资股投资股
  ·2021-06-29
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  Jiang Yujie of Xintian Venture Capital: The next ten years will be the golden age of SaaS
  6月12日，知名互联网券商老虎证券七周年Open Day首站顺利举行。现场，信天创投管理合伙人蒋宇捷带来了《为什么SaaS是价值投资的最佳赛道》的主题演讲。 “SaaS，是过去十年回报最高的美股资产。
  Jiang Yujie of Xintian Venture Capital: The next ten years will be the golden age of SaaS
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At the event, Jiang Yujie, Managing Partner of Xintian Venture Capital, delivered a keynote speech entitled \"Why SaaS is the Best Track for Value Investing\".</p><p>\"SaaS is the highest-returning US stock asset over the past decade.\" At the beginning of her speech, Jiang Yujie pointed out the high potential of the SaaS industry. \"From 2013 to now, the return of the entire SaaS index has reached 970%.\"</p><p>In a horizontal comparison, the most powerful FAANG portfolio in the US stock market generated a 23-fold return over the past decade, while the MT SaaS portfolio, composed of Microsoft, Amazon, and several other SaaS companies, achieved an astonishing 3000% return over the past decade.<img src=\"https://static.tigerbbs.com/c2e75d2a07faa8436f33f2edd438e7ed\" tg-width=\"2094\" tg-height=\"592\" referrerpolicy=\"no-referrer\">Why has the overall valuation of the SaaS industry increased so significantly?</p><p>Jiang Yujie pointed out three reasons: \"First, the average growth rate of SaaS has remained above 25% for the past 7 or 8 years, almost unchanged. Second, the funds invested in SaaS companies have grown exponentially. Between 2010 and 2020, the funds invested in US private cloud computing companies increased 12 times, reaching as high as 180 billion US dollars last year. The entry of large funds will bring about a significant increase in the valuation level of market capitalization.\" Finally, leading SaaS companies have demonstrated unprecedented growth resilience, such as Twilio. Although Wall Street predicted its growth rate would drop to 30% in 2016, its average growth rate remains at 60% even now. There are many more companies like this.</p><p>Such an astonishing and sustained high growth rate would be difficult for any other industry to achieve. So what are the reasons why SaaS has been able to achieve such impressive growth? Jiang Yujie believes that SaaS is an industrial revolution in the software industry: \"Every industrial revolution redefines product categories, redefines upstream, midstream and downstream, and opens up capabilities to other categories. Take Salesforce, the originator of SaaS, as an example. Salesforce initially used a cloud-based software hosting model to redefine enterprise software. Secondly, it changed the traditional sales and pricing model, bypassing distributors and agents. The CRM products it developed are better than those of traditional manufacturers.\" Third, it launched the first PaaS, enabling these developers and SaaS vendors to build and run SaaS applications based on their platforms, opening their capabilities to the market.<img src=\"https://static.tigerbbs.com/0797ed32a289f3b8dffd856114fb0d80\" tg-width=\"830\" tg-height=\"1174\" referrerpolicy=\"no-referrer\">When discussing the business model of the SaaS industry, Jiang Yujie used taxation as a good example. He believes that the best business model is to collect taxes, while SaaS collects taxes from the entire industry. In detail, compared to consumption, taxes are not transferred by individual will. As long as you exist, you have to pay taxes, and more importantly, the party collecting the taxes has absolute pricing power. Currently, all the leading SaaS companies combined are collecting taxes on all companies. For example, Salesforce and Adobe collect taxes from the marketing department, Veeva collects taxes from the medical industry, and so on. From marketing to IT to finance to customer service, from construction, healthcare to financial retail, all industries, all enterprises, and all businesses must pay software usage taxes. Moreover, the \"tax\" charged by SaaS is not just a software tax. For example, Twilio charges a usage fee of $0.0075 for sending a text message. These SaaS companies, which tie their business, pricing models, and customer business together, collect not only software usage tax but also business tax.<img src=\"https://static.tigerbbs.com/0ddbf1eb7133abe4fb325ee46962f47c\" tg-width=\"830\" tg-height=\"1174\" referrerpolicy=\"no-referrer\">Now that we know the potential of the SaaS industry, how do we find the optimal solution among tens of thousands of SaaS companies? Jiang Yujie provided an indicator and a rule. One indicator is NDR (Net Dollar retention), which refers to the value created by the same group of customers over time. Jiang Yujie analyzed 40 SaaS companies and found that their median NDR was 109%, which determines whether the flywheel of SaaS companies can turn. For example, some excellent companies, such as snowflake, have an NDR of 158%. One rule is the 40% rule, which refers to a SaaS company's revenue growth rate plus profit margin exceeding 40%. By using this rule, one can find oligopolistic companies in the market.<img src=\"https://static.tigerbbs.com/e7ac706084b0b44aa05d06a9ac8a2dad\" tg-width=\"830\" tg-height=\"228\" referrerpolicy=\"no-referrer\">Finally, returning to investment, with the Federal Reserve's massive monetary easing last year, M2 growth reached as high as 25%. If investment cannot outpace excessive money supply, it is actually meaningless. So how can we outperform M2? Jiang Yujie summarized five points: \"First, it must have good intrinsic value. What is good intrinsic value? The most fundamental factor in assessing the value of a company's stock is actually the cash flow that the company can generate in the future. Second, it must have high growth, meaning it has a very high growth rate. Third, it must have a long duration. Fourth, it must have continuously increasing concentration. Fifth, it must have a strong competitive moat.\" Sixth is scarcity. I believe a good SaaS company fully meets all the criteria. Even without acquiring new customers, it can maintain annual growth of over 20% or 50%, which tells us that this is the best way to combat inflation in our time.<img src=\"https://static.tigerbbs.com/e9405f6d2cb606aca0453a8a98ee290c\" tg-width=\"2084\" tg-height=\"602\" referrerpolicy=\"no-referrer\">\"Specifically, in terms of investment strategies, there are several types of targets we can choose: first, platform indices; second, vertical industry leaders; and third, dark horses. If your goal is to outperform inflation in the long term, I think you can buy platforms and indices, and you can buy them at any time. There are several reasons behind this. The first is the growth of the industry and the growth of the company's business; SaaS is the biggest trend of this era.\" Second, avoid predicting the market. Third, accept reasonable valuations; good companies are bound to have high valuations. Fourth, don't expect to make all your money. Good, high-quality assets are extremely scarce. If it's not a good company, its returns have no upper limit, but hesitating will cause you to miss a good opportunity. So don't try to make all the money. If the company is good, you can trade time for space.<img src=\"https://static.tigerbbs.com/059f0959630053ec172e9dedf0205cc4\" tg-width=\"2080\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><b>Please click to watch the live replay:</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata={\"liveId\":\"16226253307800\"}\" target=\"_blank\"><b>Tiger's Seventh Anniversary: Meeting You Unexpectedly Around the World</b></a><b></b></p><p>TIPS: The speech starts at 120 minutes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jiang Yujie of Xintian Venture Capital: The next ten years will be the golden age of SaaS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJiang Yujie of Xintian Venture Capital: The next ten years will be the golden age of SaaS\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-14 20:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Tiger Brokers, a well-known internet brokerage firm, successfully held the first stop of its seventh anniversary Open Day. At the event, Jiang Yujie, Managing Partner of Xintian Venture Capital, delivered a keynote speech entitled \"Why SaaS is the Best Track for Value Investing\".</p><p>\"SaaS is the highest-returning US stock asset over the past decade.\" At the beginning of her speech, Jiang Yujie pointed out the high potential of the SaaS industry. \"From 2013 to now, the return of the entire SaaS index has reached 970%.\"</p><p>In a horizontal comparison, the most powerful FAANG portfolio in the US stock market generated a 23-fold return over the past decade, while the MT SaaS portfolio, composed of Microsoft, Amazon, and several other SaaS companies, achieved an astonishing 3000% return over the past decade.<img src=\"https://static.tigerbbs.com/c2e75d2a07faa8436f33f2edd438e7ed\" tg-width=\"2094\" tg-height=\"592\" referrerpolicy=\"no-referrer\">Why has the overall valuation of the SaaS industry increased so significantly?</p><p>Jiang Yujie pointed out three reasons: \"First, the average growth rate of SaaS has remained above 25% for the past 7 or 8 years, almost unchanged. Second, the funds invested in SaaS companies have grown exponentially. Between 2010 and 2020, the funds invested in US private cloud computing companies increased 12 times, reaching as high as 180 billion US dollars last year. The entry of large funds will bring about a significant increase in the valuation level of market capitalization.\" Finally, leading SaaS companies have demonstrated unprecedented growth resilience, such as Twilio. Although Wall Street predicted its growth rate would drop to 30% in 2016, its average growth rate remains at 60% even now. There are many more companies like this.</p><p>Such an astonishing and sustained high growth rate would be difficult for any other industry to achieve. So what are the reasons why SaaS has been able to achieve such impressive growth? Jiang Yujie believes that SaaS is an industrial revolution in the software industry: \"Every industrial revolution redefines product categories, redefines upstream, midstream and downstream, and opens up capabilities to other categories. Take Salesforce, the originator of SaaS, as an example. Salesforce initially used a cloud-based software hosting model to redefine enterprise software. Secondly, it changed the traditional sales and pricing model, bypassing distributors and agents. The CRM products it developed are better than those of traditional manufacturers.\" Third, it launched the first PaaS, enabling these developers and SaaS vendors to build and run SaaS applications based on their platforms, opening their capabilities to the market.<img src=\"https://static.tigerbbs.com/0797ed32a289f3b8dffd856114fb0d80\" tg-width=\"830\" tg-height=\"1174\" referrerpolicy=\"no-referrer\">When discussing the business model of the SaaS industry, Jiang Yujie used taxation as a good example. He believes that the best business model is to collect taxes, while SaaS collects taxes from the entire industry. In detail, compared to consumption, taxes are not transferred by individual will. As long as you exist, you have to pay taxes, and more importantly, the party collecting the taxes has absolute pricing power. Currently, all the leading SaaS companies combined are collecting taxes on all companies. For example, Salesforce and Adobe collect taxes from the marketing department, Veeva collects taxes from the medical industry, and so on. From marketing to IT to finance to customer service, from construction, healthcare to financial retail, all industries, all enterprises, and all businesses must pay software usage taxes. Moreover, the \"tax\" charged by SaaS is not just a software tax. For example, Twilio charges a usage fee of $0.0075 for sending a text message. These SaaS companies, which tie their business, pricing models, and customer business together, collect not only software usage tax but also business tax.<img src=\"https://static.tigerbbs.com/0ddbf1eb7133abe4fb325ee46962f47c\" tg-width=\"830\" tg-height=\"1174\" referrerpolicy=\"no-referrer\">Now that we know the potential of the SaaS industry, how do we find the optimal solution among tens of thousands of SaaS companies? Jiang Yujie provided an indicator and a rule. One indicator is NDR (Net Dollar retention), which refers to the value created by the same group of customers over time. Jiang Yujie analyzed 40 SaaS companies and found that their median NDR was 109%, which determines whether the flywheel of SaaS companies can turn. For example, some excellent companies, such as snowflake, have an NDR of 158%. One rule is the 40% rule, which refers to a SaaS company's revenue growth rate plus profit margin exceeding 40%. By using this rule, one can find oligopolistic companies in the market.<img src=\"https://static.tigerbbs.com/e7ac706084b0b44aa05d06a9ac8a2dad\" tg-width=\"830\" tg-height=\"228\" referrerpolicy=\"no-referrer\">Finally, returning to investment, with the Federal Reserve's massive monetary easing last year, M2 growth reached as high as 25%. If investment cannot outpace excessive money supply, it is actually meaningless. So how can we outperform M2? Jiang Yujie summarized five points: \"First, it must have good intrinsic value. What is good intrinsic value? The most fundamental factor in assessing the value of a company's stock is actually the cash flow that the company can generate in the future. Second, it must have high growth, meaning it has a very high growth rate. Third, it must have a long duration. Fourth, it must have continuously increasing concentration. Fifth, it must have a strong competitive moat.\" Sixth is scarcity. I believe a good SaaS company fully meets all the criteria. Even without acquiring new customers, it can maintain annual growth of over 20% or 50%, which tells us that this is the best way to combat inflation in our time.<img src=\"https://static.tigerbbs.com/e9405f6d2cb606aca0453a8a98ee290c\" tg-width=\"2084\" tg-height=\"602\" referrerpolicy=\"no-referrer\">\"Specifically, in terms of investment strategies, there are several types of targets we can choose: first, platform indices; second, vertical industry leaders; and third, dark horses. If your goal is to outperform inflation in the long term, I think you can buy platforms and indices, and you can buy them at any time. There are several reasons behind this. The first is the growth of the industry and the growth of the company's business; SaaS is the biggest trend of this era.\" Second, avoid predicting the market. Third, accept reasonable valuations; good companies are bound to have high valuations. Fourth, don't expect to make all your money. Good, high-quality assets are extremely scarce. If it's not a good company, its returns have no upper limit, but hesitating will cause you to miss a good opportunity. So don't try to make all the money. If the company is good, you can trade time for space.<img src=\"https://static.tigerbbs.com/059f0959630053ec172e9dedf0205cc4\" tg-width=\"2080\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><b>Please click to watch the live replay:</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata={\"liveId\":\"16226253307800\"}\" target=\"_blank\"><b>Tiger's Seventh Anniversary: Meeting You Unexpectedly Around the World</b></a><b></b></p><p>TIPS: The speech starts at 120 minutes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/72f77d4ae4394b059ac188ad4f954f28","relate_stocks":{"TWLO":"Twilio Inc","ADBE":"Adobe","VEEV":"Veeva Systems Inc.","NOW":"ServiceNow","TIGR":"老虎证券","SNOW":"Snowflake","NET":"Cloudflare, Inc.","OKTA":"Okta Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125343885","content_text":"6月12日，知名互联网券商老虎证券七周年Open Day首站顺利举行。现场，信天创投管理合伙人蒋宇捷带来了《为什么SaaS是价值投资的最佳赛道》的主题演讲。\n“SaaS，是过去十年回报最高的美股资产。”在演讲的开头，蒋宇捷就点出了SaaS行业的高潜力，“从2013年到现在，整个SaaS指数的回报高达970%。\n如果进行横线对比，在过去十年，美股最厉害FAANG组合创造了23倍的回报，而由微软、亚马逊及另外几家SaaS构成的MT SAAS组合，过去十年的收益达到了惊人的3000%。”为什么SaaS行业整体的估值水平有这么大的提升？\n蒋宇捷指出了三个原因：“首先是SaaS的平均增速，SaaS在过去7、8年间保持在25%以上增速，几乎保持不变。其次是因为投到SaaS公司的资金成指数型增长，在2010到2020年间，投向美国私有云计算公司的资金增长了12倍，去年高达1800亿美金，而大资金的进入，就会带来市值的估值水平明显提升。最后就是领先的SaaS公司展现出前所未有的增长耐力，比如Twilio，虽然华尔街在2016年认为它的增速会降低到30%，但直到现在，它的平均增速还是60%，这样的公司还有很多。”\n如此惊人的持续性高增速，换做另外一个行业都很难做到，那SaaS能实现如此亮眼增速的原因是什么？蒋宇捷认为SaaS是软件业的工业革命：“每次工业革命都会重新定义品类、重新定义上中下游以及把能力开放给其他门类。而拿SaaS的鼻祖Salesforce为例，Salesforce最开始用云端的软件托管模式，重新定义了企业软件，第二，它改变了传统的销售模式和定价模式，跳过了经销商、代理商，它研发出来的CRM产品比传统厂商的更好用。第三，它推出了第一个PaaS，让这些研发者、SaaS厂商能够基于他们平台，构建和运行SaaS应用，把能力开放给市场。”而聊起SaaS行业的商业模式，蒋宇捷用税收举了一个很好的例子，他认为最好的商业模式是收税，而SaaS在向全行业收税。详细来说，与消费相比，税收不以个人的意志作为转移，只要你存在就要交税，而且更重要的是，收税的一方拥有绝对的定价权。而目前，所有头部的SaaS公司加起来，就是面向所有公司收税。比如Salesforce、Adobe收的是营销部门的税，Veeva收的是医疗行业的税等等。从营销到IT到财务到客服，从建筑、医疗到金融零售，所有的行业，所有的企业，所有的业务都要为使用软件付出软件的使用税。而且，SaaS收的“税”并不只是软件税，比如Twilio，发送一条短信会收取0.0075美元的使用费。这些把业务、收费模式和客户业务绑定的SaaS公司，不仅仅是收取软件的使用税，还包括业务税。那既然知道了SaaS行业的潜力，又该怎么在数以万计的SaaS公司中找到最优解呢？蒋宇捷给出了一个指标和一个法则，一个指标是NDR（Net Dollar retention），指的是随着时间推移，同一批客户所创造的价值。蒋宇捷将40家SaaS的公司做了分析，发现它们NDR中位数是109%，这决定了SaaS公司的飞轮能不能转得起来，像一些优秀的企业，比如snowflake的NDR是158%。而一个法则就是40%法则，指的是SaaS公司营收的增速加上利润率超过40%，通过这个法则，可以找到市场当中的寡头企业。最后再回到投资，在去年美联储的大幅放水之下，M2的增速高达25%，如果投资没有办法跑赢货币超发，其实就没有任何意义。那该如何跑赢M2？蒋宇捷总结了五点：“第一，要有好的内在价值，什么是好的内在价值？最根本的评估企业股票价值的要素其实就在于这个公司未来能够创造的现金流。第二是高增长，就是具有很高的增速。第三是持续时间长。第四是集中度不断提升。第五是具有强大的护城河。第六是稀缺。我认为好的SaaS公司完全满足所有的条件，即便不获得新客户，每年都可以保持超过20%、50%的增长，这告诉我们，这是我们这个时代对抗通胀最好的办法。”“而具体到投资策略上，我们可以选择的标的有几类：第一是平台指数，第二是垂直行业龙头，第三是黑马。如果你的目标是长期跑赢通胀，我觉得你可以买平台和指数，任何时候都可以买，背后有几点原因。第一是行业的增长和公司业务的增长，SaaS化就是这个时代最大的趋势。第二，不要预测市场，第三是接受合理估值，好的公司一定是估值高的。第四，不要想赚到所有的钱，好的优质资产是非常稀缺的，如果不是好公司，它的回报是没有上限的，但是犹豫的话会错失良机。所以不要想赚到所有的钱，如果公司很好，你可以用时间换取空间。”观看直播回放请点击：老虎七周年：在全球与你不期而遇\nTIPS：该演讲从120分钟开始。","news_type":1,"symbols_score_info":{"OKTA":0.9,"SNOW":0.9,"TWLO":0.9,"NOW":0.9,"VEEV":0.9,"NET":0.9,"ADBE":0.9,"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":1527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}