Can you catch young people who go to Hong Kong's IPO again?

Author:Zero state LT Time:2022.07.01

On June 27, according to the documents of the Hong Kong Stock Exchange, Global Retail Enterprise Group Holdings Co., Ltd. (hereinafter referred to as "Mingchuang Youpin") passed the listed hearing of the Hong Kong Stock Exchange. The prospectus shows that as of December 31, 2021, the revenue of Famous and Chuangyin was 5.426.9 billion yuan, an increase of 24.2%. After adjustment, the net profit was 398.6 million yuan, an increase of 114.2%.

This is already the second time that the famous Chuang Youpin has been on the market.

On October 15, 2020, Mingchuang Youpin landed on the NYSE for $ 20 per share. Its stock price once rose to $ 37 per share, but began to fall all the way at the end of 2020. The listing is the peak. As of June 9, the stock price fell 78%from the highest highest, with a total market value of 2.465 billion US dollars, and the highest market value has evaporated over 70%.

Under the epidemic, the speed of the forest shop of Mingchuang Youpin has not decreased. The cost of opening the store's low -cost strategy has begun to fail, the product's self -research ability is insufficient, and the overseas expansion is blocked. 100 million.

With this ability to make hematopoiesis, can I go to Hong Kong for the second time, can I stop the losses of famous and creative products?

01

Slude performance, continuous losses

According to industry insiders, the reason why the performance of famous and innocent products has declined, the prevention and control of epidemic and Chinese stocks is affected by the selling of the selling.

From the perspective of revenue, the answer sheet handed over by Mingchuang Youpin is acceptable. The prospectus shows that as of 2019, 2020 and June 30, 2021, the company has achieved revenue of 9.395 billion yuan, 8.979 billion yuan and 9.072 billion yuan, respectively.

According to its latest financial report, as of March 31, 2022, the total revenue of Famous Chuang Youpin reached 2.34 billion yuan, a year -on -year increase of 5%. Among them, domestic revenue was 1.82 billion yuan, an increase of 1.9%year -on -year; overseas operating income was 520 million yuan, an increase of 17.4%year -on -year.

But at the same time, Mingchuang Youpin has lost money for three years. As of 2019, 2020, and fiscal year on June 30, 2021, the losses of the Mingyukuki year were 294 million yuan, 260 million yuan, and 1.429 billion yuan, respectively, with a total loss of nearly 2 billion yuan in three years.

The sales cost of Mingchuang Youpin accounted for more than 70 % of the proportion of revenue, mainly due to inventory costs and logistics expenses, which were significantly affected by the epidemic. For the six months ended December 31, 2021, the gross profit margin of the famous and innocence was 29.3%, and the same period last year was 26.7%.

Talking about the reasons for listing in Hong Kong, the company had previously responded to the media that it was to actively respond to the risk of potential delisting in the United States while improving the current stock liquidity.

Since the beginning of this year, the influence of Mingchuang Youpin and the "pre -delivery list" have poor performance in US stocks. In the 13F documents disclosed not long ago, Danshui Spring, Jane Street, hedge fund Exoduspoint Capital and other well -cleared are well -known.

However, from the perspective of industry insiders, although Hong Kong stocks are more friendly to Chinese stocks in terms of policy support, the performance of famous and creative products in the market value of US stocks and the continuous sluggish performance have also made it the road to "dual major listing". Nice and bad.

02

Radent expansion, frustration of overseas markets

From "Oh," to "Famous Innocence", the secret of the founder Ye Guofa's family to get rich is the cost -effective and franchise model.

Since opening the first store in Beijing in 2013, the label of "Ten Yuan Store" has always been accompanied by Mingchuang Youpin.

In 2017, Ye Guofu proposed the plan to achieve the "100 million stores of 100 million stores" within three years. By 2022, only the goal of entering 100 countries was achieved, and the goal of "Wanlian" was achieved. Still far.

In recent years, in order to achieve the target of this plan, the speeding shop of Mingchuang Youpin has been accelerating. Even after the epidemic was repeated, the pace of expanding the store had not been stopped, which increased the operating pressure. The financial report released by Mingchuang Youpin on May 26 shows that in the past three quarters, Mingchuang Youpin's single -season net -added stores were 72, 162 and 122, respectively. Compared with radical expansion, it is a single -store revenue that is negative and declining. Since 2019, the overall single -store revenue of Mingchuang Youpin has grown negatively for three consecutive years. The revenue of the store also fell from 2.79 million yuan in 2019 to 1.9 million yuan in 2020.

According to the prospectus, the main income of Mingchuang Youpin is still derived from the sales of home products and trendy toy products, and the decline in single -store revenue also reflects consumers' desire to purchase these products.

The prospectus shows that as of December 31, 2021, the company has more than 5,000 famous and created shops, 3,168 in China, of which 99.3%are franchise stores. 80 %. The company has entered about 100 countries and regions around the world.

What follows is that the famous losses are accompanied by the expansion. According to the financial report data, as of 2019, 2020 and 2021, Mingchuang Youpin lost 294 million yuan, 260 million yuan and 1.09 billion yuan, respectively.

In addition to the failure to achieve continuous growth in the revenue of single stores, Mingchuang Youpin also has "hidden dangers" of suppliers.

The famous and innocent products represented by the "Ten Yuan Store" are mainly produced through foundries to save intermediate links and marketing costs reduce their own inventory pressure. But the risks are even more uncontrollable. According to media reports, in May, Mingchuang Youpin supplier Ying Terry Technology sued Mingchuang Youpin Company on the grounds of arrears of payment. Yuan.

Relevant judgment shows that there is a long -term cooperative relationship with Mingchuang Youpin, but in November 2017, Mingyoupin placed orders to Sepatry through emails. But do not pay the goods or pay the payment.

Mingchuang Youpin also proposed in the prospectus that "Any unfavorable development of the relationship with suppliers may have adverse effects on business and growth prospects. Not only that, Mingchuang Youpin has also been resistant to the expansion of overseas markets. Niutu Youyou. Pin once regarded the sea as its key strategy for breaking the situation, but with the repeated overseas epidemic, the expansion of Mingchuang Youpin in overseas markets did not form a scale advantage. And international self -operated stores had serious losses.

Since 2019, Mingchuang Youpin has successively closed more than ten stores including Tsuen Wan Plaza store in Hong Kong, Hennessy Store in Causeway Bay, Hongyu Huangpu Garden Store, Yuen Long Datang Store. Times.

The prospectus shows that in fiscal year in 2021, Mingchuang Youpin achieved revenue of 1.7804 billion yuan in overseas markets, a year -on -year decrease of 39.3%; about 4%of Mingchuang Youpin stores have been temporarily closed.

03

TOP TOY is difficult to become the next growth curve

Over the past two years, the overseas operating income of Famous and Chuangyin has decreased, and sales in China have gradually slowed down. In terms of domestic markets, due to the interruption of logistics and transportation service providers under the epidemic, famous and creative products have had a lot of negative effects in terms of delivery and delivery. The above case with suppliers is enough to prove.

After the listing of Mingchuang Youpin, the domestic retail commodity track competition is even more fierce. With the slowdown in the growth of self -reliance and the fierce external competition environment, Mingchuang Youpin has gradually fallen into crisis.

Under the crisis, Mingchuang Youpin tried to find a growth curve.

The first is the attempt to increase the price. The IP joint name is a way to increase the unit price of the product. By cooperating with various IP, the joint model can be sold. One improvement.

However, it is not a long time to increase the overall revenue through the price -performance ratio, which improves the overall revenue through the price increase. More importantly, the low -cost mode is invalid under the fierce attack of Pinduoduo and Taete.

Some consumers report that the same products of Mingchuang Youpin can also be bought at a lower price on Pinduoduo and Taete. When the "Ten Yuan Store" model began to heat up, Mingchuang Youpin began to try to brand the product to increase the unit price of the customer. Since 2020, Mingchuang Youpin has launched the TOP TOY of the Chao Play brand and WOWCOLOU in the cheap beauty collection store. Among them, the development of beauty collection stores is not ideal. According to interface news reports, the Wowcolour store has shrunk by half compared with the peak period.

The development of TOP TOY is still stable. As of December 31, 2021, TOP TOY has a total of 89 stores, of which 84 are franchise stores. In the second half of 2021, TOP TOY revenue was 240 million yuan, with a revenue of 4.4%.

At present, Mingchuang Youpin will hopes to pin on the Top Toy of the Chao Play brand. In many first -tier cities, the Top Toy stores are directly next to the bubble Mate, and the benchmark is obvious.

The brand is unquestionable to lock the sight of the young people. However, for the personalized Z era, TOP TOY, which has weak brand power, is not attractive. TOP TOY was rated by users as "a large roadside stall full of plagiarism and cheap toys."

From the beginning of the brand's establishment, the term "cottage" was like the brand engraved on Mingyuyoupin, which could not be eradicated. LOGO cottage "Uniqlo" and style cottage "MUJI", which took a Japanese name, but sold Cantonese. The topic of "Reporting Plagiarism by Designers" was also fermented.

From the bones, the original design capabilities of Mingyin Youpin are weak. TOP TOY founder Sun Yuanwen has publicly stated that the proportion of TOPTOY brands and original products is about 7: 3.

The famous creation products labeled with the "cottage" label have developed their own IP and brands, and it is difficult to make popularity. Toptoy's original IPs, such as Twinkle, Buzz, etc. to this day, the volume is very low.

At the beginning of the year, Mingchuang Youpin proposed the "X-Strategic" development plan for diversified operations, trying to rely on multi-brand, multi-format, and multi-track to occupy the minds of young consumer groups to tell more stories in the capital market.

However, in the market that young people love, TOP TOY, which has no soul, has to face fierce competitors. At present, the gross profit margin of TOP TOY is much lower than that of the industry's head brand bubble Mart.

According to the Guiyuan Securities Research Report, in October 2021, the overall gross profit margin of Toptoy was about 45%. Among them, the gross profit margin was stable at more than 60%because there was no fixed authorization fee and floating sales split. In contrast, the overall gross profit margin of Bubble Mart in 2021 has reached 61.4%.

It has not yet been developed by his own hematopoietic ability. Going to Hong Kong IPO again is also a means of fundraising from the capital market to relieve operating pressure in the short term.Author | Zhang Yao

Edit | Hu Zhanjia

Operation | Chen Jiahui

Produced | Zero -state LT (ID: lingtai_lt)

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