Yixian e-commerce prospectus of perfect diary parent company: focusing on marketing and ignoring R & D, with a loss of 1.1 billion in the first three quarters

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In recent days, , Perfect diary parent company Yixian e-commerce to the U.S. Securities and Exchange Commission （SEC） Submission of prospectus , To be listed on the NYSE . Up to now , Yixian e-commerce has not disclosed the amount of financing . however , There are media reports that , It will issue financing 4 Billion -5 Billion dollars .

Compared with Yixian e-commerce , People are more familiar with the perfect diary and little Odin 、 Wanzixinxuan and other beauty brands . according to the understanding of , The perfect diary was founded on 2017 year , Focus on affordable make-up . data display , This year, 6 month 24 Japan , Perfect diary of the first 100 Our store is located in Shanghai .

according to the understanding of , The perfect diary has been denied many times IPO plan . before , Media reports said , Perfect diary （Perfect Diary） Brand parent company Guangzhou Yixian e-commerce （ namely “ Yixian e-commerce ”） To raise for an IPO 4-5 Billion dollars , Probably as early as the end of this year .

 

This year, 6 month , Chen Yuwen, co-founder of Yixian e-commerce, still told the media that ,IPO Now it's not the focus of Yixian e-commerce , There's no timetable . Huang Yigeng, vice president of Yixian e-commerce, added that , The company is still in its infancy , The most important thing is how to create value for users , Not market valuation .

But in 4 After a month , Yixian e-commerce chose to apply for listing in the United States . This application for listing , Goldman sachs 、 Morgan Stanley 、 CICC acts as the underwriter of Yixian e-commerce , Tiger securities is the sub underwriter , The stock code of the company is “YSG”.

Line up and line down ,“ I copy myself ”

The data shows , The full name of Yixian e-commerce is Guangzhou Yixian e-commerce Co., Ltd , Founded on 2016 year , The following year （2017 year ） found Perfect Diary Perfect diary . By 2019 end of the year , Perfect diary has been set up all over the country 30 Many offline experience stores ,2020 It expanded to 100 home .

2019 year 12 month , Yixian e-commerce once said that it would speed up the opening of stores in the future , We plan to open stores in East China in the next three years 200 home , Opening stores all over the country 600 home . This year, 6 month , Chen Yuwen said in an interview that ,“ We decided to open more 200 stores , So the original 200 stores , Reopen 200 stores , It's going to open this year 400 stores .”

According to the introduction , Yixian e-commerce through all channels Direct-to-Consumer（“DTC”） Pattern , It provides users with online and offline beauty consumption experience . among , Online channels mainly include tmall 、 JD.COM 、 Vipshop and other e-commerce platforms , WeChat 、 Tiktok 、 Well quickly 、 The little red book 、 Bili Bili and other social platforms .

Online , By 2020 year 9 month 30 Japan , The number of fans in official accounts of all brands of Yixian e-commerce has reached 4800 ten thousand . meanwhile , The re purchase rate of Yixian e-commerce users is increasing . among ,2019 Customers who first bought in the third quarter of , stay 2020 Before the second quarter of, at least one repurchase was made 41.5%.

data display ,2019 Years and 2020 Years ago 9 Months , Yixian e-commerce DTC The number of purchasing users is respectively 2340 and 2350 ten thousand , An increase of 236.3% and 50.0%.DTC The annual customer price of the purchase user is also from 2019 Year of 114.1 element / people , Up to the 2020 In the first three quarters of this year 120.7 element / people .

Force off the line and on the line at the same time , Yixian e-commerce also launched a multi brand strategy .6 month 8 Japan , Yixian e-commerce announced the launch of another skin care brand wanzixinxuan （Abby’s Choice）. In addition to the selection of the son's heart , Yixian e-commerce is still in 4 Completed the acquisition of little Otin, a cosmetics brand, in January .

It is worth mentioning that , Wan Zixin chooses to provide the relevant departments with the record 37 Among products , There are almost 3 The products have been put on record “ To paraphrase ” The perfect diary of the product record . On the shelf product introduction shows , The product name and outer package are all selected by wanzixin , But the brand name of the corresponding record information is the perfect diary , There is a suspicion of using .

 

Then , Wan Zixin chooses to take the product involved off the shelf , have only 3 Products on sale . meanwhile , Wan Zixin chose to respond to the media saying ,“ The team made a mistake when uploading the filing information on tmall platform , Mistakenly recorded the record information of wanzixin as the relevant product of perfect diary .” at present , The record information of goods sold online by wanzixinxuan has been improved .

According to the regulation , since 2014 year 6 month 1 The date of , China's domestic non special purpose cosmetics should be listed according to 《 Information filing regulations for domestic non special purpose cosmetics 》 The requirements of online product information record . Failure to comply with pre marketing information obligations , Should be punished by warning , And ordered to improve within a time limit .

The first three quarters lost 11 Billion , The proportion of R & D is very low

performance , According to the prospectus ,2018 year 、2019 Years and 2020 First three quarters , Yixian e-commerce realized net income respectively 6.35 One hundred million yuan 、30.31 Billion yuan and 32.72 One hundred million yuan . At the same time , Yixian e-commerce realized net profit respectively -4012.4 Ten thousand yuan 、7535.9 Ten thousand yuan 、-11.57 One hundred million yuan , Total loss in the last three reporting periods 11 One hundred million yuan .

among , Yixian e-commerce 2020 Net income for the first three quarters of 32.72 One hundred million yuan , Year-on-year growth 73.2%. however , Its profit level has gone downhill . data display , Its 2020 Adjusted net loss in the first three quarters of 5 One hundred million yuan , and 2019 Adjusted net profit for the same period of the year 1.5 One hundred million yuan , fell 433.33%.

Regarding this , Yixian e-commerce said , Due to the new crown epidemic and the company's increased promotion in the new brand 、 Investment in product R & D and offline channels , As a result, it turned from profit to loss .2018 year 、2019 Years and 2020 The first three quarters , The gross profit rates of Yixian e-commerce are respectively 63.5%、63.6% And 63.1%.

The prospectus shows ,2018 year 、2019 year 、2020 First three quarters , The marketing expenses of Yixian e-commerce are respectively 3.09 One hundred million yuan 、12.51 One hundred million yuan 、20.34 One hundred million yuan , Their respective share of revenue is 48.69%、41.28%、62.16%. let me put it another way , About 50% of the income is used for marketing , It's marketing that gets sales .

Just 2020 In the first three quarters of this year , The marketing expenses of Yixian e-commerce account for 60% of the total revenue in the same period , And the year-on-year increase was as high as 152.66%. In terms of the amount of marketing expenses , Yixian e-commerce 2020 The marketing expenses in the first three quarters of this year were higher than that of 2018 year 、2019 The sum of the whole year is higher than 4.74 One hundred million yuan .

let me put it another way , Yixian e-commerce 2020 In the first three quarters of this year, revenue increased year on year 73.2%, Mainly by throwing money , To form a cycle . data display , By 2020 year 9 month 30 Japan , The perfect diary is close to 15000 individual KOL（ Opinion leaders ） We cooperated , among 800 More than one million fans .

 

By contrast , The proportion of marketing expenses of Yixian e-commerce is higher than that of other listed cosmetics enterprises in China . data display ,A Shanghai Jiahua, which is listed on the stock market (600315.SH)、 Yu Jia Hui (300740.SZ)、 Peleya (603605.SH)、 MARUMI shares (603983.SH) The proportion of sales expenses in the same period is respectively 45.24%、43.65%、35.73%、33.04%.

As a beauty company , Yixian e-commerce has not invested much in R & D . data display ,2019 year , The R & D expenses of Yixian e-commerce are 2317.9 Ten thousand yuan , Year on year 2018 Year of 264.1 Ten thousand yuan growth 778%;2020 First three quarters , The cost of research and development is 4090.2 Ten thousand yuan , Year-on-year growth 319%.

Taken together , Although the proportion of R & D investment is increasing year by year , But it accounts for less than the proportion of the net income of Yixian e-commerce 2%. among ,2019 The proportion of R & D in the whole year was only 0.8%,2018 It's less than five thousandth of a thousand years old . The prospectus shows , Research and development of Yixian E-commerce 、 Products and supply chains add up to 113 people , The proportion is only 3.4%.

Although the proportion of R & D investment is small , But the product launch time of Yixian e-commerce has been greatly reduced . At present , Yixian e-commerce can be found in 6 Complete the concept of new product within months 、 Development to online , Far less than what international brands usually need 7 To 18 Months .

2019 Years and 2020 First three quarters , Yixian e-commerce is in eye makeup 、 Lip makeup 、 Makeup 、 Makeup tools 、 Gift boxes and skincare categories have launched about 1500 Many new SKU. And this kind of development speed , There is no doubt that the level of R & D is extremely high , But it is not reflected in the actual investment of Yixian e-commerce .

This listing in the United States , Among the fund-raising funds listed by Yixian e-commerce , There are about 20% Will be used for R & D investment . among ,30% The amount raised is used for market development and daily operation , about 30% For potential strategic investments and acquisitions , about 20% For product development and technology development , about 20% For offline experience store layout expansion .

Besides , Bedouin learned that , In the revenue of Yixian e-commerce , The perfect diary occupies a full place , It can be said that Yixian e-commerce has been supported by itself . The prospectus shows , Yixian e-commerce is in 2018 year 、2019 Of the annual revenue , Perfect diary accounts for more revenue than 97%.

The specific term ,2018 year -2019 year , The proportion of perfect diary in total revenue of Yixian e-commerce is respectively 99.2%、97.7%.2020 First three quarters of the year , The proportion of perfect diary to the income of Yixian e-commerce decreased slightly , by 79.8%. let me put it another way , Little Odin 、 The total contribution of Wanzi Xinxuan is about 6.6 Billion yuan of revenue , Accounted for as 20.2%.