2 front 4A Senior executives engage in agent operation , Take the next one IPO

source ： Dongsi shitiao capital （ID：DsstCapital） author ： Zhang Junwen edit ： Cao Weiyu

OLAY、 O'shudan's beauty agent operators should IPO 了 .

6 month 20 Japan , E-commerce operation service provider Beijing Digital juzhilian Technology Co., Ltd （ Hereinafter referred to as ： Several gathering wisdom company ） Updated its prospectus on the Shenzhen Stock Exchange gem , Credit Suisse acted as the sponsor . This time IPO Plan to raise money 8 One hundred million yuan , Invest in brand acceleration projects respectively 、 Comprehensive operation service center construction project 、 Enterprise information management system construction project and supplementary working capital .

Several gathering wisdom company , Formerly known as 4A Advertising agency 「 Blue cursor 」 Its blue standard e-commerce . Due to the strategic adjustment of blue cursor , Spin off and list many of its companies . A crowd of capital immediately entered , Including the dangerous peak evergreen 、 Ficus altissima capital 、 Yu Minhong's Hongtai Fund .

As a new trillion track , There are many players in the e-commerce agent operation industry , Increasingly fierce competition . There are former head players running on the market , Then there are small companies “ horse racing ” Grab customers , Do it without giving money .

“ Under attack ” How to break through the siege of the digital Juzhi company ？

Samsung Microsoft OLAY O'shudan operates , Three years' income 43.21 Billion

Shuju Zhilian was founded in 2008 year , It's a family from 「 Blue cursor 」 E-commerce operators and service providers separated from the e-commerce sector ,46 Xiong Kun, the - year-old founder, once served as the vice president of digital marketing of blue cursor .

Thick 4A Advertising gene , So that this company can provide brand e-commerce operations for well-known brands at home and abroad 、 Channel distribution 、 There are three kinds of services in quality and efficiency marketing , Improve brand awareness and sales performance in the Chinese market .

Alibaba and jd.com are the two main positions of the company's e-commerce operations .2020 In, JD group was the largest customer of digital Juzhi company , contribution 1.2 Billion yuan sales revenue , As a percentage of revenue 8.17%.2021 year , Ali has jumped from the fifth largest customer of the company to the first largest customer , contribution 2.2 Billion yuan sales revenue , Proportion of revenue 12.45%, Jd.com ranks second , contribution 1.4 Billion , Proportion 8.10%.

It is worth noting that , Due to the particularity of e-commerce operation services , There is overlap between the company's customers and suppliers . for example , Digital juzhilian relies on e-commerce platforms to carry out operations , As a supplier, e-commerce platform provides storage, logistics, payment and other services for the company , As customers, e-commerce platforms , The company offers e-commerce platforms such as tmall supermarket 、 Jd.com sells goods by itself .

OLAY、 O'shudan 、 Colgate and others are beauty brands operated by Juzhi for generations . The cooperative brands of the company are concentrated in three fields ： Mother and baby nutrition 、 Consumer electronics 、 Make up fast . among , Cosmetics FMCG Brand oshudan 、 Fulinmen is the company's first two generations of operating brands ,2021 In, the total contribution of the two to the revenue 5579.6 Ten thousand yuan , Accounting for nearly 40% of the company's operating income , The gross profit margin exceeds 60%.

With the continuous development of e-commerce , All walks of life are accelerating online transformation , It creates opportunities for professional online operation companies .

Financial aspects , The performance of juzhilian is rising . The prospectus shows , Several gathering wisdom company 2019-2021 Annual revenue has increased year after year , Respectively 10.8 One hundred million yuan 、14.7 Million dollars 17.71 One hundred million yuan ; Net profit also comes from 4272.17 Ten thousand yuan to 9884.01 Ten thousand yuan .

More than 70% of the revenue comes from e-commerce operation services . Each issue of the report period , company 「 Brand e-commerce operation services 」 The revenues are 7.68 One hundred million yuan 、 10.52 One hundred million yuan, 10.18 One hundred million yuan , The proportion in the total revenue is 71.08%、71.38% And 57.49%.

「 Brand e-commerce operation services 」 It mainly includes online retail and brand agent operation .

Online retail is an index that juzhilian buys out the goods of the brand , Authorized by the brand , Enter tmall by opening official flagship stores or exclusive stores 、 Jd.com and other third-party e-commerce platforms sell goods . Brand agent operation is that the company helps the brand party operate online stores , The company receives commission instead of operation .

The gross profit margin of brand agent operation is generally high .2021 year , The gross profit margin of digital juzhilian brand is 55.23%. by comparison , The gross profit margin of online retail is only 20% about , Below the industry average 40% Nearly double . Although different brand types have different profits , But on the whole , Earning difference 、 Profit model of sales rebate , It is a hard work for enterprises .

But online retail revenue accounts for the majority , The proportion of agent operation revenue is insufficient 8%. Each issue of the report period , The operating revenue of online retail business is 6.82 One hundred million yuan 、9.41 One hundred million yuan, 8.83 One hundred million yuan , The proportions are 63.13%、63.84% And 49.86%.

Pregnancy 4A Advertising agency , Perilous peak 、 Gao Rong 、 Hong Tai and other star capital help

This is not the first time that digital Juzhi company has appeared in the capital market .

Born out of 4A Advertising company Blue cursor , Blue standard e-commerce, the predecessor of digital juzhilian , As early as 2016 year 6 month , It has been listed on the new third board .

2017 year 4 month , Blue cursor released its annual report saying ,“ The enterprises we invest in already have 11 Home is listed on the new third board , In the future, some enterprises may go by themselves IPO, We are happy to see it , Will also exit in due course ”.

2017 year 10 month , To straighten out the business logic 、 Focus on the main business 、 Recognize investment income , Blue cursor transfers control of blue standard e-commerce , And introduce new strategic investors . Blue cursor with 3.21 element / Share price transfer 3987 Thousands of stocks , The transferee includes Huaxin lanchuang, an employee stock ownership platform , Perilous peak 、 Mingyao investment, etc .

Blue cursor subsequently reduced its holdings for many times , Shareholding ratio from the initial 52.41% Down to now 4.93%, Cash out in the middle is about 2.25 One hundred million yuan . In addition to blue standard e-commerce ,2017-2018 year , Blue cursor focuses on business strategy , Successively sell the equity of several holding or participating companies , Including the UK based public relations and integrated medical communications group Huntsworth plc、WIFI Operator Zhanghui Zongying 、 Interactive advertising and short videos SaaS Platform bean League 、 Digital marketing company Bihe Technology 、 Integrated marketing company Blue strategy, etc .

2018 year , The company officially started from “ Blue standard e-commerce ” Renamed “ Several gathering wisdom company ”.

2019 year 4 month , Digital intelligence company terminated the listing of the new third board . After delisting , Many equity transfers and capital increases have been carried out .

2020 year , Yu Minhong's Hongtai Fund led the company to invest nearly 100 million yuan Pre-IPO Round of funding .

2021 year 6 month , Digital Juzhi company turned to the gem to seek listing .

IPO front , Behind the company lies a dangerous peak 、 Gao Rong 、 Hong Tai and other star capital . The equity structure shows , The chairman and CEO Xiong Kun directly holds several juzhilian 15.41% Equity of , Through the employee stock ownership platform Huaxin lanchuang （ Xiong Kun is the executive partner ） Control digital Juzhi company 11.04% shares , Total control number juzhilian 26.45% shares , Actual controller of the company .

Other shareholders include ： Dangerous peak flag cloud 、 Shenzhen Xianfeng 、 Great Hongqiang is a person who acts in concert , The three hold shares in total 11.52%; Blue cursor shares 4.93%, Koala fund holdings 4.62%, Gaorong capital shares 3.47%, Mingyao Investment Holdings 3.23%, Holdings of Hongtai fund 2.76%, Zhiduo trading holdings 1.16%, Blueprint venture capital shares 1.14%.

46 Years old juzhilian （ The original blue standard e-commerce ） Founder Xiong Kun , With nearly 20 years of experience in developing and managing international brands in China . Xiong Kun, a master of Nankai University ,26 I entered P & G at the age of （ China ） From assistant brand manager to brand manager ,33 At the age of, he entered the international skin care company Beiersdorf as the marketing director , Responsible for the overall marketing work in China ,37 Enter the blue cursor at the age of , Served as the senior vice president of its blue cursor digital marketing organization .39 The age of , Served as the director of BLUEMARK e-commerce 、 The general manager .

At first , Xiong Kun, as the head of BLUEMARK e-commerce , He is the general partner of Huaxin lanchuang, an employee stock ownership platform . however , In the process of blue cursor reducing its holdings in blue standard e-commerce , Huaxin lanchuang as the transferee , Holding shares of blue standard e-commerce from 10.16% to 30.09%. In other words , Employee holding platform “ Going to ” Became the controlling shareholder of BLUEMARK e-commerce , Xiong Kun has also become the actual controller of BLUEMARK e-commerce .

After experiencing the change of actual controller 、 After a series of operations such as changing the name , Today's digital intelligence is connected “ Former employees ” Led by Xiong Kun , Launched a sprint to the gem .

Trillion market “ volume ” Will you give me money , Party B welcomes “ Highlight time ”

Behind the listing of digital juzhilian , It is an epitome of the e-commerce agent operation industry .

Trillion market , Demand doubled . According to the data released by Zhiyan consulting ,2020 In, the market scale of China's e-commerce agent operation industry was about 13,392 One hundred million yuan . among , Home decoration 、 Food and beverage 、 Categories such as mother and baby become 2017 - 2019 Service categories with larger annual growth , The average annual compound growth rate exceeded 100%.

Many players swarmed into , The dispersion of industry pattern is high . Because the entry threshold of e-commerce agent operation is low , Players' strengths are uneven . According to several leading enterprises 2021 Annual financial report , The total revenue of baozun e-commerce is close 100 One hundred million yuan , The beauty makeup is 41.55 One hundred million yuan , If you are a minister 12.88 One hundred million yuan , One network one creation 11.35 One hundred million yuan . Baozun e-commerce as “ Big brother ”, Its revenue has exceeded the sum of the other three . But on the whole, these four companies , The performance is lower than before .

Except for the head players , There are countless small and medium-sized e-commerce agent operators . The brand side even adopts “ Horse racing form ” Choose a proxy operator , Increasingly fierce competition in the industry . A senior practitioner in the e-commerce agent operation industry told Chinanet ,“ Some projects with strong brand strength , Many agent operators do it at the same time , even to the extent that “ volume ” Do it without giving money , Just to grab customers .”

E-commerce agents 2020 year -2021 It ushered in a wave of listing .2015 year , Baozun e-commerce is listed on NASDAQ ;2019 year , One network one creation successfully landed A stocks ;2020 year 9 month , Including beauty and makeup 、 Many head generation operators, including ruoyuchen, are intensively listed .2021 year , Aoki Co., Ltd 、 Kaichun shares and other operators have submitted prospectuses and successfully listed .

“ Highlight time ” transient . since 2020 After the explosion of growth in , Generation operators generally encounter growth bottlenecks , Or revenue declines . The key lies in , E-commerce agent operation has not formed a core competitive barrier , The phenomenon of tearing down bridges across rivers is also common in the industry . such as , After the brand side has stabilized the operation of the store , Decide to get rid of agent operators , Operate in person . This business model depends on the brand side , Determines the instability of its development .

Business upgrading or transformation , It has become the only way out for e-commerce operators . such as , Copy brand development experience to private brands ; Constantly introduce new customers , Get rid of dependence on a single major customer .

MCN Integration with e-commerce agent operation has become a trend . Tiktok 、 Kwai open service provider recruitment , Many brand businesses are also waiting , Many agent operators have also made changes in brand services . establish MCN, To cultivate KOL It has also become the key direction of the transformation of modern operators . One network one creation connects brand resources in this way , Through promotion 、 Endorsements, live broadcast Commission distribution and other forms of realization .

Cast in the interview found , Most of them are young people who are engaged in modern operation , There is a great flow of people in the industry , A project team will experience... Even every week “ quit + Recruitment ”. As a project team leader Of Jennie Age is just 25 year , She told Chinanet , Recently, she will also leave , Because it is rumored that the Beijing E-Commerce group will be cut down inside the company , So she simply quit , Ready to try transformation MCN Institutions , Be a talent , Be personal IP Take the goods .

actually , Agent operator transformation MCN Institutions , It also belongs to expanding marketing services , Reduce the risk of brands mastering e-commerce service technology “ Kick it out ” Risks of agent operators . Besides , Also in response to the MCN External impact of the mechanism .