Lengsuanling, a 30-year tortuous history of IPO of a domestic brand

With one sentence “ Hot and cold, sour and sweet , Eat if you want ” popular , Lengsuanling has become a well-known toothpaste brand , After more than 30 years, I finally went public .

from 1987 The first lengsuanling was launched in , Enter by 11 Billion , Lengsuanling rushes to IPO In the footsteps of , Far behind Yunnan baiyao 、 Two faced needle 、 Shuke and other local toothpaste brands .

The prospectus shows , Dengkang oral, the parent company of lengsuanling , In the past three years, the revenue has been rising ,2019 Annual revenue 9.44 One hundred million yuan ,2020 reach 10.3 One hundred million yuan ,2021 It was further promoted to 11.42 One hundred million yuan . The corresponding net profits are 0.63 One hundred million yuan 、0.95 Million dollars 1.19 One hundred million yuan .

In many of its brands , Lengsuanling is undoubtedly the main force contributing to revenue . Preempt the user's cognition with anti sensitivity , In the offline market of anti sensitive toothpaste in China , Cold acid and flexibility account for about 6 A share of . From adult toothpaste to products with higher gross profit margin , Including children's toothpaste 、 Electric toothbrush, etc , The overall gross profit margin of dengkang stomatology has been maintained at 42% about .

It's called “ Do not be Hermes in toothpaste ”, Lengsuanling has been sinking its channels over the years , The price is close to the people . Now the ceiling is reached in the market segment , With the rise of domestic products , Lengsuanling also plays a role in national fashion and cross-border marketing .

However, from the perspective of performance scale , Lengsuanling, which is difficult to move towards high-end positioning , The gap with the fault formed by Yunnan Baiyao .

The revenue is only... Of Yunnan Baiyao 1/6, Profits are not as good as 5%, The current revenue scale has just caught up with the level of Yunnan Baiyao ten years ago （ Yunnan Baiyao oral care business segment 2013 Annual revenue is 10.35 Billion ）, At the same time with the category 、 The price band covers more international brands such as Colgate and crest , There is still a big gap in lengsuanling's strength .

The transformation of the old toothpaste factory

At the early stage of the development of domestic toothpaste , Lengsuanling used to be very beautiful .

In the last century 80 years , Toothpaste factories are blooming all over the country , Various fruit flavors 、 Chinese herbal medicine and other new toothpastes are emerging in endlessly . Chongqing Toothpaste Factory at that time , The predecessor of dengkang oral cavity , It is one of the earliest four major toothpaste manufacturers in China , Once produced 10 Multiple toothpaste brands , But it still lacks a loud brand .

Focus on effectiveness , Chongqing Toothpaste Factory is in 1987 The first strontium chloride anti sensitive toothpaste was introduced in , Name it “ Cold and sour ”. A few years before the launch of the new product , Leng Suan lingchong shared the dividends of the market . Once China in Shanghai 、 Six must rule in Tianjin 、 Black girls from Guangdong 、 There are also several major brands such as lengsuanling in Chongqing , Accounting for half of the domestic toothpaste .

With a large number of domestic competitive products , Large and small 70 Multiple toothpaste brands , It's not easy to get out of it . meanwhile , Colgate 、 Crest and other foreign brands are 90 Entered the Chinese market in the s , Some local toothpaste enterprises with weak product power , It will be eliminated soon .

Dengrong, the current chairman of dengkang stomatology , In charge of national sales at that time , Decided to work hard from marketing , Cooperation with Shanghai Ogilvy & Mather advertising , stay 1996 In, it created a “ Hot and cold, sour and sweet , Eat if you want ” The advertising language of . It was put on TV 、 Ask the star to speak for , The advertisement of lengsuanling soon spread all over the streets .

In the toothpaste industry , The effect of advertising marketing is immediate . To use an “ Hot and cold, sour and sweet , Eat if you want ” Quickly occupy the minds of consumers , Lengsuanling has become the leader of anti sensitive toothpaste .

Closely around “ Anti allergy ” This core selling point , Lengsuanling applied for many patents , make 20 Multiple products , The special research series 、 Shuang series products are all popular products of lengsuanling . In the offline market of anti sensitive toothpaste , Lengsuanling occupied 6 About 50% of the total .

In addition to focusing on the sub field of anti allergy , The success of lengsuanling also lies in firmly grasping the offline channels . go “ Encircle the city with the countryside ” The route of the , The cheap lengsuanling is popular . In chain stores 、 Traditional offline channels such as supermarkets and daily chemical stores have been rapidly rolled out , With a dense distribution network , The distribution mode of lengsuanling accounts for% of the total revenue 8 As above .

To 2001 year , Chongqing Toothpaste Factory, as a state-owned enterprise, carried out drastic reform . That year , Chongqing Toothpaste Factory is the main initiator , United Chongqing department store 、 Electromechanical group 、 Chemical medicine group and new century department store jointly established dengkang stomatology .

Start mixed transformation 、 Introduce strategic investors , Dengkang oral cavity started slowly for the first time IPO process , The action lags far behind 1993 Yunnan Baiyao, which was listed in , And this time IPO After grounding , Later, she was left behind by Wei Meizi and other rising stars .

In the brand layout of dengkang oral , With the core brand “ Dengkang ”“ Cold and sour ”“ Medical research ”, Children's oral care brand “ Belle le ” And high-end baby oral care brands “ bud ”, Dengkang oral has formed basic oral care products for adults and children 、 Electric oral care products 、 Oral medicine and beauty care products .

Adhere to the concept of anti allergy , Lengsuanling has become the most profitable brand of dengkang oral cavity . The sales are as low as... Compared with the past 3 One yuan of toothpaste , Lengsuanling is also gradually trying to move towards high-end , Launch of joint fund 、 Play cross-border marketing , The unit price is close to 20 element .

With the expansion of sales scale , The revenue of dengkang oral cavity has increased year after year .2019 year , The revenue of dengkang oral is 9.44 One hundred million yuan , To 2020 Years for 10.29 One hundred million yuan ,2021 It was further promoted to 11.42 One hundred million yuan , The annual compound growth rate is 10.03%. The product line goes from toothpaste and toothbrush to mouthwash 、 Expansion of electric toothbrush and other fields .

At present, toothpaste is the main source of income for dengkang oral cavity , stay 2021 Annual contribution to revenue 9.7 One hundred million yuan , Proportion to 85.44%. The second category is toothbrush , Revenue of 1.5 One hundred million yuan , Accounted for as 13.2%. Electric toothbrushes and other products account for less than a share of revenue 1%.

But compared with companies in the same industry , The performance level of dengkang oral cavity is not brilliant . Compare the main business , The gross profit margin of dengkang oral products is lower than that of Yunnan Baiyao , The gross profit margin of industrial products of the latter can exceed 6 become . From the perspective of comprehensive gross profit margin , Dengkang oral cavity also lags behind weimeizi and Lafang Jiahua , Among them, Wei Meizi 2021 Gross profit margin in 62.8%.

Growth stall , Giants are left behind

As a local benchmark enterprise in Chongqing , Lengsuanling toothpaste used to be made of China ceramics 、 Ony shampoo 、 Beisheng glassware 、 Chongqing beer , Known as Chongqing light industry “ Five golden flowers ”. With the decline of old enterprises one by one , Only Chongqing beer and lengsuanling are still famous .

In these years of competition with domestic toothpaste brands , Seeing Yunnan Baiyao 、 LMZ has been listed successively , Including Wei Meizi who recently came to the Hong Kong stock exchange to disclose the prospectus , Dengkang oral is on the market , Count as “ I got up very early , A late show ”.

Looking back at the years when domestic toothpaste tried to transform , Yunnan Baiyao is the only one that has succeeded , The market value reaches 100 billion yuan . Also from a state-owned enterprise background , Adjust the organizational structure in the mixed reform , Develop diversified business , Yunnan Baiyao has left lengsuanling far behind .

In fact, the predecessor of Yunnan Baiyao is a traditional Chinese medicine factory ,2004 The first toothpaste was introduced in , Later than lengsuanling 17 year . From the earliest Baiyao hemostatic toothpaste , To the research and development of efficacy toothpaste for different groups , Yunnan Baiyao specializes in whitening 、 The toothpaste with moth proofing and other functions will be differentiated .

In the case that the domestic toothpaste is generally positioned at the middle and low end , Yunnan Baiyao emphasizes the technical background , Yunnan Baiyao national secret formula , Lock the high-end positioning , At a unit price of 20~30 element .

Zanthoxylum nitidum, which also takes traditional Chinese medicine as its selling point 、 Tianqi and other local brands , Then go to desolation . Tianqi can't sell high-end toothpaste , LMZ turned to tourism toothpaste . Yunnan Baiyao is in the process of transforming from traditional Chinese medicine products , To the mouth 、 The skin 、 Bone injury and other fields , Gain a higher brand premium .

At present, the market share of Baiyao toothpaste in Yunnan exceeds 23%, Ranking first in China . Lengsuanling ranks second among local brands , The market share is only 6.83%, The gap between the two is widening .

Yunnan Baiyao is in 1993 Listed on Shenzhen Stock Exchange in , For example, the scale of revenue this year has broken through 360 One hundred million yuan .2021 year , The subsidiary of health products with Yunnan Baiyao toothpaste as the core realized operating income 59.1 One hundred million yuan , And dengkang oral cavity 2021 Annual revenue 11.4 One hundred million yuan , About the former 1/6.

Compare net profit , The net profit of the corresponding segment of Yunnan Baiyao is 22.61 One hundred million yuan , The annual net profit of dengkang oral is 1.12 One hundred million yuan , Only for the former 5% about .

Including lengsuanling , Many domestic toothpaste brands are facing the problem of aging . With Colgate 、 Crest from 90 Entered the Chinese market in the s , Domestic toothpaste was crushed by the strength of overseas brands , Some brands such as Zhonghua toothpaste were acquired by Unilever , Domestic toothpaste began to decline collectively .

At present, it still sticks to the domestic brands in the toothpaste market , OK, come on （ Once black toothpaste ）、 Lengsuanling has become a leader , Channel becomes the biggest advantage . For example, dengkang oral , It has covered hundreds of thousands of retail terminals , With the county development mode, the brand has been formed in three 、 Channel barriers in the fourth tier market .

But the obvious drawback is , Focus on the sinking market , It limits lengsuanling's high-end development . With the change of consumer groups , Lengsuanling needs to match more cross era products . In the audience of lengsuanling ,80 And after 90 The latter account for the majority , May not be able to quickly capture the hearts of millennial consumers .

During the transformation of China's toothpaste industry , The experience for local players is , In brand operation and product innovation, it is slow , You can only continue to eat your old money .

Cold acid Ling has been introduced so far , Dengkang oral has invested more than 30 years in brand building , Like other domestic toothpaste , Under the anxiety of slowing growth , Strive to make the brand younger .

Dengkang oral said in the prospectus , The company has built a new type of dental products with anti tooth sensitivity technology as the core “1+X” Core technology barriers , Expand relevant products with anti sensitivity as the core . So we constantly update the packaging of our products , stay “ Anti allergy ” Add whitening on the back 、 Gingival protection 、 Words like "fresh" . actually , When I think of anti allergy toothpaste, I think of lengsuanling , More because when people buy such products , Lengsuanling is the most affordable choice .

Focus on research and development , One side is subdivided into several anti allergy series , Increase customer price , Nowadays, lengsuanling can only make an issue on flavor type and outer packaging , Skilled in network marketing and cross-border co branding . So hot pot toothpaste 、 Coriander toothpaste 、 Cat claw brush, etc , New products to meet people's curiosity hunting psychology are emerging in endlessly .

There are two needles in front , Yunnan Baiyao now exists , When performance growth hits the ceiling , The local toothpaste enterprises all set their sights on the diversified business layout , Create a second growth curve . But what they ignore is , Fist products are not hard enough , Lack of new technologies and experiences , It is not easy to move from the middle and low end to the high end . So these traditional personal care brands trapped in the cognition of the previous generation of consumers , It is always difficult to escape the curse .

This article is from WeChat official account. “ Future consumption APP”（ID：lslb168）, author ： Dong Chailing ,36 Krypton authorized release .