Uncover the "intelligence tax" of mousse: spend 4billion on marketing, and only 7 invention patents

Recently, the stock market has been quite “ Magic realism ” The smell of .6 month 27 Japan ,#26 Chinese retail investors were fined by the US Securities Regulatory Commission for exceeding 5 Billion # Rush to hot search , Shandong retail investors ran to the United States to manipulate U.S. stocks , Stealing chickens doesn't eat rice , By the United States SEC to punish severely . On the other side , It was exposed by an inquiry letter from the CSRC “ Fake foreign brand ” Essential Muse shares , On 6 month 23 It was listed on the main board of Shenzhen Stock Exchange on the th , Cause a sigh .

as everyone knows , all A All listed companies should bear their own social responsibilities . And self admiration “ Fake foreign brand ” Events ferment to this day , The real identity of the foreign elderly in its advertisement , And whether there are false publicity and other related problems in the product publicity , Muse has never given a satisfactory explanation to the public .

Now it is listed in the sound of frequent doubts , More questions also follow .

3 Annual smash 40 Billion marketing , Where does the money come from ？

In the past two years, there has been an impact IPO, Muse's financial report data looks particularly “ beautiful ”. data display , Muse's revenue in recent three years 38.62 Billion 、44.52 Billion 、64.81 Billion , Year-on-year growth 21.16%、15.29%、45.56%. The glossiness of the surface can't hide the fact that this enterprise likes to go “ shortcut ” Fact , A comparison of gross profit margin shows . According to the prospectus of Muse shares , The gross profit margin of Muse in recent three years is 53.49%、49.14%、44.45%, Higher than the average of peers 10 to 15 percentage .

Ultra high gross profit margin depends on low-cost investment . Take the category of mattresses , As the most profitable product line of mousse , The average unit cost of mattresses in the past three years is about 900 yuan , However, most mattress products in Muse stores sell for about 10000 yuan , One can imagine the huge profits .

Why dare you sell such a high price at such a low cost ？ I have to say that mousse is very clever , Know how to set up for yourself with marketing “ persona ”, Do not hesitate to spend a lot of money to build a “ On the tall ” The brand image of . According to the prospectus of Muse shares ,2019 year -2021 year , The selling expenses of mousse shares are 12.1 One hundred million yuan 、11.1 One hundred million yuan 、 and 16 One hundred million yuan , The total cost of three years is close to terrible 40 Billion , And a peer listed company 3 The annual selling expense is only 28 One hundred million yuan , Be inferior by comparison .

Infamous OST , Actually difficult. . What comes out of a sheep comes out of a sheep , Marketing without product power is ultimately a castle in the air . When more and more people begin to understand the truth , When “ Foreign leather coat ” The marketing method of has been thoroughly exposed , What is the high-end mattress of muse that costs ten thousand yuan 、 A symbol of luxury , Or cut leeks 、 IQ tax is synonymous with ？ Believe that the answer is self-evident .

But compared with consumers' hindsight , Dealers are more “ The world is sober ”. last year 8 month , Musk Hubei dealers reported that musk deducted its taxes , Received a response from a number of dealers . Regarding this , Muse except oral excuses , So far, no effective solution has been put forward , This can not help but make people guess that Muse's internal management is not done and the business mode is chaotic .

Unfaithful to consumers , Unjust to partners , When such enterprises enter A After the stock market , How can we be honest with investors , Win their trust ？

7 Invention patents ,“ Sleep leader ” Can the image stand ？

Muse has always been “ Global sleep brand leader ” Our corporate image shows people , Not only deeply ploughed into the field of sleep for more than ten years , And emphasize the importance of research and development , Strive to pass the design 、 Material and intelligent technology innovation realize the iterative upgrading of product matrix , Improve people's sleep quality .

So is this really the case ？

According to the prospectus , Compared with the investment on the marketing side , Muse's investment in R & D is only a drop in the bucket . data display , Muse from 2019 Year to 2021 The total annual R & D expenses are 3.19 One hundred million yuan , Accounting for about% of the operating revenue 2％, Less than one twelfth of the marketing expenses .

R & D investment is stingy , It also leads to scientific research patents “ There's shyness in the bag ”. In terms of proprietary patents , By 2021 year 12 month 31 Japan , The company and its subsidiaries have 940 Patent rights , Including design patent 730 individual , Utility model patent 203 individual , Invention patents only 7 individual .

I believe everyone in the industry knows , The gold content of patented technology , Usually invention ＞ Utility model ＞ Design . If an enterprise has a scientific research patent 70％ The above are all exterior designs , The R & D level of this enterprise is actually stretched .

Even if “ dried food ” Insufficient , Muse still regards itself as a technology driven enterprise , And make a full article on the application of new materials , Introduce Japanese imports “ Space resin ball ” New material mattress , It is said to be the only , Toyota's exclusive authorized agent .

The prospectus of Comus shows ,“ Space resin ball ” Materials are purchased from Dongguan Sino Japanese home furnishing Co., Ltd , Not imported . And the material is not a natural product , It's a chemical compound , The relevant trademark application status also shows invalid and awaits substantive examination . Can this mattress quality really improve sleep ？

so to speak , Investment in R & D 、 When the output is not brilliant , Muse's own strength is still difficult to join the ranks of scientific and technological innovation enterprises , Its image as a leader in the sleep industry is also difficult to stand on .

The truth may be buried , But it won't disappear out of thin air . Consumers and investors are the most important part of the market circulation , We should also rationally view the listing of Muse shares , Only understand the operation logic and product strength behind it , To know the truth , Master the initiative of investment and consumption .