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The wild hope of "beauty economy": Huaxi biological's net interest rate dropped for six consecutive times, and the acquisition case was inquired by Shanghai Stock Exchange
2020-11-06 20:12:21 【View finance and Economics】
Produce l View Finance
author l Dazhao
“ Beauty economy ” Be in charge , Cosmetics consumption has changed from the previous “ optional ” It's what it is today “ Will options ”.
According to the National Bureau of Statistics , The total retail sales of cosmetics have maintained double-digit growth for a long time , It is obviously higher than the overall growth rate of social retail and other consumer goods .
2019 During the double 11 , Top 3 cosmetics sales , Second only to the higher unit price of mobile phone digital and home appliances .
Now again “ A double tenth ”, National carnival is about to start , Hoarding skin care products has become a must for many netizens this year .
Domestic and cosmetics related listed companies mainly include Huaxi biological 、 Shanghai Jiahua 、 Peleya 、 MARUMI shares 、 Yujiahui, etc , Today, we mainly focus on Huaxi biology and its cosmetics brands , Restore this family “ Hyaluronic acid tap ” The true face of the enterprise .
The revenue of hyaluronic acid leader in the first three quarters 16 Billion
Strong brand matrix
The data shows , Huaxi biological core team 1998 Research and development of hyaluronic acid ,2000 Breakthrough in fermentation technology in , experience 20 Annual continuous R & D investment , It has developed into a high-tech enterprise with hyaluronic acid microbial fermentation production technology as the core , The scale of hyaluronic acid industrialization ranks first in the world .
2019 year 11 month 6 Japan , Huaxi biological landing A stocks .
Hyaluronic acid （ abbreviation HA, Also known as hyaluronic acid ） It is a kind of natural polysaccharide in human tissues , Because of the good water retention of hyaluronic acid 、 lubricity 、 Viscoelasticity 、 Biodegradability and biocompatibility , In medicine （ The orthopaedic 、 Ophthalmology Department 、 General surgery 、 Urology Surgery 、 Gastroenterology 、 Otolaryngology 、 Dental Department 、 Plastic surgery 、 the skin department ）、 Cosmetics and functional foods are widely used .
Huaxi biological product line is divided into three parts , They are hyaluronic acid raw material products 、 Medical terminal products and functional skin care products .
At present, the company's products are mainly made of hyaluronic acid , Medical terminal products and functional skin care products have also grown steadily in recent years .
2018 end of the year , Skin care brand of the company “ Embellish a hundred beauties ” Lipstick cooperation with the Palace Museum 、 The mask , Fast becoming a hit , The Palace Museum lipstick was once out of stock .
This makes the functional skin care products of Huaxi biology enter the public view .
Same year , Muscle activity 、 Michelle 、 Kuadi and other new brands established , The product category includes secondary casting stock solution 、 All kinds of cream water emulsion 、 The mask 、 Hand membrane 、 Spray, etc. .
picture source ： Zheshang Securities Research Institute
10 month 29 Sunday night , Huaxi biology released three quarterly reports , Revenue in the first three quarters 15.96 One hundred million yuan , Net profit attributable to shareholders of the listed company 4.38 One hundred million yuan .
Check the financial findings of Huaxi biological in recent two years , Although the revenue data increased year by year , But the growth rate has declined significantly ,2020 year Q3 The growth rate of the company's revenue is 23.96%, In the same period last year, the number was 48.97%, It's been down nearly a year 25 percentage .
It is worth noting that , Huaxi biological functional skin care products have achieved good growth .
data display ,2020 Since the beginning of the year 、 Kuadi tmall flagship store GMV Maintain explosive growth in scale ,1-9 The moon moistens all beauties 、 Kuadi GMV Respectively 0.36 One hundred million yuan 、0.67 One hundred million yuan , Some famous cosmetics brands can be compared .
The Research Report of Guoyuan securities also shows that , This year, 9 month , The growth rate of runbaiyan tmall flagship store is 199%, The growth rate of kuadi tmall flagship store is even more amazing 19073%.
picture source ： Research on Guoyuan securities Center
Of course , Such a high growth rate is closely related to the huge investment of runbaiyan and kuadi in the market side .
Sales expenses doubled year on year
Six consecutive drop in net interest rate
As an innovative enterprise listed on the science and Technology Innovation Board , The sales cost of Huaxi biological far exceeds the research and development cost .
Results show that , In the first three quarters, the company's sales expenses reached 6.454 One hundred million yuan , The proportion of revenue is 40.4%.6.454 The sales cost of 100 million yuan is almost the same as that of the same period last year 3.25 Billion has doubled .
So where's all this money going ？
In the first half of the year , Huaxi bio multi brand United Online IP, Launched successively “ Embellish a hundred beauties ” Doraemon A Dream joint name customized water run secondary throwing products 、“ Michelle ”B.Duck Yellow duck joint name limited water and other products , Licensing fees are not small .
On the one hand, Huaxi bio creates a high-end image of its products through mainstream high-end media , Such as advertising in CCTV .“ Huaxi Biology , I'm going to shine .” Huaxi Biology 10 second 、15 Second brand image advertising films appear separately CCTV-1《18 Top quality programs 》、CCTV- Journalism 《 The newsroom 》, Promoting hyaluronic acid with the authority of CCTV , Publicize its status as a leading enterprise of hyaluronic acid , Let more consumers know Huaxi biology .
On the other hand , Adopted by the company “ Net red belt goods ” To open up the breadth of the audience .
Specific statistics , This year, 8 month , Huaxi biology in Li Jiaqi 、 The total investment of Weiya studio is as high as 8 Time , Among them, kuadi 4 Products landing in Li Jiaqi live studio 4 Time , Muscle activity 、 Run Baiyan landing in Weiya studio 2 Time .
9 month , Kwadi and Michelle added up 5 Li Jiaqi 、 Viva studio .
At present, the online sales revenue accounts for the total revenue of Huaxi biological functional skin care products 99%, The main channel is tmall 、 TaoBao 、 Xiaohongshu and so on .
Although online sales save a lot of channel costs , But the overall net interest rate of Huaxi biological has been reduced for six consecutive times , This year, Q3 The net interest rate of 27.38%.
Data sources ： Oriental wealth choice
Through a series of publicity initiatives , Huaxi biological products with its skin care products into the shopping cart of consumers .
But in sharp contrast to the high cost of sales , Total expenditure of Huaxi biology in the first three quarters 9551 Ten thousand yuan of R & D expenses , Its share in revenue is only 5.98%, Far lower than the proportion of sales expenses .
picture source ： Huaxi biological financial report
In addition to the above problems , Huaxi biological's receivables also rose sharply .
By 2019 At the end of the year, the company's receivables were 745.76 Ten thousand yuan , This year, 9 month 30 The number increased to 0 2418.94 Ten thousand yuan , The rate of change reached 224.36%.
The amount of inventory also increased from the end of last year 3.15 Billion yuan to this year 9 Month end 4.14 One hundred million yuan ,9 It's increased by nearly three months 1 One hundred million yuan .
If the receivables cannot be recovered due to various reasons in the future , Form bad debts 、 Bad debt , It may directly affect the economic benefits of enterprises .
Huaxi bio's acquisition of Foster was inquired by Shanghai Stock Exchange
This year, 6 month 9 Sunday night , Huaxi biological announced that it will use RMB 2.9 Billion yuan acquisition of Dongying foste Bioengineering Co., Ltd （ hereinafter referred to as “ Foster ”）100% Equity of .
9 month 29 Japan Huaxi biological disclosed the financial data of foster ,2019 The operating revenue of Forrest was 6695.16 Ten thousand yuan , But net profit showed a loss 3753.57 Ten thousand yuan .
2020 year 1-4 month , Foster continued the momentum of losses , The operating income is only 1408.05 Ten thousand yuan , But there are also losses 1296.06 Ten thousand yuan .
It is worth noting that , Huaxi biological Co., Ltd 6 According to the announcement on the acquisition of Forster in January ,2019 Business income of foster in 6864 Ten thousand yuan , Little difference , But its net profit is a loss 699 Ten thousand yuan .
The difference of net profit between the two times is close 600 Ten thousand yuan , and 9 The Forster valuation released in January is also much closer to that announced before 2 One hundred million yuan .
9 Disclosed in the monthly announcement , The assets appraisal office employed by Huaxi biological Co., Ltd 2020 year 4 month 30 Date is the base date of appraisal, and the underlying assets are appraised , The value of the underlying assets assessed by the asset based method is 4.95 One hundred million yuan . And according to the company 2020 year 6 month 10 Announcement of disclosure on , With 2019 year 4 month 30 The benchmark date is , Using the liquidation value type, the appraisal value is 2.89 One hundred million yuan .
In view of these strange phenomena , The Shanghai Stock Exchange inquired about the progress of Huaxi biological acquisition , The specific reason and rationality of the great difference between the two assessments caused by the requirement of Huaxi biological supplement disclosure , As well as the asset categories with large differences between the two assessments , Detailed description of specific assets involved, etc .
Facing such a loss making investment target of Forster , It took Huaxi biological three months from the signing of the agreement to the change of equity .
According to the company announcement , Fossett's share change registration works at 2020 year 9 month 18 Day to complete , And the conditions precedent for the second payment have been met , Total investment funds in the first two periods 1.45 One hundred million yuan , Accounting for the total transaction consideration 50%.
Although the acquisition is close to completion under the operation of Huaxi biological , However, the issues involved in the Shanghai Stock Exchange's inquiry letter remain high .
Combined with two valuation changes , Pushing the acquisition to completion quickly seems like a bargain , But what can't be ignored is , Considering that foster's loss is still going on , For Huaxi biology, if we can't turn the corner , It may also become a drag on listed companies .
In the past five years , The concept of medical beauty skin care products began to prevail in the skin care industry , With wide applicability 、 The advantages of high safety and efficacy are favored by consumers .
According to Jingdong data ,2014 - 2018 year , Growth of consumption of medical beauty skin care products 5.3 times , User growth 4.2 times .
In order to adapt to this trend , Major skin care brands have launched medical grade skin care products , Like Estee Lauder's “ Line carving ” Essence , L'OREAL's hyaluronic acid , Helena's laser luminosity, porcelain white essence, etc. .
In the future, driven by brand education and consumption upgrading , Medical beauty skin care products market is expected to continue to grow .
And Huaxi biology with its unique development process , Undoubtedly, it will become a representative enterprise in medical beauty skin care products enterprises .
But from the current domestic market share of China's skin care industry , From Europe 、 Foreign brands such as Japan, South Korea and the United States occupy nearly 50% Market share , Local brands only account for about 28.5% Market share .
Under this premise , Huaxi biological as the representative of the local skin care brand still has a long way to go .
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