The perfect diary of the marketing is unable to sell

The perfect diary of the once popular "Chinese Style Beauty" can no longer tell a good story, and the revenue continues to fall.

According to the 2022 Q1 financial report released by the parent company Yixian E -commerce, the perfect diary revenue fell from 1.44 billion yuan to 891 million yuan, a decrease of nearly 40 % year -on -year, and the net loss of shareholders was 290 million yuan. 97%, almost cut.

Earlier, Yixian E -commerce also dropped to below $ 1 in a row for several consecutive days, receiving the New York Stock Exchange's delisting warning. As of the close of August 4, the stock price of Yixian e -commerce was $ 1.25/share, and the market value was only 790 million US dollars, which volatilized 100 billion.

The marketing model of the perfect diary was once known as the myth of the new consumer goods. Seeing him starting from the tall building, seeing his banquet guests, and seeing his building collapsed.

01

Perfection diary

"Big Brand Facing" halo fails

In the latest financial data, although the loss of Yixian e -commerce has narrowed, from the overall perspective, its losses have been huge since listing.

Perfect Diary CFO Yang Donghao once explained that this was forced to pursue short -term growth rates under the high expectations of the capital market and for the time being to put on hold profits.

However, public data shows that the net profit returned in 2019, 2020 and 2021 was 75.359 million yuan, -2.688 billion yuan and -1.541 billion yuan, respectively. In 2020 and 2021, Yixian e-commerce losses exceeded 40 more than 40 100 million yuan.

Long -term loss means that the perfect diary has not yet found a reasonable profit model. The "big -name flatning halo", which was proud of the perfect diary, gradually lost its magic. When the perfect diary returns to the perfect diary instead of a large -name replacement, the brand force is sharply reduced, and the perfect diary cannot be sold. Huang Jinfeng, the founder of the perfect diary, is low -key and rarely speaks in public. The most widely spread sentence is: "New L'Oreal in the Internet era."

After eating the Internet dividend, the perfect diary is famous for its money marketing. In the star and KOL grass -planting model, it has quickly become famous. In 2019, the Perfect Diary conducted an open -screen advertisement on the entire platform such as Douyin and B Station. According to industry insiders, the perfect diary was heavy, and the screen was opened at a time. The publication price was about 1 million yuan. From 2018 to 2020, 18 stars have been signed to endorses, and KOL and KOC have cooperated with the entire network of blood washing. According to the prospectus, more than 15,000 KOL cooperation in the perfect diary.

However, with the disappearance of the traffic dividend of various social platforms, the difficulty of obtaining customers in the perfect diary is gradually increasing. High investment in marketing costs can no longer bring high growth to the perfect diary. The perfect diary in terms of marketing has gradually become the biggest burden on its performance. According to the financial report data, from 2018 to 2021, the marketing costs of Yixian e -commerce are 310 million yuan, 1.25 billion yuan, 3.41 billion yuan, and 4.01 billion yuan, respectively.

The proportion of marketing expenses in the past four years climbed from 48.2%to 68.6%. In contrast, the revenue growth rate of the perfect diary tended to be gentle. With the fading of traffic dividends, the revenue scale of the perfect diary has been pushed. The growth brought by it has also reached the margin. In fact, the repurchase rate of the perfect diary is gradually falling. According to the financial report data, the growth rate of users who "purchased users at least once in the next year" by Yixian E -commerce slipped from 30.8%in 2019 to 2.6%in 2020.

After the aura was invalidated, the perfect diary could not be sold.

In the Q1 quarter of 2022, Yixian e -commerce cut off 60%of the same period, and the revenue also decreased by 38%. This also means that Yixian e -commerce has fallen into dilemma, continuing to build marketing costs, it is difficult to create increment, cut off marketing costs, and performance will face decline.

This is also the marketing dilemma facing the new consumer brand. Moreover, the perfect diary is also facing the problem of the decline in the industry's environment. According to the total retail sales of national consumer goods released by the National Bureau of Statistics in June, the total national cosmetics retail sales in the first half of 2022 were 190.5 billion yuan, a year -on -year decrease of 2.5%. Performance is less than the same period of 2020.

The contribution of the perfect diary to Yixian e -commerce has also declined year by year. In the first quarter of 2022, the total net income of Yixian e -commerce was 891 million yuan, a year -on -year decrease of 38.3%. The financial report states that the main reason for the decline is that the net income of color cosmetics brands has decreased by 45.6%.

02

The second growth curve skin care business

Long -term obstruction

The perfect diary of losing the aura is being siege by the big name and lower price.

The perfect diary has also been replaced. On Xiaohongshu, there are some lipsticks and eye shadow plates that are marked with perfect diaries. For the perfect diary of the "big -name settlement", I am half -mixed. After the marketing costs, the brand of the perfect diary finally has a fixed customer group, and what is worried about is that the brand power is not strong enough to be more able to be more powerful and more. Low -priced domestic makeup beauty fight.

This also means that the core competitiveness of the perfect diary is insufficient. If it is difficult to ensure quality and reputation, it is easy to be replaced.

In fact, the reputation of the perfect diary itself is not high. Taking the small details endorsed by Zhou Gongzi as an example, a lot of notes on Xiaohongshu said that the lipstick lip glaze of the perfect diary is not cost -effective. Good ones are 4G, but in fact, it is no longer colorful for two months. The other end is the impact of big names. Under the impact of the marketing model represented by the perfect diary, some international big names have also joined the marketing army. According to data from the CICC Institute, after the new traffic end of the small red book, Douyin, live broadcast and cargo began to try to cooperate with the grassroots KOL, the sales of Shengshengtang, L'Oreal, and Estee Lauder in 2020 exceeded 60%, and while the sales volume increased by more than 60%, and while the sales volume increased by more than 60%, and while, the sales increased The sales of perfect diaries during the same period were only 22%.

Young people who buy big names replace their demand often do not value the value of the brand, and many young people who buy Ping replacement will still buy genuine products. Some consumers said, "Returning and seeking the second equal to waste. When you buy a flat replacement, you still have to buy it. In the end, you still have to buy it (genuine)."

Judging from the patent and R & D investment, the perfect diary is far less than that of L'Oreal and other international brands.

Perfect Diary has been increasing investment in product research and development. In 2021, the investment in research and development reached 140 million yuan, which was twice as much as the previous year. As of now, the Perfect Diary has 118 patents worldwide, including 39 invention patents, of which more than 8 has become a design patent. In contrast, L'Oreal applied for more than 500 patents in 2020, with R & D expenditure of 964 million euros (equivalent to about 6.75 billion yuan).

What's more important is that the perfect diary itself is not responsible for production products, but is looking for well -known foundries in the industry.

The perfection diary is Cosmishi, Septeli, and Koma, which are foundries of international beauty brands Dior and Estee Lauder. However, the other two domestic domestic beauty brands ColorKey and Jiyouquan have also found these manufacturers. The competitive advantage of the perfect diary is not obvious.

Re -marketing and light development have always been labels on the perfect diary. According to the financial report of Yixian E -commerce in 2021, the revenue in 2021 was 5.84 billion yuan, of which R & D expenditure was only 140 million yuan, but the marketing costs reached 4 billion yuan. In the first quarter of 2022, although the marketing costs were narrowed, it still reached 600 million yuan. In contrast, the R & D investment of Yixian e -commerce investment was 35.8 million yuan, and the proportion of R & D expenses increased to 4%. This proportion still does not solve its "heavy marketing" dilemma.

Under the increasing competitive landscape, Yixian Power opened another way and began to open up offline stores. From 2019, the first direct -operated store was opened. The perfect diary planned to open 600 stores by 2022. No goals have been achieved.

Conversely, the cost of rents and human resources brought by offline stores also followed. Increasing the unit price of the customer has always been the goal of the perfect diary. Data show that the unit price of the perfect diary user in 2019 was 114 yuan, and in the first three quarters of 2020, the unit price of the customer was only increased to 120 yuan.

Skin care products are regarded by Yixian e -commerce as the second growth curve of driving business growth. According to the quarterly financial report of Yixian E -commerce in the Q1 quarterly, total net income of skin care business increased by 68.5%year -on -year to 183 million yuan, which is higher than the overall beauty. Make -up market. In contrast, the sales of skin care categories are also very worrying. Facing the mid-range market, the new brand with a price of 40-200 yuan is finished, and the characteristics of new fast and cost-effective on the perfect diary, but it is difficult to break through the " Bottleneck of parity ".

In order to brand high -end, Yixian e -commerce has made up for the gaps of skin care categories by acquiring Alénic Kochili, Dr.wu's business in mainland China, and the British skin care brand EVE LOM.

According to industry analysts, compared with new brands, acquiring international brands is indeed a shortcut under capital operation. By acquiring mature brands, you can use its existing revenue to express your revenue and profits quickly. And these brands stipulate that the customer group can also add bricks to them in the short term.

However, this is not the optimal solution to solving the problem of profitability. Whether it is makeup or skin care products, the lack of Yixian e -commerce is core competitiveness and research and development technology barriers. If the block is long, I am afraid that the nightmare of "losses" will continue.

Author ｜ Zhang Yao

Edit ｜ Hu Zhanjia

Operation ｜ Chen Jiahui

Produced ｜ Zero -state LT (ID: lingtai_lt)

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