The cost of the mask rushed to the hot search at only 10 yuan.

【Supernova Finance/Original】

This is probably a very frustrated night of LISA. As a loyal user of the mask, she has tirelessly recommended this brand with the friends around her. Until a hot search on Weibo last night, it completely broke the brand's filter in its eyes. "#148 A box of Shi'er mask costs only 10 yuan#[#“ ““ ““ only 6 R & D personnel#: twice the gross profit margin near Apple]. "

In the face of naked numbers, Lisa suddenly lost interest in the remaining three boxes of mask.

In fact, beauty lovers must not be unfamiliar with Yaerjia. The white -film, black film and other products produced by them are hot products. Some media reports said that the flagship store of Tmall Tmall found that its star products were priced at 148 yuan/box; the price of black film was 199 yuan/box, all of which were 5 pieces of 5 pieces, which means that it means The price of a single piece is as high as 25-40 yuan.

According to the inquiry letter disclosed by Terja, in 2020 and 2021, the unit prices for the procurement of presidential dressing and mask for Yierjia were 9.12 yuan/box and 10.17 yuan/box, as well as 9.8 yuan/box and 9.49 yuan/box. In other words, the cost of 148 yuan/box and 199 yuan/box on the market, the cost is only 10 yuan.

Figure/Yaer Jiaguan Wei

The inquiry letter disclosed by Yaerjia, although it showed people's "profits" behind its rapid development, carefully analyzed that the "dark surge" behind it did not do it alone.

In 2020, the official website of the government department released the article "Science of Cosmetics: Be alert to the Consumption of Mask Consumption", which clearly states that there is no so -called "weapon number mask". As a name, it cannot contain promotional words such as "beauty" and "health care". "Makeup Mask" must not be claimed to be "medical skin care products".

In November last year, the State Administration of Market Supervision and Administration officially released the "Medical Beauty Advertising Law Enforcement Guide", which rumored to the "medical beauty mask"; at the end of December, the "First Category of Medical Device Products Catalog" officially announced the first category of medical cold compresses to completely withdraw from exit market.

From this perspective, this can be said to be a heavy blow to the "medical beauty mask" represented by Yaerjia.

So, the supervision is increasing. Can it be successful in the end?

01 On the eve of listing, "small movements" continue

According to the data, Yaerjia Technology was formerly known as Huaxin Pharmaceutical in Heilongjiang Province. In November 2014, Huaxin Pharmaceutical and Production Enterprise completed the research and development of "Medical Hyal Hyal Harmate Repairing Patch". Huaxin Pharmaceutical was responsible for product marketing , Promoting and selling. Since 2016, Huaxin Pharmaceuticals Dive Drug Business, and exclusively distributes Harbin Sanlian Pharmaceutical Co., Ltd. (hereinafter referred to as "Harbinlian") produced by the Shi Erjia series products.

It is worth noting that before impacting the IPO, Yaerjia has conducted two assault cash dividends. According to the prospectus, in 2019, the amount of cash dividend (tax) of Yaerjia reached 120 million yuan, and 2020 in 2020 It has been a cash dividend of 920 million yuan, and the amount of dividends distributed was twice the net profit after deducting non -deduction.

Zhang Liguo, who had a total dividend of about 1 billion yuan and a shareholding of 93.81%, received a cash dividend of 978 million yuan.

And in the same year of the second dividend, Shi Erjia, Zhang Liguo and Harbin Sanlian have signed the "Investment Agreement" with the terms of gambling: "Yaerjia and the actual controller to make the following performance commitments to Harbin Sanlian: Yaerjia Jiajiajia Jiajiajia Jiajiajiajia Before qualified IPOs, the net profit of the merger statement of each accounting year (subject to the low after deducting the low after non -recurring profit and loss) If it is less than RMB 700 million, the Yerjiahe/or the actual controller should pay each year. Harbin Sanlian conducts performance compensation.

Figure/Yaerjia Guanwei

Later, the supplementary agreement was signed on June 29, 2021 to cancel the responsibility for the above performance compensation of Yaerjia. Only Zhang Liguo was borne by Zhang Liguo.

The prospectus shows that since the entering the market of Harbin Sanlian products, Yaerjia has been the "gold medal sales" of its products. Harbin Sanlian has had a significant impact on Yaerjia. Data show that in 2018, 2019, 2020 and 2021 From January to February, the total inventory procurement of Time Xiangxiang Harbin Sanlian (including Beixing Pharmaceutical) was 86.983 million yuan, 329,487,100 yuan, 360.203 million yuan, and 350.152 million yuan, respectively, accounting for 99.69% of the total purchases of each period, respectively. , 95.30%, 96.93%, 82.81%.

Perhaps Erjia understands that if it is just a seller's listing, the chance of success is very slim.

On February 2021 on the eve of listing, Yaerjia and Harbin Sanlian took a shot to make capital increases. Harbin Sanlian increased capital to Yajia with 100%equity of Beixing Pharmaceuticals held. Erjia's 5%equity, no longer holds Beixing Pharmaceutical equity. Beixing Pharmaceutical was originally a full -time subsidiary who specializes in the second type of medical equipment and cosmetics production and sales.

After completing the integration of the upstream and downstream of the medical dressing industry chain, in September 2021, the GEM is the first time.

02 Revenue growth and market share fell as both of them declined

It can be seen from the prospectus disclosed by Terja that its revenue growth has fallen significantly in recent years. Data show that from 2018 to 2021, the revenue of Yaerjia was 373 million yuan, 1.342 billion yuan, 1.585 billion yuan, and 1.65 billion yuan, respectively. The revenue growth rates in the past three years were 259.79%, 18.1%and 4.1%, respectively. It can be seen that the growth rate of revenue is significantly declined. According to the data of the Yeljia's prospectus, the market size growth rate of medical device dressing products in 2019 and 2020 was 124.2%and 55.4%. According to prediction data, the growth rate in 2021 was 50%.

Looking at the giant biological data of the same track is sprinting the IPO. From 2019 to 2021, the revenue was 957 million yuan, 1.191 billion yuan, and 1.553 billion yuan, respectively, and its revenue growth rates were 24.4%and 30.4%, respectively.

The increasing revenue rate of Yaerjia is currently not only lower than the growth rate of the market size, but also lower than the revenue growth rate of the same track companies.

At the same time as the revenue of the revenue of Terja, there was also a market share.

Medical dressing, as the main source of revenue of Yajia, has also declined. In 2019, its market share of medical dressing products reached 37%, but it fell to 25.9%in 2020. The giant biological prospectus shows that in 2021, the market share in the medical dressing market was 10.1%, and the giant biological rankings ranked second. It can be seen that even if it ranked first in 2021, it still declined significantly.

It can be seen that Yaerjia is retreating. In just three years, revenue growth continues to decline, and the market share has dropped from 37%to 10.1%.

03 "Re -sales, light research and development", frequent concern

Although Terja has advanced from the sales agency company to integrated production and sales company, the sales gene in the bones has been firmly rooted. As mentioned at the beginning of the article, the label of "heavy sales and light development" was very obvious in the actual operation process.

Data show that from 2018 to 2021, its R & D expenses were 307,800 yuan, 603,900 yuan, 1.4797 million yuan, and 5.2429 million yuan, respectively, accounting for 0.08%, 0.04%, 0.09%and 0.32%of operating income. It is less than 0.5%.

The average R & D cost rate of the comparison company is 3.80%, 3.71%, 3.94%, and 5.23%, respectively. It can be seen that the R & D cost rate of Yajiajia is far lower than the industry average.

In stark contrast to this, at the same time, the sales expenses of Yaerjia were 21.3703 million yuan, 115 million yuan, 265 million yuan and 264 million yuan, respectively. , Far higher than marketing costs, compared with data in 2020, its sales fee rate is 186 times that of R & D cost rates.

And Erjia R & D personnel were only two before the first quarter of 2021. As of the listing of September 2021, R & D personnel in Shierjia increased to 8 people in half a year. However, two of these 8 people have been transferred to the Quality Assurance Department and the production department.

Figure/Yaerjia Guanwei

Although the marketing expenses of Yajia have been rising, for the sake of their revenue, Yaerjia also planned to continue to increase marketing. Used for production base construction projects, 56.91 million yuan for R & D and quality testing centers, 885 million yuan for brand marketing promotion projects, supplemented 300 million yuan in mobile funds. Its brand marketing promotion costs accounted for more than 40 % of the total fundraising amount, and the research and development costs are still much lower than the marketing costs.

As a skin care company, under the increasing scale of the industry, revenue growth and market share have continued to decline. Marketing investment is much higher than R & D expenses. Sustainable development.

On the eve of the listing, the assault dividend of 1 billion cash, from another dimension, may not have money itself, but still has to be listed when the company itself does not lack money, and its purpose has to be guessed.

"To be honest, before seeing the hot search, I am quite like this brand, but now I just feel that I am the cut of‘ leeks ’,” Lisa said disappointingly.

A company with long -term foundation has never been just looking at it, and they even throw their attention to a longer time dimension and a wider social category. Enterprises have never been separated from the rules and moral lines of business society and operate independently.

How to balance the business value and long -term development of the enterprise is not only the short -term gains and losses, but also a higher -dimensional business pattern and wisdom.

This is the case, and the same is true of business.

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