Net red dairy "adopt a cow" sprint ipo, and will "smash" 520 million for brand promotion

Extreme news reporter Xu Wei

Consumers' familiar online red milk brand "adopting a cow" is going to be listed. On the evening of July 5th, the adoption of a Niu Holdings Group Co., Ltd. (referred to as "adoption of a cow") disclosed the publication draft of the prospectus, which will impact the Shanghai City Main Board.

According to the prospectus, the adoption of a bull plan to issue no more than 40.406 million shares to raise 1.851 billion yuan for projects such as the construction of Hai Bigo Smart Ranch and brand building marketing promotion. Among them, the brand construction marketing promotion project intends to invest 520 million yuan, which may be regarded as its countermeasures in the face of increasingly fierce competition.

Cover the traditional brand with the concept of "adoption"

A cow was established in 2014. It is mainly engaged in the research and development, production and sales of dairy products, and integrated pastures. The products mainly include multi -style pure milk, yogurt, milk powder, cheese and other dairy products and raw cow milk.

Adopt a prospectus of Niu Holding Group Co., Ltd.

At that time, the domestic dairy industry was already a red sea. In order to win in the fierce market competition, it adopted a differentiated marketing route with the concept of "adoption". In 2014, a cow flower was adopted by 460 million yuan to build the first pasture, covering an area of ​​2,000 acres, and equipped with 60,000 acres of pastures. It is the brand story told by this company, which has also attracted a large number of customers.

Break through from the Changwen Milk Market, adopting a cow chose a high -end route. For the main liquid milk and yogurt, the unit price of a cow is significantly higher than the peers. It is also a box of 250 ml full -fat pure milk. The Tmall store that adopts a cow is priced at 3.5 yuan per bottle, which is higher than the Polytic brick pure milk of Yili and Mengniu, and the latter unit price is less than 3 yuan. A low -fat pure milk that adopts a cow is launched. The price of a single bottle is 3.7 yuan, and it still has high calcium and low -fat milk of Yili and Mengniu.

Adopt a prospectus of Niu Holding Group Co., Ltd.

However, with a differentiated play, in just a few years, it has been chased, and successfully squeezed out several traditional brands such as Tianrun Dairy, Yansang Dairy, and Sunshine Dairy. According to financial reports, from 2019 to 2021, the company realized operating income of 865 million yuan, 1.65 billion yuan, and 2.567 billion yuan, and the annual compound growth rate reached 72.27%, far exceeding the industry average. From 2019 to 2021, the company's net profit was 105 million yuan, 147 million yuan, and 140 million yuan, respectively.

The reporter noticed that there have been many rounds of financing since the establishment of a cow, and 4 rounds of capital increases have been made in only 2021. In the latest round of capital increase in December 2021, the company introduced the ancient investor Dragon Ball and the well -known tea company, and the overall investment was about 10.064 billion yuan. Before this public offering, KKR and DCP, well -known private equity institutions abroad, held 5.64%and 7.02%through the investment entities of their subordinates.

The main attack online sales cost 500 million a year

In order to avoid the positive competition between online and traditional big brands, adopting a cow chose to use online as a incision, and also seized the online traffic dividend. Frequently appeared in the live broadcast room of the anchors, co -branded with major brands, fancy seizing consumer minds, and adopting a well -known online marketing play, which also greatly increased the company's cost.

The online channels for adopting a cow are divided into online direct -operated and online platform sales. Among them, the online direct operations are based on the brand's sales channels on Tmall, Jingdong, and Ugly platforms as sales channels, especially the sales of Tao's e -commerce contributions to the highest proportion. A cow has a popular popularity in the C -end market.

According to the adoption of a cow listing tutoring information, the "Adoption of a Bull" brand Tmall flagship store ranked first in the sales of the dairy industry brand flagship store during the "Double Eleven" period in 2020; during the "618" period in 2021, the company was in Tmall. After the platform's dairy sales ranking only ranked two major brands: Eli and Mengniu, the brand flagship store sales ranked first in the industry.

By vigorously doing marketing, adopting a cow has more sense of existence in consumers, but this part of expenditure has been rapidly eating profits. In 2019, the net profit of adopting a cow was 105 million yuan, which increased to 146 million yuan in 2020, but fell to 140 million yuan in 2021. The corresponding net interest rates in three years were 12.18%, 8.89%, and 5.47%, respectively. Behind the decline in profitability, the reason is the rapid growth of sales costs.

Judging from the sales expenses in the past three years, the cost of adopting a cow flower in marketing has been spending significantly. From nearly 200 million in 2019, 300 million in 2020, and nearly 500 million in 2021, it mainly invested in marketing and promotion of online channels. The corresponding sales costs for three years were 18.82%, 18.35%, and 22.46%, respectively, higher than the average level of the same industry.

Industry insiders pointed out that before the brand's mind was truly established, adopting a cow needed continuous product innovation and sales growth.

(Picture source: screenshot of Wind data)

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