Adopt a cow to impact ipo: Except for consumers, do not submit social security for their employees

Flower Finance Original

The 2008 melamine incident has greatly combined the credibility of my country's dairy industry. Since then, the quality of the product has gradually become the banner of marketing that major dairy companies can't get around.

"Buying milk, it is better to adopt a cow."

It is based on such a brand slogan that a cow has quickly grasped the psychology of a large number of consumers. After all, it adopts a cow, which is more at ease than buying other milk.

Relying on this differentiated milk marketing method, adopting a cow soon became a net red milk brand.

The company brand Tmall flagship store ranked first in the dairy products industry in the "618" and "Double Eleven" Tmall brand flagship stores in 2020 and 2021; The "Double Eleven" sales are the first and the number one member.

In the market environment with fierce competition in dairy products, adopting a cow even in the front of Tianrun Dairy, Yantang Dairy, and Sunshine Dairy only spent only 6 years. The manual wants to be listed on the main board of the Shanghai Stock Exchange.

It seems that the prospects are bright, but it is worth mentioning that the outside world has criticized a lot of "adoption" model of adopting a cow, and its so -called adoption may be just a marketing gimmick. At the same time, in addition to flickering consumers, the company also has acts that do not associate social security for their employees.

Mainly online channels

On the evening of July 5th, the official website of the CSRC disclosed the IPO application for the IPO application for adoption of a Niu Holding Group Co., Ltd. (adopted a cow), and the company intends to list on the main board of the Shanghai Stock Exchange.

The prospectus shows that a cow's adoption in 2014 is mainly engaged in the research and development, production and sales of "adopting one cow" brand dairy product. The products include multi -style pure milk, yogurt, milk powder, cheese and other dairy products and raw milk milk.

As of now, the company has established seven modern dairy ranch in Hebei, Heilongjiang and other places, including 5 of them as the company's own pasture, two joint operation ranch, and more than 60,000 cows.

From 2019 to 2021, the operating income of a cattle was 865 million yuan, 1.65 billion yuan, and 2566 billion yuan, respectively; net profit was 105 million yuan, 147 million yuan, and 140 million yuan, respectively.

There is no doubt that the growth rate of adopting a cow's revenue is really amazing. Compared with the domestic listed dairy companies, the company's dairy business business has also exceeded many regional listed dairy companies, second only to Yili, Guangming Dairy, New Dairy and Sanyuan Shares.

However, unlike traditional dairy companies, different of offline channels are that the main sales of a cow product sales are mainly online channels. From 2019 to 2021, the company's online sales revenue was 528 million yuan, 1.246 billion yuan, and 1.951 billion yuan, respectively, accounting for 62.30%, 77.50%, and 77.67%of the main business revenue, respectively.

During the same period, the company's sales costs were 194 million yuan, 303 million yuan, and 483 million yuan, respectively, and the sales cost rates were 22.46%, 18.35%, and 18.82%, respectively. The sales costs increased rapidly.

The company said that sales costs accounted for relatively high, mainly the company is in the field of fast consumer goods, and as an emerging brand of the Internet, it is in the stage of rapid improvement of brand influence. It is necessary to continue to maintain higher brand exposure and market awareness. Therefore, the company needs to maintain a high level of marketing and promotion costs.

It is difficult to implement the adoption mode

However, as the latecomers of the dairy industry, the marketing and promotion method of adopting a cow is really criticized.

In 2018, adopting a cow had proposed the concept of "sharing home", and the micro -business model was used to sell goods to recruit sharing home. The specific manifestations were to sell milk for the brand to sell milk and pull friends. Planting the "Pull Person" mode to achieve user fission.

In April 2020, a cow was adopted and launched the "Bull Raise Recruitment Plan". Members "purchasing goods can return commissions", "sharing profitable commissions", "invite friends to scan the code binding to bind to the commission."

It is understood that the main concept of foreign MLM is to use the reputation generated by customers to use the product as the driving force to help customers help dealers to promote the product and share part of the profit, that is, the customer's transmission sales.

If you look at this concept, is it a pyramid score marketing model that adopts a cow's "pulling the head"?

Coincidentally, before the company planned to go public, since last year, the official adoption of cows has begun to stop the promotion of the above sharing model. I wonder if it is related to the concerns of the compliance investigation of the listing?

In fact, as a rookie in the dairy industry, adopting a cow can always maintain the popularity that attracts enough attention.

In January 2017, a cow had launched the "adoption" event with Wu Xiaobo Channel. Among them, you can get the nourishment of the ranch cow to get the ranch cows by paying 2999 yuan. In addition, spending 10,000 yuan can become the owner of the United Relief, which not only has the right to adopt a cow, but also enjoy the bonus of the ranch operation.

At the same time, adopted users can watch the dynamics and live broadcast of the ranch, and enjoy regular fresh products to home services and theme membership customization rights.

With this marketing model, a cow has eventually attracted a large number of fans. Official data show that the number of cows has more than 16 million cows.

However, the number of cows that currently adopt a cow only exceed 60,000. According to the "Chinese Dairy Statistics 2021", the number of cow bulls in my country in 2020 was only 10.43 million.

In other words, if everyone wants to adopt a cow, it is obviously unable to implement it. The so -called adoption or only the brand concept, and if consumers want to achieve the milk of the milk they adopt, it is also in terms of production logic. Unrealistic.

Do not submit social security for their employees

In addition to the "adoption" cow's side promotion, adopting a cow also started from the milk source to play a promotional word "milk cow is well raised, milk will be good".

The company claims that the Holstein cows with Australian ancestry are introduced, and they eat grass grass imported from North America, oatmeal imported from Australia, and drink 380 meters of deep well water. Yuan.

Publicity is beautiful, but it is a pity to adopt the operating cost data of a cow, but it breaks the company's lies.

The prospectus shows that the feed used for adopting a cattle ranch is derived from external procurement. In 2021, the company's total corn feed procurement was 156 million yuan, and the total amount of soybean meal feed procurement was 49.9373 million yuan.

If the value of the dairy cows disclosed by the company exceeds 60,000, it is calculated, which means that the daily food cost of a cow per day is only about 9.4 yuan, which is far from the announcement of 80 yuan.

Adopting a cow claims to the outside world that their own products are used by their own milk sources, and they are also lies.

According to the new three -board -listed dairy company focusing on the disclosure of Mu Tong Technology's Mu Tong Technology of Niu Farm and cow breeding, in 2020, a cattle company Hangzhou adopted a bull biotechnology Co., Ltd. as its largest customer, with a purchase amount of 45.3989 million yuan. It accounts for 17.94%of the company's annual sales.

In addition, the company's current purchase of raw milk is still increasing. From 2019 to 2021, the company's extra cow milk amount was 109 million yuan, 210 million yuan, and 411 million yuan, respectively. This shows that consumers may not only be able to drink the milk of the cow that they can adopt, but also may not drink milk that she has made a cow's own home.

In addition to coaxing consumers, adopting a cow does not seem to be friendly to their employees.

From 2019 to 2021, the company's employee social insurance participation ratio was 73.25%, 92.98%, and 94.71%, respectively, and the participation ratios of provident fund was 72.51%, 88.60%, and 86.02%, respectively. It is not difficult to see that the company has not paid social security and provident funds for all employees for many years.

The company said that at the end of 2021, the company's employee social insurance and housing provident fund had not participated in all employees, mainly due to some new employees who had not completed the payment procedures or the original unit had not been paid or the trial period was not transferred in the month. Reasons for paying for the new rural cooperation or through third -party payment and retirement and return.

However, from 2019 to 2021, the total number of employees of the company was 542, 1439, and 1967, respectively, and the total number of employees increased significantly. It stands to reason that due to the impact of the reasons that some new employees have not yet completed the payment procedures or the trial period have not been changed in the month, the total number of employees has increased significantly.

However, the proportion of the participation of all employees' participation in social security and provident funds has risen significantly in the past two years, far higher than the value in 2019. Behind such weird, is it adopted a cow to launch in advance for listing, and the beautification made in advance for listing Intersection Or is it discovered by adopting a cow with the expansion of the company?

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