A cow sprint ipo that is optimistic about Wu Xiaobo: first -class marketing, the last current of research and development

Produced ｜ Company Research Room IPO Group

Text ｜ Wu Yu

In the first half of 2022, most of the new consumer brands were not very good, and their enthusiasm for capital was fading. In recent months, there have been news such as "the valuation of the head project has shrunk significantly, the cancellation of new projects" and "the abolition of the consumer group" and "well -known investment institutions".

However, recently, a new dairy company "adopting a cow" has opened a journey to the Stepping Shanghai Stock Exchange's main board.

"Real estate merchants transform the farmer and make good milk." Under the packaging of this story, with the help of online channels such as e -commerce, live broadcast, and monopolizing the evergreen milk market in Yili and Mengniu, they have adopted one end. The cattle quickly became popular, with an annual income of over 2 billion.

However, Xu Xiaobo, the founder of a cow, seems to be less difficult to separate from the real estate industry. In 2019, the research and development costs turned out to be blank, and the quality of milk was often spit out. Lighting and new hope.

Stories and concepts can help adopt a cow to grow rapidly, but it may also form back baying in the future.

01 Excessive exaggerated entrepreneurial feelings

The new consumer brand's entrepreneurial stories are good, and Xu Xiaobo's story can probably impress many parents who support them.

In 2012, the dad Xu Xiaobo bought 8 cans of milk powder for his son in Hong Kong, but because he did not understand the purchase restriction order, he was detained by the Hong Kong Customs when he returned. Xu Xiaobo, who was suspected of smuggling, was first put into the "small black house" in his life.

According to Xu Xiaobo later, the "small black house incident" deeply stabbed him. The 4 -hour "small black house" experience made him humiliated. In the end, Xu Xiaobo only brought back two cans of milk powder and a bunch of insults.

"It is nothing more than to buy it so far. Is it really impossible to give birth to a cup of peace of mind in the Mainland?" Xu Xiaobo's words said the voice of many parents.

Xu Xiaobo's entrepreneurial story is to directly hit the pain points such as domestic dairy product safety issues and consumer parental anxiety, which can easily resonate with users, thereby enhancing the brand's favor.

In addition to the "Hong Kong buying milk powder" incident, Xu Xiaobo's identity is also the key. In the promotional video of adopting a cow, Xu Xiaobo made himself a real estate businessman.

In July 2014, a cow was established. Just one month ago, the president of Vanke Yu Liang just shouted "Real Estate Entering the Era of Silver". But whether it is the golden age or the silver age, compared with the black iron era of the real estate industry, from the cross -border of real estate to the dairy industry, it all gives up a huge industry and step into an unknown area.

In this regard, Xu Xiaobo always said: "There is no matter how much real estate agents in China are missing, but if there is a first -class farmer, it may give a new meaning of modern Chinese agriculture."

Judging from Xu Xiaobo's experience, his words were not humble, but a bit exaggerated.

Before the establishment of a cow, Xu Xiaobo was the chairman of Zhejiang Zhongsheng Industrial Co., Ltd. According to industrial and commercial information, the business scope of Zhongsheng Industrial includes bamboo plastic template manufacturing and sales, chemical raw materials, and sales of building materials.

Judging from the company of Zhongsheng Industrial, Xu Xiaobo can be regarded as a supplier of the real estate chain, saying that he is a bit reluctant to be a real estate agent.

From the perspective of the annual report, in 2013 and 2014, Zhongsheng's industrial revenue was 98.973 million and 71.434 million, respectively, and the net profit was 26,000 and -697,000, respectively. The operating benefits were not ideal. At least, the business status of this company has a big gap with the outside world's awareness of the ability to make money from real estate companies.

In addition, adopting a cow is committed to creating the image of "reassuring milk that can afford Chinese people." In 2017, the company's propaganda has always emphasized that all the milk sources of adoption of cows come from their own ranch. In 2020, the company's relevant staff also told the media, "At present, all products under a bull brand have their own milk sources."

But in fact, according to the prospectus, in 2019, all the pure milk and yogurt of a cow are produced by foreign associations; in 2020, more than 90%of pure milk and more than 95%of yogurt are still produced by foreign associations.

There is no doubt that Xu Xiaobo's entrepreneurial story full of feelings is successful. In 2021, a cow's income was 2.567 billion yuan, and the 6 -year revenue has exceeded the establishment of a listed company that has more than 20 years of establishing for more than 20 years.

However, the adoption of a cow is exaggerated or fictional, the real estate business identity of the founder, all the products from their own milk sources, etc., which made the company a layer of unreal.

02 Marketing costs higher than peers

Sun Shijun, who adopted a cow CEO, said, "We are not dairy companies, but a company that raises cattle for users." The prospectus also has such a sentence.

Adopting a cow made a slogan like "milk cows are well raised, milk will be good", and also declared that "each bottle comes from five good cows". My own cow is made of SPA and enjoy the medicine. The daily food fee is about 80 Yuan and so on.

However, it is necessary to say here that the publicity of adopting a cow obviously uses the difference in information. After all, most consumers will not check the food cost of this company's cow before buying milk.

According to the 2017 news report, the dairy -dairy strokes of the Guangming Ranch also enjoyed a massage, and the food cost of the meal was about 104 yuan; the dairy cow of the new hope of Qiandao Lake Fall asleep Xi Mengshi's rubber pad, the food fee was about 110 yuan per day, all of which were obviously obvious, all of which were obviously obvious Higher than adopting a cow. Whether it is an entrepreneurial story or 80 yuan per day, it is obvious that a cow is very concerned about marketing, and it cannot be denied that adopting a cow is very good at finding publicity points.

From 2019 to 2021, the sales costs for adoption of cattle were 194 million, 303 million, and 483 million, respectively, and the sales cost rates were 22.46%, 18.35%, and 18.82%. %, 13.81%, 12.18%.

The sales cost of adopting a cow is higher than the average value of dairy companies listed in A shares, which is similar to Yili. It is almost 2-3 times that of Huang's Group and Tianrun Dairy, which is similar to its income scale.

In this regard, adopting a cow explained that on the one hand, as the company, as an emerging brand, it requires multi -channel promotion to improve market share; on the other hand, the company mainly sells through online channels. Although the channels are small, the channel costs are high. This is high. This is high. As a result, compared with peers, the characteristics of raising a cow are high gross profit and high sales cost.

From 2019 to 2021, the gross profit margin of a cow is 40.25%, 30.16%, and 28.41%, respectively, and the average listed dairy companies in A shares are 33.75%, 28.62%, and 25.75%. Despite the decline of a bull -haired interest rate year by year, it is still higher than the industry average.

The characteristics of adopting a cow high gross profit and high sales fee ratio are closely related to its sales model.

Taking Tmall channels as an example, in July 2019, a cow signed a strategic cooperation with Tmall, setting the goal of selling more than 1 billion yuan in 3 years. In that year, Tmall Big Food released the emerging brand alliance plan: In the next three years, more than 500 emerging brands have been incubated and at least 100 billion yuan in sales. Zhong Xuegao, vitality forest, three and a half, adopted a cow, etc., are new consumer brands that have emerged in Tmall in recent years.

In the "New Chinese Products of this Country" edited by Wu Xiaobo Channel, Sun Shijun believes that "the rise of new marketing models and the rise of new consumer classes has opened up new channels for online sales of dairy products, allowing us The post -distribution advantage. "The rise of emerging channels such as Tmall flagship store, live broadcast, and Xiaohongshu allowed adoption to avoid fierce offline competition and reach consumers at a lower cost.

In this IPO, a raising of 1.851 billion yuan will be raised, of which 520 million yuan will be used for brand building marketing promotion, mainly on online channels such as Taobao, Jingdong, and Douyin. It can be seen from the plan to adopt a cow that the company will still focus on online channels in the short term.

However, almost all new domestic products are facing the same problem: the cost of flowing high, and the faint growth bottleneck. When the incremental increase is on the top, offline has become the support of the future vision of a new consumer brand. Adopting a cow to compete with Yili and Mengniu offline may inevitably.

03 Adopting a cow or sharing a cow?

New consumer brands that have become popular in recent years have faced some controversy, such as perfect diary, vitality forest, Zhong Xuegao and so on. Adopting a cow also has trouble in this regard, and some of the disputes it face comes from the "adoption" model.

New consumer brands have changed in the connection between consumers and producers, and brands can directly reach users. Xu Xiaobo once said, "We have no dealers, mainly adopting the pre -sale model to accurately grab customers through the new media platform."

In December 2016, the first product released by a cow adopts the way of Internet crowdfunding. Users participating in crowdfunding can enjoy dairy products throughout the year and send them to home and free ranch parent -child tour. situation.

Then in January 2017, a cow and Wu Xiaobo Channel launched two "adoption" activities: first, to obtain the ranch cow's nourishment right by paying 2999 yuan; the other is to spend 10,000 yuan to become a joint ranch owner, not only the right to adopt a dairy cow, but also a cow. You can also enjoy the ranch operation dividends.

By 2020, a cow has upgraded the activity again, and launched three ways of play, co -branded adoption and real -name adoption.

The initial cloud recognition is similar to QQ farm. Gold coins obtained by consumers through breeding games can be used to exchange physical or milk discount coupons.

Co -branded adoption is mainly to cooperate with Wu Xiaobo Channel and Dunhuang IP to launch IP joint cards. Users can obtain joint names through the purchase of the season card, half -year card, annual card, etc., and enjoy the rights and interests of regular delivery and parenting guidelines.

Under the real -name adoption mode, users can book milk one year in advance for the ranch. The highest -level members can determine the name of the cow and get the life photos of cows and various growth data on a regular basis. However, according to media reports, real -name adoption mainly invites authoritative users such as Wang Han, Chen Shu, Du Haitao, Luo Yonghao, and it is difficult for ordinary users to participate.

According to the introduction of a cow, the number of members of the company exceeds 16 million and the number of cows exceeds 60,000. In fact, whether it is the adoption activity that users spend money to participate in 2017, or the adoption activity of users who play games or buy a joint -name card in 2020, rather than adopting a cow, it is better to share a cow.

Another controversial point for adopting a cow is the "Bull Raise Recruitment Plan" launched in 2020, which includes activities such as "buying goods can be returned", "sharing earnings on commission", and "inviting friends to scan the code binding of commissionable commissions". According to the content of its public account, consumers can apply for a designated product to become a cattle red with cumulative sales.

If the promotion is successful, the three levels of "cattle raising people" can get 5%to 10%commissions, respectively. In addition, invite friends to join their own "cattle raising team" and get 3%to 7%invitation rewards.

Adopting a promotion method of "pulling people to earn a commission", a "MLM model" of the "MLM model", and some consumers talked about it as "micro -business milk".

Through the dividends of social media and new channels, some new concepts are exported to consumers, so that some new consumer brands have grown particularly fast in the past three or five years, and they feel the temptation of popularity, but the product quality that really determines the brand security border is the product quality.

From 2019 to 2021, the cost of raising a cattle is 0%, 0.04%, and 0.27%, respectively, and the R & D cost rate of Huangshi Dairy in the past three years is about 2.7%, and Illi shares are about 0.5%.

As a new consumer brand, it is understood that adopting a cow to quickly make the brand's eager mentality, but it cannot be based on marketing without paying attention to research and development.

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