Beisen is in a crisis, HCM is not available?

Edit | Yu Bin

Produced | Chaoqi.com "Yu See Column"

Being Beisen Holdings, who is not optimistic, is still pursuing his dream of listing.

Following the misconduct of the New Third Board in 2018 and the failure of Hong Kong stocks earlier this year, Beisen recently submitted its own prospectus to the Hong Kong Stock Exchange. After that, the market is paying attention to whether it can successfully land on the capital market this time.

In addition, even if it is successfully listed, can it improve its profit status and alleviate many doubts faced during this period? Under various issues, the advancement of the listing of Beisen Holdings seems to be just the beginning.

As the "China's largest cloud human resource management (HCM) solution provider", Beisen Holdings packaged its own concept well. It launched a platform called italentx to provide enterprises with recruitment, evaluation, management, development of development, and development for enterprises Cloud software solutions, including services such as reserved talents.

Simply, it is a family human resources SaaS service provider.

However, Beisen Holdings has always been "not buying" sounds. Under the bright concepts and labels, the company's long -term losses have been criticized by many people. It is worth noting that Beisen Holdings has recently been involved in the news incident of "large -scale breach of contract". Under various disadvantages, its future is being tested.

HCM market first, but loses all year round

Judging from the separate HCM market, Beisen Holdings is actually a well -deserved industry header player. But it seems difficult to make people interested in the HCM industry, because one of it is not so high in the market, and the other is huge losses all year round.

According to relevant industry statistics, in the past 2021, if from the perspective of income, Beisen Holdings's overall share in the HCM market in China exceeded 11%, ranking first among nearly 300 companies.

However, if the industry scope is widened and all players involved in the digital HCM market have come in, Beisen's market share among more than 500 companies is only 3.4 %, ranking third in the market.

In any case, Beisen Holdings can be regarded as the "big flag" of the HCM market in China. It also creates a perfect platform tools such as recruitment cloud, evaluation cloud, and performance cloud. Overall solution to use scenarios.

Beisen Holdings also obtain revenue by collecting subscription fees to customers.

According to relevant financial reports, in the past three years, the company's revenue has shown a stable growth trend, from 459 million revenue in 2020 to 680 million yuan in 2022.

It can be seen that the revenue growth of Beisen Holdings is not fast, but in the process of not so fast revenue growth, the company's gross profit margin performance is not very stable. It was 59.8 % in 2020 and 2021, respectively. , 66.4 %, the gross profit margin fell to 58.9 % in 2022.

Nevertheless, the company's gross profit margin is still very high, which makes people think about why it has always lost money, and the loss of money is not small.

From 2020 to 2022, Beisen Holdings's losses reached 1.267 billion, 940 million, and 1.909 billion, respectively, with a cumulative loss of more than 4 billion yuan in three years; even after adjustment, its net loss in the past three years also exceeded 500 million yuan.

So the question is, is the HCM market focused on Beisen Holdings really "expensive"?

Objectively speaking, in some industries, the company's gross profit margin is very high, but if the market size is not large enough and costs are large, the company's loss is normal.

However, for Beisen Holdings, its revenue scale is already the head in the domestic HCM industry, and the growth of revenue is not large. The cost investment seems to be less than the investment of the HCM platform. In the background, Beisen still loses so much every year.

Continuous controversy, the status quo is not matched with the industry's potential

In addition to being questioned by many years of performance and loss of the capital market, the controversy of Beisen Holdings has spread to its own recruitment field, which is even more "ironic" for the human resources as the main service object.

In May of this year, some users said that there were a lot of fresh graduates of Beisen Holdings by the company's large -scale "destroying the three parties" by the company. We polish their eyes and stay away from such unscrupulous companies. "

After the user broke the news, more netizens joined the ranks of attacking Beisen Holdings, which once caused a stir on the Internet.

Among the time nodes of the Hong Kong Stock Exchange's listing of the Hong Kong Stock Exchange, Beisen Holdings was questioned because of poor performance, and then involved in this kind of public opinion that was very easy to be "pulling hatred". Word of mouth is undoubtedly a major blow.

Although Beisen officials soon said that these comments were false information through the official account, and believed that these were all aimed at Beisen's "extreme remarks of school enrollment and appointment", but the Internet's question on the Internet has not interrupted.

Jumping out of the many disputes currently facing Beisen, in fact, the human resources service market it focuses on is a very worth looking forward to.

In recent years, with the rapid development of the domestic economy, the needs of enterprises in the level of talent management have continued to explode. How to efficiently manage talents and improve human capital efficiency has become a problem that many companies must consider. Beisen Holdings has huge development potential in them. The problem is that the current status of Beisen is very inconsistent with this market potential.

According to statistics, between 2021 and 2021, the expected annual compound annual growth rate of the China Cloud HCM solution market will be nearly 33%. By 2027, it will exceed 50%. At the level, it reflects the trend far exceeding this revenue growth. The second failed to connect the business model and achieve profitability. The current status of the industry that is worth looking forward to and the development status that Beisen has questioned by multiple parties forms a strong contrast.

If it is not surprising this time, Beisen Holdings will become the first share of Chinese human resources SaaS with benchmarks, but this does not allow Beisen Holdings to relax the nerves. To solve the various doubts faced by the company, it must make an example for other companies in the HCM industry.

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