"Smart Bulls", adopting the path of an IPO of a cow

It has passed a cow's freshness.

It is not unusual for milk companies to go public. However, after submitting the prospectus, "adopting a cow" still caused a huge response to the market.

Since 2016, adopting a cow has been doing various marketing, and eventually it has successfully broke through the "adoption" model.

The prospectus shows that the sales cost of a cattle in the past three years is nearly 1 billion yuan, and the IPO fundraising of 1.85 billion yuan is used for brand marketing promotion.

However, adopting a cow has been repeatedly questioned in recent years.

It was claimed that the adoption of 60,000 cows was clearly invested at the end of 2021. As of the end of 2021, there were 37,062 cows, including 13,569 cows, 18,420 young cows, and 5073 calves. The other 30,000 heads are Junhong Animal Husbandry and Junkang Animal Husbandry, a joint venture between the company and Junlebao.

Can this brand that has emerged in the past two years to prepare an IPO, can it continue to take the wind and waves? As the new Internet celebrity brand, what are the advantages when entering the capital market? Listing is not the end. What changes can be made in adopting a cow in the future, and what are the new strategies?

New brand, Internet celebrity?

According to Tianyancha, a cow, which was established in 2014, is a full new brand among dairy companies.

The market pressure it needs is explosive products such as dairy giants such as Eli and Jin Dian.

In recent years, with the rise of the concept of health consumption, more and more people are willing to consume milk and other dairy products, and it is also advertisements such as "Gold Code Organic Pure Milk" to evoke the demand for high -quality milk for high -quality milk. Essence

According to the data in the research report of Zhongyan.com's "2022 Chinese milk market scale and development trend analysis", the current development of my country's dairy products industry is rapid, but the per capita consumption of dairy products in my country is still large. The market development space is large, and it is expected to further increase to 710.7 billion yuan in 2022.

The huge market also attracted different players.

Tianyancha showed that adopting a cow was recognized by the capital market, and in 2021, it was invested by a well -known investment institution such as Dragon Ball and Dehong Capital, and prepared an IPO after completing the listing guidance in June 22.

According to the prospectus published by a cow, from 2019 to 2021, the revenue of a cow was 865 million yuan, 1.650 billion yuan, and 2.566 billion yuan, respectively.

In the past two years, the growth rates have reached 90.79% and 55.55%, respectively, far higher than the average growth level of the industry. Such a market performance is also the confidence of adopting a cow to choose to go public.

But behind high -speed growth, many problems have also been exposed.

Although the growth rate is fast, the gross profit margin has been decreasing. The prospectus shows that in the past three years, the company's main business gross profit margins are 40.95%, 30.79%, and 28.86%. Throughout the year, the R & D investment of a cow was only 0.27%.

This is also the reason why a cow was criticized. In 2019, the company's R & D investment was 0.

However, this is not the main reason for the decline in its gross profit. Choosing a cow to choose the online red route and high marketing investment to drive the construction of the brand image is one of the main reasons for the decline in the decline in the decline in the decline in the reservoir at this stage.

Among the 1.851 billion yuan raised in this IPO, 520 million yuan was used for marketing and promotion.

The high premium brought by high marketing, although it can establish a high -end brand image to a certain extent, increase customer unit price. However, for dairy companies, directly entering the high -end market at this stage and abandoning the sinking market, it will inevitably have a certain impact on its growth.

The traffic blessing of the Internet celebrity route can bring rapid growth to adopting a cow in the early stages of brand building, but in the later period, it may also "drag down" the new brand.

In the face of listing, in addition to the balance of revenue and changing the current state of not good sales, it may be more important to solve the "cake" you used to be.

Growth depends on storytelling?

Since 2017, adopting a cow has been playing the brand "adoption", nominal milk sources are their core competitive advantages, making the brand a "farmer". Breeding dairy cows, feed is high -quality pasture, drinks high -quality water sources, and can enjoy music and SPA every day.

Consumers can recharge different amounts of different members in the store that adopt a cow to reach different membership levels. Pure milk one year in a special ranch, and members who reach the highest level can also determine the name of the cow. Dedicated to your own dairy, and regularly get the life photos of cows and various growth data.

Such a consumption method has never appeared in the previous market, making consumers feel novel, while also promoting the rapid growth of a cow.

Such a development model is also in line with the theory of "narrative economics". Through the shaping of the story, we will create some structures for the brand to build a brand image, and then supplement the marketing promotion to continuously deepen the image in consumers.

This "storytelling" model is the usual usual routine and method of Internet brands. The advantage of this is that through the spread of the Internet medium, it can quickly convey brand sounds and let Internet users understand that there is such a brand. And drive the growth of the online market. From the perspective of sales data, nearly 80 % of the proportion of online sales also reflects the characteristics of this model.

However, at the same time, the problem is that it makes it difficult for the brand to penetrate and be offline, and the separation of the offline market also makes the adoption of adoption of a cow compared to the traditional leader of Mongolian Niu Eli, one of the differences.

The line of the offline market has also become one of the key reasons for the current weak growth and insufficient profits.

Secondly, the importance of "story" is self -evident for adopting a cow. But with the progress of this IPO, everyone found that this "story" is about to tell.

It shows that because the brand has developed too fast and production does not keep up with the rhythm, most of its products still use foundry models. Dairy.

"The milk you drink may not come from the cow you adopted", which also makes adoption a cow is currently criticized.

Such a "external jacking milk+foreign association processing" OEM foundry model will inevitably limit the development of a cow. The core competitiveness "milk source and quality" may be reduced due to the "foundry" incident.

Therefore, the establishment of its own high -quality milk sources in the future, self -built factories, grasping production and quality control, allowing users to truly benefit from the "adoption" model, is what is in this stage of adoption of a cow need to do.

If you want to take a high -end brand high -end route, "foundry" has no way to help adopt a cow to achieve.

3 Adoption is not just milk?

In addition to milk, adopting a cow also stared at the beef business.

According to reports, in January of this year, adopting a cow set up the "Beef Affairs Department", which regards the beef cattle business as the second curve of the group's growth, is also to better complete corporate expansion and transformation.

At present, the project is mainly divided into five -year planning construction, with a total investment of 5 billion yuan, covering the entire industry chain such as beef cattle breeding, feed processing, slaughtering, and food processing.

In the future, adopting a cow will also build a "milk+beef" full industry chain. Like beef milk, the beef business also aims at the high -end market. It mainly cultivates Angus beef and high -end pure blood and beef. Frozen original cuts are sold for products.

However, it is also worth noting that the current domestic demand for peace cows is not great. Most of its supply industry mainly comes from Japan and Australia. The domestic market does lack high -end and cattle suppliers. The Hetao on the market also mainly appears in high -end Western food and Japanese materials, and there are still fewer direct facing consumers.

With the trend of consumption upgrades, adopting a cow may be a "new giant" for the integration of ecological chain of dairy companies and meat companies in the future. It is reported that in April, modern animal husbandry also launched its own beef business with the climate, and the competition in this market will be more intense in the future.

The high -end market has always been a direction of adopting a cow to grasp and stand firm. To adopt a cow need to tell a good story and tell a new story, but it also needs to be the quality of focus. Let the high -end "IQ tax", make true quality priority, benefit consumer products.

Adopting a cow requires capital adoption and its own growth.

Data source: Tianyancha, Zhongyan.com

Image source: network

Reference article:

The Institute of Knife Law "When adopting a cow cannot be" adopted ""

Xiang Shan Finance "Adopt a cow IPO: a" Tuju Dagger "milk story? "

Is the zebra consumer "adopting a cow" is an IQ tax? "

Paid the financial and economic "adopt a cow, or share a cow? "

36 氪 Exclusive "Adoption of Cattle" set up beef cattle business departments. The first industrial park intends to invest 5 billion yuan, independent sub -brand products or June appearance "

- END -