Wenwan E -commerce Binghuo Two Sky: Differential head platforms promote shuffling, and the remaining players are facing hematopoietic challenges and other challenges

Picture source: Oriental IC

Looking back at the first half of 2022, the performance of the domestic players, especially the head players, can be described as polarized.

A few days ago, Tiantian Bao's arrears of huge amounts of money in merchants and employees continued to ferment. So far, the company's founder is still in a state of loss. Merchants and employees have no rights to protect their rights, and the platform may leave sadly. Another player micro -shooting hall has been in the capital market all the way. It has submitted a listing application to the Hong Kong Stock Exchange to interact with the main board of the Hong Kong Stock Exchange.

Between this retreat, it undoubtedly caused Wenwan e -commerce to fall into the situation of "two days of ice and fire", and it is bound to promote a new round of shuffling in the industry. Industry insiders pointed out that the era of barbaric growth in Wenwan e -commerce will end and enter a more detailed and cautious development period, and the remaining players in the industry still face challenges such as hematopoietic and quality control.

Daily Jianbao's funding crisis continues to ferment, the APP stops, the founders are still out of contact

In June of this year, Blue Whale Finance reported exclusive reports on the salary of Tiantian Bao and arrears of merchants and employees.

At that time, the reporter learned that due to the incomplete financing, Tiantian Baobao owed hundreds of merchants' payment and deposit for half a year, involving tens of millions of yuan. At the same time, the platform has owed hundreds of employees' salaries since October last year, involving the amount of tens of millions.

Today, it has been about a month since Tiantian Jianbao's mines. As of press time, merchants have continued to join the army of rights protection. According to merchant statistics, the money and deposit owed by the ownership of the Bao Bao is at least 40 million yuan.

According to the reporter's field visits, Tiantian Baobao Beijing Corporation has gone to the building, and every day, Tiantianbao Sihui Live Center (that is, the Sihui Shipping Warehouse) is also empty. As two important platforms operated by the company, the product data has been emptied since mid -May, both of which have been cleared and they are in a state of stopping service.

"They maliciously close the APP and clear the data." A merchant who dawned the treasure pointed out that because the person in charge could not be found or the other person, the merchant had been in a situation of "no door to discuss, no one accepted".

At the same time, the former employees of Tiantian Jianbao also told reporters that the company has not paid the employees since October 2021, and the N+1 compensation of the layoffs has not been paid. After finishing.

According to a recording information provided by the former employees, as early as December 7, 2021, Liu Xiaocui, a partner of the Daily Jianbao executive, and the Ministry of Human Resources had made it clear that salary would not owe only. Since then, Tiantian Jianbao requires employees to sign a installment agreement. The content is mainly because the company will pay the salary of employees arrears from March to December 2022, with a total of ten periods and 10%of each period.

However, the "salary of salary is not owed" promised by Tiantianbao executives eventually turned into a bubble. According to the former employee feedback, from April to May this year, the company's employees were in the position of home office. Until the end of May, the company could not stop in the background of the company's backstage because of the arrears of Alibaba Cloud. "The salary of the employees from March to June was not paid, and there were no relevant colleagues to help go through the departure procedures. CEO Wang Yi could not contact."

The Blue Whale Finance reporter passed Wang Yi's mobile phone in June, but the other party only said that "we are doing some adjustments" and hurriedly hung up the phone. Since then, the reporter has tried to continue dialing many times, but has been directly hung up or in a state of no one. If the company's management will never face the problem of arrears, Jianbao may leave the game every day.

Micro -Pattern submitted a listing application, officially impacted the Hong Kong stock IPO

The situation is very different from Tiantian Jianbao, and another player of Wenwan E -commerce companies took the lead in submitting a listing application to the Hong Kong Stock Exchange to officially open an IPO journey.

It is reported that the micro -shooting platform is mainly through the two auction sales models of picture auctions and live auctions to allow merchants to sell goods on the platform. Its income mainly comes from commissions, platform service annual fees, online marketing service fees and others.

According to the prospectus, from 2019 to 2021, the operating income of the micro -padding hall was 473 million yuan, 1.07 billion yuan, and 978 million yuan, respectively, with a trend of fluctuation. However, from the perspective of the year-on-year changes, the company's revenue growth rate in 2020 and 2021 was 126.3%and -8.5%. In 2021, its revenue declined year-on-year.

Regarding the reasons for the decline in revenue in 2021, the micro -shot hall explained that this is mainly due to the decline in the number of active buyers and the number of active merchants, which in turn, and then the platform service fee and online marketing service fee are reduced. The prospectus shows that from 2019 to 2021, the active merchants of the micro -photograph hall were 108,600, 110,500, and 78,600, and the active buyers were 3.2804 million, 58.77 million, and 3.9065 million, respectively.

At the profits level, from 2019 to 2021, the annual profit of the Micro -Pattern was 137 million yuan, 53.82 million yuan, and 142 million yuan, respectively. EBITDA was 195 million yuan, 138 million yuan and 209 million yuan, respectively.

During the same period, its net profit margin was 29%, 5%, and 14.5%, and the adjustment profit margin was 39.7%, 13.3%, and 19.8%, respectively, and the profit margins of EBITDA were adjusted by 41.2%, 12.9%, and 21.4%, respectively. It can be seen that its profit and profit margin fluctuates. It is worth noting that although the net profit and profit margin of the micro -pattern have fluctuated as a whole in the past three years, its gross profit margin has always been at a high level and has increased steadily year by year. According to the prospectus, from 2019 to 2021, the company's gross profit margin was 71.9%, 76.1%, and 76.9%, respectively, showing an increasing trend, but the increase was small.

From the perspective of the core financial indicators, the performance of the micro -photograph has fluctuated in recent years, and its performance is not stable enough. However, compared with Tiantian Jianbao, this is a difference between cloud and mud.

The platform's polarization promotes a new round of reshuffle, and the remaining players are facing challenges such as hematopoietic and quality control.

In just a few months, one side of Wenwan e -commerce heads fell into a dilemma of life and death due to the lack of financing, or she would end bleak, but the other party was hotly financing and seeking to go public in Hong Kong. It was really sighing.

Regarding the current situation of the industry, Mo Yanqing believes that the Matthew effect of Wenwan e -commerce market has formed. Observer in the industry also pointed out that after this new round of shuffling, Wenwan e -commerce will end the barbaric growth era and enter a more refined and cautious development period, and the remaining players in the industry still face challenges such as hematopoietic and quality control.

For the remaining players of Wenwan e -commerce companies, the micro -puppet hall is undoubtedly the goal of their catching up, and the situation of Tiantian Bao is like an alarm clock.

Mo Yanqing, director of the Internet Retail Department and senior analyst of the Internet Electronic Commerce Research Center of the Internet Scriptures, pointed out that Wenwan e -commerce is in the niche circle and has risen rapidly through the trend of live e -commerce. The impact of consumption has decreased due to the impact of the epidemic, especially the consumption demand for categories such as Wenwan, and the development of the development of Tiantian Jianbao.

At the same time, Tiantian Jianbao must not only face the competition of Wenwan vertical e -commerce such as micro -padding halls, play things, antiques Jianbao, etc., and e -commerce giants such as Ali and JD.com will also weaken Tiantian Jianbao. Our advantage.

"Everyday Jianbao's own business has not expanded smoothly, and it has received a total of 5 rounds of financing, with a cumulative over 130 million yuan, but there will be no financing after April 2020." Jianbao could not solve the problem of burning money. He could not be profitable, and finally entered the "dead end."

In response to the industry that is common in the industry but the platform's survival is important, Mo Yanqing pointed out that behind the online art auction platform, there are many problems. Drilling the empty of the Internet auction, faked, deceived consumers. For the platform, it is necessary to spend greater costs and technology to achieve it, standardize platform businessmen, and ensure that consumers' interests are not infringed.

"The platform should establish a comprehensive after -sales service system. On the basis of the improvement of the platform rules, it should better solve the problem of consumer disputes encountered by consumers and bring the ultimate after -sales service experience to users, thereby improving the trust of the enterprise Du and social image. "She further explained. "In terms of platform compliance and regulatory levels, the platform must upgrade their own review systems, strengthen review and processing, and take necessary measures to infringe on the legitimate rights and interests of consumers in the platform operator to protect the legitimate rights and interests of consumers."

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