Adopt a bull prospectus to break the advertisement: 80 yuan for cows or deposit, last year's marketing costs nearly 500 million

According to the Red Star Capital Bureau, recently, dairy companies active in social media have adopted a cow to formally submit a prospectus and plan to log in to the Shanghai Stock Exchange.

The prospectus shows that from 2019 to 2021, the revenue of a cow is 865 million yuan, 1.65 billion yuan, and 2.566 billion yuan, respectively, and the net profit of the same period was 105 million yuan, 147 million yuan, and 140 million yuan. profit. However, sales costs have increased year by year, which is close to 500 million yuan in 2021.

However, the Red Star Capital Bureau noticed that in the prospectus of 300 pages of cattle, it did not mention the "adoption mode" that had been broken. In addition, its advertisement has promoted "five good cattle raising, and the daily food costs are about 80 yuan", but according to its purchasing cost and the amount of cow deposits, the daily food cost of each cow is about 9.41 yuan.

From "buying milk, it is better to adopt a cow" to "milk cows are well raised, milk will be good", how can a cow develop in the future and whether it can be successfully listed in the market is waiting and seeing.

Increasing income in the past three years will not increase

Marketing costs are as high as 500 million yuan

Recently, dairy companies are in the upsurge of listing.

Public information shows that a total of 14 dairy companies have launched a listing plan this year. Among them, the Sunshine Dairy (001318.SZ) has successfully landed on the Shenzhen Stock Exchange. The three companies of Le Food have disclosed the prospectus, while Junlebao, Wan Dashan, Yipin, Huahuaiu, Wen's Dairy, and Weigang Dairy have launched the IPO plan.

Among them, "Net Red Dairy Companies" adopted a cow to be particularly noticeable, and its prospectus also exposed multiple problems of previous marketing.

On July 5, a cow was adopted to submit a prospectus to the Shanghai Stock Exchange. According to the prospectus, from 2019 to 2021, the revenue of a cow is 865 million yuan, 1.65 billion yuan, and 2.566 billion yuan, respectively, and the net profit of the same period was 105 million yuan, 147 million yuan, and 140 million yuan.

Behind the increasing increasing income is to increase the main cost of a cow's main business year, and the sales costs have continued to increase.

At the beginning of its establishment, adopting a cow cooperated with Wu Xiaobo Channel, Dr. Lilac, and ten o'clock, and then expanded to platforms such as Xiaohongshu, Douyin, Weibo, and B Station. He also entered the head of the head of the head to carry out the goods, cross -border with brands such as Xisha and Master Kang.

The prospectus shows that from 2019 to 2021, the main cost of adopting a cow was 500 million yuan, 1.13 billion yuan, and 1.787 billion yuan, respectively. Among them, the sales costs were 194 million yuan, 303 million yuan and 483 million yuan, and the sales costs were 22.46%, 18.35%, and 18.82%, respectively. The average sales rate of the dairy industry industry during the same period was 17.72%, 13.81%, and 12.18%.

Compared with the big hands and feet in marketing, the investment in the development of a cow is small. From 2019 to 2021, the R & D expenses of adoption of cows increased from 0 yuan to 6.87 million yuan. As of the end of 2021, its R & D investment accounted for only 0.27%in revenue.

But the popularity in social media still drives the enthusiasm of capital. Since 2017, a cow has received a total of three rounds of financing. Investors include Xianfeng Fruit, KKR, Dehong Capital, and Meituan Dragon Ball.

The prospectus does not mention the recognition mode

Dairy cow 80 yuan guys or mixing water

When it comes to the popularity of a cow, it has to mention its "adoption mode".

According to Yinguan Finance, adopting a cow officially launched the concept of "adoption" in May 2020. In addition to online "cloud recognition" and purchasing milk card "joint adoption", there is also the "bull raising partner" " "Real -name adoption" method.

According to reports, the "real -name adoption" at that time was combined with the member distribution system. Members could upgrade to "cattle -raising partners" at a cumulative sales of more than 5,000 yuan. 5%-10%commissions, and 3%-7%invitation rewards; the highest level members can also name cows and get information such as cows' growth data and photos.

However, in the current prospectus, a cow does not mention the adoption model, only called a company engaged in the development, production and sales of dairy products.

Regarding whether you can continue to adopt dairy cows and other questions, on July 21, its Tmall flagship store customer service replied to the Red Star Capital Bureau that "adopting a cow" is the brand name. In order to enrich consumer shopping experience, Tmall flagship store designed Yunnan Ranch adopts cow mini -game, participating in the game accumulation of raw milk, can be exchanged for multiple products.

In addition to no longer mentioning the adoption model, the prospectus also indirectly revealed the breeding cost of adopting a cow. According to Yinguan Finance, adopting a cow said that the company has the "five good" standards, which are good origin, good work, good food, good living, and good mood. Among them The dairy cow's daily food fee is about 80 yuan, chasing white -collar workers in first -tier cities.

However, operating cost data shows that the feed used in the ranch that adopts a cow is derived from external procurement, including corn feed and soybean meal feed. The prospectus is also introduced that the upstream raw materials of milk are mainly feeds such as soybean meal and corn.

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. According to the number of the company's "dairy bulls exceeding 60,000 heads", each cow eats corn and soybean meal feed every day. The food fee is about 9.41 yuan, which is far from the standard of 80 yuan. Self -produced milk source Milk sources are half -opened

Bright Dairy becomes its largest supplier

In addition, as a dairy company that sprints, the proportion of self -produced milk sources has also attracted the attention of the market and consumers.

The prospectus shows that from 2019 to 2021, the amount of cow milk for a cow was 109 million yuan, 210 million yuan and 411 million yuan, respectively. Except for the average purchase unit price of the year, the number of external mining was 27,400 tons, 5.22 5.22 10,000 tons and 86,300 tons. The company's total output of pure milk and yogurt during the same period was 51,400 tons, 121,900 tons, and 174,100 tons, respectively.

In other words, the output of milk sources that adopt a cow account for about half of the total output.

The Red Star Capital Bureau found that the cooperative milk source supplier of adopted a cow includes Junlebao Dairy, Australia -Asia Animal Husbandry (300949.SZ), Shengmu Dairy, and Guangming Dairy (600597.SH) and other companies. Among them, Guangming Dairy is both its competitors and the largest suppliers and the largest customers.

From 2019 to 2021, the processing amount of the foreign associations of a cow to Guangming Dairy was 35.51 million yuan, 75.82 million yuan, and 47.58 million yuan, respectively, accounting for 61.34%, 55.36%, and 57.75%of the foreign associations. In addition, the offline sales of Guangming Dairy in 2019 reached 139 million yuan, accounting for 16.08%of the current income, and were the largest customers who adopted a cow that year. In this regard, a cow replied, "the situation of the company's main customers and suppliers has been disclosed through the" Prospectus ". During the reporting period, the company does not depend on a few suppliers. Relations, and the development of related procurement conforms to the procurement process and management specifications. "

Red Star News reporter Yu Yao Xie Yutong

Edit Yang Cheng

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