Adopting a cow no longer "adopt a cow"

Economic Observation Network reporter Ye Xinran's new online celebrity brand has launched an impact on the capital market. Not long ago, a bull Holdings Group Co., Ltd. (hereinafter referred to as "adoption of a cow") disclosed the prospectus and planned to go public to the Shanghai Stock Exchange's main board.

Adopting cows is a very obvious memory point for adopting a cow, but through the prospectus, everyone found that there is no introduction to how consumers should adopt a dairy cow in the prospectus. And the "partnership system" officially announced in May 2020, these fresh models have not been found in the prospectus.

According to the prospectus, the company is mainly engaged in the research and development, production and sales business of "adopting one cow" brand dairy products. The products include multi -style pure milk, yogurt, milk powder, cheese and other dairy products and raw cow milk. Yu Jian, general manager of the Greater China Consumer Index, pointed out that what new consumer brands need to face is how to break the issue of large-scale development of 10-100 after successful opening of the 0-10 market. If the model of adopted cows is placed in a topic of large -scale development, it will be found that it is difficult to achieve.

It is gradually "adopting"

The prospectus shows that the company's revenue from 2019-2021 was 865 million yuan, 1.65 billion yuan, and 2.566 billion yuan, respectively, and net profit attributable to mothers was 108 million yuan, 145 million yuan, and 140 million yuan, respectively. In 2021, with the growth of 55.52%of the revenue, the net profit declined by 3%. The main aspect of adopting a cow said that the market prices of raw materials raw materials raw milk, corn, and soybean rice rose. Caused.

The establishment of a cow's brand was established in 2016, and the founder Xu Xiaobo worked in the real estate industry. The article on its official micro -signal introduced that the adoption of a cow has made its debut on the crowdfunding platform on December 22, 2016. In 20 days, it has achieved 3.37 million crowdfunding results; and since January 5, 2017 After the first appearance of Wu Xiaobo Channel, he achieved nearly 2 million results in about a week.

From the information introduction, the "adoption" activity launched by a cow and Wu Xiaobo Channel at that time included the right to obtain the nourishment of the ranch cow by paying 2999 yuan; it cost 10,000 yuan to become a joint ranch owner.

The 2020 adoption mode goes further. Sun Shijun, the co -founder and CEO Sun Shijun, who adopted a cow, introduced the three adoption modes of adopting a cow. One is cloud recognition, which is an interactive game of online development; , Half -year card, annual card, etc. have obtained joint names; the third is real -name adoption, that is, to become a real bull raising partner.

However, it was not mentioned in the prospectus. The reporter asked the customer service in the Tmall flagship store that adopted a cow to adopt the cows in real name. The customer service said, "No." In addition, there is no introduction to adopting cows in the official micro -signal of a cow.

In 2020, the founder Xu Xiaobo confessed that the adoption model launched this time is a dream hidden in our hearts for more than three years. How many families are served if you are so milk. "

But the prospectus of adopting a cow broke the dream.

Capacity Poing the concept of adoption

There are a large number of OEM products under the concept of "adoption". According to the prospectus, the company's pure milk and yogurt output in 2019 are still 100%from the OEM. In 2020, there are a little self -owned capacity investment, but more than 90%of the manufacturers from foreign associations.

By 2021, its own production capacity will be significantly improved. The prospectus shows that in 2021, the proportion of pure milk output and the output of foreign associations is 64%and 36%, respectively, and yogurt is 65%and 35%.

(Screenshot comes from the prospectus)

It is confusing that the company established the first pasture in 2014 and also acquired Bobo Ranch in 2018. Why is it still heavy dependent dependence of foreign association manufacturers in 2019 and 2020? In this regard, the main aspect of adoption says that the production process of dairy products is divided into two major sections: raw milk production and raw milk processing. The ranch session includes cows and original milk; the factory link includes a series of raw milk processing processes such as sterilization and canned. The production capacity of the foreign association mentioned above is the factory link. The company established Shandong production bases in Linyi, Shandong in April 2019. This is also the first own factory that adopts a cow. Before the Shandong production base was put into production, the product of adoption of a cow was commissioned by other dairy companies. In October 2020, Shandong's production base was completed and put into operation. With the release of its own production capacity, independent production gradually became the company's main production model.

Looking at the separation of milk sources and processing, how many of the products that adopt a cow come from their own pasture?

According to the company, the raw cow milk required by the company comes from 5 its own dairy ranch, 2 joint -converted ranch, and other cooperative milk sources. At the end of the report period, the company's own and associated ranch total amount of cows exceeded 60,000.

The prospectus clearly shows that the company needs to purchase raw milk from the outside. In 2021, the total purchase of raw milk was 411 million yuan, and the unit price was 4.76 yuan/kg. Based on this calculation, in 2021, the company's raw cow milk purchased from outside was 86,300 tons.

In terms of its own milk sources, the prospectus shows that a total of 37062 cows have productive biological asset cows, of which there are 13,569 cows. Therefore, the real production capacity is these 13,000 cows. The average annual output of cows in the operating ranch is 12.67 tons, so the annual single output is multiplied by the number of cows. In this way, the company's own milk source output is about 171,900 tons. If the total amount of raw milk required for a cow is 171,900 tons of its own milk source plus 86,300 tons of foreign milk sources, then this will account for 67%of its own milk source.

However, this calculated that the output of milk sources cannot match the output of the finished product. The prospectus shows that the company's pure milk production and yogurt production in 2021 have a total of 174,200 tons.

For the specific values ​​of its own and external milk sources, no response to a cow is obtained.

While adopting a cow, while purchasing raw milk, it is also selling raw milk. The prospectus shows that in 2021, the company sold raw milk 24,400 tons, revenue of 112 million yuan, sold 28,900 tons in 2020, and sold 50,100 tons in 2019.

The two types of raw milk and dairy products appear back and forth in the transactions of a cow and related parties. According to the prospectus, in 2021, Heilongjiang Beinmei Dairy Co., Ltd. purchased 71.63 million yuan of raw cattle milk from the adoption, while adopting a cow was purchased from Beinmei Co., Ltd. and related parties for milk powder and milk powder processing.

In 2021, a cow sold for Junlebao to sell raw beef milk of 10,700 yuan, and at the same time purchased 2.58 million yuan of raw cow milk and 45.96 million yuan of milk powder from Junlebao. In 2019, while adopting a cow sells 11.79 million yuan of raw milk to Junlebao, he also purchased 1 million yuan of raw cattle milk and 9 million yuan of processing services from Junlebao.

Regarding the above situation, adopting a cow replied to the Economic Observation Network pointed out that it would adjust and change its own and foreign original milk due to the off -peak season and specific cooperation. For example, the sale of temporary milk according to demand can help achieve the balance between supply and marketing between the off -peak season, thereby ensuring the stability of milk sources and production capacity.

During the reporting period, a bullish bid for adoption became a designated supplier of food food food food foods in the old city, but somehow was due to the reason, it purchased dairy products from Junlebao Dairy as a student meal food, and dairy products purchased 13.03 million yuan.

Large -scale development question

Adopting a cow mainly opens the market through online channels. The prospectus shows that in 2021, the company's online channel revenue was 1.952 billion yuan, accounting for 77.67%of total revenue, and offline revenue was 561 million yuan, accounting for 22.33%.

At present, many popular new consumer brands are mostly online, but in the process of gradually large -scale development, the questioning of online and marketing -driven is often accompanied by it.

From the perspective of adopting a cow, the company's revenue in 2021 increased by 56%year -on -year, but its net profit fell by 3%, and its sales expenses increased from 303 million in 2020 to 483 million yuan in 2021. Marketing among them, among which marketing is marketing. The promotion fee accounted for 414 million yuan.

The company's sales fee rate is higher than the industry average. Its sales rate in 2021 is 18.82%. The horizontal comparison is compared. , 15.45%.

Driven by marketing, the high operating costs on online are gradually swallowing profits. Adopting a cow's shop operation in Tmall and JD.com is responsible for the subsidiary Hangzhou adopted a Niu Biotechnology Co., Ltd. (hereinafter referred to as "Hangzhou A Niu"). The prospectus shows that a cattle in Hangzhou lost 65.9 million yuan in 2021, while the net profit of Hebei Kanghong Husbandry Co., Ltd., a subsidiary of raw cow milk sales at the same period, was 124 million yuan.

He Yu, a partner of Black Ant Capital Management, pointed out that the reality that the newly rising new consumer brand must face is that the traditional large market, large circulation, and large single product strategic model are still the mainstream of the market.

So, how can new consumer brands be across growth gaps? Yu Jian pointed out that after completing the step of 0-10, in the process of 10-100, it is difficult for the brand to use a concept or some creative play to occupy the user's mind. Although brand strength is important, there are also important product power, channel power, and organizational ability.

Yu Jian pointed out that dairy products have very high requirements for the supply chain, and it is also a category of omnichannel supply. Therefore, the continuous innovation of products and sales of omnichannel should be focused on the aspects that need to be focused on.

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