The past six months have not been easy for the times.On the one hand, the stock price and performance are falling, and they are facing losses;
In this year's 618 promotion, the battle report data released by Beacong shows that from May 31 to June 18, Beacong's eye, head, and moxibustion box categories won the first market share in JD.com's 618, massager Store sales first.But not long ago, the topic of #時easy product cost 300 yuan and the price was as high as more than 1,000# was on the hot search.
The high sales expenses, coupled with the epidemic, have also affected the sales of its highly profitable offline transportation hub stores to varying degrees, so that the gross profit margin is much higher than that of its peers.
At the same time, the products of Beijian have also fallen into the question of harvesting the "IQ tax". Many users said that the Beijian massager, which claims to combine the concept of traditional Chinese medicine massage with modern technology, cannot play a massage role, and the product quality is poor and the design is poor. or defective.
In the past year of listing, the stock price has fallen and executives have left
According to its official website information, in 2000, the breo brand was officially established.In July 2021, Bilibili was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and declared itself as the "first stock of healthy smart hardware" on the Science and Technology Innovation Board.
In fact, it is not the first time that Bilibili has appeared in the secondary market. As early as May 2016, Bilibili was listed on the New Third Board, but the stock was terminated in August 2017, citing capital operation planning and strategic development. Planning adjustments.But about this experience, Beacong did not mention a word on its official website.
On the day of its listing on the Sci-tech Innovation Board, the issue price of BEACON was 27.4 yuan per share, and the stock price on that day rose to 185.58 yuan per share. It soared by 577.3% during the session. The closing stock price on the day was 171.18 yuan per share, with a total market value of over 10.5 billion yuan. .
Although the stock price skyrocketed on the day of listing, in the days that followed, Beiqiong’s stock price showed a situation of “falling and falling”, and the stock price showed that “listing is the peak”.In April this year, its lowest fell to 38.24 yuan per share, and the high point fell by nearly 80%.
At the same time, Beiqiang also experienced the situation of executives leaving.In May of this year, Beichuan released an announcement saying that the board of directors received a written resignation report from Zhang Dayan, deputy general manager and financial director.
According to public information, Zhang Dayan joined Bexing as early as 2007, and her resignation has attracted widespread attention in the industry.The reporter inquired about the 2021 financial report of the company and found that the total pre-tax remuneration received by Zhang Dayan from the company in 2021 was only 667,600 yuan, ranking lower in the ranks of the company's deputy general managers.
What is the reason for such an old employee who has been working in Beihang for nearly 15 years to leave, is it because Beiyi can't give a higher salary or is there another hidden reason?
Performance declined, offline stores became a "burden" during the epidemic
In 2021, the company's revenue is 1.19 billion yuan, which is also the first year of more than 1 billion yuan in revenue.However, from the perspective of quarterly performance, since Q3 2021, the growth rate of Beiqiong’s performance has shown signs of continuous decline.
In the first quarter of 2022, although the revenue of Beiqiong is still growing, the growth rate has hit a record low of 15%.
Essence Securities analysis said that the profitability of Beiqiong Q1 has declined, and the loss in performance is mainly due to the following three reasons: the occasional epidemic in Q1 has a greater impact on the operation of offline stores, but store expenses such as rent and employee salaries are relatively rigid, resulting in Q1 The overall loss of offline stores; the price of raw materials in Q1 is still high, and the cost pressure is relatively large, and the company's gross profit margin in Q1 fell by 2.8 percentage points year-on-year; the company increased investment in e-commerce channels and increased support for industrial technology research institutes, expenses during Q1 The rate increased by 5.4 percentage points year-on-year.
According to the analysis of a number of brokerage research reports, since the fourth quarter of last year, the profitability of Beichuan has weakened, mainly because the epidemic has affected the sales of offline transportation hub stores with strong profitability.
It’s not that Beiqiang did not prepare in advance. Since 2020, Beiqiang has increased investment in online channels, and its online revenue and scale have also increased rapidly.According to the financial report data, as of the end of 2021, the number of directly-operated stores of Beiqiang has reached 186, including 108 stores in shopping malls and 78 stores in transportation hubs.The revenue of offline channels in 2021 will decrease by 5.2 percentage points year-on-year compared to 2020, but this percentage is still as high as 36.96%.
In this regard, Internet analyst Yu Bin said that the stores that had previously contributed a large amount of sales to Beiyi easily became a "burden" during the epidemic.In particular, airport stores and high-speed railway stations used to be powerful "weapons" for building a high-end brand image and increasing gross profit margins. The decline in traffic at this time also directly impacted their original sales and gross profit margins.
In 2021, the sales expenses will be more than 10 times the R&D expenses
Since 2018, as recorded in the prospectus, the gross profit margin of Beiqiang has been significantly higher than that of comparable companies in the same industry.Although the gross profit margin of Beiqiong has been declining in recent years, its gross profit margin in 2021 will still reach 56.69%, which is significantly higher than the average of comparable companies in the same industry.
