October Mommy’s illness IPO: Started marketing, the cost of maternal and baby clothes is less than 30 yuan

Maternal and infant supplies dealers who apply for IPOs in October Mommy, relying on marketing, products have repeatedly exposed quality problems. Relying on its outsourcing processing, the unit price is only a dozen yuan. Under the release of the second child policy dividend, franchisees have withdrawn from the cabinet, revenue fluctuations, high inventory, and decline in interest rates. Are you optimistic about the October Mommy motherboard ipo with illness?

The second child bonus said that it is beautiful, and it is said that the only women and children in the world are profitable, but the October mummy, which is full of interests, has lost money for three consecutive years, and franchisees have withdrawn the cabinet.

However, the pregnant mothers are even more injured. They have a big belly, wearing more than ten costs of clothes in your family, and I am sad in my heart.

Shanghai October Mommy Network Co., Ltd. (October Mommy) is a omni -channel retailer of a pregnant product. It was formerly Shanghai Youxi Industrial Co., Ltd. The main products include pregnant women’s clothing and functional clothing, and pregnant women use cosmetics. And other maternity related supplies and services.

In October, Mommy submitted the prospectus sprint motherboard IPO on May 24. It is planned to issue no more than 15 million shares, not less than 25%of the company’s total share capital after the issuance, raised funds of 219 million yuan, invest in three projects: network construction, design and testing center, and information system construction. In supplementary operating funds.

Once the streets, radio and television are full of advertisements for Mommy in October. This pregnant baby brand that has quickly become popular in marketing has repeatedly appeared on the black list due to product quality problems.

After the fierce fluctuations of roller coaster -style fluctuations in the net profit of Mommy in October, they still have not exceeded 30 million. They also need to cope with the reality of decline in gross profit margin and high inventory. How can I digest it?

Started marketing, the cost of clothes is less than 30 yuan, and the product is repeatedly exposed quality problems

Since its establishment in October, Mommy has hired Taiwanese artist Xiao S to serve as spokesperson for the company’s brand image, and has been put on Sina Weibo, WeChat, SEM (Baidu bidding, Sogou bidding, 360 bidding) and other new media, subway, building advertising newspapers, magazines, magazines When traditional channels are promoted, a large number of costumes, scenes, and right -bars are also carried out in film and television dramas such as “Couples and Wife”, “I Love Male Girlfriends”, “Beautiful Beauty” and other film and television dramas.


October Mummy now has three major brands: “October Mommy”, “Youxi” and “P.B.”.

October’s production and procurement models are divided into outsourcing production models, outsourced processing models and independent production models. During the reporting period, except for functional clothing, other products are mainly out of production and outsourced processing models.

There are many problems in terms of quality control, and October Mommy will not escape the doom exposed by the Quality Inspection Center in October. On May 25, on the second day of its submitted prospective of the IPO, it still stir up due to product quality problems. On the same day, the official website of the Beijing Consumer Association showed that the comparative test results of the Beijing Consumer Association’s comparative trials of infant clothing products sold online shopping platforms showed that October’s sample indicators did not meet national standards.

The product quality problem is not new to Mummy in October. According to the prospectus, since 2016, October Mommy has been exposed three times for unqualified product random inspection. In March 2016, the National Textile Quality Inspection Center detected that the pH value of the knitted panties sold by mummy in October was unqualified; in January 2016, the National Textile Quality Inspection Center detected that the knitting breast fiber content operated in October was unqualified; In February 2017, the Jiangsu Provincial Quality and Technical Supervision Bureau detected that in October, the fiber content and instructions for use-labels were unqualified. From the degree of pH to the ingredients content and instructions for use, in October, as a dealer who is biased towards personal clothes, the product quality problem is not directly related to consumers’ physical health.

Behind Mommy’s repeated quality of quality, do you want to know how much the gestational baby costs you buy?

According to the prospectus, the average unit price of the shirt commissioned by Mommy commissioned in October 2016 was between 10.35-19.61 yuan/piece. The unit price of pants is between 12.93-13.20 yuan/piece.

Seeing the clothes you and your baby are only 30 yuan, whether there is an inexplicable sadness.

Popularity fluctuations, high inventory, interest rate decline

From 2014 to 2016, in October, Mommy realized operating income of 274 million yuan, 271 million yuan, and 340 million yuan, respectively, and the net profit of the same period was 23.35 million yuan, 12.453 million yuan, and 24.0254 million yuan, respectively. During the reporting period, the net profit of Mommy in October did not exceed 30 million yuan. Although the operating income of Mommy continued to increase in October, the net profit in 2015 decreased by 46.67%year -on -year compared with 2014. Although the net profit in 2016 was nearly doubled compared to 2015, it has experienced a rolling -style net profit fluctuation. But it is an empty joy, and the net profit in 2016 has almost no increase in 2014.

The prospectus shows that the sales revenue of Mommy in October mainly comes from 2014 to 2016, in 2014 to 2016, in October Mommy’s pregnant women’s clothing sales revenue was RMB 257.737 million, 244.406 million yuan, and 30,3617,800 yuan. The sales accounted for 92.02%, 90.21%, and 89.28%, respectively.

In October, Mummy, as an outsourced brand of products, has continued to operate high inventory in order to ensure product supply. According to the prospectus, from 2014 to 2016, October Mommy inventory goods accounted for 90.36%, 88.96%, and 85.09%, respectively, and the total amount of inventory book balances accounted for 52.45%, 55.8%and 55.8%and 55.8%, respectively. 54.42%.

As of the end of 2016, the inventory commodities within 1 year accounted for 55.36%, 1-3 years of dungeon products accounted for 34.43%, and 8.17%in 3-5 years. 2.05%. For the processing of backlog inventory, October Mommy did not explain in the prospectus. In addition, from 2014 to 2016, October Mommy’s inventory price preparation ratio was 2.82%, 3.36%, and 3.75%, respectively, far lower than the average number of listed companies in the same period (proposed) listed companies were 18.90%, 19.47%, and 19.47%. 19.79%.

From 2014 to 2016, October Mummy’s comprehensive gross profit margin was 63.31%, 63.21%, and 60.76%, respectively, and the online sales scale of the same period was 50.32%, 49.78%, and 50.26%, respectively, and the sales gross profit margin were 58.38%, 56.77%, and, and 56.77%, and,,, 56.77%,,,, were 56.77%,,, were 56.77%. 56.46%. All showing a decline.

Franchise stores have withdrawn the cabinet, and the subsidiaries are mostly lost


In October, Mummy’s sales model includes two types: direct business and joining. From 2014 to 2016, the proportion of direct sales revenue of Mommy’s direct sales in October was 83.88%, 80.99%, and 82.72%, respectively.

As of the end of 2016, Mummy had a total of 224 directly -operated stores in October, mainly concentrated in five cities in Beijing, Jiangsu, Zhejiang, Shanghai, and Guangdong, accounting for 81.70%of the total number of direct stores. The prospectus shows that in October 2014, Mummy had a total of 216 joint -conference counters and a directly -operated store. By 224 in 2016, only 8 branches increased in two years. After a careful study, it was found that during the reporting period, Mummy had a store exit every year in October. Among them, 36 stores withdrew from 2016, and only 20 were added in that year. According to this speed of opening, the scale of Mommy in October did not increase and decline in the scale of October. Essence


Not only did the direct -operated stores growing weak, but the franchise stores of Mommy in October also shrinking sharply.

At the beginning of 2016, 314 Mummy’s offline franchise stores were launched in October, 42 newly joined the year, and 69 stores were launched during the same period, and 27 nets were reduced a year. The situation of online franchise stores is even worse. In 2016, there were 0 newly joined and withdrawn from 5. At the end of the period, there were only 10 left. From 7 online franchise stores in 2014 to 10 in 2016, the average annual new online franchise store Not two.

In the case of the country’s good decentralization of the second -child policy, why did Mummy’s direct stores and franchise stores exit in October? Let’s look at some data.

Among the five online franchisees newly withdrawn in October in 2016, there was no sales revenue in 2016. In 2015, only Beijing Mobile Rice Network had a sales revenue of 6,300 yuan. 6300 was not enough for a month’s monthly salary. In addition, Beijing Shangpin Baizi’s sales revenue in 2014 was 4,800 yuan, and 3,100 yuan owed to Mommy in October has not been paid back in 2016. Although the sales amount is insignificant, it is enough to reflect that Mommy challenged greatly in the future market development.

According to the prospectus, October Mommy has five wholly -owned subsidiaries of Hangzhou Puhong, October Mommy Clothing, Hangzhou Jiawan, Youxi E -commerce, and Shanghai Jiawan. From 2014 to 2016 Hangzhou Puhong’s net profit was 33,400, -226,400, and -50,06 million yuan, respectively; Shanghai Jiawan’s net profit was -74,400, -148,900 and -247,900 yuan, respectively; Hangzhou Jiawan Pure The profits were -381,300, -36,800 and -665,200 yuan, respectively.

The second child bonus said that it is beautiful, and it is said that the only women and children in the world are profitable, but the October mummy, which is full of interests, has lost money for three consecutive years, and franchisees have withdrawn the cabinet.

Author: ArticleManager