The executive is separated, the market value evaporates 20 billion, is the Antarctic hangtag business sell it?

Wen | Ai Finance News Chen Chang

高管离职,市值蒸发200亿,南极人的吊牌生意还卖得动吗?

Edit | Yang Jie

With the “Double Eleven” in 2021, this should be the moment of exciting Antarctic e-commerce, but in recent, the company has released a number of announcements on company. On October 9, the National Day holiday has just passed, and the Antarctic e-commerce issued an announcement says that the company’s directors and deputy general manager Liu Yu resigned.

On June 19 this year, Antarctic e-commerce announced the appointment of Liu Wei, and Kong Habin is the deputy general manager of the company. However, Liu Wei has just been left in this job, and then declared leaving.

Among the 2021 report of Antarctic e-commerce, Antarctic e-commerce has also released a large number of directors, independent directors and deputy general manager have been left on June 18. Subsequently, at the end of August, Antarctic e-commerce also released an announcement, explained the reasons for the replacement of executive team: team staff is, but the cooperation model is changed, “this purpose is to let them get closer from the factory in the future. Close to consumers, closer to the customer service small two, less close to the express delivery, closer to the data. “

The Antarctic “selling tag” is not a secret. However, with this business last year, the Antarctic e-commerce of 1.1 billion yuan of net profit has been questioned in early 2021, and after the stock price, the stock price is caught in a state of loss.

As of 12 on October 12, Antarctic e-commerce reported 6.63 yuan, the market value of 16.276 billion yuan. Compared with December 2020, Antarctic e-commerce has fallen by 57% this year, and the market value evaporates 2.19 billion yuan.

According to the Antarctic E-commerce 2021, the company’s main income is 1.661 billion yuan in the first half of this year, up 2.2.15% year-on-year; the net profit of return is 246 million yuan, a year-on-year decline in 42.85%. In the fourth quarter of 2020 before, its net profit has fallen sharply, from 582 million yuan in the same period in 2019, fell to 443 million yuan.

With the disappearance of e-commerce bonus, the stock price of Antarctic people, the net drop, the high-volume frequency changes, and consumers have an endless quality complaints of their foundry products, and all kinds of problems in front of them are urgently needed to give solutions. As a “tag king” as a shares, Can the Antarctic e-commerce still continue?

Antarctic “Go Alolization”

A report released by an analyst of the 2019 Xingye Securities has brought a shock of the stock price of Antarctic e-commerce after two years.

In this report of this disclosed suited securities, some of the “identification of” in vitro circulation fake “is mentioned, and the market interpretation is prevalent to the Antarctic e-commerce. The net interest rate of an e-commerce is very high and no obvious barriers, no obvious competitors, the operation mode of light assets, the quality of financial data, and the number of employees, the number of employees, suppliers and customers It is highly overlapping six doubts, and it is also considered to point to Antarctic e-commerce fake.

With the gradual expansion of the outside world, the Securities and Regulatory Commission incorporate Antarctic e-commerce into the “key monitoring”, and the Shenzhen Office also reviews the company’s recent annual reports.

The consequences of this is that on January 5, 2021, when the stock market was floating, the Antarctic e-commerce didn’t fall unexpectedly, and the stock price fell from 19 yuan to 11 yuan. Subsequently, the stock price of Antarctic e-commerce is all the way. On January 12, 202, the official issuance of Antarctic e-commerce responded to the fraud, as of the next day, the Antarctic e-commerce stock price fell over 10%, reported 9.08 yuan, the market value is only 22.658 billion yuan; July 2020; On the 10th, the share price hit the high point of 23.41 yuan, the market value has evaporated 35.8 billion yuan.

In this regard, there are industry people analyzed that a large number of institutions resolutely sell Antarctic e-commerce, nor will they only because of their financial fake rumors; their stock prices continue to fall behind, it may be due to Taobao and other e-commerce platform information Rule changes, mobile Taobao has changed from previous “people to find goods” into “goods to find people”, and the search advantage built by a large number of brand authorized in e-commerce channels before weakened.

Antarctic e-commerce also realized this, so I also launched the “Go Aliization” action.

According to the financial report data, in 2020, Antarctic e-commerce spelling a lot of channels of GMV increased by 121.98%, much higher than the growth rate of 12.20% of Ali channels. In the second quarter of 2021, Ali Channel GMV was reduced by 13.2% year-on-year; it corresponds to it, and the GMV, which is more than 73.7%, from the VIP and fast hand, jam and other channels to the contribution of the revenue. In an increase.

But the results do this have adversely affect performance in the short term. According to the 2021 report, the company’s Antarctic e-commerce brand authorized related business operating income totaled 318 million yuan, down 35% year-on-year.

Some investors have been questioned: In the half-year report, the company’s GMV has increased by 32%, but the brand’s comprehensive service fee revenue has declined sharply. What is the reason? The answer to the secretary of the Antarctic e-commerce is: “The company’s entrants (ie the brand authorization business of the company) during the reporting period (ie the company’s brand authorization business) is mainly due to the slowdown in the growth of the Ali channel. The company actively adjusted the income goal of the Ali channel. To reduce customer’s trademark stress, Ali channel customer’s revenue has declined significantly. “

On August 28th, Open Source Securities, Guangfa Securities, Zhongjin, Southern Fund, CITIC Jianota Fund, and Huiyuanfu Foundation, Antarctic E-commerce said, “This year, in the second half of this year, Ali channel The income will be positive recovery, and the number of channels returned from high-speed back to the medium speed, and the jimming & quick hand channel will enter high speed. “

Retail E-commerce industry experts, Bailian Consulting founder Zhuang Shuai told the development and expansion of Finance and Economics, all channels, is the road that brand companies must try; but for them, they still need a certain cycle to adapt, understand the platform, The characteristics of the user and the operation rules, etc., while adjusting the corresponding categories and brand positioning.

While announced the performance of this year, Antarctic e-commerce further disclosed the future plan: “Strive to achieve approximately 30 billion yuan in five years (including the retail end of about 200 billion yuan, supply chain service is about 100 billion yuan) Target, business income has greatly improved. “

However, there are also industry insiders to make doubts about whether the Future Development of Antarctic E-Commerce. Antarctic e-commerce developed by “selling tag” business, relying on this goal?

Flooding “Antarctic”

If you don’t receive a mobile phone film that takes a lot of photographed, after 90, Xiao Yu said, she has forgotten the brand of “Antarctic”. After arriving at the goods, she sent WeChat to a friend to share her mood: “Who can think of buying a steel film, will be the Antarctic people!”

“All things can be Antarctic people”, many users feel that they are “lie” by this past thermal underwear brand.

In fact, the “Antarctic” sells tags once a good business. This well-known list-famous trademark, from 2008, no longer produces any products, but by selling “Antarctic people” brand profit and successfully landed in the capital market.

Now searching for “Antarctic people” on the e-commerce platform, the results find it can be embarrassed, in addition to warm clothing, from the toothbrush, insulation cup, rice cooker to snail powder, etc., all kinds of goods should have. With this business model, the Antarctors not only rename “Antarctic e-commerce” successfully listed, and the founder Zhang Yuxiang also boarded the Hud Runfeng with a billion family.

And the most direct cause of “selling tag” in the year is the 2008 financial crisis.

Zhang Yuxiang created the Antarctic brand in 1998. Initially selling warm underwear, in order to quickly spread the market, the company cooperates with US companies, in developing a top and down, relying on “cotton + Leva” technology conquer consumers Get relevant certification; one side open crazy marketing, please come to Liu Dehua, Ge You and other stars endorse, and bought CCTV’s gold advertising position, let the “Antarctors are not afraid of cold” advertisements pass thousands of households. Antarctic thermal underwear has become a fashionable commodity delivered between friends during that time, the company has achieved turnover by 100 million yuan in 4 months.

After Zhang Yuxiang accumulated the first bucket of gold, the Antarctian product category also expanded from the hot underwear to the field of down jackets, sweater, home textiles, and its down jacket “anti-leakage” design and claim “Japanese and Korean fabric” makes the Chinese people’s eyes. The same is very popular. In 2004, Antarctic accumulated accumulated revenue of 1 billion yuan, fixed assets more than 300 million yuan.

Everything has changed during the financial crisis, and the Antarctic began to reduce the decline in orders and decline in performance with other companies.

At the crucial moment, Zhang Yuxiang made a decision about the company’s life and death: cutting off the factory, sales, etc. Take them a brand license fee. The company transforms to light asset mode, but also invested not only in low asset model, not only invested low, and the rate of capital is faster, and the income is also improved.

For the manufacturer, the brand stipulated with “Antarctic” means high premium, plus Antarctic e-commerce has strong inclusiveness, and the admission price is cheaper than the peers. So, the cooperation of Antarctic people came one after another. In 2015, the Antarctic people achieved more than 5 billion yuan, and the operating income is 389 million yuan. In 2016, the Antarctic renamed “Antarctic e-commerce”, the price of 2.344 billion yuan, led to the “Xinmin Technology” to log in to the small and medium-sized board, and continue to rush all the way.

Financial report showed that Antarctic e-commerce revenue increased by 800 million yuan from 2016 to 4172 billion yuan in 2016. In 2020, the brand authorization and integrated business revenue of Antarctic e-commerce mainly was 1.327 billion yuan, and the gross profit margin reached 93.26%, even higher than Guizhou Maotai. In 2020, Zhang Yuxiang, founder, Zhu Xuelian landed on “Hu Runfeng List” with 14.5 billion yuan.

Antarctic e-commerce has developed into a large “e-commerce service type” by the thermal underwear company. As of the end of June 202, the company had a total of 7,943 authorized dealers, an increase of 31% from the beginning of the year.

Looking at the e-commerce platform, 13.9 yuan 5 pairs of Antarctic socks, 12.53 yuan of the Antarctic hula hoop, 39 yuan Antarctone four season mattresses … “Antarctive” trademarks can be described in “flooding”, but It also brought the impression that it increasingly “low-end”.

At the same time, South Polar e-commerce is also facing a tricky question: “Zero Production” mode, the quality problems of the company’s original licensed products are difficult to guarantee.

In 2018, from silk quilt, underwear, cotton clothes, children’s wear, jackets to electric push cuts, curlers, massage sticks, Antarctic products 14 times by national quality supervision department and local consumer associations into unqualified products List. In March 2020, the second batch of online sales quality in the 2019, the national market supervision and management, the national market supervision, and the Antarctic e-commerce travel bag is in the column; July, the Beijing Market Supervision Administration website is publicized, Antarctic electricity The colored cotton and clothing of the merchant authorized trademark, the infant underwear is not qualified.

As of October 11, 202, the Ai Finance and Economic Society found that on the black cat complaint platform, the complaint related to the Antarctic is 928, the problem reflected by the user includes the number of goods, the shoes are three products, the quality of the washing machine is not etc.

In this regard, the high-level researcher of the Pangu Zhiku said that if only financial data performance is only seen, the Antarctic model transformation is undoubtedly very successful, because the company uses a very low cost, realizing the operation of light assets, the company is almost no stock Boom, the brand has a strong competitiveness in the market.

“However, when ‘all things can be Antarctic”, you will find that many strange products in the market have been “Antarctic people”, and the Antarctic people will not refuse, on the surface. Very profitable, in fact, in the long-term value of the inner influence and brand of overdraft brands, is a model for making money and self-image. “Jiang Yan said.

He further said that this is why there are more and more reasons for the probes of Antarctic people on the platform – “Antarctic grocery shop” product quality is good, which makes many consumers feel “deceived”. “Once the Antarctic will consume all the brand influence, it will inevitably fall into a huge market problem.”

New story is difficult

The Antarctic people also want to take off the label of “selling tags”.

As early as May 20020, Zhang Yuxiang stressed that “Antarctic e-commerce is not selling tag”. He explained that in addition to brand authorization, Antarctic e-commerce also provided digital management such as digital management, the company’s real goal is to supply chain digitization, realizing digital factories, digital delivery.

In the vision of Antarctic e-commerce, in the next five years, it will focus on the “brand + consumer goods”, combined “digital + supply chain”, “user + channel”; and except for brand authorization and service, it will also focus Expanding the following business lines: cross-border independent platform, fashion industry brand matrix, functional nutritional food matrix, establish an Antarctic industrial network, and create a “digital advertising + red” business.

However, according to the report of the 2021 report, the company’s main profit point is still related to the brand authorization, which contributes to the company’s profits close to 80%.

It is worth noting that in May 2021, the Antarctic E-commerce Investor Relations Activity Association, Antarctic e-commerce has expected the cross-border platform that will be named “Fommos” on Front of July, but so far, the platform is still late It’s not going to go online. Investors asked the Antarctic e-commerce stocks, Antarctic e-commerce replies, the company’s cross-border website is in the test.

Well-known e-commerce analyst, Dolphin Society, founder Li Chengdong said to the Ai Finance News, the idea of ​​Antarctic e-commerce can understand that, after all, helping factory and merchants improve digital management and ability, improve efficiency, is more valuable than single selling tag, But Antarctic e-commerce can do this, it takes time to prove.

Zhuang Shuai explained that the brand is a digital service provided by the merchant, which generally includes two aspects, one is the brand operation, and the other is the digital service of organizational and supply chain management. However, the latter requires very high requirements, in which the Antarctic lacks core competitiveness, compared with Tencent, Ali, Jingdong and other giants, the gap is too large.

高管离职,市值蒸发200亿,南极人的吊牌生意还卖得动吗?

At the same time as developing diversified business, Antarctic e-commerce has not stopped, and snacks are one of them. The casual snacks launched by the Antarctic people have included a variety of categories such as coffee, chicken feet, biscuits, jelly, snail powder, but at the end of August this year, the Antarctic food Tmall flagship store has basically emptied, Antarctic casual food Jingdong flagship store Also quietly closed.

“Unlike clothing products, food, home appliances, etc., more serious security issues, users will also be more cautious. Some investors also recommend that Antarctic e-commerce re-registers the brand, peeling the curing brand. But this is for the company, There is no doubt that need to re-establish brand influence and traffic advantage. “Li Chengdong said.

Zhuang Shuai said that the Antarctic people do underwear, doing clothing can be successful, but go to home appliances, food and other products, the difficulty is very large. For consumers, there is a lack of cognition of related categories, which will cause confusion of information; on the other hand, from channel perspective, consumer online scenes are also far below the line.

Antarctic e-commerce wants to expand new business lines, it is impossible to face difficulties.

In the shares of Antarctic e-commerce, the stockholders did not show the company “began to fall” on the side of the company, while the company has released the third quarter earnings, and decided to “should not Sold down the stock. “

This article is created by the “Financial World” weekly account Ai Finance and Society, without permission, no channel, platform, please do not reprint. Violate the people.

Author: ArticleManager