current position:Home>Xiangyi Materia Medica is fighting for IPO again, is it easy to "become popular" and "turn over"?

Xiangyi Materia Medica is fighting for IPO again, is it easy to "become popular" and "turn over"?

2022-11-24 19:23:32Zinc scale



文 | 锌财经,作者 | 黎炫岐,编辑 | 文婕

时隔十年,The old domestic skin care brand Xiangyi Materia Medica officially launched againA股IPO进程.

日前,The information disclosed on the official website of the China Securities Regulatory Commission shows,Shanghai Xiangyi Herbal Cosmetics Co., Ltd. has11月10日同中金公司签署上市辅导协议,拟于A股挂牌上市.

This is not the first attempt of Xiangyi Materia Medica.从2012年开始,The road to listing of Xiangyi Materia Medica has twists and turns.十年间,Both in the interior of the damned,Or the domestic beauty market,ever-changing,几经更迭.

If we look at the market data of the past two years,Xiangyi Materia Medica“磨刀”已久,In electric business platform and the air,更是靠着“冻干面膜”wait for the hole card again“翻红”.但是,In the past few years when Xiangyi Materia Medica fell into the sand,Its old friend Herborist、Pechoin and others have already started the road of transformation,完美日记、薇诺娜、Cutting-edge brands such as Runbaiyan and the parent company behind them have already changed the logic of the market……

时过境迁,Does Xiangyi Materia Medica still have a chance??


成立于2000Xiangyi Materia Medica,对IPOSeems to have been the obsession.而2012年,Is it from the outside world eyesIPO最近的一次.

彼时,Xiangyi Materia Medica is making great strides“黄金时代”.据公开数据,早在2008年,The sales of Xiangyi Materia Medica reached2.17亿元.其招股书显示,2009-2011年,Damned business income3.77亿元、7.5亿元、13.35亿元,In addition to doubling revenue growth,The company's net profit is also increasing day by day,报告期内实现净利润5221.52万元、1.16亿元和1.35亿元,毛利率分别为78.65%、79.87%、80.34%.

图片来源:Xiangyi Herbal Prospectus

而2012year first submittedIPO招股书后,Xiangyi Materia Medica climbed the next year23Billion in sales peak,Became the leading enterprise of domestic cosmetics and skin care brands.

令人意外的是,2014年,Damned gave upIPO计划.For voluntary terminationIPO,Yan Ming, then president of Xiangyi Materia Medica, once said,“This is due to various considerations of the company's strategy,The general environment of commercial and supermarket channels is not ideal,In the adjustment within the company, too,In the past two years, we will focus on maintaining market stability.”

Although the outside world thinks that Xiangyi Materia Medica has given up the best time to go public,But in fact, if you look back carefully, you can find that,Under the brilliant achievements of that time,Xiangyi Materia Medica is also facing many unsatisfactory predicaments.

据《中国企业报》在2012年的报道,当时“正在冲刺IPOXiangyi Materia Medica has been repeatedly questioned by the outside world”,“根据招股书显示,Xiangyi Materia Medica in more than a year,Its products were twice punished by industry and commerce for false publicity……不仅如此,2012年7月,There is news that the capital relationship between Xiangyi Materia Medica and the investor has deteriorated today.”

而《财经网》It was also mentioned in the report,“Funds raised by Xiangyi Materia Medica will be used to rapidly expand sales channels,Aggressive expansion has damaged the brand,Whether management can keep up is doubtful;同时,The purpose of rushing to go public without lack of money is also intriguing,业内人士认为,This aggressive approach to listing is irresponsible to investors in the secondary market.”

所以,Xiangyi Materia Medica“黄金时代”more like a gorgeous robe,Can't stand how much wind and rain.事实也是如此.

从2014年放弃IPO计划后,Xiangyi Materia Medica quickly fell from the altar——经历了2014Yan Ming, then the president of Xiangyi Materia Medica, resigned、IPO受挫、After market misjudgment and other conditions,The performance of Xiangyi Materia Medica began to decline.According to the report of,2015The repayment amount of Xiangyi Materia Medica has dropped sharply to15亿元.And its founder Feng Shuai also stated in public that,2014-2016Years are the three years missed by Xiangyi Materia Medica,“we are slower to react,也走了一些弯路.”

The impact of these detours is more profound than imagined.

Next time there will be news that impacts the capital market,six years later.2017年,Xiangyi Materia Medica is repositioned as“Chinese herbal skin care expert”,And set himself the goal of returning to the capital market in three years.但遗憾的是,After several changes in management,这次IPOThere is no further progress in the plan,suitable for herbal medicine“第1.5次”冲击IPOlet it go.

但显然,Xiangyi Materia Medica still couldn't let go of thisIPO情结,Around for a decade,Now standing under the spotlight of the capital market.

By air and freeze-dried mask“翻红”?

再提IPOAs soon as the news of the plan comes out,The outside world can't help but have doubts,Where does the confidence of Xiangyi Materia Medica come from??

不可否认的是,虽然2020年的IPOplans are shelved,but since this period,Xiangyi Materia Medica is indeed gradually returning to the stage of the beauty market.

According to the latest public data,2022年“双十一”期间,Sales breakthrough of Xiangyi herbal brand2亿元,同比增长88%.YuWei publicly disclosed,“In the context of slowing market growth,相宜本草2021year-on-year growth33%,Growth in online channels59%,Offline channel growth15%.2022年,Xiangyi Materia Medica is expected to be realized45%的增长.”

而在今年的“618”期间,魔镜市场数据显示,The sales volume of Xiangyi Materia Medica reached9000万元,Daily sales growth year-over-year477.2%,相较2021年618提升了79个名次;今年双11,The total transaction volume of Xiangyi Materia Medica Tmall flagship store exceeded2亿元,同比增长88%.

此外,2021年,Xiangyi Materia Medica Tmall Official Flagship StoreGMV首次破亿,同比增长139%; and Vipshop respectively realized94%、33%的增长.

锌刻度留意到,Xiangyi Materia Medica“翻红”,May leave the freeze-dried mask this hot style“功臣”.

Since the launch of the first-generation gentian freeze-dried mask of Xiangyi Materia Medica,历经多次迭代,它就一直是“大爆品”——2020年,The first generation gentian mask was launched for two weeks,GMV达1300万,成为天猫99Cost-effective Festival mask category No.1名;2021年,Gentian Mask2.0Sold out immediately15万盒,sold last year820万片,No. 1 in the freeze-dried mask marketTOP3;今年5The safflower anti-oxidant freeze-dried mask launched at the end of the month,上市仅10天,sold out65万片.

在小红书等平台,If Xiangyi Materia Medica Related Notes,About one-third of the content is related to its freeze-dried mask,While the netizens judgement of freeze-dried mask thering is no lack of“便宜好用”、“国货之光”、“真心好用”等.

值得一提的是,在小红书、In posts on Weibo and other platforms,The damned freeze-dried mask and jia-qi li often live“绑定”在一起.Most of the netizens’ trust in Xiangyi Materia Medica is based on Li Jiaqi’s recommendation,“Xiangyi Herbal Freeze-Dried Mask in Li Jiaqi's live broadcast room”、“Is there anyone who can make a list of Xiangyi Materia Medica in Li Jiaqi's live broadcast room??”、“I believe old man Li is indeed right.,Damned freeze-dried mask works”……

Xiangyi Materia Medica often appears in Li Jiaqi's live broadcast room

事实上,近年来,Xiangyi Materia Medica was once a resident guest in Li Jiaqi's live broadcast room,尤其是在618、双11这样的大型促销节点.去年双11,Damned gentian mask be jia-qi li studio“秒空”的爆款产品.今年双11前夕,Xiangyi Materia Medica is a variety show created by Li Jiaqi《所有女生的offer2》Out of circle in the show,预售当日,The Rhodiola Rosea Essence, which was once poorly sold, was sold out.

If the freeze-dried mask and the later rhodiola essence are on the bright side“功臣”,Then the new marketing channels represented by Li Jiaqi and his representative should be regarded as behind“推手”,Break the shackles for Xiangyi Materia Medica,重返“顶流”provides a new path.

在《所有女生的offer2》中有个细节,Xiangyi Materia Medica R&DCTOLv Bo when speaking of rhodiola extracts,initially reluctant to let go of the price,More emphasis on its product development capabilities.Li Jiaqi proposed:“Your research and development capabilities are very strong,But these strong things are to be turned into a product to reach consumers,Instead of closed at home feel something very strong.“

Li Jiaqi explained the current predicament of Xiangyi Materia Medica.Back in the damned20The development path of the remaining years,As Feng Shuai, the founder of Xiangyi Materia Medica once said in public,“经销商、Advertising and channel bonuses did make a huge contribution to the success of Xiangyi Materia Medica in the early stage,But it also indirectly leads us to seldom have direct contact with consumers.”Business channels and electrical business channel is the main marketing path,especially in the early stages of its development,Supermarket outlets were once an advantage,But with the rise of the Internet economy,The former advantage of Xiangyi Materia Medica is no longer,And franchise store channel has always been the weakness of Xiangyi Materia Medica.

How to connect with young consumers in the contemporary beauty market?Online channels such as live broadcast rooms have become suitable for Herbal Medicine“稻草”.

锌刻度留意到,Except Li Jiaqi's live broadcast room,Xiangyi Materia Medica2020年开始,Indeed, we are trying our best to expand the marketing channels,According to the founder of the damned sealing handsome after publicly disclosed,Xiangyi Materia Medica is now broadcasting large and small live broadcasts on various platforms around the clock,全员1/3参与,Existing employee part-time form,There are also forms of beauty consultants or Internet celebrity professional anchors.

不过,Compared with head anchors or self-operated channels of major cutting-edge brands,The number of fans covered by the major self-operated channels of Xiangyi Materia Medica is still small.比如11月22same time of day,The Taobao live broadcast room of Xiangyi Materia Medica is only1197人观看,The Taobao live broadcast room of the cutting-edge brand Winona has super3万人观看.

新老品牌混战,Left behind years hard to pull away

From the data mentioned above, the,In the past two years, Xiangyi Materia Medica“翻红”不可否认.不过,In the current beauty and skin care track,一时“翻红”容易,I want to be completely against the wind“翻盘”,却没那么简单.

Let's first look at the track,How many local capital upstarts have emerged:华熙生物旗下的夸迪、Brands such as Runbaiyan and Mibel are all flourishing on different subdivision tracks;Bettany's main brand, Winona, continues to make efforts in the positioning of functional skin care,连续5Tmall beauty and skin care for consecutive yearsTOP10……

锌刻度留意到,Even Xiangyi Materia Medica has increased its exposure on major social platforms due to its popular products in the past two years.But currently on Xiaohongshu,Damned related notes only3万篇,And up to perfect relevant diary notes24万篇,Winona related notes up to18万篇,even as much as this5万篇.

Hexiangyi Materia Medica“同届”的老朋友们,have already transformed,For example, Proya, which was also a traditional domestic brand,Already passed on Douyin、The high-frequency delivery of platforms such as Xiaohongshu makes it“Double series resistance”“Ruby Series”These two items are out of the circle,并凭借“早C 晚A”Successfully get rid of traditional labels,吸引了大批年轻消费者.

Look at foreign brands,Nature is uncompromising:Shiseido, take the lead in overweight,Through cooperation with Jiangsu Chuangjian Medical Technology Co., Ltd.,Continue to deepen investment in the Chinese market.今年上半年,L 'oreal also set up investment company in China,Make efforts to innovate beauty technology;同期,Estee Lauder also said,Will continue to invest in the Chinese market.

事实上,Damned main hot style of the products at present,From freeze-dried face masks to rhodiola essence,also faces the problem of being easily replaced.

毕竟,products like freeze-dried face masks,目前已有薇诺娜、玉泽、佰草集、Domestic brands, including Blossom, have entered the market one after another;The subdivision track of the essence is also fiercely competitive.,From the first star-level essence product“雅诗兰黛小棕瓶”,to follow“早C晚A”Proya of Skincare Concept“CP套组”,Then to Run Baiyan, which focuses on the hyaluronic acid track“次抛”系列……Both are rivals of Xiangyi Materia Medica.


数据则更为直观,据“果集·飞瓜”2022年出品的《Insights into Online Consumption Trends of Facial Essence》,“从品牌角度,The Facial Essence Track has a lot of participants,but combined with the sales data,2022Facial Essence Market by YearCR5仅占16%,集中度较低,市场竞争激烈”.

所以,Under such a melee pattern of new and old brands,Xiangyi Materia Medica wants to return to the top,实在太难.It is not difficult to understand why it wants to sprint again at this timeIPO了,毕竟,Just like self media“聚美丽”所写,“listing can be said to be its‘缓解焦虑’and the importance of enhancing the comprehensive competitiveness of the brand‘捷径’.”

而这一次,Can the Xiangyi Materia Medica that I have never forgotten finally have an echo??

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