"Little Yellow Duck" parent company was "rushed to the market"?Li Zhakei's eldest son Li Jiajie appeared

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"Little Yellow Duck" parent company was "rushed to the market"?Li Zhakei's eldest son Li Jiajie appeared

2021-11-27 18:02:39 42 ℃

Xiaohuang Duck B. Duck Traveling to the HKEA.

Author |

Editor 丨 Li Yiming

Source | Wild Horse Finance

On January 10, 1992, a storm in the Pacific Ocean, a trunk from China to the United States was trapped, several containers fell into the sea, 28,88,000 small yellow ducks opened the fantasy drifting, after a period of time The country's coastline appeared. The story of this "small yellow duck drifting journey" became the source of creative sources. On May 2, 2013, Hong Kong Victoria Port, a 16.5-meter giant "small yellow duck" slowly swim, attracting the attention of many citizens and tourists. This is only a giant rubber duck created by the Dutch artist Hoffman, and has visited 12 cities in 10 countries since 2007. According to the original plan, it will stop on the seaports of the Harbor City from May 2nd to June 9 to visit the tourists. However, after 12 days, "Xiaohuang Duck" lie down in Victoria because of leaking. Netizen jokes, "Xiaohuang duck is tired, I don't want to play with stupid man."

After 8 years, another "small yellow duck" came to Hong Kong, but its eyes were aligned, it was not a tourist on the edge of Victoria, but the HKEx on the shore.

This small yellow duck is called B. Duck, from the birth to the door to the Tour to the Hong Kong Stock Exchange, has been spent for 16 years.

"Little Yellow Duck" and then press the Gambling Agreement behind the GK

Not long ago, B. Duck (Xiaohuang Duck) Mother Company Debang Holdings submitted to the Hong Kong Stock Exchange, which is already the second impact of this year.

On May 4 this year, Deying Holdings will submit "Prospections" to the main board of the Hong Kong Stock Exchange, and 6 months (November 4). Only one day, Deying Holdings will not wait to return.

So why is Deying Holdings so anxious? It turns out that it is also "bitter".

According to "Prospections", in April 2021, Deteying Holdings introduced Wisdom Thinker and Wantong as an investor before its IPO, signed a similar agreement similar to gambling. In addition to the minimum profit in 2021 and 2022, the agreement is also set up.

Wisdom Thinker is wholly owned by Li Jiajie, Chairman and Managing Director of Helen-Lizhi (0012.HK). According to the additional agreement, Li Jiajie and Wantong require Deteying Holdings to be listed before 14 April 2022, otherwise it is necessary to repurchase in 8% of the total return rate of 8% annually.

Speaking of Li Jiajie, his father Li Zhaki, and Li Ka-shing, Zheng Yuxi, Guo Zhensee and called the "Four Days of King" in Hong Kong's rich. When the July 2018, the Yijie Group (2048.HK) went to Hong Kong, Li Jiajie as one of the cornerstone investors, appeared in the public vision. Previously, it was reported in 2010 According to "East Weekly", Li Jiajie joined the mainland, including Ma Yun, Guo Guangchang, etc., and the group consortium jointly acquired Hong Kong TVB.

Another shareholder Wantong, a total of Wantong Investment Holdings Co., Ltd., mainly engaged in investment holding. These two are professional investors by Li Yiji (51% of the Shares) and He Jianwu (Shares). Among them, Li Yiji is a Baohui Financial Management Co.

From the perspective of the equity structure, the founder Xu Xialuden passed the holding company with 75.36%, and the company's actual controller. Wang International (0099.HK), Skyplanner, Li Jiajie, Wantong holds 9.04%, 2.1%, 2.66%, 1.34% respectively.

It is worth noting that July 2021, OCT (Asia) (3366.HK) had a 1.43 billion yuan, strategic to the share-Germany holdings, and the subscribed shares totaled about 9.5% of the company. After that, Deteying Holdings will provide services such as intellectual property licenses and design consultations for OCT Group. This means that there will be a small yellow duck theme park will be presented in the Happy Valley, which is also an exploration of the new company "IP + Draw".

As far as it is, Deying Holdings mainly have two major business blocks, namely role authorized business, e-commerce and other businesses. In 2005, the inspiration of "Duck Drifting Tour", Demutang Holdings Founder Xu Xiaolin design created a small yellow duck B. Duck image. In 2011, De Ying Holdings did an IP authorized business, and thereby expanded B. Duck's brand influence. In 2015, De Ying Holdings began e-commerce and other businesses.

Specifically, in the role authorization business, the role authorization of Deteying Holdings B. Duck family is mainly divided into 5 types: commodity license, real-view entertainment, content and media authorization, promotion and design consultation. By the end of 2020, De Ying Holdings have developed more than 22,000 SKUs with B. Duck family role.

In terms of e-commerce and other business, Deteying Holdings provide B. Duck family IP products through Hong Kong and China's third-party e-commerce platform, including Tmall, Jingdong, Vipcom and HKTVMall, etc. At present, the B. Duck family role records more than 10.5 million B. Duck fans in different e-commerce platforms and social platforms, and has more than 740 million content related to the B. Duck family characteristic elements. . "Prospective" shows that 2018-12020, Deteying Holdings have been HK $ 2501 million, HK $ 243 million, with net profit for HK $ 98.62 million, HK $ 54.54.84.84 million, adjusted The net profit was HK $ 139.74 million, HK $ 32.856 million and HK $ 59.836 million.

For 2020 income declines, Deteying Holdings said that mainly due to outlines of online and offline products. Despite this, it is benefited from the cost-effective control, and the company's net profit still has achieved steady growth.

(Source: Deying Holdings "Prospectus")

From revenue, e-commerce and other businesses are the main source of income, accounting for about 60%. In 2018 - 2020, the business brings a company income of HK $ 137 million, HK $ 161 million, HK $ 135 million, and the proportion of occupancy is 68.2%, 66.4%, 58%.

It is worth noting that in 2020, Debao Holdings e-commerce and other business income were 135 million Hong Kong dollars, a decrease of approximately 25.9 million Hong Kong dollars in the previous year, and a decline was 16.1%. For the reasons of decline, Deteying Holdings explained that the outbreak of the epidemic caused consumers' expenses decline, and the size of the sales of the shorter line.

In 2018 - 2020, the income of Deteying Holding role authorized business is 63.827 million Hong Kong dollars, HK $ 81.63 million, HK $ 980.39 million, and the proportion of occupancy is 31.8%, 33.6%, 42%, can be seen, company role authorization The income of the business increased year by year.

Spend a highly dependent single IP

In fact, "Xiaohuang Duck" has been born for 16 years, and the new IP has not been alone. As IP gradually aggravates, "Little Yellow Duck" can still take long-term market attraction?

At present, Deying Holdings are highly dependent on "small yellow duck", and recent revenue contributions up to 80%. Data show that 2018-2020, Xiaohuang duck authorized revenue is 53.892 million Hong Kong dollars, HK $ 61.555 million, and HK $ 750.355 million, accounting for 84.4%, 75.4% and 76.5% of the same period of authorized business revenue.

Since 2017, Deteying Holdings have created a small yellow duck family member and a friend, launched the roles of Buffy, B. Duck Baby, Bathn Duck, DONG DUCK, but also have little effect.

(Source: Deying Holdings "Prospectus")

In terms of enhancement capabilities, these new characters and small yellow duck gaps are very large. 2020, BUFFY, B. Duck Baby, Bathn Duck, DONG DUCK achieved HK $ 78.31 million, HK $ 134.51 million, HK $ 7.255 million, HK $ 1366, 8%, 8%, 13.7%, 0.7%, 0.1% of the role authorized revenue. .

(Source: Deying Holdings "Prospectus")

At the same time, most of these new characters are insufficient, and the life cycle may not be long. In 2020, only B. Duck Baby's income is growing year-on-year, an increase of approximately 72%. Buffy, Bathn Duck, DONG DUCK's revenue has a different degree of decline.

In the face of excessive dependency single character, Deying Holdings are also troubled. To this end, Deteying Holdings put forward three solutions. The first is to continue to create new roles, such as Buffy friends (ie Cream, MoCha, MOSES, and Butter), and is equipped with revenue and promotion, continuously maintaining awareness between fans.

From the previous practice, IP can become explosive, affected by multiple factors. Huaqiang's "Bear", bubble Mart's "Molly", etc., is a super large IP of the fire, but they are also facing the problem of relying on single IP. However, compared with the challenges faced by Deying Holdings.

For example, Huaqiang Fang special camp is more different, not only has its own theme park, but also a special film, digital animation and other cultural content products and services; bubble mart IP is more rich, as of 2020, Bubble Ma Total Molly, Dimoo, Pucky, etc., and from 2017 to this year, Molly revenue decreased from 89.4% to 11.5%, gradually got rid of high-reliance.

Deying holding business is only focused on role authorization, e-commerce, etc. IP is not conducive to the company to create IP second growth curve. In addition, the company needs to introduce more IP types, including its own IP, exclusive IP, non-exclusive IP.

In addition, the other two programs given by Deying Holdings are diversified. That is to say, make more derivatives with small yellow duck family characters. At the same time, there is more new markets, in Thailand, Malaysia and Indonesia and other countries development business. Obviously, the above programs may increase the company's income to some extent, but it is still unknown to fundamentally solve the problem of dependent IP.

At present, the IP authorization industry has developed rapidly, and the industry competition is also more intense while bringing opportunities to enterprises. "The Chinese Brand Authorized Industry Development White Paper" shows that the total number of live-licensed companies active in my country is 586, an increase of 8.1% over the previous year; 2182 IPs have been carried out, an increase of 8.8% over the previous year; The retail sales of national authorized commodities in 2020 was 11.06 billion yuan, an increase of 11.5% over the previous year.

It is not difficult to find that consumers are now facing more IP options, and the industry excellent fitting trend is also more obvious. Industry analysts pointed out that only the IP of the aesthetic is created, it can stand out from it. Relying on the head IP "old" that has been created in the past, or it is difficult to do IP sustained powder, and this requires enterprises to take a more powerful solution.

Have you played a small yellow duck toy? How to see the development prospects for Deying Holdings? Let's talk about the message area.