Gross profit margin 65%!Han Board's annual retail sales of 2.9 billion yuan, parent company Shangmei Group rushed to the market

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Gross profit margin 65%!Han Board's annual retail sales of 2.9 billion yuan, parent company Shangmei Group rushed to the market

2022-01-20 12:05:43 20 ℃

Written | Honey & Edit | Kai

On January 17th, Shanghai Shangmei Cosmetics Co., Ltd. (hereinafter referred to as "Shangmei Group") officially submitted to the Hong Kong Stock Exchange, impacted 2022 beautiful makeup.

Honeymies may be very strange to Shangmei Group, but you have heard of Han Shu, a leaf and red small icon, after all, advertising investment. The Upper US Group is the parent company of these products.

Fressat Sharin report shows that in 2020, the retail sales of Han Board is about 2.9 billion; the retail sales of a leaf exceeds 2.2 billion yuan; the retail sales of red todes is 1.5 billion yuan.

The big opportunity of the rising in the country, is the color of Shangmei Group worth paying attention?


In the impression of honey, the competition in the cosmetics industry is very intense, especially in various European and American, Japanese and Korean brands. But in recent years, the concept of new domestic goods is popular.

From the development phase of my country's cosmetics industry, the prospect is still very considerable.

Taking retail sales as an example, my country's cosmetics market size is approximately 845.3 billion yuan in 2020, 2015-2020, with an annual composite growth rate of up to 12%, while the annual composite growth rate of the global market is only 1.5%.

According to Franos Tsisati, my country's cosmetics market is expected to reach 1310.2 billion yuan by 2025, and the composite growth rate in 2020-2025 is expected to be approximately 9.2%.

Image Source | Shanghai Securities Research (I would like this!)

Shanghai Stock Executive report data shows that in 2020, Japan, South Korea's per capita consumption amount is approximately $ 103 and $ 165; the per capita cosmetics in my country is only $ 45, and the amount of half of the two is less than half the amount. The space is still very.

At the same time, the development is estimated. In 2030, my country's cosmetics market is expected to reach trillion yuan.

Standing on trillion tracks, Shangmei Group is also ambitious, CEO Lu Yixiong said: "Shangmei, you have to be a company in 200 years", than Morses give Alibaba's plan for more than one hundred years.

From the perspective of controlling rights, Lu Yixiong is very angry.

The prospectus showed that the predecessor of the Shangmei Group was founded in 2004, and the independent third-party Yao Zhenxiong and Lu Yi Xiong Lu Li piloted, and Lu Yiong was also the company's CEO.

In October 2014, Lu Yixiong acquired Lu Li pure's 40% equity with total cost of 200,000 yuan; January 2015, Shanghai Han Board acquired 20% of Han Yanyan holding a company in Han Yanyan with 7.92 million.

After the transfer of multi-wheel equity, Lu Yiong today directly and indirectly held 40.96% and 50.31% equity of Shangmei Group.


In fact, Shangmei Group has been in the listing as early as 2015, when Lu Yiong said, planning to be listed in 2018.

However, in the next few years, the Shangmei Group did not pass the substance of the listing.

Until last year, the SFC official website has announced the publicity of CITIC Securities on the Chamber of Shangmei Group's counseling, and its plan to log in to the A shares is public.

But I don't know why, I finally chose to go to Hong Kong IPO.

Specifically, look at the color of the US Group.

According to the prospectus, in 2020, the Retail sales of Shangmei Group was 7.291 billion yuan, and the market share proportion was about 0.9%. The top three in the domestic market.

According to FlosT Shari, 2020, the United States is the only domestic cosmetics company with two skin care brands (Han Board and a leaf) retail sales of more than 2 billion yuan.

In 2019-2020 and 2021, the Yuemei Group's benefits were 2874 million yuan, 3.382 billion yuan and 2.596 billion yuan; the same growth rate was maintained in two digits.

As a cosmetics company, the Yue Yue's gross profit margin is also better.

In 2019, 2020 and 2021, the gross profit margin was 60.9%, 64.7% and 65.2%, respectively. However, the net interest rate of Shangmei Group is low, which is 2.1%, 6% and 9.6%, respectively. The reason is nothing to do with its high marketing costs.

Shangmei Group has been in the late endorsement of Luhan, Cui Zhiyou, Lin Zhiling, and has repeatedly named "Everyday" "This is the street dance" and other popular variety, and put "thirty" and other popular film and television dramas.

According to the disclosure of the prospectus, the marketing and promotion expenditure of Shangmei Group is 803 million yuan, 1.07 billion yuan and 735 million yuan, respectively, accounting for 46.1%, 45.4%, respectively, with the same period income, respectively. 43.1%; accounting for 27.9%, 31.6% and 28.3% of total revenue.


Shangmei Group's marketing is good at seizing the wind and hotspots of the times, but it has always been accompanied by the controversy and questioning of the sword.

For example, his fist product is Korean bundle.

In 2003, the Korean bundle appeared in the market. From the beginning of the birth, whether the name or packaging, it gave people the illusion of Japanese and Korean products.

At this time, the righteous Korean flow, Japan and South Korea's makeup skin care products are welcomed by the market.

The overall packaging of Han Board is almost in the form of shredheads. The honey sister has also been in a chain cosmetics store, sold by the clerk, and the words of the words also mention Japanese and Korean skin care products.

Of course, it is not the Shangmei Group. Whether it is a makeup skin or a beverage, food, many companies have hit similar wippers. Also welcome honeycomb to share the experience of similar products in the review area. In addition, Han Board also caught up with the fine air outlets, once known as "first micro business".

However, with the reasons such as supervision, the Korean bundle diluted even completely abandoned the micro-business model, and only the words were only mentioned in its prospectus.

In recent years, Shangmei Group not only has established research centers in Japan, but also has a factory, more products appear in the style of Japanese and Korean makeup skin care products.

Interestingly, the Shangmei Group, which has established research centers overseas compared to the expenditial marketing costs, and its research and development expenditure is less than 3%.

In 2019-2020 and 2021, the R & D expenses accounted for 2.9%, 2.3% and 2.8% of the benefits, respectively.

In addition, it is worth noting that the revenue of the single product of the Shangmei Group is relatively high.

In 2019-2020, and 2021, the benefits of Han Brays accounted for 32.0%, 39.4% and 43.8% of the total benefits of the US Group, respectively.

The sales revenue of the same period, Han Board, a leaf and red tango accounted for 86.6%, 91.8% and 91.1% of the total benefits of the US Group, respectively.

Shangmei Group has developed 20 years old, caught up with a good time to rise in China's product cosmetics. But compared with the show, Xiu Taili, etc., has been listed first, and the Shangmei Group is late.

At the same time, it also has problems such as heavy marketing light research and development, which is also a common problem in some new national cosmetics companies in recent years.

With the emphasis on the elements such as ingredients, efficacy, domestic cosmetics companies, in addition to cost performance, tell stories, but also need to improve long-term sustained combat.

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