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What Is The Value Structure Of Middleman? Quality Problems Of Multiple Brands In Antarctica

2019/5/28 13:49:00 12723

Antarctic Electricity Supplier

While many garment enterprises are still struggling for positioning and brand, the South Pole who has made underwear has successfully pformed from a garment enterprise to a Internet Co.

After the pformation, Antarctic electricity supplier revenue continued to increase, the acquisition time in 2017 also maintained a high growth rate before the acquisition, which contributed significantly to the growth of Antarctic business revenue in 2018.

The high growth of Antarctic electricity providers is also concerned by the market, and many agencies are scrambling for research.

What is the value of Antarctica, which will make the intermediaries the ultimate?

Professional ability is the best, focusing on the Antarctic electricity supplier.

Antarctica relies on the brand of the south polar underwear, and began to pform in the popularity of the Internet and the gradual popularity of the electricity supplier.

Phase out its own production capacity and focus on the business of e-commerce.

Antarctic electricity suppliers rely on the previous clothing to accumulate suppliers and distributors resources, as well as their own brand of resources such as the South Pole.

By authorizing suppliers to use their own brands to produce products and distribute them to distributors, they sell them to consumers, and they collect profits from suppliers and distributors.

In short, the Antarctic electricity supplier has the brand effect through its own brand operation, and then obtains the service charge (brand royalty) by authorizing the supplier or dealer to use its own enterprise brand.

Antarctic electricity supplier itself is a supplier of brand service between suppliers and distributors. Such a non business, Antarctic electricity supplier's gross profit margin is above 90%.

In addition to the brand authorized modern service business, Antarctica still acquired a Beijing time Internet Network Technology Co., Ltd., which was a mobile Internet Marketing Company in 2017.

As far as public information is concerned, although time Internet is classified as a mobile internet marketing company, he is also an intermediary.

Time interconnection first to VIVO, millet, Tencent application treasure and other mobile media delivery platform centralized procurement of traffic resources, and then with a lot of products, suning.com, mogujie.com and other enterprises need to promote APP, distribution of traffic resources to them, to promote its APP.

During the reporting period, the Internet mobile Internet business has maintained a high growth rate since 2015. In 2018, the contribution of time interconnection to the revenue of listed companies has reached 69%. However, the gross profit margin of this business is relatively low, less than 9%, and its contribution to Antarctic business profits is only 16.77%.

Although compared with the modern service business, the Antarctic electricity supplier's mobile Internet business has lower gross margin, but it does not affect the rapid growth of Antarctic electricity supplier's revenue and net profit. The high growth of Antarctic electricity supplier has attracted many agencies' research.

However, behind the rapid growth of Antarctic electricity providers, there are also hidden flaws.

Quality control of modern service business is a difficult problem. How to maintain high growth rate of mobile Internet business?

The Antarctic electricity supplier's modern service business, because itself is only the supplier and the service provider between the supplier and the dealer, participates in the commodity purchase and the sale degree not enough, directly causes the Antarctic electricity supplier's commodity quality to be good and bad.

Many brands, such as the Antarctic south pole, have been exposed to quality problems, of which the results of multiple dealers' commodity inspection are unqualified.

Although the Antarctic electricity supplier itself is only a brand supplier and service provider between suppliers and distributors, the problem of product quality has little impact on the income of Antarctic electricity supplier service fees and brand licensing fees, but frequent exposure to quality problems will affect consumers' trust in the brand of the South Pole and choose other alternative products.

At the same time, frequent outbreak of quality problems will also be noticed by regulators, and there are policy risks.

In view of this, the Antarctic electricity supplier's modern service business is pursuing the high growth and high gross profit. At the same time, it is the long-term development way to divide energy and strengthen the quality control of brand products.

Besides the quality control problems in the modern service business, Antarctic electricity providers are also unable to sustain the high growth of their mobile Internet business.

Public information shows that the revenue growth from time to time between 2015 and 2016 is as high as 218.65%. In 2017, the Antarctic electricity supplier merger report only recorded the revenue of time interconnect 11 and December, but the mobile Internet business revenue in 2018 time has reached as high as 2 billion 316 million yuan, and the annual revenue of 2016 time interconnection is 549 million yuan. Based on this calculation, the annual average increase of time to business income from 2016 to 2017, 2017 to 2016 is also 160%.

Although time interconnected revenue grew rapidly, profit grew slowly, gross profit margin continued to decline, gross profit margin declined from 13.68% in 2017 to 8.37% in 2018, and gross margin fell by 38%.

At the same time, the net profit in 2016 was 72 million, and the net profit in 2018 was only 128 million. Compared with the high growth rate of time interconnected revenue, the net profit of time interconnection in 2018 was 80% less than that in 2016.

In addition, a number of research reports showed that the growth rate of domestic advertising market slowed down in 2019. The first quarter of 2019 showed that Tencent's advertising business grew by 25% compared with the same period last year, which is the lowest growth rate since Tencent announced this business separately.

In the environment of slow growth in the advertising market, the high growth rate of time interconnect advertising middlemen is also hard to sustain.

In addition, the mode of time interconnection, which first centralized procurement flow and re distribution, has also had a certain impact on the Antarctic electricity supplier's cash flow. In 2018, the Antarctic electricity supplier secured 100 million yuan bank credit for the time interconnection.

In the Antarctic electricity supplier receivables, the first few are time interconnected customers.

It is worth noting that when the Antarctic electricity supplier acquired the interconnection time, the original shareholders promised that the net profit of 2017, 2018 and 2019 should not be less than 90 million, 117 million and 132 million respectively.

The net profit in 2017 and 2018 was 110 million and 128 million respectively, and there was still a performance pledge of 100 million yuan.

With the current advertising market and time interconnected gross margin, the 780 million goodwill of Antarctica's electricity purchase time has a certain risk of impairment.

Source: Investor net: Wu Wei

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