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标签: 苏州水磨店推荐
Daily skin care notice | Qingsong, the leader of beauty OEM, lost money for 3 years. Blue Moon only sounded the profit warning because of high marketing expenses?
Source: Sina Securities
Produced by: Sina Finance Research Institute of Listed Companies
Author: New Consumer Proposition /cici
On January 31, the A-share 2023 annual report was announced, and the listed companies with excellent and poor performance in the daily chemical skin care industry were unveiled, and the industrial prosperity was unobstructed. Among the listed companies in the skin care and daily chemical industry that we are concerned about, a total of 6 companies have issued performance forecasts, and 4 listed companies have pre-increased, namely Jinbo Bio, Freda, Marubi and Shuiyang; There are two listed companies whose performance forecast "sounded the alarm" in 2023, namely Blue Moon Group and Qingsong Shares.
Among them, Qingsong Co., Ltd., as the leading OEM of beauty and skin care, has weak profitability, and its main body of cosmetics business is Northbell acquired at a high premium, thus forming a huge goodwill. After the performance commitment period, Northbell’s "performance changed dramatically" and suffered successive losses in 2021-2022, which also led to huge goodwill accrual in 2021 and 2022. It is worth noting that in 2023, Northbell’s revenue declined and its net profit continued to lose money, which is also the fundamental reason for the sluggish performance of Qingsong.
For Blue Moon Group, the market leader of household cleaning care, we think that the fundamental reason for its performance loss is still the serious product homogeneity and the channel expansion that is less than expected, and the marketing expenditure is greatly increased or secondary.
Why is it difficult to make money in the upstream of the foundry leader Qingsong?
Although the daily chemical skin care foundry is located in the upstream link of the cosmetics industry chain, it is often a section with weak profitability in the industry chain, which is closely related to the low bargaining power and high production cost of the foundry. Among all the listed companies of daily chemical skin care that released the performance forecast, only Qingsong Co., Ltd., the foundry leader, continued its performance loss.
The original core business of Qingsong Co., Ltd. mainly includes beauty OEM and turpentine processing. At the end of 2022, the company completed the divestiture of turpentine deep processing business, and the company’s main business structure also changed to cosmetics business. The company’s main income and profits were concentrated in cosmetics business.
In 2023, after the divestiture of turpentine deep processing business, the company’s performance did not bring many surprises to investors. It is expected that the annual revenue will decline and the net profit will continue to lose money. Specifically, the company expects to achieve a total revenue of 1.9-2 billion yuan in 2023, which is expected to decrease by 31.44%-34.87% year-on-year; The loss of net profit attributable to shareholders of listed companies is 50-63 million, and the loss of net profit not attributable to the mother is 48-61 million. The net profit attributable to the mother and the net profit not attributable to the mother are still struggling in the whirlpool of losses.
The main body of cosmetics business of Qingsong Co., Ltd. is Northbell. Northbell is mainly engaged in cosmetics ODM business, and its main products include masks, skin care products, wet wipes, etc. Its cooperative domestic brands cover many well-known brands of skin care and daily chemical listed companies, such as Perfect Diary under Yixian E-commerce, Winona under Betaine, etc. The cooperative listed companies include shanghai jahwa, Freda, Huaxi Bio, Betaine, etc.
Although it cooperates with a number of big brands, Northbell’s own profitability is not strong. In 2019, Qingsong acquired 90% equity of Northbell at a price of 2.43 billion yuan, forming a goodwill of 1.366 billion yuan. The corresponding performance commitment is: the audited net profit attributable to the owner of the parent company after deducting non-recurring gains and losses realized by Northbell in 2018 is not less than 200 million yuan; Northbell’s total net profit in 2018 and 2019 is not less than 440 million yuan; Northbell’s total net profit in 2018, 2019 and 2020 is not less than 728 million yuan.
From 2018 to 2020, Northbell realized net profit of RMB 210 million, RMB 243 million and RMB 287 million respectively, and accumulated net profit of RMB 740 million, fulfilling its performance commitment. After the performance commitment period, Northbell’s performance immediately changed face. In 2021, the operating income was 2.509 billion yuan, down 6.05% year-on-year, and the operating profit was 66 million yuan, which turned from profit to loss year-on-year.
It is worth noting that in 2023, the company devoted almost all its energy to the cosmetics business and failed to turn losses. According to the company’s performance forecast, in 2023, Northbell’s revenue will decline and its net profit will be lost. It is estimated that its operating income will be 1.9-2 billion yuan, down year-on-year; The estimated net profit loss is 45-38 million yuan.
Blue Moon sounded a profit warning due to increased marketing expenses? In the first half of the year, sales by category and offline channels dropped sharply.
On January 17th, Blue Moon Group, which was listed on the Hong Kong stock market, issued a profit warning with pre-reduced performance. It is expected that by the end of fiscal year 2023, the comprehensive profit attributable to shareholders of the company will be reduced by not less than HK$ 230 million compared with HK$ 611.4 million attributable to shareholders of the company for the year ended December 31, 2022.
According to the company’s announcement, the decrease in expected profit is mainly due to the increase in sales and promotion expenses, including increasing publicity through different sales channels, multimedia, omni-channel and consumer education to enhance the coverage of various sales and distribution channels and new products. It is noteworthy that in the first half of 2023, the company’s sales and distribution expenditure was HK$ 1.059 billion, a year-on-year decrease of 7.7%. This may indicate that in the third and fourth quarters of 2023, Blue Moon Group increased its marketing expenses.
The core reason for Blue Moon Group to increase its marketing expenditure may still lie in the serious homogenization of products and the unexpected channel development. The slogan "Blue Moon, Creating a New Era of Laundry in China" is deeply rooted in people’s hearts, and the brand of Blue Moon has become synonymous with laundry detergent. At the beginning of 2012, the market share of Blue Moon has reached 52.7%.
However, due to technical barriers and low barriers to entry, the dividend period of the Blue Moon did not last long. Domestic and foreign daily chemical enterprises urgently laid out the laundry detergent market and raced around the land, and the market quickly became a red sea from the blue ocean.
In order to compete for market share, brands spare no effort in marketing. Inviting popular stars to speak on their behalf and reducing prices have become the necessary marketing means for going out of the circle. Under this influence, the blue moon’s unique pattern has also been threatened by domestic and foreign brands such as Libai, Carving, Verus, Jinfang and Mystery. Although "winning the first comprehensive share of similar products for N consecutive years" is the core propaganda point of Blue Moon, several head enterprises are evenly matched, and the gap is small. The market share of Blue Moon Group is far less than that in the early stage of industry development.
With the intensification of brand competition in the market, Blue Moon Group is also slightly passive. In the first half of 2023, the sales of various products of the company fell sharply, of which the income of clothing cleaning and care products was HK$ 1.958 billion, down 20.1% year-on-year. The income from personal cleaning care products was HK$ 120 million, down 47.9% year-on-year; The income from household cleaning care products was HK$ 145 million, down 28.2% year-on-year.
In addition to product marketing, online and offline channel development is equally important for daily chemical brands. Judging from the channel expansion of Blue Moon in recent years, Blue Moon was removed from KA stores such as RT Mart and Carrefour in June 2015. Although Blue Moon returned to hypermarkets in a low-key manner in 2017, this move also weakened the advantages of Blue Moon’s offline channels to some extent.
In terms of channels, in the first half of 2023, the sales of offline distributor channels and direct sales to major customers declined significantly. Among them, online channel sales accounted for the highest proportion of HK$ 1.448 billion, down 1.9% year-on-year; The second channel of sales accounted for the offline distributor channel, with sales of HK$ 642 million, down 40.5% year-on-year; The revenue from direct sales to major customers was HK$ 132 million, down 49.5% year-on-year.
In the first half of 2023, the sales by category and channel dropped sharply, and the marketing expenses dropped. The company attributed the main reason for the decline in profit to the increase in marketing expenses or it was difficult to convince investors. Specifically, the root cause of Blue Moon Group’s profit decline in 2023 is the decline in sales of a certain category of products, or the decline in sales of a certain channel, as well as the overall inventory situation of the company, which remains to be further analyzed after the company’s official financial report is issued.
"Olympic Experience Field" public welfare activities let people feel "swimming without water"
Xinhuanet Changchun October 10 th "It’s so fresh! You can swim without water! " On the scene of Changchun Station, the "Olympic Experience Field" which was opened to the public free of charge on the 10th, the reporter and the people witnessed a device to realize "waterless swimming".
"This device is called an isokinetic stretcher. The experiencer can experience the fun of’ swimming without water’ as long as he lies on the stool in the middle, holds the stretcher with both hands and fixes his feet on the bracket." On the morning of the 10th, Zhang Ke, a staff member of the swimming experience hall of FAW-Volkswagen Olympic Experience Field, told reporters that this equipment was introduced to China in 2001. After improvement, it was mainly used for the training of professional athletes. This is the first time to meet the people.
Under the introduction of Zhang Kezheng, many visitors are eager to try. "How cool! And you can do all the strokes! The limbs are as tired as swimming in the water, "Ms. Teng, a citizen, told reporters after the experience. The reporter found that the size of the isokinetic stretcher is similar to that of the treadmill, and there are quantitative data such as speed, training time, amount of work done and action times on the instrument.
Zhang Ke said: "At first, this equipment was invented mainly to ensure that professional swimmers can train without water. Now, it can make people swim without water in the Olympic experience activities, giving people a sense of novelty. It can be said that this kind of equipment is entirely possible to enter the gym one day and become a new project of national fitness. "
"FAW-Volkswagen Olympic Experience Field" is a large-scale Olympic public welfare promotion activity with national participation. The first stop of Changchun Station will last from 9th to 14th, and then it will land in Shanghai, Guangzhou, Beijing, Chengdu and other cities in turn, lasting for 6 months.
Editor: Zhu Xinrui
France banned the sale of fireworks during the National Day this year.
Xinhua News Agency, Beijing, July 10-The French government issued a decree on the 9th prohibiting the sale, possession, transportation and discharge of fireworks during the French National Day this year, in order to "prevent the public order from being seriously disturbed during the festival".
July 14th is French National Day. According to Agence France-Presse, the fireworks ban is valid for two days on 14th and 15th, but the festival fireworks show organized by local municipal departments and professionals will not be affected.
On the evening of July 2, the police patrolled near the Arc de Triomphe in Paris, France. Xinhua News Agency reporter Gao Jingshe
As the domestic riots that have lasted for many days tend to subside, the French government is making every effort to restore order. French Prime Minister Elizabeth borne told Le Parisien on the 8th that the government would use "a lot of means" to protect the people during the National Day.
On June 27th, in Nanterre, Haute Seine, France, a 17-year-old boy was killed when a police officer stopped a car and fired. The incident caused strong reactions from all walks of life in France. Since the evening of June 28, riots in different degrees have continued to occur in many cities in France. Meanwhile, some rioters attacked the police with fireworks.
On the evening of July 2, the police patrolled the Champs Elysé es in Paris, France. Xinhua News Agency reporter Gao Jingshe
French President Emmanuel Macron said on July 4th that the "peak period" of riots has passed, but caution is still needed in the coming weeks.
In addition, the French capital, Paris, the southern port city of Marseille, and many other places held rallies and demonstrations on the 8th to mourn the African-American French man adama Traore and oppose the police’s violent law enforcement. On July 19, 2016, 24-year-old Traore died while being detained by the police in the suburbs of Paris, which triggered demonstrations and riots in many places in France. (Wang Hongbin)
Involving many well-known brands! In one day, more than 30 cars and motorcycles were urgently recalled →
Smith’s "concussion" poster warns doctors against rugby league.
??1905 movie network news Concussion, a sports movie starring will smith, recently released its first poster and trailer. On the poster, Smith stood in front of a wall composed of football players’ helmets, thoughtfully. He seems to be caught in a huge dilemma.
The first trailer almost told the whole content of the film. In the trailer, will smith, a brain surgeon, discovered the reasons why rugby players committed suicide one after another after scanning and dissecting the players’ brains. He wants to stand up for the athletes, but his actions are bound to be banned by the top management of the NFL. The dilemma then appeared, and he chose to stand on the side of athletes and victims. And in doing so, it will certainly put him in jail. Smith’s acting skills in the film are the biggest attraction.
According to the real events and characters, the doctor played by Smith is called Bennet Omalu, who is a well-known expert in cranial nerve kinematics. At that time, the article he published with another co-author caused an uproar among the American people and the football world. After a great deal of research and theoretical modeling, these two experts exposed a shocking truth. That is, every professional football player has to experience countless brain impacts in the course of his long career. Some people will have dizziness, trembling and other symptoms, while others will have some symptoms of serious brain sports injuries, which will bring some football players into the result of suicide.
The film was directed by Peter Landesman. His first film in 2013 was also a film adapted from a real event, and he participated in the Venice Film Festival in 2013. At present, "Concussion" has been scheduled to be released this Christmas. There is no doubt that the goal of the film is the award season.
In the Anti-Japanese War, where was the Communist Party of China (CPC)’s role as a mainstay?
(Sports International Football) Serie A Synthesis: Lazio beat Florence Atlanta and Empoli.
Xinhua News Agency, Rome, October 30 (Li Mengqing) The 10th round of Italian Football League ended on the 30th. Lazio beat Florence with a penalty in stoppage time, with a countdown of 1:0. Atalanta beat Empoli 3-0 away, and Scamacca contributed two goals and one assist for the team.
The "Blue Eagle" played against the "Viola". In the 13th minute, Florence striker beltran scored a goal, but it was ruled that the handball was first and the goal was invalid. In the 16th minute, his header hit the post again. Since then, both sides have tried to shoot one after another, but the score of 0-0 lasted until stoppage time. Lazio’s Vecino headed the goal, but I didn’t expect milenkovic to open his arm and stop the ball at the crucial moment. This was an obvious hand ball, and the referee decisively awarded a penalty. Inmobile hit a penalty, helping Lazio beat their opponents with a 1:0 countdown, and Serie A won three consecutive victories.
Atalanta dominated the game against Empoli, and Scamacca’s performance was very eye-catching from the beginning of the first half. In the 5th minute, he received lukman’s assist and hit the ball with his heel, winning the first prize. In the 29th minute, Scamacca sent a cross to teammate Cooper Menas, who pushed the goal in the restricted area to expand the visiting team’s lead.
Yi Bian fought again, and Scamacca received De Roon’s dexterous assist, and volleyed at the edge of the restricted area to break the goal, and finally Atalanta won 3-0. (End)
0 am! The Beijing media made a controversial report: China football became a joke, and fans swore.
At 0: 00 a.m. Beijing time on November 3rd, after the China women’s football team was confirmed to miss the Paris Olympic Games, Beijing Youth Daily reported on it. They said that Song Kai, president of the China Football Association, watched the live broadcast of the women’s football match between China and South, and had a very clear understanding of the current problems and difficulties faced by the women’s football team in China. Such reports also caused great controversy and discussion.
"Song Kai watched the live broadcast of the women’s football match between China and South Korea," wrote Beijing Youth Daily. Prior to this, he also went to the scene to watch the first round of China-DPRK women’s football match in the Olympic preliminaries at this stage.
The new head of China Women’s Football Association has a very clear understanding of the current problems and difficulties. China Football Association will also join hands with representatives from all aspects of women’s football field to conduct in-depth research and communication to discuss the future of women’s football in China. "
From the report of Beijing Youth Daily, we can see that Song Kai had a clear understanding of the team’s problems by watching the women’s football match in China. Although the media did not disclose more information, their report not only made China football a joke, but also attracted a lot of fans’ condemnation.
A goal said, "You can have a clear understanding after watching a game, Niu, don’t you talk nonsense?" Some fans also said: "These reporters have a profound knowledge of writing, and they understand it all the time. He knows it is useless. How can it help?" Onlookers said they were looking forward to it. "
Of course, some fans said: "Football professionals have not understood the whole thing for decades. He knows everything after watching a game. This is not a genius." "The somebody else’s head coach all dare not say understand, see a didn’t even see the complete game to understand? Who believes this? "
Pippen’s 49-year-old ex-wife and Jordan’s son date at the weekend! It’s so tender to wear a strapless dress. Jordan’s son is crazy about it.
Larsa, Pippen’s ex-wife, is completely in her fifth year. Larsa, 49, and Marcus, Jordan’s 32-year-old son, have a stable relationship, and although they are different in seniority, they are really diligent in keeping their feelings fresh. On Saturday, local time, Pippen’s ex-wife and Jordan’s son went to a bar for a date. The 49-year-old Larsa was totally a spice girl, and Jordan’s son was too obsessed with this sibling relationship.
First, Pippen’s ex-wife wears a strapless dress, and the spice girl style is very eye-catching
Larsa, 49, and Pippen, her ex-husband, have raised several children together. The oldest son is 22 years old, but the difference between Larsa and Jordan’s son is 27 years old.
Pippen’s ex-wife and Jordan’s son have been in love since last September, and it has been almost a year since this generational relationship. Despite Jordan’s public statements, he himself disagreed with his son’s relationship.
However, this has not affected the feelings of my son and Larsa at all, and they have no shortage of dating and vacation. Larsa’s appearance that day is very girly, with a black halter top and a translucent design showing a black bra. After all, Larsa has given birth to several children, so her waist and abdomen are still a little wrinkled after giving birth. Although she is very strict with her body management, some stretch marks are inevitable.
However, some crumpled bellies didn’t affect Larsa’s self-confidence, and she was still so generous, and her waist was still very sexy.
Although Jordan’s son is so much younger than his girlfriend, he is really careful in taking care of his girlfriend. He always holds his girlfriend’s hand so intimately in public. This love between brother and sister is a love affair by netizens.
Larsa is paired with a pair of jeans with tooling style, and smoky gray jeans and a black coat are also a must. And Jordan’s son is used to sports style modeling, which is also a combination of gray and black. The matching of their lovers’ clothes is also very sweet.
Larsa, 49, faced this controversial love affair bravely. The show love between her and Jordan’s son only increased!
After all, the relationship between Pippen and Jordan is there. It is estimated that Jordan will be a little embarrassed if he sees Pippen now!
Second, Pippen’s ex-wife refuses to accept the old age, and her style is super age-reducing.
49-year-old Larsa’s styling style really imitates Kim Kardashian’s feeling. A short tight top is matched with loose pants, and then decorated with a delicate small bag, which perfectly shows her figure proportion.
Before, there were rumors that Larsa and Jordan’s son were engaged, and Jordan was probably mad! After all, Jordan’s current wife is young in bilal! It’s a bit of a mess.
Larsa can wear a sexy and hot feeling on a simple vest. In fact, Larsa’s dress is not always so conservative, and wearing a low-cut dress is also her favorite.
Some time ago, Pippen’s ex-wife had a 49th birthday, and her style was even hotter. Such a dazzling mini skirt is very eye-catching just from the fabric.
Jordan’s son does look older than his actual age. Jordan’s 32-year-old son and Pippen’s 49-year-old ex-wife really don’t have much sense of disobedience from the outside.
Pippen’s 49-year-old ex-wife and Jordan’s son date at the weekend! It’s so tender to wear a strapless dress. Jordan’s son is crazy about it.
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