https: // news.cnblogs.com/n/659937/ It turns out that what is worth buying is also a listed company.
Author / Hong Jian
Source: Capital Detective (ID: deep_insights)
There must also be such friends around you, who can always know which website is doing the activity and when it is the most cost-effective to purchase large items. These online shopping veterans skillfully use various shopping guide tools, and "what is worth buying" is one of the websites they often visit.
On July 15, last year, "What is worth buying" (referred to as "worth buying"), which was founded nine years ago, was officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market and was called "the first domestic e-commerce shopping guide". The opening price on the first day of listing was 34.1 yuan, a 20% increase from the issue price, and the closing price was 40.92 yuan, an increase of 43.98%, which touched the limit of the first day of listing.
What people love to talk about more is that it is worth buying the resignation of the executives after listing. On July 25 last year, Liu Xiaoru, the director and COO worth buying, and Yu Zhenbo, the director, submitted their resignations to the company. From the outside world's perspective, the reason for the high-level turmoil that is worth buying and listing soon is simple-the founder Sui Guodong is too "pulled".
Before the IPO, Sui Guodong controlled a total of 67.78% of the shares worth buying. After the IPO, Sui Guodong's total holdings were still as high as 50.83%. In sharp contrast to this, CEO Na Xin, COO Liu Xiaoru, and director Yu Zhenbo, etc., who were worth buying, did not hold shares. In other words, Sui Guodong received most of the benefits from the company's listing, but executives failed to share.
In terms of salary, Sui Guodong ’s pre-tax annual salary was 1.38 million, CEO Na Xin ’s pre-tax annual salary was 1.08 million, CFO Li Nan ’s 1.64 million, CTO Liu Feng ’s salary of 1.14 million, and COO Liu Xiaoru ’s only about 680,000. This is probably because the salary level of the executives of listed companies is very low.
According to the annual report, it is worth buying CEO Na Xin to resign in March this year. However, according to "Shen Xing", his resignation is not entirely due to the "slot point" guessed by the outside world, and more information may be disclosed in the subsequent trend.
After the listing, it is worth buying all the way to gain capital. After the listing, the stock price doubled, and the highest intraday price hit 216.4 yuan. As of the close on April 15, the share price worth buying was 151.57 yuan, with a market value of 8.084 billion yuan.
On the evening of April 14, it is worth buying to publish its full-year financial report for 2019. The financial report shows:
It is worth buying for the whole year to achieve revenue of 662 million yuan, a year-on-year increase of 30.43%;
The net profit attributable to shareholders of listed companies was 119 million yuan, an increase of 24.35% year-on-year;
After deducting non-recurring gains and losses, the net profit attributable to shareholders of listed companies for the whole year was 107 million yuan, an increase of 23.49% year-on-year.
In 2019, the average number of monthly active users worth buying is 29,512,800, a year-on-year increase of 11.18%;
As of December 31, 2019, the number of registered users worth buying was 11.1583 million, and the number of mobile APP activations was 360.105 million.
It can be seen that this company that has come from the PC era is still on the growth track, but its growth rate is showing a trend of slowing down year by year. In addition, due to the emergence of new outlets in industries such as live broadcast e-commerce and short video delivery, traditional website shopping guide traffic has been divided, and the growth prospects worth buying are uncertain.
01
Continued profitability, but growth slows down year by year
Worth buying As a shopping guide website, it does not itself enter the supply chain, commodity sales and other links. The financial report shows that in 2019, the net transaction value of the website and its mobile-oriented e-commerce and brand companies reached 15.107 billion yuan, an increase of 47.92% year-on-year.
In terms of income structure, the main sources of revenue worth buying are information promotion income and Internet effect marketing platform income. For the whole year of 2019, the revenue of information services worth buying is 449 million yuan, an increase of 10.21% year-on-year, accounting for 67.8% of the total revenue; the revenue of the Internet effect marketing platform is 213 million yuan, an increase of 113.22% year-on-year, accounting for the total revenue The ratio is 32.1%.
Information service income worth buying mainly includes e-commerce shopping guide commission income and advertising income. E-commerce shopping guide commission income refers to directing traffic to e-commerce platforms or brand websites such as Tmall, JD.com through shopping guide content, and drawing commission from the transaction amount. Advertising revenue is worth buying the advertising space that provides customers with a website or mobile page to obtain advertising display revenue.
Internet revenue marketing platform revenue refers to the value of buying through LinkStars, which pushes the marketing needs of advertisers contracted by the platform to content publishers, who promote products and brands to consumers, and LinkStars according to marketing effectiveness Charge commissions to advertisers. In short, LinkStars is an advertising and marketing service middleman that connects brands on one end and traffic on the other.
(Source: worth buying financial reports)
It can be seen that the income worth buying mainly comes from commissions and advertising. The business model is "lighter" and does not involve the heavy asset part of the offline, so it also maintains a high gross profit margin. In 2019, the gross profit worth buying is 474 million yuan, and the gross profit margin is 71.6%, but it is down from 84% and 73.7% in 2017 and 2018.
Compared with the Internet companies that are losing hundreds of millions of dollars today, it is worth buying to maintain profitability for several years. The financial report worth buying shows that in 2019, the net profit attributable to shareholders of listed companies is 119 million yuan, and the net interest rate is 18%; the net profit attributable to shareholders of listed companies is 107 million yuan, and the net interest rate is 16.2%. The item net profit rate has decreased compared to the previous two years.
02
When the live broadcast takes goods to snatch the traffic
As a shopping guide platform based on UGC content, it is worth buying for many years of hard work in the shopping guide field, not involved in other links of e-commerce, try more monetization paths. Compared with some "restless" counterparts, it is worth buying very steadfast.
Thanks to the precipitation of high-quality content, coupled with the upgrade of the recommendation system, it is still worth buying today as a platform for online shopping veterans. According to the financial report, it is worth buying 5.167 million content in 2019, an increase of 84.23% year-on-year, of which the number of user-contributed content is 4.32 million, accounting for 76.91%, an increase of 101.79% year-on-year.
But on the other hand, many changes have taken place in the e-commerce industry in recent years. The success of Li Jiaqi and Wei Ya has shown the great energy of live streaming and bringing goods. Even Luo Yonghao also read the research report of China Merchants Securities and entered the e-commerce live broadcast, and hit " The slogan of "the lowest in the whole network". At present, whether it is Taobao, which has begun to test water in the early days, or head platforms such as WeChat, or Baidu and Betta, which are coming soon, are intensively broadcasting live goods.
The changes in the method of bringing goods are turning upside down, and traditional e-commerce shopping guides are suffering. For users, the core requirement is to buy the desired product at a low price. Whether it is through the website or live broadcast is not important. There is no doubt that when e-commerce live broadcast becomes the hottest way to bring goods, the traffic that is worth buying is bound to be divided.
It ’s worth buying, and it has accumulated a loyal user base. However, in the context of increasingly fierce competition in the industry, this solidity has also made its growth prospects uncertain. Judging from the financial report worth buying, the changes in the industry environment have had a large impact on its basic market.
The main source of revenue worth buying comes from information promotion revenue. The growth rate of this revenue in 2019 (10.21%) is significantly lower than the growth rate of total revenue (30.43%). What really drives the growth of revenue is the Internet effect marketing platform revenue . Correspondingly, the proportion of Internet effect marketing platform revenue in total revenue is also increasing year by year.
In other words, it is worth buying a platform that still focuses on content shopping guides. However, due to changes in the industry environment, it is increasingly relying on Internet performance marketing platform revenue to drive growth, which makes it look more like an advertising company.
Slogan worth buying is "Careful life, spend money". Similar to this sentence, the development that is worth buying is also somewhat safe and conservative. When the financing rounds of other Internet companies are constantly refreshed, it is worth buying from the establishment to the IPO. In September 2015, it only received a 100 million yuan A round of financing from Huachuang Capital. The business has always focused on shopping guides.
In the financial report, it is worth buying to disclose the company's key business plan for 2020, and exploring short video and live broadcast content is also among them. In the face of changes in the industry environment and increasingly fierce competition, it is worthy to buy and can not stand still.