Tianyan Girl looked at the prospectus of Fuerjia , and found that his conscience still restricted his imagination.
Fuerjia's prospectus shows that from 2019 to 2021,Fuerjia's revenue was RMB 1.342 billion, RMB 1.585 billion and RMB 1.65 billion, respectively, while net profit reached RMB 661 million, RMB 648 million and RMB 806 million, with a comprehensive gross profit margin of 76.97%, 76.47% and 81.95% respectively.
What is this concept?
Tianyanmei checked the gross profit margin of the beauty industry. According to the "2019 China Beauty Industry Research Report", the gross profit margin of cosmetics companies is above 60%, and the gross profit margin of Internet celebrity brands is between 60% and 60%-80%.
In other words, Fuerjia's gross profit margin even exceeded that of internet celebrity brands in 2021.
Do you still remember Zhiwang? At that time, the gross profit margin of CNKI's almost every year exceeded 50% , which has already shocked many people and thought it was a profitable business. Now the gross profit margin of the beauty industry is even better than that of CNKI. It is not an exaggeration to describe this industry as "huge profits".
In Fuerjia's prospectus, they also disclosed their production and operation models. Before reorganization with Beixing Pharmaceutical, Fuerjia mainly obtained its main business products through the external procurement of finished products of through . After the reorganization, it adopted the production method of independent production and commissioned production.
From January 2018 to February 2021, Fuerjia cooperated with Harbin Sanlian (Fuerjia's current second largest shareholder). Harbin Sanlian is responsible for the exclusive production of products, and Fuerjia is responsible for the exclusive sales, promotion and brand operation and maintenance of products.
Cough cough, this should be considered an OEM product, right?
Even though Fuerjia has the method of independent production now, the scale should not be large. After all, the company's production staff is only 215...
From the prospectus, Tianyan Mei also found that the cost of Fuerjia's sales channel is increasing day by day. It spent 115 million in 2018, but by 2021 it had risen to 264 million, and the sales expense ratio also increased from 8.6% to 16.01%.
Instead of double the sales expenses, it is better to study the product carefully. Is the R&D team of 6 people a bit too shabby? After all, good products are the magic weapon for a company to operate for a long time...
