The recent stock market has a flavor of "magic realism". On June 27, #26 Chinese retail investors were fined over 500 million by US Securities Regulatory Commission for being a banker. # became a hot search topic. Shandong retail investors went to the United States to manipulate US stocks . They stole the chicken but failed to lose the rice, and were severely punished by the US SEC. On the other hand, Muse shares, which had been exposed as a "fake foreign brand" due to an inquiry letter from the China Securities Regulatory Commission, were listed on the main board of the Shenzhen Stock Exchange on June 23, causing a sigh of relief.
As we all know, all A-share listed companies should assume their own social responsibilities. Since the "fake foreign brand" incident of Mousse until now, Mousse has never given the public a satisfactory explanation on the true identity of the foreign elderly people in its advertisements, as well as whether there is false propaganda in the product's external promotion.
is now listed on the market amid repeated doubts, and more questions are coming.
html spent 4 billion on marketing in 13 years, where does the money come from?
In the past two years, in order to hit the IPO, Mousse's financial report data looks particularly "beautiful". Data shows that Mousse’s revenue in the past three years was 3.862 billion, 4.452 billion, and 6.481 billion, a year-on-year increase of 21.16%, 15.29%, and 45.56%. The superficial glamor cannot hide the fact that this company likes to take "shortcuts", which can be seen at a glance when comparing the gross profit margin. According to the prospectus of Mousse, the gross profit margins in the past three years have been 53.49%, 49.14%, and 44.45% respectively, which is 10 to 15 percentage points higher than the average of its peers.
’s ultra-high gross profit margin relies on low-cost investment. Take the mattress category as an example. As the most profitable product line of Mousse, the average unit cost of mattresses in the past three years has been around 900 yuan, but most mattress products in Mousse stores are priced at around 10,000 yuan. , the huge profits can be imagined. Why does
dare to sell it at such a high price when it is cheap? It must be said that Mousse is very smart and knows how to use marketing to establish a "personality" for herself, and she does not hesitate to spend a lot of money to establish a "high-end" brand image. According to the prospectus of Mousse Shares, from 2019 to 2021, the sales expenses of Mousse Shares were 1.21 billion yuan, 1.11 billion yuan, and 1.6 billion yuan respectively. The total expenses in the three years were close to the terrifying 4 billion, and a certain peer The three-year sales expenses of listed companies are only 2.8 billion yuan, which pales in comparison.
is so famous that it is difficult to live up to it. The wool comes from the sheep, and marketing without product strength is ultimately a castle in the air. When more and more people begin to understand the truth, and when the "foreign leather coat" marketing method is completely exposed, is Mousse's mattress, which costs tens of thousands of yuan, a symbol of high-end and luxury, or is it synonymous with cutting leeks and IQ tax? I believe the answer is self-evident.
However, dealers are more "sober in the world" than consumers. In August last year, Muse Hubei dealers reported that Muse had withheld their taxes, and many dealers responded. In this regard, in addition to verbal defense, Mousse has yet to come up with an effective solution, which inevitably makes people speculate about the inaction of Mousse's internal management and the chaos of its business methods.
is disloyal to consumers and unjust to partners. When such a company enters the A-share market, how can it be honest with investors and win their trust?
7 invention patents, can the image of "sleep leader" stand up?
Mousse has always presented itself as the "global sleep brand leader". It has not only been deeply involved in the sleep field for more than ten years, but also emphasized attaching great importance to research and development, striving to achieve iterative upgrades of the product matrix through design, material and intelligent technology innovation to improve people's sleep. quality.
So is this really the case?
According to the prospectus, mousse’s investment in R&D is only a drop in the bucket compared to its investment in marketing. Data shows that Mousse’s R&D expenses from 2019 to 2021 totaled 319 million yuan, accounting for approximately 2% of operating income and less than one-twelfth of marketing expenses.
The stingy investment in research and development has also led to the "short pocket" of scientific research patents.In terms of self-owned patents, as of December 31, 2021, the company and its subsidiaries owned 940 patent rights in the country, including 730 design patents, 203 utility model patents, and only 7 invention patents.
I believe everyone in the industry knows that the value of patented technology is usually invention > utility model > design. If more than 70% of a company's scientific research patents are design-related, then the company's R&D level is actually stretched thin.
Despite the lack of “dry goods”, Mousse still regards itself as a technology-driven enterprise and has made great efforts in the application of new materials. It launched a new material mattress with “space resin balls” imported from Japan, which it said was the only one on the market. Toyota exclusive authorized agent.
Komousse’s prospectus shows that the materials for the “space resin balls” are purchased from Dongguan Sino-Japanese Home Furnishing Co., Ltd. and are not imported. Moreover, the material is not a natural product, but a synthetic chemical product, and the relevant trademark application status also shows that it is invalid and awaiting substantive review. Does this quality of mattress really improve sleep?
It can be said that when R&D investment and output are not outstanding, it is difficult for Mousse itself to join the ranks of technological innovation companies, and its image as a leader in the sleep industry is also difficult to sustain.
The truth may be buried, but it will not disappear into thin air. As the most important part of the market circulation, consumers and shareholders must also view the listing of Muse shares rationally. Only by understanding the operating logic and product strength behind it can we know the truth and take the initiative in investment and consumption.
