On March 29, 2022, Blue Moon released its full-year financial report for 2021. The data showed that Blue Moon achieved revenue of HK$7.597 billion in 2021. Revenue in the same period in 2020 was HK$6.996 billion, a year-on-year increase of 8.6%. However, in 2021, it will return t

Blue Moon investor and founder of Hillhouse Capital Zhang Lei once said that Blue Moon is like the early "Chinese version of Procter & Gamble ".

However, judging from the current development trend, Blue Moon is still far from becoming the Chinese version of P&G.

On March 29, 2022, Blue Moon released its 2021 full-year financial report. The data showed that Blue Moon achieved revenue of HK$17.597 billion in 2021. Revenue in the same period in 2020 was 6.996 billion, a year-on-year increase of 8.6%. However, in 2021 Net profit attributable to the parent company was recorded at HK$1.0144 billion, a year-on-year decrease of 22.5% from HK$21.3094 billion in the same period of 2020.

Blue Moon's gross profit in 2021 was HK$4.44 billion, a year-on-year decrease of 1.7%, and its gross profit margin dropped from 64.5% in 2020 to 58.4% in 2021.

Among them, the revenue of Blue Moon clothing cleaning and care products was HK$6.457 billion, accounting for about 85% of the annual revenue from about 80% in 2020, a year-on-year increase of 15.4%.

Personal cleaning and care product revenue was HK$602 million, a year-on-year decrease of 28.0%; household cleaning and care product revenue was HK$539 million, a year-on-year decrease of 4.5%.

It can be seen that Blue Moon's main business is focused on clothing cleaning and care products, and the other two businesses have experienced year-on-year revenue declines in 2021.

In addition, in July 2021, Blue Moon issued a "Profit Warning", mentioning at that time that their net profit shifted from a profit of HK$302 million in the first half of 2020 to a loss of HK$44 million in the first half of 2021.

Blue Moon once analyzed the reasons and mentioned: " has a surplus of lower-priced products on the platform of non-Blue Moon customers in the market, causing the company's pricing strategy and product price system in the market to be disrupted. To unify The pricing of products in the market, the company provides certain discounts to customers to stabilize the market price of the product, thus causing a negative impact of approximately 9% on the gross profit margin in the first half of 2021."

It can be seen that Blue Moon still needs to continue to improve its product sales channels. control ability. Try to avoid excess lower-priced products on non-Blue Moon customer platforms.

If you compare the financial reports of Blue Moon and P&G, first of all, in terms of revenue, Blue Moon's scale is still too small. P&G's single-quarter revenue for the second fiscal quarter of 2022 as of December 31, 2021, was US$20.953 billion, while Blue Moon's full-year revenue was only HK$17.597 billion. And P&G's net profit in this financial quarter increased by 10% year-on-year, while Blue Moon's net profit for the whole year of 2021 has declined sharply.

Secondly, Blue Moon's revenue structure mainly relies on clothing cleaning and care products, but P&G's revenue structure is relatively more diversified and more stable.

According to Procter & Gamble's 2022 second fiscal quarter financial report, its business atmosphere is divided into five major categories: cosmetics, toiletry products, health care products, textiles and home care products, and baby women and home care products. Revenues were US$13.926 billion, US$1.811 billion, US$2.976 billion, US$6.972 billion, and US$5.116 billion respectively. The proportion of its business revenue is relatively scattered, and there will not be a single business that is the absolute backbone.

P&G

Blue Moon still needs more exploration in terms of category expansion.

In addition, P&G's stock price rose from US$133 at the beginning of 2021 to US$162 at the end of 2021, showing an upward trend. However, Blue Moon's stock price dropped from HK$16.93 at the closing price on January 4, 2021, to HK$7.4 at the closing price on December 31, 2021, a 56.29% decline within a year, and the stock price was cut in half.

Therefore, at this stage, Blue Moon still has a long way to go before becoming "China's P&G".