Source: China Economic Network
China Economic Network Editor's Note: On September 2, Beijing Shuju Zhilian Technology Co., Ltd. (referred to as "Shuju Zhilian") will be launched at the conference. The sponsor is Credit Suisse Securities (China) Co., Ltd., and the sponsor representatives of are Guo Yuhui and Mao Shaomeng. The company plans to be listed on the Shenzhen Stock Exchange GEM, issue no more than 45,090,000 shares, and raise 800,000 million yuan of funds, respectively, for brand acceleration projects, comprehensive operation service center construction projects, enterprise information management system construction projects, and supplement working capital.
prospectus shows that Shuju Zhilian is a comprehensive full-link e-commerce operation service provider that drives sales with product efficiency marketing. Its main business income consists of brand e-commerce operation services, channel distribution business and product efficiency marketing business.
From 2018 to 2021, Shuju Zhilian's operating income was RMB 832.2648 million, RMB 1079.9468 million, RMB 147.32966 million, and RMB 177.07141 million, net profit and net profit attributable to the parent company owner were RMB 10.0595 million, RMB 42.7217 million, RMB 93.3874 million, and RMB 98.8401 million, respectively. After deducting non-recurring gains and losses, , the net profit attributable to the parent company owner was RMB 24.9309 million, RMB 44.5079 million, RMB 87.4095 million, and RMB 85.9837 million, respectively.
During the same period, the net cash flow generated by the company's operating activities was RMB 64.35 million, RMB -54.8982 million, RMB 16.953 million, and RMB -64.4809 million, RMB 949.257 million, RMB 117.49769 million, RMB 164.07447 million, and RMB 188.58495 million, RMB 94.9257 million, RMB 117.446 million, RMB 164.07447 million, and RMB 188.58495 million, respectively.
After calculation, the company's net cash ratio was 6.40, -1.29, 0.18, and -0.65 respectively.
Based on the actual operating conditions of the company, it is estimated that the company's operating income from January to June 2022 was RMB 730 million-750 million, with a change ratio of -1.29% to 1.41%; the net profit attributable to the parent company's owner was RMB 38.5 million-41 million, with a change ratio of -5.79% to 0.32%; the net profit attributable to the parent company's owner after deducting non-recurring gains and losses was RMB 38 million-40.5 million, with a change ratio of -4.23% to 2.07%.
Shujuzhilian mainly relies on major mainstream e-commerce platforms to carry out online retail and agency operations. From 2019 to 2021, the total revenue generated by online retail business, brand agency operation business, and channel distribution business on the Tmall platform accounted for 79.90%, 75.43% and 73.82% of the total revenue of similar types, respectively, accounting for a relatively high proportion.
Shujuzhilian's gross profit margin has been at the bottom of the same industry for four consecutive years. From 2018 to 2021, the comprehensive gross profit margin of Shuju Zhilian was 29.08%, 29.49%, 25.35% and 22.13%, respectively, down 4.14 percentage points and 3.22 percentage points from the previous year in 2020 and 2021, respectively. The average comprehensive gross profit margin values of comparable listed companies in each period are 36.89%, 37.42%, 37.27% and 38.17% respectively. Among them, Ruoyuchen's comprehensive gross profit margin was 32.79%, 34.25%, 31.13%, and 31.60% respectively; Lirenlizhuang's comprehensive gross profit margin was 36.63%, 35.61%, 30.35%, and 36.46% respectively; Yiwang Yichuang 's comprehensive gross profit margin was 42.59%, 43.04%, 47.83%, and 47.61% respectively; Kaichun Co., Ltd.'s comprehensive gross profit margin was 30.02%, 30.66%, 28.61%, and 27.95% respectively; Qingmu Co., Ltd.'s comprehensive gross profit margin was 42.43%, 43.55%, 48.45%, and 47.24% respectively.
In addition, Shujuzhi's total R&D expenses for four consecutive years totaled 20.79 million yuan, and the R&D expense ratio has been lower than the industry average for four consecutive years, and has fallen below 0.5% in the past three years. From 2018 to 2021, the company's R&D expenses were RMB 5.2089 million, RMB 4.0412 million, RMB 3.4406 million and RMB 8.0993 million, respectively, accounting for 0.63%, 0.37%, 0.23% and 0.46% of operating income, mainly for the salary of R&D personnel. The R&D expenses in 2021 have increased, mainly due to the increase in R&D investment in the company's own brand doctoral nursing and information technology systems.
Compared with comparable companies in the same industry, Shuju Zhilian's R&D expense rate is not as high as the average. From 2018 to 2021, the average R&D expense ratios of comparable companies in the same industry were 2.02%, 1.95%, 2.02% and 1.94% respectively.
At the end of 2018, the end of 2019, the end of 2020 and the end of 2021, the book balance of the company's accounts receivable was RMB 90.4873 million, RMB 114.6072 million, RMB 122.3851 million, and RMB 188.1891 million, bad debt reserves were RMB 1.1413 million, RMB 1.4031 million, RMB 2.0951 million, and RMB 3.7397 million, respectively, and the book value of the accounts receivable was RMB 89.346 million, RMB 113.2041 million, RMB 120.29 million and RMB 184.4494 million, respectively. Source: China Economic Network China Economic Network Editor's Note: On September 2, Beijing Shuju Zhilian Technology Co., Ltd. (referred to as "Shuju Zhilian") will be launched at the conference. The sponsor is Credit Suisse Securities (China) Co., Ltd., and the sponsor representatives of are Guo Yuhui and Mao Shaomeng. The company plans to be listed on the Shenzhen Stock Exchange GEM, issue no more than 45,090,000 shares, and raise 800,000 million yuan of funds, respectively, for brand acceleration projects, comprehensive operation service center construction projects, enterprise information management system construction projects, and supplement working capital. prospectus shows that Shuju Zhilian is a comprehensive full-link e-commerce operation service provider that drives sales with product efficiency marketing. Its main business income consists of brand e-commerce operation services, channel distribution business and product efficiency marketing business. From 2018 to 2021, Shuju Zhilian's operating income was RMB 832.2648 million, RMB 1079.9468 million, RMB 147.32966 million, and RMB 177.07141 million, net profit and net profit attributable to the parent company owner were RMB 10.0595 million, RMB 42.7217 million, RMB 93.3874 million, and RMB 98.8401 million, respectively. After deducting non-recurring gains and losses, , the net profit attributable to the parent company owner was RMB 24.9309 million, RMB 44.5079 million, RMB 87.4095 million, and RMB 85.9837 million, respectively. During the same period, the net cash flow generated by the company's operating activities was RMB 64.35 million, RMB -54.8982 million, RMB 16.953 million, and RMB -64.4809 million, RMB 949.257 million, RMB 117.49769 million, RMB 164.07447 million, and RMB 188.58495 million, RMB 94.9257 million, RMB 117.446 million, RMB 164.07447 million, and RMB 188.58495 million, respectively. After calculation, the company's net cash ratio was 6.40, -1.29, 0.18, and -0.65 respectively. Based on the actual operating conditions of the company, it is estimated that the company's operating income from January to June 2022 was RMB 730 million-750 million, with a change ratio of -1.29% to 1.41%; the net profit attributable to the parent company's owner was RMB 38.5 million-41 million, with a change ratio of -5.79% to 0.32%; the net profit attributable to the parent company's owner after deducting non-recurring gains and losses was RMB 38 million-40.5 million, with a change ratio of -4.23% to 2.07%. Shujuzhilian mainly relies on major mainstream e-commerce platforms to carry out online retail and agency operations. From 2019 to 2021, the total revenue generated by online retail business, brand agency operation business, and channel distribution business on the Tmall platform accounted for 79.90%, 75.43% and 73.82% of the total revenue of similar types, respectively, accounting for a relatively high proportion. Shujuzhilian's gross profit margin has been at the bottom of the same industry for four consecutive years. From 2018 to 2021, the comprehensive gross profit margin of Shuju Zhilian was 29.08%, 29.49%, 25.35% and 22.13%, respectively, down 4.14 percentage points and 3.22 percentage points from the previous year in 2020 and 2021, respectively. The average comprehensive gross profit margin values of comparable listed companies in each period are 36.89%, 37.42%, 37.27% and 38.17% respectively. Among them, Ruoyuchen's comprehensive gross profit margin was 32.79%, 34.25%, 31.13%, and 31.60% respectively; Lirenlizhuang's comprehensive gross profit margin was 36.63%, 35.61%, 30.35%, and 36.46% respectively; Yiwang Yichuang 's comprehensive gross profit margin was 42.59%, 43.04%, 47.83%, and 47.61% respectively; Kaichun Co., Ltd.'s comprehensive gross profit margin was 30.02%, 30.66%, 28.61%, and 27.95% respectively; Qingmu Co., Ltd.'s comprehensive gross profit margin was 42.43%, 43.55%, 48.45%, and 47.24% respectively. In addition, Shujuzhi's total R&D expenses for four consecutive years totaled 20.79 million yuan, and the R&D expense ratio has been lower than the industry average for four consecutive years, and has fallen below 0.5% in the past three years. From 2018 to 2021, the company's R&D expenses were RMB 5.2089 million, RMB 4.0412 million, RMB 3.4406 million and RMB 8.0993 million, respectively, accounting for 0.63%, 0.37%, 0.23% and 0.46% of operating income, mainly for the salary of R&D personnel. The R&D expenses in 2021 have increased, mainly due to the increase in R&D investment in the company's own brand doctoral nursing and information technology systems. Compared with comparable companies in the same industry, Shuju Zhilian's R&D expense rate is not as high as the average. From 2018 to 2021, the average R&D expense ratios of comparable companies in the same industry were 2.02%, 1.95%, 2.02% and 1.94% respectively. At the end of 2018, the end of 2019, the end of 2020 and the end of 2021, the book balance of the company's accounts receivable was RMB 90.4873 million, RMB 114.6072 million, RMB 122.3851 million, and RMB 188.1891 million, bad debt reserves were RMB 1.1413 million, RMB 1.4031 million, RMB 2.0951 million, and RMB 3.7397 million, respectively, and the book value of the accounts receivable was RMB 89.346 million, RMB 113.2041 million, RMB 120.29 million and RMB 184.4494 million, respectively. At the end of 2018, the end of 2019, the end of 2020 and the end of 2021, the book balance of other receivables of the company was RMB 133.9827 million, RMB 166.1562 million, RMB 229.8056 million, and RMB 271.6433 million, and the bad debt reserves were RMB 509,600, RMB 282,900, RMB 1.2825 million, and RMB 3.4811 million, respectively. The book value of other receivables was RMB 133.4731 million, RMB 165.8733 million, RMB 228.5231 million and RMB 268.1621 million, respectively. After calculation, at the end of 2018, the end of 2019, the end of 2020 and the end of 2021, the total of the company's accounts receivable book balance and other receivable book balance were RMB 224.47 million, RMB 280.7634 million, RMB 352.1907 million, and RMB 459.8324 million, respectively. During the same period, the total of the book value of the company's accounts receivable and the book value of other accounts receivable was RMB 222.8191 million, RMB 279.0774 million, RMB 348.8131 million and RMB 452.6115 million, respectively, accounting for 41.85%, 45.03%, 44.62% and 49.64% of the total assets, respectively, accounting for a large proportion. At the end of 2018, the end of 2019, the end of 2020 and the end of 2021, the company's inventory book balance was RMB 160.2943 million, RMB 193.7006 million, RMB 208.936 million, and RMB 225.9532 million, respectively. inventory impairment provisions were RMB 2.0806 million, RMB 4.6634 million, RMB 3.8243 million, and RMB 4.5459 million, respectively. The book value of the inventory was RMB 158.2137 million, RMB 189.0372 million, RMB 205.1117 million and RMB 221.4074 million, respectively, accounting for 29.72%, 30.50%, 26.24% and 24.28% of the total assets at the end of the period, respectively, accounting for a relatively high proportion. From January 1, 2018 to the present, Shuju Zhilian and its subsidiaries have been subject to 10 administrative penalties for , involving illegal advertising, false advertising, lost invoices, failure to declare stamp duty on time, and excluding consumers' rights to interpret standard terms. plans to be listed on the Shenzhen Stock Exchange GEM, raising 800 million yuan prospectus shows that Shuju Zhilian is a comprehensive full-link e-commerce operation service provider driven by product efficiency marketing. By providing professional, efficient and full-link e-commerce operation and marketing services to well-known domestic and foreign brands, it helps brands improve their popularity and sales performance in the Chinese market, and at the same time provides consumers with a good shopping experience. Shujuzhilian's controlling shareholder and actual controller are Xiong Kun, chairman and general manager of the company. Xiong Kun directly holds 15.41% of the company's shares, and controls 11.04% of the company's shares through employee holdings platform Huaxin Lanchuang (Xiang Kun serves as executive partner), and controls a total of 26.45% of the company's shares. Shujuzhilian plans to be listed on the Shenzhen Stock Exchange GEM, with the number of shares issued shall not exceed 45,090,000 (not involving the transfer of old stocks), and shall not be less than 25% of the total share capital after issuance. The sponsor of this issuance is Credit Suisse Securities (China) Co., Ltd., and the sponsor representatives are Guo Yuhui and Mao Shaomeng. Company plans to raise 800 million yuan of funds to be used for brand acceleration projects, comprehensive operation service center construction projects, enterprise information management system construction projects, and supplement working capital. Among them, the total investment in the construction project of the comprehensive operation service center is 252.3764 million yuan, and the amount of funds to be invested is 200.2764 million yuan. The project focuses on building an e-commerce operation center, MCN and its live broadcast center, supply chain center, and image production and creative center, forming the company's comprehensive operation service center. The project investment content mainly includes: site purchase and decoration, equipment purchase, product display, shooting consumables, employee salary and reserve fees, etc. Among them, the total investment in site purchase is RMB 195 million. Net cash flow generated by operating activities fluctuates greatly Online retail business contributes nearly half of revenue Prospectus shows that the main business income of Shuju Zhilian is composed of brand e-commerce operation services, channel distribution business and product efficiency marketing business. From 2018 to 2021, the revenue of brand e-commerce operation services was RMB 581.3778 million, RMB 767.6569 million, RMB 105.16281 million and RMB 101.79961 million, respectively, accounting for 69.85%, 71.08%, 71.38% and 57.49% of the company's operating income, respectively. brand e-commerce operation services include online retail business and brand agency operation services. In each period, the revenue of online retail business was RMB 514.1729 million, RMB 681.7524 million, RMB 940.5178 million and RMB 882.8285 million, respectively, accounting for 61.78%, 63.13%, 63.84% and 49.86% of the company's operating income, respectively. From 2018 to 2021, the revenue of brand -generation operating services was RMB 67.2049 million, RMB 85.9045 million, RMB 111.1103 million and RMB 135.1676 million, accounting for 8.07%, 7.95%, 7.54% and 7.63% of the company's operating income, respectively; the revenue of channel distribution business was RMB 64.8138 million and RMB 107.672 million, respectively. 197.5548 million yuan and 415.3558 million yuan, accounting for 7.79%, 9.97%, 13.41% and 23.46% of the company's operating income, respectively; the revenue of Pinyi Marketing Services was RMB 186.0731 million, RMB 204.6179 million, RMB 224.1137 million and RMB 337.3622 million, accounting for 22.36%, 18.95%, 15.21% and 19.05% of the company's operating income, respectively. Shujuzhilian mainly relies on major mainstream e-commerce platforms to carry out online retail and agency operations, and has established relatively stable cooperative relationships with various platforms. From 2019 to 2021, the total revenue generated by online retail business, brand agency business, and channel distribution business on the Tmall platform accounted for 79.90%, 75.43% and 73.82% of the total revenue of similar types, respectively, accounting for a relatively high proportion. gross profit margin has been at the bottom of the same industry for four consecutive years From 2018 to 2021, the comprehensive gross profit margin of Shuju Zhilian was 29.08%, 29.49%, 25.35% and 22.13%, respectively, down 4.14 percentage points and 3.22 percentage points from the previous year in 2020 and 2021, respectively. Shujuzhilian's gross profit margin has been at the bottom of the same industry for four consecutive years. In each period, the average comprehensive gross profit margins of comparable listed companies were 36.89%, 37.42%, 37.27% and 38.17% respectively. Among them, Ruoyuchen's comprehensive gross profit margin was 32.79%, 34.25%, 31.13%, and 31.60% respectively; Lirenlizhuang's comprehensive gross profit margin was 36.63%, 35.61%, 30.35%, and 36.46% respectively; Yiwang Yichuang's comprehensive gross profit margin was 42.59%, 43.04%, 47.83%, and 47.61% respectively; Kaichun shares' comprehensive gross profit margin was 30.02%, 30.66%, 28.61%, and 27.95% respectively; Qingmu shares' comprehensive gross profit margin was 42.43%, 43.55%, 48.45%, and 47.24% respectively. Four-year R&D expenses totaled 20.79 million yuan From 2018 to 2021, the company's R&D expenses were RMB 5.2089 million, RMB 4.0412 million, RMB 3.4406 million and RMB 8.0993 million respectively, accounting for 0.63%, 0.37%, 0.23% and 0.46% of operating income, mainly for the salary of R&D personnel. The R&D expenses in 2021 have increased, mainly due to the increase in R&D investment in the company's own brand doctoral nursing and information technology systems. After calculation, Shujuzhi's four-year R&D expenses totaled 20.79 million yuan. Shuju Zhilian said that from the perspective of the ratio of R&D expenses to operating income, the company's R&D expense ratio is relatively similar to that of Lirenlizhuang and Kaichun Co., Ltd., which is lower than other comparable companies, mainly due to business differences. Online retail and channel distribution business includes commodity sales as operating income. Compared with agency operation business, service fee income is included in operating income, the company's online retail and channel distribution business accounts for a large proportion, and the business composition has a more revenue scale effect. Therefore, the revenue scale is large, which to a certain extent leads to a comparable company with a higher R&D expense ratio than that of agency operation business. 2021 receivables balance was 460 million yuan From 2018 to 2021, the company's receivables turnover rate was 8.28, 10.66, 12.62, and 11.62, respectively. The average turnover rate of accounts receivables of comparable companies in the same industry was 13.06, 13.08, 13.78, and 10.64, respectively. Shujuzhilian said that as the company's business scale further expands in the future, the receivables may further increase. Larger receivables occupy more of the company's funds. If the company cannot continuously and effectively control the scale of receivables and recover accounts in a timely manner in the future, it may put the company at a certain risk of bad debt loss and have an adverse impact on the company's capital turnover and operating performance. Rebate of 140 million yuan at the end of 2021 Prospectus shows that the brand rebate is based on the prior contract agreement between the company and the brand. After the company completes the agreed sales target or procurement target, the brand will pay a certain proportion of rebate to the company in cash or goods. Shuju Zhilian Company's consolidated financial statements on December 31, 2018, December 31, 2019, December 31, 2020, and December 31, 2021 were rebates of other brands: RMB 54.4928 million, RMB 89.2032 million, RMB 110.0317 million and RMB 142.1651 million, respectively, showing an upward trend, consistent with the expansion of the company's business scale. 号生生生 said that in order to promote the sales of brand products, some brand parties or authorized agents have agreed with the company to relevant rebate terms, which are generally paid in the form of goods or cash, or directly offset the payment. Rebates for each period will reduce the main business cost of , , which accounts for the gross profit of relevant businesses in the current period. If the brand changes policy conditions such as the rebate ratio in the future, or the company's purchase amount and sales decrease, or other factors cause the company to be unable to recover the rebate, the amount of rebates that the company can receive will be reduced, which will have an adverse impact on the company's performance. 2021 inventory book balance was 230 million yuan Shuju Zhilian said that the company's inventory is mainly based on the inventory of goods for online retail and distribution business. As the company's business scale grows, it is expected that the inventory balance will also increase at the end of the period in the future. If there are major adverse changes in the future market environment or other reasons that cause inventory to expire, unsalable or damaged, the company's inventory will face the risk of loss of price decline, which will affect the company's operating performance and financial status. reporting period, the inventory turnover rate of Shuju Zhilian was 4.02, 4.39, 5.58, and 6.47 respectively, and the inventory turnover rate of comparable companies in the same industry was 6.75, 6.29, 5.71, and 4.35 respectively. 4 has been subject to 10 administrative penalties in 44 On June 14, 2018, the Chaoyang Branch of the Beijing Municipal Administration for Industry and Commerce issued the "Administrative Penalty Decision" (Beijing Gong Shang Chao Dictionary No. 1232), ordering Beijing Beilian to immediately stop publishing relevant advertisements and eliminate the impact within the corresponding scope, and fined Beijing Beilian 100,000 yuan. On October 26, 2018, due to the release of illegal advertisements, the Market Supervision and Administration Bureau of Jiading District, Shanghai issued the "Administrative Penalty Decision" (Shanghai Supervision Jia Case No. [2018] No. 142018000144), ordering Blue Business Road to stop publishing illegal advertisements, eliminate the impact within the corresponding scope, and impose a four-fold fine on Blue Business Road to charge RMB 12,224.12 yuan. On December 24, 2018, Lanhe Auto was fined 300 yuan by the Seventh Tax Office of the Shanghai Pudong New District Free Trade Zone Tax Bureau for losing three unified motor vehicle sales invoices. On January 22, 2019, Beijing Beilian was fined RMB 1,000 by the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation for failing to declare stamp duty from June 1, 2017 to June 30, 2017 on time, which violated Article 62 of the " Tax Collection and Administration Law of the People's Republic of China" and was fined RMB 1,000 by the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation on time. On November 20, 2019, for publishing illegal advertisements, the Market Supervision and Administration Bureau of Chaoyang District, Beijing issued the "Administrative Penalty Decision" (Jingchao Municipal Supervision and Supervision (2019) No. 1692), fined Beijing Beilian 100,000 yuan. On May 10, 2020, due to the exclusion of consumers' right to interpret format terms, the Shanghai Jiading District Market Supervision and Administration Bureau issued the "Administrative Penalty Decision" (Shanghai Supervision and Jia Department [2020] No. 142020000154), fined Blue Traffic Road RMB 3,000. On April 28, 2021, due to the loss of a special value-added tax invoice for Beijing, the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation issued the "Tax Administrative Penalty Decision (Simplified)" (Jingchaoyi Tax Simple Punishment No. [2021] 25729), and the Logarithmic Juzhilian was fined RMB 400. On July 19, 2021, due to failure to declare the stamp duty on time from February 1, 2017 to February 28, 2017, which violated Article 62 of the Taxation Collection and Administration Law of the People's Republic of China, the First Tax Office of the State Administration of Taxation, Haidian District Taxation Bureau of Beijing, issued the "Tax Administrative Penalty Decision (Simplified)" (Jinghai Yi Taxation Simple Punishment No. [2021] 23405), and fined Changyisi RMB 1,000. On August 18, 2021, Blue Business Road failed to provide data sources for its promotional content published on Tmall online stores, and the relevant data did not match the actual situation, which constituted false advertising, which violated the provisions of Article 28, Paragraph 2, item (3) of the Advertising Law of the People's Republic of China, Shanghai Xuhui District Market Supervision and Administration Bureau issued the "Administrative Penalty Decision" (Shanghai Stock Exchange Supervisory Department [2021] 042020001738), ordering Blue Business Road to stop publishing illegal advertisements and impose a fine of 200,000 yuan. On June 15, 2022, Beijing Beilian was suspected of publishing advertisements for infant dairy products, beverages and other foods that claim to replace breast milk in mass media or public places for publishing advertisements such as "Breast Milk Research Institute", "Continuing Maternal Love Golden Milk Liquid", and "Infant Formula Milk Powder 0-6 Months Age 1" in mass communication media or public places. Violating Article 20 of the Advertising Law of the People's Republic of China, and in accordance with Article 57, paragraph 1, item (3) of the Advertising Law of the People's Republic of China, Beijing Beilian was ordered to correct its illegal acts and impose a fine of 200,000 yuan. 
From 2018 to 2021, the revenue of brand -generation operating services was RMB 67.2049 million, RMB 85.9045 million, RMB 111.1103 million and RMB 135.1676 million, accounting for 8.07%, 7.95%, 7.54% and 7.63% of the company's operating income, respectively; the revenue of channel distribution business was RMB 64.8138 million and RMB 107.672 million, respectively. 197.5548 million yuan and 415.3558 million yuan, accounting for 7.79%, 9.97%, 13.41% and 23.46% of the company's operating income, respectively; the revenue of Pinyi Marketing Services was RMB 186.0731 million, RMB 204.6179 million, RMB 224.1137 million and RMB 337.3622 million, accounting for 22.36%, 18.95%, 15.21% and 19.05% of the company's operating income, respectively.
Shujuzhilian mainly relies on major mainstream e-commerce platforms to carry out online retail and agency operations, and has established relatively stable cooperative relationships with various platforms. From 2019 to 2021, the total revenue generated by online retail business, brand agency business, and channel distribution business on the Tmall platform accounted for 79.90%, 75.43% and 73.82% of the total revenue of similar types, respectively, accounting for a relatively high proportion.
gross profit margin has been at the bottom of the same industry for four consecutive years
From 2018 to 2021, the comprehensive gross profit margin of Shuju Zhilian was 29.08%, 29.49%, 25.35% and 22.13%, respectively, down 4.14 percentage points and 3.22 percentage points from the previous year in 2020 and 2021, respectively.
Shujuzhilian's gross profit margin has been at the bottom of the same industry for four consecutive years. In each period, the average comprehensive gross profit margins of comparable listed companies were 36.89%, 37.42%, 37.27% and 38.17% respectively.
Among them, Ruoyuchen's comprehensive gross profit margin was 32.79%, 34.25%, 31.13%, and 31.60% respectively; Lirenlizhuang's comprehensive gross profit margin was 36.63%, 35.61%, 30.35%, and 36.46% respectively; Yiwang Yichuang's comprehensive gross profit margin was 42.59%, 43.04%, 47.83%, and 47.61% respectively; Kaichun shares' comprehensive gross profit margin was 30.02%, 30.66%, 28.61%, and 27.95% respectively; Qingmu shares' comprehensive gross profit margin was 42.43%, 43.55%, 48.45%, and 47.24% respectively.
Four-year R&D expenses totaled 20.79 million yuan
From 2018 to 2021, the company's R&D expenses were RMB 5.2089 million, RMB 4.0412 million, RMB 3.4406 million and RMB 8.0993 million respectively, accounting for 0.63%, 0.37%, 0.23% and 0.46% of operating income, mainly for the salary of R&D personnel. The R&D expenses in 2021 have increased, mainly due to the increase in R&D investment in the company's own brand doctoral nursing and information technology systems. After calculation, Shujuzhi's four-year R&D expenses totaled 20.79 million yuan.
Shuju Zhilian said that from the perspective of the ratio of R&D expenses to operating income, the company's R&D expense ratio is relatively similar to that of Lirenlizhuang and Kaichun Co., Ltd., which is lower than other comparable companies, mainly due to business differences. Online retail and channel distribution business includes commodity sales as operating income. Compared with agency operation business, service fee income is included in operating income, the company's online retail and channel distribution business accounts for a large proportion, and the business composition has a more revenue scale effect. Therefore, the revenue scale is large, which to a certain extent leads to a comparable company with a higher R&D expense ratio than that of agency operation business.
2021 receivables balance was 460 million yuan
From 2018 to 2021, the company's receivables turnover rate was 8.28, 10.66, 12.62, and 11.62, respectively. The average turnover rate of accounts receivables of comparable companies in the same industry was 13.06, 13.08, 13.78, and 10.64, respectively.
Shujuzhilian said that as the company's business scale further expands in the future, the receivables may further increase. Larger receivables occupy more of the company's funds. If the company cannot continuously and effectively control the scale of receivables and recover accounts in a timely manner in the future, it may put the company at a certain risk of bad debt loss and have an adverse impact on the company's capital turnover and operating performance.
Rebate of 140 million yuan at the end of 2021
Prospectus shows that the brand rebate is based on the prior contract agreement between the company and the brand. After the company completes the agreed sales target or procurement target, the brand will pay a certain proportion of rebate to the company in cash or goods.
Shuju Zhilian Company's consolidated financial statements on December 31, 2018, December 31, 2019, December 31, 2020, and December 31, 2021 were rebates of other brands: RMB 54.4928 million, RMB 89.2032 million, RMB 110.0317 million and RMB 142.1651 million, respectively, showing an upward trend, consistent with the expansion of the company's business scale.
号生生生 said that in order to promote the sales of brand products, some brand parties or authorized agents have agreed with the company to relevant rebate terms, which are generally paid in the form of goods or cash, or directly offset the payment. Rebates for each period will reduce the main business cost of , , which accounts for the gross profit of relevant businesses in the current period. If the brand changes policy conditions such as the rebate ratio in the future, or the company's purchase amount and sales decrease, or other factors cause the company to be unable to recover the rebate, the amount of rebates that the company can receive will be reduced, which will have an adverse impact on the company's performance.
2021 inventory book balance was 230 million yuan
Shuju Zhilian said that the company's inventory is mainly based on the inventory of goods for online retail and distribution business. As the company's business scale grows, it is expected that the inventory balance will also increase at the end of the period in the future. If there are major adverse changes in the future market environment or other reasons that cause inventory to expire, unsalable or damaged, the company's inventory will face the risk of loss of price decline, which will affect the company's operating performance and financial status.
reporting period, the inventory turnover rate of Shuju Zhilian was 4.02, 4.39, 5.58, and 6.47 respectively, and the inventory turnover rate of comparable companies in the same industry was 6.75, 6.29, 5.71, and 4.35 respectively.
4 has been subject to 10 administrative penalties in 44
On June 14, 2018, the Chaoyang Branch of the Beijing Municipal Administration for Industry and Commerce issued the "Administrative Penalty Decision" (Beijing Gong Shang Chao Dictionary No. 1232), ordering Beijing Beilian to immediately stop publishing relevant advertisements and eliminate the impact within the corresponding scope, and fined Beijing Beilian 100,000 yuan.
On October 26, 2018, due to the release of illegal advertisements, the Market Supervision and Administration Bureau of Jiading District, Shanghai issued the "Administrative Penalty Decision" (Shanghai Supervision Jia Case No. [2018] No. 142018000144), ordering Blue Business Road to stop publishing illegal advertisements, eliminate the impact within the corresponding scope, and impose a four-fold fine on Blue Business Road to charge RMB 12,224.12 yuan.
On December 24, 2018, Lanhe Auto was fined 300 yuan by the Seventh Tax Office of the Shanghai Pudong New District Free Trade Zone Tax Bureau for losing three unified motor vehicle sales invoices.
On January 22, 2019, Beijing Beilian was fined RMB 1,000 by the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation for failing to declare stamp duty from June 1, 2017 to June 30, 2017 on time, which violated Article 62 of the " Tax Collection and Administration Law of the People's Republic of China" and was fined RMB 1,000 by the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation on time.
On November 20, 2019, for publishing illegal advertisements, the Market Supervision and Administration Bureau of Chaoyang District, Beijing issued the "Administrative Penalty Decision" (Jingchao Municipal Supervision and Supervision (2019) No. 1692), fined Beijing Beilian 100,000 yuan.
On May 10, 2020, due to the exclusion of consumers' right to interpret format terms, the Shanghai Jiading District Market Supervision and Administration Bureau issued the "Administrative Penalty Decision" (Shanghai Supervision and Jia Department [2020] No. 142020000154), fined Blue Traffic Road RMB 3,000.
On April 28, 2021, due to the loss of a special value-added tax invoice for Beijing, the First Tax Office of the Chaoyang District Taxation Bureau of the State Administration of Taxation issued the "Tax Administrative Penalty Decision (Simplified)" (Jingchaoyi Tax Simple Punishment No. [2021] 25729), and the Logarithmic Juzhilian was fined RMB 400.
On July 19, 2021, due to failure to declare the stamp duty on time from February 1, 2017 to February 28, 2017, which violated Article 62 of the Taxation Collection and Administration Law of the People's Republic of China, the First Tax Office of the State Administration of Taxation, Haidian District Taxation Bureau of Beijing, issued the "Tax Administrative Penalty Decision (Simplified)" (Jinghai Yi Taxation Simple Punishment No. [2021] 23405), and fined Changyisi RMB 1,000.
On August 18, 2021, Blue Business Road failed to provide data sources for its promotional content published on Tmall online stores, and the relevant data did not match the actual situation, which constituted false advertising, which violated the provisions of Article 28, Paragraph 2, item (3) of the Advertising Law of the People's Republic of China, Shanghai Xuhui District Market Supervision and Administration Bureau issued the "Administrative Penalty Decision" (Shanghai Stock Exchange Supervisory Department [2021] 042020001738), ordering Blue Business Road to stop publishing illegal advertisements and impose a fine of 200,000 yuan.
On June 15, 2022, Beijing Beilian was suspected of publishing advertisements for infant dairy products, beverages and other foods that claim to replace breast milk in mass media or public places for publishing advertisements such as "Breast Milk Research Institute", "Continuing Maternal Love Golden Milk Liquid", and "Infant Formula Milk Powder 0-6 Months Age 1" in mass communication media or public places. Violating Article 20 of the Advertising Law of the People's Republic of China, and in accordance with Article 57, paragraph 1, item (3) of the Advertising Law of the People's Republic of China, Beijing Beilian was ordered to correct its illegal acts and impose a fine of 200,000 yuan.
