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高尔诗的基
2021-03-25
$逸仙电商(YSG)$
烂了又成股东了
高尔诗的基
2021-03-17
有脸说，亏了20亿
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src=\"https://fid-75186.picgzc.qpic.cn/20210315213105101v2352hp2p0vrrbi\"/><p>图片来源：逸仙电商2020年四季报截图</p><p>同时，也有人看到国民美妆集团在营销方面、投入方面呈现进一步加大的趋势，由此延伸到对于DTC模式持续盈利能力的不看好。针对销售费用的增长原因，逸仙电商在财报中也有所解释：(1)广告，营销和品牌推广活动的增加；(2)开发费用的增加；(3)根据美国公认会计原则在一次首次公开发行股票时确认的基于股份的费用。</p><p>对此，有业内人士分析，从短期来看，逸仙电商的亏损和营销增长都属正常现象。目前其正处于品牌快速扩张期，在多品牌战略之下，用规模换市场份额，用亏损争取时间，用收购换取成长空间发展阶段。如果将时间线拉长，其盈利能力及增长空间将非常可观。而在2019年时，完美日记就录得了经调整后1.5亿元的<span>净利润</span>。</p><p>事实上，从美妆行业现状可知，2020年受特殊时期影响，海外美妆产品巨头业绩纷纷跳水：<a href=\"https://laohu8.com/S/0NZM.UK\">欧莱雅</a>的营收、利润遭遇近5年来的首次下降；<a href=\"https://laohu8.com/S/EL\">雅诗兰黛</a>销售额同比缩水超百亿人民币；爱茉莉<a href=\"https://laohu8.com/S/601099\">太平洋</a>和花王的化妆品业务也出现近3年来销售额的首次负增长……可见，特殊时期影响下的美妆行业在短期内或难以恢复至既往增长水平。在行业总体对比下，逸仙电商在本季度销售额首次突破20亿元，取得这一较大增长的成绩无疑难能可贵。</p><p>而逸仙电商营收能保持稳健增长的原因，在于其长期通过品牌直达消费者的DTC模式，实现了高速裂变的品牌传播。旗下完美日记作为国货新锐品牌实现了渠道、营销、产品的全方位升级，不仅携手影视巨星周迅为完美日记小细跟口红代言人，而且成为中国体操队的官方合作伙伴，逐步“出圈”。这意味着，在品牌力不断提升的情况下，完美日记的用户基础和黏性有望进一步提高。</p><p>根据此前逸仙电商的招股书披露，2017-2019年，公司DTC用户复购率水平从8.1%提升至38.9%，并进一步提升至41.5%。由此可见消费者忠诚度、黏性持续提升。此外，逸仙电商也在进一步补齐其一直被诟病的短板——研发不足。逸仙电商招股书显示，计划将上市募资总额的20%用于产品研发和技术开发。而四季报显示，逸仙电商在本季度研发费用较上年同期同比增长91.0%，单季研发费用已超过上年总和。</p><p>受益于美妆市场的快速崛起及发展，完美日记凭借优质的DTC运营模式及产品研发能力或有望进一步提升其在行业内的竞争优势。</p><p>（文章来源：贝果财经）</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n完美日记母公司发Q4财报：营收大增 首现转盈为亏！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 19:31 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103152131057875a4a5&s=b><strong>贝果财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>原标题：完美日记母公司发Q4财报：营收大增，首现转盈为亏！美国东部时间3月11日，完美日记母公司逸仙电商发布了2020年Q4财务报告。据披露，逸仙电商在本季度实现了从1100万到1440万人的DTC消费者规模增长，销售额达22.7亿元，全年营收同比71.7%达到52.3亿元。不过财报一出，就有人质疑逸仙电商上年亏损26.9亿元。这种质疑很快被推翻，笔者了解到，这20多亿中绝大部分属于股权激励费用，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103152131057875a4a5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c0bfebcb37e1240d16377a06ed99d55","relate_stocks":{"YSG":"逸仙电商"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202103152131057875a4a5&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2119386941","content_text":"原标题：完美日记母公司发Q4财报：营收大增，首现转盈为亏！美国东部时间3月11日，完美日记母公司逸仙电商发布了2020年Q4财务报告。据披露，逸仙电商在本季度实现了从1100万到1440万人的DTC消费者规模增长，销售额达22.7亿元，全年营收同比71.7%达到52.3亿元。不过财报一出，就有人质疑逸仙电商上年亏损26.9亿元。这种质疑很快被推翻，笔者了解到，这20多亿中绝大部分属于股权激励费用，且这一费用实际上并未真正实现，而且这一现象高估值上市企业中普遍存在，像当年小米，美团等都有大额股权激励费用。因此，业内人士认为，以Non-GAAP数据来评估会更为合理。经调整后数据显示，逸仙电商2020年第四季度亏损为2.87亿元，全年为7.88亿元。图片来源：逸仙电商2020年四季报截图同时，也有人看到国民美妆集团在营销方面、投入方面呈现进一步加大的趋势，由此延伸到对于DTC模式持续盈利能力的不看好。针对销售费用的增长原因，逸仙电商在财报中也有所解释：(1)广告，营销和品牌推广活动的增加；(2)开发费用的增加；(3)根据美国公认会计原则在一次首次公开发行股票时确认的基于股份的费用。对此，有业内人士分析，从短期来看，逸仙电商的亏损和营销增长都属正常现象。目前其正处于品牌快速扩张期，在多品牌战略之下，用规模换市场份额，用亏损争取时间，用收购换取成长空间发展阶段。如果将时间线拉长，其盈利能力及增长空间将非常可观。而在2019年时，完美日记就录得了经调整后1.5亿元的净利润。事实上，从美妆行业现状可知，2020年受特殊时期影响，海外美妆产品巨头业绩纷纷跳水：欧莱雅的营收、利润遭遇近5年来的首次下降；雅诗兰黛销售额同比缩水超百亿人民币；爱茉莉太平洋和花王的化妆品业务也出现近3年来销售额的首次负增长……可见，特殊时期影响下的美妆行业在短期内或难以恢复至既往增长水平。在行业总体对比下，逸仙电商在本季度销售额首次突破20亿元，取得这一较大增长的成绩无疑难能可贵。而逸仙电商营收能保持稳健增长的原因，在于其长期通过品牌直达消费者的DTC模式，实现了高速裂变的品牌传播。旗下完美日记作为国货新锐品牌实现了渠道、营销、产品的全方位升级，不仅携手影视巨星周迅为完美日记小细跟口红代言人，而且成为中国体操队的官方合作伙伴，逐步“出圈”。这意味着，在品牌力不断提升的情况下，完美日记的用户基础和黏性有望进一步提高。根据此前逸仙电商的招股书披露，2017-2019年，公司DTC用户复购率水平从8.1%提升至38.9%，并进一步提升至41.5%。由此可见消费者忠诚度、黏性持续提升。此外，逸仙电商也在进一步补齐其一直被诟病的短板——研发不足。逸仙电商招股书显示，计划将上市募资总额的20%用于产品研发和技术开发。而四季报显示，逸仙电商在本季度研发费用较上年同期同比增长91.0%，单季研发费用已超过上年总和。受益于美妆市场的快速崛起及发展，完美日记凭借优质的DTC运营模式及产品研发能力或有望进一步提升其在行业内的竞争优势。（文章来源：贝果财经）","news_type":1,"symbols_score_info":{"YSG":0.9}},"isVote":1,"tweetType":1,"viewCount":2053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
