Inman'S First Exposure Prospectus: A Decline In Dependence On Tmall Taobao

On July 1st, the securities and Futures Commission announced that

Mei Mei Group, a parent company, formally applied to the China Securities Regulatory Commission for public offering and listing on the growth enterprise market.

The company intends to issue 80 million shares to the community, with a total share capital of 320 million shares.

It is understood that in 2015, the Hui Mei group had obtained investment from domestic listed companies.

The prospectus shows that the company's actual controller Fang Jianhua, Dan Yufang and their concerted persons collects 42.58% of the shares of the Hui Mei Group, and searches for 25.20% of the special shares and 13.20% of IDG's capital management.

In addition, Zhuhai Hui Cheng is

Set up a platform for staff incentive plan, accounting for 9.17% of the total share capital of the company.

Net income declines year by year

Prospectus shows that the operating income of the group in the past three years was 590 million in 2013, 940 million in 2014 and 1 billion 140 million yuan in 2015, showing an increasing trend.

On the other hand, the assets and liabilities ratio of Sini group has decreased year by year in recent three years, 65.79% in 2013, 45.76% in 2014 and 32.54% in 2015.

However, net profit has declined in recent three years.

During the reporting period, the net profit attributable to the owners of the parent company after the deduction of non recurring gains and losses was 33 million 300 thousand yuan, 31 million 900 thousand yuan and 15 million 810 thousand yuan respectively, showing a downward trend, mainly due to the new trend.

Rapid hatching has a certain impact on Performance: new brands such as "left", "Pass" and "autumn" were added in 2014. In 2015, new brands such as "Dali Fang", "five grain beans" and "Yin man HOME" were added. The new brands need to invest larger cost in the initial stage of incubation. Meanwhile, the new brands should also be gradual in terms of market acceptance and acceptance. From the initial incubation to the realization of profits, they need to undergo a period of cultivation, thus lowering the overall performance in 2014 and 2015.

Tmall Taobao share dropped vip.com contribution to rise

In 2015, the income of Hui Mei Group in Tmall and Taobao accounted for 56.6%, vip.com's revenue accounted for 32%, and Jingdong's revenue accounted for 6.3%.

Compared with 2014, vip.com's share increased by nearly 10%, while Tmall and Taobao's share dropped by nearly 10%.

According to the contribution of sub brand income, in 2015, Yin man contributed the most, accounting for 47%, and initial contribution second, accounting for 33.7%.

In 2015, the main brands of Hui Mei maintained a high rate of repeat purchase.

Among them, the "Yin man" rate of re purchase reached 42.7%, "initial language" reached 39.1%, "living on the left" reached 37.5%.

Beginning in 2015, the group began to move from line to line, launching the O2O project of its brand, and the rapid development of the "Yin man + thousand city million stores" project. As of the end of 2015, "Yin man + thousand city stores" has signed 163 outlets, covering 23 provinces and cities.

Prospectus shows that in 2015, the proportion of offline business income of the group was 2.01%.

Increase in sales and inventory risk

In the prediction of risk, the group has listed more than 10 foreseeable risks, such as the risk of declining performance, the risk of the reduction of the electricity dividend, the management and operation risk of multi brand strategy, the implementation risk of O2O strategy, and the large inventory balance.

Hui Mei said that during the reporting period, the company's stock is also growing, mainly due to two factors: first, the sales growth of the main brand ("Yin man" and "initial phrase") has led to an increase in stocking; two, the company's brand incubation strategy has been fully launched, and the number of brands has expanded from the two brands of "Yin man" and "Chu Yu" in 2013 to thirteen brands at the end of 2015.

According to the prospectus, more than 10 independent brands have been hatched by the Hui Mei Group, including: Yin man, Chu language, living in left, samyama, Dali Fang, autumn shell (formerly known as Qiu Qiu), Pass and so on. At the same time, the main brand of the company has derived many related sub brands, such as home brand HOME, children's wear brand Kids.

Its products range from women's shoes, bags, sportswear, home decorations, furniture and so on.

In 1998, Fang Jianhua, chairman and CEO of Yin Mei Group and founder of the brand of Yin man, started business.

In 2008, "Yin man" began to enter Taobao Mall (Tmall), from ODM, B2B to B2C pformation. In 2011 and 2013, "double eleven" ranked the top of Tmall women's wear brand.