Three years to earn 2.1 billion “Mask No. 1” to dominate the hot search list
Daily Business Daily News “Is this the brand of cutting leek endorsed by Zhao Lusi?” “The more expensive the better.” “It’s really going to be unusable, it’s skyrocketing.” Yesterday, #148 The cost of a box of Fu Erjia mask Only 10 yuan # entry dominates the hot search list. After that, #FUERJIAMask has only 6 R&D personnel##Fuerjia’s unlicensed agent was questioned for pyramid schemes# The online comments about Fuerjia were constantly refreshed. As a company that just passed the meeting in September, the gross profit margin of Fuerjia exceeded 80%, and the R&D expense rate in the last three years was less than 1%, which also attracted market attention.
Quasi-listed companies rush to the hot search
“The average cost of a 148 yuan mask is only 10 yuan”, and the “profiteering” of the mask made Fu Erjia a target of public criticism. Before the hot search, Fu Erjia had just passed the IPO meeting. On September 8, Harbin Fuerjia Technology Co., Ltd., which sprinted for the “first share of medical dressings”, successfully passed the meeting. According to the prospectus, Fuerjia’s IPO plans to raise 1.897 billion yuan.
As an Internet celebrity brand, Fuerjia has swept the Internet with its star products “Black Film” and “White Film”. The Tmall flagship store shows that the price of a single box of the above two products is 199 yuan and 148 yuan, respectively. for 5 pieces. Yesterday afternoon, the reporter logged into the brand’s Douyin live broadcast room. The price of the “white film” fans’ welfare in the live broadcast room is as low as 65 yuan, which is 43% off per box, but in addition to the limited amount, the anchor will also ask consumers to pay attention to and Add a member, the reporter clicks on the product link, and it shows that there is no inventory before payment.
Regarding the cost of facial masks, Fuerjia said in August in response to the Shenzhen Stock Exchange’s inquiry letter that from January 2018 to February 2021, Fuerjia purchased finished products from Ha Sanlian and sold them externally. From January to February in 2020 and 2021, the unit purchase price of Fuerjia medical dressings are 9.12 yuan/box and 9.80 yuan/box respectively; the purchase unit price of facial masks (including smear-type masks) are 10.17 yuan and 9.99 yuan respectively . In 2018, the purchase unit prices of its star products, white film and black film, were 7.41 yuan/box and 12.78 yuan/box, respectively.
In the prospectus, Fu Erjia was “blunt” about his high gross profit, and the gross profit margin in 2021 will exceed 80%. It is second only to 95.2% of Giant Bio in the industry. Specifically, in 2019, 2020 and 2021, Fuerjia’s comprehensive gross profit margins were 76.97%, 76.47% and 81.95%, respectively.
Regarding the increase in gross profit margin, Fu Erjia said, “In February 2021, the company acquired the cosmetics and medical device production business of Ha Sanlian in exchange for shares, completing the vertical integration of the industry chain; after the production model was converted to an independent production model, product sales Costs have fallen, and gross profit margins have risen to over 80%.”
Under the low cost and high price, Fuerjia’s operating performance has always maintained a growth trend. From 2019 to 2021, the operating income is 1.342 billion yuan, 1.585 billion yuan, and 1.65 billion yuan, respectively, and the net profit is 661 million yuan and 6.48 billion yuan respectively. 100 million yuan, 806 million yuan.
The 3-year R&D expense rate is less than 1%
“Cosmetics are huge profits among huge profits.” The negative comments about Fuerjia are also hot on various video sites. Yesterday, the cost of #148 yuan a box of Fuerjia facial mask was only 10 yuan, and there were only 6 R&D personnel. Douyin Hot List”, 247,000 people are watching.
As an Internet celebrity product, it took Fuerjia only three years from its establishment to its highest market share. Harbin Fuerjia Technology Co., Ltd. was established in 2017. As of December 31, 2021, Fuerjia has a total of 441 employees, of which there are only 6 R&D personnel, accounting for 1.36% of the company’s total number of employees. According to the prospectus, from 2019 to 2021, Fuerjia’s R&D investment was 603,900 yuan, 1,479,700 yuan, and 5,242,900 yuan respectively, accounting for 0.04%, 0.09%, and 0.32% of the operating income for the same period. It is worth noting that, compared with comparable companies in the same industry, the R&D expense ratios of Giant Bio, Bloomage Bio, Amic, and Tran Bio in 2021 are 1.6%, 5.7%, 7.0% and 9.2%, respectively.
In fact, before the IPO meeting, Fu Erjia has been sprinting for the “first stock of medical dressings”. In September 2021, Fuerjia submitted a prospectus for listing application to the GEM. After more than 3 months of submitting the form, Fuerjia’s IPO review status changed to “suspended”. The second round of review inquiries was able to pass the meeting.
It is worth noting that the competition in the medical dressing mask track is quite fierce. In addition to Fuerjia, Juzi Bio, Anteprotai, Chuanger Bio, and Bethany are also the leading companies in China’s patch medical device dressing products. On May 5 this year, Giant Bio, which has the largest profit margin in the industry, submitted a prospectus to the Hong Kong Stock Exchange, but there is no progress in listing.