燕之屋上市后首份半年报：电商收入占比增至60.49%

作者：卜晚乔文章来源：亿邦动力

2024-08-29 01:48

作者：卜晚乔文章来源：亿邦动力

2024-08-29 01:48

邦小白快读

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总1：业绩关键数据

1.2024上半年收入10.59亿元，同比增长11.36%

2.税后利润6004.5万元，同比下降44.07%

总2：利润下降原因

1.高额品牌营销支出，签约巩俐和王一博为代言人

2.销售及经销开支3.65亿元，同比增长38.45%

总3：增长亮点

1.电商渠道收入6.41亿元，占比60.49%，同比增长21.89%

2.“+燕窝”产品如燕窝粥收入12.47亿元，同比增长164.4%

总4：未来计划

1.控制成本，推进销售促进措施

2.发展新产品如生椰桃胶燕窝、燕窝水

3.渠道融合策略增强经营韧性

总1：品牌营销策略

1.签约明星代言人巩俐和王一博，提升品牌势能，短期利润压缩但长期受益

2.高额宣传推广费用，配合电商平台活动日和多平台曝光

总2：品牌渠道建设

1.电商渠道收入占比60.49%，增长21.89%，线上引流销售有效

2.线下渠道收入4.19亿元，占比39.51%，同比下降1.64%，门店总数740家

3.会员小程序和金燕荟计划提升客户粘性与复购率

总3：产品研发与消费趋势

1.研发开支1236万元，同比增3.6%，用于材料及工艺研发

2.推出新品如生椰桃胶燕窝、燕窝水，子品牌燕宝诗护肤品销售增加

3.消费趋势显示线上增长强劲，线下趋于保守，新产品需求旺盛

总1：增长市场机会

1.电商渠道收入同比增长21.89%，潜力巨大

2.“+燕窝”产品收入增长164.4%，新增长曲线如燕窝粥、燕窝水

总2：风险与机会提示

1.高营销费用导致利润下降44.07%，风险在于成本控制

2.线下收入减少，毛利率降至48.50%，机会在线上转型

总3：事件应对措施

1.燕之屋计划控制成本，推进销售促进

2.渠道融合一体化发展，降低经济环境影响

3.发展会员计划提升复购率

总4：可学习点与商业模式

1.利用明星代言联合营销，可借鉴提升销售

2.创新产品矩阵，如燕窝肽产品实现收入1947万元

总1：产品生产需求

1.“+燕窝”产品如燕窝粥、燕窝水需求大增，收入同比增长164.4%

2.研发材料及工艺成本增加，研发开支1236万元增3.6%

总2：商业机会

1.合作生产燕窝肽相关产品，如燕窝水、护肤品，实现销售收入1947万元

2.推进数字化电商，启示工厂加强线上渠道合作

总3：电商启示

1.电商收入占比60.49%，工厂可参与线上销售如自营网店

2.直播活动如工厂溯源有效提升销售，启示工厂采用数字化营销

总1：行业发展趋势

1.滋补行业线上化加速，电商收入占比增至60.49%

2.创新产品如燕窝水、燕窝粥受欢迎，收入增长164.4%

总2：新技术与客户痛点

1.研发工艺应用，但投入相对较低，痛点在于重营销轻研发

2.客户痛点包括高营销成本压缩利润，线下销售挑战

总3：解决方案

1.控制费用支出，优化成本结构

2.会员计划提升客户粘性，解决复购率问题

3.渠道融合策略增强经营韧性

总1：商业需求与平台做法

1.电商平台需求增长，燕之屋在京东、天猫、抖音有32家自营网店和22家经销商网店

2.平台最新做法包括联合营销、活动日曝光和工厂溯源直播

总2：平台招商与运营管理

1.招商涉及自营和经销商网店，平台客户16个

2.运营管理强调控制费用支出，推进会员计划如金燕荟

3.风向规避：线下收入下降，平台需加强线上支持

总3：合作方式

1.利用明星代言提升平台引流销售

2.多平台合作增强曝光，如抖音直播活动

总1：产业新动向

1.电商转型显著，收入占比增至60.49%，同比增长21.89%

2.新产品开发“+燕窝”如燕窝水收入增长164.4%，形成新增长曲线

总2：新问题与政策启示

1.重营销轻研发问题突出，销售开支14亿是净利润2.5倍，研发投入相对低

2.利润波动大，受经济环境影响，启示需政策支持成本控制

总3：商业模式

1.明星代言提升品牌，多渠道融合策略

2.会员经济增强客户忠诚度，子品牌孵化如燕宝诗拓展业务

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Summary 1: Key Financial Performance

• H1 2024 revenue reached RMB 1.059 billion, up 11.36% year-on-year.

• Net profit after tax was RMB 60.045 million, down 44.07% year-on-year.

Summary 2: Reasons for Profit Decline

• High brand marketing expenditure, including signing Gong Li and Wang Yibo as brand ambassadors.

• Sales and distribution expenses totaled RMB 365 million, up 38.45% year-on-year.

Summary 3: Growth Highlights

• E-commerce channel revenue reached RMB 641 million, accounting for 60.49% of total revenue, up 21.89% year-on-year.

• "+Bird's Nest" products, such as bird's nest porridge, generated RMB 1.247 billion in revenue, up 164.4% year-on-year.

Summary 4: Future Plans

• Implement cost control measures and enhance sales promotions.

• Develop new products like coconut peach gum bird's nest and bird's nest water.

• Strengthen operational resilience through channel integration strategies.

Summary 1: Brand Marketing Strategy

• Signed celebrity endorsers Gong Li and Wang Yibo to elevate brand equity, accepting short-term profit compression for long-term benefits.

• High promotional spending aligned with e-commerce platform campaigns and multi-platform exposure.

Summary 2: Brand Channel Development

• E-commerce revenue accounted for 60.49% of total sales, growing 21.89%, demonstrating effective online traffic conversion.

• Offline channel revenue was RMB 419 million (39.51% of total), down 1.64% year-on-year, with 740 physical stores.

• Membership mini-programs and the "Jinyanhui" plan enhanced customer loyalty and repurchase rates.

Summary 3: Product R&D and Consumer Trends

• R&D expenditure increased 3.6% to RMB 12.36 million, focused on material and process innovation.

• Launched new products like coconut peach gum bird's nest and bird's nest water; sub-brand Yanbaoshi skincare sales grew.

• Consumer trends show strong online growth, conservative offline spending, and high demand for innovative products.

Summary 1: Growth Market Opportunities

• E-commerce channel revenue grew 21.89% year-on-year, indicating significant potential.

• "+Bird's Nest" products surged 164.4%, forming new growth drivers like bird's nest porridge and bird's nest water.

Summary 2: Risks and Opportunities

• High marketing costs led to a 44.07% profit decline, highlighting cost control risks.

• Offline revenue declined, with gross margin dropping to 48.50%, creating opportunities for online transition.

Summary 3: Strategic Responses

• Yan Zhi Wu plans cost control and sales promotion initiatives.

• Channel integration strategy enhances resilience against economic fluctuations.

• Membership programs boost repurchase rates.

Summary 4: Learnings and Business Models

• Leverage celebrity endorsements for joint marketing to drive sales.

• Innovate product matrix, e.g., bird's nest peptide products generated RMB 19.47 million in revenue.

Summary 1: Product Production Demand

• "+Bird's Nest" products like bird's nest porridge and bird's nest water saw demand surge, with revenue up 164.4% year-on-year.

• R&D costs for materials and processes rose, with expenditure increasing 3.6% to RMB 12.36 million.

Summary 2: Business Opportunities

• Collaborate on bird's nest peptide products (e.g., bird's nest water, skincare), generating RMB 19.47 million in sales.

• Digital e-commerce expansion suggests factories should strengthen online channel partnerships.

Summary 3: E-commerce Insights

• E-commerce contributed 60.49% of revenue, indicating factory opportunities in online self-operated stores.

• Live-streaming events like factory溯源 tours boosted sales, highlighting the value of digital marketing.

Summary 1: Industry Trends

• Health supplement industry's online shift accelerated, with e-commerce revenue share reaching 60.49%.

• Innovative products like bird's nest water and porridge gained popularity, revenue up 164.4%.

Summary 2: Technology and Pain Points

• R&D applied in processes, but investment remains low; pain point is prioritizing marketing over R&D.

• Client challenges include high marketing costs squeezing profits and offline sales difficulties.

Summary 3: Solutions

• Control expenses and optimize cost structures.

• Membership programs enhance customer stickiness, addressing repurchase rate issues.

• Channel integration strategies improve operational resilience.

Summary 1: Business Needs and Platform Strategies

• E-commerce platform demand grew; Yan Zhi Wu operates 32 self-owned and 22 distributor stores on JD.com, Tmall, and Douyin.

• Platform tactics include joint marketing, campaign day exposure, and factory溯源 live streams.

Summary 2: Merchant Recruitment and Operations

• Recruitment covers self-operated and distributor stores, with 16 platform clients.

• Operations focus on cost control and membership programs like "Jinyanhui."

• Risk mitigation: offline revenue decline necessitates stronger online support.

Summary 3: Collaboration Models

• Leverage celebrity endorsements to drive platform traffic and sales.

• Multi-platform cooperation (e.g., Douyin live streams) amplifies exposure.

Summary 1: Industry Developments

• E-commerce transition accelerated, with online revenue share rising to 60.49% (up 21.89% year-on-year).

• New "+Bird's Nest" products (e.g., bird's nest water) grew 164.4%, forming a new growth curve.

Summary 2: Emerging Issues and Policy Implications

• Overemphasis on marketing vs. R&D: sales expenses (RMB 1.4 billion) were 2.5x net profit, with relatively low R&D investment.

• Profit volatility due to economic cycles suggests need for policy support in cost control.

Summary 3: Business Models

• Celebrity endorsements boost branding; multi-channel integration enhances strategy.

• Membership economy strengthens loyalty; sub-brand孵化 (e.g., Yanbaoshi) expands business scope.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

【亿邦原创】日前，燕之屋（01497.HK）发布上市后首个半年报，财报显示，燕之屋2024上半年实现收入10.59亿元，同比增长11.36%，税后利润6004.5万元，同比下降44.07%。

对于业绩变化的原因，燕之屋董事会在公告中表示，净利润的减少主要归因于品牌战略的高昂支出。今年1月和5月，燕之屋先后宣布签约明星艺人巩俐和王一博为品牌代言人，并在上半年集中投入了大量宣传推广费用。燕之屋认为，尽管签约代言人在短期内压缩了公司的利润空间，但代言人对品牌势能的提升和销售促进将在未来持续体现。

针对2024年上半年的业绩表现，燕之屋也在公告中指出了明确的工作方向。燕之屋表示，2024年下半年，燕之屋将控制成本视为关键工作，透露将积极推进既定的销售促进和成本控制措施，增强经营韧性，降低经济环境变化对集团的影响，其中包括燕窝粥、燕窝水等“+燕窝”产品的快速上量，推进渠道融合的一体化发展策略，控制费用支出，推进上下游产业链协同发展机会等。

上半年销售及经销开支同比增长38.45%

财报显示，1-6月份，燕之屋销售及经销开支高达3.65亿元，同比增长38.45%，比之2023年上半年增长了超过1亿元，再加之销售成本增速高于营业收入增速约6.26个百分点，直接导致利润断崖式下跌。

2021至2023年，燕之屋销售及经销费用分别为3.99亿、5.04亿、5.63亿元，分别同比增长25.55%、26.3%、11.79%。而同期净利润为1.72亿元、2.06亿元和2.12亿元。三年间累计销售及经销开支达到14亿，这一数字几乎是同期净利润总额的2.5倍。

报告期内，燕之屋毛利率由上年同期的51.24%降至48.50%，财报称，线下客户消费趋于保守，导致线下渠道收入增速不及预期，线下占比降低导致毛利率下降。

重营销、轻研发一直是滋补行业逃不开的话题，研发方面，2024上半年燕之屋研发开支为1236万元，同比增加3.6%。财报解释称，主要用于研发项目的研发材料及工艺研发成本的开支增加。

2020年至2023年，公司的研发投入分别为1768万元、1898万元、2432万元和2638万元。

电商渠道配合明星效应同比增长21.89%

燕之屋2024上半年税后利润6004.5万元，同比下降44.07%。业绩大幅下降主要因今年上半年，燕之屋先后签约明星艺人巩俐和王一博为品牌代言人，所产生的高额费用。但是燕之屋指出，2024上半年，电商渠道积极配合公司巩俐、王一博代言宣发，通过平台活动日、多平台曝光，联合营销，借助公司强大的品牌影响力，拉动公司线上引流销售；开展工厂溯源直播活动、打造核心单品，夯实燕之屋行业地位。2024上半年，公司电子商务渠道总收入为人民币6.41亿元，占公司总收入的60.49%，较2023上半年增长21.89%。

财报显示，燕之屋线上网络包括自营网店、经销商网店及电商平台。截至2024年6月30日，公司在京东、天猫、抖音等主流电商或社交媒体平台上拥有32家自营网店、22家经销商网店及16个电商平台客户。

线下渠道方面，截至2024年6月30日，燕之屋全国市场门店总数为740家，其中经销商门店641家，自营门店99家。上半年燕之屋线下渠道总收入为4.19亿元，占公司总收入的39.51%，较2023年上半年下降1.64%。

此外，燕之屋表示也正在通过会员小程序、金燕荟会员计划及主要电商平台的会员计划提升客户粘性与复购率。

新增长曲线显现，“燕窝+”及“+燕窝”产品收入同比增长164.4%

产品收入方面，2024上半年燕之屋纯燕窝产品收入达9.26亿元，上年同期为8.95亿元，同比增加3.52%。财报称，主要是由于鲜炖燕窝及干燕窝的销售增加。（纯燕窝产品主要包括碗装燕窝、鲜炖燕窝、其他瓶装燕窝及干燕窝所产生的收入。）

2024上半年燕之屋燕窝+及+燕窝产品的收入达12.47亿元，占总销售额的11.8%。而去年同期这一数据为4.72亿元，占总销售额的5%。同比增长高达164.4%。财报称，主要是由于(1) 燕窝粥的销售大幅增加；(2) 我们的子品牌燕之屋－燕宝诗新推出的护肤品带来销售增加；及(3) 推出新品带来销售增加：生椰桃胶燕窝、燕窝水等。

燕之屋表示，2024上半年，公司推出生椰桃胶燕窝、王一博同款碗燕浓鲜款燕窝礼盒、整根人参燕窝饮等多款新产品，不断丰富公司纯燕窝、燕窝+及+燕窝的产品矩阵。持续孵化子品牌及新项目，除小燕浓燕窝粥外，公司2024年5月推出燕之屋燕窝水，燕窝肽天然苏打水是继燕窝肽护肤品系列后，公司在燕窝肽使用上的新尝试，上半年，公司燕窝肽相关产品实现销售收入人民币1947万元。

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