Women, children, dogs and men ...
Judging from this consumption chain, the Yan value economy represented by cosmetics is undoubtedly at the top of the consumption chain. As the last appearance of men, Maotai has been besieged by more and more "women's economy" in recent years.
I met my opponent in Kweichow Moutai, from Shandong! Among them, the influence of fiery hyaluronic acid on Maotai was emphatically discussed. Recently, Betani from Yunnan landed in A-shares with functional skin care products, once again defeating the Guizhou brothers next door.
The rise of domestic products
For a long time in the past, domestic consumption has grown rapidly in the whole "big cosmetics" track, but it is basically difficult to see domestic brands.
Skin care products are basically controlled by international brands such as Lancome, Estee Lauder and Shiseido, and the medical beauty industry has long been occupied by brands such as South Korea, Europe and America in the early days.
In the past two years, with the listing of Huaxi Bio, Aimeike and Bettaney, domestic products have sprung up everywhere.
Betaine, founded on 20 10, is mainly engaged in functional skin care products in dermatology, that is, rational skin care products with certain therapeutic effect on skin problems. Compared with ordinary skin care products, it has certain pharmaceutical components.
Winona, the main brand of betaine, was the main distribution drugstore channel in the early days. World-renowned functional skin care brands such as Yayang and la roche-posay have set up department store counters in first-and second-tier cities. Perhaps it is this kind of foreign brands that hold high and fight high, and domestic cosmetics brands have been suppressed for a long time.
In the past ten years, Bettaney has achieved cornering overtaking in the segmentation of functional skin care products. In the past five years, there have been international brands such as Yang Ya, Weizi and la roche-posay in dermatology skin care products, but as of 20 19, Winona's omni-channel sales have fallen far short of international brands.
According to Euromonitor's statistics, Winona ranked first in China dermatological skin care products market in 20 19, with a retail market share of about 20.54%. Winona has been on the TOP 10 list of Tmall double eleven beauty brands for three consecutive years. A domestic brand has occupied more than 1/5 market share in a certain segment, which has never appeared in the whole beauty track.
In recent years, it is the rise of domestic brands such as Winona and Yuze that makes many people exclaim that the era of domestic products is coming.
From "medicine" to "makeup"
Functional skin care products are somewhat similar to "cosmeceuticals". It contains both "medicine" and "makeup".
Guo Zhenyu, the founder of betaine, once served as the chairman of Dianhong Pharmaceutical, leading the famous over-the-counter skin disease brand "Kang Wang". It is reported that during his tenure, Dianhong's revenue will increase from 65.438+0.9 billion yuan in 2002 to more than 65.438+0 billion yuan in 2065.438+03.
Perhaps inspired by the success of Kang Wang, Winona, as a skin care product, has no common labels such as "whitening" and "moisturizing" in almost all publicity channels. Winona focuses on sensitive skin and focuses on the concept of "repair".
From the positioning point of view, Winona pays more attention to the composition of "medicine" and the recognition of professional doctors. A number of famous doctors were invited to visit the Tmall live broadcast room, such as Professor Hongliang, director of the Medical and Aesthetic Department of Wuhan University People's Hospital, and Professor Li He, director of the Dermatology Department of the First Affiliated Hospital of Kunming Medical University.
From the perspective of regulatory approval, ordinary cosmetics are managed by filing system, and the cycle is generally 15 days -3 months; However, the registration management of special cosmetics generally needs to be recognized by medical experts and adhere to clinical verification, with a cycle of 6- 12 months. Although functional skin care products are not strictly registered for hyaluronic acid medical devices, the industry barriers are much higher than ordinary cosmetics.
Industry barriers are also reflected in the ability to make money.
Cosmetics belong to the profiteering industry, and Betani's ability to make money is obviously higher than that of ordinary cosmetics enterprises. According to the prospectus, the comprehensive gross profit margins of 20 17-20 19 and 2020H 1 are as high as 8 1.28%, 8 1. 16%, 80.22% and 8, respectively. The gross profit margin of companies in the same industry is mostly 50% to 60%.
On March 25th, the highly anticipated betaine IPO went public, with an increase of 272% that day, ranking first among A-share skin care companies, with a market value exceeding 70 billion yuan.
If ordinary skin care products are metaphysics, functional skin care products probably add some scientific and technological elements to metaphysics. It is also the technological content that makes Betani stand out in front of many skin care companies.
Liangdaokan
The rapid development of Yan's value economy, the first market share in the industry, the sense of science and technology of products, and the ultra-high gross profit margin have made many people shout out "cosmeceuticals" again.
Can you really get what you want? It may be necessary to cross two obstacles.
The first hurdle is how to get rid of the strange cycle of product life cycle.
Judging from the "Damei" industry in China in recent 20 years, it has experienced several rounds of channel and product wars.
In terms of channels, at the beginning of the century, little nurses quickly went to the whole country by relying on offline channels. Although it was later acquired by L 'Oreal, it became increasingly sluggish in the channel competition. What beats offline stores is the rise of the Internet. In the era of e-commerce, Afu essential oil and Royal Mud Workshop stood on the flow outlet and quickly occupied the market.
From the product form, basically every 3-5 years, there will be a round of product category wars. For example, first, skin care suits have an addition period, which also makes Innisfree popular; Later, there were mask wars, lipstick wars and essence wars.
Girls make the most money, but it is not sustainable. If you don't pay attention, you may be drowned in the dust of history. Nowadays, functional skin care products are developing rapidly. Whether we can get rid of the product life cycle in the future is the primary test of whether we can draw with Maotai.
After all, after functional skin care products, oral beauty, medical beauty, great health and so on are not good.
The second obstacle is the contradiction between the scientific and technological attributes of products and the decline of R&D investment year by year.
Compared with ordinary skin care products, functional skin care products pay more attention to ingredients and curative effects. As long as it is related to drugs, it will definitely add some scientific and technological attributes.
According to the data, by June, 2020, Betani had 46 valid patents in China, mastered the core technology of 1 1, and had strong technical advantages in preparing sensitive skin care products from the effective components of plant extracts from plateau plants such as Portulaca oleracea and Rosa davurica.
However, from the breakdown of R&D expenses, the R&D expenses of betaine were 289 17500 yuan and 460 12705 respectively during the months of 2019 and 2020 1-6.
The strength of R&D seems to be not low, but on the one hand, the proportion of R&D decreased, on the other hand, the proportion of sales expenses gradually increased. Should we take the old road of "emphasizing marketing and neglecting R&D"?
In addition, with the upgrading of the entire cosmetics track, consumers' awareness of the use effect will gradually increase, rational consumption will become stronger and stronger, and the requirements for product research and development will definitely become higher and higher.
After these two hurdles, Bettaney, as the industry leader, basically has nothing to be picky about at the product end. What's left is to integrate online and offline channels and continue to promote the basic work of anti-aging.
Betaine has become the industry leader and has the backbone of Maotai. However, listing is only the beginning, and we need to constantly promote the development of the industry, make ourselves bigger and stronger, and have the confidence to compete with Maotai.
Domestic products should be self-reliant!