Shuke toothpaste to go public: can’t play Yunnan white medicine, grab the young net red


Kaiboluocaijing original

| Su Qi

Edit | Golden

What brand of toothpaste and toothbrush on your home wash?

I don’t know how many people use Shuke. Its mother’s martial art company is officially submitted to the Hong Kong Stock Exchange on February 8, and the motherboard is listed.

Established in 2006, Weimei, from 2019 to 2021, the income growth in the third quarter of 2019 has gradually stepped, maintained at around 1.6 billion. The overall income is flushed with peers, and the income of the third quarter of 2021 has only 1/23 of its old opponent Yunnan. Because Shuke is invested in marketing and advertising, from 2019 to 2021, the adjusted net profit is around 100 million yuan.

Oral care track is characterized by high market capacity, fast growth, high purchase frequency, has “a nursing fresh”

. The development process of domestic tracks can be divided into three phases.

Although it was once squeezed with foreign-funded brands, many old bodies were born in the 1940s, such as two-side needles, blacks, China, etc .;

In 2005-2006, Yunnan Baiyao and the main oral care of the Chinese herbal drug route were in the world, and the new domestic toothpaste brand mounted on the stage.

With the 90s, the growth of the consumption is the main army. From 2015, the oral care segmentation has emerged a group of young enterprises, which brought a wide range of toothpaste, electric toothbrush, water tooth line, teeth, rosewash Delivery and other products, capital also comes.

According to the statistics of arteries, only 33 financing incidents occurred in the first half of the domestic oral market, with a total financing total of 5 billion yuan.


Born in the industry’s new old alternating period, also played the role of the underground – continuously promoting the innovation of the main business of the toothpaste / toothbrush, and also rejoits the electricity and professional oral care field, in 2016, almost with usmile, New brands such as taxi, at the same time, the morning and evening spoke wave electric toothbrush is launched.


But for 16 years, the Shuke, the first advantage, the situation is more embarrassing.

Some industry insiders summed up the “three 尴尬”: the product positioning is not clear enough, the sales channel is biased, it is not as good as the new mouth care brand more “understand” young people.

After experiencing twice “acquired” rumors, Weimei is still not optimistic.


尴 一 1: Product positioning is not clear

Behind the best-selling oral care brands, in addition to the brand awareness, more important is a clear brand positioning.

Toothpaste is a mental. After most of the 70s, after 80 consumers, the gum bleeding is bleeding Yunnan medicine, the teeth are sensitive to use cold acid, whitening toothpaste to buy black, anti-mite anti-dental choice Jia Jie: / high-tech, children’s toothpaste buy Na Love /Frog prince.

Most users may not have a clear cognition.


Yi Guan analyzes the senior analyst of the new consumption industry, Li Yutao believes that


Even if consumer is alternatively replaced, the user’s impression that Yunnan white medicine has also been difficult to replace

New brands want to grab user mental care, they must cut more, more differentiated products.

Combined with multiple reports of data, whitening the toothpaste market accounts for the largest, reaching nearly 30%, mainly because consumption is more concerned about teeth whitening. The enzyme whitening of Shuke, is the product in this segment.

According to the data given by Wei Meizi, a total of 45% of the five major brands in 2020, the domestic five major brands, and Shuke ranked first in the Chinese white toothpaste market, accounting for 11.3%.

Shuke ranked first source in China’s Whitening Toothpaste Market / Fressis

However, Li Yutao believes that Shuke emphasizes its market share in China’s brand. In fact, in the whitening toothpaste market, China’s toothpaste is still facing the strong extrusion of international brands.

Moreover, the “enzyme whitening” of Shuke is new, but there is a certain dispute, so it is not easy to form a significant competitive advantage in the glass.

Multiple users mentioned that when purchasing toothpaste, there are many bloggers that are social platform. Take Xiaohong Book as an example, related “breeding grass” and “evaluation” notes, the main keywords mentioned by Shuke toothpaste are cost-effective, packaging and taste, but whitening the description of whitening is more “no power” Or “there is a need for a teeth to have obvious whitening effect.”

I want to attack the market with a whitening toothpaste, which is very difficult. In 2015, Shuke conducted a large transformation.

On the one hand, launch children’s oral care brand Shuke Baby, providing children’s toothpaste and child electric toothbrush for children under 12 years old; on the other hand, expand electric and professional oral care business, introducing electric toothbrush, water, and portable mouthwash New products such as teeth.

Shuke brand three major product line Source / Wei Meizi

Zhang Yi, CEO and Chief Analyst, from “In addition to being an adult toothpaste, doing a child toothpaste, in addition to being an electric toothbrush, also doing mouthwash, Shuke has always wanted to cut new user groups.

The new actions have indeed attracted a group of young users to Shuke, but they still do not have a part of the old brand. According to the “Trims of Oral Nursing Industry Network” in Juvenile 2021, “Trim Analysis Report,”

The proportion of users under the age of 29 are more than 60%, which is still behind black, high-tech and Jiajieser and other old brands.

From the actual data, the contribution of the new product line is not large.

. The statement shows that the child’s basic oral care products, electric and professional oral care products have always been 40%, from 40%, 39.3, 39.1%, from 2019 to 2021, respectively. It is still unable to support the half of the mountains.

Source / Wei Meizi

Jiang Yuki, director of CIC, against the financial analysis of the pineapple, compared to other brands, and Shuke built a full range of oral care solutions, but because the product line is too full coverage, it leads to each subsets It is not highlighted, relative to the brand that focuses a single category segment, the brand positioning of Shuke is not accurate, and the overall competitiveness of the future is expected to change.


尴 尬 2: 600 million advertisements a year, but marketing and channel out ofhibition


Shuke’s oral care product line is divided into foundation, electric and professional, and toothpaste teeth is still the main business. And each part is relatively stable, and the ratio of 7: 2: 1 is maintained during the reporting period (nine months nine months ago).

This business ratio reduces the pressure of the main business, but also saves a certain strength during the epidemic.

According to the prospectus, Shuke’s 2020 income is affected by the epidemic, a year-on-year microduction of 2.8% to 1616 million yuan, as of 2021 third quarter, income increased by 14.8% to 1.23 billion yuan, but more than 2020 year 2019 The income has a certain gap.

It is worth noting that Shuke maintains a positive profit in 2019 and 2020, net profit is 504.94 million and 211 million. However, as of 2021 third quarter, the company lost 494 million, but this is not a real business loss, but the book value of RMB 574 million redeemable in the current period. Those from this effect, Shuke’s 2019, the adjusted net profit in the third quarter of 2021, is 481.93 million yuan, 15.2 billion yuan and 129 million yuan.

“Shu Jing’s profits can be”, Li Yutao pointed out that in 2020 compared with the decrease in revenue in 2019, the profit increased by 100 million, attributed to the high-end positioning of its insistence, and brought it to the industry relative High gross profit

. The gross profit margin of Shuke also presents a year-on-year increasing trend in 2019, 2020 and 2021, 53.8%, 58.1% and 62.8%, respectively.

What level is in the toothpaste industry? Take Yunnan Baiyao as an example, its business income is approximately 28.362 billion yuan in the first three quarters of 2021. It is 23 times that of Shuke’s peer income; the deduction of non-net profit attributable to listed company shareholders is about 366.7 billion yuan, it is a time 28 times.

Li Yingtao said that Shu Jing revenue, profit is very dependent on marketing, and the annual marketing cost is about 40%. Once the marketing effect is poor, there will be a situation in revenue and profit.

This is another “embarrassing” of Shuke.

On the marketing play, sales channels are partially traditionally, channels and marketing.

In 2019, it was the time of Shu Jing crazy advertising. Invited Beckham, Li Bingbing as a spokemony, and implanted in the hot broadcast drama, that year, Wei Meizi’s advertising expenses reached 111 million.

Nowadays, we are more likely to use small red books, shake and other social media to pass the young consumer group, these marketing movements are not cheap. The prospectus showed that the promotion expenditure of Wemei Leading channel was 12.3% in 2019, an increase of nearly 30% in the first three quarters of 2021, and still maintained more than 600 million advertising expenses for more than one year.

But in the sales channel, Shuke releared it has always been offline channels.

From 2019 to 2021, the revenue ratio of Wei Meijing line is maintained at 60%, even in the online crazy investment, online channel revenue is not large, only from 37.9% to 43.3 %, Where the online direct sales accounting is 24.4%. Jiang Yuzhi believes that this number is still a low level compared to many emerging domestic oral care brands.

Online channels include Tmall, Jingdong, spelling a lot and shake, small red book, US group, etc. Source / Wei Meizi

In fact, the genes of the two founders of Wei Meizi determine the dealer of Shuke more dependent line. The founder Wang Quan has served as the Sales Department Manager in Guangzhou Blue Moon (December 1996), and Cao Rui’an, founder, also served as Sales Director in Blue Moon (December 1994 to May 1998).

A daily chemical industry, said that the success of Shuke has similar Blue Moon, playing “City Battle” – Getting the City Manager, relying on them “strong terminal push + shopping guide people sea tactics” Sell ​​promotions, so that sales have skyrocketed in a short time.

The offline channel is playing, and Shuke tries to vigorously develop online marketing, but the extension of online channels is very much.

. “Toothpaste teeth, technology thresholds, technology thresholds, the main skill, the existing brand is mainly the channel threshold. For the current, Shuke online channels are easy to challenge new forces, there is no specially obvious user mind In the case, it is easy to fall into danger. “Zhang Yi analyzed.

尴尬 三: Old players, new brand fans

According to the completion of the pineapple, domestic oral care has roughly experienced three-wheeled consumption, and some domestic new brands seize the opportunities for the times.

The protagonist of the first round of wave is the toothpaste brand. When the extrusion of foreign companies, the ending is or lost the initiative after being acquired, or the bleak operation after listed, which is represented by black toothpaste.

Zhejiang Ningbo Brothers founded the parent company of black toothpaste in 1933, after the acquisition of 50% of the shares in 1985, it has experienced two passive renames. Two-sided needles that were proud of Liuzhou people. In 2004, they became the first listed company in the industry. After landing the capital market, she was negative because of the blind expansion business, from 2006 to 2018, the net profit was negative.

The toothpaste market is a long period of time, and the three major foreign-funded brands of the China “toothpaste) and Unilever (acquisition” China “toothpaste).

. Until the new domestic toothpaste brand represented by Shuke, Yunnan Baiyao was established, and the second round of waves began.

In 2005, the Yunnan Baiyao toothpaste was officially launched, and the position of the domestic brand has been low-end, and the high-end research (Chinese herbal medicine) route. Shuke launched in 2006, began to hit the electric toothbrush and children’s brand began to hit the electric toothbrush and the toothpaste brand into the “Oral Care”.

With 90, after 95 or even 00, it became a new consumption main force, and the oral care track has a large number of new power, is the first of Shu Shi, USMILE, half-class. They aim at the more new sequel, using more affiliated to the marketing and sales channels, develop updates to the product form, quickly build the net red explosion, and have been favored by VC, and the future is expected to overtake.

Data source / day eye check

It can be seen that Shuke plays a role in the three generations of trends. But this was seen as a black horse in the oral nursing industry. In the past few years, it has passed the news that “will be reached by Gao Lu Jie, Unionea.”

Shuke At this time IPO, did you find an outgoing road? In this regard, a number of industry people believe that the development of its existing three major blocks has difficulties.

First, the product development professional and product quality needs to be further strengthened.

. For example, for the electric toothbrush market in Shuke, Li Yingtao said that this track has a relatively professional brand, and it is far from the toothpaste of Shu Jing, and Shuke is in the market, the difficulty is more difficult. .

Secondly, Shuke is subject to a newly equipped product class, such as electric toothbrush, teeth, mouthwash, etc.


. Jiang Yu believes that it is currently coming, there have been a more close to young people, such as the USMILE in the electric toothbrush, and the paramounts in mouthwash. In the short term, if there is no major force direction, it is difficult to form a hit in these categories.

For the future of the oral care track, an industry expert proposed two development directions when accepting Third Bridge interview: First, the future growth point of the toothpaste track may be, the price of guest orders is increased, not the market further sinking; The second is to continue to force the child market, more subsequent age, depending on the age, different needs of different ages, and customizes related products.

Source / Wei Meizi

Source / Wei Meizi

It is also a big trend in swallowing and edible children.


Many industry people believe that today, two years, oral care track will also launch a more fierce market competition.Whether to anchor the brand positioning, seize the young people’s waslement, whether the Shuke can go smoothly, can attract investors to enter the market.


* The title is from PEXELS.