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What is worth sprinting IPO has spent money to buy Baidu PPC

via:CnBeta     time:2018/4/23 8:01:22     readed:335

For several years, it is worth buying tightly the main customers such as Ali and JD. More than half of its main income comes from Ali. The company also used a variety of marketing methods to attract traffic. It had set a record of over 6 million yuan for single-player events, and paid Baidu 1.8 million yuan in 2017 to join its "bid position."

On April 20th, the Beijing News reporter called what it was worth to buy the person responsible for information disclosure and sent an interview outline. As of yet, there is no reply.

Main e-commerce shopping guide, has stormed

Public information shows that it is worth buying technology was established in 2011. The founder and chairman of the company, Ruan Guodong, has served as the executive director and CEO of Beijing Zhi Demai Information Technology Co., Ltd., a predecessor of Worth to Buy Technology, from the end of 2011 to October 2015. He has served as the current director since October 2015. As of the date of the signing of the prospectus, Ruan Guodong directly held 57.78% of the company's shares, and indirectly controlled the company's 10.00% stake through Guomai Innovation, which together controlled 67.78% of the company's shares.

In the past three years, what is worth buying has grown rapidly. In 2015, the company had only 263 people. By the end of 2017, the number had grown to 561. The prospectus disclosed that in the 2015-2017 fiscal year, the company’s employee compensation was 35,631,400 yuan, 8,656,800 yuan and 13,436,310 yuan, respectively, and the compound annual growth rate for 2015-2017 was 94.19%. Based on this calculation, the per capita salary of the company rose from 135,000 yuan in 2015 to 240,000 yuan in 2017.

The prospectus shows that it is worth buying beautiful results. The net profit for 2015-2017 was 19,345,900 yuan, 35,137,700 yuan and 8,624,104 yuan. What is worth buying indicates that the unique UGC (User Contribution) content operation model and the massive amount of premium content have become the core advantages of the company in comparison with other competitors. Among various content sources, UGC accounts for about 70%-80%. Other content sources include editor contributions, merchant contributions, and more.

What is worth buyingwebsiteAnd the client, mainly for e-commerce, brand business information promotion services. The prospectus shows that the main processes of the e-commerce shopping guide business include the issuance of preferential information, the purchase of orders by users, and feedback from the customer of the alliance platform to actually complete the transaction amount and commission, commission confirmation and settlement.

According to Google Analytics and UFIDA statistics, the average monthly active users of the website and its various mobile clients in 2017 reached 24,019,900. The compound monthly growth rate of monthly active users from 2015 to 2017 was 39.32%.

In the process of business growth, what is worth buying has also been caught in the storm.

In November 2014, there were media reports that many consumers wereAmazon"Cut a single," they bought a $ 94 sweeping robot on the Amazon Web site, but was unilaterally canceled.

The Beijing News reporter found in the China Judgment.com website that the 2017 Judgments, the Century Excellence Inc. (Amazon), said that the real reason for the cancellation of the order is due to system operation errors caused by the sale of "ECOVACS Cobos smart home sweeping. Machine Battle Axe CEN360" was marked with the wrong price and what it was worth to buy. The website pushed the wrong price product on its website, which led to a surge in orders. After the Century Premium Company shipped the inventory goods, it cancelled the follow-up orders.

In July 2015, what was worth buying inside again revealed the false website information of cottage BOSE, and was accused of “seconds deletion” of fake related comments. In response, Guodong Guo stated that "a lot of information is incomplete, or it is invalid or even wrong. Xiao Bian will also make mistakes, and some mistakes will be made relatively small. This is a big crime. One of our jobs It's about making as few mistakes as possible, and not trying to bring real economic losses to users who read information every day."

Top 5 largest customers contribute 62% of revenue

The prospectus shows that the customer structure that is worth buying is more concentrated. In 2017, the company’s top five customers contributed a total of 227.769.92 million yuan of revenue, accounting for 62.06%.

The company's largest customer is Alibaba Group, with a sales value of 94,741,300 yuan, accounting for 25.81%; and the second largest customer, Blue Label Group, with a total sales amount of 62,059,600 yuan, accounting for 16.91%. The third largest customer is Jingdong Group, which contributed RMB 36,831,600 in revenue, accounting for 10.04%; in addition, Amazon Group contributed RMB 20,319,900, accounting for 5.54%. Among them, Alibaba Group and Jingdong Group ranked among the top five customers of the company for three consecutive years from 2015 to 2017.

The Beijing News reporter noted that what worthy executives had held senior positions in major client companies. The prospectus shows that it is worthwhile to buy the CEO and chief marketing officer Nagato served as senior director of the development strategy department of Jingdong Group and vice president of JD Smart Group. What is worth buying, that is, it has a wealth of contacts in the electricity supplier industry. In addition, Liu Weiliang, the board secretary and senior strategy director who is worth buying, joined the company as a strategic analyst and senior manager of the development strategy department of Jingdong Group.

Although the above two senior executives once worked for Jingdong, a major customer, it is worthwhile to buy that it does not have a connected transaction with the customer, Chongqing Jingdong Haijia E-commerce Co., Ltd. "The above customers do not have any costs, benefits or other benefits for the issuer."

In addition to Jingdong, Ali's Ali's mother is worth buying the main business, which is the largest customer of the shopping guide business. In 2015-2017, what is worth buying commission income from Ali's e-commerce shopping malls was 20.0762 million yuan, 50.36 million yuan, and 60.20 million yuan, respectively, accounting for 34.03%, 51.50%, and 67.41% of e-commerce commissions.

The Beijing News reporter combed and found that what is worth buying from the various platforms to obtain a larger percentage of the commission. In 2017, what is worth buying is 3.23% of the commission charged to Ali Mama, while the ratio of commissions charged to JD.com's JD.com Haijia is 1.49%, which is equivalent to only half of the former.

From a vertical perspective, the proportion of commissions that are worth buying for major customers has declined as a whole. In 2015-2017, what percentage of commissions worth buying for Alimama was 4.09%, 3.47%, and 3.23%, respectively. During the same period, the commission rates charged to Jingdong Haijia were 1.55%, 1.44% and 1.49%, respectively.

So, in the end, the right to determine the commission rate? What is worth buying means that the commission rate is mainly determined by the customer. The shopping guide website has limited control over the commission policy of the e-commerce enterprise alliance platform and other third-party alliance platforms, including the commodity-commissioned commission ratio and so on.

On April 20th, the Beijing News reporter called what it was worth to buy the person responsible for information disclosure and sent an interview outline. As of yet, there is no reply.

Dramatically drained capital, loss of cross-border projects

In the face of large customers such as Alibaba and JD.com, what is worth buying is far less than the partner? How to increase bargaining power?

What is worth buying in the prospectus pointed out that due to the huge potential for industry development, it has attracted a lot of funds to enter the industry, and the addition of more market competitors will make the competition for user traffic in the industry more fierce. At the same time, due to the increase in user choices, it becomes more difficult for enterprises to acquire and retain users.

In this case, what has always been self-proclaimed not to burn money is worth buying. It also starts to finance and burn money. In January 2016, it was worth buying to announce the completion of 100 million yuan in financing. It was the first time the platform was established in five years. The investor was Huachuang Capital. The funds were claimed to be used to enhance user feedback and content incentives to build an original content platform for consumer content.

The Beijing News reporter consulted business and industry sources and showed that in October 2015, what was worth buying was a change in industry and commerce. Gongqing City Shangyu was added as a shareholder and held 1.6 million shares of the company, which accounted for 4% of the company's shares. This ownership structure has been maintained until the impact of the IPO.

The Beijing News reporter noted that in the year when financing was announced, it was worth buying a large increase in marketing expenses. The prospectus shows that from 2015 to 2017, the publisher’s promotion expenses were 16,004,600 yuan, 21,110,600 yuan and 4,204,100 yuan respectively. Among them, the promotion cost in 2017 is equivalent to half of the net profit of 8,624,104 yuan.

What is worth buying means that the industry is more competitive and the cost of acquiring user traffic is increasing. It is necessary to continuously increase the expenditure on advertising and promotion to maintain the continuous increase in the scale of users. According to the disclosure of the prospectus, in order to increase traffic, the company paid a lot of money to various search engines. The main billing model is CPC, which means that it pays by the number of clicks. In 2017, the first major service provider was Baidu, the second and third were 360 ​​search and search dogs, and the billing model was CPC. The traffic volume was 3207785, 1357074 and 94000 respectively, and the unit price was 0.58, 0.68 and 0.58, respectively. The amount was 1.845 million yuan, 920,900 yuan and 54,300 yuan respectively, totaling 2.8 million yuan.

What is worth buying means that in the paid search mode, it will quote different keywords, obtain the favorable position of the search engine through bidding, and pay according to the actual effect. In general, the higher the bid, the higher the ranking.

In addition to relying on Baidu and other search channels, what is worth buying is also a significant increase in referral traffic. The company passedTencent(Weixin), Weibo, hao123, 360, UnionPay, Unicom and other well-known platforms promoted the referral traffic. The prospectus shows that the first major service provider of this business in 2015 was Beijing Huanxi Advertising Co., Ltd., whose content is hao123 navigation advertising, with a unit price of 1.4951 million yuan/month and a total amount of 2.871 million yuan.

By 2017, what is worth buying the first major service provider is Beijing Weicheng Cultural Communication Co., Ltd., which consists of WeChat public number ad and WeChat public number menu bar advertisement. The price is 5000-35000 yuan (tax included)/month. The total amount of money into the company reached 3.7434 million yuan.

In addition to regular channels, what is worth buying has also been spent on huge amounts of money in the past two years to organize activities. In May 2016, the company held the first “Friendship Festival”, and the total amount of business promotion activities paid by the company was 2.0157 million yuan. By the second “Friendship Festival” in 2017, the fee was as high as 6.0129 million yuan.

In addition, what is worth buying in 2017 is to launch advertisements through Unicom, high-speed train tickets, airport magazines, gas stations, etc., and to encourage users to sign up and download apps by giving free calls or mobile phone traffic. The amount of promotion is about 5 million. yuan.

In the case of fierce competition in the traditional shopping guide business, what is worth buying after a financing cross-border.

November 2016, what is worth buyingHaitaoPurchasing platform Beiwo Network officially operates. The prospectus shows that in 2016 and 2017, the company’s Haitao Shopping Platform service revenues were RMB 171,300 and RMB 1,194,100, gross profit was RMB 102,600 and RMB 614,300, respectively, and gross profit margins were 59.88% and 51.44%, respectively. However, the worry-free direct purchase, which mainly deals in Beiwo.com, is still at a loss. In 2017, the net profit was -3,013,300 yuan, and the owner's equity was -315.83 million yuan.

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