Estee Lauder, L'Oreal support, tmall, Taobao platform operation, on behalf of the operators crack survival

艾金融学会杨桥

AI Financial Society Yang Qiao

编辑郭路清

Editor Guo Luqing

当你在一些化妆品品牌的旗舰店购买自己的产品时，为你提供服务的未必是品牌，而是化妆品电子商务的代理商。

When you buy their products in some flagship stores of cosmetics brands, it is not necessarily the brand that provides services for you, but the cosmetics e-commerce agent.

例如，美宝莲、雪花秀、穹窿、雅漾、香怡本草等旗舰店背后的品牌运营商是丽人美；百雀岭、乐天清等旗舰店背后的品牌运营商是一望一川；雅诗兰黛、倩碧等旗舰店背后的品牌运营商是优科集团。

For example, the brand operators behind the flagship stores of Maybelline, xuehuaxiu, fornix, yayang and Xiangyi materia medica are lilen beauty; the brand operators behind the flagship stores of baiqueling and loudeqing are Yiwang Yichuang; the brand operators behind the flagship stores of Estee Lauder and Clinique are Youke group.

现在看来，美的代理运营商也迎来了上市的大潮，而代理运营商幕后的品牌方也开始从幕后走向前台。

Now, it seems that the beauty agent operators have also ushered in the spring tide of listing, and the agent operators behind the scenes of the brand side begin to move from behind the scenes to the front of the stage.

3月29日，美牌电子商务服务提供商Youke集团正式向香港证券交易所提交了一份招股说明书，其中中信证券和瑞士信贷共同发起。3月17日，日本品牌代理商优屈惠控股有限公司也向香港证券交易所提交了一份招股说明书。

On March 29, Youke group, a beauty brand e-commerce service provider, formally submitted a prospectus to the Hong Kong stock exchange, with CITIC Securities and Credit Suisse as co sponsors. On March 17, youquhui Holdings Co., Ltd., a Japanese brand agent, also submitted a prospectus to the Hong Kong stock exchange.

在此之前，宝尊电子商务、一王一创、丽人丽妆、若雨辰等企业都拿到了上市的"入场券"，美容机构运营行业在资本市场上也越来越活跃。

Before that, baozun e-commerce, Yiwang Yichuang, lirenli makeup, ruoyuchen and other enterprises have all got the "admission ticket" to go public, and the beauty agency operation industry is becoming more and more lively in the capital market.

但是，现代运营企业在资本市场的品牌端和平台之间能有多大的生存空间呢？

But how much space can the modern operation enterprises survive between the brand side and the platform have in the capital market?

交通成本高

High traffic cost

孵化出CPB、loubin等33个国际品牌。

33 international brands, including CPB, loubin, etc., have been incubated.

优科的收入主要来自两个方面：一是服务模式，为品牌运营商提供服务产生的服务费；二是分销模式，通过直接销售品牌产品或销售给其他经销商和电子商务平台赚取差价。

Youke's revenue mainly comes from two aspects: one is the service mode, which is the service fees generated by providing services for brand operators; the other is the distribution mode, which is to earn the price difference by directly selling brand products or selling to other dealers and e-commerce platforms.

在经营高端产品的基础上，2018年至2020年，优科集团实现收入11.7亿元、14.3亿元和16.6亿元，相应的净利润分别为2.1亿元、2.8亿元和3.3亿元。

On the basis of operating high-end products, Youke group generated revenue of 1.17 billion yuan, 1.43 billion yuan and 1.66 billion yuan from 2018 to 2020, with corresponding net profits of 210 million yuan, 280 million yuan and 330 million yuan.

这种经营模式为优科创造了更高的净利润率。优科的净利润率一直保持在19%左右，立人化妆的净利润率为7.34%，宝尊电子商务的净利润率为5%左右。

The operation mode has created a higher net profit rate for Youke. Youke's net profit rate has been maintained at about 19%, while the net profit rate of Liren makeup is 7.34%, and the net profit rate of baozun e-commerce is about 5%.

然而，在大客户主要依靠为优科创造收入的同时，也存在大客户单一的问题：2018年至2020年，优科前五大客户分别占总收入的60.6%、66.9%和47.5%。

However, while the major customers mainly rely on to create revenue for Youke, there is also the problem of single big customer: from 2018 to 2020, the top five customers of Youke account for 60.6%, 66.9% and 47.5% of the total revenue.

作为电子商务的代理运营，渠道非常重要，包括天猫、淘宝、京东、唯品会、小红薯等，优科参与其中，但其主要渠道运营来自淘宝。

As the agent operation of e-commerce, channels are very important, including tmall, Taobao, Jingdong, vipshop, xiaohongshu, etc. Youke is involved, but its main channel operation is from Taobao.

艾瑞数据显示，与其他美容代理运营商相比，优科集团在2020年的市场占有率为13.3%，成为中国最大的美容电子商务代理运营商，成为优科集团上市的基地之一。

According to iResearch's data, compared with other beauty agent operators, Youke group has a market share of 13.3% in 2020, becoming the largest beauty e-commerce agent operator in China, which has become one of the bases for Youke group's listing.

优科推广或产生的Gmv增加值由2018年的46亿元增加到2020年的163亿元，增长255.5%，两年复合年均增长率为88.5%。

The added value of Gmv promoted or generated by Youke increased by 255.5% from 4.6 billion yuan in 2018 to 16.3 billion yuan in 2020, with a two-year compound annual growth rate of 88.5%.

随着渠道营销的流量越来越昂贵，你也可以投入大量的成本来换取用户流量。2018年优科的广告推广费从3100万元增加到2020年的1.9亿元。优科也表示，未来将继续依赖第三方流量渠道。

As the flow of channel marketing is more and more expensive, you can also invest a lot of cost in exchange for user flow. Youke's advertising promotion fee in 2018 has increased from 31 million yuan to 190 million yuan in 2020. Youke also said that it will continue to rely on third-party traffic channels in the future.

招股说明书显示，优科创始人张自恒出生于阿里，持有优科19.02%的股份，为第二大股东，中信资本持有优科43.98%的股份。

According to the prospectus, Zhang Ziheng, the founder of Youke, was born in Ali, holding 19.02% of the shares and was the second largest shareholder, while CITIC Capital held 43.98% of the shares of Youke.

在美容机构运营企业中，优科的资本市场起步较晚。2013年和2016年，青岛金旺分别以1.5亿元和6.8亿元的价格收购了其37%和63%的股份，并成为金旺的全资子公司。此后，由于业绩不佳，他将自己卖给了中信资本。

In the beauty agency operation enterprises, Youke's capital market is later than other listed enterprises. In 2013 and 2016, Qingdao Jinwang acquired 37% and 63% of its shares at the price of 150 million yuan and 680 million yuan respectively, and then became a wholly-owned subsidiary of Jinwang. Since then, due to poor performance, he sold himself to CITIC Capital.

发电运营商各有优势

Generation operators have their own advantages

回顾电子商务代理经营的发展历史，电子商务代理经营起源于电子商务兴起的时代。化妆品行业作为强势渠道、强势品牌的行业，渠道的转型催生了代理经营模式的发展。一大批化妆品电子商务代理经营者通过代理、分销或直销等方式迅速发展起来。

Looking back on the development history of e-commerce agent operation, e-commerce agent operation originated in the era of the rise of e-commerce. Cosmetics industry as a strong channel, strong brand industry, the transformation of the channel gave birth to the development of agent operation mode. A large number of cosmetics e-commerce agent operators have developed rapidly through agency, distribution or direct sales.

百联咨询创始人庄帅告诉艾金融机构，国际美容品牌企业的网上运营比较有限，成本高，决策效率不高，利润空间小。此外，专业人才和跨境政策也将受到限制。

Zhuang Shuai, founder of Bailian consulting, told AI financial agency that the online operation of international beauty brand enterprises is more limited, the cost is high, the decision-making efficiency is not high, and the profit space is small. In addition, the professional talents and cross-border policies will also be limited.

现代运营模式的兴起给了市场足够的想象空间。据艾瑞数据显示，2014年至2018年，中国品牌电子商务服务提供商市场规模由261.6亿元增长至1613.4亿元，年复合增长率为57.6%，预计2021年将增长至3473.6亿元。

The rise of modern operation mode gives the market enough imagination space. According to iResearch data, from 2014 to 2018, the market scale of China's brand e-commerce service providers increased from 26.16 billion yuan to 161.34 billion yuan, with a compound annual growth rate of 57.6%, and it is expected to grow to 347.36 billion yuan in 2021.

电子商务兴起的时代催生了优科、立伦、易创等一代电子商务运营商。经营模式主要有三种：一种是品牌服务模式，为品牌提供在线运营服务，收入来源是服务费；另一种是分销模式，经营者买断商品，收入来源是销售差价；另一种是寄售模式，收入来源是服务费收入是服务费和销售佣金。

The era of the rise of e-commerce has spawned the generation of e-commerce operators such as Youke, lilen and Yichuang. There are three main modes of operation: one is the brand service mode, which provides online operation services for brands, and the source of income is service fees; the other is the distribution mode, in which operators buy out goods, and the income comes from the sales price difference; the other is the consignment mode, in which the source of income is service fees and sales commission.

增加品牌合作伙伴，自建品牌已成为优科和美的第二条途径。

Increase brand partners, self built brand has become the second way for Youke and beauty.

"运营商只为自己的品牌做婚纱，并不是一个长期的计划。这是培育自己品牌的正确途径。虽然不容易，但应该是尝试的方向。

"It's not a long-term plan for the operators to just make wedding clothes for their brands. It's the right way to incubate their own brands. Although it's not easy, it should be the direction to try." Lin Yue thinks.

为此，代理商经营发展到一定规模，就会出现瓶颈：一方面受制于代理商品牌的成长，另一方面也有赖于自身经营能力和经营效率的提高。要突破这一瓶颈，需要找到模式的迭代，包括运营商的管理、营销投入产出的提高等。

For this reason, the development of agent operation to a certain size, there will be bottlenecks: on the one hand, it is subject to the growth of agent brand, on the other hand, it also depends on the improvement of its own operation ability and operation efficiency. To break through this bottleneck, we need to find the iteration of the mode, including the management of operators, the improvement of marketing input and output, etc.

尤克做了个尝试。在44家品牌运营商中，有11家是孵化品牌。优科可以利用现有的运营经验，为新品牌的孵化做铺垫。在孵化模式下，可以拥有更多的决策权，获得渠道的独家经销权，也可以与品牌联合运营。2020年，优科将通过品牌孵化模式实现4.62亿元的Gmv。

Youke made an attempt. Among the 44 brand operators, 11 are incubating brands. Youke can use its existing operation experience to pave the way for new brand incubation. In the incubation mode, you can have more decision-making power, get the exclusive distribution rights of the channel, and can also operate jointly with the brand. In 2020, Youke will achieve a Gmv of 462 million yuan through the brand incubation mode.

此外，还可以拓展自己的业务领域。2021年2月，优科以6300万元的价格收购了上海点点的部分业务，包括网络营销和数据分析。根据资产购买协议，优科有权收购电正100%的股权，该股权将在今年年底前行权。据了解，上海殿正的客户包括兰蔻、兰芝、奥美、立白等品牌。

In addition, you can also expand their own business territory. In February 2021, Youke purchased part of the business of Shanghai dianzheng at a price of 63 million yuan, including e-marketing and data analysis. According to the asset purchase agreement, Youke has the right to acquire 100% of dianzheng's equity, which will be exercised before the end of this year. It is understood that Shanghai dianzheng's customers include Lancome, Lanzhi, Ogilvy, Libai and other brands.

美的也建立了自己的美容品牌。2014年，成立了自己的品牌momoup，这是主要的美容工具。美丽透露，2021年，它将孵化出自己的化妆品品牌。美妆品牌旗下的美妆品牌美妆品牌在天猫开设了专卖店，包括卸妆液、眼罩等。

Beauty beauty has also established its own beauty brand. In 2014, it established its own brand momoup, which is the main beauty tool. Beauty beauty reveals that in 2021, it will hatch on its own cosmetics brand. The beauty brand of the beauty brand, the beauty brand, has opened stores in Tmall, including makeup remover, eye mask and so on.

2021年1月，亿创还宣布，计划募集资金5.4亿元，投资建设自有品牌和内容电子商务项目，孵化自有品牌快速消费品产品，开展网店直播、视频平台代理运营、IP号码创建等内容电子商务项目，从而扩大营业收入，增加利润。

In January 2021, Yichuang also announced that it plans to raise 540 million yuan to invest in the construction of its own brand and content e-commerce projects, incubate its own brand of FMCG products, and carry out content e-commerce projects such as online store live broadcast, video platform agent operation and IP number creation, so as to expand its operating revenue and increase profits.

据一网一创预测，项目建成后，年新增销售收入将达到25.87亿元。

According to the prediction of one net one creation, after the project is completed, the annual new sales revenue will reach 2.587 billion yuan.

在品牌经营权丧失的趋势下，培育自己的品牌显得尤为重要，这可能成为优科赢得资本青睐的关键因素。

Under the trend of losing the right of brand operation, it is particularly important to incubate their own brands, which may become the key factor for Youke to win the favor of capital.

对此，庄帅也认为，只有代理才会有有限的成长空间。但是，如果我们利用运营品牌方面积累的客户服务能力、客户获取能力等资源，加强供应链，代运营商做自有品牌，那么我们会给资本市场很大的想象空间。

In this regard, Zhuang Shuai also believes that only acting as an agent will have limited growth space. However, if we make use of the customer service ability, customer acquisition ability and other resources accumulated in the operation brand side, strengthen the supply chain, and do private brand on behalf of operators, then we will give the capital market a lot of imagination.

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Link：https://new.qq.com/omn/20210411/20210411A01C1300.html

update time：2021-04-11 10:43:11