After the storm, the little red book breaks the circle to solve problems, and the community value may be reassessed

这段时间，小红树的动作频频，其上市的消息也多次传出，这大大增加了业界的关注度。

During this period of time, xiaohongshu's actions were frequent, and the news of its listing was heard many times, which sharply increased the industry's attention.

今年3月，原花旗TMT投行亚太区董事总经理杨若加盟小红树担任CFO，被视为小红树上市的前奏；今年4月，路透社报道称，小红皮书计划在美国IPO，估值超过100亿美元。尽管萧鸿舒从未发表评论，但其引发的激烈舆论却从未平息。

In March this year, Yang Ruo, former Asia Pacific managing director of Citigroup TMT investment banking, joined xiaohongshu as CFO, which was regarded as the prelude to xiaohongshu's listing; In April, Reuters reported that little red book was planning an IPO in the United States with a valuation of more than $10 billion. Although xiaohongshu has never commented, the heated public opinion it has aroused has never been calmed down.

小红皮书为何能引起市场和投资者的关注？据说，小红树80%的收入来自广告。它真的能支撑100亿美元的估值吗？风暴过后，小红树的想象天花板在哪里？

Why does little red book attract the attention of the market and investors? It is said that 80% of xiaohongshu's revenue depends on advertising. Can it really support the estimated value of $10 billion? After the storm, where is the ceiling of xiaohongshu's imagination?

风暴眼中的小红皮书

Little red book in the eyes of storm

近年来，社区公司在资本市场上不断受到重视的趋势十分明显。今年，桂竹、B站、know等内容社区公司也纷纷凸显各自的社区属性，放大商业想象。

In recent years, there is an obvious trend that community companies are being continuously valued in the capital market. This year, Kwai Chu, B station, know and other content community companies have also highlighted their respective community attributes and magnified their business imagination.

然而，小红树属于社区平台，甚至被称为"中国最大的生活社区"，至今仍未上市，引起了市场的极大关注。外界不禁开始担心小红皮书：只要愿意上市，肯定会有人买，

However, xiaohongshu, which belongs to the community platform and even is known as "the largest Lifestyle Community in China", has not been listed yet, which has aroused great attention from the market. The outside world can not help but start to worry about little red book: as long as it is willing to go public, there will surely be someone to buy it,

截至目前，小红树已经经历了6轮融资，股东众多，包括阿里巴巴和腾讯、金沙江创投和济源资本。

So far, xiaohongshu has gone through six rounds of financing, with many shareholders, including Alibaba and Tencent, Jinshajiang venture capital and Jiyuan capital.

事实上，小红皮书是风暴的中心。上市也是我们的心愿，但现在最重要的是平息风波。

In fact, little red book is at the center of the storm. It's also our wish to be listed, but the most important thing now is to calm down the storm.

从成立之初共享出境购物信息，到成为中国最大的"种草"社区，小红皮书越走越远，但暴露出的问题却越来越多。由此引发的纠纷屡屡将小红皮书推到风口浪尖，甚至导致其应用程序被下架整顿。

From sharing outbound shopping information at the beginning of its establishment to becoming the largest "grass planting" community in China, little red book has gone further and further, but it has exposed more and more problems. The resulting disputes have repeatedly pushed little red book to the forefront of the storm, and even led to its app being taken off the shelves for rectification.

很长一段时间以来，小红树的主要卖点就是"真正的UGC"。然而，小红树的种草笔记却屡禁不止。大量付费广告和虚假植草被"伪装"成真实用户与广大用户分享。到目前为止，在电子商务平台上，我们仍然可以通过"小红皮书推广"、"小红皮书发行"等关键词搜索大量商家，提供文案、地图修复、运营等一系列服务。

For a long time, xiaohongshu's main selling point was "real UGC". However, xiaohongshu's grass planting notes have been repeatedly banned. A large number of paid advertisements and false grass planting are "disguised" as real users to share with the majority of users. Up to now, in the e-commerce platform, we can still search a large number of businesses to provide a series of services, including copywriting, map repair, operation, etc., by using keywords such as "little red book promotion" and "little red book distribution".

这条灰色产业链严重影响了用户体验，引起了极大争议，也影响了小红树的营收。因此，2019年1月，小红树推出品牌合作平台，后更名为蒲公英，用于KOL对接业务，小红树从中按比例分成。

This grey industry chain has seriously affected the user experience, caused great controversy, and also affected the revenue of xiaohongshu. Therefore, in January 2019, xiaohongshu launched a brand cooperation platform, which was later renamed dandelion and used for KOL docking business, from which xiaohongshu was divided in proportion.

虽然小红树加强了对KOL和票据质量的审核，但频繁下架的KOL和曝光率的降低也制约了KOL的发展，导致部分KOL流失到其他平台。为了避免小红皮书进行软广审核，一些广告说明中往往注明赞助，或者直接做广告。KOL和用户都对小红皮书的运营略显挑剔。

Although xiaohongshu has strengthened the audit of the quality of KOL and notes, the frequent removal of KOL from shelves and the reduction of exposure have also constrained KOLs, which has led to the loss of some KOLs to other platforms. In order to avoid the small red book for soft wide audit, some advertising notes often indicate sponsorship, or direct advertising. Both KOL and users are slightly critical of the operation of little red book.

小红树百亿估值的支点在哪里？

Where is the fulcrum of xiaohongshu's 10 billion valuation?

各种资本的涌入，与小红树强大的运货能力和潜在的商业价值有关。

The influx of all kinds of capital has something to do with xiaohongshu's strong ability to carry goods and its potential commercial value.

公开资料显示，小红树每月活跃用户超过1亿，90后占70%以上，其中一半是95后。在如此大量的年轻用户进入小红树之后，新的消费模式逐渐形成。

According to public information, xiaohongshu has more than 100 million active users every month, and the post-90s account for more than 70%, and half of them are post-95s. After such a large number of young users enter xiaohongshu, new consumption patterns gradually take shape.

通过"种草"触发用户的消费行为，产生体验分享。分享激活社区互动，再次推动消费实践，创造更丰富的分享内容，形成良性循环。在这个过程中，用户对小红薯的归属感和信任度也在逐步提高。随着用户黏性的增强，小红树的社区氛围进一步巩固。

Users' consumption practice is triggered by "planting grass", and then experience sharing is generated. Sharing activates community interaction and drives consumption practice again, which will create richer sharing content and form a positive cycle. In this process, the user's sense of belonging and trust in xiaohongshu are gradually improved. With the increasing user stickiness, the community atmosphere of xiaohongshu is further consolidated.

在这样一个良好的社区氛围中，小红皮书成为各大品牌的主要营销阵地，而小红皮书也没有让品牌主失望。

In such a good community atmosphere, little red book has become the main marketing position of major brands, and little red book has not disappointed the brand owners.

2017年，易县电商美的品牌完美日记以小红皮书开篇，品牌知名度和产品销量快速提升。2018年"双11"期间，其销售额已突破1亿元。2020年11月，易县电子商务成功推出纽约证券交易所。易县电子商务创始人兼CEO黄金凤在接受采访时表示："在品牌建设的过程中，小红书所能创造的价值是无与伦比的。"

In 2017, the beauty brand perfect diary of Yixian e-commerce started with little red book notes, and its brand awareness and product sales have been rapidly improved. During the double 11 festival in 2018, its sales have exceeded 100 million yuan. In November 2020, Yixian e-commerce successfully launched the New York Stock Exchange. In an interview, Huang Jinfeng, founder and CEO of Yixian e-commerce, said: "in the process of brand building, the value that small red books can create is unparalleled."

另外，大量的年轻人和日常生活方式支撑着小红皮书未来的想象。

In addition, a large number of young people and daily life style support the future imagination of little red book.

大量的年轻人意味着小红树拓宽了用户定位的边界，不再关注以前的明星和白福梅博主，而是将流量分配给更多的普通用户，这有助于促进小红树用户的增长，而普通用户的成长可以为小红树提供更多的故事素材。

A large number of young people means that xiaohongshu has broadened the boundary of user positioning, no longer focusing on the previous stars and Bai Fumei bloggers, but distributing the traffic to a larger number of ordinary users, which helps to promote the growth of xiaohongshu users, and the growth of ordinary users can provide more story materials for xiaohongshu.

此外，用户数量的增长也意味着圈子被打破。过去，小红书坚守在美容化妆领域。虽然获得了志趣相投的专用用户群，但难以形成规模突破。对于日益壮大的社区来说，小红皮书必须走出"舒适区"，打破圈子。

In addition, the growth of the number of users also means that the circle is broken. In the past, little red book stuck to the field of beauty wear and make-up. Although it gained a dedicated user group with similar interests, it was difficult to form a scale breakthrough. For the growing community, little red book must go out of the "comfort zone" and break the circle.

然而，尽管疆域不断扩大，小红树的商业化进程依然缓慢。

However, despite the continuous expansion of territory, the commercialization of xiaohongshu is still slow.

告别"饮鸩止渴"回归生态社区

Bid farewell to "drinking poison to quench thirst" and return to ecological community

国海证券研究报告显示，小红树的利润主要来自KOL/Koc（关键意见领袖和关键意见消费者）种草带货、会员制、电子商务直播和广告收入四部分。

According to the Research Report of Guohai Securities, the profit of xiaohongshu mainly comes from four parts, namely, KOL / Koc (key opinion leaders and key opinion consumers) planting grass and bringing goods, membership system, e-commerce live broadcast and advertising revenue.

除了会员制是平台的直接收入外，小红书为其他三家采取佣金的方式。广告是平台的主要收入来源。

In addition to the membership system is the direct income of the platform, xiaohongshu takes the way of Commission for the other three. Advertising is the main revenue source of the platform.

根据微博发布的《2020年KOL社交媒体投资分析报告》，2020年小红树平台上广告商投放的资金量仅次于新浪微博，成为当年最强大的黑马。

According to the analysis report on KOL's social media investment in 2020 released by Weibo, the amount of money put by advertisers on xiaohongshu platform in 2020 is second only to Sina Weibo, becoming the strongest dark horse of the year.

此外，有传闻称，小红树去年总收入的80%是由其广告业务贡献的。如果传闻属实，那么小红树的收入来源过于单一，经营模式难免受到外界质疑。

In addition, it is rumored that 80% of xiaohongshu's total revenue last year was contributed by its advertising business. If the rumor is true, then the income source of xiaohongshu is too single, and the business model is inevitably questioned by the outside world.

其实，小红树意识到这个问题有点晚了。

In fact, it's a little late for xiaohongshu to realize this problem.

作为"种草社区"，小红树的电子商务直播有着天然的优势。但TiktokKwai hung在2019年11月才刚刚起步，淘宝、jitter和FastHands已经推出了自己的主力电视主持人。

As a "grass growing community", xiaohongshu's e-commerce live broadcasting has natural advantages. But tiktok Kwai hung was just beginning in November 2019, and Taobao, jitter, and fast hands have launched their own mainstay TV host.

另一方面，由于供应链的缺失，小红树推出了自己的美容家居品牌"有光红光"、新零售线下门店"红家"、网上社交电子商务"小红店"等，反响平平。即使在2020年疫情期间，"红家园"的线下门店也已全部关闭。

On the other hand, due to the lack of supply chain, xiaohongshu has launched its own beauty home brand "Youguang redelight", new retail offline store "red home", online social e-commerce "xiaohongdian" and so on, which have received a flat response. Even during the epidemic in 2020, "red home" offline stores have all been closed.

几经周折，小红树进行了几轮组织架构调整，积极弱化电子商务，回归社会。而深耕社区也给小红树带来了新的突破。

After several twists and turns, xiaohongshu made several rounds of organizational restructuring, actively weakened e-commerce, and returned to the community. And the deep ploughing community has also brought a new breakthrough to xiaohongshu.

此外，通过真实的口碑分享，小红皮书也在改变植草的广度和深度。据平台大数据汇总，小红树根据用户喜好，先后挖掘出了一批产品，也给相关企业带来了良好的效益。围绕这一品牌互动逻辑，品牌面向消费者的模式得到了更深层次的实施。

In addition, through real word-of-mouth sharing, little red book is also changing the breadth and depth of grass planting. According to the summary of big data in the platform, xiaohongshu has successively mined a number of products based on user preferences, which has also brought good benefits to relevant businesses. Around this logic of brand interaction, the mode of brand facing consumers has been implemented in a deeper level.

生在社区，成在社区，社区是小红皮书的背景。虽然小红皮书的一举一动总是让人关注，IPO计划也还是个未知数，但小红皮书可以通过坚守社区，甚至站在漩涡的中心，抓住年轻人不断变化的需求，将自己融入新的消费生态中，讲述更多的故事。这个故事在国内外最大的天花板是instagram，它的估值超过1000亿美元。

Born in the community, become in the community, the community is the background of little red book. Although little red book's every move is always concerned, and the IPO plan is still unknown, little red book can tell more stories by sticking to the community, even in the center of the vortex, grasping the changing needs of young people, and embedding itself into the new consumption ecology. The biggest ceiling of this story at home and abroad is instagram, which has a valuation of more than $100 billion.

文章来源：松果财经，转载请注明来源

Article source: pinecone finance, reprint please indicate the source

Link：https://new.qq.com/omn/20210520/20210520A05Y9400.html

update time：2021-05-20 14:38:01