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多因素拖累业绩表现 倍轻松下一步如何破局?
Multiple factors drag down performance and make it easy. How to break the game next?

China Investors ·  {{timeTz}}

《投资者网》张斯文

"Investor Network" Zhang Sven

编辑  胡珊

Editor Hu Shan

“倍轻松的护眼仪不好用,甚至不如上学时课间5分钟的眼保健操”。提起倍轻松,有的消费者便不自觉地吐槽起来。

The relaxed eye protector is not easy to use, and it is not even as good as the 5-minute eye exercises between classes at school. It is easy to mention it, and some consumers will complain unconsciously.

消费者抱怨的同时,二级市场投资了深圳市倍轻松科技股份有限公司(以下简称“倍轻松”,688793.SH)的股民日子也不好过。

While consumers complain, it is also difficult for investors in the secondary market to invest in Shenzhen Pixiang Technology Co., Ltd. (hereinafter referred to as "Pixie", 688793.SH).

倍轻松于2021年7月登陆科创板,被资本市场冠以“智能健康硬件第一股”称号。自从上市以来过了两天“好日子”后,股价在达到109元/股的历史高点后便开始一路下跌。而在今年9月26日,倍轻松股价又一次创下历史新低,盘中下探至33.67元/股。

He landed on the Kechuang board in July 2021 and was crowned as "the first stock of intelligent health hardware" by the capital market. After two days of "good life" since the listing, the stock price has been falling all the way after reaching an all-time high of 109 yuan per share. On September 26 this year, the share price of Baikang once again hit an all-time low, falling to 33.67 yuan per share during the day.

倍轻松面临的困境主要在于发展受限过多。

The main dilemma that Pieran faces is that there are too many restrictions on development.

有市场观察人士认为,如果按摩仪市场前景真的广阔,势必会吸引传统家电豪强入场。由于这类产品的技术含量有限,较难形成技术壁垒,比较容易形成高打低的局面。这无疑会削减倍轻松品牌优势,例如当年的空气净化器。

Some market watchers believe that if the market prospect of massager is really broad, it is bound to attract the strong entry of traditional household appliances. Due to the limited technical content of this kind of products, it is difficult to form technical barriers, so it is easy to form a situation of high hitting and low beating. This will undoubtedly reduce the advantages of the easy brand, such as the air purifier of that year.

但在还没遭遇行业瓶颈时,倍轻松业绩已经萎靡不振,今年已经连续两个季度亏损。

But before it encounters industry bottlenecks, Pierre's performance has been in the doldrums and has lost money for two consecutive quarters this year.

据中报披露,倍轻松今年上半年营收4.6亿元,同比下滑近16%;净利润亏损约4000万元,同比下滑186%。

According to the China News, revenue in the first half of this year was 460 million yuan, down nearly 16% from the same period last year, while net profit loss was about 40 million yuan, down 186% from the same period last year.

这已经是倍轻松连续两季度亏损了。今年第一季度,这家公司亏损了1000万元,同比下滑190%。

This is already twice as easy as a loss for two consecutive quarters. In the first quarter of this year, the company lost 10 million yuan, down 190% from a year earlier.

对于如此惨淡的业绩,投资者随后在上交所e互动平台上向公司董秘提问道:“请问公司二季度线上销售增速放缓的原因是什么?”

For such a dismal performance, investors then asked the secretary of the company on the e-interactive platform of the Shanghai Stock Exchange: "what is the reason for the slowdown in the growth of online sales in the second quarter?"

对此,倍轻松表示:“公司2022年第二季度线上销售收入有所下降,主要是由于新冠疫情背景下居民消费意愿下降,并且物流快递运输受阻使得消费者购物体验度下降,而公司产品属于可选消费产品,市场需求受到较大抑制,进而导致公司线上销售业绩受到影响”。

In this regard, times relaxed said: "the company's online sales revenue declined in the second quarter of 2022, mainly due to the decline in residents' willingness to consume under the background of COVID-19 epidemic, and the obstruction of logistics and express delivery led to a decline in consumers' shopping experience." and the company's products are optional consumer products, market demand has been greatly suppressed, thus affecting the company's online sales performance.

这样的说法显然值得商榷。

Such a statement is obviously open to question.

在2020年全球疫情最为严峻的时刻,倍轻松依然能在上半年取得了1200万元的净利润;而在2021年上半年,倍轻松的营收同比大增65%后达到了5.4亿元;同期净利润也达到了4100万元,同比大增257%。

At the height of the global epidemic in 2020, Pieran still made a net profit of 12 million yuan in the first half of the year, while in the first half of 2021, its revenue soared 65% year-on-year to 540 million yuan. Net profit also reached 41 million yuan in the same period, a 257% increase over the same period.

对于业绩表现不佳,西南证券则认为:“疫情干扰营收增速下滑、短期盈利承压;公司作为按摩小电龙头企业,高端市场份优势明显,产品渠道持续优化,未来有望重回增长轨道”。

For poor performance, Southwest Securities believes: "the epidemic interferes with the decline in revenue growth and the pressure on short-term profits; as a massage small power leading enterprise, the company has obvious advantages in the high-end market, and product channels continue to be optimized." it is expected to return to the growth track in the future.

同时倍轻松“价格虚高、高毛利率难维持”的问题正在逐渐暴露出来。

At the same time, the problem of "falsely high prices and difficult to maintain high gross profit margin" is gradually exposed.

产品价格被疑“虚高”

Product prices are suspected of being "falsely high"

自从去年5月31日与当红明星肖战正式签约代言后,倍轻松一度成为市场上的热门品牌,曾在618电商活动中拔得头筹。

Since signing an endorsement with popular star Xiao Zhan on May 31 last year, it has become a popular brand in the market, winning the top spot in 618 e-commerce activities.

明星加持下,粉丝消费是公司能够维持高毛利率的“秘诀”。一款颈部按摩仪的价格能卖到559元。

Under the blessing of stars, fan consumption is the "secret" that companies can maintain high gross profit margins. The price of a neck massager can sell for 559 yuan.

甚至在机场高铁站,能卖到更高的价格。此前,倍轻松在回复上交所的问询函中表示:“2020 年公司机场、高铁和商场门店产品销售平均单价分别为 616.69 元/台、656.93 元/台和 702.62 元/台,对应的毛利率分别为 75.41%、75.40%、76.33%”。

Even at the airport high-speed rail station, you can get a higher price. Previously, in response to the inquiry letter from the Shanghai Stock Exchange, Pixuan said: "in 2020, the average unit price of products sold in the company's airports, high-speed rail and shopping malls was 616.69 yuan per Taiwan, 656.93 yuan per unit and 702.62 yuan per unit, respectively." the corresponding gross profit margins are 75.41%, 75.40% and 76.33% respectively.

而此后,公司便再没有披露过相关价格。

Since then, the company has not disclosed the relevant price.

但在二手交易平台上,一些卖家甚至能够以低于原价一半以上的价格进行销售。

But on second-hand trading platforms, some sellers can even sell at less than half the original price.

不仅如此,也有不少消费者在购买后仅仅使用一到两次便不再使用,甚至充电线包装都没有拆。

Not only that, there are also many consumers who use it only once or twice after purchase and then no longer use it, and even the charging line packaging has not been removed.

这说明,消费者购买此类产品时有些“冲动”心理。

This shows that consumers have some "impulsive" mentality when buying such products.

不仅如此,倍轻松的一些二手产品甚至已经被充当“新品”进行售卖。

Not only that, some of the easy second-hand products have even been sold as "new products".

在黑猫投诉平台上,一位消费者在倍轻松京东自营旗舰店下单的颈部按摩仪,客服声称是新品,但是拿到手后发现产品盒上有被贴上别人的快递单和退回的物流单。

On the black cat complaint platform, a consumer placed an order for a neck massager at Baikang JD.com 's flagship store. The customer service claimed it was a new product, but found that other people's delivery orders and returned logistics slips were affixed to the product box.

随后客服并未及时跟进处理。

Then the customer service did not follow up in time.

而另一方面,这类产品的二手成色也都较新,这也能够保证此类产品在二手市场确实能够流通起来。

On the other hand, the second-hand quality of such products is also relatively new, which can also ensure that such products can indeed circulate in the secondary market.

喜欢购买二手产品的消费者向《投资者网》表示:“这类产品能使用就行了。而且闲鱼上很多全新的东西,有的是别人送的,有的是退货的,性价比很高。不过买的时候也是图个新鲜感,用了几天也就想不起来用了”。

Consumers who like to buy second-hand products told Investor Network: "this kind of products can be used." And Xianyu on a lot of brand-new things, some are given, some are returned, cost-effective. But it was also a novelty when I bought it, and I couldn't remember to use it after a few days.

这名消费者还认为,按摩仪这类产品即使更新推出新品,功能上也不会有明显的提升。也就是说,购买二手产品足以满足消费者的需求。而追求新一代产品,则需要付出一倍左右的支出,看起来似乎有些不值当。

The consumer also believes that even if products such as massages are updated and launched, there will be no significant improvement in function. In other words, buying second-hand products is enough to meet the needs of consumers. On the other hand, the pursuit of a new generation of products requires about double the cost, which seems a bit unworthy.

从折价率来看,全新、以及几乎全新的产品能够折价一半销售,倍轻松及整个行业产品似乎存在商品价格虚高的问题。

From the point of view of the discount rate, brand-new and almost brand-new products can be sold at a discount of half, which is very easy and there seems to be a problem of false high commodity prices for the products of the whole industry.

这一点已经在逐年下滑的毛利率上也有所体现。

This has been reflected in the declining gross profit margin year by year.

高毛利正在破灭?

High gross margin is crumbling?

实际上,倍轻松的高毛利一直是市场关注的话题。

In fact, the relaxed high gross margin has always been the focus of the market.

据Wind统计,2019年-2022年上半年公司的主营业务毛利率分别约为61%、58%、57%。到今年上半年,公司毛利率为52%,同比下滑近8%,其中二季度毛利率下滑近12%。

According to Wind, the gross profit margin of the company's main business from 2019 to the first half of 2022 is about 61%, 58% and 57%, respectively. In the first half of this year, the company's gross profit margin was 52%, down nearly 8% from the same period last year, including a drop of nearly 12% in the second quarter.

国泰君安证券推测,毛利率下滑主要原因为近两个季度线下门店流量下滑和线上产品结构占比进一步提升所致。

Guotai Junan Securities speculated that the decline in gross profit margin was mainly due to the decline in offline store traffic in the past two quarters and the further increase in the proportion of online product structure.

从单品来看,据2021年年报披露,四大主力产品头部、颈部、头皮、眼部按摩器的毛利率分别约为61%、65%、52%、64%

In terms of individual products, according to the 2021 annual report, the gross profit margins of the head, neck, scalp and eye massages of the four main products are about 61%, 65%, 52% and 64% respectively.

而自2018年以来,倍轻松产品的毛利率就呈现下滑的态势,头部按摩仪的毛利率下滑13%左右,眼部按摩仪下滑10%左右,颈部按摩仪下滑2%左右,只有头皮按摩仪增长不到7%。具体如下表所示。

Since 2018, the gross profit margin of the easy product has declined, with the gross profit margin of the head massager falling by about 13%, the eye massager by about 10%, the neck massager by about 2%, and only the scalp massager by less than 7%. The details are shown in the table below.

在过去,按摩仪属于中老年人专属,而如今年轻人却成了按摩仪的主要消费人群,推动了市场的热销。而在火热过后,消费者们对于按摩仪看法逐渐冷静下来。

In the past, massages were exclusive to the middle-aged and elderly, but now young people have become the main consumers of massages, promoting hot sales in the market. After the heat, consumers' views on massage devices gradually calmed down.

一方面,理性的消费者认为,物理和脉冲颈椎按摩仪的主要作用是放松肌肉、舒缓镇痛、促进血液循环。它们更适合在颈部劳损,肩颈酸痛的时候使用,但无法起到治疗作用。

On the one hand, rational consumers believe that the main function of physical and pulse cervical massage apparatus is to relax muscles, relieve pain and promote blood circulation. They are more suitable for neck strain and sore shoulder and neck, but they do not have a therapeutic effect.

另一方面,即使是以舒缓作用为卖点,市场上也有成本更低,或者效果更好的方案替代。例如眼部按摩器可以用“眼保健操”、“蒸汽眼罩”替代,而头颈肩按摩可以依靠“盲人按摩”、“健身运动”替代。这些替代方案在取得大致相同,甚至更好的保健效果的同时,结合按摩器的使用频率,费用上也不会相差太大。

On the other hand, even with the soothing effect as the selling point, there are cheaper or more effective alternatives on the market. For example, eye massager can be replaced by "eye exercises" and "steam blindfold", while head, neck and shoulder massage can be replaced by "blind massage" and "fitness exercise". While these alternatives achieve roughly the same or even better health care results, there will not be much difference in cost when combined with the frequency of massager use.

多因素拖累业绩表现

Multiple factors drag down performance

而执着于线下开店,也是拖累公司业绩发展的原因之一。

And insisting on opening an offline store is also one of the reasons that drag down the company's performance development.

倍轻松认为,经过公司多年的布局与经验积累,线下渠道已经形成了机场直销为主的独家优势。公司一直希望,用门店数量来刷新消费者对品牌的印象,从而提高用户的购买频率。

It is easy to think that after years of layout and experience accumulation of the company, the offline channel has formed the exclusive advantage of airport direct sales. The company has always hoped to use the number of stores to refresh consumers' impression of the brand, so as to increase the frequency of users' purchases.

今年上半年,倍轻松新开线下直营门店23家,优化调整34家。截至今年6月末,倍轻松线下门店为202 家,其中,线下直营门店 174 家,线下加盟门店 28 家。而在线下直营门店中,购物中心门店占比 61.49%,交通枢纽门店仅占比38.51%。

In the first half of this year, the company opened 23 offline stores and optimized 34 stores. As of the end of June this year, there were 202 offline stores, including 174 offline stores and 28 offline stores. Among the offline direct stores, shopping center stores account for 61.49%, while transportation hub stores account for only 38.51%.

但是,线下门店的密集开放也为公司带来成本上的压力。今年上半年,公司销售费用率进一步提高,已经接近50%,同比增长5.5%。今年一季度,倍轻松销售费用达1.1亿元,占总营收45%,上半年销售费用约2.3亿元,约占总营收的一半。

However, the intensive opening of offline stores also puts cost pressure on the company. In the first half of this year, the company's sales expense rate further increased, reaching nearly 50%, an increase of 5.5% over the same period last year. In the first quarter of this year, the sales expenses reached 110 million yuan, accounting for 45% of the total revenue, and the sales expenses in the first half of the year were about 230 million yuan, accounting for about half of the total revenue.

倍轻松表示,线下门店的租赁费、销售人员的薪酬中固定费用占比较高,导致公司销售费用率较高。

It is easy to say that the rental fees of offline stores and the salary of sales staff account for a relatively high proportion of fixed fees, resulting in a higher rate of sales expenses in the company.

对于持续加速线下开店,有观点认为倍轻松并没有“吸取教训”。

For the continuous acceleration of offline store opening, there is a view that double easy did not "learn a lesson."

《新熵》认为:“早于2020年,疫情便已经对不少线下实体生意带来过毁灭性的打击,但尽管经验在前,倍轻松对于其线上线下销售渠道的调整却仍显得不够及时”。

"New Entropy" said: "as early as 2020, the epidemic has already had a devastating impact on many offline physical businesses, but despite previous experience, it is still not timely enough to adjust its online and offline sales channels."

外部遭遇困境的同时,倍轻松也面临内部压力。8月22日倍轻松发布了一则高级管理人员,核心技术人员离职的公告。公告显示,曾任公司副总经理、核心技术人员、企划部总监陈晴近日因个人原因申请辞去公司相关职务。

While encountering external difficulties, Pixuan is also faced with internal pressure. On August 22nd it was easy to issue an announcement of the resignation of senior managers and core technicians. Chen Qing, a former deputy general manager, core technician and director of the planning department, recently applied to resign from the company for personal reasons, according to the announcement.

面对内忧外环,倍轻松将如何破局,《投资者网》将持续关注。(思维财经出品)■

In the face of internal worries and outer rings, how easy will be to break the situation, "Investor Network" will continue to pay attention. (produced by thinking Finance) ■

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