The way to make money

Wen | Ai Finance and Economic Intern Sun Wai

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On the evening of August 21, East Ajiao released the 2019 half-year report. In the first half of the year, the company achieved operating income of 1.99 billion yuan, down 36.69% year-on-year, and the net profit belonging to the shareholders of listed companies were 193 million yuan, down 77.62% from the previous year; basic per share of 0.35 yuan per share.

For this revenue decline, East Ajiao is explained that accompanied by the scale of enterprises gradually expanded, affected by factors such as overall macro environments, as well as the market for Ejiao’s value regression, the company’s downstream traditional customers Active reduction inventory, leading to the company’s first half of the product sales year-on-year.

For performance decline, Dong’ Ejia also mentioned a little in the Performance Express on July 15. It is the expectation of the market for the regression of Ejiao to gradually being reduced.

The policy of the response from Dong’e Ejia is that the company is actively adjusting the marketing strategy, integrating marketing channels, opening up new channels, new markets, new business, pulling terminal purware, control delivery, consolidating terminal quality Promote the company’s benign development.

The price increase is an impression that the outside world has always been impressed. The statistics of China Merchants Securities have found that from 2006 to 2018, East Ajiao has a price increase, and the price increase is close to 40 times. In addition, last year’s \”boiled scorpion\” storm, as well as advertising disputes also became the focus of the East Ejiao dispute.

Value returns have brought high profit growth

After Qin Yufeng served as the general manager of East Ajiao, the \”Value Return\” slogan was proposed. He has publicly said that the value return is returned to the equivalence value of Ejiao in the 1930s, and it is more than 4,000 yuan to 6,000 yuan / catties today.

Now, in the official mall of East Ajiajiao, 250g red standard Ejiao has 1499 yuan, while 20ml * 48 rebounds are priced at 499 yuan, slightly cheap 180g Peach Ji Ejiao Cake is also 279 yuan. This is not far from the goal of the original value value.

According to the statistics of China Merchants Securities, from 2006 to 2018, East Ajiao has a price increase, and the retail price of Ejiao block soared to nearly 3,000 yuan from each catcher. Nearly 3750%.

This rose even directly hit Beijing’s house price, in 2000, Beijing’s house price is about 4,500 yuan / square meter, the highest than 100,000 yuan / square meter in 2017, and the price increase is 22 times.

For price growth, East Ajiao said that it is because the price of 驴 skin has risen. According to national statistics, 2012 China MaohaiThe amount is 46.24 million, and 2017 has dropped to 26.78 million heads, and the cumulative decline has reached 42.1%.

Qin Yutong, president, has also said many times in public, and the skin reduces the bottleneck of the company’s development. \”The original donkey has hundreds of thousands of pieces, now a average of more than 6,000 pieces, single-headed margin price increased by 3,000 yuan.\” In 2017, Qin Yufeng said in an interview with the news.

The growth of product prices has brought the enhancement of corporate profitability. East Ajiao’s operating income increased from 1.54 billion yuan in 2018, net profit increased from 154 million yuan to 2.87 billion yuan. The performance has been increased in 12 consecutive years, and the annual compound growth rate of net profit is more than 20%.

However, as the product price is rising, Dong Ajiao is getting farther and farther away from ordinary people. Today, profits have lost the brilliance of the past.

In the face of the decline in performance, Dong Ajiai said that the company is actively adjusting the marketing strategy, integrating marketing channels, opening up new channels, rational control of downstream stocks, pulling the terminal pure, and promoting the company’s benign development.

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In addition to the price increase, Dong’a Elason is still in the advertising marketing.

2015-2018, Dong’ec sales costs are 1.277 billion yuan, 1.818 million yuan, 1805 million yuan, 177.6 million yuan, which used for advertising for 246 million yuan, 255 million yuan, 514 million yuan, 469 million yuan. Sales costs accounted for 23.43%, 25.61%, 24.48%, 24.2%, respectively. It is worth noting that after 2018, the advertising fee of East A Ejiao has decreased, and its revenue also declines.

According to the half-year report, the sales cost of 2019 was 573 million, a year-on-year decrease of 17.04%. Among them, the expenses used for advertising are not displayed, but according to previous years of experience, it can be seen that advertising and publicity costs are also reduced. This may be one of the factors that are decline in East Ejiao performance.

In addition, Dong Ajiao has also constantly touched the red line in a propaganda mode.

In 2007, because of the unauthorized unauthorized tampering advertising content, exaggerated drug efficacy, Dong Ajiao was notified by the Guangdong Hydra Medica.

In 2012, Shanghai Youth Daily reported that Ajiajiao’s products are inconsistent. Taohua Ji Ajiao cake is a food, but the company’s salesperson and official website are called health products. Health products must have \”food and health\” licenses, but there are foods on Taohua Ji. Production license number.

Ejiao is \”boiled 驴\”?

The previous \”boiled 驴\” incident also made East Ajiao a controversial focus,Loss.

In February 2018, the public welfare hotline officials under the National Safety Planning Commission were \”not worth buying an epithelium in the New Year.\” Among them, the article wrote: Ejiao in the health care product has been high, there is a variety of efficacy of aura bonding, such as blood, hemostasis, beauty, anti-fatigue. However, please see the essence through the phenomenon, Ejiao is just \”boiled 驴\”. The main ingredients of the peel are collagen, and this protein lacks kinds of tryptophan, which is not a good protein source.

Subsequently, this Weibo quickly deleted, official micro-hair cloth apologize microblogging comment \”\” The review is not strict, although it is quickly deleted after the problem, but still causing attention and misunderstanding. \”

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In the 2018 annual report, Dong Ajia also specially published, quoted the Chinese Medicine Association president of the House of Book: \”Ejiao inherited the millennium, the effect is exact. Whether it is traditional Chinese medicine theory or Modern pharmacological research has proved the efficacy of gelatin. \”

According to this, the financial report will gradually publicly publicize the research results of gelatin to the society, and academic promotion through doctors, experts, academic authority, etc. of hospital channels.