Hot and cold, sweet and sour, want to achieve success? Dengkang oral, the parent company of lengsuanling, intends to be listed on the main board of Shenzhen Stock Exchange

writing | Huohua

source | BEDO Finance

In recent days, , Chongqing dengkang oral care products Co., Ltd （ abbreviation “ Dengkang oral cavity ”） Formal submission of prospectus , It is planned to be listed on the main board of Shenzhen Stock Exchange , The sole sponsor is CITIC construction .

Although the company name is strange , But when it comes to dengkang oral's trump card products “ Cold and sour ”, It will certainly bring back memories ——“ Hot and cold, sour and sweet , Eat if you want ！”

 

That's the first time dengkang's mouth IPO, Can you think of success ？ According to the prospectus , This time of dengkang oral IPO To raise funds 6.6 One hundred million yuan , In addition to the application in intelligent manufacturing upgrade , Focus on projects such as upgrading the omni channel marketing network and brand promotion and construction .

Lengsuanling really “ spirit ”

As an old domestic product , The development history of dengkang oral cavity can be traced back to 1939 Dalai chemical pancreatic factory in ,2001 In, Chongqing Toothpaste Factory cooperated with Chongqing department store 、 Electromechanical group 、 Chemical medicine group and new century department store jointly initiated the establishment of .

After a series of capital increase, mixed reform and strategic investment , As of pre IPO , The controlling shareholder of dengkang oral is textile group , The actual controller is Chongqing state owned assets supervision and Administration Commission , Wen's investment as the second largest shareholder , Holding shares with strategic investment 8.10%.

Introduction to the prospectus , Dengkang oral has a famous brand of oral care “ Dengkang ”“ Cold and sour ”, And high-end professional oral care brands “ Medical research ”、 Children's oral care brand “ Belle le ”、 High end oral care brand for infants and children “ bud ”, The main products include toothpaste 、 toothbrush 、 Mouthwash and other oral care products .

According to Nelson 2021 Offline retail statistics in , The market share of lengsuanling toothpaste ranked the fourth in the industry 、 Local brands are second ; Lengsuanling toothbrush ranks fifth in the industry in terms of its market share of retail sales 、 Local brands rank third .

It's not hard to see. , The development of dengkang oral cavity is inseparable from “ Cold and sour ”.

The prospectus shows ,2019 - 2021 year , The revenue of dengkang oral cavity is 9.44 One hundred million yuan 、10.30 Million dollars 11.43 One hundred million yuan , Net profits are 0.63 One hundred million yuan 、0.95 Million dollars 1.19 One hundred million yuan , The comprehensive gross profit rates are 42.26%、41.71% and 42.10%, Far exceed 2021 The annual comprehensive gross profit margin is 27.15% and 20.16% Yunnan Baiyao and Zanthoxylum nitidum （ Both are listed ）.

The income of dengkang oral mainly comes from adult toothpaste , stay 80% Left right fluctuation . In the Middle East: , As a leading brand in the subdivision of anti sensitive toothpaste in China ,“ Cold and sour ” The market share of offline retail sales in the segment of anti sensitive toothpaste continued to be stable at 60% about , " .

“ The county + on-line ” Break the sales deadlock

“ Hold your mouth firmly , The main business is in the mouth ”, Although the positioning strategy of dengkang oral cavity is slightly rustic , But this does not hinder its “ Spread branches and leaves from the soil ”.

Prospectus disclosure , Dengkang oral has built a distribution model 、 Marketing network system based on direct supply mode and e-commerce mode , According to the “ Rely on customers 、 Business moves forward 、 The center of gravity sinks 、 Strengthen distribution 、 Service market ” Channel operation policy , Through distribution throughout the country 31 A province 、 Autonomous region 、 Municipalities and 2000 There are more than districts / Through distributors in the county , It has realized the coverage of hundreds of thousands of retail terminals .

Especially for the widest County township market , Dengkang oral has created channel barriers in the third and fourth tier markets with its unique county development model , In addition, it is positioned at the middle and high end , Meet the market demand , It also does ensure that it can continue to receive the dividends of China's urbanization development in the future .

But this distribution model , It also means that dengkang oral has a greater dependence on dealers ,2019 to 2021 year , The proportion of distribution mode income in the main business income of the current year is 86.63%、85.88% and 81.61%. In its prospectus, it said frankly ,“ If there are major changes in the future market consumption habits and channel development , As a result, the sales model can not better meet the market consumption demand , It will adversely affect the stability and sustainability of the company's sales performance .”

This is both an opportunity and a challenge , In response to this risk , In recent years, with the progress and development of science and Technology , Electronic Commerce 、 The rapid development of intelligent terminals and third-party logistics , Interest E-commerce 、 Community group purchase 、B2B and O2O And other new business forms continue to rise ,2021 In, dengkang oral also focused on online layout , The effect is amazing ： The growth of its e-commerce channel sales revenue , from 2019 Year of 5743.98 Ten thousand yuan to 2021 Year of 1.5 One hundred million yuan , The compound growth rate is 62.2%.

Marketing is more important than R & D , Who decides right or wrong ？

According to Nielsen retail research data ,2021 The overall sales scale of the toothpaste market in 339.80 One hundred million yuan , Year on year growth only 0.86%. among , The growth rate of the offline toothpaste market as a whole was increased by 2017 Year of 6.5% Slide down to 2021 Year of -2.26%. As a well-known trademark in China ,“ Cold and sour ” Has a wide range of brand awareness and product recognition , But in today's market , Dengkang oral has realized that this is not enough .

Although the domestic high-end oral market has been 、 Kao and other foreign brands occupy , Although the same impact on the listing of weimeizi （ Shuke's parent company ） It has already entered the children's market , Although there are already Philips in the field of electric toothbrushes 、 Ou le and other big men are fighting , But dengkang stomatology has made attempts one by one , We have also made great efforts to innovate and develop electric oral care products such as tooth punches , Actively develop oral antibacterial cream 、 Oral bacteriostasis nursing liquid and other oral hygiene products , And dental desensitizer and other oral medical devices .

Prospectus disclosure ,2019 to 2021 year , The R & D expenses of dengkang oral cavity are 3030.1 Ten thousand yuan 、3169.58 Ten thousand yuan 、3551.80 Ten thousand yuan , Proportion in operating revenue: 3.21%、3.08%、3.11%, The anti sensitive technology matrix is laid out , By 2021 By the end of the year 170 Domestic authorized patents , Among them, invention patents 14 term 、 Utility model patent 35 term 、 Design patent 121 term .

According to smart bud data , Dengkang stomatology Co., Ltd 231 Patent application information , among 86 Item is a non appearance patent application . After algorithm analysis , The patent layout of dengkang oral mainly focuses on the packaging box 、 Composition 、 Oral care 、 Oral products 、 Back view, etc .

But another thing made with dencan oral “ Try ” comparison , Its investment in R & D is inevitably disappointing “ Criticisms ”.

The prospectus shows ,2019 to 2021 year , The selling expenses of dengkang oral cavity are 2.76 One hundred million yuan 、2.66 Million dollars 2.79 One hundred million yuan , Of net profit 4.4 times 、2.8 times 、2.3 times , Of the R & D expenses of the same year 9.2 times 、8.3 times 、7.6 times , The proportion of business income is respectively 29.24%、25.8% and 24.45%. stay 2021 year , The sales expense rates of LMZ and Yunnan Baiyao are 12.24%、10.71%.

In selling expenses , The proportion of advertising and promotion expenses is gradually increasing , stay 2020 Years and 2021 More than half of the total annual sales expenses . During the reporting period , Dengkang oral has spent... On advertising 6394.51 Ten thousand yuan 、8727.15 Million and $ 4655.49 Ten thousand yuan （ Some integrated marketing activities were delayed due to the epidemic ）.

However, the sharp increase in advertising investment , The effect is very significant . In the prospectus , Dengkang oral handle 2020 The sales growth of adult toothpaste in was attributed to brand publicity and promotion , It also plans to make further use of its own brand advantages to improve sales . Also is so , We see that “ Cold and sour ” A series of divine operations ： Cat claw toothbrush 、 Hot pot flavored toothpaste 、 Pain youth …… Very brilliant in the marketing field .

thus , It is not difficult to understand why dengkang oral cavity should be in IPO After success , Put them in 3.8 Billion yuan was invested in the omni channel marketing network upgrading and brand promotion construction project . however , For a daily chemical products enterprise , Good marketing reputation is not enough , How to improve the conversion rate , Good selling price , It is the required course of dengkang stomatology .