21 March is World Sleep Day. Public information shows that at present, more than 300 million people in the mainland have sleep disorders, and the sleep economy has reached the scale of 100 billion yuan... When did more and more people become "sleep-deprived households"?
Xiao Li, who works in an Internet company, has had sleep disorders in recent years, she will buy melatonin, oral sleep aid, "I feel that there are many people around to eat this kind of drug, melatonin is not a rare drug." ”
Compared with drugs or micro-drunk sleep aids, sleep aids are more novel and relatively niche. "What's said in it is particularly sleepy." Ms. Liu, who works in journalism, told reporters that she used an audio software to choose a comfortable-sounding program every night and fall asleep in a few minutes. The reporter found that on this software, most of the columns are charged models, and the price ranges from tens of yuan to thousands of yuan.
The same interviewee told reporters that to deal with insomnia, she will click on a yoga APP before going to bed, listen to the above "meditation" program to achieve sleep aid effect, "free generally up to 15 minutes, more to spend money to buy, I will listen to free, very relaxed, usually less than 15 minutes to fall asleep." ”
In order to save sleep, the sleep aid market has quietly opened, in addition to the common melatonin and other sleeping drugs, household products represented by mattresses, pillows, etc., small sleeping aids such as aromatherapy, night lights, eye masks, earplugs, etc., as well as food and beverage products such as tranquilizer tea and sleep aid software, sleep stickers, sleep devices and other "black technology" products are hot on major e-commerce platforms.
Sleep aid single products sold 100,000+ times, and the size of China's sleep market increased by 44.42% in five years
Feeling "dizziness, heart discomfort, anxiety", in the interview, a writer said that she has been plagued by insomnia for two years, in order to alleviate sleep disorders, she first chose to buy prescription sleep aids in the hospital, but because of the easy formation of dependence, and the inconvenience of purchasing drugs, she had to consider other consumption options, including foot soaking buckets with massage functions, steam eye masks, sour jujube anshen tea, white noise played by smart products... Some office workers told reporters that they plan to buy a new mattress to improve sleep comfort in the near future.
Shell financial reporters browsed the e-commerce platform and saw that there is no shortage of popular products in the field of sleep.
Hold an egg-sized sleep device in your hand, turn on the switch, and you can "sleep healthily." On many platforms, sleep aids have become a popular health product, endowed with black technology-like miracles, and such a claim to allow people to have deep sleep instruments, cheap only need a few tens of yuan can be purchased, the price of relatively high sleep devices is mostly a few hundred yuan.
The Beijing News shell financial reporter learned that in the economic field extended by sleep, small technology products such as sleep devices are only the tip of the market iceberg. "Sleep Aid Black Technology", "Salvation of Insomnia Patients", "Sweet Dreams and Good Sleep, Sleep With Peace of Mind", in many eye-catching publicity, sleep products extend from traditional home hardware to scientific and technological instruments, from prescription drugs to melatonin and other health care products and foods.
Companies engaged in the sleep business also launch various sleep aid products that act on the human senses, such as "aromatherapy", an essential oil that acts on the sense of smell, a steam eye mask for eye soothing, noise-canceling earplugs that isolate sound, and hardware or software that plays white noise. In addition, new products such as sleep sprays, sleep balms, and sleep patches are also constantly being introduced. All in all, sleep products have penetrated into many fields such as home hardware, medicine and health products, technology products, food and beverages, auxiliary small commodities, etc., and the product categories are rich.
Shell financial reporter browsed and found that melatonin and sleep stickers in sleep products are more popular, and the number of sales of many products has reached 100,000+. On short videos and e-commerce platforms, sleep-related products are being sold live almost at any time, and some products have sold more than 10,000 pieces.
According to the "2021 White Paper on Exercise and Sleep" released by the Chinese Sleep Research Association, more than 300 million people in the mainland currently have sleep disorders. Especially for office workers, insomnia not only means increased health risks, but more realistically, this will lead to the inability to work efficiently.
A number of research reports also show that the problem of sleep disorders in contemporary people is increasing, such as the "China Sleep Index Report" released by Xilinmen in 2021, showing that the average sleep time in Chinese in 2020 was only 6.69 hours, compared with the average decrease of 2 hours in 2013. Among them, takeaway riders, couriers, medical staff, Taobao shop owners and self-media practitioners sleep for an average of only 3-6 hours, and falling asleep after midnight is a common phenomenon. 58.5% of Chinese think that they sleep shallowly and deep sleep is far from up to standard.
The prevalence of sleep disorders has directly spawned a 100-billion-level market. Ai Media Consulting 2021 China Sleep Economy Industry Research Report shows that the mainland sleep economy has entered a rapid period of development in recent years, between 2016 and 2020, the overall market size of China's sleep economy has grown from 261.63 billion yuan to 377.86 billion yuan, an increase of 44.42%, it is expected that in the future, with the continuous improvement of the market penetration rate of sleep products, the types of products continue to increase, and the market size will continue to maintain a growth trend.
On March 15, 2019, the China Sleep Conference was held, and the data showed that a huge number of people with sleep problems brought a huge sleep industry market. According to incomplete statistics, in 2015, the market segment of the mainland industry involved in improving sleep products was 211.4 billion, and as of 2018, the overall sleep market in the mainland (including bedding, home, etc.) has exceeded 1,000 billion yuan.
Competition in the mattress industry has intensified, and the gross profit margin of more than 30% has a downward risk, and there are still companies sprinting for IPOs
"A person spends one-third of their life in bed." A common saying in the announcement of Mousse shares shows the importance of mattresses to sleep, and also shows the rigid demand for sleep products such as mattresses in the market. According to the "2019-2020 Online Sleep Consumption Report" launched by the Jingdong platform, the highest trend at the consumption level is to "improve the comfort of bedding".
Among the various sleep aid products, household products such as mattresses constitute the most prominent part of the sleep economy, and the corresponding household enterprises have become important economic entities of the sleep economy.
Shell financial reporter browsing the network platform found that memory cotton, natural latex mattress, smart mattress and other prices of tens of thousands of yuan, many well-known brands have launched new mattresses for sleep health, the more high-end smart mattress also includes heart rate, deep and shallow sleep and other sleep data monitoring. The Smart 1 smart mattress launched by Xilinmen is priced at 65,999 yuan on an e-commerce platform, including soft and hard adjustment, sleep analysis and other functions.
Shell financial reporter combed the financial situation of listed companies in the home field, and saw that many companies have actively laid out the concept of sleep economy in recent years, including the launch of memory cotton material products that mainly enhance deep sleep, the combination of production and research to release research reports in the field of sleep, and increase the intensity of research and development of new products.
In the second half of this year, two more closely watched home furnishing companies issued or updated their prospectuses to apply for listing.
On November 12, Mousse submitted a prospectus for the second time to improve the relevant feedback issues previously raised by the regulatory authorities. According to the prospectus of Mousse Shares, it is mainly engaged in the research and development, production and sales of healthy sleep systems, and its main products include high-end mattresses, bed frames, bedding products and other products.
On November 26, Fun Sleep Technology, which has been listed on the Growth Enterprise Market since July last year, updated its latest developments, released a prospectus (registration draft) and a law firm's review of its financial problems.
Shell financial reporters combed the financial situation of 8 home furnishing companies in the field of sleep, such as Xilinmen, Gujia Home, Dream Lily, Mercury Home Textiles, Mengjie Shares, Fu Anna, Mousse Shares, Fun Sleep Technology, etc., and found that the annual operating income is mostly billions of yuan, such as the traditional well-known brand Xilinmen in 2020 Operating income of about 5.6 billion yuan, Dream Lily 2020 operating income of 6.5 billion yuan.
Among the eight listed companies, the one with the higher revenue scale is Gujia Home, which had an operating income of about 12.6 billion yuan last year. The relatively low revenue is Fun Sleep Technology, with an operating income of 479 million yuan in 2020 and an estimated operating income of 493 million to 503 million yuan this year.
In terms of sales channels, home furnishing listed companies mostly use the dealer model, and in recent years, with the overall consumption channel shifting to online, major companies are also shifting from offline traditional distribution channels to e-commerce channels. However, due to the problems of pre-sales experience, transportation, after-sales and other aspects of home products, most enterprises still focus on offline channels.
In terms of channels, Fun Sleep Technology, which is planned to be listed on the GEM, is more special, which mainly adopts the asset-light business model of "outsourcing production + Internet sales", and the company's income is mainly derived from network sales. According to the prospectus, from January to June 2021, the sales amount of Fun Sleep Technology mattress products was 101 million yuan, the gross profit margin was 34.16%, and the offline sales amount was only 816,100 yuan, with a gross profit margin of 32.10%. The gross profit margin of online sales of other categories of products is above 30%, and the gross profit margin is overwhelmingly higher than that of offline sales.
According to the prospectus of Mousse shares, during the reporting period, the company's comprehensive gross profit margin was 49.14%, 53.49%, 49.28% and 45.61%, respectively, which has maintained a high level.
However, with the intensification of domestic competition and the impact of international brands, the home furnishing industry is currently facing the risk of declining profit margins.
Mousse shares and Xilinmen both hinted in public information that the intensification of market competition may lead to a decline in the average profit margin of the industry.
Melatonin, steam eye mask into the consumption of "new favorite" a number of pharmaceutical companies layout
Shell financial reporters combed and found that listed companies in medicine or food and health care have also made efforts in the field of sleep. Most of the melatonin sold on e-commerce platforms is produced by large pharmaceutical or health care companies, and in addition, many listed companies have launched auxiliary sleep products such as steam eye masks.
According to the 2021 Overview of China's Sleep Economy Industry released by the Head Leopard Research Institute, the consumption scale of home hardware accounts for about 70% of the overall sleep economy, followed by auxiliary products such as drugs for treating insomnia and health care products that promote users to fall asleep, accounting for about 20% of the consumption scale.
On several e-commerce platforms, Shell financial reporters browsed and found that the top melatonin brands in terms of sales were Tomson By-Health, Conn Bei, Renhe, Correction, Tongrentang, Golden Partner and some imported brands. Many of these melatonin products sold more than 100,000 bottles.
The operating conditions of sleep products are also reflected in the financial reports of some listed companies. Shell Financial Reporter noted that in May 2021, Tomson Biogen's new patent includes a health composition and health food with improved sleep and/or antidepressant effects. In terms of new health food filing certificates, in June 2021, By-Health obtained the filing certificate of Melatonin tablets (milk flavor) of The Star Good Companion Brand. The financial report mentioned that its star product "melatonin" has driven the growth of market segments by accurately positioning market demand.
In recent years, Yunnan Baiyao has successively launched Taibang eye patches, "National Tide IP Teddy Bear" hot compress steam eye masks, etc. According to the 2021 semi-annual report, the sales volume of the eye mask category ranked third in the store in the 6.18 event. In the first half of 2021, Yunnan Baiyao affiliate Tibet Jiushizhihe Marketing Co., Ltd. sold steam eye masks for 245,900 yuan.
According to the financial report of Conn Bei's 2021 semi-annual report, the sales revenue of eye health products such as "Cherish Ming" brand eye masks and eye care continued to maintain steady growth, an increase of 32.52% year-on-year. Zhejiang Kejing Network Company, a related party of ConnBei, sold 1.84 million yuan of eye patches and other eye patches during the reporting period.
While competing on the same stage, home, health care products, technology products, audio software, etc., how to choose the right products for yourself, which products may be "IQ tax"?
Liu Yunzhou, a physician at Beijing Tongrentang, said in an interview with Shell Financial Reporter that if auxiliary means such as sleep apparatus, mattress, incense, and white noise are used properly, they do have a certain sleep-aiding effect in principle, but if the product itself has problems or improper use, there is also the possibility of exacerbating insomnia problems. Such as sleep apparatus, if the current stimulation does not reach a certain intensity, it may cause mental excitement and lead to insomnia.
In addition, excessive sound interference can be counterproductive to sleep, and audio software is not suitable for insomnia caused by upset and dryness, nor is it suitable for neurasthenic groups.
For mattress products with tens of thousands of yuan, Liu Yunzhou believes that many people now have cervical, lumbar, thoracic spine problems, for the resulting neurological dysfunction, sleep instability, latex mattresses, memory mattresses, etc. help to alleviate the tension of the spine, thereby improving insomnia. But he suggested, "If the body has pathological problems, you must go to the hospital for examination and determine the cause of the disease before you can treat insomnia in a targeted manner." ”
Beijing News shell financial reporter Xi Lili Editor Chen Li Proofreader Liu Baoqing