In the past year or even two years, the popularity of listings in cross-border circles has decreased slightly. However, last year, several cross-border "old acquaintances" such as Saiwei, Zhiou, and Sanshi were listed successively and became new recruits in the cross-border circle in the A-share market.
Among them, the three-state shares once caused heated discussions due to the average daily development of 838 SKUs, and now how does it perform after listing?
Develop 700 new products a day
It is said that the three states are typical distribution sellers, and no one should object.
The categories cover 5 categories and 17 sub-categories of fashion, tools and accessories, home life, digital technology, and hobbies, with nearly 100 sub-categories.
According to the information in the earlier prospectus, from 2019 to the first half of 2022, the SKUs on sale on various platforms were 656,300, 599,700, 669,400 and 793,700 respectively. During the same period, the average number of SKUs on the shelves was 302, 437, 309 and 152.
There are many SKUs, fast new products, and high elimination, so the speed of developing new products is not a problem.
Taking the same period as an example, the average number of newly developed SKUs per day is 648, 283, 500 and 838 respectively, and the development cycle of a new product is 3-7 days.
However, in the second half of 2022, Sanshi shares seem to be deliberately restrained, and the last prospectus before listing shows that it will develop an average of 600 SKUs per day in 2022.
By 2023, the number of SKUs on sale will reach 830,000, and more than 700 new SKUs will be developed every day on average.
According to the profitability indicators of the past three months, Sanshi shares develop 700 SKUs a day, which means that the bonus period of explosive products will be shorter and shorter.
If a new product fails to be sold within 3 months, the shares will be liquidated, or the price will be reduced, or discounted promotions, or transferred to other platforms for sale.
In 2023, the R&D expenses of Sanshi Co., Ltd. will increase by 18.14% year-on-year to 45.76 million yuan, and there will be 147 R&D personnel, accounting for 18.44% of the total number. But if these numbers are spread out into 5 categories and 17 sub-categories, they are actually not much.
There are also many suppliers required for the development of a large number of new products. It is understood that there are more than 10,000 active suppliers cooperating with Sanshi, and online procurement is mainly completed through 1688.
Even if the new is fast, it can be seen that the sales data of many large categories of Sanstate shares last year were not eye-catching.
Hobbies contributed the most to its total revenue (accounting for 27.34%), selling 465 million yuan last year, but compared with the revenue in 2022, the revenue of other categories such as tool accessories, fashion and digital technology is also declining.
The home life category is the only seedling in the growth of the five major categories, with a revenue of 353 million yuan last year, although it is not as good as the hobby category, but it is also an increase of 6.35% compared with 2022.
In terms of total revenue, there was an increase last year, and there was also an increase in the first quarter of this year.
Sold nearly 400 million yuan in a quarter
According to the announcement of Sanshi shares, in the first quarter of this year, the company's total revenue reached 389 million yuan, a slight decrease (0.51%) from 391 million yuan in the same period of the previous year.
From the perspective of net profit, in the first quarter, Sanshi shares earned about 30.1 million yuan, and the profitability weakened, and there were 37.17 million yuan in the same period last year, a decline of more than 19%.
In September last year, Sanshi shares were listed, and after several twists and turns, there were doubts about the expiration of financial information, the high premium of asset restructuring, the difference between gross profit margin and profit changes, and the company's lack of independent productivity; And during the reporting period of the prospectus, Sanshi shares were also repeatedly punished for overdue tax declarations and high-risk loopholes in the system.
From June 2021 to September 2023, it took more than two years for Sanshi shares to be listed on the A-share market "difficult".
What is the performance of the first financial annual report after listing?
In 2023, the revenue of Sanshi will be 1.7 billion yuan, an increase of 7.08% from 1.588 billion yuan in 2022. However, the net profit performance was not good, from 141 million yuan in 2022 to 124 million yuan in 2023.
In 2023, the total global market sales volume of Sanstate Co., Ltd. will exceed 18.8 million pieces, an increase of 18.10% from 15.92 million pieces in 2022.
Last year, the inventory turnover ratio of Sanshi also increased from 7.20 to 8.57, and the inventory decreased by 6% from 2022 (from 3.84 million to 3.61 million pieces).
In fact, Sanshi shares have two major businesses, one is cross-border e-commerce retail, the other is cross-border e-commerce logistics, although the former is still its most important business (accounting for 72.89%), and last year also brought 1.24 billion yuan to Sanstate shares, but compared with 2022, this revenue decreased by 5.71%. On the other hand, the revenue of the logistics business increased by 68.69%.
Some people say that in time, will the retail business be abandoned by Sanshi and completely transformed into a logistics service provider? In the short term, it is unlikely, after all, the retail business is still the majority, and the investment in this part of the business continues.
Broken down by region, Europe (accounting for 36.98%) is still the most important market for Sanstate shares, bringing in revenue of 629 million yuan last year, an increase of 22.13% from 515 million yuan in 2022. Other markets such as North America, Oceania, and Asia are all seeing revenue growth, while South America and Africa are likely to be deliberately reduced by the Tri-State market, resulting in a sharp decline in revenue.
In terms of channels, more than 99% of revenue is completed online. From the perspective of retail business, the online segmentation channel has not been specifically disclosed, but according to the previous prospectus, Sanshi shares may intend to reduce the layout of Amazon.
Multi-platform layout, dare not rely on Amazon
It is still necessary to mention the "ban tide", after all, this turmoil has affected most sellers. The business adjustment of the big sellers almost started here.
Although the shares of Santai have not been directly affected, according to the earlier prospectus, the proportion of its sales on Amazon is declining.
In 2019, the sales of Sanshi shares on Amazon accounted for 47.78% of the total sales, and then in 2020, the revenue of 400 million yuan plummeted to 29.06%, and in 2021, the Amazon channel brought back 654 million yuan of revenue, accounting for 35.88%, and in 2022, it fell to 409 million yuan, accounting for 31.11%.
Overall, Amazon has always been the most important layout platform for three states. However, in recent years, the proportion of its sales on AliExpress, Shopee and other platforms has increased year by year, from 4.29% and 1.02% in 2019 to 13.22% and 16.04% in 2022, respectively.
At the same time, the revenue of Sanshi shares on eBay, Lazada and other platforms tends to be stable.
In 2023, the revenue of Santai shares on Amazon, eBay, AliExpress, Shopee and other platforms will account for 32.36%, 15.48%, 15.46%, and 14.07% respectively.
It can be seen that its layout in online channels is a multi-platform route, and the revenue structure of each platform is relatively stable.
There are lessons from the past such as Zebao, Cross-border Tong, Youkeshu, and Tongtuo Technology, and it is not surprising that Sanshi shares choose to make efforts on multiple platforms.
In less than a year, the stock price fell from the highest 21.36 yuan / share to the lowest 8.43 yuan / share.