Editor You Yong
It is said that in the market consumption value, women >; Children > dogs > men, but as the first mother and baby in China, Baby Tree "mixes" every year.
On the evening of August 23rd, Baby Tree Group released the results of the first half of 20021.In the first half of the year, the company achieved revenue of1.40 billion yuan, a year-on-year increase of 44%. In the same period, the company's net loss was 65.438+0.2 billion yuan, down 29% year-on-year. However, the share price of Tianbao Baoshu fell 1. 16% to close at HK$ 0.85 the next day.
Founded in 2007, Baby Tree has been in the maternal and child industry for more than ten years, and has been blessed by giant investors such as Good Future, Jumeiyoupin, Alibaba and Fosun Group. At the end of 20 18, Baby Tree Group landed on the Hong Kong Stock Exchange as a star unicorn enterprise. At that time, the issue price of the company was HK$ 6.8. In March of the following year, the company reached its peak, and its share price went straight to HK$ 8, with a total market value exceeding HK$10 billion.
However, only one year after listing, the performance of Baby Tree suddenly changed. In 20 19, the company's total revenue was halved, with a huge loss of 470 million yuan in the same period; Affected by the epidemic in 2020, the company's performance further suffered from Waterloo. Compared with the revenue of 760 million yuan in 20 18, there is only 200 million yuan left.
With the decline in performance, the share price of Baby Tree also plummeted. Since March 2020, the company's share price has been hovering around HK$ 65,438+0. At the same time, the company frequently reported negative news such as founder's departure, senior management changes, layoffs and changes in equity. In August of 20021year, more than 47 million shares held by Wang Huainan, the founder of Baby Tree, were frozen, which once again pulled Baby Tree into the whirlpool of public opinion.
The new traffic dividend disappears.
In March 2007, Wang Huainan, former marketing director of Google Asia Pacific, and Shao Yibo, partner of Jingwei Venture Capital, co-founded Baby Tree. At that time, Baby Tree was just a vertical portal dedicated to content and community on the PC side, which was mainly realized by advertising, and the funds mainly came from Jingwei Venture Capital and Shao Yibo.
With the arrival of the birth rate peak in China from 2065438+04 to 2065438+06, Baby Tree, as a pioneer in the industry, is favored by unique capital. Within three years, it has successively obtained investment from head institutions such as Good Future, Jumeiyoupin and Fosun Group. However, the demographic dividend soon peaked. According to public reports, the number of births in China reached17.86 million in 20 16, the highest since 2000. At that time, the estimated fertility rate soared to 1.7. By 2020, the total fertility rate of women of childbearing age in China is only 1.3, which is already at a low level.
However, the user cycle of the maternal and child platform is not long, from the time a woman is pregnant to the age of three or four, and then users no longer need the maternal and child platform to provide content guidance. Therefore, enterprises are highly dependent on a steady stream of newborns to obtain traffic.
With the continuous decrease of newborns, the development space of maternal and child track began to be limited. Not long ago, the mother-infant e-commerce platform Beidian reported that it was in arrears with hundreds of millions of suppliers. At the beginning of the year, the maternal and child e-commerce brand Honey Bud also closed some offline stores. At the same time, it is difficult to continue financing in the case of operating losses, and the maternal and child track is no longer the scent of capital chasing.
Although Baby Tree successfully landed in the capital market on 20 18, judging from its declining performance and falling stock price, everyone has a hard time, and the "unicorn" aura of entrepreneurship has long since ceased.
The content is not refined, and the average time spent by users decreases.
"There are many advertisements published by Baby Tree, most of which are commercial advertisements rather than shared by professional doctors or experienced mothers; Moreover, there are many topics of' survival boys' in the discussion posts of Baby Tree. Almost every male post has many people who worship and the overall quality is not high. " A mother who just gave birth told Ai Caijing.
Content quality is directly related to the company's liquidity. Before listing, the company's income mainly came from advertising business and e-commerce business. However, since 20 18 company accepted Alibaba's investment and handed over the back-office e-commerce operation service to Alibaba, the e-commerce business income of Baby Tree began to decline all the way. In 20 17, the company's e-commerce business income was still 333 million, accounting for 46% of the total income. By 2020, the overall e-commerce business will only be 20 million yuan.
Since the listing of 20 18, the advertising business has reached 596 million yuan. With the internal turmoil in the company, the quality of content declines and the traffic decreases, which will be less than 200 million yuan in 2020. After listing, Baby Tree experienced a series of changes, such as Jumeiyoupin's withdrawal and the change of control right to Fosun Group. Although Wang Huainan once claimed that Fosun Group did not participate in the specific operation of the company, after Fosun took over, the collective resignation of Wei, the former vice president of Baby Tree, Zhan Hongyong, the general manager of advertising business and the person in charge of product operation was indeed an established fact, which brought great turmoil to the company's performance.
Although the related data of Baby Tree increased to a certain extent in the first half of this year, the downward trend is hard to hide. For example, the data such as the realized user traffic and the next-day retention rate at the core of the platform only recorded single-digit growth, and the average daily duration of users on the platform even decreased, from the original 15. 1 minute to 12.4 minutes.
Under this kind of internal and external troubles, the bitter days of the baby tree will continue.