If Listed On The Three Trading Day Fell More Than 40%, Why Do Not Investors Buy Net Red Account?

Net red Zhang Dayi's high light time is fixed in the bell ring time of April 4th.

Within a few days after the bell struck, shares of RUHN O, the US stock market, fell without a slight rebound.

As of April 8th, the $7.05 share was reduced by more than 43% compared with the issue price of $12.50.

In a few days, the market value has shrunk.

According to the analysis of the industry, there are many reasons for the poor performance of the listed companies.

But the deeper reason is that investors do not buy the business model of "net red with goods".

As early as the listing of Han, the interface news has been introduced, if you only look at the results, such as Han does not have any competitiveness.

It is mentioned in the prospectus that the income in the 2017 fiscal year, the 2018 fiscal year and the three quarter of the 2019 fiscal year will be 577 million yuan, 947 million yuan and 856 million yuan respectively.

They lost 40 million 130 thousand yuan, 89 million 950 thousand yuan and 57 million 500 thousand yuan respectively.

But early investors apparently took a fancy to Zhang Dayi's ability to carry goods.

In 2014, Zhang Dayi and Feng Min opened the Taobao store and won the sales title in only a year.

In the live broadcast festival of Taobao in 2016, Zhang Dayi drove 20 million turnover in two hours and refreshed sales records guided by Taobao live room.

But net red to net red, business to business.

Whether a company has vitality is decided not by net red, but by product.

Especially after the listing, capital returns on performance are more stringent.

If the listing falls, it is clear that international investors can not understand business models.

Such as the net red business model, it can be said to be unique to China.

Such as the operation mode, including the "net red + Incubator + supply chain" three links.

Among them, the net red LED hatching of emerging KOL (opinion leaders), the use of head carrying capacity for sales side sales.

At present, such as Daikin, Liberlin and other KOL are hatched, the number of fans is over ten million.

Early investors obviously wanted to create more Zhang Da by copying.

Supply chain is the core of company operation.

Unfortunately, this is not a good idea.

Browse Zhang Dayi's online shop "my favorite Wardrobe" several treasures after it is not difficult to find that most of the treasure is not available, the number of days waiting for more than 10 working days, and some even need to wait for 20 working days.

In addition, it can be found from the GMV (website turnover) data disclosed by Han that the return rate is not low.

Take the first three quarters of 2018 (March to December) as an example, the total GMV was about 2 billion 212 million yuan, which is 2.58 times the income of 856 million yuan.

This can be said to be fatal.

Take the fast food ZARA as an example.

ZARA is well known for its inventory turnover and fast response to the supply chain, including the entire process of obtaining inventory and sales, which takes only 30-40 days.

Therefore, the new speed is very fast.

And the net red supply chain represented by Han has similar style.

Such as the adoption of the "new flash purchase + pre-sale", the corresponding is "a small number of small, quick turn over" supply chain mode.

However, judging from the number of inventory turnover figures disclosed, it is clearly not the same as ZARA turnover.

The average inventory turnover days calculated based on average inventory and sales cost show that this index is as high as 190 days.

In other words, it takes close to half a year from stock to sales.

This is also the main reason for poor cash flow.

Such as the NASDAQ crash may be behind the Chinese net red some inspiration, a qualified sales mode, for investors, there is not much attraction.

Conversely, how to turn traffic into profit is even more important.