Paromi shares (603983.SH) that encountered bottlenecks

A set of business data:

In 2018, Marumei revenue was 1.576 billion yuan, an increase of 16.52%year -on -year; net profit was 415 million yuan, a year -on -year increase of 33.14%.

In 2019, Marumei’s revenue was 1.801 billion yuan, an increase of 14.28%year -on -year; net profit was 515 million yuan, a year -on -year increase of 23.99%.

In 2020, Marumei’s revenue was 1.745 billion yuan, a year -on -year decrease of 3.1%; net profit was 464 million yuan, a year -on -year decrease of 9.18%.

Poromi’s operating income in the third quarter of 2021 was 1.138 billion yuan, an increase of 0.04%year -on -year; net profit attributable to shareholders of listed companies was 142 million yuan, a year -on -year decrease of 57.98%; the net profit of non -recurring profit and loss belonging to the shareholders of listed companies’ shareholders 111 million yuan, a year -on -year decrease of 59.24%; the net cash flow generated by operating activities was 191 million yuan, a year -on -year decrease of 231.39%.

On July 27, 2020, Maru Mei issued an announcement of shareholders ‘holdings of shareholders’ holdings. The global luxury giant LVMH Group’s fund, L Capital Guangzhou Beauty LTD. plans to reduce its holdings of not more than 6%of the company’s total share capital, totaling no more than 24.06 million shares. L CAPITAL reduced its holdings of 8.98%of Marumi, ranked second largest shareholder of Marumei, and reduced its holdings to 2.98%after reducing its holdings.

Investors voted with actual actions about the operation of Marumy. Paromi, which once became the “first share” of A shares, has fallen from 91.79 yuan at the highest point on May 19, 2020 to 31.94 yuan/share on December 17, with a stock price of more than 60%.

Nowadays, there are many cosmetics brands in the domestic market, and international cosmetics are dumping in China with big brands and popularity. The Internet celebrity brand borrows a beautiful makeup and explosion.

Inventory pills business activities, what have been done over the years

Marumi was 800 million IPO financing in July 2019. It is used for makeup products production and construction projects, marketing network construction projects, smart retail terminal construction projects, digital operation center construction projects, information network platform projects, etc.

Multi -channel layout, accelerate new products in targeted

In terms of channels, we continue to promote online and offline two -wheel drive, and the overall channel layout strategy. Poromi e -commerce not only Taobao and Tmall, but also live broadcast platforms such as Douyin and Kuaishou, Xiaohongshu and other social e -commerce companies, but the operating income is still the overall growth rate of the industry. Is there a significant decline in beauty salon channels?

In terms of product promotion, for different consumer attributes of online and offline users, Maru Mei has expanded the launch and rhythm of different channels and different platforms. In the first half of 2019, the Parumami Communist Party launched more than 80 SKUs, and the new product revenue accounted for 23%.

For offline consumers, the launch of Maru Miyukin’s Face Luxury Pet Series, the first 5 SKUs are issued;

For young consumer groups online, launch a beauty instrument+skin care black technology product Little Red Scorpion Essence (multi -peptide firming light -grain essence) and the pill whiten quinoa series of the main effect ingredients Wait;

For the department store channels, the pills are launching the flawless base makeup series;

Aiming at the beauty salon, new head anti -aging care products were launched.

The Chunji brand of Marumi has launched the two major functional skin care products of Blue Peptide and Dragon Blood Tree.

In 2020, Marubi Tokyo’s third series-Japan Zhu Zhenxi Luxury Series was launched. For women over 35 years of age, they were completed at once; in June, the online specifically for “Pill Whitening Love Essence Essence”, Through the VCIP formula component, the active efficacy components such as α-cyclidin, nicotinamide, and other active effects are resisted to resist melanin to accurately implement whitening.


For the launch of the “Marumei Bing Rou’an Skin Skin Repair Essence Oil” and “Maru Meifelreylene Youth Cream Xue Xue Luxu”, “Maru Meibing Skin Water Repair Essence Oil”.

Chun Ji launched the “Deep Deep Repair Skin Series”, Zhizhi Berry Berry Cover Makeup and Cleansing Foam, Black and White Modern Series, which is loved by young consumers.

In March 2021, Maru Mei and Jinan University’s Genetic Engineering Drug State Engineering Research Center created a reorganized humanized collagen, which was successfully applied to the “Beautiful Law” of the new biotechnology anti -aging brand and pushed it to the market.

Innovative sales method

Marumi has achieved breaking through the new marketing method to help the brand youth. The “Little Red Pen” eye cream, which is specifically targeted at young groups, was launched on the Tmall Little Black Box. Using social platform attributes such as Xiaohongshu, Douyin, and B Station, and combined with cross -border IP marketing methods, emerging community marketing operations have achieved great breakthroughs.

Based on the B station gathered by generations as the spread of the communication, the popular country of the Red Guo Man IP “Fox Demon Little Mine” created the “Marumi Oriental Guoman Eye” contest. Under the popularity of Guoman IP, “Maru Mei Oriental Eyes” achieved the decline in station B. The new “Little Red Pen” was highly exposed, and the cognition in the young circle was greatly improved.

However, in the monthly sales ranking of Tmall Eye Cream in August, Marumy’s two eye creams were not as large as Perlaya’s sales. The newly launched “Little Red Pen” single monthly sales were 4807, which was much worse. Small card’s eye cream.

Increase technical reserves

In terms of external cooperation, Marumei has promoted the strategic cooperation with international well -known raw material vendors such as Lu Run, CRODA He Da, DSM Disman, etc. on the one hand. On the one hand, increase the “industry -university -research” and technology creation. Cooperative research to support the company’s technical reserves.

Involved in the field of capital operation, layout the industrial ecology

The actions of Marumi’s industrial ecological layout have invested in the professional infant and child skin care brand “Dai Kesi”, the high -end beauty instrument brand “JOVS”, and the pupil brand “Kerra”.

Establish an industrial fund to focus on consumer industry related fields such as beauty, protection and new retail, and actively deploy the consumer industry chain through the professional experience of the partner, accelerate the company’s extension development pace, and enhance the company’s influence. The company establishes industrial funds through cooperation, and uses external professional teams to sort out and research, discover and cultivate high -quality projects to the subdivided industries. On the one hand, it ensures the quality of investment projects. Income; on the other hand, it can also provide project reserves for the company’s future industrial integration and purchase, expand the company’s “beauty and health” business layout, further enhance the company’s market position, and meet the company’s future strategic planning requirements.


Industrial Fund participated in the financing of Guangzhou Vatican Cosmetics Co., Ltd., with a total investment of 44,680,851 yuan, accounting for 6%of Van Rong’s shares after the investment. Guangzhou Fanzhiro Cosmetics Co., Ltd. was established in 2010, mainly covering brand cosmetics operation and live broadcasting business.

1. The operation of its own skin care brand, “Gu Yu”, is responsible for the wholly -owned subsidiary of Vatican. “Gu Yu” is the emerging domestic product brand that has risen rapidly in the past two years. It mainly focuses on the cleaning and whitening effect of sensitive muscles.

2. The live broadcasting business business is responsible for the wholly -owned subsidiary of Brahma Rong Rong. Name, nearly 100 anchors in the middle waist, and the scale of live broadcasts and goods in the field of beauty vertical.

Reflection, Maruki operated and lost

It can be seen that based on the understanding and awareness of new users and new marketing in the new era, Marumy continues to explore and try new media and new channels. From the perspective of management practice, from technology, products, channels, brand operations, to organizational construction and capital operation, Maru Mi seems to have done it. There is no obvious operational lack of operations. Why does not get the market return?

The most obvious thing is that today, Maru Mei’s dependence on a single product is still a obvious short board. Although Marumi has been operating “Chunji” and “Love Fire”, which has been operating for many years, these two brands have never been a new performance growth point.

The answer to this question may first be consensus on some basic concepts.

1. In the new era, changes in consumer groups lead to changes in the basic logic of marketing

From the industrial era to the age of information, further shift to the era of data, small and beautiful brands can use network channels to contact their audience. Excellent enterprises in the industrial era defeat competitors through various best practices, and eventually they are the best. This result is the best choice for society, consumers, and even the natural environment of the earth. In the future, whether it is high -end products, the cottage products of the soil will be lost, the ancient niche products, or the strange products that iterates every day, they will have their own market. All this is because of the Internet.

In the past 150 years of marketing, the context of “technology-management-behavioral psychology-social relations” has continued to evolve. Although the description of corporate marketing behaviors is profound, its research foundation has not changed, and has been focusing on the marketing behavior of the main body of the enterprise. The basic research object is the transaction behavior around the product.

2013-2015 is a turning point for changing interpersonal relationships and commercial operation relationships in mobile internet explosives. We must really shift from people’s attention from the attention of products -centered. In the future, there should be no “consumer goods companies selling water”, but only “elderly consumer goods enterprises” and “infant consumer goods enterprises”.

Under this logic, the industrialization model of the “big brand and multi -category” of the consumer goods market is irreparable. The marketing logic and marketing behavior of consumer demand around different consumer groups and consumer demand are the future trend.

2. In the uncertainty, why is corporate organization going to the future?

This is a “turbulent” era. The market environment has gradually changed from stability and predictiveness, and gradually changes to expansion, changes, discontinuous and even mutations! With the development of enterprises, risks are continuously enlarged rather than shrinking. In the face of an uncertain environment, the organization is often unstable and short -lived, and even the better the enterprise organization, the more difficult it may be.

With the development of enterprises, it is necessary to rely on creating organizational rationality and organizational capabilities to expand the “strategic freedom” of enterprises to the future.

The uncertain era has subverted the authority of the past.

◆ Lack of ready -made answers, or the answer changes;

◆ The person who is most likely to the answer is on the front line, “let the people who can hear the fire command fight”.

The information is becoming more symmetrical, and everyone is an expert.

The so -called “era” is not the concept of time, but the intergenerational concept. Human intergenerational changes have spawned business metabolism and renewal. The new generation of companies will eventually come from the new generation.

In the era of mobile interconnection, each individual must pursue the freedom of life’s will and the full stimulation of personality!

“Professional managers have been dead and the era of partners in the karma.”

Explore, Maru Mi moves towards the deep logic of “perfect”

Back to our previous questions, we may wish to understand this: all Marimi’s market operations can be attributed to the tactical efforts. Whether the market can leverage the market depends on what strategic thinking these efforts are. Based on this logic, we ask the following questions. Maybe these issues will show the hidden answers behind them.

1. What kind of market cognition is the layout of Maru Mami on the underlying technical layout? Is the logic of market cognition based on products or consumer groups? What is the match between the two? What is the rhythm control of the market layout?

2. What are the characteristics and value propositions of Maru Mei’s current customer consumer group? What are the differences in customer group requirements of different channels? What is the degree of influence of the brand, is the establishment and operation of the brand based on products, or the crowd? What extension and product delivery of this part of consumer groups do? Can we create new needs for old customers?

3. How to achieve the logic of brands in the new era, how can we achieve the tide of consumers? Product content: The product comes with content gene, allowing users to spontaneously share with the brand to bring a lot of tap water transmission; sell products and sell more life; popular symbolization: fun, play, play with consumers.

4. What are the value propositions of different brands? How to recognize the relationship between the brand and the customer group, and how to set the border? How to continuously identify the differences in different consumer groups, create new brands, new products, and create new customers? How to create brand IP?

5. How can Marumi’s offline customer group, how can they achieve community operations and pass online and offline channels? For this reason, which organizational changes and adjustment of employment mechanisms?

6. Compared with those new consumer brands in the industry, why can’t its market growth rate be done? What mechanism issues are limited to development speed and how to solve these problems?

7. The logic of the development of new products is not only based on technology and production, but how to update technology and combine categories around demand technology. How many real “ace product managers” can be found and cultivated by companies, can understand the thinking mode and perception model of consumer groups, create experience value, and be able to make the customer group perceive value? What kind of operating mechanism of an enterprise can provide them with such an environment?


8. How does the industrial ecology established by Maru Miyu’s capital operation, how to obtain industrial synergy effects? What is the design of real growth logic? How is future growth logic designed?


Entering such a corporate development curve may be the ultimate dream of every company.

The problems encountered by Marumi are not an example in the current Chinese companies. The in -depth research and problem -solving process of Marumi cases should have an extraordinary reference significance for the entire consumer goods industry.