{"fileID":689037,"siteID":1,"title":"烧钱营销换销量，超六成产品原料靠外包，BeBeBus高增长能持续多久？","linkTitle":"","catalogs":"","subTitle":"","isExclusive":1,"articleWordCount":1702,"leadTitle":"","source":"国际金融报","sourceID":0,"editor":"褚念颖","modifyTime":"2025-01-25 17:29:11","note":"","author":"李昕","authorID":0,"liability":"佘诗婕","abstract":"","publishTime":"2025-01-25 17:29:11","articleType":0,"keywords":"","countRatio":1,"countClick":292,"countDiscuss":0,"countPraise":1,"countShare":0,"countShareClick":0,"pic3":"","pic2":"","pic1":"https://image.ifnews.com/data/1/images/2025/0125/17377938910241294_600x338.jpg","bigPic":0,"tag":"","shortTitle":"","content":"<p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">近日，育婴品牌BeBeBus母公司不同集团递表港交所。成立于2018年的不同集团，于2019年推出BeBeBus品牌切入高端育儿产品市场，近年来发展迅猛。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">根据招股书披露的数据，2022年、2023年及2024年前三季度（下称“报告期”），不同集团分别实现营收5.07亿元、8.52亿元、8.84亿元。净利润方面，公司2022年亏损0.21亿元，于2023年扭亏为盈，实现净利润0.27亿元，2024年前三季度，净利润为0.46亿元，同比增加70.6%。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">虽然公司业绩增长较快，但背后主要依靠营销推动，与此同时，公司研发投入却在逐步下滑，以及产品生产高度依赖外包，在未来公司拟自建产能，大幅扩产的情况下，能否消化产能还要画上一个大大的问号。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100038615\" data-ratio=\"0.5805555555555556\" data-s=\"300,640\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938465971791_1080x627.png\" data-type=\"png\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 100%; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-picture-desc-center\" style=\"font-weight: normal; color: rgb(153, 153, 153); font-size: 15px; line-height: 1.75; margin: 5px 0px; text-align: center; text-indent: 0px;\">制图：佘诗婕</p><section><section><section><section><section><section><section><section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><br/></p></section></section></section><section><section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><strong><strong>营销换业绩</strong></strong></p></section></section></section></section></section></section></section><p><br/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">不同集团的产品定位为高端育儿产品，其核心产品有着较高的单价，公司在招股书中指出，从近三年的销售记录来看，包含了至少一件核心产品的订单平均交易金额保持在2400元以上。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">而根据弗若斯特沙利文的資料，过去五年高端育儿产品的复合年化增长率仅为5.1%。作为一家仅成立6年的公司，背后重要的推动力，可能是公司日益增长的营销费用投入。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-imgfileid=\"100038819\" data-ratio=\"0.7814814814814814\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938466901660_1080x844.png\" data-type=\"png\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 600px; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">报告期内，公司销售及分销开支分别约1.89亿元、2.86亿元和2.71亿元，占总收入比例分别为37.2%、33.5%和30.6%。其中，每期推广开支占销售及分销开支的比例均在70%以上。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">这些营销费用大部分投入了线上平台。根据招股书中披露的信息，截至2024年9月30日，不同集团已与超过1.6万位不同平台的达人合作，其中超过20位KOL拥有超过百万粉丝。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">深究高营销费用的背后，是公司对于高层，特别是销售人员的强股权激励。根据授予公司股权的名单可以看到，公司股权激励的范围不仅仅是管理人员，还涉及抖音项目总监这样偏营销类的岗位。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-imgfileid=\"100038817\" data-ratio=\"0.8416666666666667\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938467661018_1080x909.jpg\" data-type=\"jpeg\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 600px; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">通过员工持股计划，将员工的利益和公司的利益绑定，再赋予销售人员足够的资金支持开展营销活动，是公司业绩增长的重要推动力。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">不过，当消费者因为广告效应买到产品后，产品质量就成为了公司能否获得消费者持续亲睐的关键。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">令人担忧的是，公司近年来的研发费用并没有相对应增长，反而出现持续下滑的趋势。根据招股书，报告期内，不同集团研发费用占总收入的比例分别为3.2%、2.8%和1.8%。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-imgfileid=\"100038820\" data-ratio=\"0.7685185185185185\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938468431547_1080x830.png\" data-type=\"png\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 600px; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">而在社交平台上，也有多名消费者对公司“轻研发、重营销”策略表示不满，发帖吐槽。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2024年7月，有消费者在小红书发帖称：“品牌有这么多钱发各种广告，为什么就不能多花点钱，请个有正经育儿经验的设计团队来开发产品？”</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">该消费者表示，尽管BeBeBus婴儿车颜值在线、用料做工好，但在设计上“槽点”颇多，例如车身过窄、围护结构不够科学、遮阳挡雨效果不佳以及自重过重等。</p><section><section><section><section><section><section><section><section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><br/></p></section></section></section><section><section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><strong><strong>外包能否保证产品质量？</strong></strong></p></section></section></section></section></section></section></section><section></section><section><br/></section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">结合招股书中披露的数据来看，在生产环节，公司采取了成本更低的外包生产模式。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">招股书显示，BeBeBus向第三方制造商外包儿童安全座椅及餐椅的若干生产流程，包括塑料加工、织物缝纫、铝加工及金属加工。同时，亦外包其他产品的全面生产，包括婴儿推车及配件、婴儿床、婴儿腰凳、婴儿睡袋、枕头及婴儿护理产品。以上产品均交由第三方制造商生产，根据招股书，BeBeBus已与157家制造商保持合作以支持公司的生产需要。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">报告期内，BeBeBus的外包产品成本分别约1.71亿元、2.82亿元和3.22亿元，分别占其总销售成本的64.6%、66.4%和72.1%，<strong>由此可见，公司对于外包的依赖程度仍在不断提升。</strong></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-imgfileid=\"100038818\" data-ratio=\"0.600925925925926\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938469361109_1080x649.png\" data-type=\"png\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 600px; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">外包产品在企业发展早期能够在一定程度上减少公司固定资产支出，但长期来看，存在产品质量无法保证的可能。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><strong>公司似乎也有意识在未来提高自主生产比重。</strong></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">招股书显示，公司计划在宁波再建一个生产设施，该工厂预计于2026年投产，年设计产能为80万件婴儿推车、婴儿儿童座椅、婴儿床和餐椅，对比目前工厂所拥有的15万件设计产能，是现有产能的5.3倍。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img class=\"rich_pages wxw-img\" data-imgfileid=\"100038816\" data-ratio=\"0.38796296296296295\" src=\"https://image.ifnews.com/data/1/images/2025/0125/17377938470091709_1080x419.png\" data-type=\"png\" data-w=\"1080\" data-imgqrcoded=\"1\" style=\"margin: 0px; padding: 0px; max-width: 600px; height: auto !important; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: bottom;\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">而根据招股书，公司的存货以制成品为主，报告期内制成品占存货的比例分别为69.1%，88.1%和85.9%。这样大幅度的扩产，未来或存在产品滞销的隐忧。如果公司未来销量出现下滑，产品将存在滞销的风险，从而对公司整体利润形成较大影响。</p>","extField":{"catalogName":"","att":[],"isShareIcon":0,"images":6,"shareIcon":"","videos":0,"audits":[],"articleExt":[]},"isHide":0,"columnID":39,"columnName":"IPO","columnStyle":0,"discussClosed":0,"countClickInit":0,"fullColumn":"IPO","articleUrl":"","specialId":0,"linkID":0,"articleExt":[],"ipCity":"","activityStatus":0,"att":[],"shareIcon":"","images":[{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938465971791_1080x627.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938466901660_1080x844.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938467661018_1080x909.jpg","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938468431547_1080x830.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938469361109_1080x649.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0125/17377938470091709_1080x419.png","imageUrl":"","imgDesc":"","placeholder":"##########"}],"videos":[],"videoExif":{},"htmlAbstract":"","relArticle":[],"auditUsers":[],"countCollect":0}