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Articles by 陈碧婷
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Chicecream: A Vertical Plunge
How long has it been since you last heard from Chicecream? When you do, it's always bad news. Over a mere 800,000 yuan, Chicecream and its founder Lin Sheng were restricted from high consumption, topping hot searches for two days. Since October last year, news of layoffs and unpaid wages has been constant, with the company being sued by suppliers and partners. Is the former 'Hermès of ice cream' really about to fall?
陈碧婷Small Bottle Baijiu Declines, While Bottled Baijiu Rises
The heartfelt slogans of youth-oriented small bottle baijiu brands like Jiangxiaobai still echo, but how long has it been since you last had a small bottle? After the 2012 'alcohol ban', the baijiu sector entered a deep adjustment. During the industry's confusion, Jiangxiaobai emerged, attracting major baijiu companies to follow the youth, fashion, personality, and fun route of small bottle baijiu. At that time, it was widely believed that Jiangxiaobai could crack the rigid baijiu market and represent the industry in embracing young people, making small bottles a mainstream form. However, just a few years later, Jiangxiaobai's myth faded, and the entire small bottle market nearly collapsed. In the previous industry recovery focused on high-end products, small bottles were pushed into a corner. In contrast, bottled baijiu (guangping jiu), emphasizing quality and value for money and aligning with the consumption downgrade trend, became a market hotspot.
陈碧婷High-Strength Spirits Decline, Low-Alcohol Drinks Rise
How long has it been since you last drank baijiu? According to data from the China Alcoholic Drinks Association, in 2022, the output of baijiu enterprises above designated size was 6.71 million kiloliters, a year-on-year decrease of 5.6%, hitting a ten-year low. The baijiu industry has entered a new cycle of declining volume, rising prices, and intensifying differentiation. Red wine and yellow wine are not much better, and beer faces intensified competition in a shrinking market. Only the low-alcohol drinks market remains relatively lively. Although it cannot compare with the sales surge and capital influx of 2021, in the past year, 620 new low-alcohol drink-related enterprises were registered, and about 13 low-alcohol drink brands received financing, making it quite noteworthy.
陈碧婷Behind the Allegations of Financial Fraud at Hengan Group: Abnormal Sanitary Napkin Profitability, Difficult Tissue Paper Earnings, and Declining Diaper Performance
The short-selling incident targeting Hengan International continues to escalate. As the leading sanitary napkin manufacturer in China, Hengan International's brands Space 7 and Anerle both rank among the top ten sanitary napkin brands. However, in recent years, the company's sanitary napkin business has seen slowing growth and eroding market share. Additionally, the profitability of the sanitary napkin business is questionable: its terminal selling price per unit is lower than peers, yet its gross margin is nearly 30 percentage points higher, and its net margin is about four times that of peers. Meanwhile, Hengan International's tissue paper business (Xinxiangyin, Pinno) has seen declining profitability, with gross and net margins far below those of C&S Paper and Vinda International; the diaper business has also been declining, falling out of the top three in market share.
陈碧婷