1 thought on “Who is the complaint of Mengjinyuan?”

  1. Faced with fierce market competition, some gold jewelry companies that have quickly expanded a large number of new outlets and shops in the early stage have appeared in real financing needs. However, listing may solve funding problems, and whether it can develop in the long run, it needs to look at the core competitiveness of the enterprise.

    Menzi Gold Gold Jewelry Group Co., Ltd. (hereinafter referred to as "Mengjin Garden") prospectus shows that the company plans to log in to the Shenzhen Stock Exchange to raise funds of 1.091 billion yuan, mainly used for manufacturing centers and marketing The construction of the network.

    During the visit, a number of Mengjinyuan sales staff mentioned to the China Business Daily that the technology of the 999.9 ‰ purity gold of Mengjin Garden has become a big selling point. However, from the perspective of the industry, the 999.9 ‰ purity gold is more common in the industry and cannot be regarded as its core competitiveness.

    The salesperson at a franchisee store in Beijing told reporters that the price of pure yellow jewelry it sold was 468 yuan/gram, while other interbank competitors exceeded 500 yuan/gram on the day. Jiang Shu, chief analyst of Beijing Jinyang Mining, said that the current gold jewelry is fiercely homogeneous competition in the market, and some companies can only choose low -cost competition strategies.

    This, Mengjin Garden told the reporter of "China Business Daily" that the franchisees will be adjusted in a timely manner based on the gold retail price and process fees in the area where they are in the area, and there is no low -cost strategy exchange for market share.

    The gross profit margin is lower than the same industry

    According to Mengjin Garden's prospectus, the company mainly engages in the "Mengjin Garden" brand gold jewelry business. The products are mainly gold jewelry. A small number of large gold jewelry companies covering the design, production, processing, and retail industry chain.

    The ranking according to processing and sales revenue, Mengjin Garden ranked fifth in the 2019 "Top Ten Enterprises" released by the China Gold Association, second only to Lao Fengxiang (46.440, 0.37, 0.80%) , China Gold, Chow Tai Fook, Yuyuan (10.210, 0.03, 0.29%), etc.

    In the first quarter of 2017 to 2020, the operating income of Mengjin Garden was 13.468 billion yuan, 14.067 billion yuan, 14.089 billion yuan, and 1610 billion yuan. 100 million yuan, 171 million yuan, 28.152 million yuan. In 2019, Mengjinyuan's operating income increased by only 0.16%, and his performance fell 11.68%.

    is worth noting that the level of gross profit margin of Mengjin Garden is also at a low level among the listed companies in the industry. During the reporting period, the company's comprehensive gross profit margin was 4.39%, 4.35%, 6.03%, and 7.79%, respectively. In comparison, Lao Fengxiang (600612.SH) in 2019 (600612.SH), 10.28%, Chow Dasheng (19.950, 0.73, 3.80%) (002867.SZ) 35.98%, Lai Shen Pingling (7.400, 0.22, 3.06%) (603900.SH) 58.17%, Tide Hongli (5.170, 0.15, 2.99%) (002345.sz) 15.55%.

    For the reasons why gross profit margin is lower than the same industry, Mengjin Garden said that in general, the gross profit margin of the gold jewelry industry is affected by factors such as product structure and marketing channels. Under the same conditions, the higher the proportion of diamond -setting jewelry, the greater the proportion of direct operations, and the higher the gross profit margin of the company. The company's product structure is mainly gold jewelry. During the reporting period, the category sales revenue accounted for more than 96%of the main business revenue. Therefore, there are certain differences between the company's gross profit margin and the company in the same industry. In contrast, the high proportion of gold and gold jewelry such as China Golden Jewelery is closer to major products.

    The low gross profit margin is still related to the low price seizing the market?

    This, Mengjin Garden said that retail prices are affected by various factors such as regional market prices, product materials, product categories, store celebrations. According to the gold retail price and process fee of the chamber of commerce in a timely manner, there is no time to exchange for market share at low -cost strategies.

    However, during the visit, the reporter found that the price of Mengjin Garden jewelry was relatively low. Sales staff of a franchise store in Beijing told reporters that the price of pure yellow jewelry it sold was 468 yuan/gram, and the process fee was not charged, and other interbank competitors had a gold price of more than 500 yuan/gram that day, and the process fee was required. In addition, the prices of jewelry at the official flagship store of Mengjin Garden are relatively low.

    This Jiang Shu said that the current homogeneous competition in the gold jewelry market is fierce, and one of the important reasons for homogeneous competition is that the research and development and design investment in the gold jewelry industry is generally low.

    The prospectus shows that the R

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