Reporter Yang Qingqing reports from Beijing The reason why Mito's stock price is difficult to stabilise is that it is not yet profitable. The e-commercialization strategy that Mito (01357.HK) repeatedly mentioned has finally come to an end. On the afternoon of March 29th, Mito released the first e-commerce product “Medical Shopâ€, which focused on the fashion social shopping platform, and also displayed the “Customization of Meitu†fashion custom products. Among them, Meipu's product positioning is based on the mobile e-commerce platform in the content community, with the concept of "virtual buyer's store" and the launch of global fashion new products. Mito is the fashion personalized customization platform of Mito, and it is the Mito App Series. Users provide personalized customized product services, such as personalized T-shirts, insulation cups, pillowcases and so on. This is apart from Wu Tsin-hung, the founder of Meitu Co., who recently interpreted Meitu’s profit growth point, but it is only five days. On March 24th, Mito released the 2016 annual report. On the same day, Wu Xinhong told the media at the annual report conference that Mito will invest more value in user value-added services. "Meitu will launch two e-commerce platforms, 'Meipu' and 'Mito' Customization', to further develop its commercialization in e-commerce, advertising and user value-added services." Before and after the disclosure of the annual report, Mito's stock price is in continuous adjustment. At 15 o'clock on March 20th, Mito ended the 11 consecutive trading days, rising from its intraday high of HK$23.95, or 28.06%, to HK$15.98, and plunging more than 11.2%. The daily amplitude was about 40%. . On March 27th, Meitu again increased its stock price, and the stock price closed down 16.9% to HK$12.88. The daily signal amplitude reached 21.55%. Since then, Mito’s share price has continued to decline slightly to close at HK$13.00 on the 29th. “The principle of traffic cashing is that the closer you are to the transaction, the easier it is to realize it,†said industry observer Li Chengdong, reporting to the 21st Century Business Herald reporter, “Tool flow is the worst, followed by social networking, followed by navigation search, Taobao and other shopping product flow realization. Strongest ability. It is not easy for Mito to make e-commerce business." E-commerce strategy landing Since the second half of last year, the description of Meitu's e-commercial strategy began to appear frequently. Today, the launch of Meipu and Meitu customization means that MeiTou's e-commerce strategy has finally come to the end. “The Meipu project has been in preparation for nearly six months. Since it was closed in October last year, it has only received feedback from fashionistas and internal users. It is now on the line.†In the experience area of ​​Meipu, a Mito company The staff told the 21st Century Business Herald reporter. According to the reporter's observation, Meipu APP has products such as beauty makeup, clothing, sports, bags, and other products, including YSL, L'Occitane, Estee Lauder, Dior and other brands of products are listed. “The main reason for the shop is buying. Some fashionistas provide Mito with a product that can deliver their own tastes, while Mito solves the purchase and delivery process.†The above staff said. This also distinguishes the beauty shop model from the "buy-in-hand" model of the traditional e-commerce platform, and more like a bridge between a branded party, fashionistas and users. “Buyers can enjoy a proportional share of commissions at zero cost, and brands can also receive accurate communication and sales based on trust relationships. Users can accurately acquire fashion content and products that match their taste preferences.†Mito has already had a small number of trials on the self-portrait app, including photo printing, custom T-shirts, and customized mugs. It is understood that the future Mito customization will continue to expand the areas of shoes and bags, beauty, fashion and home life, to provide users with more personalized services. However, 21st Century Business Herald reporter also noticed that the number of brands in the newly launched Meipu APP is not yet abundant. “In the early days, we focused on product research and development. At present, we have almost 200 product brands. In the future, we will continue to invite brand parties to settle in.†said Zhang Jun, senior vice president of Meitux e-commerce. Urgently need to realize cash flow Mito released the two e-commerce products at a time when Mito's stock price fluctuated. The reason why Mito's stock price is difficult to stabilise is that it is not yet profitable. According to the annual report of Mito 2016, the total revenue of Mito in 2016 was 1.578 billion yuan, an increase of 112.8% year-on-year. Although Meitu Management stated in its 2016 annual report that its mobile phone is in short supply, the smartphone is already a Red Sea. This also means that Meitu’s earnings growth must be freed from hardware dependency. At present, however, Mito’s main revenue still comes from the sales of hardware, namely Mito’s mobile phones, which was 1.47 billion yuan, an increase of 120.9% year-on-year, and Internet and other parts of the revenue was only 104.7 million, an increase of 40.1% year-on-year. At the 2016 annual report conference, Cai Wensheng, chairman of Mito, expressed confidence in Mito's e-commerce revenue. "A lot of girls in beautiful shots wear beautiful clothes, or some girls show clothes and cosmetics in the live stream. Many fans will want to buy the same money, which is very beneficial to the development of e-commerce." Cai Wensheng pointed out, "E-commerce in China In fact, 70% of the purchasers are girls, and 70% of the turnover is related to girls. Therefore, Mito has an advantage in e-commerce for women. In fact, Mito has high hopes for the e-commerce business. Whether it is in the description of the prospectus, or the interpretation of Cai Wensheng, who had previously landed the Hong Kong Stock Exchange, e-commercialization is considered as an important strategy for Meitu's earnings growth in the next 3-5 years. “E-Commerce will occupy a large proportion of Mito’s overall revenue and will also become an important part of Mito’s Internet and other revenues.†Zhang Jun also pointed out at the interview on the 29th. However, Zhang Jun did not give an estimate when asked what percentage of the total will be expected. A number of people in the industry believe that Meitu’s focus on fashionable vertical e-commerce products is highly compatible with its internal eco-traffic, which is conducive to Mito’s differentiated operations. However, it is worth noting that vertical e-commerce providers must make advantages in selecting products, prices, and quality in order to gain competitiveness. The Bank of Communications released a research report saying that through the introduction of brands, KOL, and the introduction of Mito ecological users to enhance community value, the number of users at the initial stage is small, and the community's operational capabilities of the platform are yet to be verified. There are also people in the industry who are not so optimistic about Meitu e-commerce strategy. “It is not easy to realise the flow of tools. Social products are slightly better. Big aunts and baby trees are all evolving from tools to social products, but they are not ideal for developing e-commerce,†said Li Chengdong. Even the giant's e-commerce strategy has been detoured. Despite the extremely high quality of social or search traffic in China and the huge investment in e-commerce, Tencent and Baidu’s e-commerce business did not improve. "The number of active users of Mito is still relatively limited, and the e-commerce business is more concentrated on domestic users and the ability to realize cash remains to be seen. Relative to the e-commerce business, smart hardware services are currently more reliable," said Li Chengdong.
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