IPO观察｜美肤宝母公司冲刺上市，重营销轻研发，三年净利润被分完

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近日，广州环亚化妆品科技股份有限公司（以下简称“环亚科技”）向深交所创业板发起冲刺。环亚科技旗下代表品牌有护肤品品牌美肤宝、法兰琳卡，发用品品牌滋源等。红星资本局注意到，环亚科技存在高毛利低净利的问题，这背后是环亚科技日益增长的销售费用率。除此之外，环亚科技是个典型的家族企业，创始人、董事长胡兴国及其妻、子合计持有公司99.63％的股份，大型经销商中也不乏胡兴国亲戚的身影。2019年至2021年，环亚科技每年都在上演“掏空式”分红。对于高毛利低净利、大额分红的原因及研发费用率低等问题，红星资本局致电环亚科技，截至发稿时暂无回应。

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↑环亚科技冲刺创业板

①高毛利低净利

2022年年底，环亚科技拟冲刺深交所创业板上市。

环亚科技是一家综合性化妆品企业，成立于2006年，目前拥有美肤宝、法兰琳卡、滋源、肌肤未来等16个品牌，2021年11月2日成立股份公司。

据招股说明书，环亚科技本次拟发行不超过6000万股，拟募资6.07亿元，主要募投项目分别是品牌建设与推广项目、智能制造及信息系统升级项目、研发中心升级项目、补充营运资金。

2019年、2020年、2021年、2022年1-6月，环亚科技销售毛利率分别为64.11%、65.29%、64.84%及65.42%。

据环亚科技列出的国内化妆品可比公司数据，环亚科技2019-2021年的毛利率均高于平均毛利率和中位数。

环亚科技亦分析称，可比公司贝泰妮在线上自营渠道的销售收入占比高于大部分可比公司，且线下主要直供客户、药店等合作，致使其毛利率显著高于其他可比公司。除贝泰妮外，公司的毛利率接近或高于其余可比公司。

不过，环亚科技的销售净利率却三年都低于可比公司净利率的平均水平。招股书显示，环亚科技2019至2021年的销售净利率分别为10.53％、12.12％、8.68％，低于可比公司平均数的11.36％、13.65％、11.90％。

↑环亚科技招股说明书截图

②重营销轻研发

红星资本局注意到，高毛利率低净利率背后，或与环亚科技销售费用占比过高有关。

在环亚科技的营业总成本中，2019年-2021年及2022年上半年，销售费用均高于营业成本，分别为8.224亿元、8.792亿元、10.086亿元和4.112亿元，销售费用率均超40％，且逐年攀升，2021年销售费用率高达46.76％。

↑环亚科技招股说明书截图

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在环亚科技的销售费用中，渠道维护费占比最大。其中，渠道维护费又以商场促销维护费占比第一。可见，环亚科技的促销力度之大。

↑环亚科技招股说明书截图

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与高销售费用率相对的，是环亚科技的低研发费用率。

环亚科技2019年至2022年上半年的研发费用率均未超过4％，分别为3.00%、2.88%、3.01%和3.37%。2020、2021年均低于可比公司的平均水平。

↑环亚科技招股说明书截图

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不过，国内美妆个护品牌的研发费用率低是通病。数据显示，国际品牌欧莱雅、雅诗兰黛、宝洁每年研发费用超10亿元，而本土美妆个护品牌企业研发经费在亿元以上的屈指可数。

但环亚科技似乎将营销作为了自己的未来主要增长动力。在其募集资金用途中，投资额最大的是“品牌建设与推广项目”，该项目投资额占总募集资金的三分之二。

↑环亚科技招股说明书截图

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环亚科技需要注意的是，营销对其业绩的反噬风险。

2021年，环亚科技便出现了增收不增利的情况，其解释的原因是，销售宣传支出增加导致净利润有所下滑。

环亚科技也在招股说明书中提到，如果出现营销宣传费用大额投入后销售却不及预期的情况，则可能对公司业绩产生负面影响，导致公司业绩出现增速放缓或下滑的风险。

③家族企业，近三年“掏空式”分红

环亚科技是个典型的家族企业。

据招股说明书，环亚科技的实控人分别为胡兴国、吴知情和胡根华，其中，胡兴国为环亚科技创始人、董事长，出生于河南固始，吴知情为胡兴国妻子，胡根华为胡兴国儿子，目前正在华中师范大学读硕士。胡兴国、吴知情和胡根华均为中国香港籍，拥有澳大利亚居留权。

胡兴国一家三口持有环亚科技99.63％，剩下的股份由胡兴国亲戚持有。

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↑环亚科技招股说明书截图

除股权集中外，环亚科技的大型经销商里有不少胡兴国亲戚。

招股说明书显示，环亚科技存在向郑州琼心、温州禾耀、济南美尚、福州金卉芙销售商品的情况。

郑州琼心及其关联方系公司美肤宝MEIFUBAO、滋源SEEYOUNG等品牌产品在河南地区的经销商。郑州琼心实际控制人常道选系公司副总经理杨春之姐夫，杨春系胡兴国母亲的姐姐之子。

温州禾耀及其关联方系公司在电商渠道的经销商，实际控制人涂德峰系公司实际控制人胡兴国妹妹之子。

济南美尚系公司即肽GITTAMY、滋源SEEYOUNG等品牌产品在山东地区的经销商。济南美尚实际控制人胡晓亮系公司实际控制人胡兴国之妹。

福州金卉芙系公司美肤宝MEIFUBAO、滋源SEEYOUNG等品牌产品在福建地区的经销商。福州金卉芙实际控制人系公司实际控制人胡兴国之妹之女涂欢及其配偶刘涛。

红星资本局还注意到，2019年至2021年，环亚科技每年都在大额分红，分别为2亿元、1.6亿元、3.5亿元，合计7.1亿元，大于环亚科技这三年的归母净利润之和，按照股权占比，胡兴国一家三口能分得7.07亿元。

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↑环亚科技招股说明书截图

红星新闻记者俞瑶张露曦

编辑郭庄余冬梅

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