UNIASIA Updates its Prospectus with Annual Sales of $313.2M
- Chaileedo Press
- Jan 3, 2023
- 5 min read
UNIASIA updated its prospectus on December 31. UNIASIA achieved revenue of 2.157 billion yuan (about $313.2 million) in 2021 with single brand Seeyoung's revenue accounting for up to 40%.
According to the official website of the Shenzhen Stock Exchange, on December 31, 2022, Guangzhou UNIASIA Cosmetic Technology Co. files an initial public offering prospectus filing to list on the Second-board Market of the Shenzhen Stock Exchange. Public information shows that on December 22, 2021, UNIASIA signed a listing counseling agreement with CITIC Securities.
This means that China's beauty listed companies will soon add another big player to the list.
The prospectus shows that UNIASIA achieved revenue of 2.157 billion yuan (about $313.2 million) and a net profit of 188 million yuan (about $27.3 million) in 2021. As of January-June 2022, UNIASIA achieved revenue of 986 million yuan (about $143.2 million) and a net profit of 137 million yuan (about $19.9 million).
Annual sales exceeded 2.1 billion yuan
It is understood that UNIASIA was established by ASIAWORLD(HK)ENTER in 2006, which is a comprehensive beauty and cosmetic enterprise integrating R&D, production, sales, training, and service. At present, UNIASIA has four main brands, namely MEIFUBAO, Franic, Seeyoung, and SkynFuture as well as subdivision brands such as MOR, KEEP·Y, Youya, GITTAMY, VITALIXIR, and MIOFURMI, etc. The product categories cover skincare, cleansing, shampoo and hair care, body care, and other daily chemical products.
Although the cosmetics market has been deeply affected by the epidemic in the past three years, UNIASIA still delivered a bright performance. From 2019 to 2021, the prospectus shows that the company's operating revenue was 1.941 billion yuan (about $282 million), 1.988 billion yuan (about $289 million), and 2.157 billion yuan (about $313.2 million), and net profit was 204 million yuan (about $29.6 million), 240 million yuan (about $34.8 million) and 187 million yuan (about $27.2 million), respectively. Its net profit after deductions was 222 million yuan (about $32.3 million), 247 million yuan (about $35.9 million), and 185 million yuan (about $26.9 million), respectively. In the first half of 2022, the company’s operating income reached 986 million yuan (about $143.2 million), net profit was 137 million yuan (about $19.9 million) and net profit after deduction was 124 million yuan (about $18 million).
The prospectus also disclosed that as of the first half of 2022, UNIASIA ranked 16th in the beauty and personal care market and 6th among local companies in terms of operating revenue compared to comparable companies in the same industry.
During the reporting period, UNIASIA's main business revenue mainly came from sales of skincare and personal care products, with skincare sales revenue mainly from lotion, emulsion, sunscreen, and masks. Its care sales revenue are mainly from shampoo and hair care products. The company's main business revenue from 2019 to first half of 2022 is 1.934 billion yuan (about $281 million), 1.958 billion yuan (about $284.3 million), 2.148 billion yuan (about $312 million) and 974 million yuan (about $141.4 million), respectively, with the main business revenue accounting for more than 98%.
In terms of segment revenue, the proportion of skin care products is higher than that of personal care products. It is understood that the proportion of skin care products of UNIASIA from 2019 to first half of 2022 is 51.36%, 48.45%, 50.42% and 52.19%, respectively and personal care products accounted for 42.66%, 42.91%, 45.74% and 45.21% in the first half of 2019-2022, respectively.
More than that, UNIASIA's gross margin is also quite bright. The prospectus shows that the gross profit margin of UNIASIA from 2019 to first half of 2022 is 64.11%, 65.29%, 64.84% and 65.42% respectively, which is much higher than the average of peers. Among them, the gross margin of skincare products were 65.48%, 66.08%, 65.33% and 66.82%, and the highest gross margin of sunscreen products in skincare products, reaching 74.82% in the first half of 2022.
Nearly 40% of the revenue is Seeyoung contribution
As we all know, in the current listed Chinese beauty companies, many companies have been questioned by the capital market "performance dependent on a single brand", while the brand matrix of UNIASIA is called "brand carrier" by many industry insiders.
Specific to each brand, Seeyoung, MEIFUBAO, Franic is the main brand of the revenue of UNIASIA. The prospectus shows that from 2019 to the first half of 2022, Seeyoung revenue was 779 million yuan (about $113.1 million), 768 million yuan (about $111.5 million), 842 million yuan (about $122.3 million), 386 million yuan (about $56 million), accounting for 40.31%, 39.25%, 39.20%, 39.65%, respectively, for the same period. From 2019 to the first half of 2022, the revenue of MEIFUBAO was 606 million yuan (about $88 million), 510 million yuan (about $74 million), 569 million yuan (about $82.6 million) and 265 million (about $38.5 million), accounting for 31.37%, 26.07%, 26.48% and 27.21% respectively in the same period. From 2019 to the first half of 2022, the revenue of Franic was 393 million yuan (about $57 million), 373 million yuan (about $54.2 million), 396 million yuan (about $57.5 million), 150 million yuan (about $21.8 million), accounting for 20.33%, 19.08%, 18.41%, and 15.39% respectively in the same period.
It is easy to see that the proportion of the three main brands in the last three years has been declining. But at the same time, SkynFuture, which focuses on scientific whitening, and GITTAMY, which focuses on peptide technology anti-aging, gained brand recognition and market share has been increasing. For example, the revenue share of SkynFuture climbed from 0.49% in 2019 to 7.14% from January to June 2022, showing rapid growth, and has become one of the main brands of the company. It is worth mentioning that, as an original imported brand developed and manufactured by UNIASIA in Australia, the sales revenue of MOR is also growing steadily.
In terms of channels, according to the prospectus, UNIASIA's sales model can be divided into direct sales, distribution, and agency sales. Among them, the distribution model is the number one sales model of UNIASIA. From 2019 to the first half of 2022, UNIASIA's distribution model achieved revenue of 1.135 billion yuan (about $165 million), 960 million yuan (about $139.4 million), 1.006 billion yuan (about $146.1 million), 508 million yuan (about $73.8 million), accounting for 58.7%, 48.99%, 46.82%, 52.15% respectively in the same period.
Planned capital raising of 607 million yuan
Brand building can not be separated from the company's continuous investment in product building, research, and development. It is understood that UNIASIA is one of the first companies to establish a large research institute in China, and its China headquarters research institute was established in 2007. At present, UNIASIA has established two major R&D centers in China and Australia.
Specifically on R&D investment, from 2019 to the first half of 2022, UNIASIA's R&D expenses was 58.19 million yuan (about $8.4 million), 57.35 million yuan (about $8.3 million), 64.89 million yuan (about $9.4 million) and 33.28 million yuan (about $4.8 million), accounting for 3.00%, 2.88%, 3.01% and 3.37% of operating revenue, respectively. As of the first half of 2022, compared with comparable companies in the same industry, UNIASIA's R&D expenses were higher than those of Marubi and LAF.
It is reported that UNIASIA Technology plans to raise 607 million yuan (about $88 million), of which 405 million yuan (about $59 million) is for brand construction and promotion projects, 107 million yuan (about $15.5 million) for intelligent manufacturing and information system upgrade projects, 55.46 million yuan (about $8 million) for R&D center upgrade projects, and 40 million yuan (about $5.8 million) for additional working capital.
There is no doubt that with the disclosure of the prospectus, UNIASIA is getting closer to the road of going list. In the past three decades, UNIASIA has been committed to brand building and continuous efforts in scientific research, which not only laid a solid foundation for its IPO but also anchored the future to realize the long-term value of the enterprise.
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