“Sale” really fragrant, money worries, the only product Why then the upper floor?

Community Xinghuoliaoyuan buy electricity supplier princes battling surging domestic consumer market in 2020. However, this huge market, a strong ability to Hengqiang? Over the past year, what new changes in market structure?

July 6, China National Commercial Information Center released the official website of China in 2020 retail hundred list.

The report shows that in 2020 the overall consumer market affected by the epidemic decline, but remain in the online retail hundred scale retail continued to show rapid growth trend driven by rapid growth. 2020 China Retail hundred enterprises sales volume exceeded 10 trillion yuan to reach 10.3 trillion yuan, an increase of 1.7 trillion compared to 2019, the head of the players apparently are gaining more market share.

According to the list, among the top ten companies were: Lynx, Jingdong, fight a lot, Suning Tesco, big business, the only product will be, the United States retail, Yonghui Supermarket, Gao Xin retail, Vanguard.

It is worth noting that the only product will jump from 10 last year to No. 6, its sales volume in 2020 reached 165 billion yuan, accounting for 2.2%, up 0.6 percentage points compared to the previous year. CD products will only list the vertical electric business class.

Just a short time, under heavy siege, why less visible only product but also on the floor level?

Sale is a good business right?

Founded in 2008, the only product will be, already is a veteran owned electricity supplier of the 13-year development history, it has experienced nearly a decade of Chinese electricity supplier and melee fighting. At the beginning of its establishment, on China’s electricity supplier market has not vibrato, deft and fight a lot, no new retail and community buy.

That time, no self-logistics Jingdong, Ali has not launched Lynx, Amazon has not yet out of China, China’s electricity supplier vibrant market, the major players all show, no one wanted to eat on a dividend of e-commerce .

The only product on the standard T.J.MAXX of the beginning of the establishment to determine their own characteristics – to “sale” as its main characteristics, the original intention was closely linked with the development stage of China’s electricity supplier market.

That time, the main clothing Taobao, Jingdong flagship 3C appliances, the United States together the main beauty, the only product will be the main sale, each player has their own piece of territory, is really relive the era.

However, with the merger integration of the electricity supplier princes, N number of vertical electric provider is running out after a wave of Ebb Tide, the majority of survivors transition to integrated electricity supplier. Vertical type electric business into the era of integrated electricity supplier era, “Only you can not think, do not buy XX” has become a feature of the new era.

A question worth pondering is that


The rise of the electricity supplier is integrated vertically so that the electricity supplier no way yet? Vertically integrated from what is an inevitable choice to survivor bias or age, as a vertical electric business leader, business sale only product will really behind it?

In fact,

As a knockout winner, focused business sale only product will pass through a number of cycles, still mix of wind and water.

As of the first quarter of this year, the only product will have achieved 34 consecutive quarters of profitability.

Thus, the “sale” in this business may seem less visible, unlike the integrated electricity providers that mass response, however, is such a hidden player, thanks to the sustained and stable profitability in the life and death of the electricity supplier He laid a little world of their own on the market.

Obviously, the “sale” is not outdated, non-vertical electric providers are not killed or wounded, and the United States as a small printing press, “sale” is just not so high-profile, less compelling.

The only product to the harvest season?

As a dedicated sale of top players, the only product on the market controversy has always existed, but in the controversy, the only product all the way to proceed step by step, to form its own set of logical growth, the rapid development of the Internet and consumer online shopping habits gradually formed and this decade iterations, to high customer price and high user stickiness, the difference out of his own way.

From the growth point of view, earnings data, the only product the first quarter of 2021 reached 175.5 million. Total orders for single, compared to 121.7 million last year alone, an increase of 44%; a quarter GMV reached 46.1 billion yuan, an increase of 59 %. Taking into account the impact of the first quarter of last year by the epidemic, GMV low base, we can first quarter of 2019 as the base comparison found, GMV growth only product will still be able to reach 36.4%, which means that,


Even excluding the impact of the epidemic, the only product growth is still very optimistic.

It is worth noting that the rapid growth of GMV has also brought good revenue performance side, earnings data show that the first quarter of this year, the only product net revenues reached 28.4 billion yuan (US $ 4.3 billion), an increase of 51.1%.

CD products will GMV growth Source: only product will be earnings (ended March 31 2021)

In terms of user data, a quarter of the total number of active users only product will reach 4,580 million, an increase of 54%, of which, the super VIP users reached 489.1 million, an increase of 37%. Up to now, the only product will have more than 300 million registered members.

In addition, the first quarter of 2021, double the proportion of users buy only product will exceed 88%, accounting for the number of orders from shoppers complex on the platform up to 97%.

This shows a strong ability to keep people only product, with a portion of the stable and high user loyalty.

In still another often overlooked advantage of good market growth and end user performance is the only product of its continuing profitability.


In the first quarter, the only product net profit of 986.1 million yuan, so far, the only product will have a profit of 34 consecutive quarters of record.

Moreover, with the growth of the income scale, the scale of profit only product will also gradually expand, we can see by the chart below its Non-GAAP net income growth is accelerating,

Dividend scale are emerging, we can say only product has ushered in the harvest season.

The only product Non-GAAP net income growth trend Source: only product will be earnings (ended March 31 2021)

More than in the sale, the only product will have any “new” story?

A problem can not be ignored is that the “sale” Although only product will help users and trapping part of the territory, and to create a stable and very steady stream of profits to its shareholders, but after this small but beautiful and still make more money machine and more money? The only product potential, how many will be released?


We believe,

Potential only product will be from four directions, the income side, earnings side, the user structure and product mix, changes in commodity structure and user structure will eventually be reflected in the improvement in revenue and earnings.

From the user structure, only the product will always focus on the female consumer, where the middle-class women 30+ is the core of the crowd. It is noteworthy that, in recent quarters, in addition to the core female customer base, the number of male users only product will significantly increase the amount of orders from male users has increased.

From 2020 to now, the only product meeting the user’s body from a male with a few goods orders increased by over 80%, surpassing female customer orders increase over the same period. Shopping for these targeted male users, the only product will continue to enrich men, outdoor sports, 3C electronic products category cover the brand, increase the number of new basic models and fashion goods.

From the commodity structure, in addition to wearing apparel category discounts good goods, the only product will also continue to enrich sporting goods, electronic products, maternal parenting, good home life and other daily goods category.

It is worth mentioning that the last two years, the only product will be returned to good reputation, best-selling domestic brands to provide subsidies to encourage more good brand goods flows only product. At the same time vigorously develop new brand platform, the introduction of a large number of overseas brands.

Currently, the only product will have established a strong professional team of buyers, with over 30,000 domestic and international famous brands to establish cooperative relations, reaching through direct contact with the brand, price negotiations and procurement opportunities, continued to play the supply chain, brand, product and price Advantage.


Expanding user base and more diverse user structure and a more complete product mix will only product will inject more fresh blood and more dynamic source of growth.

Earnings data show that as of the first quarter of this year, the number of active consumers only product will reach 45.8 million, an increase of 55%.

CD products will be the number of active (millions) User Data source: CD products will be earnings (ended March 31 2021)

Specific to the revenue side, the only product will also be more attempts that seek additional sources of growth last year, December 24, the only product (Hefei) Ole city officially opened in June this year, another message is displayed only product will continue to expand at the pace line shop, Nanjing and Hefei, the Lake Jiangning shop shop (Hefei second) is expected to be opened later this year.

From online to offline, from a network entity sale to sale, the only product will not only create the Group through the line Ole shop more sources of revenue, but also to the formation of the mind occupied in the client.

Of particular note is that

Profitability will be the only product proven adequate to support the only product in the pace of expansion will be online,

With the continued expansion of Ole shop offline, contribute new sources of revenue will be the only product will bring more imagination.

And in terms of cost and profitability, since the end of 2019 and SF has entered into a collaboration more than a year, in more than a year, the only product of this cooperation will prove a wise strategy with gradual decline in compliance costs. The decline in compliance costs and lay the foundation for profitable expansion of the scale of a solid foundation, earn more money, but also do take out a new round of expansion at the line, it can be said to serve multiple purposes.

CD products will be compliance costs of data sources: the only product earnings (ended March 31 2021)

Thus, both from the revenue side and end profits, whether sexual or increase profitability, the only product are moving toward a positive cycle. This is why the only able to last year, retail battlefield a melee in the upper floor of the main product will be.

It is precisely because of this, we have reason to believe that the only product will not only now in the “sale” of the fruits of the harvest, the long-term story is far from stagnant,

“Sale” in this business bonus is not over, this small but beautiful printing press will be led by the only product to win a larger party world.

With the gradual expansion and new initiatives of the company, its growth momentum will be sustained release.

Overall, the new story only product will now beginning to outline how its outcome, only to be to Japan.

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