On November 22nd, New Consumer Daily reported that the main content of today's New Consumer Daily includes: TikTok Shop Mall launched in Vietnam; Fengwei Human has completed a 30 million Pre A round of financing; Kwai's revenue in the third quarter increased by 20.8% year on year.
Industry Highlights
Ctrip's net operating revenue in the third quarter nearly doubled year-on-year
On November 21st, Ctrip announced its unaudited financial performance for the third quarter ended September 30, 2023. Data shows that Ctrip's net operating revenue in the third quarter was 13.7 billion yuan, a year-on-year increase of 99%. The net profit was 4.6 billion yuan, compared to only 245 million yuan in the same period of 2022, a year-on-year increase of over 17 times; Adjusted EBITDA was 4.6 billion yuan, compared to 3.7 billion yuan in the previous quarter and 1.4 billion yuan in the same period of 2022; The adjusted EBITDA profit margin is 34%.
The domestic hotel booking volume has increased by over 90% year-on-year, with an increase of over 70% compared to 2019 before the epidemic. Among domestic hotels, long-distance hotel bookings have grown the fastest, with a year-on-year growth rate of 133%. Ctrip founder Liang Jianzhang explained that the growth in performance was mainly due to strong summer tourism demand, and both domestic and international travel showed strong growth momentum in the third quarter.
The revenue of the same journey increased by 61.1% year-on-year in the third quarter
On November 21st, Tongcheng Travel official WeChat released its financial report for the third quarter of 2023. According to the financial report, in the third quarter of 2023, the revenue from same distance travel reached 3.3 billion yuan, a year-on-year increase of 61.1%; Adjusted EBITDA.87 billion yuan, a year-on-year increase of 88.2%; The adjusted net profit was 620 million yuan, a year-on-year increase of 146.5%.
In addition, in the third quarter, both the annual and monthly paid users of the same journey reached historic highs. The annual paid users reached 225 million, a year-on-year increase of 12.1%; The average monthly paid users were 44.2 million, an increase of 20.1% year-on-year and 48.3% compared to the same period in 2019.
Mingchuang Youpin has exceeded 6000 stores
On November 21, Mingchuang Youpin disclosed its first quarter report for the 2024 fiscal year. As of September 30, 2023, the group's revenue was 3.791 billion yuan, a year-on-year increase of 36.7%; Shareholders should account for a profit of RMB 613 million, a year-on-year increase of 48.82%.
During the reporting period, there were 6115 global stores of Mingchuang Youpin, including 6115 domestic stores, a net increase of 533 compared to the same period last year; There are 2313 overseas stores, a net increase of 286 compared to the same period last year. The revenue from China was 2.496 billion yuan, a year-on-year increase of 34.7%; The revenue from overseas markets was 1.295 billion yuan, a year-on-year increase of 40.8%.
Yixian E-commerce had a net loss of 197.9 million yuan in the third quarter of 2023, a year-on-year decrease of 6.1%
Perfect Diary's parent company Yixian E-commerce (NYSE: YSG) today released its financial report for the third quarter of 2023 as of September 30. According to the financial report, Yixian E-commerce's revenue in the third quarter of 2023 was 718.1 million yuan, a decrease of 16.3% compared to the same period last year.
Yixian E-commerce had a net loss of 197.9 million yuan in the third quarter of 2023, a year-on-year decrease of 6.1%; Not in accordance with US GAAP, resulting in a net loss of 130.2 million yuan, an increase of 3% year-on-year.
Yang Donghao, Director and Chief Financial Officer of Yixian, said, "The overall net income of Yixian's skincare brand decreased year-on-year, mainly due to the strategic decision to gradually phase out the Abby's Choice brand. The net loss rate in the third quarter expanded to 27.6%, mainly due to increased investment in the upgrade of the Perfect Diary brand and preparations for the Double 11
Man Bang's third quarter report: revenue of 2.26 billion, interest income of 300 million, exceeding operating profit
The digital freight platform YMM. US released its financial report yesterday. According to the financial report, the revenue of Man Bang in the third quarter of 2023 was 2.264 billion yuan (approximately $310 million), an increase of 25.2% compared to the same period last year of 1.81 billion yuan;
In the third quarter of 2023, Manbang's platform car and goods matching service revenue reached 1.9 billion yuan (approximately 261 million US dollars), an increase of 25.8% from 1.514 billion yuan in the same period last year; The revenue of value-added services was 360 million yuan, an increase of 22.1% from 295 million yuan in the same period last year.
During the reporting period, the average monthly activity of shippers reached 2.13 million, a year-on-year increase of 15.0%. The penetration rate of shippers and users continued to increase, with 3.79 million active drivers performing contracts in the past 12 months.
Since announcing a $500 million repurchase plan in March 2023, as of November 17, Man Bang has repurchased a total of approximately 22.8 million ADSs from the public market, valued at approximately $147 million.
Tuniu's financial report for the third quarter of 2023: net profit of 45.5 million yuan, with a year-on-year increase of 128.9% in net income
On November 21st, Tuniu Tourism Network (NASDAQ: TOUR) released its unaudited performance report for the third quarter as of September 30, 2023. According to financial report data, in the third quarter of this year, Tuniu's net income was 178.2 million yuan, a year-on-year increase of 128.9%. The revenue from packaged tourism products was 150.1 million yuan, a year-on-year increase of 262.1%. The non US accounting standard net profit was 45.5 million yuan, and the net profit turned positive year-on-year.
Mr. Yu Dunde, CEO of Tuniu Tourism Network, said, "We are pleased to see that the company's performance continued to grow in the third quarter. While seizing the peak season window to achieve revenue recovery, we are firmly committed to improving operational efficiency and achieving profitable growth goals. In terms of business, we continue to leverage our competitive advantages in areas such as products, services, and technology, win more customers' favor with high-quality experiences, and achieve long-term sustainable development of revenue
Kwai's revenue in the third quarter increased by 20.8% year on year
Kwai announced on November 21 that its revenue in the third quarter of 2023 was 27.95 billion yuan, up 20.8% year on year; The market expectation is 27.708 billion yuan, compared to 23.13 billion yuan in the same period last year; The adjusted net profit in the third quarter was 3.17 billion yuan, a year-on-year turnaround; It is estimated to be 2.66 billion yuan.
Yanghe's 40.8 degree Su liquor · Toupai liquor factory price increase
On November 20th, Jiangsu Shuanggou Liquor Sales Co., Ltd., a subsidiary of Yanghe, issued a notice that from now on, the factory settlement price of 40.8 degree Su liquor · Toupai liquor products will be increased by 30 yuan/box. It is reported that Su Jiu · Toupai liquor is a high-end product launched by Yanghe Group in 2019. Currently, the selling price on the JD platform is about 958 yuan/box (one box is 2 bottles, and one bottle is about 260ml), but the overall sales scale of this product is relatively small.
Redmi K70E will debut the Tianji 8300-Ultra processor
On November 21st, Lu Weibing, the general manager of Redmi brand, announced in a Weibo post that the Redmi K70E will launch the world's first Tianji 8300-Ultra processor. In addition, the K70E will also be the first to be equipped with Xiaomi Pengpai OS, which is also the first time that Xiaomi Pengpai OS has landed on the Tianji platform. This model will be released this month. Earlier, MediaTek released the 5G generative AI mobile chip Tianji 8300. It is reported that Tianji 8300 supports generative AI and can support up to 10 billion parameter AI big language models.
Heilongjiang issues 50 measures to promote high-quality development of tourism industry
The "50 Measures to Release the Potential of Tourism Consumption and Promote the High Quality Development of the Tourism Industry in Heilongjiang Province" was recently issued. In terms of vigorously developing the ice and snow economy, we will promote the development of the entire industry chain of ice and snow sports, ice and snow equipment, ice and snow tourism, and ice and snow culture. We will create a leading area for practicing the principle of "ice and snow is also a golden mountain and silver mountain", a high-quality development practice area for the ice and snow economy, and a demonstration area for international ice and snow cooperation after the Winter Olympics. We will also create a world-class ice and snow tourism resort and a highland for the ice and snow economy. Based on the venue needs of the 9th Asian Winter Games in 2025, we will promote the renovation and upgrading of ice and snow sports facilities in the core area of Harbin, and improve the functions of the event center in the core area.
Fresh news on cross-border sea trips
TikTok Shop Mall Launched in Vietnam
According to Hugo Cross border Report, on November 21st, TikTok Shop announced its official launch in Vietnam, offering free shipping and returns within 15 days. It is reported that TikTokShop Vietnam Mall gathers domestic and foreign brands, sellers, and agents in various categories such as beauty, fashion, and electronics. At the beginning of its launch, TikTok Shop Vietnam Mall launched specialized events for the brand, such as Brand Day. Brands sold through TikTok Shop Mall will receive free shipping discounts and exclusive exposure packages to help increase brand traffic and sales conversion.
The download volume of SHEIN and Temu exceeded that of Amazon in the first three quarters
According to data.ai data, in the first three quarters of this year, SHEIN and Temu surpassed Amazon in download volume, respectively, ranking first and second in global shopping app download volume, with Temu ranking first in the United States, the United Kingdom, France, Germany, and Australia. In terms of user numbers, the distance between SHEIN, Temu, and Amazon is gradually decreasing. According to global user data in October, the cumulative number of users between Temu and SHEIN has expanded to about 110 million, approaching Amazon.
Investment and Financing News
Fengwei Human has completed a 30 million Pre A round of financing
Recently, Fengwei Human Resources completed a 30 million Pre A round of financing, with Mirei Capital as the investor. Fengwei Human is a community catering chain operator that has proposed an innovative model of "community catering terminals+online traffic matrix+AIGC assisted marketing".
McDonald's Global to acquire Carlyle's stake in McDonald's China
On November 20th, McDonald's Global and Carlyle Group announced that McDonald's Global had agreed to acquire a minority stake in Carlyle's strategic partnerships in mainland China, Hong Kong, and Macau. After the transaction is completed, CITIC consortium will continue to hold 52% of the shares, and McDonald's Global, as a minority shareholder, will increase its shareholding ratio from 20% to 48%. In 2017, McDonald's Global sold 80% of McDonald's China equity for approximately $1.7 billion. According to information at that time, CITIC Consortium and Carlyle respectively took over 52% and 28% of McDonald's China equity.
It is worth mentioning that in July this year, there was news that Carlyle Group was planning to sell its equity in McDonald's China. Although McDonald's China had responded at the time that the company's ownership structure remained unchanged. But after four months, the rumors still came to fruition, except that the recipient became McDonald's globally.
Chris Kempczinski, Global President and CEO of McDonald's, stated: China is now the second largest market for McDonald's globally, with over 5500 restaurants, doubling from 2017. We believe that this is the best time to simplify the equity structure, and China's growing consumer demand brings us enormous opportunities. China is McDonald's fastest-growing market globally, and its long-term development potential will continue to benefit us
Industry Opinion Express
Global luxury goods market sales are expected to reach a new high in 2023
Bain Company recently released the "2023 Global Luxury Industry Research Report (Autumn Edition)". The global luxury goods market sales (including luxury goods and luxury experiences) are expected to reach a new high of 1.5 trillion euros in 2023, an increase of 8-10% compared to 2022; Luxury experience consumption has returned to its highest point in history.
The institution expects the wholesale revenue of VR headsets to grow by nearly 62% in 2024
TechInsights predicts that wholesale revenue from VR headsets will reach $4.5 billion in 2023, and is expected to grow by nearly 62% to nearly $7.3 billion in 2024. This is mainly due to the rapid growth of the average selling price, and the market is developing towards providing higher quality experiences for headsets. Apple will enter this niche market with relatively low sales and high average selling prices in 2024, but starting from 2026, it is expected that AR devices with transparent displays will be able to solve more use cases and occupy market share.