Secoo Holding Limited (SECO) 首席执行官 Richard Li 于 2019年 第一季度业绩 - 收益电话会议记录

Secoo Holding Limited (NASDAQ:SECO) Q1 2019 Earnings Conference Call June 13, 2019 8:00 AM ET

Secoo Holding Limited(纳斯达克股票代码:[SECO])2019年第一季度收益电话会议2019年6月13日美国东部时间上午8:00


Jingbo Ma - IR Executive
Richard Rixue Li - Chairman and CEO
Shaojun Chen - CFO

  • Jingbo Ma - IR执行官
  • Richard Rixue Li - 董事长兼首席执行官
  • 陈少君 - 首席财务官


Carson Lo - Nomura

  • Carson Lo - 野村


Hello, ladies and gentlemen. Thank you for standing by for Secoo Holding Limited's First Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Jingbo Ma, Board Secretary of the company. Please go ahead, Jingbo.

你好,女士们,先生们。 感谢您支持Secoo Holding Limited 2019年第一季度收益电话会议。 此时,所有参与者都处于只听模式。 在管理层准备好的评论之后,将会有一个问答环节。 今天的电话会议正在录制中。 我现在将把电话转给你的主持人,公司董事会秘书马静波女士。 请继续,静波。

Jingbo Ma

Hello, everyone and welcome to the first quarter 2019 earnings conference call of Secoo Holding Limited. The company's results were issued via Newswire services earlier today and has been posted online. You can download the earnings press release and sign up to the company's distribution list by visiting the IR section of our website at Mr. Richard Li, our Founder, Chairman and the Chief Executive Officer; and Mr. Shaojun Chen, our Chief Financial Officer, will start the call with their prepared remarks, followed by a question-and-answer session.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risk and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's registration statement on Form F-1 and Form 20-F as filed with the U.S. Securities and Exchange Commission.
The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Please also note that Secoo's earnings press release and this conference call includes discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Secoo's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the audited most directly comparable GAAP measures.
I will now turn the call over to our Chairman and CEO, Mr. Richard Li. Please go ahead.

大家好,欢迎来到Secoo Holding Limited的2019年第一季度收益电话会议。该公司的业绩今天早些时候通过Newswire服务发布,并已在网上发布。您可以访问我们网站的IR部分ir.secoo.com下载盈利新闻稿并注册公司的分发名单。 Richard Li先生,我们的创始人,董事长兼首席执行官;我们的首席财务官陈少君先生将以他们准备好的评论开始电话会议,随后是问答环节。


除适用法律要求外,公司不承担更新任何前瞻性声明的义务。另请注意,Secoo的盈利新闻稿和本次电话会议包括讨论未经审计的GAAP财务信息以及未经审计的非GAAP财务指标。 Secoo的盈利新闻稿包含未经审计的非GAAP指标与经审计的最直接可比的GAAP指标的对账。


Richard Rixue Li

Hello everyone and thank you for joining us today. We are pleased to speak of 2019 with strong first quarter results highlighted by GMV of approximately RMB 2,206.5 million up 97.1% year-over-year while achieving total revenue of RMB 1.18 billion, 46.5% increase from the year ago period exceeding our guidance. Our dedicated team has made significant progress in expanding the omnichannel boutique lifestyle platform driving sales growth and broadening brand partnerships. We are confident in our diversified growth strategy global roadmap across our upscale supply chain and a decade of sustainable competitive advantage that further strengthen our leadership in the global luxury lifestyle industry.
Enter in Q2 2019 we will continue our efforts to expand direct brand collaborations and a deepening brand relationships. While Secoo platform has become increasingly appealing to upscale brands as the value propositions of trendsetting boutique lifestyle platform has been well received. From the beginning of 2019 to date they have established a new direct partnership with 220 brands. Notably we are extremely excited that Secoo has entered into a contract with the Prada Group to offer Prada and Miu Miu products starting from June 2019 following Prada’s strategy based on distribution control and brand image protection.
Other direct brand partnerships include Fossil, Ralph Lauren, Dsquared, Just Cavalli, Guidi, Marie Mercié. Moreover we added more than 40 brands to our beauty products pathway appealing to female shoppers. Especially Cha Ling’s limited-edition as well as the exclusive launch of the limited addition cross over between TONYMOLY and MOSCHINO which took place on the Women's Day shopping event spurred a wave of purchases. In our digital product category catering to Generation Y and Z consumer needs Secoo introduced a few cut edge digital brands as well as [indiscernible] JmGO. Also Secoo participated in the market launch of new high-end digital products such as [indiscernible] that will honor the [indiscernible] MOSCHINO additions.
We continued strategic efforts to create fascinating marketing campaigns and activities in order to increase Secoo's brand awareness while enabling international and domestic high end fashion brands to engage Chinese luxury brand consumers with new retail experiences. Leveraging off our innovative marketing efforts the number of our active customers in the first quarter increased by approximately a 89.6% year-over-year to 305,000 and 33 of which are paying members. For instance since April Secoo has been working with various high profile international brands to co-host Secoo's Extraordinary Week Marketing Campaign. Participating brands include French fashion, footwear and luxury brand Rover-Vivier, high-end business travel and lifestyle brand too. This synergy collaboration of Secoo's omnichannel resources and each participating at upscale brand in this extraordinary event brings a more engaged and animated shopping experience to consumers.


进入2019年第二季度,我们将继续努力扩大直接品牌合作和深化品牌关系。虽然Secoo平台已经越来越吸引高端品牌,因为引领潮流的精品生活方式平台的价值主张受到了好评。从2019年初至今,他们已与220个品牌建立了新的直接合作关系。值得注意的是,在Prada基于分销控制和品牌形象保护的战略之后,Secoo与Prada集团签订合同,从2019年6月开始提供Prada和Miu Miu产品,我们感到非常兴奋。

其他直接品牌合作伙伴包括Fossil,Ralph Lauren,Dsquared,Just Cavalli,Guidi,MarieMercié。此外,我们还增加了40多个品牌,以吸引女性购物者的美容产品。特别是Cha Ling的限量版以及TONYMOLY和MOSCHINO之间在女性日购物活动中有限的额外交叉的独家推出引发了一波购买潮。在我们的数字产品类别中,迎合Y和Z消费者的需求,Secoo推出了一些前沿数字品牌以及[音频不清晰] JmGO。此外,Secoo还参与了市场推出的新型高端数字产品,如[音频不清晰],这些产品将为[音频不清晰的] MOSCHINO添加产品提供支持。


In addition Secoo in line with a number of high-end digital and home appliance brands showcased product at 2019 AWE, Appliance World Expo in mid March. This brands include SONY, GOOVIS, GoPro, JmGO to name a few. This high profile marketing event was set to promote brand recognition in the high-end consumer electronics sectors which also illustrate our strategic initiative in the upscale digital and home appliance category. Also in April Secoo continued to host Secoo's Gentlemen's basketball sales campaign and [indiscernible] watch shows primarily focusing on high-end men's brands. We are delighted that the event achieved excellent sales result and positive feedback from the market.
They have always been attaching great importance on expanding the online [ph] experience to all consumers. Through our operating centers they offer a variety of definitely [ph] activities for all customers and fashion lovers. In April our Becky’s Choice lifestyle show hosted in collaboration with top fashion blogger Becky launched its grand opening at Secoo’s offline retail center in Beijing. This event was the first stop of Secoo Bloggers Thematic Shows, in partnership with key opinion leaders in the fashion space, bringing the boutique lifestyle experience of domestic fashion blogger to the high-profile constituencies. They expect to continue working with more famous bloggers to launch a series of thematic show in the future.
Secoo in April watch exhibition opened at Beijing Experience Center as the grand finale of Secoo Watch Show. In this event watch lovers were able to try on the latest design of 2019 in valuable second handed unique items as well as limited additions. This experiential activities in offline centers enhanced the interaction between our consumers and us and further amplifies Secoo's brand influence offline. Additionally we remain steadfast in global expansion efforts with partnershipping with our L Catterton Asia to jointly develop the Southeast Asia market. In April 2019 Secoo school formed a strategic collaboration with CÉ LA VI, a luxury catering and entertainment brand featured with pubs, lounges and restaurants, to develop offline high-end lifestyle market together leveraging each party’s core strengths.
Turning back to our online platform we completed multiple optimization and upgrades for our platform and systems during the first quarter. This upgrade includes redesign of the Discovery Channel featuring new tools for interactions such as topics, events, reviews, and comments which greatly enhance the user time spent and user stickiness on our platform. We also launched the Discovery Channel within the Secoo morning programs to broaden user engagement. In particular as results of the redesign, the number of content pool increased 150% and the commercial rate of product description page improved ten-fold. Secoo is penetrating into content driven social e-commerce by progressively dynamic and visual content on its channel [ph].
To support the brand and stores on it we also upgrade our payment system and online store management system through technology advancement to have them improve operating efficiency. In addition we launched the e-store function on both Secoo's online model and premium program model featuring delivery charge and the discount with our management tools. Moreover these stores over 10 new function tools to strengthen our premium programs for sales distribution and launched Secoo's new smart retail system since it has been connecting up Secoo's online stores and offline supplying chain. New content and new features helped our partnering brands and stores instantly improved their operation efficiency and delivered a richer streamlined product browsing and shopping experience for our customers.


他们一直非常重视向所有消费者扩展在线[ph]体验。通过我们的运营中心,他们为所有客户和时尚爱好者提供各种绝对[ph]活动。 4月,我们与顶级时尚博主Becky合作举办的Becky's Choice生活节目在Secoo在北京的线下零售中心隆重开幕。此次活动是Secoo Bloggers Thematic Shows的第一站,与时尚领域的主要意见领袖合作,将国内时尚博主的精品生活体验带入了备受瞩目的选区。他们希望继续与更多知名博客合作,在未来推出一系列主题秀。

Secoo四月钟表展在北京体验中心开幕,成为Secoo Watch Show的压轴大结局。在这个活动中,钟表爱好者能够尝试2019年的最新设计,包括有价值的二手独特物品以及有限的附加物品。离线中心的这种体验活动增强了我们消费者与我们之间的互动,并进一步放大了Secoo的离线品牌影响力。此外,我们与L Catterton Asia合作,共同开发东南亚市场,我们将继续坚定不移地进行全球扩张。 2019年4月,Secoo学校与CÉLAVI展开了战略合作,这是一个以酒吧,休息室和餐厅为特色的豪华餐饮和娱乐品牌,共同开发线下高端生活方式市场,充分利用各方的核心优势。

回到我们的在线平台,我们在第一季度为我们的平台和系统完成了多项优化和升级。此升级包括重新设计探索频道,其中包含用于交互的新工具,例如主题,活动,评论和评论,这极大地增强了用户在平台上花费的时间和用户粘性。我们还在Secoo早间节目中推出了探索频道,以扩大用户参与度。特别是作为重新设计的结果,内容池的数量增加了150%,产品描述页面的商业率提高了十倍。 Secoo正在通过其渠道[ph]上逐步动态和可视化的内容渗透到内容驱动的社交电子商务中。


As the boutique lifestyle platform that provides users with access to numerous brands, Secoo has been striving to extend value-added services to these brands. In the first quarter of 2019 enabling across the advertisement business and Secoo further grow rapidly serving 14 brands in total including nine luxurious brands. As of today our marketing and advertising business has established the cooperation with three major luxurious groups. In the first quarter combination projects include removal and their advantage, Panera [ph] and Dunkiel [ph] and the Richmond Group.
April 11, 2019 -- the 2018 that paper on digital marketing trend for online luxurious consumers was released at the 2019 Second China Luxurious Retail Innovation International Summit. This is the third consecutive year that Secoo cooperated with them on developing insights into high profile consumers. Looking forward Secoo will continue to expand and deepen its strategic resources allocation [indiscernible] including gourmet foods, tourism, sports, centering around the philosophy of leaving refined and sophisticated products. In the future Secoo will execute this multifaceted developmental strategy providing premium products and secure a lifestyle services to consumers in China with mission to promote upgrade of the luxurious industry in China.
With that I will now turn the call over to our CFO Mr. Shaojun Chen who will discuss our key operating metrics and financial results.

作为为用户提供众多品牌的精品生活方式平台,Secoo一直致力于为这些品牌提供增值服务。在2019年第一季度,整个广告业务和Secoo进一步快速增长,共服务14个品牌,包括9个奢侈品牌。截至今天,我们的营销和广告业务已与三大豪华集团建立了合作关系。在第一季度,组合项目包括移除及其优势,Panera [ph]和Dunkiel [ph]以及Richmond Group。




Thank you Richard and hello everyone. We are pleased that our first quarter financial performance continued to carry forward a strong growth momentum. During the quarter we reported net revenue of RMB 1.18 billion, a 46.5% year-over-year increase which exceeded our guidance. As merchandize gross margin increased and revenue from marketplace and other services continued with them our gross profit margins in the first quarter of 2019 jumped up 470 basis point to 21.1% from 16.4% in the same quarter last year benefitting from economies of scale and enhanced gross margins we continued our positive momentum on the bottom line delivering the net profit for the eleventh consecutive quarter.
Now I would like to walk you through our detailed financial results in the first quarter of 2019. GMV increased by 97.1% to RMB 2.21 million for the first quarter of 2019 from RMB 1.12 million for the first quarter of 2018. Total number of orders increased by 111.6% to 647.6 thousand for the first quarter of 2019 from 306.1 thousand for the first quarter of 2018.
Total revenue for the first quarter of 2019 increased by 46.5% to approximately RMB 1.18 billion from RMB 8000 this was mainly in first quarter of 2018 primarily attributable to the continuous expansion of our operation or a lush offerings of merchandise and services combined and effective marketing activities driving the growth in our total active customers and total number of orders served during the period.
Cost of revenues increased by 38.2% to RMB 927 million for the first quarter of 2019 from RMB 671 million for the first quarter of 2018. The increase of cost of revenue was lower than increase of total revenues mainly due to the improvement of our purchase and buying power and increase in the proportion of platform services business in total revenue. Gross profit increased by 88.3% to RMB 348 million for the first quarter of 2019 from RMB 132 million for the first quarter of 2018 primarily due to the gross margin increase in our merchandized sales as well as our market based sampling and other service revenue increase. Gross margin was 21.1% for the first quarter of 2019, increased by 470 basis point from 16.4% for the first quarter of 2018. Operating expense increased the 109% to RMB 227 million for the first quarter of 2019 from RMB 109 million for the first quarter of 2018.
Now I would like to walk you through the company's expense items in detail. Our fulfillment expense increased by 72.1% to RMB 45.6 million for the first quarter of 2019 from RMB 26.5 million for the first quarter of 2018. The increase was primarily attributable to the increase of sales volume which resulted in increased packaging and general expense, third party payment completions, as well as the increased stock compensation and benefits during the period.
Our marketing expense increased by 95.3% to RMB 112 million for the first quarter of 2019 from RMB 57.3 million for the first quarter of 2018. The increase was primarily due to the increase in marketing promotions both online and offline, marketing expenditure for newly expanded product categories as well as the increase in stock compensation and benefit expense.




2019年第一季度的收入成本从2018年第一季度的6.71亿元人民币增加了38.2%至人民币9.27亿元。收入成本的增长低于总收入的增长主要是由于我们的购买和购买力和增加平台服务业务在总收入中的比例。 2019年第一季度毛利润从2018年第一季度的1.32亿元人民币增加88.3%至人民币3.48亿元,主要是由于我们的商品销售毛利率增加以及我们的市场抽样和其他服务收入增加。 2019年第一季度毛利率为21.1%,比2018年第一季度的16.4%增加470个基点。营业费用从第一季度的人民币1.09亿元增加109%至2019年第一季度的人民币2.27亿元。 2018年的一季度。



Technology and content increased by 30.5% to RMB 23.1 million for the first quarter of 2019 from RMB 17.7 million for the first quarter of 2018. The increase was primarily due to the continuous investment in our technology department. Our general and administrative expenses increased by 560% to RMB 46.2 million for the first quarter of 2019 from RMB 7 million for the first quarter of 2018. The increase was primarily attributable to a recovery of a receivable previously charged off in the first quarter of 2019, and the increase in professional fee, staff compensation and benefits as well as office expense during the period.
Our income from operations was RMB 21.4 million for the first quarter of 2019, compared with RMB 23.3 million for the first quarter of 2018. Operating profit decreased by 8.2% in the first quarter of 2019, compared with the first quarter of 2018, due to the combined impact of revenue growth, higher gross margin, and the company's continued advance investment in marketing, product pathway expansion, and staff in all business sectors. The recorded net income of RMB 15.8 million for the first quarter of 2019, compared to RMB 25.9 million for the first quarter of 2018 primarily attributable to the increase in interest expense from our convertible bonds.
Now for our second quarter of 2019 outlook. The Company currently expects total net revenues for the first quarter of 2019 to be in the range of RMB 1.47 billion and RMB 1.57 billion, which would represent an increase of approximately 20.5% to 28.7% on a year-over-year basis. The above guidance is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.


2019年第一季度我们的经营收入为人民币2140万元,而2018年第一季度为人民币2330万元。与2018年第一季度相比,2019年第一季度的营业利润下降了8.2%。收入增长,更高毛利率以及公司在营销,产品途径扩张和所有业务部门的员工方面的持续预先投资的综合影响。 2019年第一季度录得的净收入为人民币15.8百万元,而2018年第一季度为人民币25.9百万元,主要是由于我们的可转换债券的利息支出增加所致。



[Operator Instructions]. Your first question comes from the line of Carson Lo of Nomura. Please ask your question.

[操作员说明]。 你的第一个问题来自野村的卡森罗。 请问你的问题。


Hi, management. Thanks for taking my questions. I have one question about strategy going forward. So we see some of our peers focusing on the penetration of lower tier cities users now. So, just want to know what's the management view on this given we are more on the P. membrane segment, so will Secoo also try to penetrate to the users in lower tier city and if so what kind of strategy or approach will management take in this regard?

嗨,管理层。 谢谢你回答我的问题。 我对未来的战略有一个疑问。 因此,我们看到一些同行专注于现在低层城市用户的渗透。 所以,只是想了解管理层对此的看法,因为我们更多地关注P.膜细分市场,因此Secoo也会尝试渗透到较低级别城市的用户,如果是这样,管理层将采用何种策略或方法 对此?

Richard Rixue Li

According to our CEO Richard Li, the tax rate importance to our business development in the tier two and tier three and other lower tier cities. They have been developing the market in the tier two and tier three cities a while ago. For example the open offline experiences in -- continued during 2017 and 2018 through a proportion of the customers from the tier two and tier three cities has been increasing in terms of total customer number of growth rate higher than that of tier one cities. Currently our number of customers from both traditional tier one cities including Beijing, Shanghai, Shenzhen, Guangzhou, and the newly carved tier one cities such as Hangzhou, Chengdu, Chongqing, Nanjing account about 50% of our total user base. The rest of the users are mostly from the second and third tier cities and also other cities. They believe that there is a broader market for the high-end products in the tier two and tier three cities and they are in fact be penetrating into this market through integrated online and offline model such as the online process of advertisement distribution and offline high end product store collaborations as well as the cross over corporations such as corporations as the tour. So that's quite competent and also quite valuable on the tapping to those kind of cities.

根据我们的首席执行官Richard Li的说法,税率对我们在二线和三线以及其他低线城市的业务发展具有重要意义。他们不久前一直在二三线城市开发市场。例如,在2017年和2018年期间,来自二线和三线城市的一部分客户的开放离线体验在客户总增长率高于一线城市的客户数量方面一直在增加。目前,来自北京,上海,深圳,广州等传统一线城市的客户数量,以及杭州,成都,重庆,南京等新建一线城市的客户数量约占我们用户总数的50%。其余用户大多来自二三线城市和其他城市。他们认为二三线城市的高端产品有更广阔的市场,实际上他们通过在线和离线整合模式,如广告发布的在线流程和离线高端,渗透到这个市场。产品商店的合作以及诸如公司之类的跨公司作为旅游。这对于那些城市的挖掘而言非常有能力并且非常有价值。


Thank you management for your answers.



[Operator Instructions]. As there are no further questions now I'd like to turn the call back over to the company for closing remarks.

[操作员说明]。 由于现在没有其他问题,我想将电话转回公司,以便结束发言。

Jingbo Ma

Thank you once again for joining us today. If you have further questions please feel free to contact Secoo Investor Relations through the contact information provided on our website, The Piacente Group Investor Relations. Of course information is also on our website.

再次感谢您今天加入我们。 如果您还有其他问题,请随时通过我们的网站The Piacente Group Investor Relations提供的联系信息与Secoo Investor Relations联系。 当然,信息也在我们的网站上。


This concludes this conference call. You may now disconnect your lines. Thank you.

本次电话会议结束。 您现在可以断开线路。 谢谢。


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