杭州瑞恩控股有限公司 (RUHN) 管理 2019年 第四季度业绩 - 盈利电话会议记录

Hangzhou Ruhnn Holding Co., Ltd (NASDAQ:RUHN) Q4 2019 Earnings Conference Call June 13, 2019 8:00 AM ET

杭州瑞恩控股有限公司(纳斯达克股票代码:[RUHN])2019年第四季度收益电话会议2019年6月13日美国东部时间上午8:00

公司参与者

Sterling Song - Senior Investor Relations Director
Min Feng - Founder & Chairman
Mac Zhou - Vice President

  • Sterling Song - 高级投资者关系总监
  • 闵锋 - 创始人兼董事长
  • Mac Zhou - 副总裁

电话会议参与者

Vicky Wei - Citigroup

  • Vicky Wei - 花旗集团

会议主持员

Hello, ladies and gentlemen. Thank you for standing by for Ruhnn Holding Limited’s Earnings Conference Call for the Fourth Quarter and Full Fiscal Year of 2019. At this time, all participants are in listen-only mode. Today's conference call is being recorded.
I will now turn the call over to your host, Mr. Sterling Song, Senior IR Director of Ruhnn. Please go ahead.

你好,女士们,先生们。 感谢您支持Ruhnn Holding Limited的2019年第四季度和完整财年的收益电话会议。此时,所有参与者都处于只听模式。 今天的电话会议正在录制中。

我现在将把这个电话转给你的主人,Ruhnn的高级IR主任Sterling Song先生。 请继续。

英镑歌

Thank you, Anna. Good evening, everyone. I am Sterling Song, and welcome to Ruhnn Holding Limited earnings conference call for the fourth quarter and full fiscal year 2019. As a reminder, this conference is being recorded. The company's financial and operating results were issued in a press release earlier today and are available online. You can download the earnings press release and the finance from the company's email distribution list by visiting the IR section of the company's website at ir.ruhnn.com.
Min Feng, our Founder and Chairman of the Board of Directors; and Zhenbo Chi, our CFO, will begin with some prepared remarks. Following the prepared remarks, Lei Sun, our Founder and Director and CEO; Ms. Chao Shen; our Founder and Director; and Ms. Mac Zhou, our VP, will also join us for the Q&A session.
Before we continue, please note that today’s discussion will contain forward-looking statements made out of the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's accurate results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's registration statements on Form F-1 and other filings as filed with the U.S. Securities and Exchange Commission. The company doesn't assume any obligation to update any forward-looking statements except as required by law.
I will now turn the floor over to Ruhnn Founder and Chairman of the Board, Min Feng. Min Feng will deliver his remarks in Chinese followed immediately by English translation. So, Min Feng, please go ahead.

谢谢你,安娜。各位晚上好。我是Sterling Song,欢迎来到Ruhnn Holding Limited第四季度和2019财年的收益电话会议。提醒一下,这次会议正在录制中。该公司的财务和经营业绩在今天早些时候的新闻稿中发布,可在线获取。您可以访问公司网站ir.ruhnn.com的IR部分,从公司的电子邮件分发列表中下载盈利新闻稿和财务。

我的创始人兼董事会主席闵峰;我们的首席财务官郑振波将以一些准备好的言论开始。在准备好的讲话后,我们的创始人兼董事兼首席执行官雷孙;陈超女士;我们的创始人兼董事;我们的副总裁Mac Zhou女士也将加入我们的问答环节。

在我们继续之前,请注意今天的讨论将包含1995年美国私人证券诉讼改革法案的安全港条款中的前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。因此,公司的准确结果可能与今天表达的观点存在重大差异。有关这些风险和不确定性的更多信息包含在公司F-1表格的登记声明和美国证券交易委员会提交的其他文件中。除非法律要求,否则公司不承担更新任何前瞻性陈述的义务。

我现在请发言给Ruhnn创始人兼董事会主席Min Feng。敏峰将用中文发表他的评论,然后立即用英文翻译。所以,敏峰,请继续。

民丰

[Foreign Language] Thank you everyone for joining Ruhnn’s very first quarterly and annual earnings conference call as a public company. This year continues to be a milestone year for us as we successfully completed our IPO on the NASDAQ Global Select Market on April 3, 2019.
We would like to thank your shareholders, partners, KOL, customers, [indiscernible] for long-term support and trust has allowed us to continue our journey to execute our growth strategies and strengthen our leadership position in China’s KOL e-commerce market.
[Foreign Language] We are pleased to continue our rapid growth trajectory in the fourth quarter of fiscal year 2019 with total GMV recording RMB648.3 million, this represents 81.3% year-over-year increase from the year ago period. For the full fiscal year 2019, total GMV increased 39.9% to RMB2.9 billion, and the total revenue increased 15.4% to RMB1.1 billion. This outstanding performance clearly demonstrates the strength and the viability of our business model as well as our strong execution capability.
More specifically, we believe our performance was driven by the following. Our effective KOL cultivating capabilities, creative product marketing, diverse monetization channel, cutting edge technology and big data analysis, synergistic supply chain and the market yield of revenue stream opportunities in the KOL economy market.
[Foreign Language] In the fourth quarter of fiscal year 2019, platform GMV as a percentage of total GMV continued to grow reaching a 42.9% compared with only 7.8% for the year ago period. Looking ahead, we aim to operate in a more asset-light manner and accelerate the expansion of our business. And as a platform model, we'll continue to improve our comprehensive Internet KOL identification, cultivation and support activities to grow our top-tier and established KOL pool. In addition, we plan to collaborate with a great number and a variety KOL simultaneously, while further optimizing our cost structure to realize our target.
[Foreign Language] As of March 31st, 2019, the total number of people have reached 128. We provide professional training and support to new KOL only after evaluation and selection and is consistent in the development of their distinctive public persona as well as provide digital marketing to enhance their popularity.
As a demonstration of the success of our model, our KOL launcher is growing and enhancing healthy with their fans following popularity and the purchasing power of their target audience continue to grow.
We design and match distinct product from different KOL to market over their social media channel based on each KOL's distinct character which in turn take us further of their individual fan bases.
At the same time, we leverage multiple e-commerce marketing tools to enhance customer buying power. We already develop anonymity and flexible KOL marketing model. We also continuously and rigorously adjust marketing strategy based on the real-time interactions between our KOLs and their fan as well as the market's feedback we capture.

[外语]感谢大家加入Ruhnn作为上市公司的首次季度和年度收益电话会议。今年对我们来说仍然是一个里程碑式的一年,因为我们在2019年4月3日成功完成了在纳斯达克全球精选市场的首次公开募股。

我们要感谢您的股东,合作伙伴,KOL,客户,[音频不清晰]获得长期支持和信任,这使我们能够继续执行我们的增长战略,巩固我们在中国KOL电子商务市场的领导地位。

[外语]我们很高兴继续保持2019财年第四季度的快速增长轨迹,总GMV记录为人民币6.483亿元,比去年同期增长81.3%。在2019财政年度,GMV总额增加39.9%至人民币29亿元,总收入增加15.4%至人民币11亿元。这一出色的表现清楚地表明了我们的业务模式的强大和可行性以及我们强大的执行能力。

更具体地说,我们认为我们的表现是由以下因素驱动的。我们有效的KOL培育能力,创造性的产品营销,多样化的货币化渠道,尖端技术和大数据分析,协同供应链以及KOL经济市场中收入来源机会的市场收益率。

[外语]在2019财年第四季度,平台GMV占总GMV的百分比继续增长,达到42.9%,而去年同期仅为7.8%。展望未来,我们的目标是以更轻盈的方式运营,并加速业务的扩展。作为一个平台模型,我们将继续改进我们全面的互联网KOL识别,培养和支持活动,以发展我们的顶级和成熟的KOL池。此外,我们计划同时与众多KOL合作,同时进一步优化我们的成本结构,以实现我们的目标。

[外语]截至2019年3月31日,总人数达到128人。我们只有经过评估和选拔才能为新的KOL提供专业培训和支持,并且在发展他们与众不同的公众形象方面保持一致并提供数字化服务。营销以提高他们的知名度。

为了证明我们模型的成功,我们的KOL发射器随着粉丝的普及而不断增长并增强健康,目标受众的购买力继续增长。

我们根据每个KOL的独特角色设计和匹配来自不同KOL的不同产品,并通过他们的社交媒体渠道进行营销,这反过来又使我们进一步了解他们各自的粉丝群。

与此同时,我们利用多种电子商务营销工具来提升客户购买力。我们已经开发了匿名性和灵活的KOL营销模式。我们还根据我们的KOL与他们的粉丝之间的实时互动以及我们捕获的市场反馈,不断严格地调整营销策略。

Further benefiting their advanced technology and big data platform, we continue optimizing our product selection and marketing programs. In addition, we are investing in various AI solution such as fashion, AI beta, and AI trend. The vast amounts of data we collect and analyze on a daily basis has allowed us to better understand consumers' changing taste, collect real-time business intelligence, monitor the activity of our existing KOL, and identify and discover talent. As a result, we're able to improve supply chain efficiency, monetization, and online store operation capability.
Our robust financial performance for the fourth fiscal quarter was also fueled by our strong and reliable supply chain and a data analysis capability. Our supply chain data is synchronized with our self-developed software [indiscernible] to ensure transparent and a stable production delivery time. In addition our efficient and smooth cooperation with more than 800 suppliers have drive our big data analytics, have formed our uniquely flexible supply chain.
[Foreign Language] Our strong KOL marketing capability, advanced technology and big data analytics has enabled us to lead the KOL [Technical Difficulty] partner for the increasing number of new regional brands in China providing them comprehensive services ranging from design, marketing and supply chain management.
As of March 31st, 2019 we operated with and promoted products of 632 brand and a 132 third-party online stores compared with 166 brands and 6 third-party online stores as of March 31st, 2018.
[Foreign Language] We also continue to present our close relationship with our strategic partner and significant shareholder; Alibaba, benefited by the Advanced Technology Support from Alibaba. We'll leverage on the supply chain of Cainiao and Taobao and support from the third-party merchant.
Ruhnn is committed to becoming a corporation platform for emerging fashion brands in China. We also work with our important shareholder including, Weibo and [indiscernible] for further business expansion in KOL live broadcasting.
In addition we keep exploring ways to further our collaboration with such social media platforms as Tik Tok, Kuaishou, and little red book driving the innovation in emerging e-commerce businesses to enhance our core competitiveness.
[Foreign Language] As the largest KOL for especially in China and the pioneer KOL e-commerce industry, Ruhnn is well-positioned to capitalize on the growth prospects in China’s huge addressable KOL economy market.
The total net revenue generated from China’s Ethernet KOL economy market is expected to reach approximately RMB525.3 billion by 2022 according to event report. The Internet KOL e-commerce and the KOL advertising and marketing services will grow rapidly in the next three years according to the same source.
Further, we believe Ruhnn will benefit from China’s new e-commerce law, which was implemented on January 1, 2019. Failing to support and promote the Pentagon fund developments of e-commerce industry in China.

进一步受益于其先进技术和大数据平台,我们继续优化我们的产品选择和营销计划。此外,我们正在投资各种AI解决方案,如时尚,AI beta和AI趋势。我们每天收集和分析的大量数据使我们能够更好地了解消费者不断变化的品味,收集实时商业情报,监控现有KOL的活动,识别和发现人才。因此,我们能够提高供应链效率,货币化和在线商店运营能力。

我们强大而可靠的供应链和数据分析能力也推动了我们第四财季的强劲财务业绩。我们的供应链数据与我们自行开发的软件[音频不清晰]同步,以确保透明和稳定的生产交付时间。此外,我们与800多家供应商的高效和顺畅合作推动了我们的大数据分析,形成了我们独特灵活的供应链。

[外语]我们强大的KOL营销能力,先进技术和大数据分析使我们能够领导KOL [技术难度]合作伙伴,为中国越来越多的新区域品牌提供全面的服务,包括设计,营销和供应链管理。

截至2019年3月31日,截至2018年3月31日,我们经营和推广了632品牌和132个第三方网上商店的产品,而166个品牌和6个第三方网上商店。

[外语]我们还继续与我们的战略合作伙伴和重要股东建立密切关系;阿里巴巴受益于阿里巴巴的先进技术支持。我们将利用菜鸟和淘宝的供应链以及第三方商家的支持。

Ruhnn致力于成为中国新兴时尚品牌的企业平台。我们还与包括微博和[音频不清晰]在内的重要股东合作,进一步拓展KOL直播业务。

此外,我们还在不断探索如何与Tik Tok,Kuaishou等社交媒体平台进行合作,以及推动新兴电子商务业务创新的小红皮书,以提升我们的核心竞争力。

[外语]作为中国最大的KOL和KOL电子商务行业的先驱,Ruhnn有能力充分利用中国庞大的可寻址KOL经济市场的增长前景。

根据事件报告,预计到2022年,中国以太网KOL经济市场的净收入总额将达到约人民币5,253亿元。根据同一消息来源,互联网KOL电子商务和KOL广告和营销服务将在未来三年迅速增长。

此外,我们相信Ruhnn将受益于中国新的电子商务法,该法于2019年1月1日实施。未能支持和推动五角大楼在中国电子商务行业的基金发展。

We expect further to leverage our KOL e-commerce pricing strategy to grow our revenue and expand growth market once the law is fully implemented. Looking ahead to fiscal year 2020, we will continue taking advantage of promising market opportunities and our core competence to accelerate our growth.
As we mentioned earlier, Ruhnn raise approximately US$125 million from the IPO. As of March 31, 2019 our cash position remains strong with cash and cash equivalents as well as the restricted cash recording RMB103.8 million. In addition, our operating cash inflows have constantly improved in the last few years.
The sufficient and strong cash positioned together with our healthy cash flow have laid a solid foundation for further business expansion. With new confidence in maintaining our leading position in China’s KOL e-commerce industry and are dedicated to bringing long-term value to our shareholder.
With that, we will now turn the call over to the company’s Vice President, Mr. Mac Zhou, who will read the prepared remarks on behalf of our CFO, Mr. Zhenbo Chi to provide an update on our financial performance for the fourth quarter and the full fiscal year 2019. Mac, please.

一旦法律全面实施,我们预计将进一步利用我们的KOL电子商务定价策略来增加收入并扩大增长市场。展望2020财年,我们将继续利用充满希望的市场机遇和核心竞争力来加速我们的发展。

正如我们之前提到的,Ruhnn从IPO筹集了大约1.25亿美元。截至2019年3月31日,我们的现金状况仍然强劲,现金和现金等价物以及受限制现金记录人民币103.8百万元。此外,我们的经营现金流入在过去几年中不断改善。

充足而强大的现金与我们健康的现金流一起定位,为进一步的业务拓展奠定了坚实的基础。我们有信心保持在中国KOL电子商务行业的领先地位,并致力于为我们的股东带来长期价值。

有了这个,我们现在将把这个电话转交给公司副总裁麦周先生,他将代表我们的首席财务官郑振波先生阅读准备好的言论,提供第四季度财务业绩的最新情况,整个财政年度2019.请Mac。

Mac Zhou

Thank you, Mr. Feng and hello everyone, I will begin with some key financial highlights for the fourth fiscal corner. As Mr. Feng mentioned, we continued our rapid growth momentum in the fourth quarter of fiscal year 2019 with GMV increasing by 81.3% from a year ago period.
Meanwhile, we achieved robust topline growth in the quarter with net revenue increasing by 20.7% and in particular, revenues from the services through the platform model increasing by 315.7% from the year ago period. Further, we narrowed our net loss attributable to Ruhnn with a significant decrease of 53.3% from the year ago period.
Our close ties with our shareholder Alibaba, vast resources of total stocks, strong supply chain management capabilities, rapid growth of our KOL fed base advanced technology to enhance e-commerce marketing efficiency and a diversified monetization channels were the key drivers for our strong topline growth.
Now, let's move on to detailed quarterly financial performance. As discussed, GMV increased by 81.3% year-over-year to RMB648.3 million. The increase, were primarily due to the increase of GMV in the platform model. Net revenues increased by 20.7% year-over-year to RMB237.3 million, primarily attributable to the increase of revenues from services through the platform models.
Revenues from product sales through the full-service model, increased by 1.4% year-over-year to RMB186.9 million. The increase was primarily attributable to the sales growth of the stores opened in the name of the Company’s top-tier KOLs and it was partially offset by the transformation of the business model of some online stores opened in the name of the Company’s emerging and established KOLs from the full-service model to platform model.
As a result of such transformation, the number of the Company’s online stores decreased to 56 as of March 31, 2019 from 86 as of March 31, 2018 and the number of the Company’s KOLs serving the full-service model decreased to 14 as of March 31, 2019 from 33 as of March 31, 2018. On the other hand, GMV from the Company’s online stores opened under top-tier KOLs that were in operation in the entire period of fiscal year 2018 and 2019, increased by 31% in the fourth quarter of fiscal year 2019, compared with the same quarter of fiscal year 2018.
Thanks to the rapid growth of GMV. The percentage of the GMV facilitated by our top-tier KOL’s decreased to 47.8% in the fourth quarter of fiscal year 2019, strong 66.3% in the same quarter of fiscal year 2018. In particular, the percentage of GMV facilitated by one of our top-tier KOL [indiscernible] equate to 39.6% in the fourth quarter of fiscal year 2019 from 51.2% in the same quarter of fiscal year 2018.
Revenues from the services through the platform model increased by 315.7% year-over-year to RMB50.3 million, the increase was primarily attributable to an increase in a number of KOLs under the platform model and an increase in a number of the brands with which we cooperate in our advertising and marketing business.

谢谢你,冯先生,大家好,我将从第四财政角落的一些重要财务亮点开始。正如冯先生所说,我们在2019财年第四季度继续保持快速增长势头,GMV比去年同期增长81.3%。

同时,我们在本季度实现了强劲的收入增长,净收入增长了20.7%,特别是通过平台模式的服务收入比去年同期增长了315.7%。此外,我们缩减归属于Ruhnn的净亏损,较去年同期大幅减少53.3%。

我们与股东阿里巴巴的紧密联系,丰富的股票资源,强大的供应链管理能力,我们的KOL fed基础先进技术的快速增长,以提高电子商务营销效率和多元化的货币化渠道是我们强劲的一线增长的关键驱动因素。

现在,让我们继续详细的季度财务业绩。如上所述,GMV同比增长81.3%至人民币6.483亿元。增加的主要原因是平台模型中GMV的增加。净收入同比增长20.7%至人民币2.373亿元,主要是由于平台型号服务收入增加所致。

产品销售通过全方位服务模式的收入同比增长1.4%至人民币186.9百万元。该增长主要归因于以本公司顶级KOL名义开设的门店销售增长,部分被一些以公司新兴和成熟的KOL名义开设的网上商店的商业模式转变所抵消。从全方位服务模式到平台模型。

由于这种转变,截至2018年3月31日,公司网上商店的数量从2018年3月31日的86降至56,截至3月31日,服务全套服务模式的公司KOL数量减少至14另一方面,公司在线商店的GMV在2018年和2019财政年度全年运营的顶级KOL下开业,增加了31%。 2019财年第四季度与2018财年同一季度相比。

感谢GMV的快速增长。我们的顶级KOL推动的GMV百分比在2019财年第四季度下降至47.8%,在2018财年同一季度强劲增长66.3%。特别是,由我们的顶级公司之一推动GMV的百分比-20个KOL [音频不清晰]相当于2019财年第四季度的39.6%,而2018财政年度的同一季度为51.2%。

服务通过平台模式的收入同比增长315.7%至人民币50.3百万元,增长主要归因于平台模式下的一些KOL增加以及一些品牌的增加我们在广告和营销业务方面进行合作。

Cost of revenues increased by 18.0% year-over-year to RMB181.5 million. The increase was in line with the business expansion. Gross profit increased by 30.5% year-over-year to RMB55.7 million, as we continue to grow the business. Gross margin increased to 23.5% compared with 21.7% for the same quarter of last fiscal year. The increase was primarily due to the increased proportion of the company's net revenue attributable to the services under the platform model, which exhibit higher gross margins than product sales, and an increase in the gross margin of the company’s services under the platform model due to KOL service fees as a percentage of the services revenues being lowered. The increase was partially offset by a decrease in the gross margin of the company’s product sales under the full-service model due to discounted sale of certain apparel and cosmetic products.
Total operating expenses decreased by 11.2% year-over-year to RMB90.7 million. Fulfillment expenses decreased by 2.9% year-over-year to RMB27.8 million. Sales and marketing expenses increased by 38.5% year-over-year RMB47.3 million. The increase was primarily due to the increased expenses of KOL incubation, cultivation, content production and training in order to support increased activity of the company’s KOL sales and advertising business.
General and administrative expenses decreased by 60.3% year-over-year to RMB15.6 million. The decrease was primarily because there was a provision made against advances paid to a certain supplier of RMB11.6 million in the fourth quarter of fiscal year 2018.
Loss from operations decreased by 40.9% year-over-year to RMB35.3 million. Net loss decreased by 55.1% year-over-year to RMB28.7 million. Net loss attributable to Ruhnn decrease by 53.3% year-over-year to RMB29.4 million. Basic and diluted net loss per share was RMB0.09 or US$0.01 compared with basic and diluted net loss per share of RMB0.20 for the same quarter of last fiscal year.
Now, let's turn to some financial updates for full fiscal year 2019. GMV increased by 39.9% year-over-year to RMB2.9 billion. The increase was primarily attributable to reduce strong increase in the GMV in the platform model. Net revenues increased by 15.4% year-over-year to RMB1.1 billion. The increase was primarily attributable to the increase in revenue from the services through the platform model.
Revenues from product sales through the full-service model increased by 3.3% year-over-year to RMB942.8 million, the increase was primarily attributable to the sales growth of the stores opened in the name of the Company’s top-tier KOLs. The increase was partially offset by the transformation of the business model of some online stores opened in the name of the Company’s emerging and established KOLs from the full-service model into platform model.
Revenues from the services through the platform model increased by 329.6% year-over-year to RMB150.7 million, the significant increase was primarily attributable to an increase in a number of the KOLs under the Company's platform model and an increase in the number of the Company’s brands -- of brands the Company cooperated with in its advertising and marketing business.

收入成本同比增长18.0%至人民币181.5百万元。增长与业务扩张一致。随着我们的业务持续增长,毛利润同比增长30.5%至人民币55.7百万元。毛利率上升至23.5%,而去年同期为21.7%。增长主要是由于平台模式下公司的净收入增加所占比例增加,毛利率高于产品销售,以及由于KOL而导致公司服务的毛利率增加服务费占服务收入的百分比。由于某些服装和化妆品的折扣销售,全面服务模式下公司产品销售毛利率下降部分抵消了增长。

营业费用总额同比下降11.2%至人民币90.7百万元。履行费用同比下降2.9%至人民币27.8百万元。销售和营销费用同比增长38.5%,人民币47.3百万元。增加的主要原因是KOL孵化,培育,内容制作和培训费用增加,以支持公司KOL销售和广告业务的活动增加。

一般及行政开支同比减少60.3%至人民币1,560万元。减少主要是因为在2018财年第四季度有一笔拨款支付给某个供应商的预付款人民币1160万元。

经营亏损同比减少40.9%至人民币35.3百万元。净亏损同比下降55.1%至人民币28.7百万元。 Ruhnn应占净亏损同比减少53.3%至人民币29.4百万元。每股基本及摊薄净亏损为人民币0.09元或0.01美元,而上一财政年度同期每股基本及摊薄净亏损为人民币0.20元。

现在,让我们看看2019财政年度的一些财务更新.GVV同比增长39.9%至人民币29亿元。增长主要归因于平台模型中GMV的强劲增长。净收入同比增长15.4%至人民币11亿元。增加的主要原因是通过平台模式增加了服务收入。

产品销售通过全方位服务模式的收入同比增长3.3%至人民币942.8百万元,增长主要归因于以本公司顶级KOL名义开设的门店销售增长。这一增长部分被一些在公司新兴和成熟的KOL名下开设的在线商店的商业模式从全服务模式转变为平台模式。

服务通过平台模式的收入同比增长329.6%至人民币150.7百万元,大幅增长主要是由于公司平台模式下的一些KOL数量增加以及公司的品牌 - 公司与其广告和营销业务合作的品牌。

Cost of revenue increased by 16.8% year-over-year to RMB751.4 million. The increase was inline with the business expansion. Gross profit increased by 12.4% year-over-year to RMB342.0 million.
Gross margin was 31.3% compared with 32.1% for fiscal year 2018. The slight decrease was primarily due to the decreased gross margin of the online product sales as a result of discounted sales of certain apparel and cosmetic products. The decrease was partially offset by the increased proportion of the Company’s net revenues attributable to services under the platform model, which had higher gross margins than the full-service model, and an increase in the gross margin of the Company’s services under the platform model as service fees as a percentage of the Company’s services revenues was lowered.
Total operating expenses increased by 12.7% year-over-year to RMB425.0 million. Fulfillment expenses increased by 27.3% year-over-year to RMB127.3 million the increase was inline with the business expansion.
Sales and marketing expenses increased by 40.7% year-over-year to RMB205.7 million, the increase was primarily due to the increased expenses of KOL incubation, cultivation, content production and training in order to support the increased activities in the Company’s KOL sales and advertising businesses.
General and administrative expenses decreased by 29.8% year-over-year to RMB92.0 million. The decrease was primarily because there was a provision against advances paid to a certain supplier of RMB26.3 million in fiscal year 2018.
Loss from operations was RMB82.8 million compared with RMB72.4 million for fiscal year 2018. Net loss was RMB86.2 million compared with RMB90.2 million for fiscal year 2018. Net loss attributable to Ruhnn decreased by 28.4% year-over-year to RMB74.5 million. Basic and diluted net loss per share was RMB0.03 or $0.03 U.S. dollar compared with the basic and diluted net loss per share of RMB0.33 for last fiscal year.
As of March 31st, 2019, we had cash and cash equivalents of RMB90.0 million and restricted cash of RMB13.9 million compared with RMB9.7 million and RMB21.2 million, respectively as of March 31st, 2018.
In summary, we are pleased to achieve robust operational and financial performance in the fourth quarter and full fiscal year 2019. Our focus going forward is to improve operational leverage and enhance economy of scale while at the same time, accelerating forward to add maximize growth potential.
This concludes our prepared remarks. We will now open the call for Q&A. Operator, please go ahead.

收入成本同比增加16.8%至人民币7.514亿元。增长与业务扩张同步。毛利润同比增长12.4%至人民币342.0百万元。

毛利率为31.3%,而2018财年为32.1%。略有下降主要是由于某些服装和化妆品的销售折扣导致在线产品销售毛利率下降。减少的部分被公司平台模式下服务应占净收入的比例增加所抵消,平台模式的毛利率高于全方位服务模式,并且平台模式下公司服务的毛利率增加。服务费占公司服务收入的百分比降低了。

营业费用总额同比增加12.7%至人民币425.0百万元。履行费用同比增长27.3%至人民币1.273亿元,与业务扩张同步增长。

销售和营销费用同比增长40.7%至人民币205.7百万元,增长主要是由于KOL孵化,培育,内容制作和培训费用增加,以支持公司KOL销售活动的增加和广告业务。

一般及行政开支同比减少29.8%至人民币92.0百万元。减少主要是因为在2018财政年度有一笔拨款支付给某个供应商的预付款人民币26.3百万元。

经营亏损为人民币82.8百万元,而2018财年为人民币72.4百万元。净亏损为人民币86.2百万元,而2018财年为人民币90.2百万元。归属于鲁恩的净亏损同比减少28.4%年人民币7,450万元。每股基本及摊薄净亏损为人民币0.03元或0.03美元,而上一财政年度每股基本及摊薄净亏损为人民币0.33元。

截至2019年3月31日,截至2018年3月31日,我们的现金及现金等价物为人民币90.0百万元,受限制现金为人民币13.9百万元,而人民币分别为人民币970万元和人民币21.2百万元。

总之,我们很高兴在第四季度和2019财政年度实现强劲的运营和财务业绩。我们的重点是提高运营杠杆和提高规模经济,同时加快向前发展以增加最大增长潜力。

以上是我们准备的评论。我们现在打开问答环节。接线员,请继续。

问答环节

Thank you. Ladies and gentlemen, we'll now begin the question-and-answer session. [Operator Instructions] Thank you. The first question comes from the line of Vicky Wei of Citigroup. Please ask your question.

谢谢。 女士们,先生们,我们现在开始问答环节。 [操作员说明]谢谢。 第一个问题来自花旗集团的Vicky Wei。 请问你的问题。

Vicky Wei

[Foreign Language]
Well, thank you management for taking my questions. And I have three questions. The first one is how many top KOLs currently in the market that engaging advertising as you comment and what is the current competitive landscape in KOL business? What does management seeing competition from other spectrum such as live streaming et cetera?
And my second question is about the macro condition and recent shopping festival, so does company see any positive impacts on the increase usage of live streaming promotions such as in the June 18 shopping festival of merchants and – but in terms of the macro conditions. Are there any adverse impacts on the consumption sentiment and the advertising sentiment due to macro?
And my third question is about financials, the company gives any guidance about the top KOLs store – performance and will company give any update of the profits stipulated timing of the company? Thank you.

[外语]

好的,谢谢管理层提出我的问题。 我有三个问题。 第一个是目前市场上有多少顶级KOL在您评论时吸引广告,以及KOL业务当前的竞争格局是什么? 管理层看到来自其他频谱的竞争如实时流媒体等等?

我的第二个问题是关于宏观状况和最近的购物节,公司也看到了对6月18日商家购物节等现场直播促销活动增加使用的积极影响,而且在宏观条件方面也是如此。 是否会因宏观问题对消费情绪和广告情绪产生不利影响?

我的第三个问题是关于财务问题,公司提供有关顶级KOL商店的任何指导 - 业绩,公司是否会更新公司的利润规定时间? 谢谢。

明峰

[Foreign Language] I will translate for Mr. Feng. When we talk about the market size of the whole internet KOLs economy, it is a market of more than RMB100 billion. So it is a huge market. And also this market is increasing by an annual rate over 50%. And so that – actually that we are facing a kind of a historical market opportunities. But still that's our observation is that this market is highly fragmented, and which means there are lot of small players in this market.
And Ruhnn is the largest internet KOL facilitator, and we are a builder of fashion brands and currently we take a market of roughly 5% of the whole internet KOL facilitator. But we only take 5%. We are already the largest. So according to our observation the number of our internet KOL, well we are kind of -- we have as many as 120 internet KOL, and the number is growing rapidly. So this is the current market situation and there is a huge room for our growth in the future.
When we talk about the Y-o-Y or less read book actually we are -- we have close bonds with almost all social media platform, which means that we provide the internet KOL, and we also give them the high quality content and then we can secure. They are a large group of fence around the Internet KOL.
So in connection with our resources on the social media platform, we are able to fully utilize our commercial and the brand resources in that whole ecosystem. And according to our understanding of the social media platform and our capabilities in supply chain and monetization, we can not only help our concept get internet KOL to monetize our traffic from the social media platform, we can also help for those internet KOL with short-term limited coverage of counteract. We can help them or even other MCN organization to enhance their efficiency in monetization. So in other words, we didn't see any exceeding in our limitation in our markets and we are very much confidence about our market position.
[Foreign Language] Actually, that the live streaming for to promote sales has been an important way to monetize the content. And we have seen a lots of KOL will take this opportunity to communicate with her fans. And we have also seen that this channel has been an important player -- has played a important role to enhance the efficiency of the communication and also to enhance the conversion.
Especially, the live streaming in RD to promote the sales has been a very important event in the whole year and many of our Internet KOL will participate in these live streaming activities. Actually that we have a very large Internet KOL talent pool, which could help us to reach out to a vast base of our fans. And also that this live streaming provides us a kind of a diversified way for us to monetize our traffic on the social media platform.
So as a conclusion, this live streaming will apparently enhance our competitive advantage and is this live streaming to promote sales that we believe on 6/18 day, we will have very kind of optimistic result. Of course, according to the current macro economic, we have seen in some Internet companies that the revenue from the advertising has been adversely affected.

[外语]我会为冯先生翻译。当我们谈论整个互联网KOL经济的市场规模时,它是一个超过1000亿人民币的市场。所以这是一个巨大的市场。而且这个市场的年增长率超过50%。所以 - 实际上我们正面临着一种历史性的市场机遇。但我们仍然认为,这个市场高度分散,这意味着这个市场上有很多小型企业。

Ruhnn是最大的互联网KOL推动者,我们是时尚品牌的建设者,目前我们占据整个互联网KOL推动者的约5%的市场。但我们只占5%。我们已经是最大的了。所以根据我们的观察,我们的互联网KOL的数量,我们有点 - 我们有多达120互联网KOL,并且数量正在迅速增长。所以这就是目前的市场形势,未来我们的增长空间很大。

实际上,当我们谈论Y-o-Y或更少的阅读书时 - 我们与几乎所有的社交媒体平台都有密切关系,这意味着我们提供互联网KOL,我们也给他们高质量的内容然后我们可以保证。他们是互联网KOL周围的一大群围栏。

因此,结合我们在社交媒体平台上的资源,我们能够充分利用整个生态系统中的商业和品牌资源。根据我们对社交媒体平台的理解以及我们在供应链和货币化方面的能力,我们不仅可以帮助我们的概念让互联网KOL从社交媒体平台货币化我们的流量,我们也可以帮助那些短暂的互联网KOL期限有限的抵消范围。我们可以帮助他们甚至其他MCN组织提高他们的货币化效率。换句话说,我们没有看到任何超出我们市场的限制,我们对我们的市场地位非常有信心。

[外语]实际上,促销的实时流媒体是将内容货币化的重要途径。我们已经看到很多KOL将借此机会与她的粉丝沟通。而且我们也看到这个渠道一直是一个重要的参与者 - 在提高沟通效率和提升转换方面发挥了重要作用。

特别是,RD推广销售的直播是全年非常重要的事件,我们的许多互联网KOL将参与这些直播活动。实际上,我们有一个非常大的互联网KOL人才库,这可以帮助我们接触到广大粉丝群。此外,这种实时流媒体为我们提供了一种多样化的方式,使我们能够在社交媒体平台上通过流量获利。

因此,作为结论,这种实时流媒体显然会增强我们的竞争优势,并且这种直播促销我们相信6/18天的销售,我们将会有非常乐观的结果。当然,根据目前的宏观经济,我们在一些互联网公司看到广告收入受到不利影响。

However, according to our results in this quarter, our revenue in the platform model has kind of increased by more than four times. So apparently, this is -- I think this is primarily attributable to our large room of internet KOL talent pool. And so we have seen a clear trend that a lot of companies they have increased their budget on the marketing over the social media platform. And that's the reason why we have achieved robust growth in our platform revenue.
[Foreign Language]
Okay. For the profitability of those online store of our top-tier KOL, actually the profitability has been clearly proven. So -- and we foresee that along with the implementation of the China e-commerce law. Our profitability of those online stores of our top-tier KOL will be further enhanced. And also, that we have seen some -- the VAT rate in China has been decreased from 15% to 14%. So this will significantly increased our profitability of the online store operated by us.
And if we are talking about the -- our platform model, as we have just mentioned the proportion of the platform revenue has increased significantly. And actually for the platform model, we're operating in an asset-light manner. So that's the reason why that we could achieve a rapid growth rate of the platform model and we can also enjoy a higher gross margin. So as a result, we are very much confident to achieve profit in the fiscal year of 2020, of course, but excluding those one-off effect such as the possible ERP asset plan.
When we talk about the recent -- our internet KOL did improve so far that we have signed internet KOL talent as many as 128. And we have seen many people performing, actually significantly exceeding our expectations. I just take one recent example of a KOL called Cody [ph] and her contribution of GMV in recent months has exceeded RMB10 million just in one month. So actually this is the first months of her performance. So actually that we have seen a lot of kind of KOL performing very, very, very well. So, we will still [ph] that some rapidly expand our internal KOL reserve and to secure our overall position in this industry.
So, Vicky I think that we have responded to our questions.

然而,根据我们在本季度的结果,我们在平台模型中的收入增加了四倍以上。显然,这是 - 我认为这主要归功于我们大量的互联网KOL人才库。因此,我们已经看到一个明显的趋势,即许多公司已经通过社交媒体平台增加了营销预算。这就是我们实现平台收入强劲增长的原因。

[外语]

好的。对于我们顶级KOL的在线商店的盈利能力,实际上盈利能力已得到明确证实。所以 - 我们预见到随着中国电子商务法的实施。我们顶级KOL的在线商店的盈利能力将进一步提升。而且,我们已经看到了一些 - 中国的增值税税率从15%降至14%。因此,这将显着提高我们运营的在线商店的盈利能力。

如果我们谈论的是 - 我们的平台模型,正如我们刚刚提到的那样,平台收入的比例显着增加。实际上,对于平台模型,我们以轻资产的方式运营。这就是为什么我们可以实现平台模型的快速增长率,我们也可以享受更高的毛利率。因此,当然,我们非常有信心在2020财年实现盈利,但不包括可能的ERP资产计划等一次性影响。

当我们谈论最近 - 我们的互联网KOL到目前为止已经改善,我们已经签署了多达128的互联网KOL人才。我们看到很多人表演,实际上大大超出了我们的期望。我最近举了一个名为Cody [ph]的KOL的例子,最近几个月她对GMV的贡献在一个月内超过了人民币1,000万元。所以实际上这是她表演的头几个月。实际上,我们已经看到很多种KOL表现非常,非常,非常好。因此,我们仍然会有一些人迅速扩大我们的内部KOL储备并确保我们在这个行业中的整体地位。

所以,Vicky我认为我们已回答了我们的问题。

Vicky Wei

Thank you.

谢谢。

会议主持员

Thank you. The next question comes from the line of [Indiscernible] of UBS.

谢谢。 接下来的问题来自瑞银集团的[Indiscernible]。

身份不明的分析师

Thank you managements for taking my questions. I have two questions in both Chinese and English.
[Foreign Language]
My English version of the questions include; one is that, can management share any new thoughts on why we are cutting the number of KOLs for service model aggressively? Second question is how should we fully utilize all KOL capacities of top model? Thank you.

感谢管理层提出我的问题。 我有两个中英文问题。

[外语]

我的英文版问题包括; 一个是,管理层可以分享任何关于我们为什么要积极削减服务模型的KOL数量的新想法吗? 第二个问题是我们应该如何充分利用顶级模型的所有KOL能力? 谢谢。

民丰

Well, as you know, Ruhnn has two businesses one is 1P full service model and the other is 3T, a platform model. There are two kind of business is complementary, and we have realized monetization through the two ways. Well, for the – for our full service model, which is more difficult for Top Tier KOLs who has more fans, who has a large fan-based while, the platform model more simple for established or emerging KOLs, of course that begin their carrier and has a comparatively smaller fan-based.
So strategically in order enlarge our KOLs talent pool, we cultivate and incubate a lot of new or emerging KOLs. So it was new emerging KOLs. The best – but the more simple way for them to monetization is to put them in the platform model, while for our Top Tier KOLs Ruhnn platform, we believe the full service model or the 1P business model – the their monetization efficiency will be much higher.
As you know since January 1, 2019 the e-commerce law in China, it was fully put into implementation. While in this process, we find the platform model will be much simple for established and emerging KOL.

嗯,如你所知,Ruhnn有两个业务,一个是1P全服务模型,另一个是3T,一个平台模型。有两种业务是互补的,我们通过这两种方式实现了货币化。好吧,对于我们的全套服务模式,对于拥有更多粉丝的顶级KOL来说更难,而拥有大型粉丝的同时,平台模型对于已建立或新兴的KOL来说更加简单,当然开始他们的运营商而且风扇相对较小。

因此,为了扩大我们的KOL人才库,我们培养和孵化了许多新的或新兴的KOL。所以这是新兴的KOL。最好的 - 但更简单的货币化方式是将它们放入平台模型,而对于我们的顶级KOLs Ruhnn平台,我们相信完整的服务模式或1P商业模式 - 它们的货币化效率会高得多。

如您所知,自2019年1月1日起,中国的电子商务法已全面付诸实施。在这个过程中,我们发现平台模型对于既定的和新兴的KOL来说将非常简单。

会议主持员

Thank you. The next question comes from the line of [indiscernible]. Please go ahead.

谢谢。 接下来的问题来自[音频不清晰]。 请继续。

身份不明的分析师

Good evening, management. Hello? Hello?

晚上好,管理层。 你好? 你好?

Mac Zhou

Hi. Please go ahead. Hello?

你好。 请继续。 你好?

身份不明的分析师

Good evening, management. Hello. I have three questions on the headline of KOLs. I just wondered if all the KOLs cultivated by yourself or you will send some mature KOLs and how should we think about the growth patterns in the future cultures? This is my question. Thank you.

晚上好,管理层。 你好。 我对KOL的标题有三个问题。 我只是想知道你自己培养的所有KOL是否会发送一些成熟的KOL,我们应该怎样考虑未来文化中的增长模式? 这是我的问题。 谢谢。

明峰

[Foreign Language] Historically, that we have been very successful in incubating amateur which means that kind of an amateur with very limited fan-base and we can incubate them and we can help them to be professional and to start their career within a very short period. And in the future, we will continue to take full advantage of our strong incubation system. And also, we will also fully leverage our vast resources of our top our shops and our connections and the commercial resources to help those KOL not necessarily have a long and complete contract with us.
We can help the KOLs of other MCN organization by providing them with correct or appropriate product and to help them to do the marketing and to do the sales. This is what we do. This is why we have achieved a vast rapid growth in the platform model in this quarter and we believe our goals growth value will continue.

[外语]从历史上看,我们在培养业余爱好者方面非常成功,这意味着那种业余爱好者基础非常有限,我们可以孵化他们,我们可以帮助他们专业,并在很短的时间内开始他们的职业生涯 期。 在未来,我们将继续充分利用我们强大的孵化系统。 此外,我们还将充分利用我们顶级商店的巨大资源以及我们的联系和商业资源来帮助那些KOL不一定与我们签订长期和完整的合同。

我们可以通过向其提供正确或适当的产品来帮助其他MCN组织的KOL,并帮助他们进行营销和销售。 这就是我们的工作。 这就是为什么我们在本季度实现了平台模型的快速增长,我们相信我们的目标增长值将继续。

身份不明的分析师

Okay. Thank you.

好的。 谢谢。

会议主持员

Thank you. No question as at this time. Please continue.

谢谢。 毫无疑问,就在这个时候。 请继续。

英镑歌

Okay. Since there are no further questions, I would like to turn the call back to the company for closing remarks. So thank you again for joining us today. If you have any further questions, please free to contact Ruhnn’s Investor Relations department through the contact information below. This concludes today's conference call. Thank you everyone. Thank you for joining us. Thank you.

好的。 由于没有其他问题,我想将电话转回公司,以便结束发言。 再次感谢您今天加入我们。 如果您有任何其他问题,请通过以下联系信息免费联系Ruhnn的投资者关系部门。 今天的电话会议结束了。 谢谢大家。 感谢您加入我们。 谢谢。

会议主持员

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

本次电话会议结束。 您现在可以断开线路了。 谢谢。

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