Wanlin Logistics(SH:603117) Xin Lang Cai Jing·2025-05-20 05:28Core Viewpoint - The company Yaya Group aims to achieve a market capitalization of 100 billion yuan within three years and has outlined a global strategy focusing on online stability, offline upgrades, and globalization [1][4]. Group 1: Company Background and Historical Context - Yaya Group, founded in 1972, is recognized as the pioneer of domestic down jackets in China, once holding a one-third market share in the 1980s and achieving a record daily sales of 100,000 jackets [3][4]. - The company faced decline in the new millennium, leading to a significant ownership change in 2012 when it was acquired by Vico Holdings, which failed to successfully list the company [4][5]. - In 2020, Yaya underwent a second restructuring, with investor Fan Jibo acquiring full ownership for 1.5 billion yuan, aiming to revitalize the brand [4][18]. Group 2: Strategic Initiatives and Marketing - Yaya's current strategy includes a strong emphasis on online sales channels, leveraging the rise of video and live-streaming e-commerce to boost sales [8][9]. - The company has adopted a low-price strategy, targeting the price range of 300-600 yuan, which aligns with consumer preferences and has contributed to its rapid growth in online sales [9][10]. - Yaya has engaged multiple celebrities for endorsements, including top-tier stars like Wang Yibo, to enhance brand visibility and drive sales [14][15]. Group 3: Financial Performance and Growth - Following the restructuring, Yaya's GMV surged from 8 million yuan in 2019 to over 10 billion yuan, with reports suggesting figures between 15 billion and 20 billion yuan for 2023 [5][6]. - The company has established a multi-channel online presence, significantly increasing its sales volume while facing challenges such as rising operational costs and high return rates in the e-commerce sector [11][12][13]. Group 4: Future Plans and Capital Strategy - Yaya's leadership is focused on an IPO to alleviate financial pressures and enhance brand recognition, with plans to list on the domestic main board by December 2024 [21][24]. - The company is also exploring a potential merger with Wanlin Logistics, which could provide a faster route to public listing, although this has faced previous denials from both parties [23][24]. - The local government has shown support for Yaya's listing ambitions, indicating a favorable environment for capital market activities [21].