亚马逊"封号潮"后：资本与卖家的冰火两重天

亚马逊"封号潮"后：资本与卖家的冰火两重天

Post-Amazon "Account Suspension Wave": The Icy-Hot Divide Between Capital and Sellers

图片来源：图虫创意

Image Source: Tuchong Creative

"亚马逊封号潮"的影响已经蔓延至资本市场。在2021年"封号潮"来临之前，跨境通以20.2亿元的价格出售了帕拓逊100%的股权。

The impact of the "Amazon account suspension wave" has spread to the capital market. Before the 2021 suspension wave, Cross-Border E-Commerce Solutions sold 100% of its shares in Patuoxun for 2.02 billion yuan.

资本市场的连锁反应

Chain Reaction in Capital Markets

笔者事后从跨境通披露的财报中发现，帕拓逊2020年的净利润约为3.18亿元。通过市盈率估值模型倒推，交易帕拓逊的市盈率约为6.35倍。

Subsequent financial reports revealed Patuoxun's 2020 net profit was approximately 318 million yuan. Using the P/E valuation model, the transaction's P/E ratio was about 6.35 times.

2022年资本偏好变化

Shifts in Capital Preferences in 2022

在与多家资本机构的交流中，雨果跨境发现，2022年无论是传统VC/PE还是亚马逊聚合商，都更倾向于"风险厌恶"，也就是更青睐那些能够穿越周期的品牌。

Hugo Cross-Border found that in 2022, both traditional VC/PE and Amazon aggregators prefer "risk aversion," favoring brands that can weather market cycles.

值得注意的是，这四家亚马逊聚合商中，对卖家的毛利率最低要求是15%，这一门槛并不算高。

Notably, among these four Amazon aggregators, the minimum gross margin requirement for sellers is 15%, which isn't particularly high.

亚马逊聚合商的洗牌加速

Accelerated Reshuffling Among Amazon Aggregators

Marketplace Pulse数据显示，过去两年中，上百家聚合商共融资超130亿美元。尽管融资情况火爆，但亚马逊聚合商收购项目的完成数量并不多。

Marketplace Pulse data shows over 100 aggregators raised more than $13 billion in the past two years. Despite the funding boom, completed acquisition projects remain limited.

可以预见，未来几年亚马逊聚合商也将迎来剧烈的分化，在此过程中将诞生新的巨头。

In coming years, Amazon aggregators will likely experience significant differentiation, with new giants emerging in the process.