中国跨境电商"子不语"冲刺港股：年营收23亿的"中国版Zara"如何突围？
跨境电商行业正掀起新一轮上市热潮。3月7日，跨境电商企业子不语集团向港交所递交主板上市申请，华泰国际和农银国际担任联席保荐人。值得注意的是，这已是子不语第二次递交申请，此前该公司曾于2021年6月30日首次递表。
The cross-border e-commerce industry is witnessing a new wave of IPO热潮. On March 7, cross-border e-commerce company Zibuyu Group submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International and ABC International acting as joint sponsors. It's worth noting that this is Zibuyu's second application, following its initial submission on June 30, 2021.
子不语并非孤例。去年以来，包括敦煌网、三态电子和飞书深诺等多家跨境电商企业相继提交上市申请。近期更有消息称，国内最大跨境电商、快时尚巨头Shein拟重启赴美上市计划。与此同时，正在创业板排队的赛维时代也更新了招股书，拟募资6.22亿元。
Zibuyu is not alone. Since last year, several cross-border e-commerce companies including DHgate, SanTai Electronics and DeepLink have successively submitted listing applications. Recently, there were reports that Shein, China's largest cross-border e-commerce and fast fashion giant, plans to restart its US listing plan. At the same time, Savvy, which is queuing up for listing on the ChiNext board, has also updated its prospectus, aiming to raise 622 million yuan.
业绩表现亮眼：年营收23亿，净利润2亿
Impressive Performance: Annual Revenue of 2.3 Billion Yuan, Net Profit of 200 Million Yuan
根据招股书披露，子不语2021年实现营收23.47亿元，净利润达2.01亿元。公司专注于时尚服饰及鞋履产品运营，按2020年GMV计算，子不语在中国跨境出口B2C电商服饰及鞋履市场的平台卖家中排名第三，市场份额为0.4%。
According to the prospectus, Zibuyu achieved revenue of 2.347 billion yuan and net profit of 201 million yuan in 2021. The company focuses on fashion apparel and footwear products. In terms of 2020 GMV, Zibuyu ranked third among platform sellers in China's cross-border B2C e-commerce apparel and footwear market, with a market share of 0.4%.
主要市场方面，北美和欧洲是子不语的核心区域，其中美国市场贡献了85.5%的收入。公司目标客户为18-45岁的女性群体，产品均价方面，服饰为107元，鞋履为237.33元。
In terms of main markets, North America and Europe are Zibuyu's core regions, with the US market contributing 85.5% of revenue. The company's target customers are women aged 18-45. The average product price is 107 yuan for apparel and 237.33 yuan for footwear.
品牌战略：拥有151个自主品牌
Brand Strategy: Owns 151 Self-designed Brands
子不语采用多品牌战略，截至2020年底已自主设计151个品牌。其中包括女装及童装品牌Imily Bela、女装及泳装品牌Tutoruto等。其中Imily Bela的一款女式毛衣在亚马逊销量超过30万件。
Zibuyu adopts a multi-brand strategy and had independently designed 151 brands by the end of 2020. These include women's and children's wear brand Imily Bela, women's wear and swimwear brand Tutoruto, etc. A women's sweater from Imily Bela has sold over 300,000 units on Amazon.
公司采用"快反模式"，从样品生产到首批产品上市最短仅需7天，快于Zara的14天。目前公司拥有20个年销售额超1000万元的爆款产品。
The company adopts a "fast response model", with the shortest time from sample production to first batch of products being only 7 days, faster than Zara's 14 days. Currently, the company has 20 best-selling products with annual sales exceeding 10 million yuan.
平台依赖：亚马逊销售占比超80%
Platform Dependency: Amazon Sales Account for Over 80%
尽管业绩亮眼，子不语仍面临严重的平台依赖问题。2021年，公司通过亚马逊及Wish平台实现的销售占比高达84.2%。招股书明确提示，与这些平台关系的中断可能对公司业务产生重大不利影响。
Despite impressive performance, Zibuyu still faces serious platform dependency issues. In 2021, sales through Amazon and Wish platforms accounted for as much as 84.2%. The prospectus clearly warns that disruption of relationships with these platforms could have a material adverse effect on the company's business.
2021年亚马逊封号事件给行业带来巨大冲击。数据显示，仅两个月内就有超5万户中国卖家被封店，行业损失超千亿元。这一事件促使包括子不语在内的跨境电商企业加速布局独立站。
The 2021 Amazon account suspension incident had a huge impact on the industry. Data shows that over 50,000 Chinese sellers were banned in just two months, with industry losses exceeding 100 billion yuan. This incident has prompted cross-border e-commerce companies including Zibuyu to accelerate the layout of independent websites.
独立站战略：未来发展的关键
Independent Website Strategy: Key to Future Development
在招股书中，子不语将建立大型独立自营网站列为重要发展战略。公司计划投入部分募资用于独立站初步开发阶段的营销解决方案。这一战略与行业龙头Shein的发展路径相似。
In the prospectus, Zibuyu lists the establishment of large independent self-operated websites as an important development strategy. The company plans to invest part of the funds raised in marketing solutions for the initial development stage of independent websites. This strategy is similar to the development path of industry leader Shein.
行业专家指出，独立站模式具有三大优势：一是省去平台费，提高利润；二是运营更灵活，不受平台规则突变影响；三是有利于数据安全和二次开发。但同时也面临建设成本高、运营难度大等挑战。
Industry experts point out that the independent website model has three major advantages: first, it saves platform fees and increases profits; second, operations are more flexible and not affected by sudden changes in platform rules; third, it is conducive to data security and secondary development. However, it also faces challenges such as high construction costs and operational difficulties.
随着跨境电商行业进入下半场，品牌出海和独立站建设或将成为企业突围的关键。子不语此次IPO能否成功，以及其独立站战略的实施效果，将为中国跨境电商行业的发展提供重要参考。
As the cross-border e-commerce industry enters the second half, brand globalization and independent website construction may become the key for companies to break through. Whether Zibuyu's IPO can succeed and the implementation effect of its independent website strategy will provide important references for the development of China's cross-border e-commerce industry.
