In addition, the office direct sales business targeting the office population was not spared.
The rapid development of the Internet has set off a vigorous "paperless office" trend, and the sluggish office market caused by the employment environment in recent years has undoubtedly caused a huge list of lebanon whatsapp phone numbers on M&G's direct sales of corporate stationery.
This also explains from the side why the gross profit margin of M&G Kolip has continued to decline. The shrinking number of companies has allowed large B-end companies to have more say in the purchase of stationery, which is no longer a rigid demand, further lowering the purchase price, causing M&G's profit margin in this business to be continuously compressed.
Image source: Zhongtai Securities Research Institute
Faced with the double impact, Chenguang's solution is to focus on overseas markets, but the markets it focuses on are not developed country markets, but mainly Southeast Asia, Africa and other regions.
Image source: Huafu Securities Research Institute
Although the revenue growth rate of overseas business is obvious, its revenue share is extremely low. Judging from the scale, it is unlikely to form a "third growth curve" in the short term.
It is worth noting that the regional selection of overseas markets also indirectly reflects the positioning of Chenguang Co., Ltd. for its own products.
Although the company has been committed to making domestic stationery brands more high-end since its inception, the market and consumers are actually not buying into this.
Looking at the Asian region alone, the current high-end market is firmly occupied by Japanese brands such as "Paradise" and "Mitsubishi". Therefore, M&G has no chance of entering overseas markets such as Japan and South Korea, and only emphasizes Southeast Asia, Africa and other places with lower consumption levels.
Judging from the data, the price of M&G writing tools is at the bottom among these brands, and is even nearly three times that of the first-ranked Pilot.
