会计学院知识库

我国洗发护发行业始于20世纪70年代，大致经过了小作坊起步、工业化生产、海外品牌收购、国产品牌层出不穷等阶段、当前行业已进入新的发展阶段。运用波特的“五力”模型，对洗发护发行业的竞争环境分析得出，整体的潜在进入者的威胁较大，行业处于结构调整期，行业内部竞争激烈，新进入者威胁较大，且对上下游的议价能力都在一定程度上受到了限制。在这个过程中，该行业如果不能准确把握当前的市场形势，对自身的盈利模式和盈利结构进行合理的调整，就会可能阻碍其未来的成长。

被称为“民营日化第一股”的拉芳家化，是第一家成功登陆A股主板的民族日化企业，是中国改革开放后民营日化企业的代表。因此，本研究选择拉芳家化作为研究对象，首先阅读了盈利模式定义、盈利模式构成要素及盈利模式评价方法等方面的文献资料，并且确立了本研究应用的价值链理论、核心竞争力理论等相关理论。然后，采用案例分析法，在对拉芳家化的现有的盈利模式五要素进行分析和总结的基础上，选取拉芳家化2018年至2022年的财务报表数据，对历年的营运能力、盈利能力、偿债能力及发展能力进行了纵向分析，并引入同行业企业霸王集团和上海家化的财务数据进行横向对比，以此评价拉芳家化的盈利模式实施的财务效果。另外，从拉芳家化的内部价值链、横向价值链和纵向价值链的角度出发，分析该当前的盈利模式在拉芳家化实施的非财务效果。经过上述分析得出，在当前盈利模式的影响下，拉芳家化的偿债能力较好，但盈利能力、营运能力及发展能力表现较弱。究其原因，得出拉芳家化存在近些年没有新增利润点、利润屏障之完善的研发系统和实力应对外界风险的能力在逐渐减弱、且需要加强利润屏障以保证盈利能力不受基础原材料波动的不利影响、利润杠杆之渠道管理撬动利润的作用不强、利润对象有待扩充等问题。紧接着，对上述问题依次给出优化建议。

通过本文的研究，可以帮助该公司提升盈利能力，增强核心竞争力，并且希望也可以为其他日化企业的盈利模式优化提供参考价值。

The hair washing and care industry in China began in the 1970s, roughly going through stages such as small workshops, industrial production, overseas brand acquisition, and the emergence of domestic brands. Currently, the industry has entered a new stage of development. Using Porter's "Five Forces" model to analyze the competitive environment of the hair care industry, it is concluded that the overall potential entrants pose a significant threat, the industry is in a period of structural adjustment, internal competition is fierce, new entrants pose a significant threat, and the bargaining power of upstream and downstream is to some extent limited. In this process, if the industry cannot accurately grasp the current market situation and make reasonable adjustments to its profit model and profit structure, it may hinder its future growth.

Lafang, known as the "first private daily chemical company", is the first national daily chemical enterprise to successfully land on the A-share main board, and is a representative of private daily chemical enterprises in China after the reform and opening up. Therefore, this study chose Lafang as the research object. Firstly, literature on the definition of profit models, the constituent elements of profit models, and the evaluation methods of profit models were read, and relevant theories such as value chain theory and core competitiveness theory were established for the application of this study. Then, using a case study approach, based on the analysis and summary of the five elements of Lafang's existing profit model, the financial statement data of Lafang from 2018 to 2022 were selected to conduct a vertical analysis of its operating capacity, profitability, debt repayment ability, and development ability over the years. Financial data from peer companies Bawang Group and Shanghai Jiahua were introduced for horizontal comparison, in order to evaluate the financial effectiveness of Lafang's profit model implementation. In addition, from the perspective of the internal value chain, horizontal value chain, and vertical value chain of Lafang, analyze the non-financial effects of the current profit model in the implementation of Lafang. After the above analysis, it can be concluded that under the influence of the current profit model, Lafang has a good debt paying ability, but its profitability, operational ability, and development ability are relatively weak. Upon investigation, it can be concluded that Lafang has been facing problems such as a lack of new profit points in recent years, a well-developed R&D system with a weakened ability to cope with external risks, the need to strengthen profit barriers to ensure profitability is not adversely affected by fluctuations in basic raw materials, weak channel management of profit leverage to leverage profits, and the need to expand profit targets. Next, provide optimization suggestions for the above issues in sequence.

Through the research in this article, it can help the company improve its profitability, enhance its core competitiveness, and hopefully provide reference value for optimizing the profit model of other daily chemical enterprises.