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【正文】 enue Million RMB Monthly Sales Revenue Million RMB Monthly Sales Revenue Million RMB Need Revising PwC 31 Regional Headquarter: Beijing Office: Tianjin Dalian Shenyang Harbin Qindao Zhengzhou Shijiazhuang Jinan District II Regional Headquarter: Fuzhou Office: Shenzhen Changsha Kunming District III Regional Headquarter: Shanghai Office: Nanjing Wuxi Hefei Hangzhou Wenzhou Wuhan Chengdu District I ? Distribution and Sales Support Local Office: 18 Regional Headquarter: 3 Distribution Channel Source： Industry interview China Economic Information Network PwC analysis ZOTOS Total Regional Headquarter: 3 Local Office: 18 Need Revising PwC 32 Zotos Sales Districts District I District II District III Sales Employee 45 56 21 Duties Sales Size in 2001 Monthly Sales Revenue Million RMB Monthly Sales Revenue Million RMB Monthly Sales Revenue Million RMB ? Distribution and Sales Support ? Set up sales counters in department stores ? Supervise sales counter? daily business activities ? Train beauty advisors ? Supply products to sales counters ? Provide aftersale services Distribution Channel Source： Industry interview China Economic Information Network PwC analysis Sales Size in 2000* Monthly Sales Revenue Million RMB Monthly Sales Revenue Million RMB Monthly Sales Revenue Million RMB * The total sales size of all districts is above 30 million which is larger than the sales revenue in the profit and loss account. It will probably that the sales size from Zotos refers to the sales revenue in retail price. Need Revising PwC 33 ? Brands and department stores Aupres Shiseido Za Store listing fee no no no Others Payment term consignment consignment consignment ? Department stores do not set any monthly sales revenue target for the three brands given the brands? strong reputation in the market. ? Shiseido and Aupres usually do not involve in promotional activities held by the stores. Za participates in some of the promotions held by the stores. Business Type Stores’ earning 30days 30days 30days 20~25% of turnover 25~30% of turnover 25~30% of turnover Distribution Channel Source： Industry interview China Economic Information Network PwC analysis Need Revising PwC 34 ? Logistics system General Process Product Plant Warehouse Regional Sales Center Warehouse Regional Sales Office Warehouse Sales Counter Products can be delivered by air in case of emergency. Distribution Channel Transportation by Road Transportation by Railway Transportation by Air Source： Industry interview PwC analysis Shiseido amp。 Aupres: Beijing Za: Shanghai Shiseido amp。 Aupres: 5 Za: 3 Shiseido amp。 Aupres: 16 Za: 18 Shiseido:49 Aupres: 243 Za: 220 Need Revising PwC 35 ? Logistics landscape * Liyuan uses its own vehicle only within the city. Liyuan employs the professional logistics firm to transport the product from city to city. Distribution Channel Source： Industry interview PwC analysis Warehouse Beijing: 4000 M2 Other 4 cities: Total 1100M2 Vehicle 11 North Southwest Shiseido Liyuan* Total warehouse cities: 23 Total Area: 9850M2 Regional Headquarter Northeast Warehouse Shenyang: 400 M2 Other 4 cities: Total 600M2 Vehicle 9 East Warehouse Shanghai: 500 M2 Other 4 cities: Total 900M2 Vehicle 10 South Warehouse Guangzhou: 300 M2 Other 2 cities: Total 450M2 Vehicle 5 Warehouse Chongqing: 300 M2 Other 4 cities: Total 1400M2 Vehicle 4 Need Revising PwC 36 Regional Headquarter * Zotos uses its own vehicle only within the city and employs logistics firms to transport the products from city to city. Distribution Channel Source： Industry interview PwC analysis ? Logistics landscape District I Warehouse Shanghai: 2900 M2 Other 7 cities: Total 1100M2 Vehicle 6 District II Warehouse Beijing: 360 M2 Other 8 cities: Total 750M2 Vehicle 4 District III Warehouse Fuzhou: 500 M2 Other 3 cities: Total 500M2 Vehicle 3 Zotos* Total warehouse cities: 21 Total Area: 6110M2 Need Revising PwC 37 ? Logistics: Inventory Control* * The actual inventory turnover period differs in each city, but should follow the above rules as much as possible。 ** The yearly figure is in the section of financial analysis。 ***Based on our industry interview, by the end of 2000, the inventory value of the final products for Aupres, Shiseido and Za are 21,910,000, 22,540,000 and 8,870,000 RMB, respectively. Then we calculate the total days based on these inventory value. Distribution Channel Source： Industry interview PwC analysis Aupres Shiseido Za For city office Raw materials for 30day production needs Finished products for 15day sales Raw materials for 30day production needs Raw materials for 30day production needs Finished products for 15day sales For production For sales counter For regional sales Inventory Rules* Finished products for 15day sales Finished products for 20day sales Finished products for 15day sales Finished products for 10day sales Finished products for 15day sales Finished products for 10day sales Finished products for 5day sales Finished products for 10day sales Finished products for 7day sales Total 45 days 45 days 47 days Total days based on the financial statement ** Total days based on the industry interview*** 246 days 541 days 453 da