With the structural adjustment period of the Chinese economy entering the new normal, the development of the furniture industry has gradually weakened, and the growth rate has fallen sharply. In the first half of 2015, the total domestic furniture production increased only by 0.61% year-on-year, while the annual growth rate in 2014 reached 19.37%.
The continual loss of the dynasty furniture of the façade furniture company in recent years has further aggravated the fear that the entire furniture industry is about to "winter". Gao Hongbin, executive deputy secretary-general of the Foshan Furniture Industry Association, said that the entire economic environment is in a downward phase, and the furniture industry is no exception, but for the industry, this will be an inflection point.
The overall growth rate of the furniture industry has fallen sharply
According to CITIC's data, since the 21st century, in addition to the global financial crisis, China's furniture production has maintained a relatively high growth rate. After a year-on-year increase of 27.80% in 2010 to 770 million pieces, the overall stability has been stable in recent years, with a compound growth rate of only 5% in the past five years. In the first half of 2015, total domestic furniture production increased only 0.61% year-on-year.
The export situation in the furniture industry is also not optimistic. In 2014, the cumulative export volume was US$52.022 billion, and the year-on-year growth rate slowed to 0.38%. In 2015, it improved. The export value in the first half of the year increased by 10.94% year-on-year.
"Being tired of the economic downturn in the real economy and the real estate market, it is quite normal for the furniture industry to have such difficulties." An industry insider told reporters that as a downstream industry in the real estate industry, the furniture industry is the most experienced in the real estate industry. An industry. The market will accelerate the survival of the fittest. If the furniture company does not have the core competitiveness, products, team building, logistics channels, etc., it will inevitably accelerate the adjustment.
In addition, insufficient funds, blind expansion, lack of technology and other aspects are the reasons for the difficulties of some enterprises. At the same time, due to the low concentration of the domestic furniture industry, the variety of products, customization and the industry has not achieved automation, the furniture industry shuffle Will continue.
The rise of customized companies
"There are rumors on the Internet that 'the tide of bankruptcy', but there are no particularly obvious signs. We are still living well, and the winter of the furniture industry has not affected us for at least temporarily." A senior furniture industry official told reporters.
In fact, even in the case of the “winter†of the furniture industry, the living conditions of major furniture companies vary. Qumei Home (603818, SH), which is also a finished furniture company, achieved operating income of 543 million yuan in the first half of 2015, a year-on-year increase of 19.04%, and net profit of 38.12 million yuan, an increase of 14.86% year-on-year; Yihua Wood's operating income in the first half of 2015 was 2.033 billion yuan, down 7.66%, but net profit rose 5.85% to 337 million yuan; high-end solid wood furniture Meike Home achieved operating income of 1.288 billion yuan in the first half of 2015, only slightly increased by 1.39% The net profit increased by 37.09% to reach 128 million yuan.
In contrast, custom furniture companies have ushered in spring in recent years. Sophia, Haolaike, Shangpin Home Furnishing and other enterprises have become the front end of the trend by introducing large-scale customized production equipment and creating an advanced factory information system. Sophia's total revenue for the first half of the year was 1.158 billion yuan, up 36.80% year-on-year, and net profit was 135 million yuan, up 41.11% year-on-year. Hao Laike, Shangpin home and European homes also had large increases.
Gao Hongbin believes that in the case of continued weak demand, the biggest problem facing the furniture industry is that it is too fragmented and needs to accelerate integration and specialization.
According to the statistics of the Furniture Association, as of 2015, there are about 70,000 enterprises in China's furniture industry, and only 5,000 enterprises with a main business income of more than 20 million yuan, the market share is less than 30%; Look, at present, there is no furniture company in China that accounts for more than 1% of the market.
According to CITIC Jiantou's analysis, compared with large companies such as Sofia, Qumei Home, and Hao Laike, the industry dilemma faced by SMEs may be more prominent. Because they provide OEM and supporting production for well-known enterprises for a long time, The construction of private brands and domestic sales channels is lacking, and facing increasingly strict environmental protection requirements, production and management often go from bad to worse.
Enterprises actively "touch the net"
"There are many opportunities under the new normal, but there are more challenges, such as the challenges of the economic situation and the urgency of transformation and upgrading." Deng Guangsen, secretary general of the Zhongshan Furniture Chamber of Commerce, said that the furniture industry has entered a period of deep adjustment. Faced with various unfavorable factors, how can the furniture enterprises break through?
In Gao Hongbin's view, on the one hand, the furniture industry needs to accelerate integration and specialization. On the other hand, it needs to be optimized in terms of quality, craftsmanship and style. “At the same time, we must also pay attention to the 'Internet+' platform to make a more integrated and integrated The platform plays a role in agglomeration."
The continual loss of the dynasty furniture of the façade furniture company in recent years has further aggravated the fear that the entire furniture industry is about to "winter". Gao Hongbin, executive deputy secretary-general of the Foshan Furniture Industry Association, said that the entire economic environment is in a downward phase, and the furniture industry is no exception, but for the industry, this will be an inflection point.
The overall growth rate of the furniture industry has fallen sharply
According to CITIC's data, since the 21st century, in addition to the global financial crisis, China's furniture production has maintained a relatively high growth rate. After a year-on-year increase of 27.80% in 2010 to 770 million pieces, the overall stability has been stable in recent years, with a compound growth rate of only 5% in the past five years. In the first half of 2015, total domestic furniture production increased only 0.61% year-on-year.
The export situation in the furniture industry is also not optimistic. In 2014, the cumulative export volume was US$52.022 billion, and the year-on-year growth rate slowed to 0.38%. In 2015, it improved. The export value in the first half of the year increased by 10.94% year-on-year.
"Being tired of the economic downturn in the real economy and the real estate market, it is quite normal for the furniture industry to have such difficulties." An industry insider told reporters that as a downstream industry in the real estate industry, the furniture industry is the most experienced in the real estate industry. An industry. The market will accelerate the survival of the fittest. If the furniture company does not have the core competitiveness, products, team building, logistics channels, etc., it will inevitably accelerate the adjustment.
In addition, insufficient funds, blind expansion, lack of technology and other aspects are the reasons for the difficulties of some enterprises. At the same time, due to the low concentration of the domestic furniture industry, the variety of products, customization and the industry has not achieved automation, the furniture industry shuffle Will continue.
The rise of customized companies
"There are rumors on the Internet that 'the tide of bankruptcy', but there are no particularly obvious signs. We are still living well, and the winter of the furniture industry has not affected us for at least temporarily." A senior furniture industry official told reporters.
In fact, even in the case of the “winter†of the furniture industry, the living conditions of major furniture companies vary. Qumei Home (603818, SH), which is also a finished furniture company, achieved operating income of 543 million yuan in the first half of 2015, a year-on-year increase of 19.04%, and net profit of 38.12 million yuan, an increase of 14.86% year-on-year; Yihua Wood's operating income in the first half of 2015 was 2.033 billion yuan, down 7.66%, but net profit rose 5.85% to 337 million yuan; high-end solid wood furniture Meike Home achieved operating income of 1.288 billion yuan in the first half of 2015, only slightly increased by 1.39% The net profit increased by 37.09% to reach 128 million yuan.
In contrast, custom furniture companies have ushered in spring in recent years. Sophia, Haolaike, Shangpin Home Furnishing and other enterprises have become the front end of the trend by introducing large-scale customized production equipment and creating an advanced factory information system. Sophia's total revenue for the first half of the year was 1.158 billion yuan, up 36.80% year-on-year, and net profit was 135 million yuan, up 41.11% year-on-year. Hao Laike, Shangpin home and European homes also had large increases.
Gao Hongbin believes that in the case of continued weak demand, the biggest problem facing the furniture industry is that it is too fragmented and needs to accelerate integration and specialization.
According to the statistics of the Furniture Association, as of 2015, there are about 70,000 enterprises in China's furniture industry, and only 5,000 enterprises with a main business income of more than 20 million yuan, the market share is less than 30%; Look, at present, there is no furniture company in China that accounts for more than 1% of the market.
According to CITIC Jiantou's analysis, compared with large companies such as Sofia, Qumei Home, and Hao Laike, the industry dilemma faced by SMEs may be more prominent. Because they provide OEM and supporting production for well-known enterprises for a long time, The construction of private brands and domestic sales channels is lacking, and facing increasingly strict environmental protection requirements, production and management often go from bad to worse.
Enterprises actively "touch the net"
"There are many opportunities under the new normal, but there are more challenges, such as the challenges of the economic situation and the urgency of transformation and upgrading." Deng Guangsen, secretary general of the Zhongshan Furniture Chamber of Commerce, said that the furniture industry has entered a period of deep adjustment. Faced with various unfavorable factors, how can the furniture enterprises break through?
In Gao Hongbin's view, on the one hand, the furniture industry needs to accelerate integration and specialization. On the other hand, it needs to be optimized in terms of quality, craftsmanship and style. “At the same time, we must also pay attention to the 'Internet+' platform to make a more integrated and integrated The platform plays a role in agglomeration."
At present, most furniture companies have begun to pay attention to the role of "Internet +" and put the "Internet +" transformation into the strategic height of the enterprise. In 2014, Sofia set up an e-commerce team of more than 100 people, re-established the official self-built mall and merged into Tmall and Jingdong two e-commerce platforms. Since 2015, its online revenue for offline drainage accounted for about 10%; In 2009, Qumei Home began to implement the “cement + mouse†sales model throughout the country. It is one of the early furniture companies that promoted the O2O deep integration sales model; Yihua Wood tried to establish the “Y+ Ecosystem Outer Circleâ€. Forming five major entrances for online, offline, tooling, finance, and logistics.
There is no shortage of methods for transformation and upgrading, but not all things are carved out by a model. What is lacking is still the path suitable for their own enterprises.
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