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Pong on the United States after the United States of America's big electricity giants?

via:博客园     time:2015/12/1 9:30:43     readed:2433


Tencent technology - Han Yimin December 1 Daily

As one of the three big white giant, the United States in the enjoyment of the rapid development of household appliances subsidies, but also bear the impact of the policy exit.

As with other companies in the industry, the outside world is called the United States, the beginning of the use of the usual

In the bonus out of the Internet and the impact of the two big weight, the United States had to re-examine its own operations, channels, products and internal management, and adjust the corresponding.

Of beautiful moment, facing the household electrical appliance industry downturn trend, how to change the past extensive, relying on the scale of profitable model, found continued growth, seek profit maximization is the biggest challenge, and millet, Ali and other Internet companies and alliances, implementation of internal incentive, reform the channel network, diverted platform system is beauty based on the current plight of self-help measures.

For the traditional home appliance enterprises, this transformation is imperative and difficult, the difficulty of the transformation is no less than the weight of a beautiful.

To this end, Tencent technology to the United States of the company structure, governance model, operating conditions, etc., and based on the transformation of the United States in recent years to analyze the effect of its transformation, in order to help the outside world to better understand this is trying to regenerate the white electric giant.

General situation of beauty

1 management mode and architecture

The birth of the United States in 1968, initially the main plastic caps, glass caps and rubber ball and other products, in 1980, the United States into the home appliance industry. 2001, the United States MBO (management buy back), the government sold all the shares of Shunde, to withdraw from the United States of the shares of the company, the chairman He Xiangjian as the core of the management to become the largest shareholder, the company has become private.

In August 2012, Fang Hongbo succeed founder Xiangjian served as chairman of the U.S. group, beauty of professional managers and founder of the handover, corporate governance model has thus formed: controlling shareholder (sent two non-executive directors, including Xiangjian he Jianfeng) two war strategic investment team of professional managers (professional managers, chairman and President of play role of the entrepreneur).


According to the United States in 2014 annual report, at present the United States and the group structure of the company, company founder Xiangjian for Midea Holding Co., Ltd and Ningbo open industry development Co., Ltd. holding, holds 94.55 and 70 percent of the shares, Midea Holding Co., Ltd. has Beauty Group Co., Ltd. 35.49 shares, Midea Group is the largest shareholder.


Through the capital, founder of Xiangjian in the realization of control group at the same time, the specific business management also go to professional managers, to avoid the family business corporate governance model. In the United States of the group's internal view, the United States of corporate governance is its core strengths.

2 top management team

In 2012, the founder of hexiangjian retired, Hong Bo took over as chairman of the U.S. group. According to the United States in 2014 earnings, the current director of the U. S. will members, 12 people, including two non executive directors (which a son of the founder of Xiangjian Jianfeng), two investment representatives (CDH Jiatai Xiao Ling Hu, green tech Xuhai), four independent directors and a team of professional managers.


It is worth noting that, in December 2014, the United States announced that the United States announced the strategic cooperation with millet, according to the agreement, millet can nominate a director of its core senior management to the United States, but has yet to have the information disclosure.

Specific business, the United States Air conditioning business is responsible for Wu Wenxin, which is the home air conditioning division president, and vice president of the group, and in recent years, the rapid growth of kitchen appliances business by Zhu Fengtao, which is the general manager of the kitchen appliances, and vice president of the group, Gu Yanmin is responsible for overseas strategy, Wang Jinliang is responsible for the domestic market.

3 shareholder structure


According to the latest information disclosure in the beauty of the 2015 reported, beauty of the biggest shareholder in the group Midea Holding Co., Ltd., shares accounted for 34.88, managers Fang Hongbo, Yuan Liqun respectively hold 2.13 and 1.41 shares. In addition, shareholders in CDH Jiatai, CDH Mattel, CDH brightly colored deposit in association, the three together hold equity 4.56.

4 subsidiaries and shares of the company

Currently the United States of the group has ten major subsidiaries, all for home appliance enterprises, respectively, the production of different household appliances.


5 investment activities


In addition to the United States also have some investment activities, such as the launch or equity financial enterprises, the specific investment situation is shown in the following table.

Operating condition

1 business structure

As a whole, the main business of the United States involved in the manufacturing and logistics industry, including white goods (ie, washing machines, air conditioners, refrigerators, etc.) for the u.s..

2013 the United States after the overall market, earnings will not be listed separately in the air conditioning, refrigerators, washing machine specific revenue, but announced the overall revenue, but according to previous earnings data, air conditioning for the largest part of the revenue of the refrigerator, refrigerator washing machine revenue is not small, such as 2010, the United States Air conditioning business revenue 99.39, refrigerator business revenue 97.29, washing machine revenue 482.59.

According to the calendar year earnings can be seen, big home appliances (ie, refrigerators, washing machines and air conditioning) business for the United States to the absolute bulk of revenue, which is the main source of air conditioning products, household appliances.

In 2014, for example, the United States and the United States reported the overall revenue of 1423.11, of which 924.02 of the big home appliances business revenue 327.10, small appliance business revenue, other business (mainly for the motor and large logistics business) revenue 327.10.


Big home appliance business contributed 65 of the United States of revenue, followed by small appliances, home appliances business together to contribute to the United States close to 90 of revenue.

In addition, in 2013, the United States of a total revenue of 1212.65, of which 278.44 of small household electrical appliances business revenue of 22, small household electrical appliances, revenue accounted for 22 of the total. Integrated 2013 and 2014 data can be seen in small household electrical appliances in the slow growth.


2 revenue trends

Integrated in 2010 to 2014 annual report information, Tencent technology combing the United States and the United States of large home appliance business revenue data, it can be seen, the United States of America's big home appliance business in 2011 after the rapid growth in 2012, a serious decline in 2013 to resume growth.

In the growth rate, the United States in 2013 the United States of all electric revenues grew 23.152014 years, we have an increase of 17.2 year on year revenue, compared with 2013 growth rate has slowed down.

It is worth noting that, according to the United States in 2015 semi annual report disclosure of information, the United States of refrigerators, washing machines, small appliances, motor, logistics business gross margin declined in varying degrees. For the United States, although the appliance business revenue continued to rise, but the growth rate slowed down, the decline in gross profit margin released a home appliance business revenue crisis, it is worth attention.

Development challenges

Compared with previous years, in recent years, the home appliance are feeling from the exit policy, the chill of the impact of the Internet, to the United States, the recent crisis, mainly from the following several reasons.

1 policy positive out

June 2013, the promotion of energy-saving appliances subsidy policy to stop the implementation, marking the beginning of the end of three home appliances consumption 2007 big stimulus policies

From the results, the policy exit on the impact of household electrical appliance enterprises is very large, on the one hand, the early release of a number of pre stimulus policies, while under the influence of stimulus policies, home appliances market competition is very intense.

In November of this year, the national development and Reform Commission publicity "home appliance energy efficiency leader implementation details", relates to flat-panel TVs, refrigerators and air-conditioning three categories of products, of high efficiency energy-saving products should be encouraged is regarded as domestic energy efficient appliance subsidy policy exit after the first country home appliance new policy.

But with the previous three major home appliance stimulus policies, the new policy although the threshold is low, but places are limited, and the washing machine is not in the "rules" of the column. For the United States, the new stimulus coverage is not wide, the stimulus is limited; and the original stimulus and overdraft part of the demand, so the policy level changes, will bring challenges to the United states.

2 Internet attack

The Internet in the product, the user uses the custom as well as the channel to bring the change, also has the important influence to the us.

At the product level, the current boom has been the rise of intelligent hardware, and the temptation of smart home prospects, some Internet companies have entered the smart hardware manufacturing industry, which is not lack of Internet giants, the United States had to face the impact of Internet companies manufacturing hardware.

Intelligent hardware new experience is also forced to change the traditional home appliances to change the product form, which has many years of traditional home appliance manufacturing is the United States, is a double-edged sword.

In addition, the development of the Internet makes the rise of electricity suppliers, which has a great impact on the traditional home appliances channel.

3 market hit the ceiling

At present, the real estate industry and the previous few years gradually to calm down, the impact of household electrical appliance demand began to slow down. Coupled with the early part of the appliance to stimulate the demand and the demand for home appliances, as well as the replacement rate of home appliances and other reasons, the user's demand for home appliances, home appliances market began to touch the ceiling.

4 electric business impact

Household electrical appliance enterprises in the traditional line of the channel for the layers of the mode of delivery, but the rise of the electricity suppliers on the traditional line caused a huge impact.

Electrical appliance retail system brought about by the electricity suppliers, breaking the traditional provincial, municipal, county distribution and township franchise stores in the layers of business rules, directly to consumers. Electricity suppliers channels directly from the city to rural areas, to achieve the price of urban and rural markets, information integration. The living space of the line channel is greatly squeezed.

Transformation practice

Despite the earnings report is still bright (in order to maintain the United States in 2013 will be a higher margin of profit margin of small household electrical appliances business combination), but the United States has been aware of the crisis, and began to reform.

The reform of the United States involves a wide range, from the internal introduction of the Internet's corporate governance structure, to the external search for Internet allies, the United States in the transformation and reform, made a more comprehensive attempt.

1 governance structure reform

First is the internal governance structure, the United States began to introduce the Internet Co approach, streamline the level, to create a flat organization, the establishment of more active, innovative corporate culture.

Beginning in 2014, the United States to streamline the organization level. Management used to be from the president to the manager of the six level, two level, vice president and concurrently director.

In 2015, the United States of the group began to adjust the internal structure, specifically for the previous

At the same time, in order to activate the internal energy, in recent years, the United States began to encourage internal entrepreneurship, and the establishment of the United States in Qianhai Shenzhen venture capital fund, investment and smart home related projects, mainly to do the project incubation, venture capital, to improve the layout of the smart home industry ecosystem.

2 update internal incentive

In the internal incentive, the United States to establish different levels of long-term incentive mechanism.

In 2014, the group of the United States issued equity incentive plan draft, intends to grant stock option 4060.20 million shares of the, accounting for the group of the United States issued share capital 241, the exercise price for 48.79 yuan / share, the first grant of 693 in senior management personnel and technical backbone of the business. Object to the cause of the core business and research and development, manufacturing, quality system priority, around the product development, manufacturing, manufacturing personnel accounted for more than 70 of the total number

In 2015, the United States in the core management team level, rolling out the core management team to plan and the United States and the United States of the partnership program, in essence

3 embrace the Internet

Strategy, the United States established a smart home smart manufacturing

Intelligent Home Furnishing, 2015, United States listed intelligent product model 80 balance, promote the construction of Internet platform Home Furnishing wisdom. Intelligent manufacturing, August 2015, beauty and global giant robots Japan Yaskawa signed the establishment of the joint venture agreement and set up a joint venture industrial robot and service robot joint venture company to

Especially worth mentioning is that in December 2014, the United States reached a strategic cooperation with millet, April 2015, the United States and Alibaba reached a strategic cooperation. In specific cooperation, the United States and the main product level of cooperation with millet, Alibaba and Alibaba mainly in marketing, supply chain warehousing cooperation.

For the United States, with the two major Internet Co to form an alliance, which means that more of the Internet to help and support, compared with the introduction of smart products, the Internet Co's entry can bring more help for the United states.

4 development of large logistics platform

In the United States in 2015 in the report, to promote the construction of the national logistics platform for the next focus, specific operations, the United States will seize the core channels to improve the weak market, to protect the business development, build a beautiful end to end logistics platform.

Currently the United States in Guangzhou has begun to push the pilot, the transformation of large logistics system. Beautiful try to put all the logistics under the flag of Andhra logistics to do, covering the trunk, branch, warehousing, let beauty products delivery to retail terminal, eliminating the need for agents of logistics.

According to the introduction, the idea of the channel under the big logistics is: the line is directly to the online retail store, online is directly to the end user's home. For the United States, the big logistics means that the United States before the United States only to do storage and trunk, and now need to add the extension, the entire logistics system needs to be changed.

Hidden risk

1 channel transformation risk

Reconstruction of the channel is a household electrical appliance enterprises priority, but in promote appliances channels flat, straight battalion at the same time, special situation under the line is more obvious.

Electricity suppliers channels to break the traditional provincial and municipal, county distribution and township franchise stores in the layers of business rules, directly to consumers. Electricity suppliers channels directly from the city to rural areas, to achieve the price of urban and rural markets, information integration. The living space of the line channel is greatly squeezed.

Under the impact of the price of electricity suppliers, home appliances store dealers are

For the United States, although the development of online channels is very important, but the line is also impossible to completely give up, how to balance the line and the line, will test the wisdom of the United states.

At the same time, because of their electricity supplier channels are relatively weak and beauty of the line the road to rely more on big business platform, how to maintain a balance with the appliance business channels, reduce the impact on its business platform transaction, is the beauty of the need to solve.

2 Internet management system is unknown

In order to enhance the internal activity and innovation, the United States introduced the Internet management system, the organization of flat reform. However, after all, the United States for the business entities operating entities, the introduction of Internet management system and the United States of America's real business is still need time to test.

For enterprises, good internal management system can improve the efficiency, but the bad management system also brings great harm to the enterprise. The United States is now promoting internal management reform, and the action range is large. How to combine the advantages of the Internet management system with the characteristics of household electrical appliance manufacturers, how to make the Internet management system to play a positive impact, but also the United States is facing the test.

3 market demand slowdown

The market demand slowdown is still a big background that can not be ignored, the United States has over the pursuit of scale effect, the effect is obvious in the rapid development, but in the present, the United States needs to change the practice, to seek a more sophisticated way of development.

Current home appliances to solve this problem is to try to retain users, the use of the Internet approach, hoping to get through the follow-up service, but the smart home is not yet mature, household electrical appliance enterprises operating capabilities also need to develop, but also with the cooperation of Internet companies are also stored in the user's attribution of unknown. For the United States, this approach is not the best answer.

Therefore, in the face of the overall weakness in the market situation, the United States how to dig a more effective way of profit, will be a test.

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