Wen Shiquan, Chairman of Yifeng Furniture
[Reporter] The theme of this interview is the big home. Now many companies are adjusting to the current market conditions, such as extending on the product line, expanding the product category, or connecting the series in the vertical and downstream chains. Home is such a form, and now many companies are doing this. I don’t know what you think about big home.
[Wen Shiquan] I have the strength to extend my product line and diversify. I agree. For me, the Italian style is more specialized. The main product of Yifeng is panel furniture. In fact, we only do 1/10 of the board furniture we want to do, 9/10 of the future, we plan to use 10 years, 20 years. Putting specialization for a while, if we really need to extend the product line, we will definitely do it, but that is not what we need. If it is the market demand, it will have a great impact on us. We will also do such things. . Including many companies in Beijing now open independent stores, I agree, this is all right.
In the past, it was after 60s and 70s, and now it is the main product after 80s. I feel that these young people have grown up. Their demands for home are very high. I think that what I want to do in the future is to suit them and serve them well. Moreover, I suggest that young people buy furniture and don't buy it all at once, because the current house is basically a small apartment. It is easy to put too much furniture in the room, and it is very crowded, so I suggest that we are interested. The customer step by step, first buy some basic use, and then with the increase of their own supplies, and then add furniture accordingly. Yifeng furniture will not change its color within 15 years, and there are many new models every year. The range of options is very large.
[Reporter] The theme of this year's annual meeting is also the ecological chain of the home industry.
[Wen Shiquan] I understand the ecological chain, I think China should promote panel furniture. Because the utilization rate of panel furniture wood is 95%, and the solid wood is 30%, and the panel furniture is not painted, then the environmental protection performance is higher, wear resistance and scratch resistance. I think the ecological chain is to make rational use of various resources, wood, and iron ore to make full and reasonable use. To achieve low carbon, energy saving and emission reduction, we feel that the contribution of panel furniture is the biggest.
From the time I contacted furniture to the present, I feel that the furniture industry is developing at an unhealthy pace, but from the perspective of the speed of development in our country, the unhealthy development of the home industry is also normal. But now the threshold is a bit low. Through this financial crisis, including the macro-control of real estate, I think the reshuffle is particularly large. I can't predict the percentage of dozens, but by the end of next year, a large part of the company will disappear, and now we can feel it. When the sales situation was particularly good, the rent of Beijing Furniture City was reasonable, but now the sales are unreasonable. In this case, can small furniture companies withstand such pressure, if the ecological chain, Now is the absolute process of shuffling. It has been a few months since this, and this is the heaviest time I have been in the furniture industry for the past 16 years.
[Reporter] It has already entered the end of the year. What I want to ask you is, what are the biggest things about our Italian style in 2010 this year?
[Wen Shiquan] a lot. I think the biggest thing is the macro regulation of real estate. Macroeconomic regulation and control said that the second and third-tier market prices are equal to less than five or six thousand dollars. I think the impact is not big. Like Beijing, Shanghai, Shenzhen, Guangzhou, including Hangzhou and Nanjing, the real estate prices in these cities are 15,000, an average of one. In the place of 50,000 to 20,000 yuan, the sales volume dropped a lot. Especially in Beijing this year, after the adjustment in April, it sold well in May. From June to now, I know many home cities, there are many brands, and absolutely More than 50% to 60% is losing money. In this process, I feel that some home cities, chain enterprises, like Reality and Red Star, have a relatively large amount of activities, and they have relatively high support for manufacturers, including engaging in activities, and returning a lot of funds for their return. Their stores are relatively good at sales. a little. If the traditional store is not enough to promote the overall promotion, the impact will be even greater if the promotion is smaller.
I feel that this year is the coldest year for the overall Beijing home furnishing industry and the biggest event. The SARS incident in the past did not affect more than 20 days. The financial crisis in 2008 affected three months, and it has been six or seven months now, and it is still far away. We have high prices and low prices. We certainly hope that it is low. This rigid demand can actually do better. But we are most afraid of the lowest volume. Now the transaction volume is too low. For Yifeng Home, now it has reached a price of a trough, 20% off, so many years, the lowest time is 5% off, why? It is also for the market to benefit the most consumers, because when sales are difficult, we can only minimize profits. The biggest event of this year is the impact of real estate macro-control, which has a great impact on us.
[Reporter] Many home furnishing companies are now taking advantage of discounts to attract more consumers. You think that you just mentioned that we have already hit a 20% discount, which is almost the price we can play...
[Wen Shiquan] is the limit.
[Reporter] What kind of form do you think further market competition will be presented?
[Wen Shiquan] should indicate that the annual macro-control of the country will also be greatly reduced. The country’s determination to macroeconomic regulation and control is great. For the control of housing prices, I think the government is absolutely capable of controlling. This process is to reshuffle the industry. The brand is more focused on a few better companies. But this process is the most bitter. For example, we all know that now we are releasing the land, that is, the country has finished the land. Everyone has completed the formalities and built a house for one year, indicating that the year should be colder. There are many enterprises in this process, that is, enterprises that many enterprises cannot hold on. It will clear the inventory, and some enterprises can't do it. If they can't do it, they will clear the inventory. In the process of clearing the inventory, the price will be sold at the cost price. But what is the advantage? What is the lack of a process to quickly reshuffle the market economy? This company sold out this product, the company has no, it is not a good service, followed by a quality assurance service. So this is a harm to the company that we always want to make furniture as our life's career, but there is no way. It can be understood that the market is not likely to be good or bad in the process of shuffling. It is a relative. The situation is also unlikely to be unaffected. Therefore, we now feel that we are doing fine and hard work. After shuffling, it is also a good thing for us to develop for a long time.
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