ã€GO ä½³ 居】 The latest news on April 9th, Gujia Household released its 2018 financial report. The data shows that Gujia ’s total revenue was 9.172 billion yuan, an increase of 37.61% year-on-year; of which, sofa business revenue was 5.144 billion yuan, with 56.08% of the total business .
List of key financial data:
1) The net profit attributable to shareholders of listed companies in 2018 was 989 million yuan, and the net profit after deducting non-recurring gains and losses was 818 million yuan, an increase of 34.05% over 2017.
2) In 2018, Gujia Household increased its investment in marketing and promotion. Among the sales expenses, the advertising expenses were 429 million yuan, and the participation expenses were 107 million yuan.
3) At present, Gujia Home Furnishing's channels have been exported to more than 120 countries. A total of 6,076 brand stores (including the acquisition of brands) have been established at home and abroad, nearly double the 3,500 stores in 2017.
Yiou understands that Gujia Home is mainly engaged in the research, design, production and sales of high-end soft furniture products in guest restaurants and bedrooms, including sofas, soft beds, dining chairs, mattresses, etc., of which sofas are the main products. In order to enrich Gu's overall product line and meet consumers' one-stop shopping needs, Gu's home breaks through the limitation of traditional furniture companies selling individual products, and increases supporting products. Suppliers purchase tea table, TV cabinets, dining tables and other supporting products and sell them externally.
In October 2016, Gu Jia was listed on the Shanghai Stock Exchange, accelerating business development at home and abroad. At present, Gujia Home has 6000 brand stores, more than 90% of which are dealer stores, providing protection for the sinking of product channels.
Gu Family Home's 2018 financial report chart analysis
Judging from the overall income of Gujia Household, the overall revenue growth of Gujia Household's overall business has remained above 30% in the past three years. Among them, independent brands' revenue was 7.361 billion yuan, and other brands contributed 1.348 billion yuan.
Domestic revenue still accounts for the main proportion, and overseas business growth is also very obvious. In 2018, Gujia Home made a relatively strong overseas development, acquiring German top home brand Rolf Benz, export mattress brand Delandis Xibao, and Italian high-end home brand Natuzzi to form Vietnam production Base project team, etc.
Secondly, sofas are the main source of revenue for Gu's home furnishing, and the business is growing rapidly, among which the newly-added custom furniture and mahogany furniture business have also increased to a certain extent.
From the perspective of gross profit margins of various categories, Gu Jia Household's gross profit margins of various categories have declined due to the increase in raw material costs in the past two years.
Earlier, Io think tank made a comparison with another sofa brand, Minhua Holdings Zhihuashi. Gujia home sofas are mainly leather casual sofas, and leather procurement costs account for a large proportion, which is negatively related to the overall gross profit margin.
High revenue did not bring high net profit. Yiou found the composition of Gujia Household ’s operating costs in recent years, with the largest share of sales expenses. In 2018 Gu's sales expenses, used for marketing to obtain customers, advertising and promotion costs of 429 million yuan, participation costs of 107 million yuan. Similar to other home building materials companies, Gu Jiafu ’s annual research and development efforts are much lower than advertising marketing. Whether it is from the proportion of personnel structure or the cost of sales and management expenses, the focus of home furnishing companies is still on the marketing side, while for products Insufficient investment in R & D and innovation.
The global soft furniture concentration is low, Chinese brands are concentrated in the high-end market
Since the 1980s, global furniture production has shown a trend of continuous transfer from industrialized countries such as Europe and the United States to Asian developing countries and regions. According to CSIL statistics, China ’s total output value of upholstered furniture was approximately US $ 31.85 billion in 2016, which has become the The first soft furniture production country and consumer country. The top five soft furniture manufacturers in the world are China, the United States, Poland, Germany, and Italy. Due to the obvious national and regional characteristics of the soft furniture brands, the global soft furniture industry has low concentration and full market competition.
In China, in addition to listed companies such as Gujia, Minhua, and Xilinmen, there are also mainstream brands with certain historical development, such as furniture and mousse. However, the current pattern of China's soft furniture market belongs to regional brands, and SMEs dominate. The products of small enterprises are mostly concentrated in the domestic low-end market, and the phenomenon of product homogeneity is more serious. The large enterprises with brand influence, channel advantages and scale effects are mainly positioned in the mid-to-high-end market.
Changes in China's software furniture consumption outlook, spring in the mid-to-high-end market
With consumption upgrades and economic growth, consumers' demand for upholstered furniture has begun to change from the durability and practicality of the past to more aesthetic and personalized, including one-stop services for buying multiple categories in one store.
In 2018-2020, Gu Jia said that it will continue to promote the integration of online and offline O2O integration and lay out omni-channel retail; lay out the four-tier channel system of the channel to achieve channel transformation and enhance competitiveness; lay a solid foundation for customized business and achieve qualitative growth , Lay a good foundation for the future of the whole house; promote the digital operation of the entire value chain products, especially the terminals must realize digital 3D modeling.
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