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Management Comments of Changhong Meiling's 2020 Semi-annual Board of Directors
The business review of Changhong Meiling (00052 1) Board of Directors in the first half of 2020 is as follows:

I. Overview

Under the influence of COVID-19 epidemic, the home appliance industry will face unprecedented challenges in 2020. Although the domestic economic situation improved in the second quarter, the impact brought by the first quarter was indelible, and the entire household appliance market remained pessimistic in the first half of the year. In terms of domestic sales, the decline in consumer income and confidence on the demand side and the downturn in the real estate market have curbed the purchase of home appliances; The competitive pressure on the supply side has obviously increased, and the price of products has continued to rise from decline. Coupled with the impact of epidemic prevention and transportation costs, the profitability of enterprises has obviously weakened. With the warming of "home economy", under the influence of factors such as the improvement of consumers' health demands and more rational consumption behavior, the product structure of enterprises is forced to accelerate adjustment, the product quality and service ability are accelerated, and the channel reform is accelerated.

On the export side, the global epidemic began to spread rapidly in March, and many countries began to take closed measures. Global trade activities have almost stagnated, and the uncertainty risk of Sino-US relations has increased, which has adversely affected the export of home appliance industry. With the cancellation or postponement of large-scale exhibitions, export enterprises are hindered from expanding new customers, and some countries have also adopted policies of restricting imports and imposing tariffs. In addition, the epidemic has also brought opportunities. The epidemic situation in major overseas manufacturing countries is still grim, and orders are gradually shifting to China. Demand varies greatly among countries, and product segmentation faces growth opportunities.

During the reporting period, the company took "one side and two points" as the guiding ideology, that is, taking commercial inventory as the core to drive supply chain, manufacturing and logistics. , improve the overall efficiency; Through benchmarking, we will export online and offline competitive strategies and product strategies that are highly matched with the market, and implement the annual business policy of "product leadership, marketing transformation, efficiency breakthrough and team activation". Faced with the impact of the epidemic, all business units of the company took the initiative to turn crisis into opportunity, effectively executed existing orders, and seized new orders by taking advantage of opportunities or policies, thus ensuring the safety of the supply chain and continuously improving the utilization rate of production capacity. In the first quarter, the company bottomed out, stopped falling and rebounded in the second quarter, and realized a net profit increase over the same period of 20 19, which has entered the normal production and operation track.

In the first half of 2020, the company achieved an operating income of 6.796 billion yuan, a year-on-year decrease of 25.59%; The net profit attributable to the parent company was-265,438+0,065,438+030, 600 yuan, down 486.74% year-on-year; Among them, the operating income in the first quarter of 2020 was 2.282 billion yuan, attributable to the parent company's net profit of -270.008 1 10,000 yuan, and the operating income in the second quarter of 2020 was 4.5010.40 billion yuan, attributable to the parent company's net profit of 59.87775 million yuan.

Two. Risks and countermeasures faced by the company (I) Possible risks and countermeasures In the second half of 2020, the household appliance industry as a whole is still facing a severe and complicated situation and unprecedented profound changes. At the same time, with the normalization of the impact of the epidemic, the market demand for home appliances will be further released in the second half of the year. Facing the objective factors such as more intense competition in the home appliance market, the living environment of enterprises will be even worse. The company will face risks such as weak macroeconomic growth, severe industry situation, intensified competition, rising costs, global COVID-19 epidemic, Sino-US trade war, new business model and the impact of the Internet era. In view of the above risks, combined with the industry situation in the second half of the year and the shortcomings in the first half of the year, in the second half of 2020, the company will seize the opportunity to turn crisis into opportunity and implement the business plan from the following aspects. (II) Business Plan for the Second Half of the Year Under the guidance of strategic planning, in the second half of 2020, the company will continue to carry out business management around "product leadership, marketing transformation, efficiency breakthrough and team activation", and each product line should do the following work in terms of market strategy: 1 Aiming at the domestic market of refrigerator and cabinet industry, the company will focus on "product leadership, channel transformation and organizational optimization", adhere to the strategy of "excellent products" with quality as the king and "explosion" with cost as the king, strive to create Meiling business cards in the "fresh, thin and clean" industry, and take products as the guide to promote product and technology leadership, cost and efficiency improvement; Through hard-core scientific and technological research, promote product iterative innovation, empower products and brands, create high-profit products with their own flow, and cooperate with omni-channels to form the comparative advantage of high-end products; Relying on the improvement of efficiency, through the focus of local products and the establishment of efficient lines, the competitiveness of products will be enhanced. In overseas markets, continuously optimize the product structure and strengthen the adaptability of product research and development to different regions; Sort out the strategies of core markets and core customers, and strengthen the ability to deal with different markets; Increase investment in brand teams and products, and continue to promote the construction of overseas own brands. 2. In the domestic market of air-conditioning industry, we will continue to promote the construction of base market, form a competitive mechanism to strive for the upper reaches, and build a channel system based on our own channels; Carry out model innovation in non-base markets and sort out the value chain. In overseas markets, focus on key markets and important customers to become bigger and stronger; Focus on developing countries and seek new business models; Fill the blank products in the market and improve product definition and service ability. 3. In the second half of the washing machine industry, the washing machine industry concentrated on effective channels to launch new self-produced rollers, focusing on the outbreak of large-capacity pulsators. Give full play to the core advantages of "one-button intelligent washing", "small volume and large capacity" and "thin and intelligent" of drum washing machines, and make full use of the press conference of self-produced drum washing machines to upgrade the overall category structure of Meiling washing machines. At the same time, relying on self-produced washing machines to lay out overseas business, expand ODM/OEM customers and achieve a rapid breakthrough in the scale of Meiling washing machines. 4. Kitchen and bathroom and small household appliances industries focus on the product line of "water ecological household appliances" to expand the influence of the industry. In the second half of the year, we will focus on promoting dual-brand technology and supply-side collaboration, enhancing technological advantages and bargaining power, and enhancing market competitiveness. Promote new marketing and build a live broadcast room, on the one hand, improve their live broadcast ability and store building ability, on the other hand, promote cooperation with the help of platform head star effect, realize brand exposure and increase sales. 5. Biomedicine unswervingly implements the development strategy of "diversification based on biomedical field", continuously promotes the deepening of life science business channels, product upgrading and quality improvement around the three business strategic layouts of life science, smart cold chain and family health, steadily promotes the expansion and channel extension of smart cold chain business based on life science channel system, and at the same time promotes the listing and channel system construction of family health products such as oxygen generators, and promotes the company's scale growth. The above business plans and business objectives do not represent the profit forecast of listed companies in 2020. Whether it can be realized depends on many factors, such as the change of market conditions and the efforts of the management team. There is great uncertainty, and investors should pay special attention to it.

Three. Analysis of Core Competitiveness (I) Brand Competitiveness Company is one of the well-known electrical appliance manufacturers in China, with many product lines such as refrigerators, freezers, air conditioners, washing machines and small household appliances. Meiling brand is listed as one of the most valuable brands in China. In recent years, the company has been reshaping its brand image, constantly innovating its core technologies, developing high-end intelligent products, and constantly building its brand core competitiveness. In reshaping the brand image, in order to continuously innovate the core technology, on the one hand, in order to meet the needs of industry and market development, the company constantly promotes the innovation of intelligent and frequency conversion technology and maintains the leading position in the industry. On the other hand, with the help of consumption upgrading, in order to meet the personalized, differentiated and diversified needs of consumers, Meiling returned to the essence of refrigerator preservation through the application of "water molecule activation preservation technology"; Through the research and development of comprehensive thin GLS integration technology, the "free embedding of refrigerator 1 cm" was pioneered to realize the trinity of thin body, thin box and thin door; At the same time, the original "multi-metal nano-catalytic odor purification technology" continuously purifies a variety of odor molecules through physical adsorption and chemical catalysis, and decomposes them into carbon dioxide and water, thus realizing long-term odor purification and active sterilization, realizing fast, good and clean odor purification of the whole refrigerator in ten minutes, and overcoming the shortcomings of slow odor purification speed, poor effect and short service life of traditional refrigerators; Through the research and development of three black technologies: cone-shaped bulging technology in inner barrel, inclined barrel stabilization technology and cloud disk condensation technology, the "extremely thin" drum washing machine was developed to provide users with a brand-new embedded experience scheme. The continuous innovation of the company's key core technologies highlights Meiling's professional ability. In the development of high-end intelligent products, product innovation is promoted through continuous technological innovation. In recent years, the company has successively released CHiQ intelligent series products, M fresh series refrigerators, M fresh comprehensive thin series products and extremely clean refrigerator products. Through the innovation of the above-mentioned high-end intelligent products, it has created three brand business cards: Meiling fresh, Meiling thin and Meiling net, which not only meets the market demand in time, but also enriches and enhances the brand image. Through the continuous upgrading of products to promote the remodeling of brand ability, Meiling will realize the rejuvenation, internationalization and specialization of brand image, and gradually build a beautiful place of origin, a beautiful life circle and a beautiful ecological circle, so that Meiling will become a more humanized white-light artist, a smarter scientific and technological expert and a more trustworthy life housekeeper. (II) Product Capacity For more than 30 years, the company has focused on the refrigeration industry and developed many different types of refrigerator products, including series products of three brands: "Meiling Meiling, CHiQ and Athena". It mainly includes "M Fresh" series fresh-keeping refrigerators equipped with water molecule activation fresh-keeping technology, "extremely clean" series fresh-keeping pure-flavor refrigerators, all-round thin-product extension 503 series refrigerators, CHiQ series high-end intelligent refrigerators and air conditioners, 0. 1 degree double-precision inverter refrigerators, North American air-cooled products, vertical display cabinets, YC-90EL low-temperature medical refrigerators, etc. In particular, the "extremely clean" series deodorizing refrigerators released by the company apply the "multi-metal nano-catalytic deodorizing technology", and the catalyst made of special technology effectively catalyzes the active oxygen generated by the air, quickly deodorizes and kills bacteria. The company has advanced and perfect R&D and quality assurance system, and passed the management system certifications such as ISO900 1, ISO 1400 1, OHSAS 1800 1. Our products are characterized by excellent quality and reliable performance. In terms of technology development, the company has a national technology center and a national industrial design center, and has invested heavily in basic technology research. In intelligent, air-cooled, fresh-keeping, clean taste, frequency conversion, thin-walled, cryogenic and other aspects, the company has advanced core technologies. In terms of product development, the company updated the annual product planning and development outline in combination with technical research results and consumption upgrading requirements, and the product structure was upgraded day by day. We have increased the development of high-end products such as air cooling, large volume, frequency conversion, intelligence, fresh-keeping, clean taste, thin-walled and deep cooling, developed competitive core products, and significantly upgraded the product structure. (III) Operating Ability The company continued to carry out the "benchmarking" work, and its internal management ability was continuously improved. A hierarchical sharing system with clear objectives, quantitative indicators, performance-oriented performance appraisal and sinking incentives was established to activate internal productivity. Take value chain management as the main line, constantly create value and enhance the competitiveness of the company. Constantly improve the internal control system and improve the ability to prevent risks. (IV) Marketing Ability The company has established a relatively complete sales network and service system, accelerated the marketing transformation, and realized the marketing transformation from product line-oriented sales management to channel and user-oriented services, and from single-product marketing to full-category marketing. Work around organizations, systems, systems, processes, account sets, etc., actively study smart trading models, and accumulate strength for subsequent development; By increasing investment in overseas own brands, marketing agencies, R&D bases and production bases, overseas markets will cooperate with internationally renowned home appliance brands and distributors to optimize customer structure and upgrade product structure, actively seize orders and explore overseas markets.