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Development status and future operation of the furniture manufacturing industry

Updated: 10/21/2015 11:39:31 By Guangdong shunde furniture

Furniture manufacturing industry as the manufacturing industry sub sectors, the overall performance characteristics for the less the number of listed companies, total market value of the small, but "the sparrow is small, be fullies equipped", furniture manufacturing industry has a complete industrial chain and mature sales model. This article focuses on the development of the furniture industry and the characteristics of the industry, and summarizes the improvement of the industry's supervision of a few suggestions.

Development status of the furniture industry

Furniture manufacturing is a made of wood, metal, plastic and other materials, with sitting and lying, by leaning, and storage, interval and so on. It can be used in houses, hotels, offices, schools, etc. any place for a variety of products manufacturing and related activities in the industry. According to the manufacturing materials, furniture manufacturing sub wooden furniture manufacturing, bamboo and rattan furniture manufacturing, metal furniture manufacturing, plastics manufacturing furniture and other furniture manufacturing; according to the degree of standardization, furniture manufacturing industry can be divided into finished product furniture manufacturing, system of artisanal furniture made furniture and custom manufacturing three.

(a) the development of global furniture manufacturing industry

Since 1990s, the global economic recovery, the development of the world's countries in the construction industry and the improvement of people's life, so that the rapid growth in the demand for furniture. Furniture manufacturing industry has developed from the traditional handicraft industry to become one of the most important industries in the process of mechanical production, which can meet the needs of economic construction and people's life.

1 global furniture consumption. Furniture is an indispensable daily life of human life, with the improvement of people's living standards, people's demand for furniture is becoming stronger and stronger. In terms of consumer areas, according to recent statistics, the world's major powers of the annual per capita household consumption were: Germany 317 U.S. dollars, U.S. $240, $225 in Japan, China's $80, China's per capita consumption of furniture is the United States 1/3, Germany's 1/4. In consumer type, furniture consumption around the world divided into two categories: a class is home furniture. The other is furniture of government agencies and organizations, the ratio is about 50%.

2 global furniture production. According to statistics, in 2011 the world's total output value of 616000000000 U. S. dollars, according to the value of the ranking of China, the United States, Italy, Germany, Japan, France, Canada, the United Kingdom, etc.. Total output value of high income countries accounted for 58% of the total output value, the total output value of the furniture in low and middle income countries accounted for 42%.

Global furniture production value distribution

3 global furniture trade. In recent years, the world's total annual trade volume of about 110000000000 u.. The main importing countries are the United States, Germany, France and the United Kingdom. The United States imports from $15000000000 to $26000000000 in 2000-2007. Since then, by the impact of the U.S. financial crisis, furniture imports from 2007's $24000000000 down to $26000000000 in 2008. Until 2010, the quantity of imported furniture recovered America. Furniture exports are the largest countries, China, Italy, Germany and Poland. China's furniture exports increased from $3565000000 in 2000 to $27615000000, after the impact of the financial crisis, fell to $25958000000 in 2009. Until 2010, exports have recovered, reaching $33724000000, in 2011 was $38800000000.

(two) the status quo of China's furniture manufacturing industry

Since the reform and opening up, China's furniture industry has been developing rapidly with the increase of disposable income of Chinese residents and the acceleration of urbanization. At present, the output value of China's furniture has occupied 25% of the world's furniture, and has become the first furniture manufacturing country and consumer countries.

1 general situation of China's furniture manufacturing industry

(1) industrial scale in the consumer goods industry. China's furniture industry size and output has been stable growth in 2013, the furniture industry scale enterprises 4716, the total completed the main business income of 646275000000 yuan, an increase of 14.30% compared to 2012. At present, the furniture manufacturing industry has become the fourth largest consumer goods industry after housing, automobile and food. 2005-2012 years, China's furniture industry, industrial production value, the size of the total industrial production value and its growth, as shown below:

(2) regional distribution is more concentrated. China's large-scale furniture companies are mainly concentrated in Guangdong, Zhejiang, Fujian, Sichuan, Shandong and other places. Has been formed in the Pearl River Delta, Yangtze River Delta, Bohai, West and northeast of the five major furniture manufacturing regions, these five regions accounted for the total output value of China's furniture industry are: 15%, 10%, 10%, 50% and 5%.

(3) a new change in the pattern of export. Affected by the global economic recovery, China's furniture industry in 2013, the export pattern has changed, emerging markets become bright spot. 2013, the United States, the European Union, Japan's three major traditional markets totaled $27752000000, an increase of 2.02%, accounting for 52.26% of total exports, a decrease of 2.2% over the previous year. Overall growth in emerging markets overall growth rate, which for the FTA and the BRIC countries exports 11767000000 U.S. dollars, an increase of 27.17%, the contribution rate of new export value reached 79.86%, pulling the whole industry exports increased by 5.03%. 2013 the main international market of the furniture industry is the main international market situation as shown in the following table:

(4) the industry concentration is low, the small and medium-sized enterprise is more. Despite the rapid growth in the industry, China's furniture industry is still a number of problems, such as the size of the proportion of enterprises is not high, small and medium enterprises, the industry's lack of leadership brand.

2 the development of China's furniture manufacturing industry listing Corporation

According to the China Securities Regulatory Commission for the classification of the listing Corporation industry, A shares a total of 7 furniture manufacturing companies. The number of furniture manufacturing industry is small, but also reflects the furniture industry, although the market is huge, but the industry concentration is low, the quality of the enterprise is less, and the characteristics of small and medium enterprises. Seven listed companies, which holike Sofia and mainly engaged in the manufacture of custom wardrobe, main Xilinmen mattresses, permanent arts shares main products for office chairs and massage chairs. And some upstream enterprises engaged in wood products processing, for example, Shengda forestry, early mainly engaged in wood products processing, try to cabinet product development and sales.

Two, furniture industry characteristics, business model

(a) industry characteristics

Furniture manufacturing as the middle reaches of the industry, its upstream is mainly wood, metal, plastic and other manufacturing industries, downstream for commercial or consumer, which also determines the characteristics of some of the furniture industry:

1 related to real estate industry. Furniture manufacturing industry and the real estate industry has a certain relevance, the real estate market regulation will have an impact on the furniture manufacturing industry. There are two reasons: first, from the point of view of the reasons for the consumption of furniture, real estate sales of furniture consumption is higher. Data shows, decoration or housewarming reasons resulting in furniture consumption more than 65%, breakage and style were accounted for 12.37% and 18.56%, demand for replacement of the material is only 4.1%. Two is the purchase of the main force of the young people of their furniture consumption accounted for a relatively high. According to the age of household consumption, the age structure of household consumption group tends to be younger. According to the survey data from the housing research center, 25-30 years of age accounted for 40% of the total population, 30-35 years of age accounted for 26%, 35-40 years of age accounted for 13%, and the rest accounted for a relatively small.

2 raw material costs account for a large share of business costs. Furniture industry is a material intensive industry, the direct material to the main business cost of the larger. Main raw materials for production of furniture for the fiber board, wo Xiang board, aluminum profile, blinds, hardware accessories, etc.. For example, Holike disclosed in its prospectus, 2011-2013 and 2014 1-9 months, the proportion of direct material to the main business costs are higher, respectively, 82.07%, 78.70%, 80.29% and 80.69%, therefore, the direct material on the main business costs of a greater impact. Xilinmen, for example, the cost of raw materials, auxiliary materials and packaging materials are the main factors which affect the main business cost, 2009-2011 raw materials and packaging costs accounted for the main business cost 86.33% and 82.93% and 80.26%. Therefore, the direct material price changes will have a greater impact on the profitability of the industry.

3 production and management of seasonal characteristics is more obvious. By the purchase of commercial housing, improve the demand for decoration and other factors, the production and operation of the furniture industry will have a certain seasonal, especially large furniture sales revenue and cash flow is a certain seasonal fluctuations, industry product sales season is generally in the second half. To Holike, for example, 2012-2014, the main business income of the main business revenue in the first half of the year accounted for 61.78%, 68.40% and 60.34%. The mattress and other small pieces of furniture, for the holiday sales season.

(two) business model

Overall, the domestic furniture industry mainly has two kinds of independent brand and OEM management mode.

1 independent brand business model. Independent brand management mode usually includes design research and development, procurement, production and processing, wholesale and retail several links. Sales is the focus of furniture business, directly related to the profitability and brand effect of furniture enterprises, and the strength of the sales ability is mainly depends on the optimization of the sales model and the construction of sales channels. Specific sales model has two kinds: first, the direct chain mode, direct investment in the creation of retail outlets, retail outlets and the implementation of unified management; the two is a franchise model, the production of their own brands, trademarks, etc. in the form of franchise to join the contract, and may give franchisee personnel training, business management and other aspects of help.

Sales channels include furniture stores, individual stores, department stores, supermarkets, exhibitions and the Internet, including large furniture stores due to their professional, diversity and a one-stop service, is becoming the most important retail channels of furniture.

2.OEM model. OEM mode, which is commonly referred to as "OEM"". At present, the international home brands with the world's sales channels and brand advantage to occupy the high-end mainstream furniture market, the OEM mode to enter the international home brand supply chain system, and become an effective way for domestic furniture manufacturers to develop international routes. Process, the supplier qualification approval generally require about 1-2 years, and then through a period of small quantities after the test can be formally become its suppliers. Furniture manufacturers once through the final approval of the supplier qualification, will be incorporated into the global supply chain of international famous furniture brands, the two sides form a long-term, stable strategic cooperative relations. A typical representative of the OEM mode for Xilinmen, Yihua timber etc., which Xilinmen from 2009 to 2011 OEM mode to realize the income accounted for the company's main business income ratio to achieve an average 43.76%.

(three) industrial policies and regulations

Furniture manufacturing industry belongs to the complete competition. Its competent authorities for the State Ministry of industry and information technology, industry and technical supervision departments for the State Administration of quality supervision, inspection and quarantine. National industrial and information department, the State Administration of quality supervision, inspection and quarantine is responsible for the macro control of the furniture manufacturing industry. Related industrial policies, industry standards are as follows:

Three, related regulatory thinking

(a) in order to further deepen the supervision of information disclosure of the furniture manufacturing industry in order to deepen the supervision of information disclosure in the furniture manufacturing industry

1 to strengthen the business model of the disclosure. The different business models of the furniture manufacturing industry have different effects on the confirmation of the company's revenue and the turnover rate of capital. Therefore, the operating mode of the disclosure of the listing Corporation to understand the operating characteristics, the risk of a great help. Specifically, independent brand business model, listed companies disclose different sales channels of sales, the company stores the number of and future shop shop area plan, single store sales, store sales. OEM mode requires companies to further disclose the terms of the relevant supply contracts, the dependence on different customers, domestic and export situation.

2 pay attention to the change of raw material cost and disclosure. Raw material costs accounted for about 80% of the cost of the furniture manufacturing industry, the price of raw materials for the listing Corporation's profitability, sustainable development ability. Therefore, the furniture industry listing Corporation information disclosure supervision, in particular the periodic report review, the need to focus on the changes in the cost of raw materials for the listing Corporation, the degree of concentration of buyers, and bargaining power of buyers.

3 focus on environmental protection requirements and employee protection. Furniture industry, especially the wooden furniture industry has been the problem of pollution has been the concern of public opinion. State Administration of work safety on wooden furniture company survey showed that in the inspection of enterprises, 89% of the enterprises of benzene exceeded, 76.9% of enterprises formaldehyde exceeded, exceeded 70% of the enterprises of aniline, the highest exceeded 100 times. The existence of pollution of furniture on the enterprise workers, consumers are serious damage. After the implementation of new environmental laws, daily penalty standards allow enterprises to feel a strong pressure. In addition, in 2014, Beijing began to carry out the furniture manufacturing enterprises to carry out environmental protection technological innovation, substandard enterprises will be cleared out of Beijing. In such a background, the furniture industry fully disclosed to comply with the national environmental protection, employee occupational disease prevention policies and regulations of the specific practices, future improvement plan has a particularly important practical significance.

4 refinement and industry related accounting policy disclosure. Disclosure of accounting policy is the basis for investors to understand the accounting information and financial information of the listing Corporation. In the same industry, the business model is similar, the business characteristics of the same, in the implementation of the accounting policy should have a similar place. For the furniture industry, inventory valuation method, depreciation impairment provision method of company profit influence, should be disclosed in detail; under different operating modes, income confirmation point, the cost of node point may vary shall require the company combined with the company's specific business model to be disclosed; in addition, part of the region's special policy, for example, the implementation of the Beijing City furniture "with old change new policy may have an impact on the relevant accounting treatment and financial status, shall also be disclosed.

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