Home / News / The performance of the three giants of small household appliances is uneven, and the revenue of Subor is slightly lower, and the profit of Beiding is significantly lower

The performance of the three giants of small household appliances is uneven, and the revenue of Subor is slightly lower, and the profit of Beiding is significantly lower

In 2022, the retail sales of the whole small home appliance market showed a downward trend, but the performance of small home appliance enterprises in the same industry was double.

On February 16, Bear Electric, which is positioned as a cost-effective company, released its performance report. In 2022, its revenue of 4.12 billion yuan increased by 14.1% year-on-year, and its net profit attributable to the parent company of 370 million yuan increased by 31.2% year-on-year; Beiding, which takes the high-end route, saw a single-digit decline in its revenue of 800 million yuan last year, and its net profit attributable to the parent company also fell by more than 56% year on year; In the same period, the revenue of the old small household appliance giant Suber declined slightly, and the net profit attributable to the parent company is expected to increase by less than 10% year on year.

On February 17, a reporter from the China Times called the Secretary Office of the Board of Directors of Xiaoxiong Electric Appliances as an investor. The relevant person said that one of the reasons for the growth of the company's net profit last year was to optimize the product structure. The specific measures were that the company raised the average sales price of the entire product last year by using better materials and design sense, and the sales proportion of products with high customer unit price increased. Beiding also told the reporter of China Times on the same day: "In 2022, overseas business and domestic business will be greatly affected by the overall environment, and enterprises as ToC will be very directly affected. In 2023, the company will mainly make some adjustments in the channel and product direction, focus on the research and development of electrical products, and will carry out more product line research and development than the same period to ensure the acceleration of the overall product launch speed. Compared with 2022, 2023 will pay more attention to profitability and overall efficiency "

Performance is different

The performance of three small household appliance enterprises that have released the 2022 performance express report or performance forecast, namely Xiaoxiong Electric Appliance, Beiding Co., Ltd. and Suber, has significantly widened the gap last year.

Among them, after the revenue and net profit of Xiaoxiong Electric fell at the same time in 2021 due to the rise of raw material prices, the above two data could resume growth in 2022.

Xiaoxiong Electric said in the announcement that the revenue growth was mainly due to the company's strengthening of traditional categories and expansion of emerging categories. The growth of net profit is mainly due to the joint influence of factors such as the increase of company scale, the optimization of product structure and the periodic fall of raw material prices.

On February 17, the relevant person of the Secretary Office of the Board of Directors of Bear Electric said in the above-mentioned telephone that traditional categories refer to traditional categories such as pots and pans, which contribute more to the growth scale; Emerging categories include mother and baby, household and western-style categories represented by air frying pan, with a higher growth rate.

However, compared with the double-digit growth of annual revenue and net profit before 2021, the growth rate of Bear Electric last year did not continue. For example, in 2020, the growth rate of Xiaoxiong's revenue and net profit reached 36.2% and 59.6% respectively.

Unlike Bear Appliances, which mainly sells its own small home appliance brands through domestic online channels, the overseas OEM business accounts for one quarter of the main business of Beiding; The main sales channel of Subor comes from offline. This is also one of the reasons why the performance of the two companies in the past year was significantly different from that of Bear Electric.

Among them, Beiding Shares, which has a higher gross profit rate in the industry, although it still maintained the growth of revenue and net profit in 2021, both of these data fell year-on-year in 2022.

According to the performance report, Beiding's revenue from overseas OEM business decreased by 41.6% year-on-year last year; The domestic independent brand business, which accounts for more than 70% of the revenue, also achieved only about 2% growth.

Beiding said in the announcement that the reason for the decline in revenue last year was that the current overseas demand remained at a low level, resulting in a large proportion of the decline in revenue from its OEM business; The proportion of direct sales of domestic business brands is relatively high, which has borne the more direct impact of the epidemic. The pressure on its profit last year also came from the fact that the cost of raw materials remained at a high level and the utilization rate of production capacity was reduced; And the impact of many factors such as high investment in product research and development, offline store layout, etc.

In 2022, the revenue of Subor also decreased by 6.56% over the same period. Suber explained in the announcement that its export business had a certain decline in the number of orders from SEB last year in order to manage and control the inventory level of local channels due to the high inventory level of its main customer SEB Group.

Liang Zhenpeng, an analyst in the household appliance industry, analyzed the reporter of the China Times and believed that the reason for the large gap in the performance of the three enterprises in the past year was that Beiding was not well known as a domestic brand and its sales volume was always limited. In addition, part of Beiding's business is OEM. When the price of raw materials in the household appliance industry rises, the net profit of such enterprises will be more affected. After being acquired by the French SEB Group, Suber has relied on its brand effect for many years, and its market style has always been stable and conservative, with insufficient development momentum and growth momentum.

Significant price increase of small household appliances in 2022

AVC believes that 2022 should be the "callback year" of kitchen appliances, but due to the impact of external environment, the market scale callback is not satisfactory.

According to the statistics of the above institutions, the retail sales of 13 categories of kitchen household appliances, including rice cookers, induction cookers, electric pressure cookers, air fryers, decreased by 6.7% year-on-year; Retail sales decreased by 12.7% year-on-year.

Liang Zhenpeng believes that the reason for the decline of retail sales in the small home appliance market last year is that the sluggish consumer market has restrained consumers' willingness to buy; At present, the small home appliance market has been very saturated, with serious overcapacity. On the whole, the development speed of the small home appliance market has been very slow, leading to a decline in domestic sales.

However, the kitchen appliance industry is not without bright spots in a downturn. Ovi Cloud believes that small kitchen appliances have quietly undergone qualitative changes under the relatively low consumption environment. That is, the label of "low unit price and low threshold" for small kitchen appliances may be removed, and consumers' willingness to pay a reasonable premium for higher-quality goods is increasing.

From the perspective of data, the average retail price of kitchen appliances in 2022 did increase significantly for the first time since 2016.

According to the data of Ovi Cloud, even under the background of substantial growth of raw materials in 2021, the average price of kitchen small appliances did not fluctuate much, but in 2022, the average online retail price of 13 categories of kitchen small appliances increased by 9.7% year-on-year, the largest increase since 2016.

Liang Zhenpeng believes that at present, the consumption upgrading and product structure upgrading of the small home appliance market are obvious, and the industry is constantly transforming to high-end and intelligent. Almost all small home appliance enterprises hope to make a breakthrough in the high-end market, because it means higher gross profit rate and higher product added value.

Beiding told the reporter of China Times that the company's pricing strategy is internal automatic adjustment under the condition of maintaining a relatively stable gross profit and hoping for a more stable rate, and will not be adjusted according to the fluctuation of product prices in the market.

For small kitchen appliance enterprises that originally targeted high cost performance, will the price increase affect product sales? The relevant person from the Secretary Office of the Board of Directors of Xiaoxiong Electric said in the above telephone: "The company will not worry about the impact on sales due to the rise of the unit price of customers, because the company made the adjustment of its business strategy on the basis of investigating the demand for consumption upgrading of the new generation of young people after 95 and 00. Now consumers are more willing to pay a certain amount of premium for high quality, high beauty and high product experience."

At the same time, he said that compared with 2022, the demand side situation has not changed significantly. However, it is expected that in 2023, the market competition and demand side of small kitchen appliances will be better than in 2021, and the price pressure of raw materials will be much less.

Yan Leyu, the research director of the small household appliance business department of AVC, also accepted the analysis of the reporter of the China Times that the impact of the overall macroeconomic downturn on the kitchen small household appliances in the future is a combination of advantages and disadvantages. The rapid reduction of consumer willingness will, to a certain extent, restrain consumers from updating the iteration frequency and purchasing the budget of high-end small household appliances, which will have a certain inhibitory effect on market development. However, reducing eating out and saving expenses will increase the use frequency of small kitchen appliances, which will drive the new and updated iterations of products and improve the overall scale. She predicted that the development of the small home appliance industry in the later stage would be between the advantages and disadvantages, and the scale would remain relatively stable and flat.


Shaoxing Shangyu Hoping Electric Appliance Co., Ltd