Feike Electrical Appliances is facing severe torture and sustainable development

With an excessively high outsourcing ratio, low R & D investment, and generous advertising, as products continue to be on the black list for quality inspection, the small household electrical appliance company Shanghai Feike Electric Co., Ltd. (hereinafter referred to as "Feike Electric", 603868.SH ) Faced with severe torture of sustainable development.

According to incomplete statistics from the reporter of China Business Daily, since June 2017, Feike curling irons, Feike sweeping robots, Feike razors and other products have successively been on the black list of the quality inspection department. The quality control capabilities of the company have been questioned by the industry. At the same time, according to the main business income statement in the financial report of Feike Electric, the company relies heavily on the two major products of electric shavers and hair dryers. Once the electric shaver and hair dryer industries undergo adverse changes or intensify competition, All may cause the company's performance to decline.

Industrial economic commentator Hong Shibin believes that whether a product has core competitiveness is the basis for measuring whether a company can be long-term, and Feike Electric has always been the main "low-priced brand", but it ignores the core technology and quality, and only rely on big promotion It is difficult to achieve long-term effects with propaganda.

In response to the above issues, the reporter called Fei Ke Electric Acting Secretary of the Board Jin Wencai, as of press time, no reply.

Single product

According to the data, Feike Electric was founded in 1999. It is a non-regional group enterprise specializing in the research, development, manufacturing and sales of razors and small household appliances. Its total registered capital is 100 million yuan. On April 18, 2016, Feike Electric was successfully listed on the Shanghai Stock Exchange.

In less than two years since its listing, Feike Electric has achieved remarkable performance. In 2016, Feike Electric achieved operating income of 3.36 billion yuan, a year-on-year increase of 20.89%, and a net profit of 610 million yuan, a year-on-year increase of 22.23%; in the first half of 2017, it achieved operating income of 1.723 billion yuan and a net profit of 379 million yuan, an increase of 19.04 year-on-year respectively %, 53.93%; in the first three quarters of 2017, operating income was 2.663 billion yuan, an increase of 14.4% year-on-year, and net profit was 599 million yuan, an increase of 42.77% year-on-year.

However, behind the growth of profits, the reporter noticed that the problem of excessive concentration of Feike electrical products cannot be ignored. In the first half of 2017, the company's electric shavers and hair dryers achieved operating revenues of 1.198 billion yuan and 222 million yuan, respectively, accounting for 82.5% of the company's main revenue; in 2016, the operating income of electric shavers and hair dryers Respectively, 2.26 billion yuan and 538 million yuan, accounting for 83.3% of the main business income.

Obviously, Feike Electric is also aware of this problem. The company once pointed out in its annual report that in order to enhance its core competitiveness and seek new profit growth points, it will vigorously expand the product categories of household appliances, including humidifiers and air purifiers. , Health scales, vacuum cleaners, etc. However, some analysts believe that at present, there are too many companies that want to compete in the small home appliance market, and Fei Ke's road to diversification may not be smooth.

"For Feike, diversification is the way to go, because after two years of operation, the two major care products, electric shavers and hair dryers, have reached their peak and can no longer support its sales scale demand. Therefore, Feike Electric We must seek a way out through horizontal development. "Industrial economic commentator Hong Shibin believes that the diversified thinking itself is no problem, mainly depends on the future positioning of Feike Electric, whether it is" small and beautiful "or" big and strong. " "From the current situation of the company, it is more difficult to be big and strong, and it is not a small challenge for enterprises to have both profits and scale."

Industrial economic observer Liang Zhenpeng expressed concern about the diversified prospects of Feike Electric in an interview with reporters. "In the process of diversified layout, we must first achieve the top three or top five in each industry, and then it is necessary to carry out the layout of the next product line. If multiple product line layouts are carried out at the same time, and these product lines are in If the industry is not upstream, it will be difficult to achieve scale effects. "

Quality Control Absence

It is worth noting that in the process of exploring the diversified path of Feike Electric, product quality control is also a big problem. Feike Electric's production model is a combination of independent production and outsourced production. Some products are self-produced and some are outsourced to other manufacturers.

According to the 2016 annual report data, the purchase cost of small household appliances outsourced by the company was 1.391 billion yuan, accounting for 66.61% of the total cost for the period. Among them, the purchase cost of electric shaver outsourcing was 612 million yuan, and the purchase cost of hair dryer outsourcing was 366 million yuan.

In Liang Zhenpeng's view, it is not his own factory. It is difficult for brands to strictly control all aspects of the procurement and production outsourcing, so it is prone to quality problems.

The reporter combed and found that on December 26, 2017, the official website of the Ganzhou Industry and Commerce Bureau released the results of the 2017 quality inspection of small household appliances in the circulation field, including the Feike electric shaver produced by the nominal "Shanghai Feike Electric Co., Ltd." FS623 was judged to be unqualified because the logo and description did not meet the standard; in November 2017, the Shanghai Consumer Protection Commission released the test results of 25 intelligent sweeping robots. A model of Feike Electric Appliance FC9601 was in the test process. A failure occurred; in June 2017, the "Special Supervision and Result of Six Product Quality Supervision Inspections of Guangdong's Skin and Hair Care Appliances in 2016" published by the Guangdong Quality and Technical Supervision Bureau showed that the Feike curling iron was continuously harassing the voltage. Failed.

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