New Trends in the Kitchen Electric Industry from the Financial Reports of Listed Companies: Slowing Revenue Growth of Enterprises

Recently, multiple listed kitchen appliances companies have released their first quarter financial reports, indicating that market demand is recovering this year, bringing certain new opportunities to enterprises. However, due to the long-term impact of the epidemic and the complex and ever-changing economic situation at home and abroad, the growth of enterprise revenue has significantly slowed down. With the continuous upgrading of consumption structure and the continuous improvement of consumption concepts, the kitchen appliance industry has both opportunities and challenges.

Specifically, Generation Z has grown into an important consumer group, with a more diverse demand for kitchen appliances. New groups and demands have brought new growth opportunities to the market. On the other hand, the explosive growth over the past 20 years has become a past tense style. Consumer demand has shifted from the incremental market to the stock market, and the kitchen appliance industry has entered a stage of low-speed, stable and high-quality development. Faced with the new market environment, kitchen appliance companies are well aware of the importance of change. In recent years, many listed kitchen appliance companies have successively carried out innovation and upgrading, improving their enterprises from multiple aspects, in order to better adapt to the competition in the new market environment.

Strengthening Technology Investment to Build a Smart Factory

In order to better adapt to the development environment under the new situation and enhance the comprehensive competitiveness of enterprises, many listed kitchen appliances companies have focused on the intelligent transformation of factories, in order to achieve the goal of reducing costs, increasing efficiency, and improving quality. In 2020, Boss Electric Appliances established an enterprise level data platform named "Nine Days Central Digital Platform", which has digital integrated management covering the entire business chain of digital research and development, digital supply chain, digital intelligent manufacturing, digital products, digital marketing, digital management, and so on. Boss Electric achieved a revenue of 2.177 billion yuan in the first quarter of this year, an increase of 4.37% year-on-year; The net profit was approximately 389 million yuan, an increase of 5.72% year-on-year.

As a leader in the integrated stove industry, Shuaifeng Electric Appliances is also actively practicing the pace of transformation and upgrading. In the process of vigorously promoting the "3060" dual carbon target in the country, Shuaifeng Electric Appliances is the first in the industry to use distributed photovoltaic power generation projects, and has installed a distributed photovoltaic power plant with a total area of 32000 square meters in the factory. Currently, the construction has been completed. The launch of a distributed photovoltaic power generation project in the factory, which is clean and renewable, with zero emissions, zero radiation, and zero pollution, is another successful exploration of Shuaifeng Electric in the energy conservation and emission reduction industry. Shuaifeng's net profit in the first quarter of this year reached 40.0633 million yuan, a year-on-year increase of 6.33%.

Huadi Group's revenue in the first quarter was approximately 1.195 billion yuan, an increase of 6.24% year-on-year; The net profit attributable to shareholders of the listed company was approximately 92.17 million yuan, an increase of 15.86% year-on-year. The achievement is attributed to the continuous investment of the enterprise in the pursuit of high-quality development. On April 8th, the groundbreaking ceremony of the Huadi Group Kitchen Electric Digital Intelligent Industrial Park project was grandly held in Xiaolan Town, Zhongshan City. It is expected to be completed and put into operation in three years. The new industrial park project has reached its full capacity, and through the integration of intelligence, digitization, and automation, it realizes the mode of intelligent production, intelligent warehousing, and intelligent logistics industry chain, as well as production efficiency The comprehensive improvement of process technology, product quality and other fields has driven Huadi to accelerate its transformation and development towards high-end and high-quality products.

Zhejiang Meida is the first listed enterprise in the integrated cooker industry. Through the control of MES intelligent management system, intelligent sensor technology and industrial Internet of Things network, the digital information command center of Meida realizes the transformation of smart factory 4.0 from manufacturing to "intelligent manufacturing".

Smart factories are a necessary stage for the development of modern factory informatization. Kitchen electrical enterprises deeply understand that only through the construction of smart factories can they help enterprises achieve development needs such as improving production efficiency, improving quality, reducing costs, ensuring safety and sustainable development.

New products focus on integrated intelligence to meet new consumer needs

Since 2023, the trend of intelligent acceleration of kitchen appliances has become more clear, and this trend is most clearly reflected in the integrated cooking market. With the further enhancement of the status of the kitchen in the family, it is no longer just a place to meet cooking needs, but has been endowed with high-end and diverse needs. The continuous improvement of technology has led to a series of transformations in the kitchen electrical industry around human intelligence needs. By using technological means, various individual items in the kitchen space are connected together to form an intelligent and integrated overall kitchen, which will become a key focus for kitchen electrical enterprises to occupy market share in the future.

Recently, kitchen appliance companies have successively released multiple new integrated kitchen appliance products, fully meeting the integration needs of consumers for different kitchen appliance products. The X20 series of integrated cooking centers released by Fangtai is a high-end new product of integrated cooking centers launched by Fangtai. Having a more advantageous "upper row integration", as well as unimaginable thinnest design and multiple innovative technological technologies. Boss Electric Appliances has launched the new flagship of digital kitchen AI cooking - Creator i7, which achieves more diversified cooking tolerance through four major upgrades. It has also released multiple technology platforms targeting kitchen segmentation scenarios. Huadi Integrated Cooking Center combines spatial integration, intelligent integration, health integration, and experience integration, achieving efficient cooking experience from multiple dimensions.

In addition to traditional kitchen appliance enterprises, integrated stoves are a rapidly developing emerging category in the kitchen appliance industry in recent years, and many integrated stove enterprises are also continuously launching more innovative products. The Martian NEXT integrated steaming and baking cooking stove has realized further integration of functions on the basis of the independent integration of the original smoke stove and steaming and baking. It creatively integrates 36 kinds of kitchen appliances, such as cigarette machine, stove, steamer, oven, soybean milk machine, wall breaking machine, cooking machine, etc., and uses the one-stop linkage cooking of 1 machine=36 machines to meet the needs of "all-around kitchen" in a limited space of 1 square meter. The S9 integrated stove launched by Yitian this year also integrates more functions. On the basis of traditional integrated stoves that can only cook, "it cleverly integrates" ice storage technology "and" fresh steaming technology "to solve the problem of food preservation before and after reservation steaming using the" ice steaming integration · bipolar temperature control cabin "method. Senge's "1+4" control mode IOT smart kitchen scene product, which uses an integrated stove as the intelligent central control of the kitchen scene, can control the operation of four different products, including the integrated stove, integrated dishwasher, intelligent stainless steel cabinet, and water heater, through voice commands.

With the rise of young consumer groups and the increase in consumer demand, how to meet the consumption demands of young customers has become an important issue in front of every kitchen appliance enterprise. In the context of consumption upgrading brought by young consumer groups, it is an inevitable trend for kitchen appliance products to move towards intelligence and integration.