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And the successful listing of furniture from a start-up companies, to custom closet industry leader, Sofia 002,572, attending stocks only eight years; from the beginning of the listing less than 30 billion market cap, so now the market value of 30 billion "Consumer White Horse" Sophia only took seven years. Sophia, established 15 years ago, staged a "speed speed" in the Chinese furniture industry.
In 2017, Sofia achieved revenue of 6.161 billion yuan, a year-on-year increase of 36.02%; net profit of 907 million yuan, an increase of 36.56%. In the 7 years after the listing, the company's revenue and net profit both increased by nearly 9 times compared with the pre-market.
Today, Sofia has become the first brand of the domestic custom wardrobe industry. After the listing, the company will invest all the funds in the construction of the national production base. At present, it has formed the layout of the five production bases of “south-southwest and north-west†in the country, and its production capacity ranks first in the custom wardrobe industry.
A few days ago, the Securities Times "high-quality development of listed companies in action" interview team went to Sofia, the Deputy Chief Editor of the Securities Times peak face-to-face dialogue with Sophia chairman Jiang Yan.
Question 1 Sophia's continued high growth over the past few years has been amazing in the capital market. From 2008 to the present, net profit has grown more than 30 times. Looking back ten years ago, have you thought that Sofia will have the size of today?
Question 2 In 2011, Sophia led the first A-share market among all peer companies. What do you think the capital market brought to Sofia for the development of these years?
Question 3 new custom furniture industry in the last year, a lot of small A-share partners, such as the EU sent home 603,833, clinic shares, 300,616 still product delivery, diagnostic and other shares, compared with those peers, you think Sophia in the industry What is the most unique place?
Question 4 Some people think that Sofia's past ten years of rapid growth is also accompanied by the brutal growth of China's real estate market for more than a decade. What do you think about the relationship between the company and real estate?
Question 5 We often see Sofia's stores in the mall, and the business is hot. Why should the company make great efforts to make new retail? What changes will the new retail bring to the industry?
Question 6 Sophia's brand has a good reputation in the country, behind the word of mouth is the user experience. What kind of work does the company have in terms of user experience?
Question 7 Sophia has completed two equity incentives since its listing, and the third equity incentive is also underway. The first two employees and partners involved in equity incentives can be said to have gained a lot. What do you think of the company's incentives and attractiveness for talents and partners? Tell us about the company's corporate culture and your management philosophy?
Question 8 After the listing of Sofia, the development has been very smooth. Have you experienced any difficult stages at the beginning of your business? How did you get into the wardrobe industry?
Question 9 In the past, choosing a wardrobe instead of a cabinet made Sophia. Now you are returning to the cabinet market through the Smy brand. How do you see the opportunities in the cabinet market today?
Question 10 How do you understand the whole house customization?
Question 11 Do you think there is a competitive barrier in the custom furniture industry?
Listing brings a leap in growth
Peak: Sophia's continued high growth over the past few years has been amazed by the capital market. From 2008 to the present, net profit has grown more than 30 times. Looking back ten years ago, did you think that Sophia would have the size of today?
Jiang Yan: To be honest, in 2008, I did not expect to have the scale of today, and I dare not think so big. Our company has spent 5 years on the sales scale of 100 million from 0, and experienced a long product introduction period, gradually cultivating consumers' promotion and consumption habits.
Guest: Chairman of Sophia Jiang Yan
But in 2011, I thought that I had “thought to think†at that time, because since 2009, custom consumption has started to break out, with a growth rate of 30%-50% every year, and the market structure has also changed a lot. Our family promoted it alone and pushed it to many companies across the industry. At that time, I thought that this business could be tens of billions.
Peak: In 2011, Sofia led all peer companies to the first A-share market. What do you think the capital market brought to Sofia's development over the years?
Jiang Yan: We are the first listed company in the A-share market. The listing has indeed brought us a big dividend. To do manufacturing, it is more difficult to rely solely on the company's profitability. At that time, the profits we made were far from enough to invest in the funds needed. The development speed at that time is now very slow.
After the listing, the company raised a large amount of funds and built four new production bases (Chengdu, Jiashan, Langfang, Huanggang), which brought great improvement to our service. In the past, we have been transporting from Guangzhou headquarters for a few days. Now we have covered our production capacity in several key consumption areas in the country: Chengdu factory in the southwest, Langfang factory in Beijing-Tianjin, and Jiashan factory in the Yangtze River Delta. There is a Huanggang factory in Central China, which has a very significant improvement in the timeliness of our product supply.
On the other hand, with capital market support, we have enough money to develop design software and informatize the factory. Nowadays, the company's production automation is already very high, and the informationization aspect is also a big leap than in the past, and it is also in the leading position in the industry.
Do it as an "all-round champion"
Peak: The custom furniture industry has added a lot of A-share partners in the past year, such as European-style homes, Shangpin homes, etc. Compared with these peer companies, what do you think is the most unique place in Sofia in the industry?
Jiang Yan: There were a lot of peer companies listed last year, which also made the capital market see the huge potential of the custom furniture industry. However, as more and more companies share this market, market competition is also growing.
When it comes to what we are different from other companies, I don’t think we should go to other companies to compare the quality of certain individual fields, but to focus on the comprehensive comprehensive strength competition. We will not do the “single championâ€. Do it as an "all-round champion."
Now many of our peers are listed, the information is very transparent, and you can do what others do, there is no "single skill". It is difficult to say that we are much stronger than others in a certain aspect. It is better than comprehensive comprehensive strength, not only manufacturing, marketing, and service, but also the balanced and coordinated development of organizational structure and management capabilities.
Peak: Some people think that Sofia’s past ten years of rapid growth has also been accompanied by the brutal growth of China’s real estate market for more than a decade. What do you think of the relationship between the company and real estate?
Jiang Yan: Our custom-made enterprises, including furniture companies, have a close relationship with real estate development, but they are not strictly related. Real estate development is good, our business will naturally be good; but real estate will also encounter bad times, such as in 2009, 2013, 2014, are strict and very depressed, but in our years Development is still very stable.
I think this is mainly due to a few points. First of all, in addition to the new home decoration market, we also do a good job in the second-hand housing decoration market, especially in the mature first-line market of Beishangguangshen, the proportion of second-hand house decoration customers can reach 50%.
On the other hand, in addition to the development of real estate in the custom furniture industry, there is still a large space for the replacement of traditional finished furniture. Custom furniture is a new sector in the furniture industry. Many young people now want to tailor it. Own housing, the pursuit of personalization. At present, the penetration of custom furniture in the entire furniture market is not high, and it is still in a period of continuous explosion.
Seize the customer's psychology to win word of mouth
Peak: We often see Sofia's stores in the mall, and the business is hot. Why should the company make great efforts to make new retail? What changes will the new retail bring to the industry?
Jiang Yan: In the past, we usually bought furniture to go to home stores and building materials stores. But now we are talking about new retail refers to omni-channel sales. We have to put our products in the most passengers, including e-commerce and supermarkets. ,Mall.
From a traditional point of view, furniture stores should not be opened in these places (e-commerce, supermarkets, shopping plazas), but after our practice, it is effective to open stores in these places. E-commerce can bring us a lot of passenger flow. Last year, “Double 11â€, the company’s flagship store in Tmall had sales of more than 500 million; the shopping mall also had passengers, and many of our shopping malls sold very well.
We believe that as a merchant, we should expand the channels and obtain customers in a way that is more convenient for customers to consume. The new retail is to identify the psychology and behavior of consumers, to study how to make them easier to consume, from the perspective of sales, this essence has not changed.
Peak: Sofia's brand has a good reputation in the country, behind the word of mouth is the user experience. What kind of work does the company have in terms of user experience?
Jiang Yan: The key to doing a custom industry is word of mouth and service. There are seven or eight links in the whole customization process. If there is a problem in any one of the links, the product may not be installed, and it cannot be the product that the customer needs.
From the designer's door-to-door measuring scale to production to installation, we have spent a lot of effort on training in each link. We hope that our employees can understand the needs of customers, design and produce the products that customers need, and let customers Satisfaction, accumulation of word of mouth, through word of mouth propaganda, can win a broader market in the future.
Fully decentralized to share growth
Peak: Sophia has completed two equity incentives since its listing, and the third equity incentive is also underway. The first two employees and partners involved in equity incentives can be said to have gained a lot. What do you think of the company's incentives and attractiveness for talents and partners? Tell us about the company's corporate culture and your management philosophy?
Jiang Yan: Our corporate culture is “innovation and sharingâ€, and equity incentives are mainly based on “sharingâ€. The premise of doing equity incentives is to be optimistic about the rapid growth of this enterprise. Now our company is on a high-speed development track. At this time, equity incentives can enable employees and distributors to share the dividends of corporate growth. Everyone is more careful to make their career bigger. If the company has already ended high growth and entered a stable period, then when it is doing equity incentives, it will be difficult for employees and dealers to make more money, and it will not share the dividend of enterprise development.
For me personally, I am more trusting in the use of people. The following authorizations are sufficient, and the system of rules and regulations is not too strict, mainly relying on everyone's self-consciousness. I value the results-oriented, more tolerant to everyone, willing to give the opportunity to let everyone try and error. The management team and employees often comment on me: they are the soldiers on the battlefield, and I am the "logistics minister" of everyone. At present, the team's cohesiveness is also strong, and employees have a sense of belonging.
The most successful choice is to make a wardrobe first.
Peak: Sophia has been developing very smoothly since its listing. Have you experienced any difficult stages at the beginning of your business? How did you get into the wardrobe industry?
Jiang Yan: Entrepreneurship is hard, but it is not too difficult. Initially, my goal was not to think of being a listed company. When we started our business, we were doing flooring, cabinets, etc. At that time, I felt that in addition to these, I could sell Other Products in the store, so I wanted to make a wardrobe to increase some income.
After a few months, we found that the wardrobe business was very good, even surpassing the previously sold products, so we focused on the sales of the wardrobe, but did not expect the wardrobe to become such a large industry.
By the time of 2011, we really found that the wardrobe can be made into a big industry with a very climate. At that time, my idea was that a family could buy more wardrobes than an air conditioner. The Gree and the beauty of air conditioners can achieve a scale of 100 billion. Why can't we? At present, there are few companies with a scale of more than 10 billion in the entire furniture industry, but I believe that the leading enterprises in the future are likely to move closer to the scale of Gree and Midea.
Looking back now, I think that when we chose to make wardrobes instead of cabinets, it was the most successful choice I have ever made. The development of the cabinet industry was earlier than the wardrobe. When we did it, the first-line cabinet brand had more than 600 stores across the country. We chose to make the wardrobe, and we can avoid the most competitive competition with our peers.
Return to the cabinet to create "full house customization"
Gao Feng: I chose Sophia in the wardrobe instead of the cabinet. Now you are returning to the cabinet market through the brand of Smy. How do you see the opportunities in the cabinet market today?
Jiang Yan: The competition in cabinets has been fierce and has been developed in China for more than 20 years. But when an industry develops to a certain extent, there will be a lot of production resources and consumer resources can be extended horizontally. The same is a customizable product. We have the production resources and service resources of the wardrobe. Why can we not make cabinets, wooden doors and curtains?
As long as consumers have demand, we can grasp the original customers. Even if only 50% of the wardrobe customers buy cabinets or other products, the consumption of individual customers will increase, and the cost of acquisition for individual customers will be reduced. This is a resource. Comprehensive utilization. In fact, the entire industry is the same, the original cabinet companies will now also do wardrobes, including wooden doors, curtains and other products, the industry has also formed a concept called "full house customization."
At present, the new product lines of cabinets and wooden doors have great room for growth in the future. In the cabinet, we chose to cooperate with the old brand Smy, who has been in France for more than 80 years, in order to stand on a higher platform. The company's cabinets have achieved sales of 600 million yuan in three years, and more than 600 stores have been opened. The speed is still very fast. It took us 10 years to build a wardrobe from 0 to 600 million.
In the development of cabinets, there have been mistakes in frankly speaking. Last year, we could have achieved 800 million yuan. However, because we wrongly judged the price increase of raw materials at the beginning of the year, we raised the ex-factory price and affected the achievement of the annual target.
At present, the loss of our cabinet business is mainly due to the large investment in equipment and systems in the early stage, and the low utilization rate of capacity. I believe that after this year, the utilization rate of cabinet factories will rise, the price of products will become more and more competitive, and the advantages of dealers at the front end will emerge. In the next five years, cabinets, wooden doors and curtains will bring new growth points to the company.
Peak: How do you understand the whole house customization?
Jiang Yan: The concept of whole house customization was proposed in previous years. It is not difficult to put forward this concept, but it is not easy to do it well. The whole house customization covers almost everything in the home improvement, including cabinets, porch, tatami, to the curtains, dining table... all test purchases and sales.
We do the whole house customization, mainly because we hope that these accessory products can meet the needs of customers. The sofas provided are professional, the beds provided are also professional, and the style of the whole house can be consistent. Currently, a process is needed. We are also constantly adjusting the categories to meet the requirements of dealers and consumers.
Peak: Do you think there is a competitive barrier in the custom furniture industry?
Jiang Yan: I think there is. It is not as easy as a new business to enter this industry. In 2005, there were a lot of companies that started out in the market without entering the wardrobe. After more than a decade of exploration, they just started.
Even if you have strong financial strength, you must buy a factory, buy equipment, hire personnel, do training, establish a sales network, and train and install. Just like climbing a mountain, you can see a mountaintop. When you climb up, you will find a higher mountain. The same is true for companies. When you do 1 billion, you will find that you can still make 10 billion. When you do 10 billion, you will even find a market of 100 billion.
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