Ye Tan: What kind of bed do the athletes sleep in?I’m crying for this bed that’s trending all over the world

2022-06-09 0 By

Article/ye tan ☞ financial woman | poison tongue goodwill games, China show the world the comprehensive national strength has always is the perfect stage.The digital performance and simulation technology at the opening ceremony included a variety of scientific and technological achievements such as artificial intelligence, 5G, AR and naked eye 3D.In terms of epidemic prevention, the smart epidemic prevention robot can quickly identify people’s identities and health status.Low-carbon Olympic Games, some venues use carbon dioxide critical refrigeration system, carbon emissions close to zero.Recovery and utilization of waste heat of refrigeration by integrated design of cooling and heat supply, energy efficiency increased by 30%-40%……From the cultural export of “Bing Dwen Dwen” to the meticulous measures of epidemic prevention, little by little, it demonstrates human care and scientific and technological strength.The beds provided for athletes at the Winter Olympics are also popular overseas.American bobsledder Summer Britcher posted a video on social media after experiencing the comfort of the beds in Beijing’s Winter Olympics village, saying he wanted the world to know the beds were the best in the world.Within a short time, the video received more than 300,000 likes.Us snowboarder Tessa Moder showed off the remote control bed in an interview with US media.In her last video of leaving Beijing, she said: “I don’t want to go home. I’m so sad. I’m going to fly back crying.”The New York Post also reported on the bed.The beds are designed to take full care of the athletes’ spines. They can be set to sleep at the right Angle by remote control, and memory pads and smart sensors can provide massages and other services.One third of one’s life is spent in bed, and having the right bed is important for athletes to recover.The eastern neighbor’s summer Olympics bed was a hopeless one, purposed to be made of eco-friendly cardboard, and ended up giving athletes back pain and collapsing with a few bounces.The U.S. media said, “The cardboard bed in Tokyo Olympic Village is notorious.”By contrast, the Beds at the Beijing Olympics were a face-saver for Made-in-China.After taking a closer look at the official smart bed supplier for the Beijing Winter Olympics, called Qisheng Technology, we found a problem.This company can only make products, not brands.One of the obstacles is that domestic goods have not been able to rise for a long time.Trade friction is an old business, thousands of years old after all.Lift beds also have a long history, but smart beds (MATS) are a novelty that has emerged with the Internet of things.Therefore, qi Sheng technology in 2015 research and development of intelligent bed products just came out, they received a hot market.We lay down in bed and knew exactly what we needed, respiration, blood pressure, whether we needed a hard bed or a soft one.From 2015 to 2018, Qisheng technology’s revenue rose rapidly from 696 million yuan to 2.391 billion yuan, with a compound annual growth rate of more than 50%, an astonishing speed.Keysen also has good cash flow, like a good and fast-growing consumer-goods company with a thriving business and a lot of money flowing in.In 2018, the company’s sales of electric smart beds had exceeded 1.1 million units, hitting the bottleneck of production capacity.Qi Sheng with a stroke of the pen, decided to engage in “annual output of 4 million intelligent bed headquarters project”.When listed in 2019, Qisheng Technology raised 1.8 billion projects, of which 1 billion yuan to expand production capacity (the first phase of the expansion of 2 million smart beds, construction investment of 880 million yuan, laying the bottom of the working capital of 144 million yuan), the other 386 million yuan to build brands, laying marketing channels.Unfortunately, trump came to power in 2017.The rest of the story, you can also guess.Starting in September 2018, the US imposed a 10 percent tariff on many Chinese goods, which was raised to 25 percent in May 2019.Keisheng beds and mattresses are among the products that have been maliciously slapped with tariffs.In 2019, Qisheng’s revenue increased by 5.78% year-on-year, which was a new low in the previous five years. In 2020, combined with the epidemic and high tariffs, qisheng’s revenue decreased by 10.56% year-on-year.Why do U.S. tariffs affect companies so much?Because keisheng’s main market is in the United States.Less than 100m of its 2.4bn revenues came from onshore. The rest came from offshore.In our public disclosures, we found that our major customers — SSB, TSI and COSTCO — are basically American customers.It can be said that the high tariff of the United States is a heavy blow to Keisheng, which focuses on the American market, and interrupted the upward momentum of Keisheng technology.As we can see from the revenue chart above, 2019 is a turning point for the company.The company’s revenue has some resilience.In 2021, keisheng is expected to achieve a record revenue growth of nearly 40%, thanks to a boom in domestic us property sales and the recovery of shipping.But the impact of tariffs on Qi Sheng technology is still the biggest obstacle on the road ahead.From the perspective of profit, after reaching a maximum of 395 million yuan in 2019, the profit of the whole year of 2020 and the first three quarters of 2021 is 273 million yuan and 251 million yuan respectively, yet to recover.The biggest casualty is corporate cash flow, with tariffs creating a clear dividing line in 2018.In 2021, although the revenue and profit have improved and recovered, the cash flow is negative for the first time in the past seven years. The cash flow generated by operating activities is far lower than the capital expenditure. In other words, although the company is profitable, it is actually difficult to deposit cash.To summarize, after 2019, under the dual influence of tariffs and the epidemic, Qisheng Technology changed from a profit-making company to a capital-consuming one.From the balance sheet, we can see that the company’s cash and its equivalents have decreased year by year from 1.9 billion yuan in 2019 (including 1.615 billion yuan of newly added funds when listed in that year) to less than 1 billion yuan in the third quarter of 2021.Anger of its marketing force can not keep up with the product force qi Sheng product force, there is no doubt that it is very good.Standing out from the official winnows and receiving a barrage of thumbs-up from foreign athletes speaks volumes.But the marketing force of the company is not strong in the country, belonging to the typical blossoming wall outside the wall.At the same time, the main consumer upgrade of household appliances stone Technology, Kovos, Mars, in recent years, the wind is booming.In the same period, A-share sofa leading, gu Jia Home furnishing, in 2020, domestic revenue increased by 25% (6.097 billion yuan to 7.649 billion yuan), foreign revenue increased by 1% (4.608 billion yuan to 4.653 billion yuan), cash flow is still excellent in the same period.Logically, Keisheng technology should do well in China.Unfortunately, it didn’t.In terms of revenue, 52 million yuan in 2016, 101 million yuan in 2018 and 117 million yuan in 2020 — domestic sales are too small.Chairman tang Guohai mentioned in the news interview, Kesheng technology from 2013 began to layout the domestic market.But eight years on, domestic sales are still less than 1/20 of foreign sales.In the international popular, but the domestic brand and channels have not been vigorously developed there are many companies, Qi Sheng is a good boy is also a.Kesheng technology in the domestic channels is how to do it?When the company was listed, nearly 400 million yuan was invested to build channels. Did you set up sales channels in China?In its prospectus, Keysen’s three biggest customers, SSB and TSI, are integrated furniture companies that started out as mattresses, a bit like Ikea, while COSTCO, its third largest customer, is an integrated store.In COSTCO, the company clearly sells its own products under its own brand, but in cooperation with the other two companies, it basically sells its own products under the brand of others.Therefore, even in the sales of the main venue, qi Sheng technology brand has not been played, like the ancient early foreign trade enterprises.One small detail, most of you probably know that Keisheng is a winter Olympics concept and supplier of smart beds, but you don’t know which brand it is.Some time ago, we searched the key words such as winter Olympics bed on some e-commerce software, and even could not find the winter Olympics products of Kesheng Technology.These two days, we finally saw the company’s “Shuford” and “Sofitriel” brand on the platform.Look at the sales — 100+ and 24.Serve as once the winter Olympic Games of fire all over the world is the same as intelligent bed, such figure is really misnomer.If it is good at marketing, take express enterprises, estimated to fly early.As for other e-commerce platforms, sales figures have also been dismal.Look at Bing Dwen Dwen, as well as a variety of winter Olympics hats, down jackets, ice and snow equipment, qi Sheng technology obviously did not make good use of the brand effect brought by the Winter Olympics.We also searched Douyin, winter Olympic bed, and found praise from athletes or various media, but few of them were associated with the two brands of Qisheng Technology.American games delegation luge, somerset, cloth, with the remote control, in the presentation within the room of the high-tech bed, show the audience the mattress can be increased, reduced to various location, “TV model” can make adjustment of the head of a bed close to the state of sofa, she was very impressive and praised, “village of the Beijing games are an incredibly comfortable bed, that’s great.”Bai yansong spoke to Yang Yang, chairman of the Athletes’ commission of the Beijing Winter Olympics organizing Committee, who noted that “for the first time in Olympic history, the beds can be adjusted to suit the needs of athletes at different times.”Members of the Dutch sports delegation also made special mention of the “Winter Olympic bed” in a television interview.”I’ve been to many Olympics and this bed is as high-tech as I’ve ever seen in Olympic history!”Zhao Lijian posted the bed for the Winter Olympics on his personal weibo account.Too bad, too bad.Qi Sheng technology, refueling in marketing!Obviously is a fire out of the circle by strength of the product, as soon as possible into the brand, let the people enjoy as soon as possible.Winter Olympics opportunity can not miss soft furniture, including bed, mattress, sofa, not big market.According to shengang Securities based on the housing completion and furniture renewal rate, in 2021, the soft furniture market is about 150 billion market size, of which the sofa, bed (cushion) about half.At present, in the soft furniture market, the largest volume should be Minhua Holdings of Hong Kong shares and Gujia Home furnishing of A shares, both of which have annual sales of about 13 billion yuan, nearly 8 times of the current Keisheng Technology.For Qi Sheng, the model is just around the corner.Moreover, qi Sheng has its own unique competitiveness, gu Jia Home furnishing and minhua holdings are based on sofa, and qi Sheng is dislocation competition.The same bed (mat) based menghe and Xilinmen, 2021 revenue is expected to both break through 7 billion yuan, is a strong competitor of Qisheng Technology.However, in the smart bed shipments, diversity, technical functions, Kesheng technology still has an advantage.The Winter Olympics, for Keisheng technology, is a very valuable opportunity, the ceiling has not yet arrived, a good opportunity to tolerate mistakes.Domestic power point, just around the corner.Mr. Tang Guohai, the boss of Qisheng Technology, started as a car transmission device, and came up step by step from the bottom, having experienced various cycles, he is sincere.If it had the marketing power of Shi Yuzhu, it might have the following slogan: A Bed in a Chinese family.Perhaps it is that To B has done more business before, Tang Guohai still seems To be inclined To use big customers To sell, so in an interview with the news, he said that it is not realistic for Keisheng technology To open a shop in a furniture city, or To cooperate with hotels and real estate companies.From another point of view, although mattresses and beds are durable goods, not as frequent as skin care products and consumer goods, it is certainly useful to establish their own brand influence to guide consumers.After all, products like integrated cookstoves, which are hardly decorated and never changed, have also been made popular by companies like Martians, which we have analyzed in our previous article.Interestingly, the basic disks of Keisheng Technology and Martians are located in Jiaxing, Zhejiang, where we can exchange our experience from B To C.Tang guohai’s excellence in products is admirable. His workshop is almost spotless.It is hoped that the entrepreneurs who have established international reputation can establish their own brand recognition and channels as soon as possible in China, and launch a charge to the broader market.For some good product force, but has not yet hit the reputation of the domestic goods, the ceiling is far from touching, domestic goods tide has become a trend.Beijing Winter Olympics, let many foreigners experience the excellence of Chinese made, welcome to China’s “black technology” praise share!This week power new entity column ends here.Our original goal remains the same. We will identify real enterprises with Chinese characteristics and actively assist new real enterprises to help Chinese enterprises grow.If sandalwood people are optimistic about the new entity company, welcome to share the message below the article, welcome to us.Let’s select new real enterprises to help boost China’s new economy.(Disclaimer: This article is an objective analysis made by Ye Tan Finance based on public information. It does not constitute investment advice. Please do not use it as an investment basis.)– END —