Vantage shares recently issued a personnel change announcement, the company's president Pan Yuanzhi transferred to vice chairman, stepped down as president, and was replaced by the younger chairman of the company, Pan Yejiang. At the same time, Pan Yuanzhi will continue to serve as a sub-brand of Vantage and the chairman and general manager of Zhongshan Baide Kitchen and Bath Co., Ltd.
Affected by the repeated impact of the epidemic, the decline in consumption willingness, coupled with the exhaustion of real estate dividends, rising raw material prices and other multiple pressures, the kitchen appliance industry is obviously entering a new cycle. Vantage is known as the "Three Masters of Kitchen Appliances", which has attracted wide attention from the capital market. What are the reasons behind this major personnel adjustment?
Improve decision-making efficiency to meet new challenges
In fact, before this management personnel adjustment, Vantage has been promoting the optimization of internal operational efficiency, and has ensured the stability of its marketing system in many ways by promoting channel flattening, actively embracing new retail, and establishing an information-based distribution management platform.
With this personnel change, it is not difficult to see Vantage's determination to deepen internal reform. The original position of president held by Pan Yuanzhi has now been changed to chairman Pan Yejiang concurrently serving as president, and this change can effectively improve the efficiency of the company's communication and decision-making, strengthen the management system as much as possible, and promote the company's further growth and the improvement of corporate value.
This practice has precedents in the home appliance industry, such as Gree Dong Mingzhu and Fang Tai Mao Zhongqun, who are both in two positions (chairman, president). The former is the air conditioning "overlord" that has been in an advanced position in the domestic market for many years, and the latter is the first kitchen appliance company in China with a revenue of more than 10 billion.
The statistical analysis of BOC Securities pointed out that from 2010 to 2019, vantage's average annual compound growth rate reached 13%, and the company achieved a total operating income of 5.75 billion yuan in 2019. In 2020, due to the impact of the epidemic, revenue declined to 4.624 billion yuan. In the first three quarters of this year, it recovered strongly, achieving operating income of 3.965 billion yuan from January to September.
Some insiders believe that this adjustment is fundamentally a positive change made by Vantage in line with market changes and combined with its own reality.
The overall competitiveness is expected to be further strengthened
In recent years, in addition to the traditional advantages of smoke stoves and water heaters, Vantage has continuously increased its investment in research and development, and with a number of intelligent scientific research achievements and innovative technologies, the brand competitiveness has been significantly improved. In 2019, the revenue growth rate of the company's dishwasher and steaming and grilling machine increased by 50% and 195% respectively; in May 2020, Vantage drafted the "Dishwasher Dry Storage Test Method and Technical Requirements" as the team leader unit and officially released.
Not long ago, Vantage also launched a smart gas water heater JW6i that supports HarmonyOS Connect, and the intelligent strategy has made another breakthrough.
Vantage also focuses on enhancing brand vitality, taking "intelligence" and "fashion" as the starting point, and through the creation of brand symbolization IP, close to young consumer groups. The official announcement of Ouyang Nana as the spokesperson of the Moer set; reached strategic cooperation with Little Red Book, A Pocket of Sugar, Kuaishou, etc.; World Cup marketing, linkage Deyun Society...
In a short period of time, it can complete the transformation of high-end, rejuvenation and fashion of the brand, and successfully cut into the field of intelligence, and the series success achieved by Vantage is undoubtedly closely related to high-level decision-making. The industry generally believes that Vantage Chairman Pan Yejiang is the key promoter.
As the second generation successor of Vantage, Pan Yejiang, who is only 44 years old and full of vitality, has left the impression of being strong and daring in the industry in recent years. It is understood that Pan Yejiang put forward the trend of "consumption upgrading" internally very early on, leading product iteration and technological innovation; the World Cup marketing, which is known as a "textbook-level classic case", is also from his hand.
In July this year, Pan Yejiang introduced his vision of the future kitchen at the press conference: the "Trinity" of high-quality kitchen life, corresponding to the avant-garde, highly imaginative "home integration strategy".
It is believed that this young manager will construct a new development ecology inside and outside Vantage.