Although the kitchen appliance industry is facing growth pressure in 2024, new opportunities coexist. With the country's trade-in policy, the development of urbanization and the rise of young consumer groups, the industry has been revitalized. In this context, leading manufacturers such as Robam Appliances are actively adjusting their growth strategies to meet the new stage of "stock replacement + quality upgrading".
On the evening of April 24, Robam Appliances released its 2023 annual report, with stable performance and breakthroughs in new categories, new technologies and new operations. The company has successfully built an IoT platform, upgraded images and AI algorithms, and demonstrated the innovative strength of industry leaders.
At present, the kitchen appliance industry is experiencing intergenerational changes in consumption and technology, and while pursuing growth, Robam Appliances actively leads industry innovation, explores new growth paths, and injects new impetus into the future development of the industry.
New opportunities brought about by industry fragmentation
In the context of the overall slowdown in the growth rate of the household appliance industry, the kitchen appliance industry has entered a stable period after experiencing rapid growth. In 2023, the kitchen and bathroom market will recover, with retail sales increasing by 5.3% year-on-year, showing strong growth. However, as the industry enters a new phase, the phenomenon of differentiation is becoming more pronounced. Consumers are more cautious in times of economic uncertainty and prefer to choose stable big brands, which has exacerbated industry fragmentation.
The brand reshuffle in the low-end market is accelerating, and the competition is becoming increasingly fierce. According to the data of Aowei cloud network, the number of brands in the low-end field of range hoods in the online market will decrease significantly in 2023, showing that the market is concentrating on a few strong players.
At the same time, the top brands have demonstrated strong brand influence and market leadership. As a leader in the industry, Robam Appliances will achieve double growth in revenue and net profit in 2023, maintaining a stable growth trend for 14 consecutive years, highlighting its strong operating strength and profitability.
The new era of growth brings both challenges and opportunities. Enterprises need to build on high yields and high profits, stabilize their structures, and overcome economic difficulties. Enterprises with high yields and high market shares, such as Robam Appliances, have more advantages in the new stage and are more likely to seize the opportunity to achieve leapfrog development.
New opportunities brought about by consumption differentiation
In the consumer society, the consumption of kitchen appliances is differentiated, with some consumers pursuing a balance between price and quality, while others favor high-end and efficient products. Aowei cloud network data shows that the market share of high-efficiency kitchen appliances is growing. Seizing the opportunity of consumption differentiation is the key to the growth of the kitchen appliance industry. For example, Robam Appliances has achieved significant growth in performance by virtue of its high-end products, multi-brand layout and refined operation.
First of all, Robam Appliances has taken the lead in the high-end kitchen appliance market, and released digital kitchen appliances i7 and new products to strengthen its high-end brand image. In line with the trend of high-end and systematization of the market, Robam Appliances meets the upgrading needs of consumers through digital kitchen appliance technology. Secondly, the sales of Robam Appliances in the field of high-efficiency kitchen appliances have grown significantly, and many categories such as range hoods and dishwashers have performed strongly. According to the financial report, dishwasher revenue increased by 27.94% year-on-year, and the proportion of revenue increased. Third, Robam Appliances takes the cooking track as the core, has 9 subdivided brands, and accelerates the sinking market and home decoration layout. Through digital construction, we will strengthen precise delivery and refined operations in the fields of service, R&D, and marketing, and improve overall operational efficiency. Cooperate with Alibaba to create a global marketing digital solution, build CDP and other platforms, and achieve full-link visualization and accurate decision support.
New opportunities offered by productivity
For mainland kitchen appliance enterprises, the current core task is technological innovation to improve productivity and quality, and lay the foundation for domestic and foreign market expansion. As an industry leader, ROBAM's accumulation of AI, digital technology and core technology of kitchen appliances has set an example for other enterprises. In the upgrading of kitchen appliance technology, productivity improvement includes breakthroughs in core technologies of kitchen appliances and the R&D and application of digitalization and AI technologies, which are the key forces to promote the development of the industry.
Robam has always focused on core technological innovation, from range hoods to ultra-thin range hoods. According to the financial report, as of 2023, the company has accumulated 4,484 valid patents, including 161 invention patents, and applied for 1,530 patents that year, accounting for a high proportion of invention patents, with a year-on-year increase of 43.4%.
Two years ago, Robam led the kitchen appliance industry into the intelligent era with technological innovation, and launched the AI cooking assistant and digital kitchen appliance package. At the end of last year, the company was positioned as a "full-link solution provider for cooking", deepening the full-link layout of AI and cooking. In March this year, an AI cooking technology subsidiary was established, which is expected to release the world's first cooking AI model to promote intelligent development.
The new corporate positioning has enabled Robam to obtain broader growth opportunities.
On the one hand, Robam Appliances takes the full-link cooking solution as the core, forms an online and offline closed-loop experience, and transforms the service industry. At the same time, we cooperate with high-quality ecological partners to build a vertical cooking ecology, covering multiple aspects. Relying on AI and digital technology, ROBAM is gradually becoming a full-link overall solution provider for cooking, achieving self-breakthrough and more solid growth.
In the transformation of the kitchen appliance industry, Robam Appliances is expected to become a leader with its strength and momentum. Its investment in the field of AI and its technological advantages make it stand out. Looking back on the past, ROBAM has led the market expansion through technological innovation, optimized operations to achieve steady growth based on the present, and looked forward to the future, it will use intelligent digital technology to open up new growth paths and maintain its leading position, showing the evolution of China's kitchen appliance industry.