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- Chief Business Intelligence
- Chief Business Intelligence
Introduction: In recent years, the market has been down, and there are not too many negative news about home improvement and home furnishing companies, the most common ones are the owner's rights protection, the distribution of a certain brand does not deliver the goods, and the company runs away and decorates the unfinished business.
But there is a company that is based on #高管集体拜佛# and #被曝克扣员工假期与工资#这样的负面新闻上热搜的.
This company is Wrigley Home, the main toilet, faucet hardware, bathroom furniture, tiles and other household products.
Although young people often joke that between motivation and work, they choose "incense".
But I didn't expect the boss to really let them be paid to "incense", the incense is on, but contemporary young people are "both want and want".
They not only want to be free of incense, but also want to be free on weekends, and even use "incense" to send the boss to the hot search.
Plummeted by 91%!
The proprietress "praying to God and worshiping Buddha" didn't work
Young people's "incense" is nothing more than seeking a promotion and salary increase, wealth and health, and the promotion and salary increase in Wrigley Home Flody has to depend on the appearance.
According to the report of "Phoenix Net Finance", the corporate culture of Wrigley Home has a strong color of gods and Buddhas, and there is an area on the first floor of the company building dedicated to Guan Gong. The 24th and 25th floors and even the entire floor are used to worship Guan Gong and worship the Buddha and offer lamps.
Even after moving the company, the ritual of offering lamps continued, and there was even a strict set of requirements for offering lights
Enterprises that emphasize the color of gods and Buddhas will naturally have taboos in internal assessment and employee promotion.
A former employee revealed to "Phoenix Network Eye of the Storm" that those who clash with the boss cannot be promoted to executives, and if they belong to Xiangwang Company, they may be exceptionally promoted.
Working diligently and diligently every day is not as good as a genus that comes with being born from the mother's womb.
However, in response to the news of "praying to God and worshiping Buddha" spread on the Internet, Wrigley Home responded to the media that worshipping Buddha is "employees' personal beliefs", and also denied that it would be included in the personal assessment of employees.
During this time, Wrigley Home has a lot of troubles, and while it is deep in the whirlpool of public opinion, its performance is also under pressure.
According to its 2024 semi-annual report, in the first half of the year, the company's revenue was 3.088 billion yuan, a year-on-year decrease of 10.07%; net profit was 37.9985 million yuan, down 77.82% year-on-year; The non-net profit was 13.4373 million yuan, a year-on-year decrease of 91.02%.
Revenue and net profit both declined, deducting non-net profit plummeted, Arrow Home handed over a dismal half-year financial report, as a listed company, this performance is really unreachable.
In fact, this is not the first time that Wrigley Home has faced a decline in performance, and this decline will appear as early as 2023.
According to its 2023 annual report, Wrigley Home's revenue was 7.648 billion yuan, a year-on-year increase of 1.79%; net profit was 425 million yuan, down 28.43% year-on-year.
The performance is not good-looking, and the secondary market naturally does not give face.
Since landing on the A-share market in October 2022, Arrow Home Furnishing reached a peak of 24.7 yuan in early March 2023, and then fell all the way and continued to fall for a year, falling below the issue price of 12.68 yuan.
The lowest fell to 6.37 yuan at the end of July 2024, down 74.2% from the all-time high.
Even in the bull market at the end of September and early October, the share price of Wrigley Home Furnishing was still in single digits, hovering around 8 yuan.
As of the close of trading on October 14, Arrow Home reported 8.39 yuan, with a market value of 8.127 billion, which has evaporated nearly 3 billion yuan from the market value of about 10 billion yuan in January.
Therefore, the sense of urgency of Wrigley Home Furnishing is not groundless, and it is no wonder that the proprietress "prays to God and worships Buddha" all day long.
The post-60s Chaoshan people started as toilets
Earned a net worth of 9 billion
The characteristic Buddhist culture of Wrigley Home must be inseparable from the ancestral background of the founder.
The founder, Xie Yuerong, was born in February 1964 in an ordinary rural family in Chaoyang, Shantou City, Guangdong Province.
So it is not difficult to understand why Xie Yuerong's wife Huo Qiujie is so obsessed with worshipping Buddha.
It is worth mentioning that since its listing, the equity of Arrow Home Furnishing has been highly concentrated, as the largest shareholder of Foshan Lehua Hengye Industrial Investment Co., Ltd. is held by Xie Yuerong's family (Xie Yuerong, his wife Huo Qiujie, son Xie Anqi and daughter Xie Yuerong), and the shareholding ratio of Arrow Home Furnishing is 49.48%.
The second to fourth largest shareholders of Wrigley Home are Xie Yuerong, Foshan Huo Chen Trading Co., Ltd., and Huo Shaorong, with shareholding ratios of 21.44%, 8.25% and 3.30% respectively.
Foshan Huo Chen Trading Co., Ltd. is wholly owned by his wife's elder brother Huo Zhenhui, and Huo Shaorong is also his wife's sister.
After calculation, Xie Yuerong's family holds a total of more than 80% of Wrigley Home's shares.
With such a high shareholding ratio, it is obvious that it is a family business, and there is no shareholding structure composed of outsiders, which means that Xie Yuerong attaches great importance to family interests, which is also the manifestation of the survival concept of many Chaoshan people with family and family as the core.
In Chaoshan, there are many self-made entrepreneurs, and Xie Yuerong's entrepreneurial experience is also very inspirational.
After graduating from Jingdezhen Ceramics University at the age of 20, he joined the Foshan Dongping Ceramics Factory to work, and within 8 years, he relied on his talented and hard-working quality to work all the way to the deputy director.
This Dongping ceramics factory is now the main ceramic tile and bathroom of Dongpeng, its founder He Xinming also graduated into the factory to work, all the way to the position of the factory director, is in the restructuring period, He Xinming won the control of Dongping Ceramics Factory, and there is now a listed company "Dongpeng Holdings".
It can be said that a small factory has produced two listed companies in the home furnishing industry.
In 1992, in the early stage of reform and opening up, many new things poured into view, and Xie Yuerong was also attracted by this torrent.
Unable to resist the momentum of Chaoshan people who are not satisfied with the status quo, the young and vigorous Xie Yuerong quit the "iron rice bowl" that everyone envies, and went to the sea to start a business.
However, he has a brute force, but there is no start-up capital in hand, so he built a ceramic factory for the surrounding enterprises, and after saving the first pot of gold in two years, he officially founded Shunde Lehua Ceramic Sanitary Ware Factory in 1994, which is the predecessor of Wrigley Home.
Watching the surrounding high-rise buildings rise one after another, Xie Yuerong knew that home furnishing and home improvement were potential industries, but he chose to cut into a niche track, that is, bathroom.
In the early years, the technology was immature, and many domestic families used split toilets, and if they wanted to use conjoined toilets, they had to rely on imports, so after the company was established, Xie Yuerong led the team to overcome the technical problems of mass production of conjoined toilets.
Relying on the creativity and quality of the toilet, in 2013, the ARROW home brand was established, with solid quality and affordable prices, ARROW home has won the favor of many consumers.
In less than ten years, Xie Yuerong led the company to open the door to capital and successfully went public.
Xie Yuerong even appeared on the Hurun Report for the first time last year, and in the 2023 Hurun Report, Xie Yuerong ranked 669th with a wealth of 9 billion, becoming the first in the sub-category.
At present, ARROW Home has three brands: ARROW, FAENZA and ANNWA.
In the year of listing, the performance of Arrow Home Furnishing is still very bright, and the company will achieve a total operating income of 7.513 billion yuan in 2022, of which the revenue of the home bathroom sector will reach 6.8 billion yuan.
This revenue data is nearly 400 million more than the total revenue of the bathroom business of the other four peers, which can be described as a well-deserved leader among the listed companies in the domestic bathroom sector.
In that year, the company also achieved a net profit attributable to the parent company of 593 million yuan, a year-on-year increase of 2.8%.
But who would have thought that this is the pinnacle of Wrigley Home, and since 2022, its business performance has been declining.
The declining profit performance will not affect the generous dividends
If you suffer, no one can suffer your own people.
Even though the performance has declined in recent years, it has not affected the huge dividends of Wrigley Home.
According to the Arrow Home prospectus, in August 2020, 450 million yuan in cash was distributed to all shareholders, and according to the shareholding structure at that time, Xie Yuerong's family took at least about 300 million.
However, when it was listed in 2022, it raised a net amount of 1.156 billion yuan, which is really a good calculation.
After the listing, Wrigley Home Furnishing also continued to pay dividends. According to Wind data, from 2022 to 2023, Arrow Home Furnishing has made two large dividends, with a total of 305 million yuan in cash paid out twice, which is so generous.
But looking at the net profit attributable to the parent in the past two years, it will be 593 million yuan in 2022 and 424.6 million yuan in 2023, with a total of about 1 billion yuan in the two years, but the dividend amount in the two years accounts for nearly 30% of the net profit attributable to the parent company.
Some investors questioned this, but Wrigley Home responded that the profit distribution plan was in line with the company's articles of association.
In fact, Wrigley Home Furnishing is not only questioned by investors, but also by consumers.
On the black cat complaint, there are as many as 1509 complaints about the search for "Arrow Home", and most of them are complaints about "quality problems", the shower head lacks the main core, the toilet is cracked and damaged, and the material does not meet the false propaganda, etc.
For the performance in the first half of this year, Wrigley Home explained that it was affected by product prices, and the gross profit margin of the main business decreased by 2.60% year-on-year, that is, a price war.
In the economic downturn, we can get a glimpse of the current consumption environment by referring to the "poor ghost package" frequently launched by the catering industry and the new tea beverage industry that continues to explore the bottom line of prices.
Consumers are more interested in value for money, so companies can only attract consumers by constantly lowering prices.
Therefore, Wrigley Home said that under the business difficulties, it will promote the optimization of product lines, improve product planning capabilities, optimize product structure, and accelerate the sinking of channels and overseas exports, and accelerate the work of reducing costs and increasing efficiency and improving internal management efficiency, and continue to accumulate internal strength to promote growth.
It seems that the continuous performance pressure has also made Arrow Home have to face the reality, and it is more useful to pray to God and worship Buddha than to be truly down-to-earth.
What do you think about this? Welcome to leave a message in the comment area to discuss and express your opinions or opinions, thank you.
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