Haier 2009 Annual Report Download - page 27
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BUSINESS REVIEW 業務回顧
海爾電器集團有限公司 25
20%20%
13.9%2,345,000,000
20.3%
40.8%
40.9%
55,000,000216.4%
174,000,000
2.7%7.4%
IFA
90
68%
Water Heater Business
The water heater business accounted for approximately 20% of the
Group’s revenue in 2009 (2008: 20%). Revenue grew by approximately
13.9%, reaching RMB2,345 million in 2009.
According to the market research findings of China Market Monitor,
in 2009 the Group still assumes the first position in market share
in terms of the volume of the water heater business which took up
20.3% in the Chinese market. The Group established an efficient and
diversified distribution network by gaining an access to building materials
supermarket, cooperating with decoration companies and gaining an
access to large shopping malls in the 1st and 2nd tier markets; by
means of Haier franchised stores, Goodaymart franchised stores and
water heater franchised stores in the 3rd tier markets; and by means of
franchised stores in towns and villages and home appliance stores also
selling kitchen cabinets and sanitary products in the 4th tier market.
During the year, the Group successfully maintained effective cost control
and low inventory level to benefit from the fluctuations in raw materials
prices, as well as increased the proportion of high value-added products.
As a result, the gross profit margin of the water heater business increased
from 40.8% in 2008 to 40.9% in 2009. The operating profit of the
water heater business increased by 216.4% from RMB55 million in 2008
to RMB174 million in 2009, while the operating margin increased from
2.7% in 2008 to 7.4% in 2009.
The Group continued to develop high-end differentiated products to
cater for the needs from different consumers, as evidenced by Haier’s
Changxiang series of water heaters newly developed last year, which
won IFA Industrial Design Award 2009 for home appliances at IFA trade
fair in Germany. The Group’s leading technologies and ongoing advances
in research and development capability are expected to introduce new
drivers for its future product sales. In 2009, the Group launched 90 types
of new products into the water heater market, which represented 68%
of its sales revenue.