As soon as Chigo Air Conditioning is mentioned, “the founder started selling popsicles, snatched the spokesperson Jackie Chan from Gree, and set the goal of surpassing Haier.” Media reports such as In our minds. It constantly reminds the world that Chigo was also a fabulous existence in the market at that time.
But up to now, the total market value of this company as the second echelon leader of the domestic air-conditioning industry is only 666 million Hong Kong dollars, and it has fallen into a market value of more than 8 billion. And the dilemma of selling assets twice. Compared with its market value at its peak in 2010, it has fallen more than 90%, which is a serious shrinkage.
Behind such a large gap, what is it that makes Chigo’s air conditioner present?What about?
On July 6, the China Business Daily mentioned in a report: Originally, the hot summer is coming recently. It is a year in the air-conditioning industry. Peak production and sales season. However, Chigo Air Conditioning is repatriating workers, taking collective holidays, and entering its own off-season.
Before this, there were related media postings stating: Chigo’s 8.2 billion yuan market value has evaporated, and Jackie Chan’s air-conditioning leader has been poached from Gree, and now it can only sell houses to survive. mediaSuccessive reports have once again pushed Chigo air-conditioning into our sight.
The company announced in 2018 According to its annual report, Chigo Air Conditioning lost nearly 500 million yuan last year, a plunge of 1109.2% from the same period last year. Since this year, Chigo Air-Conditioning Holdings has sold capital twiceProperty to supplement the company's operating funds, the most recent time was the land sale at the end of May.
Frozen three feet is not a day’s cold, and now the tragic situation of Supreme Air Conditioning is not accomplished overnight. In fact, Chigo Holdings began to lose money as early as 2011, and it was the only loss-making company in the home appliance industry that year. In the following years, the amount of loss has further expanded, and in 2018 it lost 480 million yuan.
As for the reason for its loss, Chigo Holdings stated in its annual report that it was caused by the poor global economy and increased raw material costs. But what is embarrassing is that Gree Electric, which was "robbed" of Jackie Chan by Chigo that year, exceeded 200 billion yuan in revenue in 2018, a year-on-year increase of 33.33%, and net profit exceeded 26 billion yuan.
At the same time, as of now, Chigo Air Conditioning’s share price has been reported at 0.08 Hong Kong dollars, and the total market value is only 674 million Hong Kong dollars. The scenery is long gone.
In fact, when talking about domestic air-conditioning brands, Gree, Midea and Haier may be the first thing that comes to mind, and this air-conditioning brand called "Zigao" has also ranked fourth. name. As the leader of the second echelon of the air-conditioning industry, Chigo’sFamily history is worth digging deeply.
According to public information , Guangdong Zhigao Air Conditioning Co., Ltd. was established in 1994. Its headquarter is located in Nanhai District, Foshan City, an industrial town in the Pearl River Delta. It is a large modern enterprise group focusing on the production and sales of household and commercial air conditioners. It hasThere are two major industrial parks, and exclusive cooperative factories in Thailand, Vietnam, Nigeria and other countries. The marketing network covers more than 100 countries and regions around the world.
especially as a founder The human Li Xinghao is even more legendary. Because he was born as an out-and-out peasant,The dream of the cold industry also started from selling popsicles. In contrast, Gree Electric, whose predecessor was the Pearl River Special Economic Zone Industrial Development Corporation, enjoys the inherent advantages of the special zone environment.
After Chigo Air Conditioning was established, Li Xinghao experienced two major crises. Once when I first entered the air-conditioning industry, the air-conditioning price war triggered by changes in the industrial environment almost killed the supreme air-conditioner in the infant.
Another crisis occurred at the end of 1995. Due to the impact of the air-conditioning price war, Chigo did not make much money. The joint venture partners did not have the confidence to cooperate. They not only withdrew funds, but also announced Chigo Air Conditioning has gone bankrupt, and the account of Zhigo Air Conditioning has been sealed by the Foshan People’s Court. This incident almost made the supreme air conditioner Really come to an end.
But what is puzzling is that after experiencing these two life and death events, Supreme Air Conditioning did not learn from the lesson and polish itself No progress has been made in product research and development.
Since its establishment, Gree Electric has adhered to the motto "A company without innovation is a company without soul", committed to technological innovation, and mastered the The core technology of the company is the foundation of the company.
It seems that the reason why Supreme Air Conditioning has come to this day is not unexpected.
In fact, the market value of Chigo’s air-conditioning dives reflects not just a company’s problems, but the challenges the entire air-conditioning industry is facing today.
On July 3rd, Major General Ding, a senior analyst in the home appliance industry, made an in-depth analysis of the Chigo’s predicament and pointed out the three major drawbacks of the air-conditioning industry today:
He first mentioned that the current development of the air-conditioning industry has not gotten rid of "policy-based food." Policies such as home appliances to the countryside, energy-saving subsidies, and loose real estate policies are stimulating air-conditioning sales.Favorable external factors such as sales.
On the other hand, the enterprise itself has not gotten rid of the thinking of "relying on the sky for food". Once the sales of air conditioners in the market are not good, many companies will attribute the reason to the fact that the weather is not hot enough and late, instead of innovating their products from the dimensions of technological upgrading and demand upgrading.
Finally, air-conditioning companies have no differentiated competitiveness. For air-conditioning companies, its technology, function and price should have its own specific population, not just for price wars. Otherwise, competitors will only lose out.
and toIn addition to the three major drawbacks mentioned above, the origin of its founder, Li Xinghao, is also an intriguing factor. Selling popsicles to make a fortune, by chance, he entered the air-conditioning industry by chance, and when he was in the glory, he competed with Gree's spokesperson Jackie Chan, and then set the goal of exceeding 100 billion in sales in 2020. All this happened to be sneered by Dong Mingzhu.
In the development of Supreme Air Conditioning, Li Xinghao has always adhered to the "colander theory": the market is like a pool of water, and each enterprise is a spoon for water. Obviously, Supreme Enterprise itself is a colander. For most people. They would choose to stop and fill the spoon, but Li Xinghao chose to scoop the water quickly. Although half of it was missed, at least half was scooped.
Li Xinghao’s concept helped the rapid development of Chigo Air Conditioning, But also buried hidden dangers. Especially compared with Gree, which relies on technology to promote a steady and steady operation, Chigo Air Conditioning's operating structure seems to be lacking.
At the same time, if we look at the world, we will find that although the market is changing rapidly, the South Korean Samsung Group, which also has a family business background, can still The home appliance industry has a place. Especially when the world economy was in recession in 2009, sales increased by 27% compared with 2008, the highest growth rate in the industry.
The reason is that on the one hand, it is because it gives consumers the image of high-end brands, on the other hand, when facing emerging markets, it adopts Personalized technology strategy.
And in 2016, Samsung also launched the concept of "healthy home" appliances, focusing on consumers' health. This has become a distinctive selling point of Samsung products, enough to make it unique in the appliance market.
But today’s Chigo air conditioners lag far behind Gree Electric and Samsung Group, and once fell into a living dilemma. This is not only related to market changes, but also to the founder’s style and the unreasonableness of the company itself. Management is inextricably linked.