Zhao Ruihai, chairman of Qu Mei Home Furnishing: Facing a full shuffling in the home industry, “I hope the company will become a small and beautiful China IKEA”

Every reporter: Chen Mengyi

Related company


Qumei Home (603818.SH)

Core competitiveness:

Mainly engaged in the design, production and sales of mid -to -high -end civil furniture and supporting home accessories; created an international design alliance, “original design” has become the core competitiveness

Companies in the eyes of the organization:


Large home groups that integrate and produce and sell in China;



Furniture home, covering arthropolis furniture, comprehensive furniture and solid wood furniture

“I hope the company will become a small and beautiful China IKEA.”

In terms of the benchmark company, Zhao Ruihai, chairman of Qu Mei Home, did not hesitate.

When an interview with Zhao Ruihai, he was busy flying everywhere for the company’s green environmental protection and intelligent production systems.


“Under the limited market, the industry competition is more fierce. Leading companies rely on channels, brands, and product advantages to continue to seize the market. The gap with small and medium -sized enterprises will gradually increase. “,”

A few days ago, in an exclusive interview with “Every Chairman of the Character • Interview with the Chairman”, Zhao Ruihai said, “In recent years,” Qu Mei has experienced a lot in the past few years. Ability to store energy for the second growth curve. In the next 5 years, we will maintain a relatively high -speed and attitude growth. “

The home industry will enter the full shuffling stage

In 2021, it can be described as “unfavorable for the years” for the home industry.

As the pre -cycle industry in the home industry, every move in the real estate industry affects the nerves of home companies. Huatai Securities previously pointed out in a research report that the real estate prosperity has declined since the second half of the year, and the pressure of competition in the home market has increased. stage.

What are the changes in the next development of the home industry?

Zhao Ruihai believes that, first of all, the industry leaders are highlighted and the concentration is expected to increase. Under the influence of the real estate regulatory policy, the residential turnover has fallen significantly; at the same time, under the limited market conditions, the industry competition is more fierce. Leading companies rely on channels, brands, and product advantages to continue to seize the market, and the gap between small and medium -sized enterprises has gradually increased. The industry will enter the full shuffling stage, and the industry pattern will be optimized.

Secondly, the development trend of home integration is becoming more and more obvious. Through the integration of the supply chain, home companies have played the advantages of brand marketing and the management capabilities of large stores, transformed from home production brands to household business brands, and enhance the company’s comprehensive operation barriers, which helps enterprises break through the siege.

Thirdly, with the changes in people’s consumption habits and consumption scenarios, the entrance to consumers gets information more fragmented, and the new generation of marketing methods are becoming more and more diversified, and higher requirements have been put on the rapid response capabilities of enterprises in the face of industry trend transformation. With the development of diversified channels, grasping the entrance of channels to create a new retail model, reconstructing channels and consumption relationships, and active marketing normalization, which has become a competitive point for home furnishing companies.

In addition, overseas high -end furniture brands are increasingly favored by large domestic furniture companies. On the one hand, domestic consumption upgrades, consumers’ demand for overseas high -end brand furniture is increasing; on the other hand, high -end furniture brands, especially overseas brands, can significantly enhance the brand’s attractiveness of domestic furniture dealers, and the sales of domestic main brands start. To a good driving effect. At the same time, high -end brands have strong independent investment capabilities in China, which can become a good supplement to the main brand channels and effectively solve the problem of market investment difficulties.

Industry pressure is only one of the difficulties facing home companies. On the other hand, third -party platforms including Suning, Jingdong, Baidu, Gome, Ali, and even shells have begun to make home improvement. The Internet home improvement industry, which has ended in 2018, is now trying to return to the center of the stage. The return of Internet home improvement is also a new challenge to home companies.

In this regard, Zhao Ruihai said that Internet companies involve home improvement business, which helps it to obtain the relevant industrial chain of passenger flow and open up the real estate market. For real estate agencies, home improvement business has a positive effect on promoting housing transactions, increasing service content, and enhancing customer stickiness.

In terms of drainage, delivery, and service, mature home improvement companies have innate advantages than furniture brand dealers. The expansion of the furniture company can realize a one -stop service combined with “hard installation+soft installation”, which is conducive to expanding passenger flow channels in a new market environment, expanding consumer audiences, and seizing market share.

“In the future, it must provide services around the customer’s entire needs. Qu Mei is not a whole installation in the strategic layout, but to help customers who have re -demand demand to complete their consumption needs in service extension. For example, according to their furniture style and Posted the home decoration, with furniture, lighting, curtains, etc., and let consumers take it in. “Zhao Ruihai said.

A thrilling acquisition

Talking about the major mergers and acquisitions of the Norwegian national treasure -level lounge company Ekornes ASA in 2018, Zhao Ruihai is still loud.

“Ekornes is a company we visited 15 years ago. Its industry 4.0 ability is worth our learning. At that time, with the manufacturer and product director to learn, Ekornes’s factory completely subverted our perception of furniture factories. Like a car manufacturing plant. “

At the details, Zhao Ruhai said that their companies have a large TV at the door, which are different dynamic display screens, which show the compound rate of the production capacity of the workshop, how much production pressure is the production line, where is the inventory, and where the shipping ship is in the ship. Where is the location, where the materials on the supply chain are, etc., are very concrete, and various column -like diagrams and curves are in real -time changes and visualization. This is very difficult, but they had done it at that time.

According to Zhao Ruihai, Ekornes has several special advantages: First, there are very few European profit companies, Ekornes is a listed company, a very stable profit company, which is far higher than the average level of our industry; the second is highly automated automation The production lines are completed by the robotic arm, including the polishing and painting link that can only be completed by hand in China; the third is to have a global high -level kaka automatic sewing machine.

“I think that such companies need to make it a part of our own as long as such companies have the opportunity and no matter how they are, because their Industry 4.0 can hardly learn or do it.” Zhao Ruihai said.

In September 2018, Qu Mei’s home completed the acquisition of Ekornes with huge disputes. The trading consideration was twice the assets of Qu Mei at that time.

It is also based on 2018 that Qu Meijia’s performance has fluctuated.

According to Wind, at the end of 2018, Qumei ’s net profit was -56.712 million yuan, a year-on-year decrease of about 123%; the asset-liability ratio soared from 22.5%in 2017 to 77.7%. However, declined in 2019 and 2020, 74.8%and 66.0%.


In terms of overseas business, the revenue of Qumei Home in 2016 and 2017 was 8.37 million yuan and 4.87 million yuan, respectively. In 2018, 2019, 2020, and the first half of this year, this data has reached 930 million yuan, 24.5, 24.5 100 million yuan, 2.53 billion yuan and 1.56 billion yuan. Since 2019, Qu Mei’s overseas revenue has achieved overtaking domestic markets.

“I didn’t think so much when I bought it, I felt that this company was good. I had to buy it. Although it was difficult. However, the difficulties encountered are really not small, because the size of Qume is not very large, and no one in the capital market thinks this merger. It is good, and even because of this merger transaction, Qu Mei’s stock price has experienced a sharp decline. “

Zhao Ruihai said, “When we acquired, it was when the overseas mergers and acquisitions were not good. Some companies burst into thunder, Chinese enterprises went to the sea mergers and acquisitions transactions into a calm period, and the market also chose to cool down. The wrong kill. But from the three years of the operation of the acquisition, it proves that our choice at that time was correct. “

A data available for evidence is that as of the end of June 2021, Ekornes’s cumulative order amount was 2.574 billion Norwegian Cran, an increase of 65%over the same period of 2020.

“Ekornes is known as Rolls -Royce in a comfortable chair. It is profitable all year round, the cash flow is quite good, and the brand power is very strong. However, the acquisition is really not easy. I took out my personal equity to help Qu Mei acquire, but all this is worth it. “Zhao Ruihai said with emotion.

Capital is the second pair of wings of the industry

On November 15, 2021, the Beijing Stock Exchange officially opened. Three households were listed on the market, becoming a new trend in the industry. On April 22, 2015, Zhao Ruihai rang the big clock of the Shanghai Stock Exchange, announcing the successful listing of Qu Mei Home in the “modern furniture” and “Beijing Furniture First Stock” of the home furnishing industry.

Zhao Ruihai admits that listing is a process of growth for the company.

“Objectively speaking, the listing has made us three major changes: first, the positioning between Qume and society has been re -examined. The constraints and responsibilities of the public company are different; The company is responsible for itself. After listing, it is the company of all shareholders, so it is responsible and powerful. Third, the targets are advanced companies after listing, and the pressure is even greater. State to promote the company’s continuous development. “

“Therefore, listing is an incentive for yourself and a team.”

In Zhao Ruihai’s view, capital is the second pair of wings of the industry. If the capital is used well, fundamental changes will occur in the speed of industrial development and talent aggregation. Therefore, capital is a very important factor to help industrial development. It is necessary to use capital to promote industrial development and create greater value for society and better value and better way of better value and better way Return to society. Through the value of value, let capital gain benefits, and let the entire industry be circulated instead of only capital arbitrage.

“The more the company is listed, the better. If you get capital support or get financing after listing, it can promote the development of the industry, and you can use the value of creation to give back to the society. This is a particularly good thing.”

The semi -annual report shows that in the first half of 2021, Qu Mei Home achieved operating income of 2.513 billion yuan, an increase of 42.97%year -on -year; net profit attributable to shareholders of listed companies was 128 million yuan, an increase of 410.60%year -on -year; basic earnings per share reached 0.22 yuan, a year -on -year increase of growth, year -on -year increase 375%.


In the future, we must meet the consumption needs of all house furniture

“We want to be a small and beautiful China IKEA.” Zhao Ruhai’s appreciation of IKEA did not avoid it.

He said that the one -stop matching of scene sales, whole -house design, and full -category home products is an obvious trend in the home industry in recent years. We have more than 200 large -scale stores of more than 1,000 square meters nationwide. For more than 20 years, we have accumulated rich experience in operating management, scenario marketing experience, and multi -product furniture sales experience for more than 20 years.


“The whole installation really makes us very panic in the furniture. The whole installation is the entrance of the front -end. The home improvement company is pushing the bags fully. From the original decoration, the seller’s appliance, building materials, soft furnishings, everything, everything, everything Can be sold, in fact, it also provides them with perfect delivery around the core needs of customers, so that customers can save time, effort, money, worry -free, and quality assurance. However Delivery, equip customers with suitable home accessories, combine hard and soft outfits to provide consumers with services extended. “

Zhao Ruihai bluntly stated, “I hope we will be covered with all categories and multi -materials in the future. Through customized furniture+finished furniture+soft decorations to meet the consumer needs of consumers’ whole house furniture. The color, shape, and craftsmanship of finished furniture are opened, so that the whole house furniture scheme is integrated, and the design of the overall home life plan is truly achieved. “

“From the development of Qu Mei, the biggest value is that we have always adhered to our own attitude, adhered to our values, and gave up many short -term interests.” Zhao Ruihai said, “Qumei has experienced a lot in the past few years. Through these experiences reinterpret your positioning, re -sort out your ability to store energy for the second growth curve. In the next 5 years, it will maintain a relatively high -speed attitude growth. “


Reporter’s note 丨 Attitude determines everything

The home and real estate industry is often considered a glorious and linked, but in fact, the two have evolved into a subtle relationship with a glory and glory, but not necessarily damaged.

In the previous interviews, there are few senior executives that can describe the details of the target company so clear and accurate. Zhao Ruihai expressed his satisfaction with the multinational acquisition on many occasions. “Once full of tears, the more you look at it now.”

“I think as long as such companies have the opportunity, no matter what, it must make it a part of our own.” Zhao Ruihai’s words made reporters remember, and what kind of courage and strategy at the time was needed. The transaction considerations exceeding their own assets, the huge pressure of public opinion similar to the “snake swallowing” on the entire network, and the asset -liability ratio of the subsequent suddenly soaring assets. For a listed company, it can be described as “pressing step by step.”

Zhao Ruihai does not avoid mentioning competitors, industry crisis, and even the difficulties encountered by the company. Every cloud is light and light now is the accumulation of past experience and the longing for future expectations.

Reporter: Chen Mengyi

Edit: Wei Wenyi

Vision: Cai Peijun


Capture: Wei Wenyi Wang Shujie

Daily Economic News