Group 1: Company Overview - Zhejiang Meida has established a dedicated e-commerce department to explore suitable paths in the e-commerce sector [2] - The engineering channel accounts for approximately 3% of total sales, with prices slightly lower than those offered to distributors [3] Group 2: Partnerships and Collaborations - The company primarily collaborates with local developers and has successfully completed numerous high-end projects in regions such as Hainan, Shenzhen, Qinghai, and Guangxi [3] - Future plans include establishing strategic partnerships with large national real estate developers [3] Group 3: Advertising and Pricing Strategy - Historical advertising expenditures on CCTV have been in the tens of millions, with a shift towards emerging media channels like mobile internet and partnerships with platforms such as Sina Home and Sohu [3] - The company maintains significant pricing power, offering a uniform ex-factory price to all distributors while allowing some flexibility based on local market conditions [3] Group 4: Inventory Management - Adjustments to sales policies since last year have resulted in a reasonable inventory level among distributors [4]

Group 1: Company Performance - The company's revenue growth accelerated significantly in Q3 due to the traditional consumption peak, increased marketing efforts, and improved consumer awareness of integrated stoves [2][3] - The company expects good performance in Q4 [3] Group 2: Future Plans - The main sales channel is currently specialty stores, with plans to expand into the refined engineering channel and increase efforts in first and second-tier cities [3] - The company will selectively enter key account (KA) markets, enhance e-commerce investments, and actively explore overseas markets [3] - Channel integration will be implemented gradually and tailored to local conditions to enhance the overall advantages of regional distributors [3] Group 3: Profitability - The company maintains high gross and net profit margins, with pricing power as an industry leader [3] - Historical data indicates a trend of annual price increases for the company's products, which is expected to continue [3]

Group 1: Market and Sales Structure - Sales in tier 3 and tier 4 cities account for approximately 80%, primarily through specialty store channels [3] - The average terminal price ranges from over 6,000 to 10,000, with some flexibility allowed for distributors based on regional differences [3] - The company has a strategy to first establish a presence in tier 3 and tier 4 cities before moving to tier 1 and tier 2 cities, which has proven effective [3] Group 2: Industry Overview and Competition - The integrated stove industry is valued at over 30 billion, with the company holding a one-third market share [4] - In the short to medium term, there are no significant threats from competitors in the integrated stove sector; however, traditional kitchen appliance manufacturers may pose a long-term risk [4] - The market share of integrated stoves in the overall kitchen appliance industry has been gradually increasing each year [4] Group 3: Production and Distribution - The company operates on a sales-based production model, implementing a prepayment system with distributors [5] - There are over 2,000 sales terminals and nearly 1,000 first-level distributors, with plans to encourage more store openings in tier 2 and tier 3 cities [5] Group 4: Future Plans and Innovations - The company has established online stores on platforms like Tmall, JD.com, and Suning, with plans to increase investment in online marketing [5] - Future potential directions for transformation include new energy, environmental protection, high-end equipment manufacturing related to the main business, and healthcare [5]

Market Position - Zhejiang Meida holds one-third of the market share in the integrated stove industry, making it a leading enterprise [3] - The industry scale accounts for approximately 60% of the entire kitchen appliance sector [3] Profitability and Strategy - The company has a high net profit margin but aims to expand its scale by potentially lowering profit margins to benefit distributors [3] - Future plans include utilizing released production capacity effectively [3] Automation and Investment - The company has invested nearly 100 million in automation, including the application of robotics [3] - There are considerations for further involvement in the automation sector [3] Business Focus - The company is interested in high-end equipment manufacturing, environmental protection, and healthcare sectors [4] - Current product expansion includes cabinets, integrated sinks, water purifiers, and kitchen waste processors, although these products currently represent a small portion of the business [4] Distribution Network - The distribution system consists of a two-tier structure with primary distributors managed directly by the company [4] - Plans are in place to further flatten the distribution model by establishing provincial-level management [4] Regional Strengths - Key advantageous regions for the company include East China, South China, and Northeast China, which collectively account for at least 60% of sales [4]

Group 1: Market Strategy - The company has identified 6 main directions for marketing its core products, including channels such as distributors, e-commerce, overseas markets, engineering, key accounts, and commercial sectors [2][3] - The overseas market is a significant focus, with the company being the only one in the integrated stove industry to have established distributors or subsidiaries abroad, providing a first-mover advantage [3] - Future investments will be made in e-commerce and television shopping channels to enhance market presence, despite current low expenditure in these areas [3] Group 2: Offline Channel Development - The company has established offline channels for 10 years and is now exploring new strategies, including setting up provincial distributors to strengthen collective capabilities [3][4] - Plans include selectively opening direct stores in first-tier cities while learning from successful industry practices [4] Group 3: Product and Brand Expansion - The company has recently launched a cabinet project, entering a highly competitive and customized industry, and is open to technical and market collaborations [4] - There is a shift in brand investment strategy, moving from traditional media to new media partnerships, which may impact future profits [5] - The potential of brand ambassadors has not been fully leveraged, and the company is considering deeper integration with its brand [5]

证券代码： 002677 证券简称：浙江美大 编号：2015-001 浙江美大实业股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|---------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | ■ 现场参观 | | | | □ 其他 | | | 参与单位名称及 | 首创证券有限责任公司：张炬华 | | | 人员姓名 | | 上海互码投资管理事务所： 陈凌、周孝勇 | | | 浙江前川投资管理有限公司：李伟 | | | | | 深圳市东方财智资产管理有限公司：尚小伟 | | 时间 | 2015 年 5 月 15 日 | 13：00-15：00 | | 地点 | 公司会议室 | | | 上市公司接待人 | 副总：徐建龙 | | | 员姓名 | 董秘 ...

证券代码： 002677 证券简称：浙江美大 编号：2015-002 浙江美大实业股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------------|------------------------------------------------| | | | | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | ■ 现场参观 | | | | □ 其他 | | | 参与单位名称及 | 浙商证券股份有限公司：刘正 | | | 人员姓名 | 东方证券股份有限公司：汤祺 | | | | 渤海证券股份有限公司：安伟娜 | | | | 信达澳银基金管理有限公司：朱莉娜 | | | 时间 | 2015 年 11 月 12 | 日 13： 00-15：00 | | 地点 | 公司会议室 | | | 上市公司接待人 | 董秘：夏兰 | | | 员姓名 | 资本市场部总监：李羽 | | | 投资 ...