家电 -行业及公司近况交流

Summary of Conference Call on Home Appliance Industry and Company Updates Industry Overview - The electric bicycle industry is experiencing significant changes due to new national standards, which favor leading companies and impose higher R&D and financial requirements on high-end smart brands [2][27]. - The introduction of the GB17,761 standard has accelerated industry decline, impacting market dynamics and increasing operational risks for retailers [27]. Company Insights: Jihua Channel Expansion - Jihua has rapidly expanded its channel through a primary partner model, with store numbers expected to reach 2,000 by year-end, up from approximately 1,000 at the end of last year [1][4][6]. - As of May 21, 2025, Jihua has around 1,500 to 1,600 channels, with a significant portion still under renovation [4]. Dealer Composition and Strategy - Approximately 95% of Jihua's dealers have experience in the two-wheeler industry, with 20% from the motorcycle sector, including traditional brands like Yamaha and second-tier brands [5]. - Dealers are willing to join Jihua despite short-term losses, motivated by the potential of smart electric vehicles and the brand's growth opportunities [8]. Product Strategy - Jihua's MO model has received poor market feedback, while the upgraded A4 model has seen high acceptance but is currently in short supply [1][10]. - The launch of the 2025 A14 model has negatively impacted sales of the 2024 version due to pricing strategies [10]. Supply Chain and Production - Jihua is negotiating with suppliers to ensure supply chain stability and reduce procurement costs through increased production volumes [14][15]. - The company aims to launch 4-5 new products this year, supported by a newly established R&D team and production facilities [13]. Competitive Landscape - Jihua's dealer policy is competitive, offering full support for store renovations and rent subsidies, resulting in higher terminal gross margins compared to competitors like 9号 and 小牛 [17][18]. - The competition among new brands is intense, with Jihua, 9号, and 小牛 each having strengths in product quality, riding comfort, and cost-effectiveness [19][20]. Market Performance - Jihua's first-quarter shipment was approximately 100,000 units, with a retail-to-inventory ratio of 1:1 [3]. - The company is facing challenges with product and capacity issues but is actively working to address these through strategic adjustments [14]. Future Plans - Jihua plans to accelerate store openings in the fourth quarter to prepare for 2026, with a focus on maintaining quality while expanding [9]. - The company is committed to enhancing user experience and maintaining strict pricing controls to build consumer trust [25]. Additional Insights - The competitive dynamics in the electric bicycle market are shifting, with brands adopting aggressive pricing and configuration strategies to capture market share [20]. - Jihua's team is composed of highly qualified individuals, with a focus on customer service and operational excellence [21][22]. - The overlap in user demographics between Jihua and competitors like 小牛 and 9号 is low, indicating distinct market positioning [26]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of Jihua and the electric bicycle industry.