China has long been the world's largest country in terms of furniture consumption and lifestyle. The achievements in the production and export of Chinese furniture reflect the hard work and contributions of everyone in the industry.
Just like China's overall economic development, the furniture industry has grown over the years but is now at a critical stage of structural transformation and evolving business models. After years of observation and analysis, we believe that the most significant challenges currently facing the Chinese furniture industry can be summarized as follows:
First, the industry lacks concentration. There are more than 70,000 companies operating in the sector, with over 200,000 brand names, making the industry structure relatively fragmented and inefficient.
Second, the overall efficiency remains low. Due to issues in production, sales, distribution, and retail, the industry’s value is significantly lower compared to other sectors. Low cost has become synonymous with the furniture industry, and many companies struggle to maintain healthy profit margins.
Third, due to historical reasons, management practices in the furniture industry are still outdated. Modern approaches such as mergers, acquisitions, and efficient operational models are not widely adopted, limiting growth potential.
Fourth, capital flows are disconnected from the industrial base. Foreign investment struggles to integrate effectively into the real economy, while domestic profits often fail to return to the core of the industry. A large portion of capital has shifted toward real estate and speculative investments, weakening the focus on manufacturing and industrial development.
Today, the Chinese furniture industry is entering a new era of development, where innovation and the integration of various business elements are essential. All of you here today carry the responsibility of driving the future of the Chinese furniture industry. There is still a long way to go, but with determination and collaboration, the industry can achieve sustainable growth and global competitiveness.
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