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 involved in this industry.
Just like China's overall economic development, the furniture industry has evolved over the years and is now at a critical stage of structural transformation and changes in its development model. After years of observation and analysis, we believe that several key issues currently exist within the Chinese furniture industry:
First, the industry suffers from low concentration. There are over 70,000 companies in the sector, with more than 200,000 brands, making the market structure relatively fragmented.
Second, overall efficiency remains low. Due to institutional challenges 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Third, due to historical reasons, management practices in the furniture industry are still outdated.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 business models such as mergers, acquisitions, and efficient operations are not widely adopted across the industry.
Fourth, capital flows are disconnected from the industrial foundation. On one hand, it's difficult for foreign capital to integrate effectively into the real economy and generate sustainable profits. On the other hand, corporate profits often fail to reinvest back into the industry, leading to a rise in landlords and speculative investors instead of industrialists. As a result, investment in actual manufacturing and innovation is weak, and the industrial spirit is fading.
Today, the Chinese furniture industry is entering a new era of development, where business models and elements are merging and evolving. All of you present here today carry the growing responsibility of shaping the future of the Chinese furniture industry. The road ahead is long, but with determination and innovation, the industry can overcome its challenges and achieve greater success.
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