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1、Reporrt Onn Chiinesee Furrnituure IIndusstryElecttroniic Coommerrce IInstiitutee of Shanngyouu InfformaationnNJU DData Appllicattion GrouupJuly, 20110Summaary oof thhe Reesearrch RReporrt onn thee Furrnituure IIndusstryThis studdy aiims tto thhe paarticcipannts oof thhe Chinnese furnniturre inndustt
2、ry, to pproviide tthem accuuratee and comppreheensivve innformmatioon of ffurniituree inddustrry, wwhichh wouuld bbe heelpfuul foor thheir deciisionn-makking.This repoort wwas 227 paages longg, inccludiing 11.3 mmilliion wwordss, 5 tablles andd 19 charrts. It has an iin-deepth anallysiss of the oper
3、ratinng ennviroonmennt, finnanciial ssituaationn, thhe keey ennterpprisees of tthe iindusstry and the upsttreamm andd dowwnstrream induustriies of thhe seecondd quaarterr in 20010, basedd priimariily oon thhe Sttate Stattistiical Bureeau, Chinna Ecconommic MMonittorinng Ceenterr, Deeveloopmennt Rees
4、earrch CCentrre off thee Staate CCounccil, the assoociattion of Chinnese furnniturre inndusttry, the Geneeral Admiinisttratiion oof Cuustomms, wwind dataabasee, Innvesttmentt Anaalysiis Syystemm of txseec. Bessidess, thhe reeportt alsso innvesttigatted prooblemms and deveelopmment trennds of Chinnes
5、e furnniturre inndusttry aand a dettaileed annd prrudennt foorecaast wwas ggivenn on the Chinnese furnniturre inndusttry in tthe tthirdd quaarterr, whiich wwas bbasedd on the currrent statte off devveloppmentt andd inffluenncingg facctorss of tthe ffurniituree inddustrry.The rreseaarch concclusiion
6、From Januuary to JJune 20100, botth prroducctionn andd salles oof Chhinesse fuurnitture induustryy werre booominng. TThe ooutpuut waas 2883 miillioon annd thhe saales valuue was 153.71 bbilliion RRMB. The year on yyear growwth rrate of pproduuctioon annd saales conttinueed too risse annd booth wwere
7、 overr 20%. The immportt andd expport alsoo had a drramattic ggrowtth, wwith a grrowthh of 477.74 % annd 333% resppectiivelyy, buut thhe growwth oof immportt narrroweed whille thhat oof exxportt inccreassed ssteaddily, howweverr, thhe foormerr wass stiill hhigheer thhan tthe llatteer. From Januuary
8、to MMay 22010, thee salles rrevennue aand ttotall proofitss of Chinnese furnniturre inndusttry wwere 150.54 bbilliion RRMB aand 77.32 billlion RMB, withh a ggrowtth off 30.56% andd 60.14%. In the secoond qquartter, the solvvencyy of the furnniturre inndusttry hhas iimprooved sligghtlyy, andd thee pr
9、oofitaabiliity wwas ssigniificaantlyy enhhanceed whille the inveentorry annd acccounnts rreceiivablle weree undder eeffecctivee conntroll, beesidees, tthe ddevellopmeent ccapaccity has beeen immprovving overr thee monnths. So, a viggorouus reecoveery oof the whhole induustryy is virttuallly asssuree
10、d. In ppartiiculaar, tthe wwoodeen fuurnitture induustryy exceelledd mettal ffurniituree induustryy in the solvvencyy, opperattionaal abbilitties and the deveelopmment capaacityy, butt thee mettal ffurniituree induustryy was slighhtly bettter iin prrofittabillity. As too thee thrree llisteed coompan
11、nies of ffurniituree mannufaccturiing, thee S * ST Guanngminng was in tthe pproceeedinng off resstruccturiing wwhilee thee Guaangdoong YYihuaa Timmber and the Unnitedd Staates gramms haad a goodd perrformmancee. Thhe Guuangddong Yihuua Tiimberr inteendedd to expaand iits mmarkeet frrom abrooad tto h
12、oome, whille thhe Unnitedd Staates gramms toook eefforrts tto build furrnituure cchainn in domeesticc. In strrong conttrastt witth thheir busiinesss, in tthe sseconnd quuarteer, aaffeccted by the sharrp faall off thee marrket, thee shaare ppricee of the two listted ccompaaniess bothh decclineed morr
13、e thhan 330%, undeerperrformming the wholle pllate. The nnaturral ddisassterss in domeesticc andd traade pproteectioonismm by fforeiign ccounttriess madee thee woood prrice go uup overr thee passt feew moonthss. As tthe mmaterrial pricces rrisinng, tthe ffurniituree inddustrry faacingg a bbig prress
14、uure. Undeer prressuure oof thhe “Reall Deaal”, thhe coommerrciall houusingg turrnoveer off thee firrst aand sseconnd tiier ccitiees haad a sharrp deeclinne off neaarly 50%, whiich wwas pprobaably to caause a shrrinkiing ddemannd off thee furrnituure. The wwordss succh ass higgh aand growwth were wi
15、deely uused to ddescrribe the furnniturre inndusttry iin 20010, howeever, in thhe shhort termm, the apprreciaationn of RMB, thee inccreasse off raww matteriaal prricess and tradde prrotecctionnism are the mainn obsstaclle off devveloppmentt, soo thee inddustrry off thee nexxt quuarteer waas prredicc
16、ted cauttioussly.CatallogThe rreseaarch concclusiion31. Baasic Infoormattion Anallysiss of Furnniturre Maanufaacturring51.1 BBasicc Knoowleddge oof Fuurnitture Manuufactturinng51.2 FFurniituree Mannufaccturiing: Enviironmmentaal Annalyssis62. SSectoor Ecconommic OOperaationn Anaalysiis92.1 Induustry
17、y deggree of FFurniituree Mannufaccturiing: Ringging Up92.2 PProduuctioon annd Maarketting of FFurniituree Mannufaccturiing: conttinuiing tto grrow102.3 CCompaaratiivelyy Rappid GGrowtth off Furrnituure IImporrt annd Exxportt132.4 Compparattivelly Sllightt Groowth of EEx-faactorry Prrice153. FFinann
18、ciall Anaalysiis off Furrnituure IIndusstry163.1 Anallysiss of the Solvvencyy163.2 AAnalyysis of tthe PProfiitabiilityy173.3 AAnalyysis of tthe ooperaationn abiilityy183.4 AAnalyysis of tthe ddevellopmeent aabiliity194. Annalyssis oof liistedd commpaniies oof thhe fuurnitture induustryy204.1 Thhe ov
19、veralll annalyssis oof liistedd commpaniies204.2 Guanngdonng Yiihua Timbber214.3 TThe UUniteed Sttatess graams224.4 TThe SS * SST Guuangmming235. Annalyssis oof reelateed Inndusttry245.1 The timbber iindusstry245.2 RReal estaate iindusstry256. Thhe maain pprobllems of CChinaa furrnituure iindusstry2
20、66.1 TThe qqualiity oof thhe prroduccts sshoulld bee impproveed urrgenttly276.2 PProduuct hhomoggeneiity aand llack of bbrandd buiildinng276.3 Lotss of tradde baarrieers276.44 Thee seccond-handd furrnituure mmarkeet iss nott perrfectt286.5 Diffferennce oof thhe buusineess bbackggrounnd iss thee maii
21、n brrake on mmore mergger aactivvity287. TThe ttrendd andd forrecasstingg of Chinnese furnniturre inndusttry iin laate 22010287.1 The deveelopmment trennd off furrnituure mmanuffactuuringg of the secoond hhalf of 22010287.2 FForeccast of CChineese ffurniituree inddustrry inn thee thiird qquartter oo
22、f 20010298. Evventss of the Induustryy30Catallog oof chhartss andd tabblesFigurre 1: Shaare oof thhe woorld furnniturre prroducctionn7Figurre 2: Booom inndex of FFurniituree Mannufaccturiing9Figurre 3: Outtput and Growwth rrate of FFurniituree Mannufaccturiing10Figurre 4: Commparaativee groowth of d
23、diffeerentt kinnds oof fuurnitture prodductss11Figurre 5: Reggionaal diistriibutiion oof fuurnitture prodductiion ffrom Januuary-Apriil off 2011011Figurre 6: Monnthlyy & AAccummulattive Salees Vaalue of FFurniituree Mannufaccturiing12Figurre 7: Outtput valuue off furrnituure ffrom Januuary- Aprril o
24、of 20010（accoordinng too varrietyy）13Figurre 8: Monnthlyy expport of ffurniituree Mannufaccturiing13Figurre 9: Monnthlyy impport of ffurniituree mannufaccturiing14Figurre 100: PPPI、CPI & prrice indeex off furrnituure iindusstry（the samee perriod lastt yeaar=1000）15Figurre 111: Reetaill priice iindex
25、x in citiies aand rrurall areeas16Figurre 122: asssetss andd liaabiliitiess ratteof furnniturre inndusttry16Figurre 133: deeficiit raange of ffurniituree inddustrry17Figurre 144: Reeceivvablee groowth of ffurniituree inddustrry onn yeaar-onn-yeaar baasis19Figurre 155: Reevenuue grrowthh of furnnitur
26、re inndusttry oon yeear-oon-yeear bbasiss19Figurre 166: Prrofitt groowth of ffurniituree inddustrry onn yeaar-onn-yeaar baasis19Figurre 177: Thhe sttock pricce off furrnituure iindusstry in QQ2 2000721Figurre 188: Moonthlly immportts off woood frrom JJan, 20099-Aprri, 2201024Figurre 199:Nattionaal H
27、oousinng booom iindexx froom Frrb,20009-JJun,22010（the samee perriod lastt yeaar=1000）25Tablee 1: Deveelopmment reviiew oof Chhinesse fuurnitture induustryy6Tablee 2: Chinnas majoor exxportt desstinaationns off furrnituure14Tablee 3: Pre-tax proffit mmargiin off furrnituure iindusstry18Tablee 4: The
28、 indiicatoors oof liistedd commpaniies oof fuurnitture induustryy in Q1 2201020Tablee 5: Foreecastt of furnniturre maarkett in Q3 22010301. Baasic Infoormattion Anallysiss of Furnniturre Maanufaacturring 1.1 BBasicc Knowwledgge off Furrnituure MManuffactuuringg1.1.11 Defiinitiion & Majjor PProduucts
29、Accorrdingg to the defiinitiion iin “Natioonal Econoomy CClasssificcatioon Of Occuppatioon”, Furnniturre Maanufaacturring, as thiss artticlee menntionns, iincluudes all the fabrricattion of ddistiinct furnniturre whhich is mmade of wwoodss, meetalss, pllastiics, bambboos and ratttans, andd cann be a
30、ppllied in hhousees, hhotells, oofficces, schoools, resstaurrantss, hoospittals, theeaterrs, ggardeens, plannes, and autoomotiive vvehiccle, for the funcctionn of sittting, lyiing, leanning, stooringg, annd sppacinng. DDue tto diifferrent raw mateerialls, FFurniituree Mannufaccturiing iis diivideed
31、innto WWoodeen Fuurnitture Manuufactturinng, MMetall Furrnituure MManuffactuuringg, Baambooo & RRattaan Fuurnitture Manuufactturinng, PPlasttic FFurniituree Mannufaccturiing aand ootherr kinnds oof Fuurnitture Manuufactturinng. 1.1.22. Devveloppmentt RevviewIn thhe paast ffew yyearss, fuurnitture pr
32、odductiion iin Chhina tendds too devvelopp rappidlyy. In 20002, the totaal waas 466.83 billlion RMB, andd it reacched to 3340.991 biillioon RMMB inn 20009, tthe aannuaal deeveloopingg ratte off whiich wwas 332.8%, faar faasterr thaan thhe GDDP deeveloopmennt. AAt thhe saame ttime, impport and expoor
33、t ttradee shaared the simiilar deveelopiing ttrendd. Tablee 1: Deveelopmment revieww of Chinnese furnniturre inndusttryYearValuee ofProduuctioonYear on yyear growwth ratee of Produuctioon VaalueExporrt Valueeyear on yyear growwth rrate of EExporrt VaalueImporrts VValueeyear on yyear growwth rrate of
34、 IImportt Vallue（billlion RMB）（%）(billlion dolllars)(%)（100000 doollarrs）（%）2002468.33119.02254.177351.42-5.7442003664.99323.66673.33335.45.7537.1112004947.11933.599103.55339.37.2626.28820051,3866.3728.144137.66732.9886.84-5.74420061,8500.8727.099174.66526.8888.0217.14420072,4166.0127.811226.11729.5
35、11.04437.68820082,9211.0220.511275.88321.94412.22210.720093,4099.1113.5259.558-5.98812.9776.222010, 1-551,5711.2529.5129.55926.16.3647.7441.2 FFurniituree Mannufaccturiing: Enviironmmentaal Annalyssis1.2.11 Geneeral Poliiticaal Ennviroonmennt(1) TTax-rrefunnd Poolicyy: Ennsuriing CCompeetitiiveneess
36、 oof Fuurnitture ManuufactturinngTo soolve the negaativee inffluennce oof fiinanccial crissis, Chinnese goveernmeent hhas rreleaased a sseriees off polliciees, aaiminng too suppportt thee staable deveelopmment of fforeiign ttradee. From Auguust, 20088 to Junee, 20009, it rraiseed thhe exxportt taxx
37、rebbate ratee of somee commmodiitiess sevven ttimess, ammong whicch taax reebatee ratte off furrnituure hhas rrose to 115% ffor tthe ppreviious 9%; and the poliicy wwas ttryinng too stoop thhe raapid declline in fforeiign ttradee beccausee of inteernattionaal fiinanccial crissis, the esseentiaal prr
38、inciiple of wwhichh wass asssistiing eexporrt ennterpprisees too redduce costt andd enssure theiir innternnatioonal markket ssharee.(2) BBuildding mateerialls too rurral aareass: trriggeeringg neww groowth poweerAt thhe ouutsett of 20100, “builldingg matteriaals tto ruural areaas” wass wriittenn in
39、“Cenntrall No. 1 DDocumment”, which was one of important measures conducted by Chinese government concerning to increase domestic demand after the policies of “home appliances to the countryside” and “car to the countryside”. As some statistics show, “building materials to rural areas” might increas
40、e consumption demand about 1 hundred billion RMB in the rural.(3) NNew pooliciies oof proppertyy marrket: proobablly haarminng Fuurnitture Manuufactturinng From Apriil, 116, 22010, Chiinesee govvernmment has unveeiledd sevverall neww polliciees onn houusingg succcesssivelly, wwhichh is desiignedd to
41、 keepp dowwn thhe ovverhiigh hhousiing ppricee in somee citties. Underr thee commbineed pooliciies, homeebuyeers wwith rigiid deemandd mayy be beneeficiial. Howevver, if RReal Estaate wwas sslumpping or eeven crasshed, Furrnituure MManuffactuuringg, ass thee dowwnstrream induustryy, miight sufffer a
42、a lott.(4). Resttricttion poliicy tto Reesourrce-bbasedd entterprrisessOn thhe grroundds off “Commmoditty Caataloogue Prohhibitted ffor PProceessinng Trrade” whiich iis unnveilled bby Coommerrce DDeparrtmennt, Gennerall Cusstomss Admminisstrattion, staate eenvirronmeentall prootecttion admiinisttrat
43、iion (SEPAA) annd otther fourr deppartmmentss, booardss, annd fuurnitture madee of domeesticc woood arre prrohibbitedd to be eexporrted. It wouuld be ggood for conttrollling furnniturre exxportt, uppgradding furnniturre maanufaacturring, andd thee furrtherr heaalthyy devveloppmentt of furnniturre ex
44、xportt. Buut itt migght mmake the furnniturre ennterpprisee falll innto tthe ddiffiicultt possitioon.1.2.22. Inteernattionaal MaarkettFigurre 1: Shaare oof thhe woorld furnniturre prroducctionnThe ttotall vallue oof fuurnitture outpput iin 20009 wwas 3376 bbilliion ddollaars, seveen maain iindusstri
45、aalizeed coountrries (rannked in aaccorrdancce wiith tthe ffurniituree prooducttion valuue: Ameericaa, Itaaly, Germmany, Jappan, Frannce, Canaada, and Brittain) shaared 42.33% off thee whoole vvaluee; hiigh-iincomme coountrries heldd 58%; loow annd miiddlee inccome counntriees occcupiied 442%. Furni
46、ituree prooducttion valuue inn Chiina, Polaand aand VVietnnam iimprooved swifftly, amoong wwhichh Chiina sshareed 200% off thee tottal vvaluee, raankinng thhe fiirst in tthe wworldd.The wworldd impportss andd expportss of furnniturre haas foollowwing charracteeristtics: tottal eexporrt voolumee of majoor exxportting counntriees off furrnituure, Itally, CChinaa, Geermanny, PPolannd, aand CCanadda, ttakess up abouut 322% off thee worrld ffurniituree expport; Ameericaan, Eurropeaan Unnion(EU), andd Jappan aare mmajorr impportiing ccounttriess, whhose