[Source: "High-tech LED - Research and Review" July issue Tang Guirong / 甄舜]
On the morning of May 25, 2012, NVC Lighting (HK.02222) announced that the founder and chairman Wu Changjiang had resigned as chairman, executive director and CEO and all committee committees for “personal reasonsâ€. NVC Lighting The major shareholder Softbank Saifu’s Yan Yan served as chairman and Zhang Kaipeng from Schneider Electric as CEO.
The subsequent series of extreme events that seem to be farce have undoubtedly thrown a blockbuster into the traditional lighting industry that is currently undergoing transformation.
At present, the mass media's focus on the NVC storm is more on the interests dispute between the foreign shareholders represented by Yu and Schneider and the founder of the company Wu Changjiang, but in fact, Wu Changjiang or NVC lighting In fact, the promoter behind this incident is the dealers who have been tied up by the interests.
Whether it is possible to regain control of NVC is not only the appeal of Wu Changjiang, but also the continuation of the interests of the huge dealers behind it.
Xiao Conghui, deputy general manager of Guangdong Guosheng Investment Co., Ltd. said that Wu Changjiang’s dismissal, the biggest impact is not his own, but dealers.
According to public information, NVC lighting dealers control almost all of the company's sales channels, including 36 operating centers across the country, more than 3,000 stores and tens of thousands of retail outlets.
And on the NVC lighting board of directors on the return of Wu Changjiang and Schneider exited the deliberation of the key nodes, has always supported Wu Changjiang's dealers and suppliers to show the final "card." An executive at the NVC Lighting Operations Center pointed out that in view of the delay in responding to the dealer's appeal and its indifference, the dealer alliance is indeed launching a new brand and is expected to launch within 10 days.
A senior executive of NVC Lighting also revealed that the dealer alliance that is registering a new brand is currently in contact with the company's core management team, hoping to transfer the core team of NVC close to 100 people to the new brand to continue to operate.
“Excessively relying on the interests of the bundled dealer model, although it can quickly increase sales, but the water can also overturn the boat. When the interests of the dealers are damaged, it is a deadly threat to the company and the brand.†Zhang Xiaofei, director of the LED Industry Research Institute, said.
According to the rules of the listed company, if Wu Changjiang goes to the new brand, it will violate the relevant rules. Because Wu Changjiang's main net worth is in NVC, with the current share price, even if Wu Changjiang wants to withdraw, it is difficult to mention that there are many restrictions on listed companies. If you only go to the dealer alliance as a professional manager, he will not have too much share and voice in the new brand, and this is no different for Wu Changjiang, who is used to the rivers and lakes and does not follow the rules. Chronic suicide.
However, the reporter's investigation found that in the NVC lighting storm, the situation is completely different for the second- and third-tier dealers who are not directly involved. Recently, the High-tech LED Industry Research Institute (GLII) discovered that many local NVC second- and third-level dealers began to put on the "non-NVC" brand LED lighting products when visiting many lighting cities in China. "No matter how the top management changes, it doesn't have much to do with me. I care about market demand and sales revenue," said a NVC dealer.
As a model for the self-built channels of traditional lighting companies, the internal disorder that NVC Lighting faces today, how to rationally distribute profits of shareholders and distributors, and so on, may be the test that all enterprises relying on external distributors will face.
But no matter what, this NVC lighting storm has brought new opportunities to other competitors, especially emerging LED lighting companies.
"In the first half of the year, many domestic LED manufacturers have already laid their own channels throughout the country, stepping up the penetration of dealer channels." A senior LED lighting market director who asked not to be named said that NVC lighting has accumulated in the original traditional lighting market. The competitive advantage is bound to be weakened, and the overall lighting market landscape will also change a lot.
LED lighting strategy mistakes
“In the first half of the year, traditional energy-saving lamps were sold in general, and the entire sales system of LEDs was still chaotic and the prices were uneven.†In the case of Wang Zhai, sales manager of NVC Lighting Co., Ltd., it may only be necessary to wait for the company’s high-level changes to be completely resolved. NVC Lighting is likely to plan LED lighting.
Wu Changjiang himself and his management team have actually been "not cold" for LED lighting in the past two or three years.
Wu Changjiang’s resignation did affect the strategic development of NVC in the short term, but it may become an unavoidable opportunity for NVC’s LED lighting strategy. Because, before this, NVC lighting's series of actions in the LED business is only a small thunder.
In 2009, LED lighting products accounted for only 0.8% of NVC's total revenue, just the decoration of traditional lighting.
In May 2010, NVC Lighting successfully listed in Hong Kong and began to use 10% of the proceeds raised from the listing to develop LED lighting products. In fact, according to NVC's internal LED research and development staff, Wu Changjiang has always been on the sidelines of LED lighting, that LED lighting is not mature enough, and LED companies lack channels, it is difficult to become a climate.
Therefore, in the past two years, NVC's internal resources have invested very little in LEDs, and LED lighting products are almost all OEMs in small and medium-sized LED enterprises. Due to the uneven quality of the products of various OEM companies, it is difficult to control and many problems have arisen. The poor response of customers to product quality is also the main reason for NVC's understanding of LED lamps.
By 2011, LED lighting has begun to show strong growth in the domestic market. At this time, NVC Lighting was forced to try to push LED lighting products in its dealer channel. In March, NVC Lighting released 6 series of LED lighting products at the annual dealer conference, including more than 100 varieties of 600 products, including LED light source, LED ceiling light, downlight series, LED grille spotlight, LED LED lighting applications for almost all categories, such as rail spotlights and LED outdoor products.
Since then, NVC Lighting has also signed a strategic cooperation agreement with LED chip giants Cree and Jingyuan Optoelectronics.
A series of intensive market moves seem to indicate that NVC Lighting's "contradictory" mentality of transforming LED lighting is changing.
According to the 2011 financial report, NVC Lighting's revenue reached US$590 million, a 25% year-on-year increase, and a net profit of US$86.5 million, an increase of 21% year-on-year. Among them, the gross profit of LED lighting products contributed 3.07 million US dollars, an increase of 61%. In this regard, NVC Lighting's explanation in the financial report is to open up the market and increase sales efforts to promote LED lighting products with lower gross profit margins.
On January 11, 2012, NVC Lighting announced again that it has jointly established a joint venture with the domestic LED faucet packaging company Ruifeng Optoelectronics (300241.SZ) to engage in LED packaging technology research and development, LED packaging product manufacturing and sales. Ruifeng Optoelectronics executives have said that the LED packaging devices produced by the joint venture company are mainly supplied to NVC Lighting.
The official explanation of NVC Lighting is that this cooperation with Ruifeng Optoelectronics is a re-upgrade of the company's expansion of LED lighting business, adding perfect packaging quality assurance to the company's LED business development road, and radiating the entire domestic LED lighting for the next step. The industry has laid a solid foundation.
However, Wu Changjiang’s letter of resignation completely disrupted the LED pace of NVC lighting.
An industry insider revealed that due to internal changes in NVC Lighting, the previous cooperation agreement with Ruifeng Optoelectronics has been put on hold.
At the same time, at the beginning of this year, the domestic traditional lighting market is also entering an adjustment period. Traditional lighting companies such as Op, Sanxiong Aurora and Firefly are preparing for listing. Recently, Foshan Lighting is currently undergoing internal adjustments due to the review by the securities supervision agency. Only the companies that have been involved in LED lighting earlier, such as Sunshine and Yaming, are not only active in the transfer of LED lighting, but also invested heavily, so the effect is also very obvious.
In Xiao Conghui's view, the current double benefit can only be aimed at LED lighting companies, not traditional lighting companies. Because the main advantage of NVC lighting is in the field of commercial lighting, LED commercial lighting is currently developing very rapidly. “LED companies are rapidly replacing the original commercial market.â€
What makes traditional lighting companies unexpected is that LED lighting companies have entered the fast-growing period ahead of schedule.
In addition to stepping up the capital market to accelerate capacity expansion and market development, the revenue scale of some LED lighting companies is also approaching traditional lighting companies. According to the 2011 financial report data, the annual sales of Qinshang Optoelectronics (002638.SZ), which is mainly engaged in LED lighting, has reached 769 million yuan.
"If you don't change your point of view quickly, adjust your direction, take the initiative to attack, the traditional lighting brand that has been working hard for two years may disappear in the LED lighting market." Xiao Conghui said that the traditional lighting company represented by NVC has always been proud of it. The channel is now being penetrated by LED lighting companies. At present, a number of LED listed companies including Qinshang Optoelectronics, Wanrun Technology, Shiyida, Hongli Optoelectronics, etc. are building their own lighting stores nationwide.
On the morning of May 25, 2012, NVC Lighting (HK.02222) announced that the founder and chairman Wu Changjiang had resigned as chairman, executive director and CEO and all committee committees for “personal reasonsâ€. NVC Lighting The major shareholder Softbank Saifu’s Yan Yan served as chairman and Zhang Kaipeng from Schneider Electric as CEO.
The subsequent series of extreme events that seem to be farce have undoubtedly thrown a blockbuster into the traditional lighting industry that is currently undergoing transformation.
At present, the mass media's focus on the NVC storm is more on the interests dispute between the foreign shareholders represented by Yu and Schneider and the founder of the company Wu Changjiang, but in fact, Wu Changjiang or NVC lighting In fact, the promoter behind this incident is the dealers who have been tied up by the interests.
Whether it is possible to regain control of NVC is not only the appeal of Wu Changjiang, but also the continuation of the interests of the huge dealers behind it.
Xiao Conghui, deputy general manager of Guangdong Guosheng Investment Co., Ltd. said that Wu Changjiang’s dismissal, the biggest impact is not his own, but dealers.
According to public information, NVC lighting dealers control almost all of the company's sales channels, including 36 operating centers across the country, more than 3,000 stores and tens of thousands of retail outlets.
And on the NVC lighting board of directors on the return of Wu Changjiang and Schneider exited the deliberation of the key nodes, has always supported Wu Changjiang's dealers and suppliers to show the final "card." An executive at the NVC Lighting Operations Center pointed out that in view of the delay in responding to the dealer's appeal and its indifference, the dealer alliance is indeed launching a new brand and is expected to launch within 10 days.
A senior executive of NVC Lighting also revealed that the dealer alliance that is registering a new brand is currently in contact with the company's core management team, hoping to transfer the core team of NVC close to 100 people to the new brand to continue to operate.
“Excessively relying on the interests of the bundled dealer model, although it can quickly increase sales, but the water can also overturn the boat. When the interests of the dealers are damaged, it is a deadly threat to the company and the brand.†Zhang Xiaofei, director of the LED Industry Research Institute, said.
According to the rules of the listed company, if Wu Changjiang goes to the new brand, it will violate the relevant rules. Because Wu Changjiang's main net worth is in NVC, with the current share price, even if Wu Changjiang wants to withdraw, it is difficult to mention that there are many restrictions on listed companies. If you only go to the dealer alliance as a professional manager, he will not have too much share and voice in the new brand, and this is no different for Wu Changjiang, who is used to the rivers and lakes and does not follow the rules. Chronic suicide.
However, the reporter's investigation found that in the NVC lighting storm, the situation is completely different for the second- and third-tier dealers who are not directly involved. Recently, the High-tech LED Industry Research Institute (GLII) discovered that many local NVC second- and third-level dealers began to put on the "non-NVC" brand LED lighting products when visiting many lighting cities in China. "No matter how the top management changes, it doesn't have much to do with me. I care about market demand and sales revenue," said a NVC dealer.
As a model for the self-built channels of traditional lighting companies, the internal disorder that NVC Lighting faces today, how to rationally distribute profits of shareholders and distributors, and so on, may be the test that all enterprises relying on external distributors will face.
But no matter what, this NVC lighting storm has brought new opportunities to other competitors, especially emerging LED lighting companies.
"In the first half of the year, many domestic LED manufacturers have already laid their own channels throughout the country, stepping up the penetration of dealer channels." A senior LED lighting market director who asked not to be named said that NVC lighting has accumulated in the original traditional lighting market. The competitive advantage is bound to be weakened, and the overall lighting market landscape will also change a lot.
LED lighting strategy mistakes
“In the first half of the year, traditional energy-saving lamps were sold in general, and the entire sales system of LEDs was still chaotic and the prices were uneven.†In the case of Wang Zhai, sales manager of NVC Lighting Co., Ltd., it may only be necessary to wait for the company’s high-level changes to be completely resolved. NVC Lighting is likely to plan LED lighting.
Wu Changjiang himself and his management team have actually been "not cold" for LED lighting in the past two or three years.
Wu Changjiang’s resignation did affect the strategic development of NVC in the short term, but it may become an unavoidable opportunity for NVC’s LED lighting strategy. Because, before this, NVC lighting's series of actions in the LED business is only a small thunder.
In 2009, LED lighting products accounted for only 0.8% of NVC's total revenue, just the decoration of traditional lighting.
In May 2010, NVC Lighting successfully listed in Hong Kong and began to use 10% of the proceeds raised from the listing to develop LED lighting products. In fact, according to NVC's internal LED research and development staff, Wu Changjiang has always been on the sidelines of LED lighting, that LED lighting is not mature enough, and LED companies lack channels, it is difficult to become a climate.
Therefore, in the past two years, NVC's internal resources have invested very little in LEDs, and LED lighting products are almost all OEMs in small and medium-sized LED enterprises. Due to the uneven quality of the products of various OEM companies, it is difficult to control and many problems have arisen. The poor response of customers to product quality is also the main reason for NVC's understanding of LED lamps.
By 2011, LED lighting has begun to show strong growth in the domestic market. At this time, NVC Lighting was forced to try to push LED lighting products in its dealer channel. In March, NVC Lighting released 6 series of LED lighting products at the annual dealer conference, including more than 100 varieties of 600 products, including LED light source, LED ceiling light, downlight series, LED grille spotlight, LED LED lighting applications for almost all categories, such as rail spotlights and LED outdoor products.
Since then, NVC Lighting has also signed a strategic cooperation agreement with LED chip giants Cree and Jingyuan Optoelectronics.
A series of intensive market moves seem to indicate that NVC Lighting's "contradictory" mentality of transforming LED lighting is changing.
According to the 2011 financial report, NVC Lighting's revenue reached US$590 million, a 25% year-on-year increase, and a net profit of US$86.5 million, an increase of 21% year-on-year. Among them, the gross profit of LED lighting products contributed 3.07 million US dollars, an increase of 61%. In this regard, NVC Lighting's explanation in the financial report is to open up the market and increase sales efforts to promote LED lighting products with lower gross profit margins.
On January 11, 2012, NVC Lighting announced again that it has jointly established a joint venture with the domestic LED faucet packaging company Ruifeng Optoelectronics (300241.SZ) to engage in LED packaging technology research and development, LED packaging product manufacturing and sales. Ruifeng Optoelectronics executives have said that the LED packaging devices produced by the joint venture company are mainly supplied to NVC Lighting.
The official explanation of NVC Lighting is that this cooperation with Ruifeng Optoelectronics is a re-upgrade of the company's expansion of LED lighting business, adding perfect packaging quality assurance to the company's LED business development road, and radiating the entire domestic LED lighting for the next step. The industry has laid a solid foundation.
However, Wu Changjiang’s letter of resignation completely disrupted the LED pace of NVC lighting.
An industry insider revealed that due to internal changes in NVC Lighting, the previous cooperation agreement with Ruifeng Optoelectronics has been put on hold.
At the same time, at the beginning of this year, the domestic traditional lighting market is also entering an adjustment period. Traditional lighting companies such as Op, Sanxiong Aurora and Firefly are preparing for listing. Recently, Foshan Lighting is currently undergoing internal adjustments due to the review by the securities supervision agency. Only the companies that have been involved in LED lighting earlier, such as Sunshine and Yaming, are not only active in the transfer of LED lighting, but also invested heavily, so the effect is also very obvious.
In Xiao Conghui's view, the current double benefit can only be aimed at LED lighting companies, not traditional lighting companies. Because the main advantage of NVC lighting is in the field of commercial lighting, LED commercial lighting is currently developing very rapidly. “LED companies are rapidly replacing the original commercial market.â€
What makes traditional lighting companies unexpected is that LED lighting companies have entered the fast-growing period ahead of schedule.
In addition to stepping up the capital market to accelerate capacity expansion and market development, the revenue scale of some LED lighting companies is also approaching traditional lighting companies. According to the 2011 financial report data, the annual sales of Qinshang Optoelectronics (002638.SZ), which is mainly engaged in LED lighting, has reached 769 million yuan.
"If you don't change your point of view quickly, adjust your direction, take the initiative to attack, the traditional lighting brand that has been working hard for two years may disappear in the LED lighting market." Xiao Conghui said that the traditional lighting company represented by NVC has always been proud of it. The channel is now being penetrated by LED lighting companies. At present, a number of LED listed companies including Qinshang Optoelectronics, Wanrun Technology, Shiyida, Hongli Optoelectronics, etc. are building their own lighting stores nationwide.
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