According to the distribution of registered capital of razor related enterprises, small enterprises with registered capital less than 1 million yuan account for more than half of the industry, accounting for 61% of the total; enterprises with registered capital of 1-5 million yuan account for 24%; enterprises with registered capital of 5-10 million yuan account for at least 6%; enterprises with registered capital of more than 10 million yuan account for 9% of the total.
In general, SMEs with a registered capital of less than 5 million yuan (including) account for 85% of the industry, which is small in size and weak in competitiveness.
In order to further meet the fast-paced and convenient needs, manufacturers pay more attention to the detailed design of razor products, and more patents are also produced. From the perspective of patent application, in recent five years, the number of national shaver related patents has increased year by year. In 2018, the number of national electric shaver patent applications was 156, an increase of 28 compared with 2017; in 2019, the total number of shaver related patents reached 693, an increase of nearly 10% compared with the same period last year, nearly twice the number of patents five years ago.
It is worth noting that from the perspective of patent structure, take 2018 data as an example, in which appearance patents account for 58.33%, invention patents account for 19.23%, and utility model patents account for 22.44%. Among the top five patent applicants and enterprises, the top two enterprise applicants are foreign-funded enterprises, which shows that domestic razor enterprises still need to make breakthroughs in patent technology.
Liang Bin, senior research manager of the life appliance business department of zhongyikang, told the first financial reporter that the sales volume of domestic razor market in 2019 was nearly 55 million, reaching the peak of sales volume in recent years. Since the sales volume of domestic razors exceeded 40 million in 2016, the market has maintained sustained growth in recent years, with annual sales volume of more than 40 million, showing a spiral growth trend in recent years. However, this year novel coronavirus pneumonia affected the domestic sales of razors in January, an increase of 10% over the same period last year. 2~5 month showed a year-on-year decline, while sales in the first five months fell by 15%~16%. With the gradual promotion of resumption of work and production, the decline of domestic razor sales gradually narrowed, and it is estimated that 6.18 sales volume is the peak in the first half of the year.
The rise of domestic brands and the battle of extreme cost performance
From the perspective of competition pattern, in the sales volume of domestic razors in 2019, the proportion of foreign brands and local brands in China is about 3:7; but in the sales amount, the proportion of foreign brands and local brands in China is about 6:4, and the average price of foreign brands is about four times that of local brands in China. It shows that local brands such as Philips, Xiaomi and Yingqu occupy the top market share in the middle and low-end market, while foreign brands such as Philips, BORANG and Panasonic occupy the middle and high-end market.
On the other hand, the development trend of domestic shaver brand in recent years can not be underestimated. The main brands and enterprises of domestic shavers include Xiaomi (Xiaomi Technology Co., Ltd.), Feike (Shanghai Feike Electric Co., Ltd.), Pentium (Shanghai Pentium Electric Co., Ltd.), Superman (Superman Group Co., Ltd.), zhenhanzi (Zhenhe Group Co., Ltd.), Dingling (Zhejiang Dingling Electric Co., Ltd.), Guangke (Zhejiang Guangke Electric Co., Ltd uff09Wait.
Among them, the electric razors owned by the listed company Feike electric appliance (603868. SH) and Xiaomi group-w (1810. HK) are competitive and explosive. Feikes razors even occupy half of the domestic electric razor market. In 2018, the global market share of Feikes razors rose to the fifth place, 4.3%.
According to the statistics of China Yikang, the online and offline retail sales of flyco brand electric razors in 2019 accounted for 46.15% and 39.15% respectively, and the online and offline retail sales of its sub brand Porte Bray electric razors in 2019 accounted for 5.30% and 0.23% respectively.
As mens rigid products, the main points of domestic electric shavers are focusing on the ultimate cost performance, optimization of appearance design, improvement of charging and endurance function, etc. Xiaomi, who entered the shaver Market later, can get brilliant sales results, mainly from a better balance in the above driving points.
A post-90s consumer told the first financial reporter that he has been using electric razors for nearly 10 years. He started with domestic brands and later changed them to foreign brands. Now he has used them back to China. He said, razors are just needed. They dont need so much fancy. They can do a good job in shaving and related functional experience, as well as in aesthetics and cost performance. They are good products.
Liang Bin believes that the demand for shavers is related to the gender structure of the population. Its product life cycle is generally two or three years, so it will have a relatively stable market scale. It is expected that the sales volume of more than 40 million sets can be maintained annually in China, but there will be a ceiling in the future. Therefore, the development trend of domestic razor market will change from quantity to quality, and the average market price may continue to rise. In 2019, the average price went higher, and this year, the average price of online products increased even more significantly. In 2019, the sales volume of domestic e-commerce accounted for more than 80%; in the first five months of 2020, the sales volume accounted for nearly 85%; the sales volume accounted for nearly 80% from 66% in the same period last year, and the average online price increased from 140 yuan to 150 yuan. Liang Bin said that in the short term, there will be no subversive changes in the competition pattern. Local brands need to narrow the price gap and take a long way to improve their products.
It is worth noting that the growth of razor market has been slowing down, and the industry concentration is high, leaving little room for SMEs (brands) and new brands to rise.
Take domestic razor leader Feike as an example, its razor business continued to grow to a revenue of 2.734 billion yuan from 2013 to 2018, but declined in 2019. Due to the model reduction and offline distribution channel adjustment of its subsidiary brand Bray, the corresponding output decreased by 12.49% year-on-year, razor sales and sales revenue decreased by 15% and 11%, respectively. In this case, the annual inventory It still has more than 12 million pieces, with a year-on-year increase of 62.47% in inventory, and the pressure on digestion of inventory has increased significantly.