目录 - TodayIR.com · Total Retail Market Trend • Online and offline integrated O2O operation...
Transcript of 目录 - TodayIR.com · Total Retail Market Trend • Online and offline integrated O2O operation...
目录
O2O Total Retail Results Highlights 1
3 Acquisition of the Target Company
2 GOME O2O Total Retail Strategy
4 Appendices
Content
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Sales Revenue
RMB31.69 Billion (+8.8%)
Dividend Payout Ratio
(40%)
Cash & Cash Equivalents
RMB10.7 Billion
Profit Attributable to Owners of
the Parent
RMB687Million (+15.9%)*
3
Financial Highlights
* Excluding one-off compensation received of RMB100 million in 2014, the profit attributable to owners of the parent for 1H2014
would be RMB593 million.
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Operation Highlights
Mobile GMV
Y-o-Y Growth
304%
Mobile/Online GMV
42.6%
Online GMV
Y-o-Y Growth
151%
Members:150 Million
Active Members:60 Million
Online Orders (including platform) /Total Orders:20%+
New Stores: 117
Net store Increase: 81 T1 Market: 5
T2 Market: 76
SSSG Overall : 2.3%
SSSG T2 Market: 5.3%
4
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Outperformed the Industry in Key Financial Indicators
for 10 Consecutive Quarters
17.1%
16.6%
16.3% 16.3%
15.5%
131H 13FY 141H 14FY 151H
1.3%
2.3% 2.5%
1.9% 2.2%
131H 132H 141H 142H 151H
1.2%
2.0%
2.4%
1.9%
2.2%
131H 132H 141H 142H 151H
10.2% 10.4%
7.4% 7.0%
8.8%
131H 13FY 141H 14FY 151H
18.3% 18.4% 18.5%
17.7%
131H 13FY 141H 14FY 151H
18.8%
0.3%
Sales Revenue Y-o-Y Growth Operating Profit Margin
Consolidated
Gross Profit Margin Operating Expense
Ratio Net Profit Margin
5 * Excluded non-operating factor: RMB100 million one-off compensation received in 2014.
0.3%
2.2%*
0.4%
2.0%* 18.5%*
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Online GMV Performance
▲ 304%
181%
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2
Mobile GMV growth GOME Online Single Quarter GMV Growth
RMB Million
20141H 20151H
6
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2014 1H 2015 1H
After-sales Services Profits
Financial Services GMV
Services Income Increased
2014 1H 2015 1H
Third-party Logistics GMV
2014 1H 2015 1H
▲ 337%
▲ 23.2%
▲ 80%
7
目录
O2O Total Retail Results Highlights 1
3 Acquisition of the Target Company
2 GOME O2O Total Retail Strategy
4 Appendices
Content
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Total Retail Market Trend
• Online and offline integrated O2O operation model would become the future
development trend of the industry.
O2O Trend
• In the future, shoppers, especially electrical appliances consumers, would find their
shopping experience alternating between online and offline.
Offline
Online
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Blueprint of GOME Total Retail Strategy
Store PC
Terminal
Mobile
Terminal … Interface
platform
(Upgrade)
Open
Value Platform
(Upgrade)
GOME Total Retail Ecosystem
TV
Terminal
Fans Economy
Consumers can move freely across all shopping scenarios
Leveraging its solid, low-cost and highly efficient back-end supply chain, GOME focused on the front
end in the interface platform encompassing “online + offline + mobile terminals + other social
channels”. The platforms of procurement, logistics, after-sales, IT and financial services managed to
continuously enhance their value by using mainly the big data infrastructure, which in turn created an
O2O total retail ecosystem serving over 100 million consumers.
Logistics Big Data Financial
Services IT After-sales …
10
Procurement
O2O
Community
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Interface Platform - Smart Store Experience
11
Apple Experience
Stores
Samsung Experience
Stores
Gree Lifestyle Stores
Siemens Experience
Stores
Kitchen and
Bathroom Hardware
Stores
Xiaomi Lifestyle Stores
Developed a series of smart device showrooms to provide a fun and enjoyable
shopping experience to customers. We believe that the offline channel will undergo a
re-valuation in the future.
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Interface Platform- E-commerce Business
to Maintain Rapid Growth
PC 微店
IT System Financial
Services Procurement
s
Logistics After-Sales Core Advantages
GOME fans economy
T 1
T 2 T 3 T 4
T 5
Online GMV
CAGR of 100+% in 2015-2017
Micro Shops
2015 Target: 100,000 micro-shops
Incremental
markets
Enhance experience
Develop new markets
To foster the development of e-commerce and downward outreach of channels under the
O2O business model through our stores and supply chain.
To accelerate the development of community O2O and establish GOME-on-line as the
mainstream professional e-commerce retailer.
12
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Interface Platform – Enrich Customer Experience
• China’s first online 3D home
decoration and interior design
platform.
• Cover 50 cities in China by
the end of 2015.
• Customers can enjoy one-
stop service from interior
design, renovation to home
appliances purchase.
Home Decoration &
Interior Design
Service
3D Technology
Member Gateway
Continue to Add
New Partners
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GOME Community
O2O
Purchase
Warranty
Extension
Maintenance
Installation
Recycling
Interface Platform - O2O Total Retail Ecosystem
O2O “Services + Products” model to build GOME community
Targeted at communities within a 5-km radius of our stores, we
created zones with staff as the core component to offer services,
to enhance customer loyalty and build a stable customer group. .
Through micro shops, the Group is able to seamlessly engage
customers across an array of online, offline and mobile channels,
further expanding its product selection and completing the
ecosystem.
Online Offline
14
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Value Platforms Provide a Solid Foundation
Procurement
Logistics
Big Data
Financial
Services
After-sales
15
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Value Platform - Smart Products Procurement
16
Smart Appliances
Smart Home
Wearable Devices
Smart Transportation
Health and Medicare
Others
Smart Products
Procurement
10,000 + Brands
4 Million + SKUs
No. of Brands
Continue to Grow
Differentiated Products
Continue to Grow
2009 2014 20151H
1.2%
35% 33%
Procurement Platform - Smart Products Procurement: domestic home appliance market will embrace a new bout of upgrade in the consumption structure, while the mass replacement, digitization, personalization of products, coupled with diversified consumption habits, will drive the rapid development of emerging home appliances.
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Value Platform - Internet TV
To forge an all-round internet ecosystem under the “Content Development + User Terminal
Manufacturing + Distribution Channels + Platform Operation” model.
To promote the introduction of customer flow from internet and television channels through
accessing the television terminal.
Manufacturer Content Development
Sales Channels Investors • By investing in Shenzhen MTC Co., Ltd, GOME will cooperate
with MTC, Oriental Pearl, SMG and Haier to develop Smart TV.
• On the terminals and platform operated by MTC, Oriental Pearl will provide valid licenses and television content, while GOME, with its unparalleled quality offline store channel resources, will be responsible for sales together with Haier.
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Value Platform - Cross-border Supply Chain
Japan shopping channel
Korea shopping channel
French shopping channel
Germany shopping channel
18
To create a leading global cross-border E-Commerce platform.
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Value Platform - Financial services
2015 1H Financial Services GMV: RMB700 Million
To launch Supply Chain Finance and Consumer Loans in Q3 and Q4 respectively
(国美供应链 金融产品)
Wealth
Mgmt. Insurance Fund
Cross -
industry/
Innovation
Consumer
Finance
Supply
Chain
Finance
Crowd funding (Lite / Asset /
Charity)
P2P
Financing
Commercial
Notes
Fixed
Income
Mei Ying
Bao
(personal/
corporate)
Integration of Cross-industry Financial services
Fixed-term
Wealth
Mgmt.
Flexible-term
Wealth
Mgmt.
Wealth mgmt. linked
Insurance
Traditional
Insurance
(car insurance)
Travel
/Aviation
Insurance
Mei Tong
Card
Fund
Supermarket
Fund AIP
Investment
Advisory
Service
Cloud
Lending
Factoring
Bank
Acceptance
Bill
Consumer
Credit
Installment
Vehicle
Financing
Mei Tong
Card
19
目录
O2O Total Retail Results Highlights 1
3 Acquisition of the Target Company
2 GOME O2O Total Retail Strategy
4 Appendices
Content
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21
Areas where both Listed Company and Target Company have stores : Shanghai, Xian, Xiamen, Henan and Wuxi
Listed Company’s store in areas covered by Target Company
Jing-Jin-Ji
Metropolitan
Areas
Northeast -Eastern
Mongolia Economic Area
Yangtze River Economic Belt
Beibu Gulf Economic Zone
Acquisition of the Target Company-
To Increase Market Share with Nationwide Stores
The retail network of the Target Company has great potential and is highly complementary to the
Listed Company. Upon the completion of Acquisition, the Listed Company expects to upgrade
from a regional network to a nationwide Total Retail network.
Market Share
Other
Listed Company
Target Company
3%
5%
The combined market share accounts for approx. 8% of appliances industry
China’s household appliances total retail sales
valued RMB1.3 trillion in 2014. The market
share of Listed Company increased to approx.
8% from approx. 5% after the Acquisition.
Source: China Household Electrical Appliances Association
Target
Company
Overlapping
Areas
Listed
Company
Note: Reference is made to the company`s announcement dated 26 July 2015
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To expand store network in tier-two market and consolidate local retail companies through
integrating the retail network and supply chain assets of the Target Company, so as to enable
deeper e-commerce market penetration.
Acquisition of the Target Company-
Accelerate Coverage of Tier- Two Market
22
To Integrate the Retail Network of the Target
Company
To Consolidate Local Retail Companies
To Set Up New Logistics and After-sales Service Centers
To Enable Deeper E-commerce Market
Penetration
Tier-One
Tier-Two
Tier-Three
Tier-Four
Tier-Five
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Acquisition of the Target Company- Forming a Nationwide
Logistics and Warehousing Network
23 Note:Figures of Listed Co. as at 30 June 2015; while figures of Target Co. as at 31 March 2015
Regional Supply Chain and
Retail Business Coverage
Nationwide and
Unified Planning
and Management
GOME (Listed Co.)
Target Company Potential Synergies
To fully upgrade warehouse capacity
To accelerate inventory turnover and lower storage cost
To form a nationwide logistics and warehousing network
To enhance logistics service efficiency & reduce distribution cost
Geographic Coverage*
600+
County
2,500+
Village
45,000+
Town
To increase flexibility in handling orders and reduce fulfillment cost
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Regional
DC
407
Municipal
DC
3.02M Sqm
Warehouse
Areas
Nationwide Infrastructure*
County Covered
Village Covered
Regional DC
Municipal DC
Warehousing area
200
1100
6
107
1.09
400
1400
15
300
1.93
To establish a nationwide logistics network with regional warehouses, municipal warehouses
and last-mile delivery and become one of the largest home appliance logistics networks in
China.
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Optimize logistics services to enhance customer experience
2. To fully pledge for on-time delivery service to customers
1. The highest industry service standard
Service Benchmark:--“Three deliveries/day, precise delivery
and installation with delivery”
One-day delivery:178 cities
Half day delivery:400 cities
Second day delivery:915 cities
To fully reap the benefits of logistics competitive advantages and meet the needs of GOME +
Third Parties.
Xiaomi
Juhuixing
Gold Mantis
RT-MART
JINlLING
Midea
Samsung
3. 78 new merchants engaged GOME logistics services in 2015 Q2 and a total of 261
merchants signed up for GOME logistics services.
24
Huitongda
Acquisition of the Target Company- Forming a Nationwide
Logistics and Warehousing Network
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Acquisition of the Target Company- Fully Integrate
Cloud Platform with After-sales Service
Driven by consumer needs and with a focus on solving problems faced by consumers,
GOME aims to enhance customer traffic to form a complete product and service cycle
and fulfil its mission to build long lasting customer relationships.
Low Customer
Traffic
High Customer
Traffic
Professional
Installation
Extended Warranty
Recycling Repair & Maintenance
Purchase
Returned
customer
25
Loyal Customers
Multiple Purchases
First-time Purchase
Second-time Purchase
Non-returning customers
Non- loyal customers
Relationship transformation
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Acquisition of the Target Company- Fully
Integrate Cloud Platform with After-sales Service
Store Gome-
on-line
Key E-
commerce
enterprise
Taobao
GOME Cloud Platform for
After-sales Service
Installation Repair &
Maintenance Warranty
E Courier Recycling Service
Providers Mgmt.
Accessories Sales ┄
GOME Service Team Third Parties
Service Team
Housekeeper for Home Appliances
To operate over 2,000 after-sales service centers in more than 400 cities nationwide, building the
largest cloud platform for after-sales in China, providing professional after-sales service to GOME
and third parties.
26
176 234 410
795
1,327
2,122
Target Company
Listed Co. After Acquisition
Cities accessed
After-sales service centers
Cities accessed :
Listed Co. : 234
Target Co. : 176
After-sales service
centers:
Listed Co. : 1,327
Target Co. : 795
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To realise the integration of the Listed and the Non-listed companies’ offline resources, transform the current regional retail network into a nationwide one, support the nationwide coverage of E-Commerce and ensure the effective and efficient implementation of the O2O “Total Retail” strategy.
27
Potential Synergies of The Acquisition
Sales
and Market
Share Growth
Cost Saving,
Improve Gross
Profit and
Optimize Cash
Flow
Corporate
Governance Enhancement
1
2
3
Through integration of highly complementary store networks to accelerate penetration
into fast-growing second- and third-tier cities
E-commerce to achieve nationwide coverage and promote rapid sales growth
Multi-brand strategy, with brands including GOME, Dazhong, China Paradise and
Black Swan, to better serve specific market segments
To enhance the consumer experience (with its integrated procurement system and
multi-brand strategy, the Group can provide more differentiated products to customers
at competitive prices; meanwhile, customers can enjoy faster, more convenient
logistics and better after-sales service with the nationwide logistics network)
To improve gross profit margin with stronger bargaining power due to combined and
larger scale of procurement
To further increase scale of procurement orders
To improve the Group’s cash flow and financial health by reducing buffer stock
To integrate storage resources and reduce rental costs
To enhance efficiency of distribution and reduce order fulfilment cost
Further consolidation of after-sales resources to facilitate cost control
To improve financial transparency and benefit from more favourable financing terms
To remove limitations on connected transactions to unleash business potential
To optimize management structure and enhance efficiency of corporate governance
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28
Expanding GOME Total Retail Ecosystem – Move Faster
Toward Goal of Building Another GOME by 2017
To develop a GOME total retail ecosystem with 150 million
members+12,000 suppliers+10,000 merchants+100,000 employees &
fans, and continue to grow.
目录
O2O Total Retail Results Highlights 1
3 Acquisition of the Target Company
2 GOME O2O Total Retail Strategy
4 Appendices
Content
Note: Discrepancy due to rounding error
Income Statement Summary
(RMB Million) 2014 1H 2015 1H Change
Revenue 29,124 31,692 8.8%
Consolidated Gross Profit* 5,384 5,611 4.2%
Consolidated Gross Profit Margin* 18.5% 17.7% (0.8)p.p.
Operating Profit* 638 694 8.8%
Operating Profit Margin* 2.2% 2.2% -
Profit Before Tax* 746 801 7.4%
Profit Attributable to Owners of the
Parent * 593 687 15.9%
Net Profit Margin* (attributable to owners of the parent)
2.0% 2.2% 0.2p.p.
30
* Excluded non-operating factor: RMB100 million one-off compensation received in 2014.
(RMB Million) As of 31 Dec 2014 As of 30 Jun 2015 Change
Balance Sheet
Cash & Cash Equivalents 8,794 10,716 21.9%
Pledged Deposits 6,073 4,083 (32.8)%
Pledged Deposit Ratio (excl DGPOL) 30.2% 32.2% 2.0 p.p.
Inventories 10,926 9,785 (10.4)%
Inventory Turnover Days 68 69 1Day
Trade Payables 7,221 7,680 6.4%
Trade Payables Turnover Days 47 50 3Days
Bills Payable 13,660 12,695 (7.1)%
Bills Payable Turnover Days 91 88 (3)Days
Note: Discrepancy due to rounding error
Balance Sheet and Cash Flow Statement *
* For the six-month period ended 30 Jun.2015, key performance indicators for cash flow: net
operating cash flow reached RMB1.76billion; investment cash flow reached RMB 150 million,
financing cash flow reached RMB 9million.
31
Note: Discrepancy due to rounding error
RMB Million
(RMB Million) 2014 1H 2015 1H
Revenue 29,124 31,692
Consolidated Gross Profit 5,484 5,611
Consolidated Gross Profit Margin 18.8% 17.7%
Gross Profit Margin from
Suppliers 15.2% 14.9%
Other Income 3.6% 2.8%
Income from suppliers, net 0.6% 0.6%
Mgmt & purchasing services
fees from the Non-listed
GOME Group 0.5% 0.5%
Income from products
installation 0.2% 0.2%
Gross rental income 0.5% 0.5%
Income from
telcommunication service
providers 0.5% 0.3%
Income from extended
warranties 0.3% 0.4%
Compensation received 0.3% -
Others 0.7% 0.3%
Consolidated Gross Profit Margin
Excluded RMB100 million one-
off compensation received, the
consolidated gross profit would
be 18.5% for 20141H
32
15.2% 14.9%
0.6% 0.6%
3.0% 2.2%
2014 1H 2015 1H
Other income
Other net income from suppliers
Gross margin from suppliers
5,484 5,611
0.3%
18.8%
17.7%
3,758 3,684 3,614 3,592 3,604 3,589 3,660 3,732 3,719 3,934
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2
Period-end Sales Area
Average Quarterly Sales Per Store
1,000 sq.m
RMB Yuan RMB Million
Average Sales Per Sq.m.
Store Indicators
10.7 12.9 12.7 13.1
11.7 13.5 12.9 13.1
11.7 13.1
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2
3,086 3,748 3,721 3,511 3,943
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2
4,074 3,588 3,873 3,908 3,977
1,081 1,073 1,063 1,075 1,082 1,088 1,117 1,132 1,136 1,213
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2
Store number
33
Tier-One* & Tier-Two* Market Revenue
**Tier-one market: tier-one & two cities
*Tier-two market: tier-three & four cities
20151H Tier-One market sales ▲ 6.5% Y-o-Y, Tier-Two market sales ▲ 18% Y-o-Y
RMB Million
79.9%
20.1%
78.2%
21.8%
Tier 1&2 cities Tier 3&4 cities
20141H 20151H
23,256
5,868
24,769
6,923
Tier 1&2 cities Tier 3&4 cities
20141H 20151H
Tier-One & Tier -Two Market Sales Ratio Tier-One & Tier -Two Market Sales
34
18%
10% 8% 8% 7% 6% 5%
38%
16%
10% 9% 8% 7% 6% 5%
39%
Beijing Guangzhou Shenzhen Shanghai Chengdu Xi'an Chongqing Others
20141H 20151H
20151H Revenue:RMB31.69Billion
20141H Revenue:RMB29.12Billion
Revenue by Region
35
16.3% 16.2% 16.8%
11.7%
18.8%
9.4%
11.1%
15.1%
16.5% 16.4%
11.9%
18.4%
8.8%
10.9%
AV Air-con Fridge
Washing Machine
Tel-com Small
appliances
Computer Digital
20141H 20151H
Gross Profit Margin by Category Revenue by Category
Revenue & Gross Profit Margin by Category
36
22%
18%
20%
14%
13%
9%
4%
20%
18%
20%
16%
14%
9%
3%
AV Air-con Fridge
Washing Machine
Tel-com Small
appliances
Computer Digital
20141H 20151H
Store Network
As of 30 Jun 2015 Group GOME China
Paradise Dazhong Cellstar
Flagship stores 258 194 36 28 -
Standard stores 352 294 42 16 -
Specialized stores 603 468 80 10 45
Total: 1,213 956 158 54 45
Among: T1 Market 698 508 106 46 38
T2 Market 515 448 52 8 7
Net store increase 81 76 (1) - 6
Number of stores newly
opened: 117 102 6 3 6
Among: T1 Market 33 24 5 - 4
T2 Market 84 78 1 3 2
Stores closed 36 26 7 3 -
Among: T1 Market 28 18 7 3 -
T2 Market 8 8 - - -
Number of cities newly
accessed 310 274 60 1 6
Among: T1 Cities 27 21 9 1 1
T2 Cities 283 253 51 - 5
Cities newly accessed 41 41 - - -
37
9.9% 9.1% 8.5% 8.2% 7.6%
43.3%
Haier Gree Apple Midea Samsung Top FiveSuppliers
11.9% 9.9% 7.7% 6.8% 6.0%
42.3%
Samsung Haier Midea Gree Apple Top Five Suppliers
20141H GOME Top 5 Suppliers
20151H GOME Top 5 Suppliers
Top 5 Suppliers
38
Thank you!