The Transformation And Upgrading Of Red Bean Group Has Been Accelerated Again With Frequent Highlights

With the arrival of the May Day holiday, residents' enthusiasm for consumption has soared. Red Bean Comfortable Men's Wear, a subsidiary of Red Bean Group, has opened 37 new stores in a grand manner, and 23 new stores of Red Bean Home have opened together. On April 26 and 27, the first quarter reports of 2023 were successively disclosed by Hongdou Shares and General Shares under Hongdou Group. As the first quarter of fiscal year 2023, the non net profit deducted by Red Bean shares in the first quarter of 2023 increased by 22.06% year on year, and the net profit of GM shares in the first quarter of 2023 increased by 50%. Moreover, on April 17, 26 first tier subsidiaries, business divisions and third tier enterprises of the Red Bean Group, such as Red Bean Home E-Commerce Co., Ltd. and Yew Pharmaceutical Co., Ltd., won the mobile red flag of high-quality development pioneer fortress because their sales and profits reached more than 30%; Red Bean Home won the "National Brand Award of 2022" of JD Fashion due to its outstanding performance in the JD channel.

Since the first quarter, Red Bean Group, led by scientific and technological innovation, has actively seized opportunities, attacked the market, and achieved high-quality development. The clothing sector has mainly focused on high-end, online, and digital intelligence. The tire sector has accelerated its internationalization, intelligence, and greening, and has constantly improved its product, channel, and brand strength. The transformation and upgrading are obvious, and the market performance is eye-catching.

Achievements in transformation and increased profitability

In 2023, the change in the macro policy level will bring about the recovery of the consumer market. Red Bean Group actively seized the opportunity of market recovery, played the courage of facing difficulties and being the first, maintained the courage of daring to work and dare to fight, and all the staff worked hard to welcome the good start of the first season.

General Motors, together with dealers from all over the country, held more than 100 "good start" meetings for dealers nationwide in Inner Mongolia, Guizhou, Yunnan, Jiangsu, Zhejiang, Guangzhou and other regions. With the support of multiple incentive policies and high-quality products, dealers around the country have been enthusiastic, confident, and reported good news frequently. The cumulative amount of money collected has exceeded 250 million yuan, and sales have achieved rapid growth year on year. At the same time, the company accelerated the channel doubling plan, closely linked to the domestic and international double cycle, actively explored overseas markets in Europe, Russia, Southeast Asia and so on, and the domestic and foreign trade export sales increased by more than 30% year-on-year in the first quarter. On March 18, the first tire of GM Tire Technology Cambodia Co., Ltd. was successfully rolled off the production line, which is another successful practice of GM's involvement in the construction of the "Belt and Road" after the production base in Thailand, marking the official completion and full departure of GM's overseas "double bases".

Hongdou Co., Ltd., which is positioned as "classic comfortable men's wear", actively focuses on high-quality items through high-end brand transformation, and carries out an omni channel layout of online and offline integration and digital and intelligent transformation. In 2022, the revenue scale will basically remain stable and the overall gross profit margin will improve and increase in an especially difficult year. In the first quarter of 2023, the overall marketing construction effect of Red Bean Men's Wear is obvious, with the overall revenue increasing by 25.24% over the same period, and the company's online business refined operation ushers in a breakthrough, and the online gross profit margin continues to increase by 5.08% to 51.45%.

Especially in the channel that the clothing retail industry focuses on, the company's image has been comprehensively upgraded. Offline, we will quickly reach middle and high-end consumer groups with a new image, work with French space designers to create a comfortable men's store image, and take Wuxi super flagship store as a model to promote the landing of flagship stores, benchmark stores and other efficient stores. Online fine operation management, relying on e-commerce platforms such as Tiaoyin, JD, Tmall, etc., to optimize the consumer population, and deeply cultivate the operation of small programs in the private domain. In 2022, GMV will reach 310 million yuan, accelerating the online upgrade of offline stores.

Under the challenge of severe export situation, the foreign trade team of Hongdou International Co., Ltd. worked hard to break the market, and signed a contract of more than 100 million dollars in the first quarter, achieving double growth.

Innovation leads development, and scientific and technological products emerge frequently

Innovation is the soul of an enterprise and the inexhaustible driving force for its development. Hongdou Group has always insisted on leading enterprise development with innovation and meeting different market demands with more scientific and technological products. The Group has a national enterprise technology center, a national industrial design center and other platforms, carries out strategic cooperation with domestic research institutes and a number of world-class suppliers, and constantly strengthens the research and development of scientific and technological products.

The Red Bean Zero Comfort Shirt, which sold 400000 pieces and won the design award of China, France, Italy and the United States, is the fastest growing product in history through continuous scientific and technological innovation. This product has not only deepened the brand concept of "more comfortable men's clothing, wear red beans" through the application of Swiss patent HeiQ polymer, the first red bean ultra-fine fiber ratio and other scientific and technological applications, whether it is the product innovation of fabrics, patterns, processes, businesses and enterprises, or the holding of the first AR conference in the clothing industry, together with brand spokesperson Qi Wei, international supermodel Jin Dachuan and other brand events, It also firmly attached the label of "comfort" to consumers.

From mid and high-end 0-sense comfortable shirts, comfortable and stylish three-point elastic oxford spun shirts, to bamboo fiber shirts that unlock natural fabrics, more than 10 types of science and technology innovation shirts of Red Bean have formed a category matrix, achieving a comprehensive market share through collaborative layout. For this reason, the total revenue of the shirt category of Red Bean has increased by 53.59% in the past two years, which has become the leading segment of its clothing business.

In 2023, GM will focus on the R&D and innovation of differentiated and high value-added products based on the global market through the upgrading research institute, optimize the product structure and portfolio around brand positioning, rapidly respond to user needs, continue to promote end-to-end cost management and lean manufacturing, and realize the whole process of quality improvement, cost reduction, evolution and efficiency increase.

In order to fully meet the needs of different markets, General Motors Co., Ltd. continues to develop personalized and differentiated products. In 2023, it will focus on the launch of "Eucommia Gold Tubeless Series, Secondary Bearing and Mine Zhanshen Series, and New Energy Green Tire Green Energy Series", committed to contributing greater value to customers. The gold series XR290Y of Eucommia ulmoides Oliv. has realized the iterative upgrading of Eucommia ulmoides rubber technology process and product structure, effectively solved the problems of fast consumption, high fuel consumption, poor driving performance and other problems in the use of ordinary truck and bus tires, and met the needs of truck drivers for "longer mileage" and "more economical".

Since this year, the market uncertainty still exists due to the complex domestic and international environment. However, it is a matter of human effort. In the next step, Red Bean will still further strengthen its transformation and upgrading efforts, and respond to the uncertainty of the external environment with the certainty of its own height and quality development, so as to better promote the high-quality development of the enterprise.

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