OFweek Smart Home Network News highlights Tech, a tech-focused company in the smart home sector, dedicated to the development of smart home power systems. The company consistently adheres to its original vision, rooted in enhancing everyday life while building a comprehensive supply chain. This commitment has resulted in the creation of high-quality products that deliver groundbreaking solutions to the global consumer market.
Recently, Zhuo Chenting, the CEO of Xiangqi Technology, sat down with me for an interview. Known as the "Three Powerful Technology Elites," the founders bring impressive backgrounds to the table. Zhu Wenting, the CEO, previously served as Siemens' Global Senior Project Manager, spearheading the first commercial mobile internet system and solar thermal utilization R&D projects in China. Wu Guoxin, COO of Xiangqi Technology, held positions such as the Director of Business Operations for Siemens Greater China and Nokia's Asia-Pacific R&D Services. Zhang Jie, CMO, brings entrepreneurial expertise gained from his role as a senior project manager at Shanghai Edinburg Elevator Co., Ltd., as well as his involvement in NGO initiatives from 2010-2014. Together, they founded Xiangbang Technology in 2014.
During our conversation, Zhu Wenting mentioned that the company currently employs a team of 129 professionals, including 25 product R&D personnel, 30 sales representatives, 6 brand operators, and 68 factory production staff.
"Embrace the Sharing Concept and Build a Laboratory for Future Living"
I learned that after three years of growth, Xiangqi Technology has developed over 250 categories of smart single products, including power rails and mobile sockets. Annual sales have been growing steadily, exceeding 15 million yuan.
In terms of innovation, Xiangqi Technology prioritizes collaboration with upstream and downstream partners like smart home companies, manufacturers, and real estate firms. By establishing future life labs, the company provides consumers with cutting-edge, intelligent, and quality living spaces while fostering new opportunities within the smart home ecosystem.
One notable achievement is their mobile smart home appliance access system, which streamlines traditional electrical installations by integrating wiring into universal wall attachments and furniture. This innovation eliminates the need for complex groove cutting during renovations, reducing damage to walls and interiors while saving time and costs significantly. Their "wireless socket" aims to enable true "plug-and-play" functionality anytime, anywhere.
"Four Major Market Strategies Working in Tandem"
The smart home market is already valued at over 90.8 billion yuan, with projections reaching 436.9 billion yuan by 2020. Within this market, smart power systems represent 45% of the entire smart home industry chain.
Zhu Wenting shared that Xpower has over 200 distributors across 28 provinces and municipalities in cities like Shanghai, Beijing, Guangdong, Hunan, Hubei, Shaanxi, and Shanxi, with annual sales surpassing 20 million yuan. Additionally, Xiangqi Technology has deepened partnerships with major players like Wanda, Vanke, Landsea, Greenland, and Siemens. This year, planned sales of Xiangqi Technology products are expected to exceed 100 million yuan.
In terms of product market strategy, Xiangqi Technology focuses on four main channels:
Firstly, tapping into the B2B market by initiating sales with real estate businesses.
Secondly, establishing an agency distribution system nationwide and globally, using the company's B2B model as a benchmark to influence the national real estate industry.
Thirdly, adopting a B2B2C approach through the agency distribution system to reach end-users directly.
Fourthly, implementing a B2P strategy by licensing patents to upstream and downstream enterprises.
Core Competitive Barriers of Xiangqi Technology
Regarding the core competitive barriers, Zhu Wenting noted, "We hold world-exclusive patents and have established a patent pool to protect these core technologies. We haven't encountered similar competing products in the current market." However, since Xiangqi Technology is committed to developing alternative indoor electrical systems, certain brands like Bull and Ubiquitous have become short-term competitors in the switch cord and dragline markets.
"Starting from the Basics and Leading the Smart Home Industry"
Zhu Wenting also discussed the company's funding rounds, completing angel round financing in March 2015 with a valuation of 50 million yuan, led by Orient Securities. In March 2016, the PRE-A round raised funds from China Venture Capital Co., Ltd., Xiexin Holding Group, and Clan Capital, valuing the company at 400 million yuan. An A-round of financing was conducted in July 2017, valuing the company at 1 billion yuan.
Looking ahead, Zhu Wenting stated, "We will continue to focus on the smart home industry from the ground up, becoming the foundational layer that integrates and leads the smart home sector."
Xiangqi Technology's R&D efforts promise a revolutionary transformation in architectural indoor spaces worldwide, making electricity accessible and no longer confined to concealed wiring or power strip setups. By liberating outlets from walls, the company offers a more convenient and aesthetically pleasing lifestyle, accelerating the progress of smart home technology.
Metal Edging Luminous Characters
Wuxi Motian Signage Co., Ltd , https://www.makesignage.com