Zhong Xincai has a firm vision and sees the bright future of Foshan Lighting from the crisis.
The old man is squatting, and his ambition is a thousand miles; On December 22, 2008, Foshan Lighting Chairman Zhong Xincai served as the general manager again, and once again came back to the mountain to focus on Foshan Lighting. His behavior, which stood up in a macroeconomically unoptimistic environment, showed the bloodiness of a warrior and showed an entrepreneurial spirit. As a veteran of Foshan Lighting, who has gone through countless spring and autumn, Zhong Xincai’s tenacity, this brave and fearless spirit is worthy of our respect.
The financial tsunami in 2008 has blown down many small enterprises that cannot withstand the wind and waves. However, Foshan Lighting still adheres to its steady pace, keeps up with the trend of the times, grasps the market opportunity, and embarks on the road of reform. As the helm of Foshan Lighting, the wise old man Zhong Xincai took the insight into the eyes of the world, and braved the momentum of the forward, driving the ship of Foshan lighting and breaking the waves.
I hope that the financial turmoil will come even longer and longer.
Reporter: In the face of this year's industry environment, how do you view the impact of the financial tsunami on the lighting industry?
Chairman Zhong Xincai (hereinafter referred to as Zhong Dong): This financial turmoil has taught consumers around the world how to cherish money and use good money. Why the US market is so weak now is that the financial turmoil has fueled the weakness of the US market, but the most important thing is to reshape the American concept of consumption. In the past, Americans were spending ahead of time, and everyone swiped their cards without paying cash. Buying a fluorescent tube is a box, a box of 25; buy a light bulb and buy a small pack of 10, put it home in the car, because they used to make money easily, in the future. But this financial turmoil has caused many banks to close down, the government is also saving banks, and banks are not issuing credit cards. Now, the American people go to the supermarket, such as Wal-Mart, to buy fluorescent lamps, which are bought in two places. The light bulbs are bought in two places, and they are no longer bought in the same box as before. So the total demand has decreased, and I estimate that it will take 2-3 years to pick up. We have a customer in Europe, even if a product is not purchased now, the inventory has to be sold for 12 months to sell, it is conceivable, what is his previous inventory.
Reporter: What did the financial tsunami bring to Foshan Lighting?
Zhong Dong: China has also been greatly affected by the financial crisis sweeping the world. Therefore, we have opened a factory closure column in all the dining halls of the factory, on the wall newspapers of the workshops, and in the company's internal magazines. All the employees of the education company must have a sense of crisis, cherish the work and cherish the work. At the same time, in order to cope with this financial turmoil, in the face of this situation, as the chairman of the board should start from me, take the lead in reducing the annual salary, take the lead in doing their own work. Some investors said: Your Foshan lighting profits are also very good, the market is also good, why do you reduce your annual salary? I think this is an attitude.
Foshan Lighting has come to the present day through everyone's support and its own efforts. We have been developing step by step. This financial turmoil is also the best development opportunity for us in Foshan Lighting. We hope that this financial turmoil will be blown up for a longer period of time, so that the people of the world will let the world’s leaders take a cold shower to clear their minds and how to do a good job in a country. Foshan Lighting is a listed company. When the market situation was good in the early stage and there were business opportunities everywhere, Foshan Lighting did not go with this big trend, did not invest across industries, or immersed in the light source. Therefore, investors are very touched, saying that Foshan lighting is more conservative. The company's shareholder meeting, news media, and investors all asked me: Why is the situation so good that you don't expand? In the bank, you have 10 billion in cash. Why don't you desperately expand? I answer investors, and the company must expand. The premise is that after the expansion of the enterprise, management must keep up and the technical forces must keep up. If we expand desperately, but the quality and management can't keep up, the cost will not come down. Even if we have the market, we will not be able to grasp it. In the end, investors will suffer losses. We don't want to do this. Therefore, when many people engaged in real estate and financial constraints in 1996 and 1997, we did not engage in real estate. I lent the money to the bank at an annual interest rate of 20%. Finally, the China Securities Regulatory Commission came to investigate and said that this would not work, and finally returned at an annual interest rate of 8%.
Practice has proved that the stable operation of Foshan Lighting has been successful for so many years. The financial turmoil also proved that the stable operation of Foshan Lighting was successful. We still have nearly one billion in cash in the bank. We have a market to have cash, so why do I hope that the financial turmoil will be more intense and the time will be longer, because this is a good development opportunity for us. Many companies now have no market and no money, and they can't live anymore, so they have closed down and fled, but Foshan Lighting just took advantage of this opportunity to develop.
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