Joy­oung in­no­vates in its ap­pli­ances

China Daily (USA) - - BUSINESS - By ZHU WENQIAN in Bei­jing and SHI XIAOFENG in Hangzhou Con­tact the writ­ers through zhuwen­qian@ chi­nadaily.com.cn

Ed­i­tor's Note: In this on­go­ing se­ries on the birth and growth of pri­vately owned Chi­nese com­pa­nies that are re­defin­ing in­no­va­tion, China Daily pro­files Joy­oung Co Ltd, one of China’s lead­ing pri­vate home ap­pli­ance man­u­fac­tur­ers and soy­bean milk mak­ers, which plans to add to its re­search and de­vel­op­ment ef­fort and de­velop more in­no­va­tive new ar­ti­fi­cial in­tel­li­gence home prod­ucts.

Joy­oung, one­ofChina’s lead­ing pri­vate home ap­pli­ance man­u­fac­tur­ers and soy­bean milk mak­ers, said it plans to add to its re­search and de­vel­op­ment ef­fort and de­velop more in­no­va­tive new ar­ti­fi­cial in­tel­li­gence home prod­ucts to meet con­sumers’ needs.

Cur­rently, the soy­bean milk maker puts over 200 mil­lion yuan ($30 mil­lion) into re­search and de­vel­op­ment, equal to 3 per­cent of its sales rev­enues. It em­ploys more than700peo­ple in its re­search and de­vel­op­ment team and aims to re­cruit more.

The Shen­zhen-listed com­pa­ny­has­de­vel­ope­dava­ri­etyof kitchen prod­ucts, so soy­bean milk­mak­er­snow­make up less than 40 per­cent of its sales. Its prod­ucts in­clude ce­real mak­ers, juicers, elec­tric fur­naces, rice cook­ers, steamed bun cook­ers and noo­dle mak­ers.

Joy­oung plans to con­tinue to en­rich its prod­uct list and has es­tab­lished a base in Zhe­jiang province. The re­gion is the home of a range of ac­ces­sories man­u­fac­tur­ers that pro­duce parts for Joy­oung’s dif­fer­ent ma­chines.

Wang Xun­ing, founder and CEO of Joy­oung, said: “We aim to solve trou­ble­some prob­lems in kitchens and make cook­ing eas­ier. We plan to de­velop more new prod­ucts and try to lead the sec­tor by con­stant in­no­va­tion.”

“For in­stance, we launched ro­botic chef prod­ucts about twom­onth­sago. They can cook up hun­dreds of dif­fer­ent Chi­nese dishes. Con­sumers only need to put all the food ma­te­ri­als in the pot, and the en­tire dish will be ready within 3 to 5 min­utes. Now we have run out stock of that prod­uct,” he said.

Over two decades ago, Joy­oung cre­ated the first ma­chine to make soy­bean milk, a tra­di­tional healthy drink in China. Since then, the re­tailer has dom­i­nated the busi­ness in that in­dus­try, with over 100 mil­lion con­sumers us­ing the brand’s soy­bean milk ma­chine.

The com­pany said it would mainly fo­cus on the do­mes­tic mar­ket, as its prod­ucts mainly cater to Chi­nese con­sumers’ cook­ing habits. Joy­oung does ex­port itssoy­bean­milk­mak­ers and noodle­mak­ers to Japan.

De­spite the fierce com­pe­ti­tion in the home ap­pli­ance in­dus­try and a slow­ing econ­omy, Joy­oung achieved sales rev­enue of 7.06 bil­lion yuan last year, jump­ing 18.9 per­cent over 2014, when­the rev­enues were 5.94 bil­lion yuan, 11.4 per­cent over 2013, ac­cord­ing to the com­pany.

Joy­oung’s cur­rent in­put to re­search and de­vel­op­ment

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