Stationery and Cards in China中国文具市场报告

WWW.MA China - Stati oner y and Cards0099 - 2430 - 2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1EXECUTIVE SUMMARYMarket valueThe Chinese stationery and cards market grew by 11.1% in 2012 to reach a value of $11,119.6 million.Market value forecastIn 2017, the Chinese stationery and cards market is forecast to have a value of $19,596.7 million, an increase of 76.2% since 2012.Category segmentationStationery is the largest segment of the stationery and cards market in China, accounting for 93.6% of the market's total value.Geography segmentationChina accounts for 39.4% of the Asia-Pacific stationery and cards market value.Market rivalryStationery specialists form the most significant distribution channel in this market, and suffer from a lack of diversity, th us increasing rivalry.TABLE OF CONTENTSExecutive Summary (2)Market value (2)Market value forecast (2)Category segmentation (2)Geography segmentation (2)Market rivalry (2)Market Overview (7)Market definition (7)Market analysis (7)Market Data (8)Market value (8)Market Segmentation (9)Category segmentation (9)Geography segmentation (10)Market Outlook (11)Market value forecast (11)Five Forces Analysis (12)Summary (12)Buyer power (13)Supplier power (14)New entrants (15)Threat of substitutes (16)Degree of rivalry (17)Leading Companies (18)Ningbo Binbin Stationery Co., Ltd (18)Staples, Inc. (19)Wal-Mart Stores, Inc. (22)Xinhua Winshare Publishing and Media Co., Ltd (25)Macroeconomic Indicators (28)Country Data (28)Appendix (30)Methodology (30)Industry associations (31)Related MarketLine research (31)Table 1: China stationery and cards market value: $ million, 2008–12(e) (8)Table 2: China stationery and cards market category segmentation: $ million, 2012(e) (9)Table 3: China stationery and cards market geography segmentation: $ million, 2012(e) (10)Table 4: China stationery and cards market value forecast: $ million, 2012–17 (11)Table 5: Ningbo Binbin Stationery Co., Ltd.: key facts (18)Table 6: Staples, Inc.: key facts (19)Table 7: Staples, Inc.: key financials ($) (20)Table 8: Staples, Inc.: key financial ratios (20)Table 9: Wal-Mart Stores, Inc.: key facts (22)Table 10: Wal-Mart Stores, Inc.: key financials ($) (23)Table 11: Wal-Mart Stores, Inc.: key financial ratios (23)Table 12: Xinhua Winshare Publishing and Media Co., Ltd: key facts (25)Table 13: Xinhua Winshare Publishing and Media Co., Ltd: key financials ($) (26)Table 14: Xinhua Winshare Publishing and Media Co., Ltd: key financials (CNY) (26)Table 15: Xinhua Winshare Publishing and Media Co., Ltd: key financial ratios (26)Table 16: China size of population (million), 2008–12 (28)Table 17: China gdp (constant 2000 prices, $ billion), 2008–12 (28)Table 18: China gdp (current prices, $ billion), 2008–12 (28)Table 19: China inflation, 2008–12 (29)Table 20: China consumer price index (absolute), 2008–12 (29)Table 21: China exchange rate, 2008–12 (29)Figure 1: China stationery and cards market value: $ million, 2008–12(e) (8)Figure 2: China stationery and cards market category segmentation: % share, by value, 2012(e) (9)Figure 3: China stationery and cards market geography segmentation: % share, by value, 2012(e) (10)Figure 4: China stationery and cards market value forecast: $ million, 2012–17 (11)Figure 5: Forces driving competition in the stationery and cards market in China, 2012 (12)Figure 6: Drivers of buyer power in the stationery and cards market in China, 2012 (13)Figure 7: Drivers of supplier power in the stationery and cards market in China, 2012 (14)Figure 8: Factors influencing the likelihood of new entrants in the stationery and cards market in China, 2012 (15)Figure 9: Factors influencing the threat of substitutes in the stationery and cards market in China, 2012 (16)Figure 10: Drivers of degree of rivalry in the stationery and cards market in China, 2012 (17)Figure 11: Staples, Inc.: revenues & profitability (20)Figure 12: Staples, Inc.: assets & liabilities (21)Figure 13: Wal-Mart Stores, Inc.: revenues & profitability (23)Figure 14: Wal-Mart Stores, Inc.: assets & liabilities (24)Figure 15: Xinhua Winshare Publishing and Media Co., Ltd: revenues & profitability (27)Figure 16: Xinhua Winshare Publishing and Media Co., Ltd: assets & liabilities (27)MARKET OVERVIEWMarket definitionThe stationery and cards market includes products such as notebooks, pencils and printer paper sold through all retail formats. All retail sales of stationery products are included. Cards comprise seasonal and everyday cards. Everyday cards are Birthday, Anniversary, Get Well, Friendship, and Sympathy cards. Seasonal cards are Christmas, Valentine's Day, Mother's Day, Easter, and Father's Day cards. All values are stated at retail selling price, with currency conversions calculated using constant average annual 2011 exchange rates.For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand, Singapore, South Korea, Taiwan, and Thailand.Market analysisThe Chinese stationery and cards market has seen exceptional double-digit growth in recent years. This is expected to continue, albeit at a decelerated rate, over the forecast period to 2017.The Chinese stationery and cards market is expected to generate total revenues of $11,119.6 million in 2012, representing a compound annual growth rate (CAGR) of 15.9% between 2008 and 2012. In comparison, the Japanese market will decline with a compound annual rate of change (CARC) of -0.8%, and the Indian market will increase with a CAGR of 11.6%, over the same period, to reach respective values of $8,769.7 million and $3,108.3 million in 2012.The stationery segment is expected to be the market's most lucrative in 2012, with total revenues of $10,412.6 million, equivalent to 93.6% of the market's overall value. The cards segment will contribute revenues of $707 million in 2012, equating to 6.4% of the market's aggregate value.The performance of the market is forecast to decelerate, with an anticipated CAGR of 12% for the five-year period 2012 - 2017, which is expected to drive the market to a value of $19,596.7 million by the end of 2017. Comparatively, the Japanese and Indian markets will grow with CAGRs of 0.1% and 13.1% respectively, over the same period, to reach respective values of $8,797.9 million and $5,748.3 million in 2017.MARKET DATAMarket valueThe Chinese stationery and cards market grew by 11.1% in 2012 to reach a value of $11,119.6 million.The compound annual growth rate of the market in the period 2008–12 was 15.9%.2008 6,154.4 39,722.7 4,423.82009 7,079.8 45,695.6 5,088.9 15.0 2010 8,543.9 55,145.6 6,141.3 20.7 2011 10,004.8 64,575.2 7,191.5 17.1 2012(e) 11,119.6 71,770.3 7,992.8 11.1CAGR: 2008–12 15.9% SOURCE: MARKETLINE M A R K E T L I N EMARKET SEGMENTATIONCategory segmentationStationery is the largest segment of the stationery and cards market in China, accounting fo r 93.6% of the market's total value.The Cards segment accounts for the remaining 6.4% of the market.2012Stationery 10,412.6 93.6% Cards 707.0 6.4%Total 11,119.6 100% SOURCE: MARKETLINE M A R K E T L I N EFigure 2: China stationery and cards market category segmentation: % share, by value, 2012(e)Geography segmentationChina accounts for 39.4% of the Asia-Pacific stationery and cards market value.Japan accounts for a further 31.1% of the Asia-Pacific market.2012China 11,119.6 39.4 Japan 8,769.7 31.1 India 3,108.3 11.0 South Korea 948.7 3.4 Rest of Asia-Pacific 4,267.6 15.1Total 28,213.9 100% SOURCE: MARKETLINE M A R K E T L I N EFigure 3: China stationery and cards market geography segmentation: % share, by value, 2012(e)MARKET OUTLOOKMarket value forecastIn 2017, the Chinese stationery and cards market is forecast to have a value of $19,596.7 milli on, an increase of 76.2% since 2012.The compound annual growth rate of the market in the period 2012–17 is predicted to be 12%.172012 11,119.6 71,770.3 7,992.8 11.1% 2013 12,518.6 80,799.8 8,998.3 12.6% 2014 14,044.8 90,651.0 10,095.4 12.2% 2015 15,718.8 101,455.5 11,298.7 11.9% 2016 17,551.3 113,283.4 12,615.9 11.7% 2017 19,596.7 126,485.1 14,086.1 11.7%CAGR: 2012–17 12.0% SOURCE: MARKETLINE M A R K E T L I N EFigure 4: China stationery and cards market value forecast: $ million, 2012–17FIVE FORCES ANALYSISThe stationery and cards market will be analyzed taking stationery product retailers as players. The key buyers will be taken as individual consumers, and stationery product manufacturers as the key suppliers.SummaryStationery specialists form the most significant distribution channel in this market, and suffer from a lack of diversity, th us increasing rivalry.Additionally, growing use of the Internet as a fast and accurate communication and data storing tool increases the dispensability of paper cards and stationery products. Buyers are rather price sensitive, and prone to switch to a different retailer if lower prices are offered. Suppliers are manufacturers of stationery and cards. Due to limited shelf space, suppliers must persuade market players to pick and stock their products, thus ceding more power to the retailers. It is possible to enter the market on a small scale, perhaps by opening a specialized outlet. The Chinese market has seen very strong growth in recent years, which eases rivalry and attracts new entrants.Buyer powerFigure 6: Drivers of buyer power in the stationery and card s market in China, 2012On the players’ side there are specialized retailers, department stores, gift shops and supermarkets. Each individual customer has little power, due to the large numbers of buyers with relatively small financial muscle. However, taking consumers as a whole, buyer power is strengthened due to the negligible switching costs in this market. This means that there is a tendency to switch to retailers with lower prices. In general, consumers sho w little loyalty to one retailer or manufacturer. There is only a small chance of buyers backwards integrating by making their own cards and thus weakening buyer power. Additionally, the chances are that the materials required for consumers to produce homemade cards would in fact come from market players, further reducing the impact of such an action. However, there is no chance of market players forward-integrating, and this strengthens buyer power. Additionally, the growing use of the internet as a fast and accurate communication and data storage tool also increases the dispensability of paper cards and stationery products, thus boosting buyer power, which is assessed as moderate overall.Supplier powerFigure 7: Drivers of supplier power in the stationery and cards market in China, 2012Suppliers in this market are manufacturers of stationery products and cards, and due to the nature of the business, they tend to be larger in size than specialist retailers, which boosts their power. Some stationery and cards producers have also started to sell products directly to consumers, thus reducing their reliance on retailers.However, there are a large number of suppliers within the market and cha nging between them does not usually involve significant switching costs. Due to limited shelf space, suppliers must persuade market players to pick and stock their products, thus ceding more power to retailers.Manufacturers of stationery have been faced with rising costs for raw materials since at least 2006, although the collapse of the commodity boom towards the end of 2008 has eased this pressure somewhat. Prices for pulp and paper, metals, plastics and adhesives had been affected by the growth in demand from developing economies. At the same time, prices for gas, electricity and transport fuel are rising. Such situations within the market may negatively affect suppliers’ revenues, reducing their power to some extent.The possibilities of differentiation are limited since most of the manufacturers offer a wide range of products that are similar in their function. These factors tend to weaken supplier power within this market. Overall, supplier power is assessed as moderate within the stationery and cards market.New entrantsChina, 2012Large scale operations are not crucial for this business and it is possible to succeed on a small scale, by opening a single retail outlet or, with the growing importance of online commerce, setting up an internet company. Such strategies involve lower fixed costs. However, most of the players operating within the market tend to stock a diversified range of products and competing with them successfully, on a small scale, would require an innovative strategy, e.g. exploiting a niche market such as handcrafted cards or personalized stationery. Keeping a close watch on consumer trends creates additional possibilities for differentiation: growing mobility creates additional office needs, such as notebook cases, files and folders that can be used and carried easily when traveling. Service industries have specific needs for filing and storage, and rising individualization creates opportunities in hobby-related stationery.With the growth of ecological concerns among consumers, it is also possible to differentiate products by offering eco-friendly materials, such as recycled paper products. New entrants are also lured by the lack of switching costs and buyers’ willingness to follow a new player, if lower prices are offered. Lack of specific government regulations, and easy access to suppliers, also boost the threat of newcomers. The stationery and cards market is susceptible to the overall economic situation but the Chinese market has experienced rapid growth in recent years, and the forecast is that double-digit growth will continue, increasing the threat of new entrants. The general weakness of the global economy has however, had an impact in so far as it has caused consumers to favor lower priced products, making the ability to compete on price alone more important. Overall the threat of new entrants is assessed as strong.Threat of substitutes2012For end-users, substitutes for cards and stationery include ITC goods and services. Telephone services, email, and social networking websites, together with electronic data storage devices and computers, all offer many of the functions of paper-based products. Convenience and the perceived lower environm ental impact of these products make them beneficial alternatives. It is difficult to assess whether these are more or less costly to consumers on a 'per-message' basis. For example, sending an email is likely to be cheaper than buying and sending a greetin g card by mail, whereas sending an SMS message might be more expensive than posting a letter. Additionally, the rise of social media as a communication tool has the potential to further erode the greeting cards market.Switching costs are generally high, as mobile phones, laptops, desktops, and tablets can be expensive, with internet access a further cost for consumers. On the other hand, services such as internet cafes reduce the impact of switching costs. The threat of substitution may be lower for certain niche markets: for example, luxury or personalized stationery, or cards for special occasions where it is a breach of etiquette to use electronic communications. Many players in this market are protected against the threat of substitutes to an extent by their diversification away from purely traditional stationery into ITC hardware, software, and consumables. Overall, there is a moderate threat from substitutes.Degree of rivalryFigure 10: Drivers of degree of rivalry in the stationery and cards market in China, 2012Some retailers present within this market are large in size, and diversify by selling a wide range of goods which allows them to compete more intensely on price. However, stationery specialists form the most significant channel in this market and these are by definition less diversified, and thus more dependent on revenues from the stationery and cards market, although many do tend to offer a range of office technology products and furniture.In general, fixed costs and exit costs are not likely to be as high as in other markets that involve significant sunk costs, and this serves to reduce competition. A very strong market performance in recent years helps alleviate rivalry i n the Chinese market, which is assessed as moderate overall.LEADING COMPANIESNingbo Binbin Stationery Co., Ltd.Ningbo Binbin Stationery Co., Ltd. (Binbin) is located in Ninghai City, China. It is primarily eng aged in the manufacture and distribution of office supplies and other related products.Binbin's products are arranged in four categories: traditional office stationery and supplies, electric office supplies, offi ce peripheral devices and furniture, and teaching aids.The company is vertically integrated, manufacturing a majority of the products it sells.Key MetricsAs a private entity, Ningo Binbin is not legally obliged to publish its financial results.Staples, Inc.Head office: Five Hundred Staples Drive, Framingham, Massachusetts 01702, USA Telephone: 1 508 253 5000Website: Financial year-end: JanuaryTicker: SPLSStock exchange: NASDAQSOURCE: COMPANY WEBSITE M A R K E T L I N EStaples offers a wide range of office products, technology, and copy and print services, as well as office furniture, through a chain of retail stores, mail order retailing and e-commerce websites. The company has operations in 26 countries spread across North America, South America, Europe and Asia.The company operates through three business segments: North American delivery, North American retail, and international operations.The North American delivery segment comprises the company's US and Canadian business units. These divisions sell and deliver office products and services directly to retail consumers and businesses. This segment comprises three business units: Staples Advantage, , and .Staples Advantage, a contract business unit, services mid-sized businesses and organizations. The company, through its contract sales force, offers customized pricing and payment terms, usage reporting, stocking of certain proprietary items, and an assortment of eco-friendly products and services.The business unit encompasses the company's online retail activities in the US and Canada, and its direct mail catalog business. The unit primarily focuses on supplying products to small businesses, home offices and consumers by offering next day delivery for office supply orders. is a catalog and internet business unit serving the business product needs of small and medium-sized businesses in the US. also operates Medical Arts Press, a company specializing in internet and catalog business offering office supplies and products for medical professionals.The North American retail segment operates around 1,500 stores across the US and over 300 stores in Canada. In addition, the segment operates 26 stand-alone copy and print shops in North America.The international operations segment serves customers through retail stores, catalog operations and a contract business. This segment operates in 24 countries across Europe, South America and Asia-Pacific. The company's European office products business serves contract, retail, internet, and catalog customers in 16 countries. The company's European contract business includes sizable operations in Scandinavia, Germany, the UK and the Netherlands. The company also operates a European printing systems business, which it acquired from Corporate Express.Key MetricsThe company recorded revenues of $25,022 million in the fiscal year ending January 2012, an increase of 1.9% compared to fiscal 2011. Its net income was $985 million in fiscal 2012, compared to a net income of $882 million in the preceding year.2008 2009 2010 2011 2012 Revenues 19,372.7 23,083.8 24,275.5 24,545.1 25,022.2 Net income (loss) 995.7 805.3 738.7 881.9 984.7 Total assets 9,036.3 13,006.0 13,717.3 13,911.7 13,430.6 Total liabilities 3,308.1 7,383.5 6,862.4 6,960.5 6,408.4 Employees 57,291 54,149 91,095 89,019 87,782SOURCE: COMPANY FILINGS M A R K E T L I N E2008 2009 2010 2011 2012 Profit margin 5.1% 3.5% 3.0% 3.6% 3.9% Revenue growth 6.7% 19.2% 5.2% 1.1% 1.9% Asset growth 7.6% 43.9% 5.5% 1.4% (3.5%) Liabilities growth (2.0%) 123.2% (7.1%) 1.4% (7.9%) Debt/asset ratio 36.6% 56.8% 50.0% 50.0% 47.7% Return on assets 11.4% 7.3% 5.5% 6.4% 7.2% Revenue per employee $338,145 $426,302 $266,486 $275,729 $285,049 Profit per employee $17,379 $14,872 $8,109 $9,907 $11,217SOURCE: COMPANY FILINGS M A R K E T L I N EWal-Mart Stores, Inc.Head office: 702 Southwest 8th Street, Bentonville, Arkansas 72716 8611, USATelephone: 1 479 273 4000Website: Financial year-end: JanuaryTicker: WMTStock exchange: New YorkSOURCE: COMPANY WEBSITE M A R K E T L I N EWal-Mart is the largest retail company in the world. The company operates retail stores in various formats worldwide. At the end of FY2012, Wal-Mart operated 10,130 stores across 27 countries. The company also offers its products through various e-commerce websites, including and . Wal-Mart offers a wide assortment of merchandise, offering stationery products through Walmart Stationery.Wal-Mart operates through three business segments: Walmart US, Walmart international and Sam's Club.Walmart US operates four different retail formats in the US: supercenters, discount stores, neighborhood markets and other small formats. The segment has retail operations in all 50 US states and Puerto Rico. The segment also markets its products through its e-commerce website . The stores operated by Walmart US offer branded as well as private label merchandise in various product categories, including grocery, entertainment, hardlines, apparel, health and wellness, and home. These stores also offer financial services such as money order services, wire transfers, check cashing, and bill payment.Walmart international operates units under 70 banners in several formats, as well as banks that provide consumer lending on a limited basis. This segment comprises wholly owned subsidiaries operating in Argentina, Brazil, Canada, China, Japan, and the UK. It also includes Wal-Mart's majority-owned subsidiaries in Chile, Mexico, 12 countries in Africa, and five countries in Central America. In India and China, the company operates through joint ventures. Walmart international also operates through some controlled subsidiaries in China. The operating formats vary from country to country, and include discount stores, supermarkets, supercenters, hypermarkets, websites, warehouse clubs and other formats which comprise restaurants and apparel stores.Sam's Club operates Wal-Mart's membership club warehouses in the US. The segment also sells its merchandise through the website . Sam's Club serves both individuals and businesses.Key MetricsThe company recorded revenues of $446,950 million in the fiscal year ending January 2012, an increase of 6.7% compared to fiscal 2011. Its net income was $15,699 million in fiscal 2012, compared to a net income of $16,389 million in the preceding year.2008 2009 2010 2011 2012 Revenues 374,307.0 401,204.0 408,214.0 418,952.0 446,950.0 Net income (loss) 12,731.0 13,400.0 14,335.0 16,389.0 15,699.0 Total assets 163,514.0 163,429.0 170,706.0 180,663.0 193,406.0 Total liabilities 98,906.0 98,144.0 99,957.0 109,416.0 117,241.0 Employees 2,100,000 2,095,000 2,100,000 2,100,000 2,200,000SOURCE: COMPANY FILINGS M A R K E T L I N E2008 2009 2010 2011 2012 Profit margin 3.4% 3.3% 3.5% 3.9% 3.5% Revenue growth 8.5% 7.2% 1.7% 2.6% 6.7% Asset growth 8.1% (0.1%) 4.5% 5.8% 7.1% Liabilities growth 10.4% (0.8%) 1.8% 9.5% 7.2% Debt/asset ratio 60.5% 60.1% 58.6% 60.6% 60.6% Return on assets 8.1% 8.2% 8.6% 9.3% 8.4% Revenue per employee $178,241 $191,505 $194,388 $199,501 $203,159 Profit per employee $6,062 $6,396 $6,826 $7,804 $7,136SOURCE: COMPANY FILINGS M A R K E T L I N EXinhua Winshare Publishing and Media Co., LtdHead office: Board Office, No. 6 Wenxuan Road, Shang Mao Dadao, Cheng Bei, Chengdu Sichuan 610081, CHNTelephone: 86 28 8315 7092Fax: 86 28 8315 7090Website: Financial year-end: DecemberTicker: 811Stock exchange: Hong KongSOURCE: COMPANY WEBSITE M A R K E T L I N EXinhua Winshare Publishing and Media (Xinhua Winshare) is principally engaged in the production and trading of publications and related products in China.The company's principal activities include the editorial and publishing of publications; retailing of books and audio-visual products; distribution of textbooks and supplementary materials; and retailing of office stationery and accessories for students.The company operates through five business segments: product, Zhongpan, subscription, retailing and other operations.The product segment engages in the editorial and publishing of publications. It covers businesses including publication, printing and paper trading.The Zhongpan segment covers the centralized purchasing and delivery of the Group's products through its internal channels. It also includes distribution to external customers through the company's distribution network. It acts as an intermediary service platform between publishers, book retailers, and wholesalers.The subscription segment distributes textbooks and supplementary materials to schools and students. It distributes government-subsidized and non-government-subsidized textbooks to primary and lower secondary schools in the Sichuan Province. It also offers supplementary materials mainly to school students, universities, libraries and other institutions.The retailing segment distributes books and audio-visual products, and office stationery and accessories through retail outlets. It has over 200 retail outlets in China, the majority of which are situated in the Sichuan Province. The group also has stores in Xi'an and Chongqing.The other operations segment comprises the online distribution of publications, the sale of artwork, and pr operty development.Key MetricsThe company recorded revenues of $695 million in the fiscal year ending December 2011, an increase of 20.4% compared to fiscal 2010. Its net income was $81 million in fiscal 2011, compared to a net income of $68 million in t he preceding year.More recent financial information was not available for this company at the time of publication.2007 2008 2009 2010 2011 Revenues 357.8 424.0 497.2 577.0 695.0 Net income (loss) 60.2 52.4 55.6 67.7 80.9 Total assets 764.6 834.7 913.8 1,125.4 1,182.0 Total liabilities 185.6 250.7 281.2 388.9 443.3 Employees 6,174 6,265 6,680 7,835 7,938SOURCE: COMPANY FILINGS M A R K E T L I N E2007 2008 2009 2010 2011 Revenues 2,309.5 2,736.9 3,209.0 3,724.2 4,485.6 Net income (loss) 388.8 338.0 358.7 436.9 522.4 Total assets 4,935.3 5,387.6 5,898.0 7,263.9 7,629.3 Total liabilities 1,198.1 1,617.8 1,814.8 2,510.3 2,861.4SOURCE: COMPANY FILINGS M A R K E T L I N E2007 2008 2009 2010 2011 Profit margin 16.8% 12.3% 11.2% 11.7% 11.6% Revenue growth 4.1% 18.5% 17.2% 16.1% 20.4% Asset growth 112.1% 9.2% 9.5% 23.2% 5.0% Liabilities growth 9.6% 35.0% 12.2% 38.3% 14.0% Debt/asset ratio 24.3% 30.0% 30.8% 34.6% 37.5% Return on assets 10.7% 6.5% 6.4% 6.6% 7.0% Revenue per employee $57,956 $67,683 $74,428 $73,645 $87,549 Profit per employee $9,757 $8,359 $8,320 $8,640 $10,196SOURCE: COMPANY FILINGS M A R K E T L I N E。