2009 the Top Ten in China's Razor Brand Competitiveness And

2009 The top ten in China's razor brand competitiveness and

2012 Industrial Development

Forecast Report

The Beijing Mailuo

International

Economic Information

Center SAN

2010 Years 3Published in

January

ReportReport descrip

tion

"2009The top ten in China's razor brand competitiveness and 2012Industrial Development Forecast Report Combined with variation of the supply and demand relationship of razor industry over the years, conducted in-depth business groups in the razor industry Investigation and research, quantitative and qualitative scientific research methods written in.

"2009The top ten in China's razor brand competitiveness and 2012Industrial Development Forecast Report Of razor market environment, production management, product marketing, brand competition, product import and export, industry, investment and The financing environment and sustainable development issues detailed system analysis and forecasting. On this basis, the line Industry trends to make a combination of qualitative and quantitative analysis and forecasting. Formulate development strategies for enterprises to invest in Decision-making and business management to provide authoritative, adequate and reliable basis for decision making.

In this study, the report data to national statistics, the General

Administration of Customs, National Development and Reform

Commission, survey According to the (effective sample size 4285Various

types of market monitoring), Commerce Department data collection

and Mailuo international economic center Database.

- 1 -

PositiveTable

of Conten

t

The report describes

.................................................. .................................................. ............. - 1 - Body

directory .................................................. .................................................. ............. -

2 - Tables and Charts

.................................................. .................................................. ........... - 10 -

Chapter I Chinese brand razor environmental analysis

.................................................. ........... - 17 - Section economic environment

analysis .................................................. ................................. - 17 - First, the

economic development .................................................. ....................... - 17 -

Second, income growth .................................................. ....................... - 19 -

Third, investment in fixed assets

.................................................. ....................... - 22 - Fourth, the deposit and

lending rates change .................................................. ................... - 24 - V. The

RMB exchange rate changes .................................................. ................... - 26

- Six, the financial crisis impact on the razor industry analysis

.............................................. - 27 -

Section II Analysis of policy environment

.................................................. ........................... - 29 - Section III social

environment analysis .................................................. .................................

- 32 - First, the size of the population analysis

.................................................. ....................... - 32 - Second, the age

structure .................................................. ....................... - 32 - Third, the

educational structure analysis

.................................................. ....................... - 33 - Section IV Technical

environmental analysis .................................................. ........................... -

36 - First, the technology development status

.................................................. ....................... - 36 -

Second, the Development of new technologies ..................................................

....................... - 37 -

- 2 -

Third, the Technology trends .................................................. ....................... - 37 -

Chapter II China shaver market size

.................................................. ................... - 38 - Section I 2005-

2009China shaver market size ...................................... - 38 - Section II

2009Razor regional structure in China................................................. -

39 - Section III razor regional market size

.................................................. ..... - 40 - Northeast market size

.................................................. ............. - 40 - Second, the North China

market size .................................................. ............. - 41 - Third, the East

China market size .................................................. ............. - 43 - Fourth,

the central China market size analysis

.................................................. ............. - 44 - Fifth, the southern China

market size .................................................. ............. - 45 - Six, the size of

the market in the western region

.................................................. ............. - 46 - Section IV 2009-

2012China's shaver market size forecast................................. - 47 -

Chapter III Chinese razor demand and consumer preference

survey.................................................. .... - 49 - Section I 2005-

2009Razor yield statistical analysis ..................................... - 49 -

Section II 2005-2009Statistical analysis of the razor calendar

year consumption ....................... - 50 - Section III Shaving products

target customer groups survey .................................................. ... - 52 -

Different income levels, consumer preferences survey

.................................................. . - 54 - Two different age consumer

preference survey .................................................. ..... - 55 - Three

different areas of consumer preferences survey

.................................................. ..... - 55 -

Section IV Razor brand market research .................................................. ....... -

56 -

- 3 -

Macroscopic investigation of a consumer razor brand awareness..................................... - 56 -

Second, the consumer brand preference survey razor

.............................................. - 57 - Primary consumers razor brand

cognitive channels..................................... - 58 - Fourth, consumers

often purchase the brand survey .................................................. ..... -

59 - Five, razor brand loyalty survey

.................................................. ................. - 60 - 6, razor brand market

share survey .................................................. ..... - 62 - Seven, the

consumer's idea of research .................................................. ............. - 62

- Section V Different customers to buy related attitudes and

impact analysis.......................................... - 64 - One, the price

sensitivity of .................................................. ....................... - 64 - Second,

the brand impact of .................................................. ................................. -

65 - Purchase convenient .................................................. ................... - 66

- Fourth, advertising degree of influence

.................................................. ................... - 68 - Fifth, the degree of

influence of the packaging .................................................. ................... -

69 -

Chapter Chinese brand razor market price ..................................................

........... - 70 - Section I Price formation mechanism analysis

.................................................. ....................... - 70 - Section II 2004-

2009Chinese brand razor industry average price trends Analysis of

Potential ........... - 71 - Section III 2010-2012Brand razor industry price

trend forecast analysis.............. - 80 - Chapter China import and export

of brand razor market analysis.................................................. - 81 - Section

I 2005-2009Brand razor import and export volume ........................... - 81 -

First, the2005-2009 Brand razor imports..................................... - 81 -

- 4 -

Second, the2005-2009 Brand razor exports..................................... - 83 -

Section II 2010-2012Brand razor import and export markets

predictive analysis ................... - 85 - First, the2010-2012 Brand

razor industry imports forecast....................... - 85 - Second,

the2010-2012 Brand razor industry exports are

forecast....................... - 86 -

Chapter VI The razor advantage

brands.................................................. .......... - 88 - Section I Philips

(China well-known trademarks) .................................................. ........... -

88 - First, Company Profile

.................................................. ..................................... - 88 - Second, the

business conditions .................................................. ....................... - 88 -

Third, the brand market share

.................................................. ....................... - 89 - Fourth, brand

competitive strategy .................................................. ....................... - 90 -

Section II Flying Branch (Famous Chinese Trademark)

.................................................. ............. - 90 - First, Company Profile

.................................................. ..................................... - 90 - Second, the



.................................................. ....................... - 92 - Fourth, brand


Section III Superman (Famous Chinese

Trademark).................................................. .................. - 93 - First,

Company Profile .................................................. ..................................... -

93 - Second, the business conditions

.................................................. ....................... - 94 - Third, the brand

market share .................................................. ....................... - 94 -

Fourth, brand competitive strategy .................................................. .......................

- 95 -

- 5 -

Section IV Gillette (China Famous Brand) .................................................. ............... - 96 -

First, Company Profile

.................................................. ..................................... - 96 - Second, the



.................................................. ....................... - 97 - Fourth, brand


Section V Braun (first-line brand)

.................................................. ....................... - 98 - First, Company Profile

.................................................. ..................................... - 98 - Second, the

business conditions .................................................. ........................... - 100

- Third, the brand market share

.................................................. ........................... - 101 - Fourth, brand

competitive strategy .................................................. ........................... -

101 - Section VI Matsushita

.................................................. ............................................. - 102 - First,

Company Profile .................................................. ................................. - 102

- Second, the business conditions

.................................................. ........................... - 102 - Third, the brand

market share .................................................. ........................... - 103 -

Fourth, brand competitive strategy

.................................................. ........................... - 104 - Section VII Light

Division (Famous Chinese Trademark)


.................................................. ................................. - 104 - Second, the



.................................................. ........................... - 105 -


.................................................. ........................... - 106 -

- 6 -

Section VIII, Sanyo .................................................. ............................................. - 107 -


.................................................. ................................. - 107 - Second, the



.................................................. ........................... - 108 - Fourth, brand


109 - Section IX, Real man (well-known trademarks)

.................................................. ......... - 109 - First, Company Profile

.................................................. ................................. - 109 - Second, the



.................................................. ........................... - 111 - Fourth, brand


112 - Section X Ding Ling (China Famous Brand)


.................................................. ................................. - 112 - Second, the



.................................................. ........................... - 114 - Fourth, brand


114 -

Chapter VII Chinese brand razor competitive landscape

.................................................. ......... - 115 - Section I Shaving history of

the industry competition pattern Overview

.................................................. . - 115 - First, the razor industry

concentration analysis .................................................. ........... - 115 -

Second, the degree of competition of the razor industry analysis

.................................................. ....... - 116 -

Section II Razor industry Competitive Analysis .................................................. .

- 117 -

- 7 -

A leader of market forces .................................................. ............... - 117 -

Second, the other the competitiveness of enterprises

.................................................. ................... - 118 - Section III 2009-2012China

shaver industry competition pattern of outlook ....................... - 119 -

Chapter VIII 2010-2012Development Forecast of China's brand razor

............................................. - 120 - Section I 2010-2012Razor industry

production forecast ..................................... - 120 - Section II 2010-

2012Razor industry total assets forecast ..................................... - 120 -

Section III 2010-2012Industrial output value forecast of the razor

industry ........................... - 121 - Section IV 2010-2012Razor industry

sales forecast ................................. - 122 - Chapter IX 2010-2012Value of

investments and investment strategies in China shaver industry

................. - 124 - I. Advantages of

.................................................. ................................. - 125 - Second, the

weakness analysis .................................................. ................................. - 125 -

Third, the opportunity to analyze

.................................................. ................................. - 125 - Fourth, the risk

analysis .................................................. ................................. - 126 -

Section II The shavers industry investment value

.................................................. ......... - 126 - First, the profitability of the

industry .................................................. ........................... - 126 - Second,

the industry solvency .................................................. ........................... -

127 - Third, the development of the industry capacity

.................................................. ........................... - 127 - Section III 2009-

2012Chinese brand razor investment risk warning ...........................

- 128 - A risk of financial crisis early-warning

.................................................. ................... - 128 -

Second, competition in the industry risk warning

.................................................. ................... - 128 -

- 8 -

Third, technical risks early warning .................................................. ........................... - 129 -

Fourth, management risk warning

.................................................. ................... - 134 - Section IV The

shavers industry investment strategy

.................................................. ....... - 135 - One, focusing on investment

products .................................................. ................... - 135 -

Second, the key investment areas .................................................. ................... -

137 -

- 9 -

MapList of

Tables

Chart 1: 2005-2009 Domestic production gross

Tables.................................................. .... - 18 - Chart 2: 2005-2009 GDP

growth change in.......................................... - 18 - Chart 3:2004-2009Annual

per capita disposable income and nominal growth rate of statistics

....................... - 19 - Chart 4:2004-2009Annual per capita disposable

income and nominal growth rate of Chart ................... - 20 - Chart

5:2009Annual country throughout the year CPIAnd PPIIndex

.................................................. ....... - 21 - Chart 6:2008-2009Years CPIAnd

PPIChart.................................................. .......... - 22 - Chart 7: 2005-2009

Domestic fixed asset investment tables..................................... - 23 -

Chart 8: 2005-2009 Domestic fixed asset investment and growth

changes in Figure........................... - 24 - Chart 9:2009Latest loan interest

rate table .................................................. ................... - 25 - Chart

10:2009Latest Deposit Rates .................................................. ................... - 26 -

Chart 11:2005-2009RMB against the U.S. dollar ..................................... - 27 -

Chart 12,2008-2009 China's population and its composition Unit:

10 000................... - 32 - Chart 13,2008-2009 China's population age

structure analysis diagram........................................... - 33 - Chart 14, The

National 16-55 Degree distribution of the population aged

.................................................. ............ - 34 - Chart 15:2009 China shaver

industry staff the educational structure of Fig........................................... -

35 - Chart 16:2009 China shaver industry management degree

chart........................... - 35 - Chart 17:2005-2009 My razor market size

tables...................................... - 38 - Chart 18:2005-2009My razor market

size and growth rate changes in Fig.................... - 39 -

Chart 19: Razor market production of regional

maps.................................................. ..... - 40 -

- 10 -

Chart 20:2006-2009Northeast China razor market size tables................... - 40 -

Chart 21:2006-2009Northeast China razor market size and growth rate

changes in Fig....... - 41 - Chart 22:2006-2009North China shaver market

size Tables................... - 42 - Chart 23:2006-2009North China razor market

size and growth rate changes in Fig....... - 42 - Chart 24:2006-2009The

East China shaver market size Tables................... - 43 - Chart 25:2006-

2009The East China razor market size and growth rate changes in

Fig....... - 43 - Chart 26:2006-2009Of central China razor market scale

Tables................... - 44 - Chart 27:2006-2009Of central China razor market

size and growth rate changes in Fig. ...... - 45 - Chart 28:2006-2009The

southern China region razor market size Tables................... - 45 - Chart

29:2006-2009The southern China region razor market size and growth

rate changes in Fig....... - 46 - Chart 30:2006-2009Western China razor

market size tables................... - 47 - Chart 31:2006-2009Shaver market

size of China's western region and the growth rate changes in

Fig....... - 47 - Chart 32:2010-2012Shaver products in China market size

forecast table ........................... - 48 - Chart 33:2010-2012Razor products in

China market size forecast map ........................... - 48 - Chart 34,2005-

2009 My razor yield tables.............................................. - 49 - Chart 35,2005-

2009 My razor-production and growth rate changes in

Fig............................... - 50 - Chart 36:2005-2009 China's razor

consumption statistics........................................... - 50 - Chart 37:2005-2009

China's razor consumption of Chart..................................... - 51 - Chart

38Research sample description

.................................................. ................................. - 52 -

Chart 39Object of study and method statement

.................................................. ....................... - 53 -

- 11 -

Chart 40Consumer preferences of different income levels .................................................. .... - 54 -

Chart 41, Analysis of consumer preferences of different age

.................................................. ............ - 55 - Chart 42: Different parts of

customer consumption characteristics survey

.................................................. ............ - 56 - Chart 43:2009 Consumers

razor brand awareness survey.............................................. - 57 - Chart

44:2009 Consumer brand preference survey of razor

products........................... - 57 - Chart 45:2009 Consumer brand

preference survey of razor products........................... - 58 - Chart

46:2009 Primary cognitive channel survey mechanic that 's being

consumers razor brand.............................. - 59 - Chart 47:2009 Year of

consumers often buy razor brand survey.......................................... - 59 -

Chart 48:2009 Year of consumers often buy brand

survey.................................................. - 60 - Chart 49:2009 Years of

consumer brand loyalty survey.................................................. ........ - 61 -

Chart 50:2009 Years of consumer brand loyalty

survey.................................................. ........ - 61 - Chart 51:2009 The top ten

in the years razor brand market share survey...................................... - 62

- Chart 52, The buying behavior of consumers to buy razor

investigated...................................... - 63 - Chart 53Domestic consumers to

buy razors are most concerned about elements of

investigation.......................................... - 64 - Chart 54: Razor consumer

price sensitivity analysis.............................................. - 65 - Chart 55:

Analysis of the degree of influence of the razor

brand.................................................. ..... - 66 - Chart 56: Razor product

distribution channel structure .................................................. ................ - 67 -

Chart 57: Razor retail formats mode

.................................................. ................ - 67 - Chart 58Retail formats and

distribution models development trend of comprehensive analysis

....................................... - 68 -

Chart 59: Razor product advertising impact

analysis.................................................. ......... - 69 -

- 12 -

Chart 60: Razor product packaging impact analysis.................................................. ......... - 69 -

Chart 61, Razor industry cost structure

.................................................. ................... - 70 - Chart 62, Razor industry

cost structure .................................................. ................... - 71 - Chart

63,2009 Shanghai area shaver before 10 Name market share(%)And

the average price(Yuan)....... - 72 - Chart 64,2009 Beijing area shaver

before 10 Name market share(%)And the average price(Yuan)....... - 72

- Chart 65,2009 Shanghai area shaver before 10 Name market

share(%)And the average price(Yuan)....... - 73 - Chart 66,2009

Wuhan razor before 10 Name market share(%)And the average

price(Yuan)....... - 73 - Chart 67,2009 Shenzhen area shaver before 10

Name market share(%)And the average price(Yuan)....... - 74 - Chart

68,2009 Years, Shen Yang region razor before 10 Name market

share(%)And the average price(Yuan)....... - 74 - Chart 69,2009

Guangzhou razor before 10 Name market share(%)And the average

price(Yuan)....... - 75 - Chart 70,2009 Chengdu razor before 10 Name

market share(%)And the average price(Yuan)....... - 75 - Chart 71,2009

Tianjin area shaver before 10 Name market share(%)And the average

price(Yuan) ...... - 76 - Chart 72,2009 Zhengzhou region razor before

10 Name market share(%)And the average price(Yuan)....... - 76 - Chart

73,2009 Qingdao region razor before 10 Name market share(%)And

the average price(Yuan)....... - 77 - Chart 74,2009 Chongqing razor

before 10 Name market share(%)And the average price(Yuan)....... - 77

- Chart 75,2009 Ningbo region razor before 10 Name market

share(%)And the average price(Yuan)....... - 78 - Chart 76,2009 Xi'an

razor before 10 Name market share(%)And the average

price(Yuan)....... - 78 - Chart 77,2009 Harbin razor before 10 Name

market share(%)And the average price(Yuan)... - 79 - Chart 78,2009

Hangzhou razor before 10 Name market share(%)And the average

price(Yuan)....... - 79 -

Chart 79,2005-2009 Shaver imports in China comparative

analysis...................................... - 81 -

- 13 -

Chart 80,2005-2009 Shaver imports in China and the growth rate changes in Fig........................ - 82 -

Chart 81,2005-2009 My razor imports and imports

profiles.............................. - 82 - Chart 82,2005-2009 Razor export volume

in China comparative analysis...................................... - 83 - Chart 83,2005-

2009 The razors export volume in China and the growth rate

changes in Fig........................ - 84 - Chart 84,2005-2009 Overview of my

razor exports and exports.............................. - 84 - Chart 85,2010-2012

Shaver imports in China forecast table ..................................... - 85 - Chart

86,2010-2012 The razor imports forecast map ..................................... - 85 -

Chart 87,2010-2012 Razor export volume in China forecast

table..................................... - 86 - Chart 88,2010-2012 The razor exports

forecast map ..................................... - 87 - Chart 89,2007-2009Efficiency

indicators of the Philips Group ........................................... - 88 - Chart

90,2007-2009Philips Group's debt-service indicators

........................................... - 89 - Chart 91:2009Philips brand razor market

share Figure ............................................. - 89 - Chart 92,2007-2009Fly Group

efficiency indicators .............................................. - 91 - Chart 93,2007-

2009Fly Group debt-service indicators .............................................. - 91 -

Chart 94:2009Flying Branch brand razor market share Figure

................................................. - 92 - Chart 95,2007-2009Years of Superman

corporate efficiency indicators .............................................. - 94 - Chart

96,2007-2009Annual Superman Company debt-service indicators

.............................................. - 94 - Chart 97:2009Annual Superman brand

brand razor market share Figure ....................................... - 95 - Chart

98,2007-2009Gillette efficiency indicators .............................................. - 97 -

Chart 99,2007-2009Gillette debt-service indicators

.............................................. - 97 -

- 14 -

Chart 100:2009Gillette brand brand razor market share Figure ....................................... - 98 -

Chart 101,2007-2009Braun company efficiency indicators

........................................... - 100 - Chart 102,2007-2009Braun, the company

debt-service indicators ........................................... - 100 - Chart

103:2009Braun brand brand razor market share ..................................... -

101 - Chart 104,2007-2009Panasonic efficiency indicators

........................................... - 102 - Chart 105,2007-2009Panasonic debt-

service indicators ........................................... - 103 - Chart

106:2009Panasonic brand brand razor market share Figure

..................................... - 103 - Chart 107,2007-2009Nianguang Section

Electric Co., Ltd. efficiency indicators ........................... - 105 - Chart

108,2007-2009Nianguang Section Electric Co., Ltd. debt-service

indicators ........................... - 105 - Chart 109:2009Nianguang Branch

brand brand razor market share Figure ..................................... - 106 -

Chart 110,2007-2009Efficiency indicators of the Sanyo Group

........................................... - 107 - Chart 111,2007-2009Sanyo Group's debt-

service indicators ........................................... - 108 - Chart 112:2009Sanyo

brand brand razor market share ..................................... - 108 - Chart

113,2007-2009Efficiency indicators of the Ningbo real man Electric Co.,

Ltd. ............... - 110 - Chart 114,2007-2009Ningbo real man Electric Co.,

Ltd. debt-service indicators ............... - 111 - Chart 115:2009Real man

brand brand razor market share ................................. - 111 - Chart

116,2007-2009Ding Ling Electric Co., Ltd. effective indicators

................... - 113 - Chart 117,2007-2009Shanghai Ding Ling Electric Co.,

Ltd. debt-service indicators ................... - 113 - Chart 118:2009Ding Ling

brand brand razor market share ..................................... - 114 -

Chart 119:2009 My razor market concentration

analysis.............................................. - 116 -

- 15 -

Chart 120,2009-2012China shaver industry production forecast map ................................. - 120 -

Chart 121,2009-2012China shaver industry Industry total assets

forecast map ....................... - 121 - Chart 122,2009-2012Industrial output

value of China shaver industry forecast map ....................... - 122 - Chart

123,2009-2012China shaver industry Industry sales revenue forecast

map ................... - 123 - Chart 124, The razor industry in China SWOT

Analysis .................................................. ......... - 124 - Chart 125:2009 China

shaver industry profitability.......................................... - 126 - Chart

126:2009 China shaver industry solvency

situation.......................................... - 127 - Chart 127:2009 China shaver

industry development capacity.......................................... - 127 - Chart

128, Razor patent geographical distribution of status

................................................. - 130 - Chart 129, Razor patentee ranking

.................................................. ........... - 131 -

Chart 130, Razor world patent patentee ranking

.................................................. ... - 132 -

- 16 -

FirstChapter Chinese brand razor environmental analysis

Section economic

environment analysis

First, theEconomic development

National Bureau of Statistics 21 Released data show that,2009 China's GDP is 335 353 Billion, Calculated at comparable prices, than the previous year 8.7%.2009 Total fixed asset investment 224 846 Billion, The previous year 30.1%Higher than last year to speed up 4.6 Percentage points; total annual retail sales of social consumer goods 125 343 Billion yuan over the previous year 15.5%,Deducting price factors, the actual growth 16.9%,The actual growth over the same period last year to speed up2.1 Percentage points.

Sub-quarter view.2009 Economy grew in the first quarter 6.2%,Second quarter growth 7.9%The third quarter growth

9.1%, Fourth quarter growth 10.7%.

Statistics show that2009 Agricultural production continue to develop steadily, quarter by quarter rebound of industrial production. The total production of the annual grain Reached 53082 Million tons over the previous year 0.4%,Continuous 6YearsYield; the annual above-scale industrial added value The previous year 11.0%, Of which four-quarter growth 18.0%.

Investment is sustained and rapid growth, steady growth in sales and marketing.2009 YearsTotal fixed asset investment 224 846 Billion yuan over the previous year 30.1%Higher than last year to speed up 4.6 Percentage points; annual social consumer goods retail sales total Amount 125 343 Billion yuan over the previous year 15.5%,Deducting price factors, the actual growth 16.9%The actual growth rate over the previous Over the same period accelerated 2.1 Percentage points.

The consumer price and industrial producer prices decreased throughout the year, end of rise.2009 Residents in consumer price Cell decline than the previous year 0.7%,12 Month of year-on-year rise 1.9%; FullYears of industrial ex-factory price decline 5.4%,12 Month Were rising 1.7%.

Urban and rural incomes steady growth, the employment situation better than expected.2009 Of urban residents per capita disposable income

17175 Yuan, after deducting price factors, the actual growth 9.8%;The per capita net income of rural residents 5153 Yuan, an increase

8.5%. Urban employment for the whole year than the prior year net

increase of 910 Million.

- 17 -

Chart A: 2005-2009 Domestic production gross Tables

GDP(Million) Growth rate

2005 Years

183 217

2006 Years

211 924 11.60%

2007 Years

257 306 13.00%

2008 Years

308 512 9.00%

2009 Years

335 353 8.70%

Source: Mailuo International Data Center to organize

Chart 2: 2005-2009 GDP growth change in

Source: Mailuo International

Data Center to organize

- 18 -

Second, theIncome growth

According to statistics,2008Years, real income growth of Chinese urban households into a slow decline in the range Although the growth rate of rural cash income in the acceleration phase, but the collapse of large-scale SMEs, migrant workers unemployed Future decline in agricultural prices will curb this trend.

National Bureau of Statistics recently released show2009Years of operation of the national economy, preliminary estimation,2009Year, the State Gross domestic product(GDP) 335353Billion, calculated at comparable prices, than the previous year 812.7%Higher than last year back Drop 0.9 Percentage points. Quarterly look at quarterly data due to 2008Census year amended a number of the first quarter, So 2009Year quarter data have to be adjusted2009In the first quarter growth 60.2%,Past data is 60.1%, Second quarter growth 70.9%The third quarter growth 90.1%Initial data growth 80.9%, Fourth quarter growth 1012.7%.

The stability of the urban-rural income growth, employment trends better than expected. Per capita income of urban households for the whole year

18858Million. Among them, urban residents per capita disposable income 17175Yuan, compared with the previous year 8.8%, Allowing for price , A real increase 9.8%. Per capita net income of rural residents last year 5153Yuan, compared with the previous year 80.2%, Net of Price factors, the actual growth 8.5%.

Chart 3:2004-2009 Annual per capita disposable income

and nominal growth rate of statistics

Per capita disposable income(Yuan)

Nominal growth rate (%)2004

Years4813 11.9

2005 Years

5374 11.7

2006 Years

5997 11.6

2007 Years

7052 17.6

2008 Years

8065 14.4

2009 Years

9017 11.8


- 19 -

Chart 4:2004-2009 Annual per capita disposable income and nominal growth rate of Chart


Affected by financial crisis 2008Of China's CPIAnd PPIIndex, big variations from 6Month of the most High 10%, Down to A2Month 0.1 Or so.2008Annual labor remuneration accounted for GDPThe proportion is still

11% -12%The range wandering. In addition, due to the economic downturn is mainly reflected in the export-oriented economy and labor-intensive Low-end industries, the income of a higher marginal propensity to consume in low-income groups hardest hit, thereby increasing the To 2009Annual consumption growth rate of blow.

2009Years 7Month of CPIDown as A.8%,Year-on-year data continue to decline to expand, the decline Because food prices continue to decline, the statistics show,7MonthFood prices lower than the 00.2%, But the chain There have been rising. And CPIPhaseRelated to PPI (PPI) Year on year decline to expand the chain rose.7Month PPIDecline in 80.2%,Decline from last month to expand 0.4 Percentage points, but the Bureau of Statistics said.7Months, industrial Price index chain price accounted for 1%Have been even need up 4Months.CPIAnd PPIHoldContinued the number of months both Decreased, indicating that the current real economy is not like some mainstream economists said that: "pick up signs of very Obvious. "The data also show that the implementation of the first half of the extremely loose monetary policy, on the real economy-driven A limited role. As opposed to the false prosperity of the stock and property markets, private investment and household consumption due to government investment

Extrusion, but become more desolate. Stock and property market

"fever" is really a reflection of the economic sick.

- 20 -

Such an outcome is adversely affected by structural adjustment timing and government investment alone in-depth result. THE next step of

Macroeconomic policies must adjust the direction and focus, if not structural adjustment and boost consumer demand to make Greater effectiveness, then the real economy will continue to maintain a downward trend, and will become more complicated and confusing and make People worrying.

Chart 5:2009 Annual country throughout the

year CPIAnd PPIIndex

Month The consumer price index(%)

Producer price index

(%)

200812 A.2 -1.14

20090A A -3.35

200902 -1.6 -4.47

200903 -1.17 -6

200904 -1.5 -6.6

200905 -1.37 -7.2

200906 -1.67 -7.8

200907 -1.8 -8.2

200908 -1.2 -7.9

200909 -0.8 -7

- 21 -

200910 -0.5 -5.8

20091A 0.6 -2.1

200912 A.9 A.7


Chart 6:2008-2009 Years CPIAnd PPIChart


Comment:CPIThe index fell for ordinary people, means that the purchasing power, increased consumption of goods.

CPIThe index rose to the common people, which means reduced purchasing power, falling living standards.

Third, theInvestment in fixed assets

2008Investment in China to maintain rapid growth, the investment structure improved. Year investment in fixed assets

17229ABillion yuan over the previous year 25.5%Higher than last year to

speed up 0.7 Percentage points. Among them, the urban fixed Asset

investment 148167Billion, an increase 260.1%To speed up 0.3 APoints;

rural investment in fixed assets 24124

- 22 -

Billion, an increase 21.5%. In the urban investment, investment in primary industry 2256Billion, an increase 54.5%; Second stage of labor

Industry investment 65036Billion, an increase 282.0%;Investment in tertiary industry 80875Billion, an increase 240.1%.Different regions, Eastern, central and western regions, the urban investment growth 210.3%,33.5%And 2612.7%. Annual real estate development and investment

30580Billion yuan over the previous year 200.9%.

2009Total fixed asset investment 224846Billion yuan over the previous year 30.5%,Growth rate than last year to speed up

4.6 Percentage points.

2009Investment continued to grow rapidly. Among them, urban fixed asset investment 194139Billion, an increase 30.5%, Speed up 4.4 Percentage points; fixed asset investment in rural areas 30707One hundred millionYuan, an increase 27.5%,Speed up 6.0 Percentage points. , The first industry investment growth in urban investment 490.9%,Secondary industry investment growth 26.8%,Investment in tertiary industry Increase 332.0%.Sub-regions, the eastern part of investment growth 230.9%,Central region of growth 362.0%,The western region Increase 352.0%.

Statistics show that2009People's livelihood in the area of investment growth. Infrastructure throughout the year (excluding electricity) Investment 41913Billion, an increase 44.3%.Among them, the railway transport sector growth 67.5%,Road transport growth 40.1%, Urban public transport sector growth 5912.7%. Resident services and other services growth 61.8%, Education growth 370.2%, Health, social security and social welfare industry growth 58.5%.

Annual real estate development and investment 36232Billion, an increase 160.1%,The growth rate last year dropped 4.8 Percentage

points.

Chart 7: 2005-2009 Domestic fixed

asset investment tables

Investment in fixed assets ($ million)

Growth rate

2005 Years 88604 25.7%

2006 Years 109 870 20.4%

2007 Years 137 284 25.0%

- 23 -

2008 Years 172 826 25.5%

2009 Years 224 846 30.1%


Chart 8: 2005-2009 Domestic fixed asset investment and growth changes in Figure


Fourth, theDeposit and lending rates

change

In the deposit interest rate to fall at the same time, financial institutions, lending rates continued to drop. According to Central

Bank statistics data,2009

Years 6Non-financial companies and other sectors of RMB loans weighted average interest rate is 4.98%Than the beginning of decline

0.58 Percentage points. Among them, the loans weighted average interest rate 5.70%Bill financing weighted average interest rate is

A.95%Decreased compared with the beginning 0.53 A and 0.94 Percentage points. Individual housing loan interest rates continued downward6Month weighted average interest rate 4.34%Than the beginning of decline 0.6 Percentage points.

The following table 2009The latest loan rates table.

- 24 -

Chart 9:2009 Latest loan interest rate table

Loan interest

rate table

Interest rate(%)

First, the various loan

Six month

s

4.86

Year 5.31

One to three years

5.40

Three to five

years

5.76

More than five

5.94

Second, individual housing provident fund loans

Five years (including five years) 3.33

More than five

3.87


Deposit interest rate to float downward, the behavior of financial institutions and actively adapt to the changing market environment, adjust the structure of assets and liabilities Reflect the financial institutions are increasing deposit rates the degree of marketization.2009Years, the continued ample liquidity, goods Money market and bond market yields lower, the commercial banks to fund the use of pressure; some domestic and foreign banks Line legal person, in the case of the parent bank to suffer a financial crisis, credit continued negative growth in the use of funds pressure Greater. The float downward interest rates on deposits of financial institutions able to reduce the interest expense on deposits of corresponding grade, on the other hand Limit the part of the deposit growth in the duration of grade, to adjust the debt structure and the cost of assets to match the business. Under

Table 2009The latest interest rates on deposits.

- 25 -

Chart 10:2009 Latest Deposit Rates

Deposit Rates Interest rate (%)

Urban and rural residents and single Bit deposits

(A) demand deposits

0.36

(B) Lump set Deposit

Three months

A.71

Six months

A.98

Year 2.25

Two 2.79

Three years

3.33

Five years 3.60


V.RMB exchange rate changes

2008China's broad money supply growth accelerated, loans increased.A2The end of broad money (M2) Balance 47.5 Trillion yuan, an increase over the previous year 17.8%To speed up A.APercent; narrow money (M1) Balance

16.6 One trillion yuan, an increase of 90.1%, Down 12.0Percent; currency in circulation (M0) Balance 3.4Trillion yuan, Increase 1212.7%To speed up 0.6 Percentage points. Balance of RMB loans of financial institutions 303468Billion, an annualized The early increase 49114Billion, more than the increase over the previous year 12792Billion; the balance of deposits 466203Billion yuan over the beginning of growth Plus 76863Billion, more than the increase over the previous year 22985Billion. Annual monetary net running 3844Billion yuan more than last year put

54ABillion.

- 26 -

Chart AA:2005-2009 RMB against the U.S. dollar


2009Years 7Months, the dollar index is always difficult to end strong and has now been narrowed and the future Sino-US spreads hope to continue to narrow, two reasons that led to the RMB exchange rate to weaken. Last week the central bank to cut interest rates 108Basis points after the Sino-US spreads have been the highest since last 200Basis points above the level down to 152Basis points. Consider Lower the benchmark interest rate to the U.S. Federal Reserve Board, even years, the U.S. Federal Reserve cut interest rates again 50Basis points to 0.5%, Yuan has entered a long-term interest rate cut channel background, the future of Sino-US spreads are bound to be further reduced chemotaxis Potential.

VIFinancial crisis impact on the razor industry analysis

Enter 2008Years 9Months, the U.S. financial market situation anew, and Lehman Brothers Holdings Inc. bankruptcy, the Americas The bank acquired Merrill Lynch,AIGGroup crisis, strongly shook the U.S. financial markets, and in the international financial The market set off a tidal wave, protracted U.S. subprime mortgage crisis into a grim century financial crisis. It is

Concerns about the transition of the financial crisis to the economic

crisis, governments around the world have been taken jointly by a series

of

- 27 -

Support measures to strengthen financial institutions and financial markets, in addition to direct financial institutions taken over by the currency

Policy of massive injection of liquidity, it also involves some aspects of the system to adjust, and will probably give the world the future Financial development cause long-term effects.

At present, the financial crisis on the global real economy has a huge impact,2008The world economy has significantly Slowdown, downside risks to gradually increase, the outlook is more uncertain. Forecast 2009Global economic growth 20.2%, Advanced economies 2009Years will decline 00.3%, Where the U.S. economy will be negative growth 012.7%, The euro area two Major economies, Germany and France, respectively, negative growth 0.8%And 0.5%.

From the Chinese macro-environment point of view, due to the impact of a large number of the country's macroeconomic policy stimulus, the economy has gotten. However, due to the winter of grim Chinese export industries, the demand for sustainability and international macroeconomic situation is far from In the past. So in terms of the razor industry, domestic demand uncertainty is a very critical issue.

From the data and macroscopic phenomena, the financial crisis caused by the razor sales plummet But in turn the financial crisis on China's razor industry is an excellent opportunity for analysis as follows:

AThe financial crisis for China's razor business opportunities for

mergers and acquisitions of foreign enterprises In the backdrop of

the financial crisis, the razor industry is facing a huge risk of

financial strength shaving

Knife enterprises by the financial crisis, mergers and acquisitions abroad razor enterprise set up factories abroad, and then entered the international market.

The U.S. subprime mortgage crisis has evolved into a global financial crisis. Widespread lack of liquidity, debt ratio Higher razor enterprise has caused tremendous financial pressure. The challenge is always accompanied with opportunities from the past Few years has been no influence razor enterprises in the international market, and now ushered in a good low-cost acquisition Machine. The financial crisis caused by high debt rate of razor companies a huge financial pressure.

2Financial crisis has led to some of the poor management of the

razor business out of the market The financial crisis stems from a

serious lack of mobility, for part of the poor management of razor

companies, this

Suspect is worse, their own cash flow is tight, banks, the stock market and other sources of funds financing poor, which causes

Difficult to survive in the market. The financial crisis has brought

opportunities for merger and reorganization among domestic razor

industry, On the one hand, some poor management of the razor business

difficult to survive the financial crisis, will be out of the market, the other

- 28 -

Face, the razor industry downturn will cause even more clear-headed razor industry practitioners to recognize the future

Way and the direction of compression special when even some enterprises will face a huge loss in the razor industry profits Period, with the market power of large-scale reshuffle, promoting the restructuring of the industry of razor.

3The financial crisis to my razor enterprise management capabilities

to enhance the opportunities The financial crisis to the Chinese

razor enterprise management capabilities to enhance the

opportunities, the razor industry in this special

Special period, are actively adjust their development strategies to cope with the impact of the financial crisis on the industry. At present, the razor prices

Industry is to strengthen cost control, and adjust their pricing strategies and sales strategies, and develop more effective competitive strategies with Hand to deal with the financial crisis situation. Razor industry practitioners invariably will look to focus to enhance the industry-wide Competitiveness, strengthen the industry-wide specification and adjustment.

Crisis on the one hand, on the one hand, opportunities, China shaver industry and should be addressed, and improve enterprise Industry operating environment and other aspects, to take active measures to further strengthen the industry, anti-risk ability, will be the The impact of the crisis on the razor industry as much as possible down to a controllable range.

FirstTwo Analysis of policy environment

2009 In order to deal with many unfavorable factors in the domestic and foreign challenges, to maintain stable and rapid economic development, the central Has decided to implement the proactive fiscal policy, and give full play to the fiscal policy of expanding domestic demand, maintain economic growth, promote the knot Structural adjustment, change the mode of development and to improve the protection of people's livelihood, promote the role of building a harmonious society, embodied In the following 5 Aspects:

(A) The expansion of government deficits and the scale of investment, to maintain the steady and rapid growth of investment

2009 , China's external demand growth prospects, the consumer tends to be cautious, independent investment advice Is willing to weaken in order to maintain stable and rapid economic development, we must maintain a reasonable scale of investment, and give full play

to the government investment Role in stimulating economic growth. The factors of government revenues, the fiscal revenue growth will come down significantly. Political The government will appropriately increase the budget deficit scale appropriate to issue treasury bonds for construction of a certain size. At the same time, increasing the central budget Within the investment, the central government investment in the total size of the 2008 YearsA larger increase. Central government investment

Water-based livelihood projects, agricultural infrastructure, affordable

housing, energy conservation, public transportation, technology

- 29 -

Surgery transformation, to help guide social capital to invest in the weak link, while enhancing the economic and social development potential

And the ability of fiscal revenue.

(2To) increase the income of urban and rural residents to further

expand the consumer First, the increase in personal income tax

threshold, increasing disposable income. The second is to improve

the minimum wage of urban workers

Financing system, the basic pension for enterprise retirees were raised. The third is to improve the urban residents' minimum living guarantee

Enterprise employees' basic pension insurance system. Continue to implement the fiscal and taxation support policies promote employment and reemployment, plus The construction of the special difficulties of fast urban and rural masses of the social assistance system. Support the work of migrant workers and landless peasants' employment and social Will protect the work. Increase affordable housing construction, to clean up the various aspects of the real estate taxes, support and Encourage residents to purchase the first set of ordinary commercial housing. Fifth, to expand the variety and the geographical scope of subsidies for home appliances, and promote agricultural Village consumption. Is to promote electricity, refined oil base product price reform is a long-term trends, fiscal policy will be closely Concerned about the prices on people's livelihood, timely implementation and increase transfer payments and subsidies for low-income groups, insurance Basic living of barrier disadvantaged groups, to minimize the impact of gradual liberalization of regulated prices.

(3) Strengthen the support and benefit agriculture policy, to ensure

that farmers increase production First, ensure that used to directly

improve the investment in rural production and living conditions

than 2008 Have increased significantly. Further

Increase investment in rural infrastructure, with emphasis on rural water conservancy, roads, safe drinking water, electricity, biogas

And other aspects of construction. Improve rural basic education, public health, and cultural facilities. Further increase agriculture complement Paste the intensity and refinement of the subsidy policy and methods. Increased greatly with the level of minimum grain purchase prices, stable Income of grain farmers. The third is to support the establishment of a nationwide rural minimum living standard security system. Fourth, the introduction of the revitalization of milk Industry, stabilize hog production policy, promote agricultural restructuring. The

full implementation of the new rural cooperative medical Participating farmers benefit level. Sixth, we continue to increase investment in rural education funding, effective rural obligations Education funding included in the coverage of central and local governments.

(4) To increase fiscal policy and structural adjustment efforts,

promote structural adjustment and development pattern First, we

must increase investment in science and technology. Continue to

increase support for nonprofit research institutions to support the

major subjects

Technology specific implementation. Grants, interest subsidies, taxes, price support policies and play a government investment guidance

To promote social funds to invest in independent innovation and

industrial upgrading, resource conservation and environmental

protection fields. Second, add

- 30 -

Large investment in ecological construction and environmental protection, implementation of resource tax reform, accelerate the establishment of a sound to encourage energy

Resource conservation and environmental protection and taxation policy system. Is to develop a priority to encourage the use of energy-saving technologies and energy-saving products Preferential policies, guide enterprises to accelerate the technological transformation of energy saving. Meanwhile, the energy efficient new products Production or sales process, preferential tax rates, give appropriate tax incentives, to promote the provision of energy services business Development of energy-saving industry. Fourth, increase the policy and funding support equipment manufacturing, improve the major technologies and equipment System design, manufacture and complete sets of capabilities. The fifth is to improve the implementation of the preferential tax policies to support the development of small and medium-sized enterprises, Support for SME technological innovation and participation in international competition in the market.

(5) To deepen fiscal and tax reform, and promote the structural

adjustment of the tax system First, the nationwide implementation

of VAT and resource tax reform, improve the consumption tax

system. The second is

Unified domestic and foreign real estate tax, urban construction tax and education surcharge tax system. At an appropriate increase in personal

The tax threshold on the basis of research and classification of a combination of personal income tax system. Fourth, establish a sound fiscal Force with powers to match the taxation system, to improve the fiscal transfer payment system, the establishment of a county level to ensure basic funding mechanism, Enhance the public service capacity of grass-roots government, increasing the resource-exhausted cities fiscal transfer payments.

(6Policy implications of the) small appliances In the context of the

country to promote energy conservation, low carbon economy,

energy saving and environmental protection today has become a

home appliance line

The focus of the industry. Compared to large home appliances in energy saving technology and products research and application of force, small appliances

Industry action does not seem obvious, but in fact some forward-looking companies have begun in this area Development and exploration, Guangdong Lung Group, with its leading energy saving and environmental protection products and become a small home appliance

line Industry, energy-saving pioneer. "

The relevant data show that the homogeneity of small household electrical appliances market environment, the dragon, but open up Creative writing, timely play the banner of energy saving and environmental protection, launched a series of ingenious technology, practical small household electrical appliances production Products, relying on the difference of the environmental protection and energy saving technological innovation from the shackles of a price war, and establish a science and technology to build its own Brand of industry standards. Such as the use of ultra-thin fans, brushless DC motor technology, significantly reducing energy consumption, More conducive to energy conservation and environmental protection; there 2009 Years Long introduced the sub-storage-type electric kettle, are free to regulate the temperature,

Drink how much water burn on the number of not only put an end to

the dry water and avoid waste, but also in the shortest possible time to

drink

- 31 -

The freshest water. And then the dragon linked to hot steam machine, a new type of ironing technology to maximize the protective clothing while

Consumers save time and effort to worry the convenience. Ironing in the history of the new technological revolution, dragon Garment Steamer Among the highest in on the sales of home appliance chain channel.

Section III social

environment

analysis First,

the size of the

population

analysis

According to the National Bureau of Statistics 2009Years 2Month 26Release of "2008Economic and Social Development Statistics public News ",2008End of the year the country's total population of 132802Million increase over the previous year 673Million. Births throughout the year Mouth 1608Million, a birth rate of 12.14‰; Deaths 935Million people, the mortality rate was 7.06‰; Natural growth Rate 5.08‰. Sex Ratio at Birth for 120.56.

Chart A 2,2008-2009 China's population and its composition Unit: 10 000

Source: Mailuo International Data Center to

organize The increasing number of China's population will increase

demand for razors. Second, the age structure According to the National Bureau of Statistics data analysis since

the reform and opening up, China's working-age population the

proportion of the total population by

Increase in the proportion of youth population decline, the population dependency ratio from 1982Years 620.6%Down to 2007Years

- 32 -

Of 38%.2005Years later, the population dependency ratio has remained at 40%Below. The population age structure is not only

Means that the rich labor resources, labor burden, also means a higher savings rate and a strong social need Demand very favorable to the continued rapid development of our economy and society.

Statistics show that China 0To A4Years of age the total population increased from 1982Years 330.6%Down to 2009Years 18.95%;A5Between the ages of 59-Year-olds increased from 61.5%Rose to 69.01%,60Years and older population Weight from 40.9%Rose to 12.04%.The elderly dependency ratio and the rate of increase is far lower than the rate of decline for children dependency ratio, the total dependency Downward trend.

Chart A 3,2008-2009 China's population age structure analysis diagram


organize Third, the educational structure

analysis Differences in levels of economic development between

regions and cities also contributed to the urban population in the

inter-city mobility, in fact,

Part of the population and agricultural floating population has a very large difference in the educational structure (also found in the table of their age

Structure, there is a slight difference). The educational structure of the non-agricultural population is better than the agricultural population, which were above the high school learn Calendar crowd of more than half (59.29%).This part of the floating population are optimized with the human resources of the national socio-economic

Set to play a role can not be ignored. Will see later in the analysis, but

they engaged in occupation and location.

- 33 -

Industry, its role in a market economy is extremely important.

Chart A4, The National 16-55 Degree distribution

of the population aged


Urban areas because of its great economic temptation to absorb most of the high-level labor force, rural land District, the outflow of elite makes the originally high-quality labor resources are scarce situation becomes more severe, and for the City City area, the inflow of labor from rural and urban areas of the educational structure of the relatively high for the city by Brought a greater impetus to economic development; polarization development of the city, resulting in the urban-rural gap Niagara.

Personnel structure under the relevant sample survey shows that the razor industry as a whole is unreasonable, highly educated people lack Lack. Staff of the educational structure in 5575 Human samples, has a bachelor degree or above grade Workers have 1505 , Accounting for 27%;Staff with specialist qualifications 2453 , Accounting for 44%,Specialist qualifications or below

1617 , Accounting for 29%.

- 34 -

Chart A5:2009 China shaver industry staff the educational structure of Fig.


From the management point of view, 20 Senior management staff who has a master's degree in people 4 , Accounting for

17.96%; Doctorate personnel only 2 , Accounting for 9.29%; Has a Bachelor degree of talent. 10 People, Account 48.28%, With college educated people. 5 , Accounting for 24.47%.

Chart A6:2009 China shaver industry management degree chart



- 35 -

Section IV Technical environmental analysis

First, the technology development status

In recent years, fierce competition for China's electric shaver industry, Remington, Braun, Panasonic, Gillette, Philips, as the representative of imported brands to bring technology, capital, and the mature market operational advantages in the razor industry accounted for Mainstream position. Moreover, these foreign brands have their newly developed technology to the Chinese market, large Big speed up the speed to market of new products.2006, Panasonic specifically for the Chinese market innovative arched veneer With a number of distinctive features of the products. The highlight of this year, by the dominant global electric shaver, charge Lan Philips started the57"Series ...... For most technology is relatively backward domestic razor companies, This impact is fatal.

While the technology-leading brand of premium foreign brands razor significantly higher than the domestic brands, resulting in Their even appearance and functionality can only be regarded as the most common products in the retail price of the terminal, and domestic brands Type of razor products, they are still high above.

Foreign brands razor, with strong technical accumulation and years of hard work lay a solid foundation, In most regions of the domestic market share is still far ahead of domestic brands. Moreover, in the brand reputation Degree, the foreign brands focus on long-term planning, through the selective on-bit fixed-point spread, not familiar with this Road Most domestic brands behind.

Domestic razor industry has been in the shuffle stage, but in 2006Years, the process is too fast. Current state of Within the razor industry 80%Enterprises with more than the market is shrinking dramatically.

Home and less abroad in the domestic razor industry, the industry's largest manufacturers of domestic razor to Superman, Fly Branch on behalf of the domestic first-line shaver brand has begun to accelerate the pace to catch up with foreign brands.

Domestic razors leading enterprises continue to develop and

introduce new products to seize the domestic market, Wenzhou into Up

"RoHS Instruction testing center, in the razor industry, enterprises raise

funds to purchase high-tech testing equipment for the enterprises

Industry to provide full project testing services and effectively curb the

blind export products, razor products entering the EU market Provide a

certain degree of quality assurance.

- 36 -

Second, the Development of new technologies

The company's core competitiveness, the key lies in technological innovation. The electric shaver is a small household electrical appliances, Compete with Philips, Remington, Braun, Panasonic and other famous international brand is bound to exert muddy The body stops. Face them in the situation of the Chinese market, dominate the landscape, Superman Strategy Group on their Have the technical depth and breadth of research and development to form"TechnologySurgery siege".

Superman Group Enterprise Test Center, jointly set up a post-doctoral work with the Huazhong University of Science and Technology Stations and small appliances basis Research; with more than a dozen institutions in Tsinghua University, Zhejiang University, China Academy of Art and the United States, Eight countries and regions in France, Italy, Taiwan, Hong Kong and other research institutions to conduct a wide range of cooperation projects, The establishment of the company's core competencies in key technologies to the development of high-tech, high value-added, high efficiency products, Accelerating the adjustment of product structure optimization and upgrading of pace. On this basis, and gradually formed the generation of industrialization, Trial generation to generation, idea generation, product development strategy.

Electric shaver Superman Group reserves product levels greater than the level of reserves in the Netherlands, Philips We are intend to market the products of their reserve products.

Third, the Technology trends

Superman razor low electromagnetic radiation in the field of new technologies, and uninterrupted continuous discharge time become the same Industry leader. Uninterrupted continuous discharge time of 13 current industry challenges, the continuous use time caused by shaving Use process to stop the embarrassment. Superman razor reached a time of continuous use 120Minutes, while Braun can continue under the same conditions, 50Minutes, the Philips 90Minutes, Panasonic 100Minutes. The technique has been Through national technical appraisal, Ministry of Science and confirm the Torch Program projects, access to scientific and technological progress awards, and many other awards.

In addition, as new materials and electronics technology, nano technology and other cutting-edge technology Superman Group also set up their own nuclear Core technology, forming a huge support network. Such as razors from the 12V-24VAutomatically translate into a

wide voltage Technology, in line with different body surface veneer design, function fuzzy control technology, anti-bacterial, wear nanotechnology Heads in line with EU standards does not contain chromium, nickel processing technology, integrated circuit boards lead-free processing, etc., are

Go in the world.

- 37 -

FirstTwo chapters China shaver market size

Section I 2005-2009China shaver market size

Data show that2005The shavers industry market size of 59.5Billion, To 2006Annual shaver row of Industry market size reached 73.2Billion yuan, up 23.04%To 2009, China's razor market Scale in 132.6Billion.

Chart 17:2005-2009 My razor market size tables

Market size (million)

An increase of

2005 Years 59.5

2006 Years 73.2 23.04%

2007 Years 81.4 11.25%

2008 Years 112.A 37.73%

2009 Years 132.6 18.28%


- 38 -

Chart 18:2005-2009My razor market size and growth rate changes in Fig.


Can be seen from Figure 2005-2009Razor market size and growth, to 2009

, China's shaver market size reached 132.6Billion.

Section II 2009Razor regional structure in China

China's small household electrical appliances industry gathering place mainly located in the Pearl River Delta, Yangtze River Delta, Bohai Rim and the East The southern coastal region, which has advanced technology and equipment and strong production capacity, total production accounted for the proportion of ultra- Had 80%, But the unbalanced development of small household electrical appliances industry as a whole, has a certain influence on the few large enterprises, while China Commercial enterprise based SMEs in business management, brand culture, modes of production, transportation and logistics are relatively Backward, the fight against market risk is weak.

Shaver manufacturing enterprises in Wenzhou. "China(Wenzhou)Razor production base, its products are about

60%Exports. Among them, the EU is an important exporter of shaving products.

From 2009 Annual data, the total national output in east China's

razor production 71.18%, While the Central South Region in order to

19.39%Share of production ranked second in the other parts of total

output accounted for 9.4 About%, The relative

- 39 -

Eastern and southern China production is small, regional production accounted for below chart:

Chart A9: Razor market production of regional maps


organize Section III razor regional market size

Northeast market size Razor market of northeast China

in recent years, a substantial increase,2006 The size of the market

4.79Billion,2008

Has reached 7.40Billion, an increase of 38.7%,Up to 2009 The end of the region's razor City

Field to achieve 8.7ABillion.

Chart 20:2006-2009Northeast China razor market size

tables


An increase of

2006 Years 4.79 23.7%

2007 Years 5.34 11.4%

- 40 -

2008 Years 7.40 38.7%

2009 Years 8.7A 17.7%


Chart 21:2006-2009Northeast China razor market size and growth rate changes in Fig.

Source: Mailuo International Data Center to organize From the

above chart you can see, the stable Northeast razor market size

growth,2006 The size of the market 4.79

Billion,2008 And 2009 , Respectively, an increase of 38.7%And 17.7%.

Second, the North China market size

Razor market of North China in recent years, a substantial increase,2006 The size of the market 14.66Billion,

2008 Has reached 21.66Billion, an increase of 36.2%, As of 2009 The end of

the shaving To be the knife market to reach 25.60Billion.

- 41 -

Chart 22:2006-2009North China shaver market size Tables


An increase of

2006 Years 14.66 22.0%

2007 Years 15.90 8.4%

2008 Years 21.66 36.2%

2009 Years 25.60 18.2%


Chart 23:2006-2009North China razor market size and growth rate changes in Fig.


above chart you can see, the steady growth in North China shaver

market size,2006 The size of the market 14.66


- 42 -

Third, the East China market size

The East China razor market in recent years, a substantial increase,2006 The size of the market 19.15Billion,

2008 Has reached 30.26Billion, an increase of 42.1%, As of 2009 The end of the shaving To be the knife market to reach 35.73Billion.

Chart 24:2006-2009The East China shaver market

size Tables


An increase of

2006 Years 19.15 22.3%

2007 Years 21.30 11.2%

2008 Years 30.26 42.1%

2009 Years 35.73 18.1%


Chart 25:2006-2009The East China razor market size and growth rate changes in Fig.


organize

- 43 -

From the above chart you can see, the steady growth in east China shaver market size,2006 The size of the market 19.15


Fourth, the central China market size

analysis Of central China razor market in recent years, a

substantial increase,2006 The size of the market 6.8ABillion,2008

Has reached 10.64Billion, an increase of 38.8%, As of 2009 The end of the razor

Market reached 12.56Billion.

Chart 26:2006-2009Of central China razor market

scale Tables


An increase of

2006 Years 6.8A 23.8%

2007 Years 7.66 12.6%

2008 Years 10.64 38.8%

2009 Years 12.56 18.1%


- 44 -

Chart 27:2006-2009Of central China razor market size and growth rate changes in Fig.


above chart you can see, the steady growth in central China shaver

market size,2006 The size of the market 6.8A


Fifth, the southern China market size

Razor market of south China in recent years, a substantial increase,2006 The size of the market 17.95Billion,

2008 Has reached 27.49Billion, an increase of 37.2%, As of 2009 The end of the shaving To be the knife market to reach 32.53Billion.

Chart 28:2006-2009The southern China region

razor market size Tables


An increase of

2006 Years 17.95 22.4%

2007 Years 20.04 11.6%

- 45 -

2008 Years 27.49 37.2%

2009 Years 32.53 18.3%


Chart 29:2006-2009The southern China region razor market size and growth rate changes in Fig.


above chart you can see, the steady growth in southern China shaver

market size,2006 The size of the market 17.95


Six, the size of the market in the western region

China's western region razor market in recent years a substantial

increase2006 The size of the market 9.79Billion,2008 Has reached

14.65Billion, an increase of 31.4%, As of 2009 The end of the razor Market

reached 17.45Billion.

- 46 -

Chart 30:2006-2009Western China razor market size tables


An increase of

2006 Years 9.79 26.6%

2007 Years 11.15 13.9%

2008 Years 14.65 31.4%

2009 Years 17.45 19.1%


Chart 31:2006-2009Shaver market size of China's western region and the growth rate changes in Fig.


above chart you can see, the size of the razor market in the western

region is growing steadily,2006 The size of the market 9.79


Section IV 2009-2012China's shaver market size forecast

Through the regression model to predict 2010-2012As the economy

recovers, razor products market size will be

- 47 -

Rebound is expected to 2012Years, the our razors product market will reach 194.9Billion.

Chart 32:2010-2012YearsShaver products in China

market size forecast table


An increase of

2010 Years 157.A 18.52%

2011 Years 178.7 13.75%

2012 Years 194.9 9.05%

Source: the regression model to predict

Chart 33:2010-2012YearsRazor products in China market size forecast map


Affected by the financial crisis2009 Lower scale growth rate of

China's razor market. 2009 Size of the market For 132.6 Billion;

expected 2010-2012 Years as the economy recovers, the size of the

market growth will rise, pre- Count to 2012 Years, the razor market in

China will reach 194.9Billion.

- 48 -

FirstThree chapters Chinese razor demand and consumer preference survey

FirstA 2005-2009YearsStatistical analysis of national razor production

2004 Years, China's razor yield rapid development of relevant data,2005 Years of razor production Amounted to 6742.2Million units 2007 My razor production reached 8733.6Million units a year earlier An increase of 15.18%, 2008 Years, China shaver industry production reached 9980.5Million units, an increase of 14.28%; Up to 2009 , China's razor production reached 1124AMillion units.

Chart 34,2005-2009 My razor yield tables

Production (million units)

An increase of

2005 Years 6742.2

2006 Years 7582.6 12.47%

2007 Years 8733.6 15.18%

2008 Years 9980.5 14.28%

2009 Years 11241.2 12.63%


- 49 -

Chart 35,2005-2009 My razor-production and growth rate changes in Fig.


Can be seen from Figure 2005-2008 Razor production slowdown, as of 2009 Years, China's razor production reached 1.12Million units.

FirstTwo 2005-2009YearsCountry shavers over the years consumption system MeterAnalysis

Data show that2005 My razor consumption reached 2192.7Million units 2007 Annual of shaving Shall knives consumption reached 3102.7Million units, an increase from a year earlier 11.59%, 2008 Years, our razor Consumption 4315.0Million units, an increase from a year earlier 39.07%. Up to 2009 Years, China's razor Consumption reached 5192.9Million units.

Chart 36:2005-2009 China's razor

consumption statistics

Consumption (million units) An increase of

- 50 -

2005 Years 2192.7

2006 Years 2780.4 26.80%

2007 Years 3102.7 11.59%

2008 Years 4315.0 39.07%

2009 Years 5192.9 20.35%


Chart 37:2005-2009 China's razor consumption of Chart

Source: Mailuo International Data Center to organize Can be seen

from Figure2005-2009 Razor consumption and growth in China, 2009

Years

Country razor consumption 5192.9Million units, an increase of 20.35%.

- 51 -

FirstThree Shaving products target customer groups survey

This survey to take the survey, has been the strong support of the vast number of consumers, obtained 4170Valid samples, these samples come from the National 3AProvinces and autonomous regions, consumers in all walks of life. Participate AndSurvey of residents to the male-dominated, accounting for participation in the total number of 61%. ItsIn order to Shanghai, Beijing, Guangzhou Involved in the majority. Participate in this survey population, civil servants and white-collar and higher income, the private sector Practitioners account 58%Income in 3000-8000Accounted for 68%.

It can be seen from the statistics of the basic information of the individual residents to participate in this survey, the survey participants can Enough basic position on behalf of the present, most of the crowd.

Chart 38Research

sample description

Survey: From 2009Years AMonth 29Started to 2010Years 2Month 29ResultsBundle

Consumer research is the number of

Number of samples Total 4285, The effective sample 4170A

Research object: MainlyCivil servants and white-collar workers as well as higher income, the private sector practitioners mainly Yaomu , Accounting for sample size 58%

Research the city: MainlyIn Shanghai, Beijing, Guangzhou, Shenzhen, Chongqing, Chengdu, Hangzhou, Xi'an, Changsha, Nanjing, accounting for the sample 49%

Income ratio: Income 3000-8000Accounted for 68%

Gender: Male to female ratio 6:4

Age: 25-45Years old accounted for the sample size 78%


- 52 -

Chart 39Object of study and method statement

Object of study Formal channels, sales of electric shavers main

■Formal drainageRoad is the purchase, display, and settlement of sale of part of regular management Sales channels. GroundSales of razor stalls, street, grocery store, etc. Are not the object of this project

Areas of focus ■In the high-end razors

■Low in the high-

end price divided

Low: ¥ 50The

following Mid-range:

¥ 51300 High-grade:

¥ 300More than

Research Methods ■Razor brand and marketer of a typical sample depth interviews

■Interviews with experts in the industry

■Secondary research

■Field observations

■Written survey

■Telephone interviews


- 53 -

Different income levels, consumer preferences survey

Chinese razor sales has a direct relationship with the various regional economic conditions. From the income of special Levy of view, with the increase in household income, the increase in consumption the proportion of razor. Consumers month revenues of3000 Yuan, razor market penetration is above average. Explain 3000 January income consumers are Razor consumer decision-making support points.

From the income characteristics, as incomes increase, the increase in consumption the proportion in high-quality razor. Consumers month revenues of 5000Yuan, the market penetration of high-quality razor than 50%. Explain 5000January Income of consumers is a strong point of the consumer decision-making of high-quality razor.

Chart 40Consumer preferences of different income levels

Source: Mailuo International Data Center to organize As income

increases, consumption of low quality razor proportion of a

downward trend. Low-quality shaving

The shaver is less expensive and therefore in the low-income people to buy more.

- 54 -

Two different age consumer preference survey

From the age characteristics of consumers, 26-40In middle age is the major consumer groups of high-quality razor.55People over the age of major consumer groups of low-quality razor,41-45The crowd around the age of quality razor Major consumer groups.

Chart 4A, Analysis of consumer preferences of

different age


Three different areas of consumer preferences survey

Razor by geographical constraints less developed areas or large cities is a premium brand of razor products Consumer market. East, north, south China, and mainland China such as Beijing, Shanghai, Guangdong and other large cities is a premium brand Shaver main consuming regions.

The following chart can be seen, razor products with the region's economic situation in the choice of products The difference. It can be seen from the figure the different parts of the customer preference for different grades of brand: the eastern region of about

59.87%Consumer choice in the end products of the brand; the western region, about 63.28%Consumers to select low-end brand

Products; the central region, about 4823%Customers to choose mid-level

brand products.

- 55 -

Chart 42:Different areas of customer consumption characteristics survey


FirstFour Razor brand market

research Macroscopic investigation of a

consumer razor brand awareness In accordance

with international market practice, we have brand recognition is

divided into four steps from junior to senior, according to

According to a brand from a low step to the last step with the time to

sort. The four steps are as follows:

A, Brand unconscious

2, Brand recognition

3, Brand memory

4, The brand enjoys

popular support The

findings described

in the following

chart:

- 56 -

Chart 43:2009 Consumers razor brand awareness survey


organize The figure shows that: most of the consumers razor enjoys

popular support, the strong brand awareness. Second, the

consumer brand preference survey razor The

market survey results show that the razor products, brand

satisfaction isPhilips, to get the vast

The majority of consumers, accounting for the total number of samples 23.8%;Followed byPanasonic, accounting for the total number of samples 210.1%;Again

BeBraun, accounting for the total number of samples 19.8%.

Chart 44:2009 Consumer brand preference

survey of razor products

Brand

Brand preference

Philips 23.80%

Matsushita

21.10%

Braun

19.80%

- 57 -

Superman

15.30%

Flying

Bran

12.10%

Other

7.90%


Chart 45:2009 Consumer brand preference survey of razor products


organize Primary consumers razor brand

cognitive channels The survey results show that the

rankings of the shaver cognitive channels, the most important

outdoor advertising, accounting for sample

This total 25.3%;In second place is the newspapers, magazines, accounting for A9.5%;TV Ads 13%.Thus, the

Outdoor or TV advertising impact on consumer awareness.

- 58 -

Chart 46:2009 Primary cognitive channel survey mechanic that 's being consumers

razor brand


organize Fourth, consumers often purchase

the brand survey Consumer Survey Report of the razor

products frequently purchased brands and brand satisfaction has a

direct relationship

Department of frequently purchased brand market share is Braun, Panasonic, Superman and fly

Section.

Chart 47:2009 Year of consumers often

buy razor brand survey

Brand

Often buy ratio

Braun

21.57%

Matsushita

18.86%

Superman

17.56%

- 59 -

Flying

Bran

12.95%

Gillette

11.90%

Other

17.16%


Chart 48:2009 Year of consumers often buy brand survey


Five, razor brand loyalty survey

The survey results show that Brand Philips, Superman, flying

subjects such as public awareness is high, the surveyed population

Select the three brands by up to 90%Or more. Razor products, brands,

brand loyalty, the highest is Philips, Accounted for 28.41%; Secondly is

Matsushita, accounting for 21.15%; The next step is to Gillette,

accounting for 19.21%.

- 60 -

Chart 49:2009 Years of consumer brand loyalty survey

Brand

Brand loyalty

Philips 28.41%

Matsushita

21.15%

Gillette

19.21%

Flying

Bran

15.07%

Superman

12.00%

Other

4.16%


Chart 50:2009 Years of consumer brand loyalty survey



- 61 -

6, razor brand market share survey

China shaver industry highly concentrated, the top ten brand sales revenue of the whole market 87.19%About Market share, the total profit accounted for the industry 85.90%.The ten brands through multi-channel expansion, the establishment of Good brand, the industry can share fully in the benefits of growth.

Chart 5A:2009 The top ten in the years razor brand market share survey


organize Seven, the consumer's idea of

research With the increasingly fierce market competition, the

manufacturer has a simple product competition increased brand

competition, quality

Brand image on behalf of many products, including quality, price, market positioning, services, products, wind

Grid and features. When consumers buy products, no longer to compare the various factors of production, while the brand as the main To the choice of factors.

Respondents 100 Bit among consumers, there are nearly 50That

consumption of razor is a rational purchase. Exceed 40 People recognize

their own to buy razors and other small products, usually to see their

mood at the time, belonging to Impulsive behavior, of course, female

consumers of the majority.

- 62 -

Chart 5 2, The buying behavior of consumers to buy razor investigated


According to market research found that consumers listed in the description of the brand of razor quality, performance and other aspects of the description Described far more than the description of the brand's sensibility.

An experiment in online random survey of consumers in the purchase razor is the most focus on one of the factors. In Be accessed100 A consumer, 29%Consumers choose a brand33%Consumers choose razor Comfort, visible, razor in the current domestic consumer market, more and more people began to concern the brand. To

The attention of the razor brand has gradually caught up with the

pursuit of the product itself comfort.

- 63 -

Chart 53Domestic consumers to buy razors are most concerned about elements of investigation


organize So, we can consider the current the domestic shaver

market, consumer demand is in the basic physiological, safety

Full needs of the transition phase to a higher level of value-added requirements. Physical properties, the razor as small appliances.

An accessory, unlike the emotional consumption of small appliances. People to choose a razor, and more will A razor rational demands of deeply impressed, while the rational demands and consumers themselves Interests are closely linked.

FirstFive Different customers to

buy related attitudes and impact

analysis One, the price sensitivity of According to our survey, the razor consumers first consideration in

the process of purchasing razors razor

Brand, then the functionality and style, followed by to see the price of

the product, China shaver industry is fully competing

An industry, the market price is more transparent, lower consumer

price sensitivity. Overall, the bargaining power of consumers in the

industry relative limits by manufacturers, consumers generally can

only access the

By the pricing, the bargaining power of low-end products, but consumers often give up, and merchandise sales price

- 64 -

The elasticity of small direct relationship.

Chart 54: Razor consumer price sensitivity analysis


organize Second, the brand impact of Can be seen

from the next chart, the razor industry brand for consumers to buy

a larger impact, accounting for

30.45%.

- 65 -

Chart 55: Analysis of the degree of influence of the razor brand


Purchase convenient

■Self: the vast majority of companies remain on self-attention, and spent considerable energy and resources hair Show self-management self-employed.

■Agent: In recent years, almost ceased to grow, but the agent continued to hold an important position.

■Franchise: franchise development momentum, but not dominant.

■Direct Selling: razor mail order or online direct marketing, it is

difficult to guarantee service, most brands have no real To conduct a

direct marketing network, has been carried out in the attempt to state.

- 66 -

Chart 56: Razor product distribution channel structure


Chart 57: Razor retail formats mode

Source: Mailuo International Data

Center to organize Counters in department stores such

retail formats will also be in a very dominant position.

Stores, stores, shop in shop concept store will have made great

progress.

- 67 -

In the luxury brand will gradually withdraw from the supermarket/Supermarkets.

These new developments have shown the same trend: The brand is

increasingly strengthened, retail formats are increasingly seeking a

consumer concept and philosophy of life. Performance changes in

lifestyle and understanding of the consumption patterns of the

razor, women's shavers increasingly toward the

The spiritual development of humanity.

Chart 58Retail formats and distribution models development trend of comprehensive analysis


organize Fourth, advertising degree of

influence The following chart can be seen, razor industry

advertising on consumers to buy the large degree of influence,

accounted for

27.12%.

- 68 -

Chart 59: Razor product advertising impact analysis

Source: Mailuo International Data

Center to organize Fifth, the degree of

influence of the packaging The impact

of packaging accounted for in the consumption of the

consumer razor 5.01%.

Chart 60: Razor product

packaging impact analysis



- 69 -

FirstFour chapters Chinese brand razor market price

FirstA Price formation mechanism analysis

For the price formation mechanism is simply supply and demand interaction on the current situation, China's razor product Industry production is increasing, while demand has also increased, but 2008 , The financial crisis and Growing impact on the consumer, making the 2008 YearsShaver prices fell sharply.

Bargaining razor products industry in China: market benchmark, the independent pricing. My razor OK to Industry prices constitute a major cost+Dealers fare.

Chart 6A, Razor industry cost structure

Price formation factors

Proportion

Cost of raw materials

25%

Technology costs

17%

Labor costs 16%

Cost of sales 9%

Managemen

10%

Propaganda

12%

Other

11%


- 70 -

Chart 62, Razor industry cost structure

Declar

ePass

A 2 %

ItsIt A

A %

Raw materi

als intoThi

s2 5

%

TubeReason A 0 %

Sales Charge

Use9 %

Manpower intoThis

A 6 %

Technology

feeUseA 7

%


China shaver industry's cost structure including: raw material costs, technology costs, labor costs, sales Costs, management fees and other cost components, and their proportion were:25%,17%,16%,9%,10%. Wide Report publicity proportion, accounting for 12%.

FirstTwo 2004-2009YearsCountry brand razor industry average PriceGrid tends to potential analysis

Shaver according to the different material, style, brand, price difference is very far razor products currently on the market Many brand, prices are low, too low tens of dollars, the highest thousand dollars. Domestic brands razor Mainstream price is mainly concentrated in the 50-100 Yuan/, The mainstream price of the products of foreign

brands in 200-300 Yuan a, from 2004 Years-2009 Years the price point of view, razor prices showed a slight growth trend The growth is mainly due to the razor the proportion of high-end products increase, the the razor average price rose slightly year on year.

Point of view but from the mainstream products, the average market

price of the shaver is a downward trend of development, mainly due to

the industry

- 71 -

Vicious competition is more serious, the industry's profit margins weight is relatively low.

Chart 63,2009 Shanghai area shaver before 10 Name

market share(%)And the average price(Yuan)

Source: Mailuo International Data Center

to organize

Chart 64,2009 Beijing area shaver before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo

International Data Center

to organize

- 72 -

Chart 65,2009 Shanghai area shaver before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 66,2009 Wuhan razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 73 -

Chart 67,2009 Shenzhen area shaver before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 68,2009 Years, Shen Yang region razor before

10 Name market share(%)And the average price(Yuan)


- 74 -

Chart 69,2009 Guangzhou razor before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 70,2009 Chengdu razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 75 -

Chart 71,2009 Tianjin area shaver before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 72,2009 Zhengzhou region razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 76 -

Chart 73,2009 Qingdao region razor before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 74,2009 Chongqing razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 77 -

Chart 75,2009 Ningbo region razor before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 76,2009 Xi'an razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 78 -

Chart 77,2009 Harbin razor before 10 Name market share(%)And the average price(Yuan)


to organize

Chart 78,2009 Hangzhou razor before 10 Name market share(%)And the average price(Yuan)

Source: Mailuo


to organize

- 79 -

FirstThree 2010-2012YearsCountry brand razor industry price

GridTend to predict and

analyze

With the rising of raw materials, the enterprises in the industry through a series of way to product innovation, and strive to use the provider Product diversification to overcome the embarrassing state of shrinking demand, but the effect is not obvious. This indicates that in the future razor Business room for downward movement will be a lot of competition in the market price of the war slowly cooling in the product after-sales service, technical Technique development, function and style design of integrated value in the contest will begin.

The past few years the price level, changes in the razor is not large, with the fierce competition is expected to

2010-2012 Razor price decline in the magnitude of the decrease was

primarily due to razor consumption gradually l Technology upgrade,

there is within the industry race to lower prices is also an important

factor.

- 80 -

FirstChapters China import and export of brand razor market analysis

FirstA 2005-2009YearsCountry brand razor import and export volume PointAnalyze

First, the2005-2009Brand razor imports

With the razor industry in China continues to expand production, the continued growth of international demand and domestic product technology Level of improvement.2005 Shaver imports in China reached 63.6Million units 2007 Years of razor into The export volume reached 46.0Million units, an increase from a year earlier 24.66%; 2009 Shaver imports in China is 47.9Million units, the growth rate over the 2007 Declined by 1.6%.

Chart 79,2005-2009 Shaver imports in China

comparative analysis

Imports (million units)

An increase of

2005 Years 63.6

2006 Years 36.9 -41.97%

2007 Years 46.0 24.66%

2008 Years 47.3 2.79%

2009 Years 47.9 1.18%


- 81 -

Chart 80,2005-2009 Shaver imports in China and the growth rate changes in Fig.


Can be seen from Figure 2005-2008 China's the razor imports and the growth in 2007 Years Reached its highest 24.7%.

Chart 8A,2005-2009 My razor imports and imports profiles



- 82 -

Second, the2005-2009Brand razor exports

Statistics show that in accordance with the razor export volume in China.2005 Years, the export volume of China shaver industry is A rapid decline in the situation, suggesting that the past two years, China's domestic razor industry has some of the products from exports to domestic sales. My razor-exports statistics show that2007 Razor export volume in China reached 5677.0Million units, compared with 2006 Year on year growth 17.31%%; Up to 2009 , China's razor export volume 6096.AMillion units.

Chart 82,2005-2009 Razor export volume in China

comparative analysis

Exports (million units)

An increase of

2005 Years 4613.A

2006 Years 4839.A 4.90%

2007 Years 5677.0 17.31%

2008 Years 5712.8 0.63%

2009 Years 6096.A 6.71%


- 83 -

Chart 83,2005-2009 The razors export volume in China and the growth rate changes in Fig.


Can be seen from Figure 2005-2008 Razor exports and the growth in 2007 Years Reached its highest 17.31%.

Chart 84,2005-2009 Overview of my razor exports and exports



- 84 -

Section II 2010-2012China's import and export of brand razor market forecast

Analysis

First, the2010-2012Brand razor industry imports forecast

With the economic recovery is expected to 2010 China shaver industry imports growth will rebound 48.4

Million units;2010-2012 Years to 2012 , China's imports of razor industry will reach 49Million units.

Chart 85,2010-2012 Shaver imports in

China forecast table

Imports (million units)

An increase of

2010 Years 48.4 1.07%

2011 Years 48.9 1.15%

2012 Years 49.4 0.89%

Source: the regression

model to predict

Chart 86,2010-2012 The razor imports forecast map

Source: the regression

model to predict

- 85 -

These projections can be seen by the financial crisis,2009 Shaver imports in China is 47.9

Million units, compared 2008 Up 1.18%.To 2012 YearsShaver imports in China will reach 49.4Wan Units.

Second, the2010-2012Brand razor industry exports are forecast

In recent years China's razor exports low value, this situation will not get within a short time Changed. Expected 2010 China shaver industry exports 6694.2Million units or so; 2012 , China's The razor exports will reach 8067Million units.

Chart 87,2010-2012 Razor export volume in

China forecast table

Exports (million units)

An increase of

2010 Years 6694.2 9.81%

2011 Years 7292.6 8.94%

2012 Years 8067.A 10.62%


- 86 -

Chart 88,2010-2012 The razor exports forecast map

Source: the regression model to predict These projections can be

seen,2010 Razor export volume in China will reach 6694.2Million

units, compared 2009

Year on year growth 9.81%. To 2012 , China's razor exports will be

8067.AMillion units.

- 87 -

FirstChapters The razor advantage brands

Section I Philips (China

well-known trademarks)


Philips is the world's largest electronics companies,189AEstablished in the Netherlands, the main production lighting. Household electrical appliances, health care system. Philips has now developed into a large multinational companies,2007The global staff have been Reach 128,100People in the 28Countries and has production bases in the 150Countries, with sales organizations, with 810,000 patents, superior strength.

Philips Philips:Established in 189ANetherlands, headquartered in Amsterdam, the Netherlands, is the world's most One of the big electronics companies, Philips company in the world. 60Many countries and has approximately 133,000Employees, the

2007Sales of $ 270Billion euros, and in cardiac care, acute care and home healthcare, energy-saving according Solutions and new lighting applications, as well as for personal comfort, quality of life of the flat TV, male shaving and The field of grooming, portable entertainment and oral care products are a world leader. As a whole Ball health care, quality of life, and lighting the field leader in Philips-based understanding of customer needs as well as fine In mind Simplicity "brand promise, the technology and design into people-centered solutions

Second, the business conditions

Chart 89,2007-2009YearsEfficiency

indicators of the Philips Group

2007Years

2008Years

2009Years

Sales revenue margin (%)

6.41 5.12 7.04

Return on total assets ratio (%)

11.13 9.46 12.43

Net capital gains rate (%)

18.12 15.74 20.15


- 88 -

It can be seen on the charts in recent years, the Philips Group's net assets yields better2009Years of the Philips Group

The profit margin is 7.04%, Rate of return on total assets 12.43%,Net assets yield 20.15%.

Chart 90,2007-2009YearsPhilips Group's debt-service

indicators

2007Years

2008Years

2009Years

The gearing ratio (%) 46.13 40.84 44.25

Interest coverage ratio

8.74 6.26 7.97


The above table shows that the index of the Philips Group's solvency,2008Asset-liability ratio of the Philips Group For 40.84%,2009The assets and liabilities was 44.25%.


Chart 91:2009Philips brand razor market share Figure



- 89 -

Can be seen from Figure2009Philips brand razor market share 17.33%,Market share than the

High.


Philips Consumer Lifestyle is committed to meet the "health and comfort, quality of life of consumers around the world Desire to constantly improve people's quality of life.

Follow'Sense and And simplicity'Brand promise, and based on consumer insights, Philips Consumer Lifestyle mention For the rich, new consumer experience, to meet consumers' desire for relaxation and improved mood. We By focusing on people "Environment ","Mood","Body"And"Outside"Four aspects of the individual needs to achieve Consumers' desire for personal health and comfort.

Section II Flying Branch

(Famous Chinese

Trademark) First,

Company Profile

Flying Group was founded in 1999Years, after nearly 8Years by leaps and bounds, has now become a technology research and development No region set as the core competitiveness and brand operation, set razors and small appliances R & D, manufacturing, sales in one Tour companies. The total registered capital ABillion yuan. Technology research and development "and" brand operation "Flying Group two major nuclear Cardiac competitive fly Group now has 100Number of independent innovation patent; the razor industry, national standards system orders Bit. "FLYCO Flying Branch "is the razor industry's first" Famous Chinese Trademark "; China shaver industry recognized Brand.

The Group is in production: electric shaver series, women's shaver

series, the series of hair ball trimmer, nose hair trimmer Eight production

of the series, Hair Dryer, hair straighteners, curlers series, iron, electric

kettle series Product series of small appliances. With the design concept

of "stylish, simple, technology and strict quality management system,

Good product for its quality, appearance, faster innovation, excellent

service, and sell well in EU, Japan, the United States, Russia and other

More than ten countries and regions.

- 90 -

Technology leadership, quality leadership, cost leadership, leading marketing network, brand influence leading enterprise

The core business philosophy, but also promote the rapid development of the source of the Flight Group. The Group has passed ISO9001: 2000 International quality system certification,ISO14001: 2004 International environmental management system certification, standardization, management system certification, Measurement management system certification,GSCertification,CQCProduct safety certification,CECertification and have been awarded the "Chinese razor Well-known brand "," national consumer trust products "," National Quality Model Enterprise "," China's razor line Industry, product quality, consumer satisfaction with the brand "," Famous Chinese Trademark "and other honorary titles.


Chart 92,2007-2009Fly Group efficiency indicators

2007Years

2008Years

2009Years


7.53 5.42 5.76


4.76 3.47 4.61


19.42 16.71 17.63


It can be seen from the chart on the better fly Branch Group's return on net assets in recent years,2009The fly Bureau Group Sales Margin for the 5.76%, Rate of return on total assets 4.61%Net assets yield 17.63%.

Chart 93,2007-2009YearsFlying Group

debt-service indicators

2007Years

2008Years

2009Years



4.12 2.71 3.86


organize

- 91 -

The above table shows that the fly Group solvency indicators,2008Flying Group assets and liabilities was

36.78%,2009The assets and liabilities was 40.13%.


Chart 94:2009Flying Branch brand razor market share Figure


Can be seen from Figure2009Fly Branch brand razor market share 11.29%,Higher market share.

Fourth, brand competitive strategy A business

philosophy: beyond, the value of science Transcendence: to grasp

the passion, the challenge of difficult fighting, embodies an

energetic fighting spirit. Value: to create the perfect show quality,

reflecting the pursuit and understanding of the market value.

Science: scientific production, scientific management, scientific

management, and science to create reasonable and only

reasonable

In order to create development and progress.

Second, the spirit of enterprise: endless leap

- 92 -

To create never-ending and development, endless spirit, build brands. Leap endless corporate fight

The spirit of the stroke. Third, businesses and faith:

always be a leader The belief of each fly Branch ......

the triumphalism promote fly Branch courageously.

Always be the leader.

Fourth, the business mission

A, Build national good brand

2, Creativity, dedication, and return

Section III Superman (Famous Chinese Trademark)


Two decades China Superhuman Group has been a professional spirit, professional manner is committed to shavers, electric blowing Research and development, manufacture and sale of wind and other personal care products, and take full advantage of the strength of the technology R & D center, gathered Outstanding researchers in the world, attracting international cutting-edge technology, market-oriented, in order to meet customers' needs as their responsibility, Innovation, rational management.

Superman has become internationally renowned brands, products exported to over 50 countries and regions in the world. And won the "National House high-tech enterprise "and" China IPR demonstration unit title, the first in the domestic industry by ISO9001 International quality system certification,ISO14001 Environmental management system certification. Superman brand razor continuous A2Years Ahead of sales in the Chinese market, China shaver industry's only "Chinese famous brand" and "National Inspection-free production Goods ", Superman trademark of the razor industry only by the State Administration for Industry and Commerce in China as" China well-known trademarks. High quality products, perfect marketing network, good operating system, to become a real razor industry Leading companies. The current Superman small household electrical appliances from personal care products, but also household electrical appliances and bathroom appliances, three

Series of nine classes over two hundred varieties.

- 93 -


Chart 95,2007-2009YearsSuperman company

efficiency indicators

2007Years

2008Years

2009Years


5.69 4.26 6.16


8.74 6.97 8.87


21.73 16.72 22.46


It can be seen on the chart, in recent years, Superman's net return on assets,2009Years of Superman, the company sales Margin for the 6.16%, Rate of return on total assets 8.87%Net assets yield 22.46%.

Chart 96,2007-2009YearsOf Superman

Company debt-service indicators

2007Years

2008Years

2009Years



6.13 3.46 5.79


Table, we see Superman solvency indicators,2008The Superman Company assets and liabilities was



- 94 -

Chart 97:2009Annual Superman brand brand razor market share Figure


Can be seen from Figure2009Years of Superman brand brand razor market share 12.34%,Market share Higher.


Superman razor is the well-known international brands, products exported to over 50 countries and regions in the world. And in the country Within the same industry took the lead through ISO9100 International quality system certification,ISO14034 Environmental management system certification, Rong Received"National exemption product" title. Superman razor domestic brands 10-year production and sales ahead Become a real industry leaders. Broad market prospects, quality products, advanced business management Read, and I miss in the leading step by step forward with the corporate purposes under the guidance of Superman "• Superman Group will continue to work in a small The field of home appliances to provide customers with better products and services, the times, a better life for the national brand

The rise of a new chapter.

- 95 -

Section IV Gillette (China Famous Brand)


Gillette, founder in the 190AYears, since the Gillette of the parentKing C. Gillette Create the world's first to safety Razor, through the unremitting efforts of several generations and innovation, Gillette continued to bring a variety of revolution around the world. Of the product, writing the history of men's razors. To 1917Gillette brand in the U.S. domestic market share Rate has reached 80%,Established its leadership position in razor. From 20Years, Gillette is gradually entering the country The international market, and quickly grew into an internationally renowned brand.

Gillette as early as 1998Already entered the Chinese market, the quality of its products, the credibility has been widely Recognition of the Chinese consumers. Gillette is leading companies of men's care products, including razors, blades and Other shaving aids. Care products (such as hair removal products) in some women, Gillette is the world Leading position. So far, in the Chinese market, the Gillette brand shaving products mainly include: front - speed Series, Super Series of induction, induction series, super-smooth rotation series, super slide fixed series, Wei Feng Series, Super Blue Gillette double-sided , The Eagle series, rhino-sided series; Gillette Ms. dedicated turret blade Venus, Gillette, Ms. ultra- And level sensor series. Personal care products include: Gillette Men Care Series (to be required), Gillette scraping Hu bubble series.

Hundred years, Gillette innovative ideas into consumer products in the world, has a strong hold Long brand loyalty. Its many enjoy a number of patents, near-perfect shave products to meet each year Age layer and consumer level customers shaving and skin care needs. Facts have proved that, Gillette is the world's numerous The men work together to create a top personal shaving experience.


- 96 -

Chart 98,2007-2009YearsEfficiency indicators of the Gillette Company

2007Years

2008Years

2009Years


5.49 5.13 6.16


4.76 3.16 5.92


19.73 17.43 20.52


Can be seen on the chart, the rate of return of net assets in recent years, Gillette,2009Annual sales of Gillette Margin for the 6.16%, Rate of return on total assets 5.92%Net assets yield 20.52%.

Chart 99,2007-2009YearsGillette debt-

service indicators

2007Years

2008Years

2009Years



5.43 4.84 4.93


Table, we see indicators of solvency by the Gillette Company,2008Gillette Company assets and liabilities was



- 97 -

Chart 100:2009Gillette brand brand razor market share Figure


Can be seen from Figure2009Gillette brand brand razor market share 8.28%The market share Low.


Gillette has always advocated a technology and innovation, through its own efforts to enhance product quality, improve product Functions, in order to bring more consumers around the world a comfortable, smooth and unique shaving experience. Whether it is The world's first ultra-thin blade coating resistance, or innovative breakthroughs in soft protection induction fin design, so that Gillette Consumers from the inside out is more exciting, I feel more confident.

Section V Braun

(first-line brand)

First, Company

Profile

192AYears Max Braun Founders of the German Braun company, the

German Braun products are divided into six categories: electric Razor,

female shaving, hair care products, small kitchen appliances, steam

irons, a second thermometer. German Bo Long-sought goal has always

been clear, simple and balanced lines.

- 98 -

Germany Braun, the purpose of the extension since become a unique Braun Design Germany Braun design philosophy: Create

New, quality, practical, beautiful, simple details, classic, environmental protection .

From 1947Years, Braun began to really start the development and production of electric shavers. So far Nearly 60During the year, Braun, perseverance, is a classic in the field of global high-quality razor.1950Years, Braun public The Secretary introduced the electric shaver series products -S50"Quickly obtain a patent. Identity consists of the products of this series A streamlined vibration in the blade, and an appearance of strong ultra-thin, to tighten and without the strut steel membrane.

1952Braun shaver products and University of Ulm, Germany began to cooperate, their products are always two Names -Herbert Hirche(HerbertHopeSeoul Shi) and Hans Gugelot(Hans · Gugeluote,) Linked.1962Years,Hans Gugelot Launch "Sixtant"Series of products. Razor past Similar products in shape, full of innovation: the shell of the dark and opaque dark metal blade, The appearance of the perfect fusion. The product not only has strong sales at the time advantages, but also become a Razor shape the history of classical works.1962-1973Years, the cumulative sales of more than 800Million.1976Years pushed OutBraun Micron"Series, after the replacement of the Braun shaving Series products, a large sign - it A creative way to give a long beard trimmer "- not only shave the beard on his chin, while You can also scrape the upper lip, and even dainty "bearded". Since then the "Braun Micron PlusSeries in Razor shape, there has been a new breakthrough. The biggest advantage of the appearance of the product is dominated by convenience: its surface was placed The soft plastic support shaft, so that the user's palm is more convenient, more firmly hold the entire razor. Thus the development of The razor handle non-slip technology, Braun patent.

1990, Braun, the first in the international market launch of patented products "shaking head shavers":Braun Flex ControlSeries it can through its own vibration, according to facial curves, automatic adjustment of the blade rotation direction, Pole head, easy to achieve a convenient, comprehensive and thorough shave.1994, Braun launchedBraun Flex Integral"Series. The series has more than one system of shaving cut, and each system is equipped with a pole head, Also set up a special blade in the knife membrane. Use, a long beard before the first one heads cut short, and the remaining Hu Root 'was the second heads shaved net.1997Years, Braun has introducedBraun Flex Integral Ultral Speed" Razor, perfect razor shaving speed.1999Year is a historic year. Braun push

A "Syncro System(Synchronous system) razor, their heads surrounded the

activities of the function, namely, shaving

- 99 -

Blade not only in accordance with the traditional technology front, after the movement in both directions, but also to the side at high speed

Back operation. In addition, this product can be automatically be cleaned, thus greatly reducing the maintenance of the razor.2005, Braun and then launched 360℃omplete Series, Syncro System Based on the momentum Comb technology, precision and comfort innovations of the blade, patented geometry foil.


Chart 101,2007-2009YearsBraun

company efficiency indicators

2007Years

2008Years

2009Years


8.13 6.82 7.85


11.75 8.46 10.94


17.41 13.16 15.73


Can be seen on the charts in recent years, Braun's net assets yields better2009Braun company sales Margin for the 7.85%, Rate of return on total assets 10.94%Net assets yield 15.73%.

Chart 102,2007-2009YearsBraun, the

company debt-service indicators

2007Years

2008Years

2009Years



2.16 A.94 2.27


- 100 -

Table, we see Braun solvency indicators,2008Braun company assets and liabilities was



Chart 103:2009Braun brand brand razor market share


Can be seen from Figure2009Braun brand brand razor market share is 13.08%,Market share Higher.


Advanced state-of-the-art production equipment, excellent

management personnel, skilled development and design talent.

Adhering to the "credibility first, quality first" purpose, for the majority

of consumers in design, production quality razor Products, to create the

world's top razor brand.

- 101 -

Section VI Matsushita


Panasonic The Group is a global electronics manufacturers, engaged in the production of a variety of electrical products, sales and other business activities.

1978Years, the Chinese leaders to visit Panasonic Group of Japan TV factories. In the talks between the two sides, Matsushita, entrepreneurs, expressed their determination to contribute. Subsequently, the Group has entered the start of China Stage. The Group has been dedicated to exports, as well as technical cooperation, and in Chinese factories 1987Established the first A joint venture factory.Panasonic The Group has in mainland China (including Hong Kong) has 80Number of enterprises Industry, approx. A0Million people (including ※ Matsushita Electric Group), business activities involve research and development, manufacturing, sales, service Services, logistics, publicity

Panasonic The cause of the Group in mainland China from 1978Began. For three decades,Panasonic Set Groups in the cause of scale has become increasingly strong. From the initial to the Chinese market with television sets, refrigerators and other household Electrical products, production equipment and technology to Chinese enterprises so far, in mainland China and Hong Kong have been established from Do R & D, manufacturing, sales and service-oriented enterprises.


Chart 104,2007-2009YearsPanasonic efficiency

indicators

2007Years

2008Years

2009Years


5.13 4.3A 4.7A


6.98 4.96 6.12


14.46 11.42 13.57


- 102 -

Can be seen on the chart, better Panasonic return on net assets in recent years,2009Years Panasonic company sales

Margin for the 4.71%, Rate of return on total assets 6.12%Net assets yield 13.57%.

Chart 105,2007-2009YearsPanasonic debt-service

indicators

2007Years

2008Years

2009Years



5.4A 4.72 4.18


Table, we see that the Panasonic solvency indicators,2008Panasonic assets and liabilities was



Chart 106:2009Panasonic brand brand razor market share Figure



- 103 -

Can be seen from Figure2009Panasonic brand brand razor market share is 13.83%,Market share

Higher.


Panasonic Actively promote environmental protection in all our business activities, to achieve harmony with the Earth's environment a total of Survival. More importantly, committed to developing environmentally friendly products to reduce the recycling process from production to the cause of Activities on the environment, the establishment of the circulation system.2008Fiscal year is the implementation of GP3Mid-term business plan in the second year. Ensure that the benefits, steady growth GP3A major goal of the plan. At the same time,Panasonic Also attaches great importance to the environment Protection work. Company will focus on the growth in parallel with the environmental protection, and promote Panasonic Continue to develop.Panasonic Goal is to 2010Became a global business excellence. In order to achieve this goal, the company will use state-of-the-art technology Surgery to achieve a Ubiquitous Network Society, and coexistence with the global environment.

Section VII Light

Division (Famous

Chinese Trademark)


Light Branch Electric Co., Ltd. is located in the industrial developed cities, Wenzhou, China, is a modern management, product marketing Globalization, office operations, intelligent, technology development, design Almighty, the razor business; company has members Work of 500 people, dozens of people in senior management, the construction area 20000Square meters, the company's chairman and General Manager Management package, Mr Elvis Au, take the lead in the perception of the industry in the domestic market demand, and adhering to the "people I have not Special "business rationale Read, led by the efficient R & D team and elite marketing team to develop the international and domestic, to the pioneers of the courage and decision-making Market and become the leader of the production and marketing of domestic razor industry.

Company through ISO9001 International quality system certification and the European Community CECertification, the products are exported to Hong Kong, Italy, South Korea, United Arab Emirates, the United States, the Middle East and other countries and regions, and rapid sales

network construction in the cities of And offices, light Branch products with excellent service, excellent quality won acclaim and praise of domestic and foreign consumers,

Quantity and quality of the take-off in the enterprise development, we

will strive to create a more brilliant light Branch future.

- 104 -


Chart 107,2007-2009YearsEffectiveness index analysis of

optical Branch Electric Co., Ltd.

2007Years

2008Years

2009Years


3.54 3.39 5.82


6.4A 4.83 7.2A


17.97 15.70 18.68


Can be seen on the charts in recent years, better light Branch Electric Co., Ltd. The return on net assets.2009Nianguang Division Electric Co., Ltd. sales margin was 5.82%,Return on total assets was 7.21%,Net assets yield 18.68%.

Chart 108,2007-2009YearsLight Division

Electric Co., Ltd. debt-service indicators

2007Years 2008Years

2009Years



4.57 4.12 5.53


Table, we see the light Branch Electric Co., Ltd. solvency indicators,2008Nianguang Section Electric Co., Ltd. Secretary assets and liabilities was 55.15%,2009The assets and liabilities was 58.13%.


- 105 -

Chart 109:2009Nianguang Branch brand brand razor market share Figure


Can be seen from Figure2009Nianguang Branch brand brand razor market share 5.28%The market share Low.


Light Branch Electric is a professional manufacturer of electric shavers and other life electrical products company. From 1987Years Start after 20 years of hard work and achievements of China shaver industry leading team.

Division light electrical appliances over the years to manufacturing for the Chinese consumers desire to be the product of the best and most suitable for shaving Unremitting efforts to expand the design concept and the consumer market, excellent service network has won acclaim and praise. Optical Branch,

Will be full of enthusiasm, innovative quality products and advanced

manufacturing capabilities, a new harmony and a better tomorrow.

- 106 -

Section VIII, Sanyo


Japan's Sanyo company was founded in 1947Sanyo years after 50 years of development, Sanyo now A company with 210000Employees, 101 branches and by the large modern business worldwide Enterprise groups. In recent years, the annual sales in excess of 1.5 trillion yen (about $ 11 billion , Production The products sell well all over the world, especially in lithium battery technology, the sun can Optoelectronic Technology, frozen storage technology, and environmental insurance Protection technology is a world leader. In 1999 Fortune magazine Global 500 ranking, Sanyo # 277Bit, assets 699One hundred million U.S. dollars

Japan's Sanyo Electric Group 1979Established Sanyo Electric Trading Co., Ltd. Beijing Office, started into the Into the Chinese market.2002Consolidated sales of the Year Sanyo Electric Co., Ltd. 2Trillion 247Billion yen (152Billion), with overseas affiliated companies 158Home business in the world.


Chart 110,2007-2009YearsEfficiency indicators of the

Sanyo Group

2007Years

2008Years

2009Years


7.22 4.98 6.03


9.89 7.2A 8.0A


17.79 12.28 15.85


Can be seen on the charts in recent years, the Sanyo Group's net

assets yield better2009Years Sanyo Group Sales Margin for the 6.03%,

Rate of return on total assets 8.01%Net assets yield 15.85%.

- 107 -

Chart 111,2007-2009YearsSanyo Group's debt-service indicators

2007Years 2008Years

2009Years

The gearing ratio (%) 46.3A 40.08 44.23


3.96 1.07 2.56


Table, we see, the Sanyo Group's solvency indicators,2008Sanyo Group's assets and liabilities was



Chart 112:2009Sanyo brand brand razor market share


Can be seen from Figure2009Sanyo brand brand razor market share

is A.95%The market share Low.

- 108 -


The the Iue smoked "For the good, the first self-discipline." Has been accepted by Sanyo all staff. A leader Members only "to shape their own, are eligible to create others, creating men, by them to make great Products. Only when men have become the best people, he will know how to build yourselves up in order to create his Their subordinates and the people around you. This continues, there is more good and excellent products are made out of an attempt to Industry can grow. It is in this spirit, under the guidance of, Sanyo only in such a short time, Create so many miracles.

Section IX, Real man

(well-known trademarks)


Ningbo real man Electric Co., Ltd., established in 1989Years, is a by Ningbo beauty Limited, the boat GOLD source Appliance Co., the Ninghai Bada Electrical Appliance Co., Ltd., Ningbo BenQ Estate Limited Group Company. The company is mainly engaged in the production of various types of electric shavers, plush shaving ball knife, hair dryer, ear, nose, hair, eyelashes Korea, manicure and other beauty appliances. The company's existing professional and technical personnel and skilled workers 1000People. After Near 20Years of development, the rapid growth of the industry's most influential, one of the largest enterprises, their business Ranging from home appliances, real estate, tourism and other industries.

Order to "do no bad products" promise, the company spared no expense to the introduction of the industry's unique full set of automatic spray Paint equipment, the establishment of an independent closed dust-free paint shop (paint uniformity and surface abrasion is far Much higher than the hand-painting, but also improve the environmental performance of the painting process); the industry's first introduction to wave soldering set Automatic welding equipment (on the focus line, to eliminate the artificial welding of sealing off phenomenon, greatly improving the razors Life); at the same time the company has the industry's largest 30000Square meters of production plant, equipped with 30Multi- Production lines, assembly shop, complete injection molding workshop and mold workshop. The company continues to invest a lot of capital Gold to strengthen the introduction of such a variety of grinding machines, lathes, micro-motor sets of lines, and other advanced equipment, and gradually perfect the industry chain,

Forcefully to protect product quality, reduce costs, improve the market

competitiveness of enterprises, so that the "real man" really

- 109 -

Domestic beauty series of small household electrical appliances industry leader and national enterprises with independent brands. The company is now the annual output

Reach 1000Million units. Corporation Commercial Building of the real man

as a symbol of the real man has a considerable size; Ningbo center

Zhoushan and Ninghai wings of the production base has been fully put into use; Shanghai, Beijing, Shenyang, Shijiazhuang, West

Security, Chengdu, Guangzhou, Yiwu eight sales management area, to establish the center in the country-and medium-sized retail stores Put in a lot of brand sales counters, built up of thousands of terminal sales network covering the national market. The real man Good product for its quality, appearance, faster innovation, excellent service and best-selling U.S., EU, Japan, Korea, Australia Elijah, etc. 30Countries and regions, and to own "real man" brand sales to Russia, Korea, India, Vietnam, Pakistan and other neighboring countries. Some foreign brands in the industry leading initiative to come Discuss cooperation matters.

The company now has 100National patents. Our products have passed CE,GS,ULCertification,CQCYield Product safety certification,3COther domestic and international certification, and passed ISO9001 International quality assurance system certification, and have Won the "Zhejiang Province, Ningbo City, well-known trademark", "Chinese market customer satisfaction first brand" and " National razor ten well-known brand "," Zhejiang Patent Model Unit "," Zhejiang Provincial Quality and observe good faith demonstration unit And other enterprises honor.


Chart 113,2007-2009YearsNingbo real man Electric

Co., Ltd. efficiency indicators

2007Years

2008Years

2009Years


4.74 3.16 5.16


1.2A 1.07 2.15


18.65 14.43 20.63


- 110 -

Can be seen on the charts in recent years, Ningbo real man Electric Co., Ltd. net assets yields better2009

Ningbo real man Electric Co., Ltd. sales margin was 5.16%, Rate of return on total assets 2.155%And net assets Rate of return 20.63%.

Chart 114,2007-2009YearsNingbo real man Electric Co., Ltd.

debt-service indicators

2007Years 2008Years

2009Years

The gearing ratio (%) 93.5A 66.4A 79.46


2 1.54 2.56


The above table shows that indicators of the solvency of the Ningbo real man Electric Co., Ltd.,2008In Ningbo Zhenhan Child Electric Co., Ltd. assets and liabilities was 66.41%,2009YearsThe assets and liabilities was 79.46%.


Chart 115:2009Real man brand brand razor market share



- 111 -

Can be seen from Figure2009Real man brand brand razor market share 2.89%, Market share

Rate is low.


Company adhere to a quality brand, the brand needs to develop OfCore business philosophy, the company continued to introduce High-end talent, positive domestic universities and research institutes to cooperate, a comprehensive technology, products, markets, management Innovation. The company continually invested heavily to strengthen the introduction of complete sets of assembly line such as a variety of grinders, lathes, micro-motor And other advanced equipment, and gradually improve the industry chain, so strong to protect product quality, reduce costs, improve enterprise Market competitiveness, so that "real man" to truly become a leader in the domestic beauty series of small household appliance industry, and with independent Brand of national enterprises.

Section X Ding Ling

(China Famous Brand)


Shanghai Ding Ling Electric Co., Ltd. is a professional manufacturer of shavers and small household appliances based enterprises. Company Founded in 198AIn Shanghai and Wenzhou, established a large production base, a total area of 38Acres and a building Area 16000Square meters and employs 500People. The company has been ISO9000 International quality system certification. Ding Ling "brand small appliances is the country's well-known brands.

The company mainly produces electric shavers, hair dryers, irons, vacuum cleaners, sweeping machines, barber shaving cut hair Velvet trim, Ms. Beauty knife, suction cerumen device, electric heating mosquito repellent and other products. Ding Ling "series of all kinds Small household electrical appliances, has passed the CE,GS,UL,CUL,ETLAnd other international certification and domestic 3CCertification. Company Products are safe, reliable, high quality, full range, and moderate prices.

Two decades, often get the first prize in national competitions.

Enjoyed a high reputation in the country.2002Years Was rated as light

manufacturing hundred companies,2003Was named the top ten brands

of Chinese razor, Zhejiang strong name Products. The company has

always leading science and technology, development of generation

after generation of new products to market. Each year, a number of

specifically Lee won the state authorized. "Ding Ling products in various

national competitions, award-winning, among the highest in Ding Ling

brand

- 112 -

Electric shaver is to obtain the title of the China National Hardware Association named the top ten brands of Chinese razor, won

Consumers of universal praise. Ding Ling products have exported to 20

countries and regions in Europe and the United States. The

company has a complete design, development, tooling, production,

quality control, marketing systems. Advanced equipment,

regulations

Fan management, innovative products, technological leadership, to ensure that the products of Ding Ling is always in small appliances line

Industry leading position, has a broad development prospects.


Chart 116,2007-2009YearsDing Ling Electric Co.,

Ltd. efficiency indicators

2007Years

2008Years

2009Years


4.92 2.85 4.47


6.43 4.32 6.07


16.60 12.28 17.55


Can be seen on the charts in recent years, better return on net assets of Shanghai Ding Ling Electric Co., Ltd.2009Years Shanghai Ding Ling Electric Co., Ltd. profit margin is 4.47%, The totalReturn on assets rate 6.07%,Return on net assets For 17.55%.

Chart 117,2007-2009YearsDing Ling Electric Co.,

Ltd. debt-service indicators

2007Years 2008Years

2009Years

The gearing ratio (%) 46.30 41.26 43.5A


3.15 2.47 3.12


organize

- 113 -

The above table shows that the solvency indicators of Shanghai Ding Ling Electric Co., Ltd.2008In Shanghai Ding Ling Power

Asset-liability ratio of the device Co., Ltd 39.26%,2009The assets and liabilities was 42.51%.


Chart 118:2009Ding Ling brand brand razor market share



Can be seen from Figure2009Ding Ling brand brand razor market share 0.92%The market share

Low.


Ding Ling quality first, customer first, honest service, innovation and development for the purpose. The introduction of foreign advanced pipe Management philosophy, the use of international advanced equipment, the broad strokes of the scientific and technological personnel, increase the technological content, sound detection means complete Good quality management system certification. Products are exported to 21 countries in Europe and the United States, Japan, the Middle East, South America, Hong Kong and Taiwan and Region by domestic and foreign trust. The company is now in the country's dealers and agents 1000A number of features

20More than one agency, has a good after-sales service system, and the image set up in major shopping malls, supermarkets

Counters.

- 114 -

FirstSeven chapters Chinese brand razor competitive

landscape

FirstA Shaving history of the

industry competition pattern

Overview First, the razor industry

concentration analysis Broad industry concentration in

specific industries, factors of production inputs and outputs are a

few big companies control

Level. Industry focus includes not only the concentration of market

power or market share, but also includes

Concentration of labor, capital, technology, production, profits, etc.. A narrow industrial concentration in a specific industry Market sales, the degree of control in the hands of a few large enterprises. Domestic and foreign academic circles a variety of indicators are used to Measure of market concentration situation. In general, these indicators can be roughly divided into two categories: First, examine the largest of several The size of the share of the market share, which focused on rate; the other is using a variety of different methods and indicators, such as the Los Lenze curve, the Gini coefficient, the Herfindahl index, entropy index, to examine the unequal distribution of firm size, like Conditions.

Consumption areas from the point of view of the razor industry, mainly concentrated in the east, south and north China, from The razor industry in recent years backbone enterprises of various economic indicators, China's razor production concentration of positive large-scale enterprises Industry focus. This is mainly due to the large corporate brands, technology and product quality, key enterprises is currently driven by Razor direct power.

Focus from the market point of view,2009 Of the razor market, the

top five market share up in 68%, While the Before 10 Market share of

only 87%, Which can, razor industry market concentration.

- 115 -

Chart A19:2009 YearsConcentration analysis of the razor market in

China


organize Second, theRazor degree of competition in

the industry analysis The current competitive landscape will

end soon, the foreign brands and the rapid rise of the brand will

quickly break

Currently in the market, its diversified series of brand marketing tool in the fight over market segments,

Small brand or brand-name Army to survive the difficult, the price of brand razor's diverse product and gradient in the formation of regulatory After mold advantage, will complete the re-shuffling process.

From the trend of the brand development, brand development, in addition to the quality of the product itself, pay more attention to Product design, the cultural connotations, and personality, which is the development trend of the market, but also mature consumers of new demand, The development of the brand must adapt to this trend.

With domestic razor processing technology continues to improve, forecasting the razor industry concentration in the next few years will be Improved domestic market competition has intensified, mainly due to steady growth in demand for the domestic market, razor, Lead to an increase in new entrants into the business, which makes the enterprise competition intensified.

Razor brand in China market, business competition in the next few

years will be an inevitable result of this The effect of rapid growth

brought by industry. But taking into account the size of the industry

itself limit the concentration of the industry, especially the first

- 116 -

One, the output of three former concentration does not exceed the existing front 10 Enterprise's production concentration. This reflects the

The monopoly of the industry is difficult.

From the regional pattern, it is estimated that 2010-2012 YearsEast and South China in the entire China market share Steady development trend. With the rapid economic development of north, central and western regions, will drive the razor Brand sales increase.

FirstTwo Razor industry

Competitive Analysis A leader of market

forces The market economy is to encourage competition in the

economy, competition can only survival of the fittest, the overall

quality and strength than

Poor enterprise competitiveness is bound in a weak position, in the

increasingly fierce market competition will eventually be eliminated.

Result of market competition is the overall quality and strong comprehensive strength enterprises were retained, and the growth and development, these Enterprises to survive in the competition with a common characteristic, that is, they are in development, all the time in the fine Heart to build the core competitiveness of enterprises to adapt to changing market conditions, the market competition is a constant phase-out and silly To stagnation slow process, it is always left to the chance of survival and development experience an agile, quick, strong and powerful, vitality Bo Bo's enterprise.

The razor industry leader in the competitiveness of enterprises is:A,To consciously enhance self-innovation capability. Innovation Need to nurture and continuously improve the core competitiveness of enterprises, including the ability of institutional innovation, technical innovation, the management Management innovation capability and corporate culture.

2,Cultivate a unique corporate culture. Corporate culture is the core of the spiritual culture, corporate culture to enhance the The core competitiveness to provide spiritual support.

3,The path of professional management. In the development process, first choose the relatively strong technical Or market space, focus on the advantages of enterprise resources to the path of professional management, this is undoubtedly enhance the competitiveness of enterprises And wiser.

4,Strengthen the protection of the core competitive strategy. The

ability of the company's core long-term development and to

strengthen the building

- 117 -

Up, is an intangible asset, the loss of the loss is incalculable.

2009 My razor industry before 5 Market share in the enterprise 67.87%,Subordinate enterprise market share Reached 32.13%,Industry leader with strong R & D advantage and foreign trade advantages, which are Beneficial to the open market, to promote the rapid expansion of their own capacity. Their market power performance through large-scale production Product supply to influence prices.

Second, theCompetitiveness of other enterprises

The razor industry in China before several companies have sustainable competitive advantage. Sustainable competitive advantage means that a company To implement competitors difficult to copy or difficult to imitate the high cost of value creation strategies, and sustainable competitive advantage From the enterprise's core competitiveness. First, sustainable competitive advantage must be the core competitiveness of enterprises (or a number of nuclear Heart of one aspect of competitiveness); sustainable competitive advantage must be lasting, not a flash in the pan. Or the enterprise can be said that a lasting competitive advantage is accompanied by the development of enterprises, and enterprises at this stage This advantage is its competitors (including potential) can not simulate and replicate the unique advantages. Have Sustainable competitive advantage companies will never die of.

High before several companies brand awareness, a certain influence on the market. Other Business The formation of a relatively small threat. Can be said that other companies do not have a technical advantage. Products of small and medium enterprises in the industry Larger share of regional influence is limited to the peripheral, export capacity and price influence is very weak. This shows that shaving Knife brand manufacturing industry so special, only bigger and make the scale will it be possible to have an adequate voice in the market competition, Also have the opportunity to carry out large-scale international trade in order to expand the overseas market. But compare due to a number of other small and medium enterprises Flexible, according to market changes at any time be adjusted accordingly, so the development of new varieties and price Advantage.

To sum up, the shaver brand industry in China other enterprises in

the field a lot, but the overall level of technology and New product

development capability is small, and a single product, the influence of

the market in a subordinate position.

- 118 -

FirstThree 2009-2012YearsCountry razor industry competition grid

BureauOutlook

With the continuous development of society, the concept of people's lives change for the fashion personalized razor market Development based on consumer attitudes and consumer acceptance of the premise of this investigation, Mailuo international information Center staff found that foreign brands and domestic brands PKInRemains a certain advantage, but in some Had by far the place, its inherent advantages have begun to loosen. In particular in:

A,Brand premium foreign brands still significantly higher than the domestic brands, resulting in even the appearance and functionality Only be regarded as the most common products, the retail price of the terminal and domestic brands of the same type of product, there are still A gap;

2,Despite the poor performance of foreign brands in the market as a whole of the individual, but also facing individual foreign brands such as heavy Personnel changes or restructuring of substantial distress, but on the whole, by virtue of years of hard work and Lay a solid foundation of foreign brands in the vast majority of regional markets within the domestic market share is still distant collar First in the domestic brands;

3,Creating brand reputation, foreign brands still show its long-term planning focus on the strategic direction And performance of various forms of great skill. On the dissemination of foreign brands by selectively-bit fixed-point pass Broadcast and the emphasis on effectiveness is much higher than the altitude of the blind pursuit of "big ticket" pull strategy, will not understand this tract of country products Brand mercilessly "shabu" a;

4,Play their own unique advantages, such as through the channel profits to build strategic partnership (ie, attach importance to Beneficial to create a "win-win" situation, etc.) and to accelerate market response (ie, accelerate the speed of information feedback and new product Efforts of research and development speed to market, etc.), the domestic first-line brand has begun to Superman and fly Branch Foreign brands to launch a strong challenge and has been fruitful.

Many indications that the current domestic electric shaver market is increasingly apparent to the user flashlight mix Many changes, the diversification of the consumer age structure, the retail price of diversification and distribution to consumers in the range

Diversification and other significant features.

- 119 -

FirstEight chapters 2010-2012 Development Forecast of China's brand razor

Section I 2010-2012Razor industry production forecast

Chart 120,2009-2012YearsChina shaver industry production forecast map


2009 China shaver industry output growth 12.6%,Achieve 1.12 Million units; expected 2010-2012 Years, As the economy recovers, the razor industry production will continue to rise and is expected to 2012 Years, China shaver industry Production will reach 1.6 Million units.

Section II 2010-2012Razor industry total

assets forecast

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Chart 121,2009-2012YearsTotal assets of China's razor industry industry forecast map


2009 The growth rate of total assets of China shaver industry 10.5%To achieve 281 Billion; expected 2010-2012 , As the economy recovers, the total assets of the razor industry will continue to rise and is expected to 2012 Years,Of shaving Total assets of the knife industry will reach 383 Billion.

Section III 2010-2012Industrial output value

forecast of the razor industry

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Chart 122,2009-2012YearsChina shaver industry gross industrial output value forecast map

Source: Mailuo International Data Center to organize Affected by the

financial crisis2009 China shaver industry output value for the 287

Million;2010-2012 Years,

As the economy recovers, the razor industry output will rise, is expected to 2012 Years, China shaver industry

Output value will reach 391 Billion.

Section IV 2010-2012Razor industry sales

forecast

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Chart 123,2009-2012YearsChina shaver industry Industry sales revenue forecast map

Source: Mailuo International Data Center to organize Affected by the

financial crisis2009 China shaver industry sales revenue growth for

the 18.3%, 2010-2012

As the economy recovers, the razor industry sales revenue will continue to increase, is expected to 2012 Years,Of shaving

Shall the knife industry sales revenue will reach 194 Billion.

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FirstIX 2010-2012 YearsChina shaver industry investment value and

investment

PolicySlightly analysi

s

"SWOT"Be Strength,Weakness,Opportunity,Threat Four English words, abbreviations, This model by analyzing the internal and external advantages and disadvantages, opportunities and challenges to sum up the prices Results of the industry's external research methods.

S- Advantage: A Comparative Analysis in the external market environment, the internal operating relative to other competitors Advantage;

W- Disadvantages: comparative analysis of the enterprise relative to other competitors in the external market environment, the internal operating Disadvantage;

O- Opportunity: To analyze the existence of the business

development opportunities in the current market and

competitive situation; T- Challenge: analysis of the

threats and challenges of the existence of the business

in the current market and competitive situation.

Chart A 24, The razor industry in China SWOT

Analysis


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The subjectivity of this method is relatively strong.SWOT The results of the analysis is the awareness and understanding of the people. If the person

Their understanding and knowledge is rooted in the fact, then SWOT Analysis is a very effective analysis tool, it can Used a variety of groups to the corresponding analysis, and analysis. But in many cases, people Awareness and understanding may be incomplete facts. Therefore, the

use SWOT Model of the process should be more cautious. In Can take advantage of the weight of more than scoring and set up the right way to a comprehensive analysis of internal and external conditions during

use.

First, theAdvantage of

The advantages of the razor industry is mainly reflected in:

ADomestic enterprises have to lower the cost of human resources;

2, The rapid expansion of domestic market demand and development of space;

3, The products of domestic enterprises is relatively low value-added, uneven levels of technical level, there are many opportunities for development;

4Development of domestic enterprises will be the support of the local government sector, with nearly a sales advantage;

Second, theDisadvantages of

The disadvantage of the razor industry is mainly reflected in:

A, Domestic enterprises generally lag behind the product technology;

2, OEM Mode of production is limited by foreign demand;

3Most of the corporate R & D capabilities;

4Internationalization affect the ability of small enterprises, high dependence on exports;

Third, theOpportunity to analyze

A, The export tax rebate policy;

2National policy to encourage the expansion of domestic demand;

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3, Greatly enhance the domestic capability of independent innovation;

4, Greatly enhance the purchasing

power of domestic consumers.

Fourth, theRisk Analysis

The risk of razor industry is mainly

reflected in:

AForeign technology and foreign brands, the influx of domestic market share, the impact of domestic enterprises;

2, The product structure is irrational, new product development capacity is low

3Trading nation in the set of tariff and non-tariff barriers

4The financial crisis that foreign economic slowdown, the decline in spending power and so on.

Section II The shavers industry investment value

First, theProfitability of the industry

Chart A25:2009 YearsChina shaver industry

profitability

Profitability Index value

Gross margin on sales(%)

22.4

Sales profit rate of(%) 15.1

Return on total assets(%)

11.3

Return on net assets(%)

19.1


Through the 2009 Analysis of the economic indicators of the razor

industry operating capacity, the industry's profitability than Poor.2009

Industry's gross profit margin was 22.4%,Sales profit rate 15.1%,Rate of

return on total assets 11.3%.

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Second, theIndustry solvency

Chart A26:2009 YearsChina shaver industry

solvency situation

Solvency Index value

Asset-liability ratio(%) 54.5

Liquidity ratio(%) 48.7

Interest earned multiple

3.8


Through the 2009 Shavers brand industry analysis of economic indicators, the solvency of the industry is strong, because Downstream demand, the products can sell well, smooth sales to the enterprise to generate sufficient cash flow.

Third, theDevelopment of the industry capacity

Through the 2009 Shavers brand industry operating capacity, the analysis of economic indicators, and with other relevant line Industry compared to observe the positioning of the industry asset structure in the relevant industry, results in the table below.

Chart A27:2009 YearsChina shaver

industry development capacity

The development of capacity

Index value

Sales growth(%) 18.28

The growth rate of total profit(%)

9.21

The growth rate of total assets(%)

10.54

Asset maintenance and increment ratio(%)

84.26


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FirstThree 2009-2012YearsThe country brand razor investment risk warning

A risk of financial crisis early-warning

U.S. subprime mortgage crisis and the escalation of the financial crisis sweeping the globe as a entity by The economy has been badly hit, the U.S., eurozone and Japanese economies have been in recession the growth of emerging economies Rate slowed down, the world economy is facing many years the most serious challenge.

U.S. financial crisis, first of all a psychological impact. The crisis is bound in the Chinese capital market, manufacturing sad View of the atmosphere, these financial institutions, China's holdings of assets shrink, overseas investors also sold a lot of Assets back to their home countries to help themselves, and thus impose downward pressure on the Chinese capital market. But more important, China's economy is Highly externally-oriented, import and export value of more than GDP Of 60%It is precisely because Americans are borrowing and spending, and digested China's excess capacity, so that the U.S. financial and manufacturing prosperity, now U.S. financial is down, will However, the end of Americans to borrow money in consumption patterns, made in China along with the affected.

Affected by financial crisis, prices of raw materials in 2009 Sharp rise in the first half of the price volatility of raw materials, Impact on all aspects of the razor industry chain as a whole.

For SMEs, will be faced with new opportunities for development. SMEs do not yield, its funding Occupied is not much lower, coupled with the cost of business operations, to adopt a more flexible policy to respond to market demand. The big brands to control the production and shipping is once again opportunities for SMEs. SMEs have a different process Degree to increase sales.

Overall, the financial crisis led walks of life with varying degrees of decline in the razor industry is also subject to its Impact. The state has adopted a series of measures to stimulate domestic demand to expand exports, the policy will be the razor industry Lee.

Second, competition in the industry risk warning

Razor market in China, most of the market share of some motley

crew eroded, if what brand Quickly began to brand campaign, the

extraordinary scale of the operation of the brand and market

segmentation, it will be possible and quickly occupied the

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One or most of the market.Thus, the current operation of the brand space and opportunities for the razor industry is still very large.

With brand competition continues to intensify, and backward technology, marketing and brand enterprises, Will be eliminated, with the big brands in the segmentation of the market is the deepening of their living space will be increasingly Small, rely on the good old days of follow-up and marketing to make money will become history.

In particular, after the Chinese to enter the market, there will be a large part of the brand was eliminated out of the fierce competition pottery, winning is There are some advantages of scale and brand advantage of the brand.

Overall, the razor industry in China into the access threshold is low, the brand continued to enter the industry Increase. Forecast in the next few years, the oligopoly will continue to strengthen. But the boundary between a second-tier brands will be more Beneficial fuzzy part of the brand pattern will change, the industry will face re-shuffle.

Third, technical risks early warning

Successful international enterprise 90%Has its own core technology, the advanced technology of the industry grasp The hands of the foreign-funded enterprises, the technical level of a few large-scale domestic enterprises to international standards, but independent research Fat capacity still can not be compared with foreign-funded enterprises. The lack of independent brands in the competition will be from foreign The brand's competitive threat.

(A) of the razor industry patent development trends

A,The razor design is gradually emerging from the encirclement of foreign design patent. Patent from the razor in each category Apply geographical distribution (see table below), razor invention patent applications to apply for foreign inventors abroad Shen Please account for 87%, Hong Kong, Taiwan's application for accounting for A.6% Of domestic applications accounted for 11.4%; Utility model patent applications were For domestic applications, utility model domestic applications accounted for 87.7%, Hong Kong, Taiwan's application for accounting for 10.1%, Foreign applications accounted for

2.2Design patent applications are mainly for domestic applications, the design of domestic applications accounted for 73.5% Of designs Account in Hong Kong, Taiwan's application accounted for 0.8%, The appearance of design foreign applications accounted for 25.7%.

Mainland design the total number of patents (958Pieces) over the

total number of patents of foreign designs (335Pieces), said Out razor

industry in the Mainland on a design patent has been a breakthrough,

began to get rid of their foreign counterparts designs The encirclement

of the patent.

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Chart 128,Razor patent Please geographical distribution of the status quo

PatentForeign Total

Category

Application

Mainland to

apply for

Total

Wenzhou

The application for Taiwan's application for

Invention 576 501 66 12 3 6

Utility model 832 18 730 65 10 74

Designs 1304 335 958 358 8 3

Total 2712 854 1754 435 21 83

2,Domestic enterprises razor patented technology creatively weak. Razor Chinese patent has create

Of technology in the field of "cutting head, cutter, reciprocating motion cutter type razor-driven form of" Razor patent applications by domestic enterprises are mainly distributed in the hair clippers or dry razor parts or accessories, for example, Such as cover, shell, clamp, shield and other fields, basically belong to the improvement of hair clippers or dry razor parts or accessories, There is a certain novelty, weak, but substantive features and technological progress and the lack of substantive technological breakthroughs. Therefore, a Within the enterprises engaged in technology development activities around the above-mentioned technology areas require special attention to circumvent these by applicants Razor patents to create the characteristics and scope of patent protection.

3,The razor industry, plays a central leading role in enterprises with less. From razor Chinese patent patentee ranked love Condition(See table below) can be seen in the top five of the razor Chinese patents, Only two domestic enterprises, and the remaining 3Name For international key enterprises. Zhejiang Yongkang Superman Group Limited is the largest domestic razor patent applications Domestic enterprises, the company and other businesses, the principal applicant is a design patent, design patent Have 162, Accounting for the total in 80% And the remaining 20%(4APieces) for invention and utility model patents, The company's patent for invention 8, Accounting for domestic invention patent applications 12.1%, The utility model patent 33Pieces Gross domestic patent for utility model 4.5%. Through data analysis, Superman Group has long been in razor technology The operation field of patent deploy almost without interruption, and showed a rising trend. The company not

only in the rotary Electric shaver technology patent to deploy, but also in the field of reciprocating electric shaver technology patent department Department, its patent-pending technology concentrated in the "cutting head; Cutter; fixed parts

(B26B19/14) AndHair clippers or dry razor parts or accessories "(B26B19/38)And other fields. And of Wenzhou

Razor patent applicant beggar Teng Li as the representative of the main

design patent, failed to break the core of the patented technology.

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Chart 129,Ranked razor Chinese patentee

Patent RankingApplicant

Superman

GroupA

(Cheung)

Country provinces and cities Total InventionUtility model Designs

Yongkang 203 8 33 162

2 Philip Netherlands 179 102 A76

3 Gillette Company United States 165 117 0

48

4 Matsushita Electric Japan 109 60 940

5 Beggar Teng Li Wenzhou 64 0A 63

In summary, the domestic industry of razor design patent has been a breakthrough, but the razor specifically

The core technology of interest still rests in the hands of their foreign counterparts, domestic razor industry should increase R & D Investment, and gradually formed the core technology with independent intellectual property rights, and gradually get rid of their foreign counterparts core technology patent Encirclement.

(B) the razor industry world patent development trends Razors

world patent development trend of the main focus from

international key enterprises razor patent sub-

Analysis. From Table 3It can be seen that the razor world patents are concentrated in a handful of corporate giants, the top ten razor

World patent patentee number and accounted for close to 50% Share of the razor patent distribution of national The destination for the exports of domestic razor industry in Japan, the United States, Germany, France, Britain, Switzerland, Enterprises in these countries, you need to pay special attention to these razor patent application, in order to avoid infringement dispute.

A, Matsushita Electric Industrial Co., Ltd.. Matsushita Electric Industrial Co., Ltd. to apply the razor total number of patents 1465, Accounting for World razor total number of patents 11.6% Razor patent applications in China 109Pieces(1985-2007Years), The patent-pending product is a reciprocating electric shavers, and technical areas of focus in the "cutting head; with Cutter; fixed parts (B26B19/04).Matsushita Electric Industrial Co., Ltd. razor patent applications in China Between the distribution of the trend, the application of the company in China has increased year by year,2004Years reached a peak, indicating that the public Division attaches great importance to the Chinese market, focusing on patent deployment in China, to establish the appropriate products into the Chinese market Patent protection system.

2, Gillette Company. Shaving total number of patents applied for by

the Gillette Company is 1299, Accounting for the world to shave

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Shall be the total number of knife patent 10.3% Razor patent applications in China 165Parts (1985-2006Years), the applicant

Patented products for the security manual razor, its patent-pending technology is concentrated in the "contains several at the same time make With blade Areas (B26B21/22).Gillette's razor patent time distribution trends, the public Division in 1992Years and 1997There are two application for the peak period, the deployment of important patented technology.

3,Philips. Philips company to apply the razor total number of patents 946, World razor patent The total number of 7.5% Razor patent applications in China 165Parts (1985-2006Years), the patent-pending To rotary electric shaver, its patent-pending technology field in the rotating cutter-type, with Cutting head, with the cutter. " Areas (B26B19/14). FromPhilips in China for a razor patent Temporal distribution of the trend, the application of the company in China has also increased, respectively, in 1990Years,1995Years,

1997Years,2004Have a peak.

Chart 130,The razor World patent patentee

ranking

Row Patent applicant The number of patents Name

A MATSUSHITA ELECTRIC WORKS LTD (Matsushita Electric) 1,465

2 GILLETTE (Gillette) 1,299

3 PHILIPS (Philip) 946

4 WARNER LAMBERT (Warner.Lambert) 591

5 BRAUN(Braun) 471

6 KYUSHU(Kyushu Hitachi) 267

7 SANYO (Sanyo) 252

8 EVEREADY BATTERY 233

9 The superhuman Group (Ying Ping Cheung)

203

10 SEIKO EPSON CORP(Epson) 141

Close Meter 5917

(3) Improve the razor industry countermeasures

Domestic shavers account for a large share of domestic and foreign markets, technology and foreign advanced water Flat compared to the larger gap, especially razor patented core technology still rests in the hands of their foreign counterparts. Therefore, to enhance the core competitiveness of the domestic razor industry, we must actively use patent strategy, and take the independent innovation

New road.

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ATo further deepen and improve the razor industry patent early warning mechanism.2005 Wenzhou City, started shaving

Shavers five characteristics of industrial patent early warning mechanism pilot program since the industries and enterprises in Wenzhou City Taiwan patent early warning analysis, reflect the situation of enterprises, it should be said that the pilot work has achieved initial results. The key to the next step is to do further deepen and perfect the work of a money to continue the investment mechanism, it is necessary warning Mechanism construction as the government of providing public services innovation infrastructure platform for building, construction funds included in the annual pre- Count; Second, it is necessary to increase the level of intermediary services on the basis of relying on the strength of local intermediaries to actively try to introduce domestic Outside the well-known patent intermediaries involved in the build, and efforts to make the release of early warning information is more level, more authority on prices The industry's greater role in guiding; the three should be the construction of early warning mechanisms with industry patent strategy combine to charge Points of the basic fundamental role in understanding patent early warning analysis in the implementation of industry patent strategy, the early warning mechanism Which incorporated into the overall strategic plan for industry survival, development, and enhance the core competitiveness. The fourth is intellectual property Management departments should be promptly released the razor foreign patent disputes and emergency information and to handle the situation so that domestic enterprises Be to prevent and respond to potential foreign-related intellectual property disputes.

2,The guide focus on the implementation of patent strategy, in the critical core technology research. The implementation of the key leading enterprise The patent strategy is the key to enhance the industry's core competitiveness. As most of the corporate patent awareness is still relatively An weak, the ability to use the patent system is still relatively weak, the government is duty-bound to have to give full play to lead the Vigorously promoting the work of the key enterprises in patent strategy. One should further intensify the cultivation of the patent demonstration enterprise Efforts to continue to promote the enterprises to establish and improve the institutional settings and institutional building, including patent management system And patent strategy analysis, formulation and implementation of patent information platform. Second, it is necessary to increase the core patented technology R & D and Industrialization to guide capital investment and encourage key enterprises to carry out the razor shaving comfort, head sharp razor Wear, the razor head assembly, automatic assembly, razor nets heads combined with the degree of control, the razor waterproof, low- Noise and other key core patented technology research and industry efforts to enable enterprises with independent property rights in core

technologies, Containment of the patented technology to get rid of their foreign counterparts. Third, we must actively promote the industry, corporate research cooperation, the introduction of domestic High-quality scientific and technological resources of an outsider in the industry, the construction of high-end razors R & D institutions to build a strong technical support. With , Guide enterprises to "combination", strengthening technology alliances, increase the strength of the core and key technologies R & D investment. Four Should actively make use of patent documents to track the international focus on well-known razor patent application, patent deployment, patent

Technical innovation and learn to use and with the open-patented

technology for the purpose of circumvention of others specifically

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Benefit of the technology.

3,Further strengthen the patent talents. The talent is all work and rely on the talents and The reserve is critical to strengthen patent work. A patent knowledge to strengthen the popularity of training enterprises should be patented workers Training system continue to persist, persevere in strengthening the technical personnel of enterprises, management personnel, especially corporate The person in charge of patent applications, the use of patent information, the Department of the patent protection and patent strategic application of knowledge System training, and constantly improve the awareness of the patent and the ability to use the patent system. Second, it is necessary to strengthen the strategic type, re- Closing the introduction and cultivation of high-quality personnel, on the one hand, encourage enterprises, intermediary agencies willing to spend money, the introduction or the hiring of Number of domestic skilled and familiar with legal and regulatory knowledge, proficient in foreign languages authoritative experts, and academics to enterprises Or as a corporate consultant, on the other hand should actively create conditions should select the number of personnel to developed countries or regions Universities or research institutions, graduate study, training local high-level personnel. Third, we must strengthen the Department of Intellectual Property Management Door of their own construction, intellectual property (patent) system has become increasingly evident in the current market competition, economic development for A higher demand, undoubtedly the work of the department of intellectual property management, intellectual property management department must be Times, broaden horizons, and continuously improve the guidance on enterprise patent work and service capabilities, and continuous improvement in public Effectiveness of the work.

Fourth, management risk warning

Business risk refers to the decision-making staff and management of the company's mistakes in the management process and lead to public Secretary level of profitability change, resulting in the possibility of investors expect earnings to decline. Operational risks is the wind Insurance, the company's business situation is the ultimate expression of the change of the level of profitability and asset value growth, the business risk is primarily By the impact of earnings changes.

Operational risks from internal and external factors to two aspects. The internal factors are the following: First, the project investment decisions, not the investment project feasibility analysis, hastily launched; not pay attention to technology Updated so that the strength of competition in the industry decline; not pay attention to market research, and pay no attention to the development of new products,

Only meet the current market share and competitiveness of the company's products to meet the current level of profits and economic; Sales decision-making mistakes, over-reliance on large customers, old customers, not the effort to open up new markets, find new

Sales channels. In addition, there are the main managers of the company

due to regulation through the old-fashioned, lazy, bloated, people

- 134 -

Floating things, natural and man-made disasters that may occur does not take the necessary precautions. External factors outside the company

The objective factors, such as the adjustment of government industrial policy, the strength of competitors changes make the company at a relative disadvantage to , Causing the company management level relative decline. Operational risks are mainly from the company's internal Decision-making errors or mismanagement.

Next few years, is expected to upstream development of the industry is relatively stable, the major downstream demand will continue to expand, the market price The grid will rise in the volatility, which makes the razor companies to be alert to the risks posed by the market price.

Razor business should pay attention to maintaining the smooth operation of industrial chain, to avoid the benefits of market volatility Decline and short-term liabilities and other adverse circumstances.

FirstFour ShaveThe shavers industry investment strategy

One, focusing on investment products

Shaving in two ways: manual shaving and electric shaving. The history of the manual razor electric shaving Knife is much longer. Development process from the earliest razor to prepare specifically for shaving hot steel blade until the modern Shavers and blades.

(A) Manual razor - completely and thoroughly

In general, manual shaving spent a long time, needs 10-15 Minutes or so, but the shaven Clean. It is characterized by low-cost, easy to operate, clean thoroughly, manual shavers have been accounted for half of the market sales Above, with the continuous introduction of new position increasingly consolidated and strengthened.

Gillette was previously known as the "old head". Today, it still accounts for a considerable share in the domestic market. Gillette Series products The most distinctive, super-induction to be knife. It changed the past heads of the line cutting for the surface of the cutting, and The arc and contour of the face to match. The blade of this knife in front of five small, soft and flexible sensor fins, Light can pull a face clean-up to Hu, the root, the overall feeling soft, veneer, smooth; it heads for the movable shaving net nose Under and the chin, the beard. In addition, the cutter head to increase the super slide, dip, it can secrete a lubricating fluid.

As the production of razor manufacturers Gillette accessory products

very carefully. Including shaving foam, gel cream, lip

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Lotion, perfume. The gift packaging is especially useful. Turret, blade, body lotion complete.

(2

34

Second, the key investment areas

30%

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2009 the Top Ten in China's Razor Brand Competitiveness And