Furniture Market in China 2012 - Competition, Key Takeaways

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Furniture Market China (Part IV) FurnitureMarket China(PartIV)
April2012
ExecutiveSummary
Market
Chinasfurnitureindustryhasexhibitedarapidgrowthanddevelopmentoverthepast20years
FurnitureindustryisestimatedtobeworthUSD343bnby2015,growingataCAGRof22.8%during200915
Productionvolumehasgrownby8.1%CAGRbetween2010and2011
Drivers: Challenges:
Drivers&
Ch ll
HealthyEconomyandRisingIncome
RealEstateBoom
AcceleratingUrbanizationandChangingLifestyle
FurnitureExpositions
HugeImporterofRawMaterials
StringentHousingMeasures
IntenseCompetitionandRisingOperatingCosts
CredibilityCrisis
Challenges StrongDistributionNetwork
ChangingDemographics
RiseinTourism
Government GovernmentStandards
Trends
RiseinLuxuryFurnitureDemand
EmergenceofNewerVarietiesofFurniture
Furniture Malls
Initiatives
OldforNewFurnitureSubsidyProgramin2012
Competition
Trends
FurnitureMalls
IncreasingPresenceofForeignRetailers
OnlinePortalsDedicatedtoFurnitureProducts
MajorPlayers
2 FURNITUREMARKETINCHINA2012.PPT
Competition
Quanyou Qumei RedApple Huari IKEA Royale
Introduction
MarketOverview
Global
China
ExportImport
Drivers&Challenges
GovernmentInitiatives
Trends
Mergers&Acquisitions
Competition
KeyTakeaways
MajorPublicCompanies Summary(1/2)
30
35
Net Income
SizeoftheBubblerepresentsMarket
CapitalizationinUSDmn
20
25
215.3
10
15
752.3
0
5
30.9
5
0 50 100 150 200 250 300 350 400
Revenue
RoyaleFurnitureHoldingsLimited FAVAInternationalHoldingsLimited MarkorInternationalFurnitureCo.,Ltd.
Note:AllfiguresareinUSDmnforyearending31
st
Dec2010
MarketCapitalizationfiguresareasof5
th
Mar2012
MajorPublicCompanies Summary(2/2)
50 0 50 100 150 200 250 300 350 400
TotalIncomeandProfitforMajorPublicCompaniesof2010
366.6
13.9
USDmn
MarkorInternationalFurnitureCo.,Ltd.
158.7
13.9
R l F it H ldi Li it d
23.3
RoyaleFurnitureHoldingsLimited
27.8
3.8
FAVAInternationalHoldingsLimited
NetProfit
TotalIncome
Note:AllfiguresforyearendingDec31
st
2010,Industrymayhaveotherkeyplayersaswellinthemarket
DomesticCompany MarkorInternationalFurniture
Co.,Ltd.
CompanyInformation Locations China
CorporateAddress
506SouthBeijingRoad,Urumqi,
XinjiangUygurProvince,830011China
TelNo. 869913836028
FaxNo. 869913838191
Website www.markorfurniture.com
YearofIncorporation 1995
Products and Services
TickerSymbol 600337
StockExchange ShanghaiStockExchange(SHSE)
H d t
KeyPeople
ProductsandServices
N D i ti
Category Products/Services
HomeFurnishings Beds,DiningCases,DiningTables
andChairs,Dressers,Occasional
Headquarters
OtherOffices
Name Designation
Weiping,Kou Chairman
Jiang,Chen ViceChairmanandGeneralManager
Xin,Huang SecretaryToBoardofDirectorsandDirector
Tables,Sofa
i i l S h K i
Co.,Ltd.
FinancialSnapshot KeyRatios
Profit/Loss
TotalIncome
366.6
291 1
400 15
TotalIncome
USDmn
Profit
USDmn
Particulars
yoychange
(201009)
2010 2009 2008 2007
ProfitabilityRatios
OperatingMargin 0.31 7.24% 7.55% 6.08% 8.97%
276.5
291.1
276.4
0
100
200
300
0
5
10
2009 2007 2008 2010
NetMargin 1.39 3.79% 2.40% 3.15% 5.28%
ProfitBeforeTaxMargin 0.22 5.73% 5.52% 4.93% 7.27%
ReturnonEquity 0.97 3.94% 2.96% 4.29% 7.56%
ReturnonCapitalEmployed 1.09 6.48% 7.57% 7.95% 12.02%
ReturnonWorkingCapital 0.69 7.04% 7.73% 28.07% 50.33%
ReturnonAssets 0.73 2.47% 1.74% 2.23% 4.95%
FinancialSummary
ThecompanyearnedanetprofitofUSD13.9mninFY2010,as
comparedtonetprofitofUSD6.6mninFY2009
ThecompanyreportedtotalIncomeofUSD366.6mninFY2010,
registering an increase of 32 59% over FY 2009
ReturnonFixedAssets 4.21 8.91% 4.70% 6.14% 10.17%
CostRatios
Operatingcosts(%ofSales) 1.25 60.87% 62.12% 67.06% 68.52%
Administrationcosts(%of
Sales)
1.63 31.88% 30.26% 26.76% 22.58%
Interest costs (% of Sales) 0.79 1.36% 2.15% 1.78% 1.74%
registeringanincreaseof32.59%overFY2009
Thecompanyreportedanoperatingmarginof7.24%inFY2010a
decreaseof0.31percentagepointsoverFY2009
Thecompanyreporteddebttoequityratioof0.59inFY2010,a
decreaseof15.12%overFY2009
Interestcosts(%ofSales) 0.79 1.36% 2.15% 1.78% 1.74%
LiquidityRatios
CurrentRatio 25.64% 2.29 1.82 1.17 1.33
CashRatio 192.41% 1.04 0.36 0.39 0.18
LeverageRatios
DebttoEquityRatio 15.12% 0.59 0.70 0.92 0.53
b i l i
FinancialSummary
Indicators Value(05/04/2012)
MarketCapitalization(USD)
752.3mn
TotalEnterpriseValue(USD)
762.7mn
EPS (USD)
DebttoCapitalRatio 24.04% 0.21 0.28 0.41 0.21
InterestCoverageRatio 50.01% 5.31 3.54 3.47 5.17
EfficiencyRatios
FixedAssetTurnover 20.95% 2.35 1.94 1.92 1.92
AssetTurnover 9.64% 0.65 0.72 0.70 0.93
CurrentAssetTurnover 27.48% 1.05 1.44 1.29 2.34
EPS(USD)
0.04
PERatio(Abs)(11/04/2012) 29.53
Improved Decline
WorkingCapitalTurnover 41.89% 1.86 3.20 8.77 9.50
CapitalEmployedTurnover 15.26% 1.04 1.22 1.34 1.43
Co.,Ltd.
KeyBusinessSegments KeyGeographicSegments
100%
Foreign China
100%
Furniture
62%
55% 55%
50%
100%
45% 45%
38%
0%
20%
40%
60%
80%
Thecompanyoperates
throughsinglereportable
segmentnamely,furniture
KeyRecentDevelopments
0%
2009 2008 2007
0%
2010
Description News
Overview
Thecompanyisengagedindesigning,manufacturing,sellingandretailingoffurniture
productsinChina
Itruns~64retailstoresin30citiesthroughoutChina,20ofwhichwereopenedin2011
ItexportsitsproductstoNorthAmerica,Europe,Asia,Oceania,SouthAmericaandAfrica
ExpansionPlan
Companyplanstosetup100franchiseestoresinChinawithin2013,emphasizingonthe
secondtierandthirdtiercities
Company is seeking for international mergers and acquisitions with a view to capture the
Companyisseekingforinternationalmergersandacquisitionswithaviewtocapturethe
overseasmarket
DomesticCompany BeijingQumeiFurnitureGroup
Corp
CorporateAddress
No.11Caixiangdonglu,Nancai
Town,ShunyiDis.,Beijing
TelNo. 861084482501
FaxNo. 861064644493
Website www.qmfurniture.com
ProductsandServices
H d t
HomeFurnishings Plywoodbendingandsolidwood
bendingfurnitureincludingsofa,coffee
table,cabinet,dinningset,homeand
officefurniture,bedroomfurniture,
kids furniture accessory
D i ti N
Headquarters
kid sfurniture,accessory
Description News
Overview Companyisengagedindesigning,production
andretailingoffurnitureproducts
ItownsproductionlinesinBeijing,therearesix
factorieswhichcoveranareaof80,000sqmt
Qumei operates 600 retail stores
KeyPeople
Name Designation
ZhaoRuiHai CEO
Qumeioperates600retailstores
ItalsoexportstoUSA,Japan,SouthEastAsia
andEU
DomesticCompany ChengduQuanyouFurniture
Co.,Ltd.
CorporateAddress
160JulongRd,WuhouScientific&
TechnicalGarden 610043Chengdu,
China
TelNo. 862885025933
FaxNo. 862885025933
Website www.quanyou.com.cn
Year of Incorporation 1986
ProductsandServices
H d t
HomeFurnishings MDFfurniture,solidwoodfurniture,
solidwooffurniturewithMDF,veneer
coveringbedroomsets,livingsets
includingdinningset,sofaandmattress
D i ti N
Headquarters
Description News
Companyhasestablishedfourlargemanufacturing
base,30professionalfactory,20international
sales and service organizations and operates more
KeyPeople
Name Designation
YouQuanZhang CEO
salesandserviceorganizationsandoperatesmore
than3000stores
Hassetup3R&DcenterinChengdu,Shenzhen
andItaly
Q g
SamStone SalesDirector
DomesticCompany DalianHuafengFurniture
Co,.Ltd
CorporateAddress
125,2Section,Yan'anRoad,
Zhuanghe,Dalian,Liaoning,116400
China
TelNo. 04118631999
FaxNo. 04118613307
Website www.dlhf.com
ProductsandServices
H d t
HomeFurnishings Home&OfficeFurniture,DiningRoom
Furniture,LivingRoomFurniture,
BedroomFurniture
D i ti N
Headquarters
Description News
andretailingoffurnitureproductsinChina,
JapanandUSA
Itoperates20factories,employing10,000people
KeyPeople
Name Designation
HeYunfeng GeneralManager
Investment In2002,companyhadinvestedUSD482mnto
buildafurnitureindustrialzoneforUSA
market
g g
DomesticCompany LandbondFurnitureGroupCo.,
Ltd.
CorporateAddress
3Pingdixi,GuangfuRd,Yanbu,Nanhai,
Guangdong,China,528247
TelNo. +8675785768192~199
FaxNo. +8675785781810
Website www.landbondbalta.com
ProductsandServices
H d t
HomeFurnishings Middleandhighendsolidwood
furniture,softsofa,mattress,
customizedallcabinet,hotelfurniture,
officefurnitureandetc.
D i ti N
Headquarters
OtherOffices
Description News
Overview Companyisoneoftheleadingenterprises
engagedindesigning,productionandretailing
offurnitureproducts
Ownsmorethan10whollyownedorshare
controlledbranchesinChinaandoverseas
KeyPeople
Name Designation
DuZehua CEO
Thedomesticmarketspreadcovers100%gradeI
andIIcitiesandover70%gradeIIIcitiesand
foreignmarketspreadsover90countries
TimothyYang Salesmanager
ForeignCompany FAVAInternationalHoldings
Limited
CorporateAddress
Room100510thFloorCCWuBuilding
302308HennessyRoad,Wanchai
HongKong
TelNo. 85228388108
FaxNo. 85227238108
Website www.fava.com.hk
Year of Incorporation N A
YearofIncorporation N.A.
TickerSymbol 8108
StockExchange HongKongStockExchange(SEHK)
H d t
KeyPeople
ProductsandServices
Category Brand/Products
Fabricfurniture
products
Jixiangniaobrand
N D i ti
Headquarters
RegionalOffice
p
Solidwood
furnitureproducts
Huaribrandincludingsofas,
mattresses,homeaccessories,
woodendoors,cabinets,office
Name Designation
Li,Ge Chairman,CEO
Sun,Miguel ExecutiveDirector
Taminsyah,AbdyBroto ManagingDirector
furniture,hotelfurniture
Zhao,GuoWei ExecutiveDirector
i i l S h K i
Limited
TotalIncome
Profit/Loss
61 7
57.5 80 20
Profit
USDmn
TotalIncome
USDmn
Particulars
yoychange
(201009)
2010 2009 2008 2007
ProfitabilityRatios
27.8
38.4
61.7
0
20
40
60
20
10
0
10
2010 2009 2008 2007
NetMargin 26.80 13.71% 40.50% 13.84% 26.32%
ReturnonEquity 32.58 9.67% 42.25% 17.06% 39.13%
ReturnonWorkingCapital 66.13 13.95% 80.09% 36.76% 68.84%
ReturnonAssets 20.70 7.58% 28.29% 13.34% 27.29%
FinancialSummary
ThecompanyincurredanetlossofUSD3.08mninFY2010,as
comparedtonetlossofUSD15.54mninFY2009
registering a decrease of 27 57% over FY 2009
CostRatios
Sales)
4.44 22.34% 26.78% 15.11% 7.44%
Liquidity Ratios
registeringadecreaseof27.57%overFY2009
Thecompanyreportedanoperatingmarginof14.68%inFY2010an
increaseof5.13percentagepointsoverFY2009
Thecompanyreporteddebttoequityratioof0.27inFY2010,a
decreaseof44.31%overFY2009
LiquidityRatios
CurrentRatio 70.17% 3.52 2.07 2.67 2.96
CashRatio 62.52% 0.39 0.24 0.60 0.70
LeverageRatios
InterestCoverageRatio 46.33% 4078. 7598.00 10062.3 N.A.
FinancialSummary
31.0mn
22.1mn
EPS (USD)
EfficiencyRatios
AssetTurnover 26.51% 0.51 0.70 0.96 1.03
EPS(USD)
0.004
PERatio(Abs)
Improved Decline
p p y
Limited
PeoplesRepublicofChina(PRC)
EuropeanUnion Others
UnitedStatesofAmerica
IndirectRetailofHouseholdProductsandOthers
DirectRetailofHouseholdProducts
0%
50%
100%
96%
100%
2%
2%
100% 100%
93%
86% 88% 91%
0%
50%
100%
14% 12% 9% 7%
0%
2009 2008 2010 2007
0%
2007 2009 2010 2008
Description News
Overview
Thecompanyisengagedindesigning,manufacturing,sellingandretailinghousehold
productsinChina,theUnitedStatesandtheEuropeanUnion
Itisoperatesapproximately500retailHuaribrandedshops,including20selfownedstoresand470
franchisedstores,aswellasaflagshipstore
StrategicAlliances
In2007,companyhadacquiredthefurnitureretailbusinessofLangfangHuariFurniture
companyandmanufacturingandfranchisebusinessfromJixiangniaoFurnitureFactory
Huari brand has been awarded the "international well known trademark" "Trusted
Achievements
Huaribrandhasbeenawardedthe internationalwellknowntrademark , Trusted
ProductQualityAroundtheWorldand"ChinaTopBrand
ForeignCompany RoyaleFurnitureHoldingsLimited
CorporateAddress
Room2042ndFloorWingOnPlaza62
ModyRoad,TsimShaTsui,Kowloon
HongKong
TelNo. 85226366648
FaxNo. 85226350389
Website www.hkroyal.com
TickerSymbol 1198
StockExchange HongKongStockExchange(SEHK)
H d t
KeyPeople
ProductsandServices
N D i ti
Homefurnishing Panelbasedandsolidwood
products,sofas,upholsteryand
Headquarters
RegionalOffice
Name Designation
Tse,KamPang CoFounderandChairman
Ma,MingFai CEOandExecutiveDirector
Lam,Toi CoFounderandDeputyChairman
mattresses
Jim,Pang ChiefFinancialOfficer
i i l S h K i
TotalIncome
Profit/Loss
201.2
158 7
300 40
TotalIncome
USDmn
Profit
USDmn
Particulars
yoychange
(201110)
2011 2010 2009 2008
ProfitabilityRatios
Net Margin 0 09 14 60% 14 69% 14 43% 10 67%
158.7
116.6
108.8
0
100
200
20
0
20
2010 2011 2008 2009
NetMargin 0.09 14.60% 14.69% 14.43% 10.67%
ReturnonEquity 1.63 14.84% 16.47% 20.96% 19.79%
ReturnonWorkingCapital 1.93 59.42% 57.49% 79.74%
1027.22
%
Return on Assets 2.29 9.94% 12.23% 14.96% 11.60%
FinancialSummary
ThecompanyearnedanetprofitofUSD29.4mninFY2011,as
comparedtonetprofitofUSD23.3mninFY2010
registering an increase of 26 78% over FY 2010
ReturnonAssets 2.29 9.94% 12.23% 14.96% 11.60%
CostRatios
Sales)
0.17 15.45% 15.62% 18.29% 33.31%
Interest costs (% of Sales) 0 24 0 50% 0 26% 0 17% 0 39%
registeringanincreaseof26.78%overFY2010
Thecompanyreportedanoperatingmarginof15.84%inFY2011an
increaseof0.95percentagepointsoverFY2010
Thecompanyreporteddebttoequityratioof0.19inFY2011,an
increaseof42.16%overFY2010
Interestcosts(%ofSales) 0.24 0.50% 0.26% 0.17% 0.39%
LiquidityRatios
CurrentRatio 2.36% 1.84 1.88 1.73 0.97
CashRatio 5.04% 0.80 0.84 0.76 0.48
LeverageRatios
FinancialSummary
215.3mn
240.7mn
EPS (USD)
DebttoCapitalRatio 87.47% 0.15 0.08 0.04 0.02
InterestCoverageRatio 46.06% 31.88 59.11 79.60 7.00
EfficiencyRatios
AssetTurnover 17.48% 0.67 0.82 1.02 1.02
Current Asset Turnover 2 08% 1 84 1 80 2 30 2 62
EPS(USD)
0.04
PERatio(Abs)(11/04/2012) 7.56
Improved Decline
100%
100%
PeoplesRepublicofChina(PRC)
0%
20%
40%
60%
80%
ManufactureandSalesofHomeFurniture 100%
0%
20%
40%
60%
80%
100%
Thecompanyoperates
throughsinglereportable
segmentnamely,Peoples
RepublicofChina(PRC)
0%
2011
0%
2011
Description News
Overview
ThecompanyisprincipallyengagedinthemanufacturingandtradingoffurnitureinChina
Itsproductsaresoldthroughfranchiseesandalsothroughstoresoperatedbythemunderthebrand
nameRoyalFurniture
Itoperatesmorethan2,500stores
With300,000sqmover5advanceproductionfacilities,Royalhashighlydiversified&highvolume
manufacturingcapabilities
Expansion Plan
InOct2011,companyhadsecuredaUSD51.50mnsyndicatedloanfacilitywithanumber
of banks for a period of three years which will support its plan of setting up production
ExpansionPlan ofbanksforaperiodofthreeyears,whichwillsupportitsplanofsettingupproduction
plantsandnewretailshopsinChina
ForeignCompany IKEAGroup
CorporateAddress
Bargelaan20,Leiden,NL2333CT,
Netherlands
TelNo. (3171)05657100
FaxNo. N.A.
Website www.ikea.com
RegionalOffice
ProductsandServices
HomeFurnishings Desks,Kidsfurniture,Kitchen
furniture,Bathroomstorage,
d d h
KeyPeople
N D i ti
Bedsandmattresses,Chairs,
Clothesstorage,smallstorage,
Sofas&armchairs,Storage
furniture,Tables,TVstands&
mediasolutions,Toolsandfittings
Name Designation
MikaelOhlsson CEOandPresident
GranGrosskopf Chairman
, g
ForeignCompany IKEAGroup
Description News
CompanyisengagedinretailingoffurnitureproductsinChina
Overview
p y g g g p
AsofAug2011,companyhadninestoresinlocationssuchasBeijing,Shanghai,
Guangzhou,Chengdu,Shenzhen,Nanjing,DalianandShenyang
DuringFY2011,businessfromChinaamountedtoUSD7.7bn,upby20%yoy
By 2015 company targets to own 17 stores in China
StrategicAlliances
By2015,companytargetstoown17storesinChina
NewstoreswillbedevelopedinWuxi,Jiangsuprovince,andthemunicipalityofTianjinin
2012
CompanyplanstobuildaasecondstoreinBeijing,athirdoutletstoreinShanghaianda
new store in Ningbo in Zhejiang province in 2013 newstoreinNingboinZhejiangprovincein2013
CompanyhasobtainedasiteforitsthirdstoreintheChangpingdistrictofnorthern
BeijingandisalsoconsideringtoopenasecondstoreinGuangzhouby2015
IKEAalsohaveplanstoexpandingitsstaffbasebytripleamountwithin2015
ForeignCompany RedAppleFurnitureCo.,Ltd.
CorporateAddress
Unit24,1/F,BlockB,ShatinIndustrial
Centre,57YuenShunCircuit,Shatin,
NewTerritories,HongKong
TelNo. +85226371081
FaxNo. +85226373293
Website www.redapple.pl
ProductsandServices
H d t
HomeFurnishings Livingroom,bedroom,dinning,office,
accessories,whiteoakfurniture
D i ti N
Headquarters
RegionalOffice
Description News
Ithasbeeninvestingextensivelyforbringingin
newtechnologiesandequipmentfromGermany,
Italy United States and Switzerland
KeyPeople
Name Designation
NamChunLam MarketingManager
Italy,UnitedStatesandSwitzerland
Itcoversanareaofmorethan100,000sqmt,
employing2500people
g g
Introduction
MarketOverview
Drivers&Challenges g
GovernmentInitiatives
Trends Trends
Mergers&Acquisitions
Competition Competition
KeyTakeaways
FurnituremarketisexpectedtogrowataCAGRof22.8%to
reachUSD343bnby2015
Furnitureindustryhasevolvedintermsoftypesoffurnitureproducedinordertomeetvarying
consumerpreferencesthroughoutChina
Opportunitiesinthe
M k
MarketSize
Government
i i i
Healthyeconomyalongwith
risingincome,urbanization
Market Initiatives
Governmenthasbeen
takingsomemajor
initiatives for the
343.0
288.3
234.8
191.2
155.7 200
300
400
USDbn
22.8%
andboomingrealestate
sectoractsasadriverforthe
growingdemandoffurniture
inthecountry
initiativesforthe
developmentoffurniture
sector
Therearevarious
155.7
126.8
100.0
0
100
2015e 2014e 2013e 2012e 2011 2010 2009
Challenges
Regularfurnitureexhibitions
andstrongdistribution
networkprovidessales
opportunity for the furniture
governmentstandardsto
ensurethesafetyand
qualityofproductsinthe
furnitureindustry
opportunityforthefurniture
market
Changingdemographicsand
rise in tourism tender
HugeImporterofRawMaterials
StringentHousingMeasures
Intense Competition and Rising Operating Costs
Governmentplansto
issueoldfornew
furnituresubsidy
programin2012to
promote the
riseintourismtender
prospectsforfuturegrowth
IntenseCompetitionandRisingOperatingCosts
CredibilityCrisis
promotethe
consumptionoffurniture
products
Appendix(1/2)
Ratio Calculations
OperatingMargin
(Operating
Income/Revenues)*100
Ratio Calculations
CurrentRatio
CurrentAssets/Current
Liabilities
NetMargin (NetProfit/Revenues)*100
ProfitBeforeTaxMargin
(IncomeBeforeTax/Revenues
*100
(N I / Sh h ld
CashRatio
{(Cash&BankBalance+
MarketableSecurities)/Current
Liabilities)}
DebttoEquity
TotalLiabilities/Shareholders
E it
ReturnonEquity(ROE)
(NetIncome/Shareholders
Equity)*100
ReturnonCapital(ROCE)
EBIT/(TotalAssets Current
Liabilities)*100
(N I / W ki C i l)
q y
Equity
DebttoCapitalRatio
{TotalDebt/(Shareholders
Equity+TotalDebt)}
InterestCoverageRatio EBIT/InterestExpense
ReturnonWorkingCapital
(NetIncome/WorkingCapital)
*100
ReturnonAssets (NetIncome/TotalAssets)*100
ReturnonFixedAssets (NetIncome/FixedAssets)*100
FixedAssetTurnover Sales/FixedAssets
AssetTurnover Sales/TotalAssets
OperatingCosts(%ofSales)
(OperatingExpenses/Sales)
*100
AdministrationCosts(%of
Sales)
(AdministrativeExpenses/Sales)
*100
CurrentAssetTurnover Sales/CurrentAssets
WorkingCapitalTurnover Sales/WorkingCapital
/
InterestCosts(%ofSales) (InterestExpenses/Sales)*100
CapitalEmployedTurnover Sales/ShareholdersEquity
Appendix(2/2)
Keysourcesofinformationusedinthereportincludethe
following:
Newsarticles
Journals Journals
Businessintelligencedatabases
I d t i ti Industryassociations
Governmentpublications
Thankyoufortheattention
FurnitureMarketinChinareportisapartofNetscribesConsumerGoodsIndustrySeries.
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