News (Reporter Wang Run): As we enter 2024, Ningbo Lite Shun Industrial Co., Ltd. has continuously rolled out "new tricks" to intensify its domestic market expansion, and the enterprise is showing a thriving momentum with robust production and sales. How did a foreign trade enterprise, which ranks first in the US market for socket and power strip sales, suddenly turn its focus to the domestic market? Yesterday, Chairman Tao Yueling responded to the reporter's inquiry: "This is our response to domestic consumption upgrading. Only by more accurately providing products that meet market demand can enterprises gain greater development space."

Founded in 1995, "Lite Shun" has undergone a "turn from inside out" transformation during its more than 20 years of development. In its early years, the company not only produced sockets and power strips but also manufactured related upstream and downstream products. The diverse product range and complex sales channels posed constraints on the company's management level and product quality. In response to this shortcoming, "Lite Shun" made a decisive decision to do "subtraction" by halting production of some products and focusing on the socket and power strip market. At the same time, it targeted the international market, primarily the US, for sales and set a goal to reach the top of the industry, which it gradually achieved.

Upon entering the company's sample display room, the reporter felt as if stepping into a "world" of sockets and power strips: sockets that can connect to WiFi, power strips with nightlight functions, smart sockets that can wirelessly charge mobile phones... "Our company currently offers over 600 types of sockets and power strips," Tao Yueling told the reporter. "With clear goals and development paths, the key lies in steady and solid actions. We have always regarded technological research and development as our top priority and taken various measures to continuously enhance our core competitiveness." Lite Shun has consistently increased its investment in technological research and development, with R&D expenses in recent years approaching 10% of sales revenue. The company has also established a safety testing laboratory that meets UL certification standards. At the same time, Lite Shun has diligently built a highly market-sensitive technical research and development team, attracting technical talents from various fields through targeted recruitment at universities and collaborations with professional research institutions. Currently, the company boasts a research and development team of over 40 people. This strong and stable technical research and development capability provides a solid foundation for the company to develop new products and expand markets. As a result, the company has been selected into the national high-tech enterprise list and included in the Ningbo "Specialized, Refined, Innovative, and Unique Enterprises" cultivation program for 2021-2022. Its products have successively obtained safety certifications from professional authoritative institutions such as UL, CUL in the United States, and Canada, earning it numerous "passes" to enter international markets. In recent years, the company has directly cooperated with globally renowned large supermarket chains such as Home Depot, Walmart, and Lowe's, selling its products worldwide. In 2015, Lite Shun's sales revenue exceeded 100 million yuan and has been increasing annually, surpassing 500 million yuan last year, embodying its brand slogan of "True Safety Against Overload" with impressive performance.

"With changes in Chinese consumers' lifestyles, the demand for smart electronic products has become stronger, and we have also seen the market potential contained therein," said Tao Yueling, pointing to a rubber-coated socket with anti-drop functionality. "Young people now carry their mobile phones everywhere and particularly favor this type of socket." Starting from September last year, Lite Shun promptly initiated a "dual-wheel drive" strategy in response to structural changes in the domestic consumer market. While stabilizing the international market, it intensified its efforts to expand the domestic market, investing 12 million yuan in the development of new products tailored for the domestic market. Within nearly five months, the company developed nearly 30 new varieties of sockets and power strips across four series. Starting last year, the company also invested 150 million yuan to construct a new 100,000-square-meter factory building, introducing advanced production lines and automatic material handling control systems. The new factory will be put into use in April this year, more than doubling the company's production capacity. "While expanding production capacity, we will comprehensively lay out the domestic sales network, particularly enhancing online sales efforts, aiming to achieve sales revenue exceeding 1 billion yuan within three years," Tao Yueling said with confidence.