| The development of the economy has continuously enhanced the overall national strength of our country.As an important contributor to global technological innovation,China entered the ranks of innovative countries in 2020.The 18 th National Congress of the Communist Party of China clearly stated the need to implement the strategy of innovation-driven development.Guided by this national strategy,enterprises have improved their independent innovation capabilities and achieved transformation and upgrading,becoming the main theme of the generation.At the same time,there has been a wave of enthusiasm for domestic brands,and the rise of the "Chinese style" has almost become a recognized new consumer trend.This trend reached its climax in 2021 and 2022,bringing a turning point for the development of Chinese enterprises.The market for major household appliances in China has reached saturation,with the ownership rate of major household appliances among urban residents approaching 100%.However,the improvement in living standards has led to increasingly sophisticated consumer demands for appliance functions.The market potential for small household appliances in China is enormous,making it a new focus.Therefore,enterprises are actively entering the market for small household appliances.Although the market for small household appliances has broad prospects,the competition in the market is becoming increasingly fierce.Enterprises can only keep up with the ever-changing market through independent innovation and strategic transformation.Based on this,studying the strategic transformation of Chinese household appliance companies and reasonably assessing whether they have improved their business performance through strategic transformation is a current hot topic of concern.This article focuses on Stone Technology,an intelligent cleaning appliance company,as the research subject.Theoretical framework and practical analysis are combined to study the strategic transformation of Stone Technology,constructing a balanced scorecard evaluation system model for its strategic transformation.Firstly,the paper investigates literature on performance evaluation of strategic transformation both domestically and internationally,comparing different performance evaluation methods and theories.Based on the actual situation of Stone Technology,the balanced scorecard is selected.Secondly,combining the principles of the balanced scorecard,the driving factors of the transformation are identified from a strategic perspective.The objectives are decomposed into four dimensions: financial,customer,internal processes,and learning and growth.The analytic hierarchy process is applied to construct the performance evaluation system for the strategic transformation of Stone Technology and assign scores.Finally,a comparison is made with similar companies in the relevant industry.The specific indicators are analyzed to examine the changes in performance after the strategic transformation of Stone Technology.Based on the research findings,the problems and corresponding strategies after the transformation are proposed,aiming to provide some insights for other home appliance companies in the same industry when making decisions about strategic transformation.The research conclusions of this article are as follows: Firstly,the reasons for the strategic transformation of Stone Technology include changes in the external environment,intense industry competition,the development of artificial intelligence technology,and the goal of achieving long-term benefits for the company.Secondly,the difference between the strategic transformation of Stone Technology and traditional enterprises lies in the fact that Stone Technology is a technology-oriented cleaning appliance company.The main content of this strategic transformation is brand innovation,transforming from an original design manufacturer(ODM)to an original brand manufacturer(OBM)with independent brands.Thirdly,through the evaluation of the performance after the strategic transformation of Stone Technology,it was found that in the financial dimension,Stone Technology’s performance lags behind comparable companies in the industry.Although Stone Technology successfully went public after the transformation,the stock price fluctuated significantly in the following three years,and competition in the industry intensified.Despite an increase in net profit,the development ability in financial indicators did not show an optimistic performance.In the nonfinancial dimension,unlike the financial dimension,Stone Technology’s non-financial indicators performed well.Key indicators such as market share have improved to a certain extent,and the research and development investment ratio is significantly higher than that of comparable companies.Finally,as home appliance products gradually enter the stage of incremental innovation,the profitability of enterprises is affected.Therefore,companies should continue to explore their development paths,maintain their competitive advantages,and lead the industry forward. |
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