Back to Glory !
2013 to 2015 : Global Top 10 Elevator Company
Founded in 1966, Yungtay is the first public-listed elevator company in Taiwan. By adhering to the business philosophy of technology first, quality first, and service first for the past fifty years, Yungtay has been the leader of the elevator industry in Taiwan for a long period of time. With the business expansion into China in 1993, Yungtay had continued to explore and develop its sales strategies, technological innovation, quality verification, service system, and overall industrial chain layout under the highly competitive environment in the China elevator market with competitors from Europe, America, and Japan. Taking the advantage of the rapid expansion of real estate in China, as well as the excellent operating capabilities and outstanding performance, Yungtay was the only elevator brand across the Strait ranked among the global top 10 elevator companies from 2013 to 2015. In addition, Yungtay was listed as the No. 1 in the sales growth rate list of global top 10 elevator companies in both 2013 and 2014 due to its eye-catching achievements with years of rapid sales growth.
2016 to 2018 : Facing Significant Decline
2015 was a watershed year for glory. The changes in business philosophy of the management of Yungtay made our performance in China market declined significantly for three consecutive years while the China elevator market was under the continuous growth and having the largest scale dominated in the world. Yungtay was not found in the list of top 10 elevator companies in China elevator market in 2016, and its shipment in 2018 had reached a record low in the last decade, resulting in an unprecedented loss in the financial report in 2019, which was rarely seen in the elevator industry.
2019 : Revitalizing and Striving for Better
With the immediate adjustments to our operating strategies, and the support of the board of directors, as well as the great efforts actively made by the management, Yungtay has made significant progress in terms of orders and shipments in 2019 in China market, especially the leap forward in order acceptance. Compared to the growth by only 6.5% of the overall elevator market in China, as of November 2019, Yungtay recorded a year-on-year increase of 56% and 26% in orders and shipments, respectively, once again ranked top 10 in the China elevator market. Under the rapid growth, Yungtay will remain its proactive attitude towards the China market in 2020. The target set for order acceptance will increase by double-digit aggressive growth on this basis, with the hope to gradually recover the market share that we had lost and have them returned back to Yungtay’s business.
With regards to Taiwan market, with the active efforts of our employees in 2019, the number of new orders has increased significantly compared to the same period last year, and it is expected to reach a record high in recent years. Coupled with the steady growth of the replacement business and maintaining a yearly increase of 5% to 7% in maintenance revenue, the profit in 2019 is likely to reach a 10 year high. 2020 will be a year of continuous efforts and fruitful results. However, we are not satisfied with what we have achieved, we will continue to expand and strive to grow year after year.
Look Forward, Drive upward, Back to Global Top 10 Glory
In 2020, Yungtay will launch a number of reforms in product technology innovation to improve competitiveness and gain more market share with more user-friendly, intelligent and safe products. Together with higher-quality and efficient maintenance service teams we will provide sophisticated and differentiated service experience to customers. Moreover, Yungtay will once again commence its key global expansion in 2020. In addition to further tapping into the valuable China market, we will also expand our operation exposure to emerging overseas market, including but not limited to Vietnam, Cambodia, and Indonesia. Through continuous planning and implementation of innovative and revolutionary strategies, we are committed to back to the glory as the global top 10 elevator company!