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Schmidt Elevator to Sign a Strategic Cooperation Agreement with Bangladeshi Enterprise

By YUTING CHEN|Nov 14,2023

Chongqing - Leveraging core technologies such as the eight m/s ultra-high-speed intelligent elevator, Schmidt Elevator has been actively expanding its domestic and international market presence this year, according to Yang Guang, vice president of Schmidt Elevator Co., Ltd. (Chongqing).

Schmidt Elevator has established branches in 12 provinces across China and forged collaborative relationships with enterprises in Bangladesh, Russia, Singapore, and other countries.

Achieving a profit margin of 28%

Specializing in vertical elevators, escalators, and villa elevators, Schmidt Elevator operates as a national high-tech enterprise, integrating research, development, design, manufacturing, sales, installation, transformation, and maintenance.

Yang explained that elevators with speeds of three m/s and above are classified as high-speed elevators with stringent technical and safety requirements. Currently, elevators with speeds ranging from four m/s to six m/s are predominantly monopolized by foreign enterprises.

In collaboration with the Chinese Academy of Sciences, Chongqing University, and Chongqing University of Technology, Schmidt Elevator successfully developed the eight m/s ultra-high-speed intelligent elevator in 2021. The elevator completed national acceptance at the end of 2022 and was officially introduced to the market at the beginning of this year.

After overcoming the core technological challenges of eight meters per second ultra-high-speed, Schmidt increased its successful bidding rate by at least 20%, achieving a profit margin of 28%. 

Despite the global economic downturn, Yang said the company secured orders totaling 340 million yuan (USD 46.59 million) from January to September this year, with fourth-quarter orders scheduled through year-end.

Building a national brand and sales network

Starting this February, the company began to establish a nationwide sales network. Currently, Schmidt has established branches in 12 provinces, including Sichuan, Yunnan, Guizhou, Gansu, Ningxia, Xinjiang, Shandong, Hebei, and Guangxi, among others, and has developed 64 agents.

On November 9, employees at Schmidt Elevator Co., Ltd. are monitoring the production situation. (Photo/Zhou Chuanyong)

"To build a national brand, comprehensive after-sales service is crucial," noted Yang. The company's self-developed intelligent manufacturing Internet of Things monitoring platform enables full-process monitoring of sales, manufacturing, logistics, and maintenance environments.

The platform, particularly in maintenance, boasts a sophisticated warning system. During elevator operation, it can preemptively alert to potential issues with certain components, enabling precise repairs based on the notifications.

Additionally, there is an alarm system. In the event of elevator malfunctions, the alarm signal is sent to the system, synchronously notifying maintenance personnel for timely repairs. This system has become a new source of profitability for the company.

"With the gradual completion of our nationwide layout, the first half of this year saw an approximately 18% increase in suppliers and agents expressing interest in cooperation, and an additional 7% increase is expected in the fourth quarter," said Yang. The company's brand influence is anticipated to see a surge next year.

Cooperation agreement with Bangladeshi enterprise

"Chongqing is actively encouraging private enterprises to go global for development," stated Yang. This year, the Chongqing Municipal Commission of Commerce has organized numerous economic and trade forums, mainly targeting regions such as ASEAN and Central Asia.

Yang actively participated in these events, establishing connections with numerous merchants and foreign trade enterprises. This includes a well-known e-commerce enterprise in Bangladesh.

"At the end of November, we will travel to Bangladesh to sign a strategic cooperation agreement with this enterprise," Yang revealed. They thoroughly assessed the enterprise's business and financial conditions, corroborated through foreign trade enterprises and official channels, confirming its suitability for collaboration.

In the future, Schmidt aims to promote elevators in Bangladesh through this e-commerce platform. 

"According to the cooperation agreement, the company will annually sell no fewer than 1,000 elevators through this e-commerce platform, with sales totaling approximately 200 million yuan (USD 27.41 million) to 300 million yuan (USD 41.12 million)," Yang stated.


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