Gross profit of 600 million yuan in half a year, 9 big sellers submitted their first half report cards

At the end of August, the semi-annual reports of major companies entered an intensive disclosure period. Today, Enen.com compiled and released the financial reports disclosed in recent days, including independently listed Vesync ( Chenbei Technology ), Lejia Holdings, and Jiemite, backdoor listed Tongtuo Technology, Zebao Technology, Jiazhilian, Youkeshu, and New Third Board listed Bestec and Lideming.

Morning North Technology and other independent IPOs sold well

Vesync ( Chenbei Technology ), Leckey Holdings, and Gemtek, three independently listed large-scale companies, have successively released their semi-annual reports, but their performances vary. Some of them have achieved a half-year gross profit of up to 600 million yuan, while others have suffered a net loss of tens of millions.

Vesync ( Chenbei Technology ): Gross profit of 600 million yuan, explosive growth in humidifier category

In the first half of this year, Vesync's revenue was US $ 223 million ( about RMB 1.543 billion if converted at the exchange rate on August 30) , a year-on-year increase of 12.0%; gross profit was US$87.55 million (about RMB 606 million), a year-on-year decrease of about 1.1%, and gross profit margin was 39.2%, a year-on-year decrease of 5.2%. Levoit and Cosori are Vesync's main sources of revenue, with revenue of about US$197 million (RMB 1.362 billion).

The revenue growth was mainly driven by strong sales of various household products such as Levoit air purifiers, humidifiers and related replacement filters . The decline in gross profit and gross profit margin was mainly due to the increase in international freight rates in 2021, which pushed up sales costs.

In the first half of the year, Vesync launched more smart products, such as the Levoit Core 200s smart air purifier, Dual 150 and Classic 300 smart humidifiers, and the Cosori Quart smart air fryer.

While continuously launching new products, the Ve Sync app was also developed to allow users to centrally control smart home devices. As of June 30, 2022, there were approximately 3.5 million activated devices on the Ve Sync app, an increase of approximately 25% from approximately 2.8 million at the end of last year. In addition, as of June 30, 2022, the Ve Sync app's Apple Store download ranking was 76th in the Lifestyle category, up 5 places from 81st at the end of last year.

In 2022, Vesync's humidifier category achieved explosive growth, with a new generation of products fully launched and sales increasing by more than 100% year-on-year. Humidifiers have also become another category with the largest market share on Amazon, following purifiers, weight scales, kitchen scales, luggage scales, temperature guns, kettles, and fruit dryers.

According to statistics from market research firm NPD Group, Vesync 's newly launched products ( such as Levoit air humidifiers and air purifiers) have achieved high rankings in the United States, allowing Vesync to profit from the online traffic of Amazon's keyword searches and consumers' robust demand for home products .

In the first half of this year, Vesync has achieved good results in refined online operation capabilities, channel expansion, and regional expansion.

In terms of refined online operation capabilities: Taking Amazon as an example, the overall conversion rate in the first half of 2022 increased by about 19% compared with the first half of 2021.

In terms of channel expansion: Revenue from non-Amazon channels increased by approximately 182% year-on-year, and the proportion of total revenue increased from approximately 5.4% in the first half of 2021 to approximately 13.7%. Taking the US market as an example, single-store sales to Target and Best Buy increased by more than 350% and 70% respectively compared with the same period last year.

In terms of regional expansion: European market sales increased by approximately US$9 million, or approximately 28.1%, compared to the first half of 2021. Cosori's kitchen appliances have high growth opportunities in Europe, which also helped Vesync's products enter more than 700 stores of large convenience stores in countries and regions such as Spain, Romania, and Northern Europe.

It is worth mentioning that in the first half of this year, on Amazon, Vesync converted most of its products from the Seller Central plan to the Vendor Central plan. As a result, the revenue generated by the Seller Central plan decreased by approximately 95.3% compared with the first half of 2021, and the revenue generated by the Vendor Central plan increased by approximately 41.8% compared with the first half of 2021.

In addition, Een.com noticed that while most sellers in the industry were laying off employees to cut costs, Vesync went the other way and hired a large number of people. The financial report shows that in the first half of this year, Vesync's revenue almost doubled year-on-year, from US$5.604 million (about RMB 38.74 million) in the first half of 2021 to US$10.233 million (about RMB 70.754 million) in the first half of 2022.

In addition, Vesync also stated that sales and distribution expenses increased by approximately 24.4% from approximately US$30.3 million in the first half of 2021 to approximately US$37.7 million in the first half of 2022. In addition to the increase in marketing and advertising expenses to increase the market share of major products, the increase in employee costs due to the increase in the number of employees due to business expansion was another factor.

Lechuang Holdings: Net profit of 130 million yuan, sales of 686,000 sets of core products

During the reporting period, Lechuang achieved operating income of 1.548 billion yuan, an increase of 10.84% ​​over the same period last year; net profit attributable to shareholders of the listed company was 130 million yuan, an increase of 55.30% over the same period last year.

As we all know, Lechuang's product sales are mainly based on its own brands, and OEM processing business is carried out in parallel. During the reporting period, the sales revenue of its own brand products accounted for 68.29% of the main business revenue (excluding overseas warehouse revenue).

In July 2022, Kantar and Google jointly released the "Kantar BrandZ China Top 50 Global Brands" ranking, and LOGO's overseas brand FlexiSpot was on the list for the first time. Today, the "Flexispot" brand height-adjustable table ranks first in sales in the height-adjustable table category on e-commerce platforms such as Amazon, Walmart, Rakuten, Yahoo, and Home Depot.

Of course, the achievement of these results is closely related to Leckey's emphasis on research and development. During the reporting period, its research and development expenses were 65.3 million yuan, an increase of 18.94% year-on-year.

In the first half of this year, Leckey's cross-border e-commerce sales revenue continued to grow, up 8.64% year-on-year. The independent site and Amazon are the two main online direct sales channels, with revenues of 281 million yuan and 443 million yuan respectively, accounting for 18.36% and 28.97% of the main business revenue respectively.

Although the independent site is not as good as Amazon in terms of the number of buyers and the proportion of main revenue, it is far ahead in terms of per capita consumption and year-on-year growth in sales revenue, proving that Leckey's independent site is developing rapidly and has strong user stickiness.

Ergonomic workstations are still the main source of Loctek's operating income. During the reporting period, the company achieved revenue of RMB 1.12 billion, a year-on-year increase of 6.38%, and a gross profit margin of 42.47%. Among them, the core product, linear drive lifting system, achieved sales of 686,000 sets and sales of RMB 920 million, a year-on-year increase of 16.36%, and the sales scale continued to expand.

Even in the first half of the year, when Leckey upgraded its brand logo, it also introduced the element of "smart lifting home".

In addition to product sales, overseas warehouse services are another source of revenue for Leckey. During the reporting period, public overseas warehouse services achieved total revenue of 258 million yuan, of which 181 million yuan was from services provided to third parties. The overseas public warehouse business is currently in the early stages of an outbreak, with revenue of 66.9752 million yuan in the first quarter of 2022 and 114 million yuan in the second quarter. The shipment volume in June increased by 102.74% compared to January.

As of the end of the reporting period, Leckey had 15 overseas warehouses around the world, covering an area of ​​277,700 square meters, with 40,300 square meters of warehouses under construction.

JMET: Net profit plummeted by 2 times, and revenue of own brands declined

Compared with the first two companies, the performance of Gemtek, known as the "No. 1 mobile phone case stock", in the first half of the year was not satisfactory.

The report shows that in the first half of 2022,   JMET achieved operating income of 360 million yuan, a year-on-year increase of 19.75%; the net profit attributable to shareholders of the listed company was -16.382 million yuan, compared with 15.5457 million yuan in the same period last year, a year-on-year decrease of 205.38%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -36.928 million yuan, compared with 100,300 yuan in the same period last year, a year-on-year decrease of 36,925.66% .

As for the reasons for the performance changes, JMET explained that it was mainly affected by three factors: changes in product shipments in downstream industries, changes in the industry structure of downstream industries, strategic investments in fundraising projects, and exchange rate fluctuations.

According to a report released by IDC, global smartphone shipments in the first half of 2022 were 600 million units, a year-on-year decrease of 8.80%; global tablet shipments reached 79 million units, a year-on-year decrease of 1.74%.

Gemtech's business mainly consists of two businesses: ODM/OEM business and private label business. However, E-net noted that the ODM/OEM business with a lower gross profit margin (only 9.55%) had a year-on-year revenue growth of 50.46% in the first half of the year, with revenue of 270 million yuan, while the private label business with a gross profit margin of 60.93% had a year-on-year revenue decline of 25.90%. E-net believes that Gemtech's revenue growth but no profit growth in the first half of this year is related to the development status of its two businesses.

Not long ago, Gemtek stated on the investor platform that both its own-brand business and ODM/OEM business have developed iPhone 14 series mobile phone case products, which are currently in mass production. Previously, Gemtek had reaped a wave of dividends on Apple mobile phone cases. Now that the iPhone 14 is about to be released, Gemtek may also want to use this wave of sales to reverse the downward trend in the first half of the year.

Zebao and other backdoor listings sold well

Before Anker Innovations successfully went public independently, the main way for cross-border e-commerce giants to go public was through "shelling", that is, through mergers and acquisitions of listed companies. Jiazhilian, Youkeshu, Tongtuo Technology, and Zebao Technology, which were listed earlier, all adopted this method. For example, Jiazhilian, the first giant to go public in this way, was acquired by Huading Holdings.

Tongtuo Technology : Total profit loss of nearly 200 million yuan, initiated arbitration against Amazon

The semi-annual report released by Tongtuo Technology's parent company Huading Holdings showed that the cross-border e-commerce business segment achieved operating income of 1.679 billion yuan, a year-on-year decrease of 52.46%; total profit was -194 million yuan , a year-on-year decrease of 309.89 %; net profit was -195 million yuan , a year-on-year decrease of 353.75%.

Regarding the reasons for the performance changes, Huading Co., Ltd. explained that there are three main reasons : First, the international macroeconomic downturn has caused setbacks in overseas core consumer markets ; second, the independent station business was affected by PAYPAL's risk control, resulting in funds being frozen and deducted ; third, the continued impact of Amazon's black swan event, etc.

In the semi-annual report, Huading shares disclosed the lawsuits and arbitrations that were not disclosed in the interim announcement or had subsequent progress. Among them, Yien.com noticed that Tongtuo filed an arbitration against Amazon. From July to October 2021, many Tongtuo stores received Amazon's store closure notice and frozen account balances. In order to recover the frozen funds and claim losses such as inventory processing and sales revenue from Amazon, Tongtuo commissioned lawyers to file arbitration against Amazon for 8 stores. The arbitration involves an amount of US$1,491,729 and is currently under arbitration.

In addition, Tongtuo also filed a civil lawsuit against a person and filed a criminal report. It is reported that in 2020, Tongtuo commissioned intermediary Liu Jia to register 7 American companies in the United States through its American partner Xie Dan, and registered 7 corresponding Walmart stores. In June 2021, it was found that the 7 stores could not return the money. After verification, it was found that the store funds were stolen by Xie Dan. Tongtuo immediately commissioned an American lawyer to file a civil lawsuit and filed a criminal report at the same time. The amount involved is US$2,786,125, and it is currently in the first instance process.

Among these lawsuits and arbitrations, some were initiated by Tongtuo and some were initiated by others against Tongtuo Technology. Among them, three plaintiffs sued Tongtuo Technology in the Southern Florida Court for infringement of its trademark rights for clothing and other products sold on its six independent websites, involving trademark names "TNF/THE NORTH FACE/VANSTBL/TIMBERLAND", and applied to freeze Tongtuo's payment account . This lawsuit resulted in the freezing of funds in its four PayPal accounts, with the frozen funds amounting to US$2,161,855.68 and 905,059.65 euros. The other party has withdrawn the lawsuit, but Tongtuo has also paid a settlement of US$290,000.

Another lawsuit also involves trademark infringement. It is reported that the toys and other products sold on the four independent websites of Tongtuo were sued by the plaintiff in the New York State Court for infringing its trademark rights. The trademarks involved are "MATTEL, BARBIE", and the plaintiff applied to freeze Tongtuo's payment account; this lawsuit resulted in the freezing of funds in its two PayPal accounts, with the frozen funds amounting to US$650,586.81. It is currently in the first instance process.

Zebao Technology: Total profit decreased by 160 million yuan, and Amazon's revenue share plummeted

Zebao's parent company, Xinghui Holdings , disclosed in its semi-annual report that its total operating revenue in the first half of 2022 was 1.256 billion yuan, a year-on-year decrease of 48.3%; its net profit was -17.203 million yuan, a year-on-year decrease of 116.36%; and its net profit attributable to shareholders of listed companies was -17.6015 million yuan, compared with 100 million yuan in the same period last year, a year-on-year decrease of 116.85%.

From the perspective of business structure, "e-commerce business" is the main source of its operating income. Therefore, as for the reason for the sharp decline in performance, Xinghui Co., Ltd. has repeatedly attributed it to the impact of the Amazon account ban that Zebao suffered last year in its financial report.

The financial report shows that in the first half of the year, Zebao's revenue was 645 million yuan, a year-on-year decrease of 66.45%, and the total profit was -20.4873 million yuan, a decrease of 161 million yuan from the same period last year.

Zebao mainly sells its products through Amazon, self-operated platforms, other third-party platforms and offline channels. In the first half of this year, although Zebao's revenue on Amazon still accounted for 48.88%, the revenue amount has dropped sharply, currently only 315 million yuan, a year-on-year decrease of 81.17%.

After the setback on Amazon, Zebao vigorously developed other third-party platforms and self-operated platforms. In the first half of this year, the revenue of offline channels, self-operated platforms and other third-party platforms showed an upward trend, especially other third-party platforms, with revenue of 91.61 million yuan, a year-on-year increase of 324.74%. The self-operated platform also developed well, with revenue of 48.30 million yuan, a year-on-year increase of 30.18%.

From the product perspective, during the reporting period, smart home appliances achieved sales revenue of 240 million yuan, accounting for 37.14% of the company's e-commerce business revenue; power supplies and 3C peripheral products achieved sales revenue of 222 million yuan, accounting for 34.40% of the company's e-commerce business revenue; Bluetooth audio products achieved sales revenue of 75 million yuan, accounting for 11.54% of the company's e-commerce business revenue; Bluetooth audio products achieved sales revenue of 44 million yuan, accounting for 6.76% of the company's e-commerce business revenue.

Youkeshu: Revenue shrunk by more than 60%, with a net loss of 80 million yuan.

Cross-border e-commerce export business is Tianze Information’s current only core business, and its main operating entities include Youkeshu in Shenzhen and Youkeshu in Changsha.

The report shows that in the first half of 2022, Tianze Information achieved revenue of 423 million yuan, a year-on-year decrease of 64.05%; net profit was -83.0483 million yuan, a year-on-year increase of 91.13%; and net profit attributable to shareholders of listed companies was -83.8337 million yuan, a year-on-year increase of 91.16%.

In the first half of the year, in the cross-border e-commerce export business, Tianze Information's revenue from online channels was 341 million yuan, accounting for nearly 100.00% of the overall revenue of cross-border e-commerce business.

Affected by the changes in the policy environment of the Amazon platform and the fierce competition in the European and American markets, Youkeshu's cross-border e-commerce business operations in 2021 were significantly affected. In the first half of this year, it took the initiative to shrink its business scale and implement a stable operation strategy, and its operating performance on platforms such as Amazon and AliExpress declined to varying degrees.

Currently, the number of Youkeshu's product SKUs is still large. During the reporting period, the number of SKUs sold reached 158,000, totaling 9.2 million.

Its core categories include: home building materials and household goods, electronic products, mobile communications and game accessories, sporting goods, toys, health products and daily necessities. The first two categories have the best sales, with total orders of 1.4647 million and 1.531 million respectively.

Jiazhilian: Revenue of 200 million yuan, net profit fell 6 times

The 2022 semi-annual report released by Xunxing Co., Ltd., the parent company of Jiazhilian, shows that the company has two main businesses: zipper business and cross-border e-commerce business. During the reporting period, the company's operating profit mainly came from the zipper business.

In terms of cross-border e-commerce business, during the reporting period, the company continued to strengthen quality control, optimize processes, and reshape the team, achieving operating income of 201 million yuan, a year-on-year increase of 2.22%; however, high product promotion, logistics, and warehousing costs swallowed up profits, and the net profit attributable to the parent company's owners during the reporting period was -22.8893 million yuan, a year-on-year decrease of 689.01%.

Jiazhilian's e-commerce business does not have its own sales platform, and mainly achieves export B2C sales through third-party platforms such as Amazon and Shopify independent stations. In the first half of 2022, it achieved online sales revenue of 191 million yuan through third-party sales platforms, compared with the e-commerce brand trade revenue of 182 million yuan in January-June 2021, a year-on-year increase of 5.03%, accounting for 94.88% of the total sales of e-commerce business for the whole year.

The products sold by Jiazhilian's e-commerce business are all self-owned brands, and the categories cover household living supplies, 3C electronic products, health and beauty products, automotive peripheral products, other products and other fields. In the first half of 2022, the revenues of the above five major categories were RMB 90.4007 million, RMB 49.1068 million, RMB 29.1653 million, RMB 10.6794 million and RMB 11.3564 million, respectively, accounting for 44.97%, 24.43%, 14.51%, 5.31% and 5.65% of the total e-commerce business revenue in the first half of the year, respectively.

Li Deming and Bestec were listed on the new OTC Market and sold well

Compared with the above-mentioned companies, the industry may not be familiar with these two sellers listed on the New Third Board, but one of them is an enterprise invested by Shenzhen big seller Aojie Technology, and the other is Amazon's "strategic big seller."

Li Deming: Revenue declines, net profit cut in half

Li Deming is mainly engaged in the research and development and sales of peripheral products for computers, communications and other electronic equipment. Its main products are data cables, chargers , audio cables, protection and bracket products, etc. At present, its online B2C business is mainly aimed at the European and American markets, mainly through Amazon channels. The big seller Aoji Technology is its shareholder, holding 13.9670% of the shares , ranking fourth among all shareholders.

During the reporting period, the company achieved operating income of RMB 284 million, a year-on-year decrease of 7.83%; the net profit attributable to shareholders of the listed company was RMB 9.26 million, a year-on-year decrease of 54.77%, and the gross profit margin was 51.53%. The main reason for the sharp decline in net profit was the appreciation of RMB against foreign currencies such as the British pound and the euro during the period .

Although the net profit was hit hard by exchange rate fluctuations, in the first half of the year, Li Deming still provided interest-bearing loans to some employees based on their actual needs and applications. The maximum term of the loan is 3 years, and if the employee resigns, it must be repaid in advance. The loan is currently in the execution period. At the end of the reporting period, the total balance of the loan was 3.45 million yuan. As of the disclosure date of this report, 2 employees have repaid the loan in full (450,000 yuan) and paid the agreed interest rate in accordance with the loan agreement, paying 19,578 yuan in interest during the use period.

Best Thai :   With a net profit of 10 million yuan, travel appliances become a dark horse in terms of revenue

In the first half of 2022, the company achieved operating income of 106 million yuan , a year-on-year increase of 16.01%, and net profit attributable to shareholders of listed companies of 1.035 million yuan , a year-on-year increase of 1.96%.

Bestec's main markets are the United States, Japan, Europe and other places . In the first half of 2022, its overseas sales revenue was 104 million yuan , accounting for approximately 98.21% of total revenue.

Since 2011, Best Buy has been a "strategic big seller" on Amazon . In the first half of 2022 , the revenue it achieved through Amazon was 93.28 million yuan , accounting for 88.20% of the total revenue in the first half of 2022 .

In the first half of this year, the revenue structure of Bestec showed significant changes. Due to the increase in global consumers' demand for overseas travel in the post-epidemic period, the revenue of travel electrical products increased by 205.81% compared with last year; the demand for home medical products increased, and the revenue increased by 36.94% compared with last year; the overall sales of automotive electrical products decreased, and the revenue decreased by 17.06% compared with last year.

However, the production and sales of automotive electrical products were still the main source of income for Bestec in the first half of the year, with sales revenue of 31.65 million yuan for automotive electrical products, accounting for 29.92% of total operating income; sales revenue of 22.06 million yuan for travel electrical products , accounting for 20.86 % of total operating income; sales revenue of 18.76 million yuan for household medical products, accounting for 17.74% of total operating income; and sales revenue of 17.48 million yuan for household electrical appliances, accounting for 16.53% of total operating income.

Bestay mainly settles foreign exchange in US dollars, euros and yen. Due to international exchange rate fluctuations in the first half of 2022, it incurred exchange losses and obtained exchange gains of RMB 259,000 . It is reported that in the future it will continue to cooperate with major banks to adopt forward exchange settlement, hedging and other methods to reduce the risks brought by exchange rate fluctuations .

Morning North Technology

There is a tree

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