The couple went overseas, and the product "hard controlled" Musk's mother

It was ridiculed by netizens as a "tax on IQ" and was frequently listed on the "blowing the coin" list, but some sellers still made 1 billion yuan a year from it and even invited the mother of the world's richest man Elon Musk to be their spokesperson.

Musk's mother was invited

In May this year , Musk's mother Maye Musk posted her Mother's Day gift on Instagram , which was a massager from the Chinese overseas brand SKG .

Then on May 22, SKG officially announced that Maye Musk became its global health ambassador . This cooperation made SKG gain great reputation overseas .

In the past few years, SKG's marketing in China has been very crazy. Its sponsorship can be seen in popular variety shows such as "Wife's Romantic Travel", "Sisters Riding the Wind and Waves", and "China's New Rap 2020 " . It also invited a number of popular stars such as Yang Yang, Wang Yibo, and Guli Nazha to endorse it.

For a long time, when you open social media platforms such as Xiaohongshu and Douyin, you can see a lot of promotional and review videos about SKG products.

Health preservation is becoming more and more popular among younger people, and some people say that the trend of massagers was started by SKG.

In China, SKG's wearable health products such as cervical massagers, lumbar massagers, eye massagers, fascia guns, health watches, knee massagers, etc. have a certain market share.

For example, its K5 series eye massager sold over one million units in the first quarter of its release, becoming the No. 1 product in the category on Tmall’s Double 11 that year. Its omni-channel sales exceeded 220 million yuan during the promotion period.

The thin and lightweight wearable waist massager launched in 2021 also quickly rose to the first place in the market ranking of similar products on Tmall and JD.com. Subsequent sales continued to improve and drove a substantial increase in waist massager revenue.

According to a report by Euromonitor International, SKG brand cervical massagers ranked first in the country in sales based on B2C channel retail sales in 2021.

Today, it is no longer satisfied with the domestic market and has expanded overseas through leading third-party e-commerce platforms such as Amazon, eBay, Lazada, Shopee, and brand independent websites .

On Amazon, SKG's product market share is not very high, and it does not have many SKUs on the platform. Among them, the better-selling ones are neck massagers and waist massagers, with monthly sales of over 1,000 in November.

However, it is worth noting that data shows that during Amazon's PD last year, the sales of SKG's K6 series of smart cervical massagers exceeded the 10 million US dollar mark, becoming the top sales in the health care category on the platform .

SKG is very serious about going overseas. It has set up departments such as the Overseas TikTok Operations Department, Overseas Independent Station Operations Department, Overseas Marketing Department, and Overseas Marketing Center to be responsible for the marketing of products in overseas markets.

The classic hit sold over 6 million units

In 2007, Liu Jie, the founder of SKG, went to the "Chinese Home Appliance Capital" - Shunde, Guangdong, and established Future Wearable Health Technology Co., Ltd. ( hereinafter referred to as "Future Health") and launched the brand SKG.

In the early days, SKG did not focus on wearable health products, but relied on the advantages of the local industrial belt to sell various small household appliances. At the same time, the founder Liu Jie's initial target market was overseas, and he also built his own English B2C website. However, he started off badly and soon burned through almost all of his 40 million startup funds, and the brand has not yet opened up the market.

It was not until 2018 that SKG focused on launching its first "4098 Series" cervical massager product , which was also a classic hit. Since then, it has officially positioned itself as a smart wearable health product brand. Over the years, it has continuously expanded its product categories to eye massagers, waist massagers, fascia guns, health watches, sleep products, etc.

Its classic products have been on the market for many years and are still hot-selling. According to official information, the 4098 series reached its sales peak in 2019. By the beginning of September this year, the cumulative sales of the "4098 series" products had exceeded 6 million units , and the stacking height of the sold products was equivalent to 88 Mount Everests.

In 2019, the new K series products developed by SKG entered the market and quickly became the brand's main products.

Relying on a product matrix with multiple categories and application scenarios, SKG's main core products have a leading market position on multiple mainstream e-commerce platforms, and now seem to be heading overseas with great fanfare.

It is hard to deny that SKG is known to the public entirely because of its reputation. Relying on heavy marketing on social media platforms, SKG has become a leading brand of massagers in China, and now it seems to be replicating this approach when going overseas.

In addition to inviting Musk's mother to be the spokesperson, SKG also invited former NBA star Tracy McGrady's to shoot a product promotion video. In August this year, the brand also had a product exchange and sharing with Maye Musk .

In China, SKG is active on mainstream social media platforms such as Douyin and Xiaohongshu; overseas, it is indispensable to YouTube, Instagram, TikTok, etc. Through cooperation with a large number of overseas influencers , SKG product content has also appeared frequently . On TikTok alone , content related to SKG products has been viewed more than 2.1 billion times .

In the first half of this year, SKG's revenue in overseas markets reached 28.55 million yuan . Although it only accounted for 4.8% of its total revenue, judging from its continuous investment in overseas markets this year, overseas markets will become an important market for it in the future.

After losing the A-share market, it switched to the New Third Board and won 100 million yuan in financing

SKG is very popular, but its path to listing was not smooth.

In June 2022, the Shenzhen Stock Exchange officially accepted the listing application of SKG's parent company Future Health. Starting in July of the same year, the Shenzhen Stock Exchange conducted multiple rounds of inquiries on its revenue , operating costs, fundraising and investment projects, sales rebates, etc., but Future Health has never been able to submit a convincing response; one year later ( July 2023), Future Health withdrew its listing application.

The prospectus points out that from 2020 to 2022, Future Health's revenue will reach 991 million yuan, 1.06 billion yuan and 904 million yuan respectively , and its net profit will be 143 million yuan, 132 million yuan and 119 million yuan respectively , with profits declining for three consecutive years .

By 2023, its revenue will return to the 1 billion level (specifically 1.046 billion yuan), and its net profit will rebound to 127 million yuan; in the first half of this year, Future Health achieved revenue of 595 million yuan, a year-on-year increase of 8.81%, and its net profit attributable to shareholders of the parent company was 109 million yuan, a year-on-year increase of 24.84% .

Perhaps because of this, Future Health has the confidence to go public again, but this time it is no longer obsessed with A-shares, but instead turns to the New Third Board. In March this year , it applied for listing on the New Third Board, and after two rounds of inquiries, it was listed on the New Third Board in August, just five months later .

During this period ( July 31), Future Health also received a strategic investment of approximately 100 million yuan from Morgan Stanley Private Equity .

With products as the mainstay, Future Health continues to invest. In the first half of this year alone, its R&D investment exceeded 42.02 million yuan, accounting for 7.07% of revenue. This has also built a core technology moat for its brand. As of the first half of the year, SKG has 2,007 patents, and its products have repeatedly won international awards, including the German Red Dot Design Award, the Hannover Industrial (iF) Design Award, etc.

Finally, from the prospectus information, we know that the actual controllers of Future Health are Liu Jie and his wife Xu Siying, who together control 88.94% of the company's voting rights . In the future, the couple will take SKG overseas and may have to go through many market tests.

Husband and wife team

Musk