Behind the successful listing of the huge sales.
With the rapid development of cross-border e-commerce, many sellers have benefited from this wave of dividends and have become big sellers, such as the well-known Savitech and Zhiou Technology. Recently, Suzhou Beiang Intelligent Technology Co., Ltd. (hereinafter referred to as "Beiang Intelligent"), the company that owns Amazon's big brand Airdog, has also officially gone public.
PhD couple start a business! Beiang Intelligent successfully listed
Some time ago, Beon Intelligent released a related announcement, saying that the company's stock public transfer application has been reviewed and approved, and will be listed for public transfer on the National Equities Exchange and Quotations System from September 5. According to the information I recently found, Beon Intelligent has successfully listed on the New Third Board, with the stock code 874496.
But looking back at Beon Intelligent's road to listing, it was not a smooth journey.
As early as June 2018, Beon Intelligence was listed on the Suzhou Equity Exchange Center and delisted in June 2023. After that, Beon Intelligence signed a listing guidance agreement with SDIC Securities and filed for guidance. In July this year, the listing guidance work was completed. However, due to its insufficient innovative attributes, its application board was adjusted from the Growth Enterprise Market to the Beijing Stock Exchange, which can be said to be full of twists and turns.
Unlike many home appliance companies, Beon Intelligent mainly produces air purifiers, and is one of the few listed companies that specializes in this product. However, among the A-share listed companies, such as Stone Technology, Ecovacs, and Gree, they all have dabbled in this type of product, which is enough to prove the market situation.
Data shows that air purifiers are the company's core products, contributing more than 80% of revenue. From January to October 2023, the product's revenue was 249 million yuan. In addition to air purifiers, fans, humidifiers and environmental health-related appliances are also the main products of Beion Smart, but the proportion is relatively low.
With its series of products, Beon Smart has achieved good results in recent years. Taking the period from 2021 to 2022 as an example, Beon Smart's revenue was 454 million yuan and 417 million yuan respectively, and its net profit was 72.36 million yuan and 65.24 million yuan respectively.
As a company founded in 2009, Beon Intelligence was founded by Ran Hongyu and Zhang Yan, who both have doctoral degrees from American universities. Before founding Beon Intelligence, they worked as R&D engineers and managers in many companies. With a technical background, they naturally put the company's R&D first.
Supported by its products, technologies and other strengths, the company has obtained important certifications in many countries overseas, laying the foundation for multi-market development. At present, the company mainly operates in the OBM mode, and its products are sold to overseas markets such as Japan and the United States through channels such as Amazon.
Avoiding the Red Sea, many of its products are popular on Amazon Japan
Unlike many big sellers that have been focusing on the European and American markets, Beon Intelligent has placed its main battlefield in Japan, followed by the United States.
On Amazon Japan, Airdog brand air purifiers are sold through partner stores and are very popular. It is understood that Beon Smart established cooperation with Japan's TCN in 2019 and is currently the company's largest customer. Most of its Airdog brand products are sold through TCN, which contributes more than 60% of the company's revenue, and sometimes more than 70%.
This in turn led to a continuous increase in the overseas market share of Beon Smart, and by 2022, it had become the brand with the highest satisfaction among Japanese medical staff and consumers. "It can be reused by washing it with water without replacing the filter. This environmental protection concept has captured many overseas consumers," shared Ran Hongyu.
In the US, the company's products are mainly sold through Amazon stores and independent websites. On Amazon, there are many types of air purifiers, with prices ranging from US$249 to US$1,199. A neck-hanging air purifier is priced at only US$149, and the official claims that it can purify 99.9% of dust, smoke, pollen odors, etc.
Beon Intelligence has successfully gained a foothold in many countries through the model of first testing the waters online and then moving offline after reaching a certain scale.
Moreover, in order to control the entire industry chain and establish its own technological barriers, the company also controls a number of subsidiaries responsible for a series of businesses such as product production and sales.
According to relevant statistics, Beon Intelligent holds shares in 10 companies, of which 9 are subsidiaries and 1 is a grandson company, all of which are 100% controlled. They are responsible for the assembly of air purifiers and the production of wiring harness products, the production of plastic parts, the sales of water purifiers and dust mite removers, the sales of air purifiers and other environmental health appliances in the North American market, and the sales of other environmental health appliances in the North American market.
However, except for some related companies engaged in the production and sales of purifiers, most subsidiaries are in a loss-making state. In fact, this is also reflected in the prospectus. Compared with previous years, the company's revenue and profits in the past three years have been in a state of decline. In 2021, 2022 and the first 10 months of 2023, Beion Intelligent's revenue was 454 million yuan, 417 million yuan and 308 million yuan respectively, and its net profit was also the same, which was 74 million yuan, 65 million yuan and 33 million yuan respectively.
A frequent visitor on the best-selling list, this market size exceeds 10 billion US dollars
Looking back at the overall environment from the perspective of Beion Smart, it is not difficult to see that most companies are having a hard time. Before Beion Smart, there were many small home appliance companies in China that went public, but most of them failed. Data shows that this year alone, companies including Xiangjiang Electric and Boling Electric have withdrawn their listing materials.
For enterprises, going public is not the end but another starting point. In the future, they will also need to continue to maintain innovation and competitiveness to adapt to the market. In the prospectus, Beon Intelligence mentioned that in the next few years, it will focus on expanding production scale, increasing product variety, etc., and it is expected that a large amount of capital support will still be needed.
But the prospects of this market cannot be denied. Data shows that the global air purifier market size will grow from US$5.91 billion in 2016 to US$13.97 billion in 2022, with a compound annual growth rate of 15.42%. In the future, this market size will continue to grow and is expected to reach US$25.97 billion by 2030.
Europe, America and Asia-Pacific are the main consumer areas for this product. Unlike the domestic market, the demand for air purifiers in many overseas regions is quite high. According to the survey data in 2021, the Korean market has the highest penetration rate of 70%, followed by Europe and Japan, with a penetration rate of 40%, and then the United States, with a penetration rate of 29%.
This has also led many domestic small appliance sellers to turn their attention overseas.
ToLife is one of the most popular air purifier brands in recent times. According to data from TikTok in the US, in the past month, a ToLife purifier sold nearly 10,000 sets, with a turnover of 4.2272 million yuan and an average unit price of 525.77 yuan. The model is TZ-K2. Another popular air purifier, TZ-K1, has a relatively low average unit price of 174.07 yuan. It sold 22,900 sets in the past month, ranking eighth on the best-selling list.
It is not difficult to see that overseas consumers have an urgent need for this product. Moreover, as the market continues to grow, the requirements for products will become more detailed. Sellers who want to deeply cultivate this market demand will undoubtedly need to stick to brand building and differentiation in order to stand out overseas. Listing Beon Intelligence Air Purifier |
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