In the past two years, global mobile phone shipments have declined, and the market performance of a series of smart mobile terminal derivative products has also been affected. In addition, with fierce competition and saturated market penetration, 3C sellers are not having an easy time.
What's more, there is the super-selling Anker Innovation in front, and the increasingly fierce Green Link Technology, which passed the Shenzhen Stock Exchange Listing Committee meeting at the beginning of the year, is catching up . The competition in the 3C track can be expected. Among them, Huaqiangbei Damai Pinsheng, which was established 20 years ago and just started its IPO, is wading through difficulties.
On the same track as Anker, Huaqiangbei's listing was suspended
Recently, the IPO of Pinsheng, a cross-border 3C brand from Huaqiangbei, was suspended.
On June 30 this year , the listing application of Guangdong Pisen Electronics Co., Ltd. (hereinafter referred to as "Pisen") was finally officially accepted by the Shenzhen Stock Exchange.
If we look back at the development history of Pisen, we have to lament the lateness of this listing application. People in the industry always say that it "got up early and arrived late."
In 2003, Shenzhen Dexian Electronics Co., Ltd. , the predecessor of PISEN , was born . It started with digital camera accessories and established the banner of development with the concept of "quality wins" (which was also the foreshadowing of the subsequent name change to PISEN).
In 2013, PISEN successfully opened up an online and offline dual-channel sales network; in 2017, it fully entered the mobile phone internal components market; in 2019, it launched the " PISEN MORE " ecosystem strategy, opening up brands , channels and other resources ; in 2021, it entered the shared power bank market ; in 2022, it entered the energy storage market .
Although PISEN has established itself as the " leader in 3C smart mobile peripheral products " overseas and stated in its Amazon flagship store that its power bank products have won the favor of more than 2 million consumers , in terms of products, PISEN's best-selling product is still data cables, with annual sales expected to reach 24.73 million units in 2022 .
However, in the field of data cables, strong rivals Anker Innovations and UGREEN Technology are squeezing out PISEN's space.
In the capital race, although PISEN has been steady and has a much longer development history than Anker Innovations, which was founded in 2011, and UGREEN Technology, which was founded in 2012, it lags behind in the capital market.
In fact, Pinsheng was listed on the New Third Board in 2015, becoming the " first 3C accessories stock " in one fell swoop , but it was delisted in 2017.
Data shows that in the past decade, Pisen's performance has almost stagnated. From 2013 to 2016, Pisen's revenue reached 834 million yuan, 1.091 billion yuan, 1.116 billion yuan and 1.052 billion yuan respectively, and its net profit increased from 8.9746 million yuan, 25.3633 million yuan, 108 million yuan to 123 million yuan.
It can be seen that its profitability has been gradually improving during the period of the New Third Board. However, according to the 2020 financial data, after withdrawing from the New Third Board, PISEN's performance growth was not high, and its net profit was declining: revenue was 1.142 billion yuan and net profit was 102 million yuan.
Since then , between 2021 and 2022, revenue growth was less than 450,000 yuan (from 1.3284 billion yuan to 1.3289 billion yuan), and net profit dropped from 101 million yuan to 97 million yuan .
Its latecomer Anker has a revenue of 10 billion yuan this year, and UGREEN, which is impacting the A-share market, has also seen its revenue total 8.2 billion yuan and its net profit total 800 million yuan in the past three years.
Also taking root in Huaqiangbei, the big tree of Pinsheng has now been left behind by the small saplings (such as UGREEN).
Since the first round of listing counseling began in 2022, Pisen has gone through 5 rounds of listing counseling before successfully submitting its application. Now that Greenlink is getting closer to listing, its IPO road is blocked. Although the reason for the suspension is shown as the failure to update relevant financial and other information, more than 3 months have passed since the first half of this year, but it has not yet submitted its first half performance report. This makes people wonder: Is Pisen's performance starting to decline, and is both revenue and net profit reporting bad news?
The development trend of PISEN is unclear, but many cross-border sellers in the same field have received good news, such as BASEUS.
Annual shipments of 90 million, 3C sales gain 300 million users
In April this year , Shenzhen Baseus Technology Co., Ltd. ( hereinafter referred to as "Baseus" ) announced the completion of a round A financing of several hundred million yuan, led by Shenzhen Capital Group and CICC Capital, and followed by Yuexiu Industrial Fund and Gaorong Capital. This was the first round of financing since its establishment in 2011 .
Why is it so favored by investors? This is inseparable from Baseus' rapid development in the cross-border 3C field.
Chen Linsong, head of design innovation at Baseus, once stated at a financing press conference that in the fields of charging and TWS Bluetooth headsets, Baseus' gallium nitride fast charging chargers have ranked first in the country and leading the world in sales, and TWS Bluetooth headsets account for more than 2.5% of global shipments .
At the same time, Baseus has gained the trust of more than 300 million users worldwide, with consumers in more than 180 countries and regions . It has also established service points in the United States, the United Kingdom, Germany, Japan, Singapore, Indonesia and other markets.
In the field of chargers, Baseus is widely recognized, with shipments reaching 90 million units in 2021 alone , making it the number one in the national charger category in terms of shipments that year .
Through Baseus’ flagship store on Amazon, we can see that most of its products have thousands of reviews and ratings exceeding 4 stars, which proves its market recognition.
There are also data showing that Baseus has entered the Southeast Asian market through platforms such as Shopee, and now has achieved thousands of orders per day.
Since its establishment more than ten years ago, Baseus has regarded R&D as its top priority. According to Qichacha data, Baseus has 1,460 patents. It is the emphasis on R&D that has shaped Baseus's brand path, and it has now entered the top list of Chinese brands going overseas .
Judging from the above information, Baseus' development prospects are slightly better than that of PISEN, but the business world is like a battlefield, and Baseus is also under fierce attack from powerful enemies.
When it comes to charging products, Anker has a greater reputation in the market. In 2022, this category brought Anker nearly 6.9 billion yuan in revenue, with a growth rate of more than 23%. There is also direct head-on competition from UGREEN and PISEN, plus other brands that are coming one after another. The fierce competition in the smart terminal charging category market can be anticipated.
In addition, the consumer electronics market has been cooling down in recent years. This year, a survey by market analysis firm Canalys pointed out that the global smartphone market has declined for five consecutive quarters, and fell again by 12% in the first quarter of 2023 .
Then the series of industries derived from this, such as power banks, data cables, mobile phone cases, etc. will naturally be "affected by the cold."
However, Baseus is not sitting still and is actively expanding its sales channels in an all-round way, focusing on both online and offline. It is not only thriving on domestic platforms such as Tmall and cross-border e-commerce platforms such as Amazon, but has also opened a large number of brand counters and experience stores at home and abroad , and its offline channels are equally extensive .
As of 2022, Baseus has more than 600 stores in more than 180 countries and regions around the world, as well as more than 100 flagship stores.
At present, the consumer electronics market is fiercely fought by the leading brands such as Anker, UGREEN, Baseus, and Pisen, while a group of new entrants are trying to share the pie. Although the dividends of the consumer electronics market are still there and the prospects are still promising, it is a difficult problem to occupy a place and take the lead. Big Sell Listing Suspension |
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