semi-annual report review of household appliances: xiaoxiong and feike are under pressure, while cleaning appliances stand out
2024-10-02
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small kitchen appliances, cleaning appliances, personal care appliances, massage appliances and other daily appliances are in a world of ice and fire. in the first half of 2024, the sales of small kitchen appliances increased and decreased, the performance of xiaoxiong electric, an internet celebrity small household appliance company, dropped, the growth rate of the smash hit air fryer slowed down, and biyi technology and liren technology encountered growing pains.
the popularity of clean appliances is accelerating, and the performance of industry companies has increased overall, but ecovacs' revenue has declined. personal care appliances also had mixed results, and feike electrical appliances was also under pressure, with revenue and net profit attributable to the parent company declining. massage appliances have recovered, and it has become easier to turn losses into profits. technological innovation in household electrical appliances still needs to be strengthened.
bear electric's performance plummeted, and the air fryer stalled
in the first half of the year, the amount of electricity used in small kitchen appliances increased and decreased, and consumers demonstrated their rational demand to the fullest. aowei cloud's omni-channel push data shows that in the first half of 2024, the overall retail sales of small kitchen appliances fell by 5.4% year-on-year, and retail volume increased by 0.4% year-on-year.
performance comparison of small kitchen appliances in the first half of the year. drawing by beijing news shell finance reporter.
this change is also reflected in the company's semi-annual report, where the company's revenue performance was better than its net profit. the performance of supor and xinbao co., ltd. all showed positive growth. joyoung co., ltd.’s revenue increased and its net profit continued to be under pressure. bear electric's performance dropped sharply, and the company's second quarter was even more severe. the company's revenue was 937 million yuan, a year-on-year decrease of 14.01%; the net profit attributable to the parent company dropped sharply to 10.13 million yuan, a year-on-year decrease of 85.89%.
zhou xinyi, an analyst at caixin securities, believes that supor’s domestic sales revenue in the first half of the year increased slightly compared with the same period; in the export business, because the company’s main export customers were in the destocking stage in the same period last year, as demand rebounded after destocking in the european and american markets, the company’s main export customers orders have increased significantly compared with the same period, and export revenue has therefore achieved rapid growth.
"joyang's domestic sales grew steadily in the first half of the year. the core business of kitchen appliances (food processors and nutritional cooker series) maintained growth, while the cookware series declined more. in the case of declining overseas gross profit margins, the company drove the overall gross profit margin upward through product structure upgrades. ." hong jiran, an analyst at everbright securities, mentioned.
lu ming, an analyst at kaiyuan securities, believes that in the first half of the year, under a high base, bear electric's industry demand was under pressure and competition intensified, and the company's channel adjustments put pressure on revenue; the gross profit margin continued to decline, mainly due to the intensifying competition in the domestic industry, which caused the average price to decline. pay attention to performance recovery during the new product cycle after the high base is over.
in recent years, air fryer exports have shown pulse growth and will begin to adjust in the first half of 2023. in the first half of this year, the export growth rate of air fryers was lower than the overall export growth rate of china's home appliances. this has greatly increased the pressure on liren technology and biyi co., ltd.'s semi-annual reports. biyi co., ltd. increased revenue but did not increase profits, and the net profit attributable to the parent company fell by nearly half.
after experiencing four quarters of revenue decline, beiding holdings adopted a relatively proactive expense investment strategy, which led to a rebound in revenue growth in the second quarter. brokerages expect the new growth brought by sam's club stores to be an important reason for the company's rapid growth in offline distribution channels.
potware giant astar lost money in the first half of the year, but the profit margin narrowed year-on-year. regarding the question "does the company plan to divest its home appliance assets and expand and strengthen the robotics industry?" aistar stated that it adheres to the two-wheel drive strategy of "smart cooking power + intelligent manufacturing", uses the cooker business as a foothold to develop small household appliances and home furnishing businesses, and uses robot applications as an opportunity to provide overall solutions for intelligent manufacturing.
li ting, general manager of aowei cloud's small home appliances division, mentioned that in the first half of the year, the market volume of small kitchen appliances increased and decreased, indicating that consumer demand is still there, and also reflects that the price competition in the industry under the leadership of rational consumption has become more intense, and consumers are low-priced products have a more obvious tendency. young people and silver-haired people have become the main consumers. the consumption trend is more towards health, rationality, self-pleasure, quality-price ratio and other characteristics. these product trends also penetrate into every sub-category.
"from the perspective of the development life cycle of small kitchen appliances for many years, the saturation problem faced by the urgently needed categories will continue to intensify. it is predicted that in the later period, if we want to stimulate consumer purchases, we must have strong product technology support, and can actually change consumers experience. from the perspective of kitchen storage, embedded products have not yet emerged in the small household appliances industry, but they are also a potential core development trend," li ting said.
cleaning appliances outshine others, while ecovacs’ revenue declines
total data pushed by aowei cloud shows that in the first half of 2024, sales of cleaning appliances increased by 9.8% year-on-year, and sales increased by 13.6% year-on-year. specifically, the new product of sweeping robots has a significant driving effect, leading the overall cleaning market. the price of floor washing machines continues to drop, the sales growth rate has narrowed, and the decline rate of wireless vacuum cleaners has narrowed.
comparison of performance of cleaning appliances in the first half of the year. drawing by beijing news shell finance reporter.
cleaning appliances remain the star category of home appliances. in the semi-annual reports of four listed companies, ecovacs, stone technology, lake electric, and delma, only ecovacs declined, while the performance of other companies increased. in terms of revenue, ecovacs is the largest, but its growth rate has declined. roborock technology has the best performance growth, while lake electric and delma's net profit performance is not as good as revenue.
overseas business boosted the performance growth of cleaning appliances. among them, stone technology has stepped up its presence in overseas markets, with its products reaching more than 170 countries and regions around the world. lake electric's home appliance export business and cross-border e-commerce business revenue both increased by more than 30% year-on-year.
lv ming mentioned that cobos's export sales achieved rapid growth in the first half of the year, but it faced intensifying overseas competition and declining demand. the company optimized its offline network layout, gradually restored its gross profit margin, achieved remarkable results in cost control, and improved its profitability.
“domestic sales of stone technology grew steadily in the first half of the year, thanks to the upgrade of overseas product structure, expansion of channels in various regions, and faster growth of overseas business, which drove the company’s overall gross profit margin to rise in the first half of the year. the sales expense rate remained stable, and the increase in r&d expense rate was mainly due to the company’s increase in with a large product layout, profitability has improved significantly," hong jiran said.
recently, the popularity of the cleaning appliance industry has not diminished. ecovacs has been accused of false propaganda and 3i propaganda, and core technology has become the focus. industry analyst major general ding believes that the cleaning appliance market has become a star category with high growth potential in recent years. in addition to price competition and marketing competition, subsequent patent and technology-level games are likely to increase. in addition to establishing a keener awareness of patent accumulation and protection, brands also need to make more arrangements at the level of differentiated innovation.
tian yali, general manager of the environmental health appliances division of aowei cloud network, mentioned that the floor washing machine industry continues to be reshuffled, with serious involution, price wars, and the fading of the bonus period of overlapping categories, resulting in a slowdown in overall growth and a narrowing of the decline in the wireless vacuum cleaner category. . although the overall growth of cleaning appliances in the first half of the year is good, considering the trend last year and the current industry status, the pressure will increase in the second half of the year.
personal care small appliances have mixed results, feike electric appliances is under pressure
in the first half of 2024, the personal care and small household appliances industry will have mixed results. total online push data from aowei cloud shows that in the first half of 2024, the retail sales of hair dryers increased by 24.0% year-on-year; the retail sales of electric toothbrushes decreased by 5.3% year-on-year; and the retail sales of electric shavers decreased by 5.2% year-on-year. the main reason was that portable and emerging electric appliances the weakness of businessmen has inhibited the growth of industry scale.
comparison of performance of personal care appliances and massage appliances in the first half of the year. drawing by beijing news shell finance reporter.
this doubled the pressure on feike electric, the leader in personal care appliances. the company's performance in the first half of the year dropped sharply, and its net profit was almost halved. in terms of massage appliances, the revenue of aojiahua and rongtai health continued to decline, while beijiang increased slightly. rongtai health's net profit attributable to its parent company performed well, with bei easily turning losses into profits, while aojiahua's net profit fell the most.
hong jiran mentioned that feike electric’s category showed structural highlights in the first half of the year, and the borui brand maintained rapid growth. the company responded to market changes such as fierce competition through price cuts and seized share, which was the reason for the sharp decline in the gross profit margin of hair dryers. the year-on-year increase in sales expense ratio was mainly due to the increase in online marketing and product promotion expenses.
li ting mentioned that the price war for small personal care appliances has also been very fierce this year. with the continuous penetration of high-speed hair dryers and smart electric toothbrushes, consumption habits are irreversible after they are formed, making it difficult to return to traditional products. moreover, the unit price of small personal care appliances is relatively low, making it easier to upgrade products.
"beijing's performance in the first half of the year turned around a year-on-year loss. the core reason for the increase in the company's gross profit margin is the adjustment of cost strategies and the realization of cost reduction in the supply chain. the investment in douyin channels has been reduced. after returning to a more stable traffic delivery model, investment conversion efficiency has improved. the company has strengthened its efforts to expand domestic franchises and accelerated its overseas layout," said cai wenjuan, an analyst at guotai junan securities.
tian yali introduced that the online market performance of massage (health care) appliances is relatively "weak" and "shocky", and it is necessary to start injecting "strong stimulants". intelligence, health and sceneization are the main product trends of massage (health care) appliances. in the future, companies should strengthen product promotion in scenarios such as in the car and sleeping, and at the same time increase sales methods such as package sales.
beijing news shell finance reporter chen weicheng
editor yue caizhou
proofreader liu baoqing
