On the evening of August 28th, Cheerwin Group announced its 2023 half-year performance, with double-digit growth in revenue and net profit in the first half of the year. The company achieved revenue of 1.133 billion yuan ($155.4 million), a year-on-year increase of 10.7%, and a net profit of 136 million yuan ($18.66 million), a year-on-year increase of 51.7%. The pet business revenue increased by 41.1%, and the online channel business revenue increased by 25%.
Cheerwin Group stated that in the first half of the year, with the recovery from the pandemic and the lifting of isolation measures and the overall performance of the group improved. Offline channel sales achieved steady growth, while online channel sales grew rapidly.
In terms of product categories, revenue from home care products (including insect repellents, household cleaning products, and air care products) reached 1.044 billion yuan ($143.2 million) in the first half of the year, an increase of 10.8%. Revenue from pets and pet products reached 45.2 million yuan ($6.2 million), a year-on-year increase of 41.1%. Revenue from personal care products reached 42.6 million yuan, a year-on-year increase of 5.5%.
In terms of sales channels, thanks to platforms such as Douyin (Chinese version of TikTok) and Kwai, as well as multiple direct sales and distribution channels, online channels achieved revenue of 341 million yuan ($46.78 million), a year-on-year increase of 25%. Offline channels, including offline distributors, corporate and group clients, overseas distributors, and retail channels (Liby channels), achieved revenue of 791 million yuan ($108.51 million), a year-on-year increase of 5.5%.
Looking ahead, Cheerwin Group stated that in the second half of the year, it will continue to strengthen its multi-brand, multi-category, and omni-channel development strategy. It will focus on product innovation and upgrades, continuously create flagship products in various categories and channels, and enhance channel profitability. In addition, the company will develop all-channel sales, strengthen the distribution of high-margin products, seize the incremental opportunities in emerging channels, and achieve sustainable development.
