Today (August 21), Chinese cosmetics OEM (Original Equipment Manufacturer) company Easycare Intelligence Tech. Inc. (hereinafter referred to as “Easycare”) released its financial report for the first half of 2024.
During the reporting period, Easycare achieved an operating income of 68.46 million yuan ($9.6 million), a slight year-on-year increase of 0.51%. The net profit attributable to the listed company increased from last year’s -1.09 million yuan ($152,800) to 4.64 million yuan ($650,400), a significant year-on-year growth of 525.76%. After deducting non-recurring gains and losses, the net profit was 4.32 million yuan ($605,500), a year-on-year increase of 351.43%.
In the financial report, Easycare analyzed that the modest growth in operating income was mainly due to the insufficient momentum in market consumption during the reporting period. The turnaround in net profit, from loss to gain, was primarily due to effective control of costs and expenses.
Public information shows that Easycare is a high-tech enterprise specializing in the research, development, production, and sales of cosmetics, with a focus on anti-aging research in the field of beauty and skincare. Its main business includes the operation of self-owned brands and OEM/ODM services, the latter providing customers with one-stop full-process value-added services through “professional efficacy solutions,” including product planning, product design, formula development, customized raw materials, efficacy validation, and product processing.
Currently, Easycare’s self-owned brands include Easycare, Zhenmu, BS, among others. Its main cooperative customers include Unilever, Henkel , Bloomage Biotech, Giant Biogene, Liby, Miniso, and Dr. Plant.
It is worth noting that in the first half of this year, Easycare’s research and development investment was 4.38 million yuan ($613,900), accounting for 6.41% of operating income, a 17.5% decrease compared to last year’s 5.31 million yuan ($744,300).
Regarding future development, Easycare stated that to maintain stable performance, it will further leverage its advantages in technological innovation and cost prioritization, continuously expanding its business matrix. In terms of corporate governance, the company plans to establish a sound periodic corporate governance risk reporting system to promptly report major risks. Regarding qualification acquisition, Easycare will actively apply for the necessary qualifications and arrange for a dedicated application team.
