On August 28th, Hangzhou Onechance Tech Corp. (Onechance) (300792.SZ) released its 2023 half-year report. During the reporting period, the company achieved a GMV (Gross Merchandise Volume) of 7.514 billion yuan ($1.03 billion). It recorded revenue of 610 million yuan ($83.65 million), a year-on-year decrease of 3.62%. The net profit attributable to shareholders was 86.97 million yuan ($11.93 million), a year-on-year decrease of 17.15%. The non-GAAP net profit was 82.14 million yuan ($11.26 million), a year-on-year decrease of 14.59%. The basic earnings per share were 0.37 yuan ($0.05).
Onechance stated that the decrease in operating income compared to the same period was due to the transfer of its controlling subsidiary “Zhejiang Shangbai,” leading to a reduction in operating income from the subsidiary. The decrease in gross profit margin was mainly due to the continuing impact of weak consumption on existing projects. Although the cost of related investments increased, it did not fully counteract the trend of declining sales, resulting in a decrease in the gross profit margin of existing businesses. Additionally, in the first half of the year, the proportion of brand online marketing services increased.
Specifically, brand online marketing services had the highest revenue among all services, reaching 218 million yuan ($29.89 million), a year-on-year increase of 3.1%. Online distribution revenue increased by 44.08% to 179 million yuan ($24.55 million) compared to the same period. Brand online management services declined by 39.67% to 146 million yuan ($20.02 million). Content e-commerce services generated revenue of 62.107 million yuan ($8.52 million), a year-on-year increase of 23.98%.
Furthermore, Onechance added 16 new brands in the first half of the year, including Swiss, Forest Cabin, Linefriends, and Kotex. They also added the general agency business of well-known British daily chemical brand PearlDrops, renowned Italian beverage brand illy, and leading American oral care brand Waterpik.
