Benefiting from the strong consumer demand for overseas small household appliances, many listed companies such as Supor, Roborock, Ecovacs, and Xiaoxiong Electric have handed over beautiful "report cards". As the export leader of the small household appliance industry, Xinbao Electric is no exception.
Last year, the company achieved revenue of 14.647 billion yuan and net profit of 977 million yuan, an increase of 6.94% and 1.64% year-on-year respectively. Among them, the revenue from export sales was 10.811 billion yuan, a year-on-year increase of 11.08%, accounting for more than 70%; Domestic sales revenue was 3.836 billion yuan, a year-on-year decrease of 3.22%.
In the first quarter of 2024, Xinbao Electric continued the growth momentum of last year, with operating income increasing by 22.79% year-on-year to 3.474 billion yuan, and net profit increasing by 24.74% year-on-year to 173 million yuan. Among them, overseas revenue increased by about 30% year-on-year to 2.568 billion yuan.
According to public information, Xinbao Electric was established in 1995 and is headquartered in Zhenghe South Road, Leliu Town, Shunde District, Foshan City, Guangdong Province, with more than 30 specialized product companies and four production bases (Shunde Leliu, Shunde Xingtan, Anhui Chuzhou, Indonesia). Last year, the production volume of small household appliances was 129.228 million units, and the sales volume was 126.8205 million units, an increase of 14.87% and 3.85% year-on-year respectively.
The company focuses on the R&D, design, manufacture and sales of small household appliances, mainly kitchen appliances, including electric heating (electric kettles, coffee machines, toaster stoves, bread machines, fryers, ovens, etc.), electric (juice machines, kitchen machines, blenders, etc.). At the same time, it will continue to expand into household appliances (vacuum cleaners, air purifiers, humidifiers, etc.), baby appliances (milk warmers, etc.), refrigeration appliances (ice machines, etc.), personal care and beauty appliances (electric toothbrushes, etc.).
The export business is mainly carried out in the OEM/ODM (OEM/commissioned design and production) mode, and the export volume of electric kettles, electric coffee machines, blenders and toasters has been in the leading position in China for many years. There are more than 1,000 overseas customers, including Philips, Electrolux, Siemens, Panasonic, De'Longhi, SEB and other well-known manufacturers, and the products are sold in more than 120 countries and regions around the world.
The company has formed a brand matrix of "2+3" operation mode to meet the personalized and diversified needs of consumers:
Two global brands: Morphy Richards and Donlim. In September last year, Xinbao Electric officially completed the acquisition of all the Chinese trademarks and other assets held by Mofei. This is a high-end small household appliance brand from the United Kingdom, and the two sides began to cooperate as early as 2014 and launched a portable juice cup, a multi-functional cooking pot, a portable electric hot water cup and other phenomenal explosive products.
There are three major professional brands: Barsetto, a coffee machine brand, Mingzhan, a tea appliance brand, and GEVILAN, a personal care and beauty appliance brand. Italian coffee machine brand Baishengtu was acquired by Xinbao Electric in 2017, mainly for the mid-to-high-end market, and the high-precision electric grinder BAG-E6 launched last year won the German iF Product Design Gold Award, one of the world's three major design awards. The BAE-PRO1 coffee machine with intelligent control grinding, the BAG-G01S professional electric grinder with scale, and the ALINE wireless adjustable constant pressure intelligent powder press won three more 2024 iF Design Awards.
Write at the end
According to Statista, the global small home appliance market reached $243 billion last year and is expected to reach $305 billion by 2028. Relying on China's complete industrial chain, efficient production capacity and relatively low manufacturing costs, domestic small household appliance enterprises can quickly respond to market demand and provide cost-effective products, so as to occupy an advantage in global competition. Of course, the market environment is changing rapidly and full of uncertainty, how can the small household appliance industry continue to ride the wind and waves? We will continue to watch.