Thursday, May 23, 2024

Smoore’s Q2 2023 Financial Report: Revenue Decline and Profit Increase

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On August 21st, Smoore released its financial information for the second quarter, revealing that the company’s operating revenue for the first half of 2023 amounted to RMB 5.123 billion, experiencing a decline of 9.4% compared to the previous year. However, after adjustments were made, the net profit reached RMB 758 million. The gross profit for the first half of 2023 was RMB 1.8553 billion, showing a year-on-year decrease of 31.4%. Revenue from overseas markets amounted to RMB 5.061 billion, experiencing a growth of 28% compared to the previous year.

The revenue from enterprise client business (ODM) reached 4.474 billion yuan, accounting for 87.3% of the total revenue. Among them, the overseas market revenue showed an increase, with a year-on-year growth of 30%. The revenue share in the US market accounted for 40.2%, experiencing a growth of 27.7% compared to the previous year.

Furthermore, revenues in Europe and other markets grew by 32% year-on-year. Particularly, disposable products witnessed rapid mass shipping, with a stunning revenue increase of 369% compared to the previous year.

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