Recently, Shenzhen Yinghe Technology Co., Ltd. (referred to as "Yinghe Technology") released its annual report for 2024. The report shows that the company's operating income in 2024 reached 8.524 billion RMB, a year-on-year decrease of 12.58%; the net profit attributable to the shareholders of the listed company was 503 million RMB, a year-on-year decrease of 9.14%; the non-recurring net profit attributable to the mother was 496 million RMB, a year-on-year decrease of 7.4%.
From the perspective of income composition:
The business revenue of Yinghe Technology, specializing in lithium battery production equipment, decreased by 16.78% year-on-year to 5.33 billion yuan, with a net profit decrease of 230% to approximately -132 million yuan. The e-cigarette business, derived from its subsidiary Sikary, saw a revenue decrease of approximately 4.5% to 3.191 billion yuan, but a net profit increase of 28.28% to 1.286 billion yuan.
The report mentioned that the subsidiary Sikary offers disposable e-cigarettes, pod systems, and accessories. Sikary has been aggressively expanding its own brand business since 2022, mainly focusing on expanding its overseas market with its own brand. It has made significant progress in countries such as the UK and Germany.
In order to better serve overseas customers and expand its market, Sikary has established subsidiaries in the UK, US, Russia, and Indonesia. The company is further expanding into new markets in North America, Southeast Asia, and beyond through various methods such as advertising, social media, grassroots marketing, and participation in trade shows.
The report mentions that Sikary has established an independent product innovation center, focusing on research and development investment. It also plans to continuously enhance its research and development technical capabilities and apply for more core patents to cope with the increasingly patent-dependent competitive market environment.
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