Skyworth Group, a leading Chinese electronics manufacturer, has announced its financial results for the first half of 2024, revealing a 6.6% year-on-year decrease in revenue to RMB 30.153 billion ($4.29 billion). However, the company registered a 27.2% growth in net profit attributable to shareholders, reaching RMB 3.84 billion ($542 million). This information was shared by IT之家, a technology news platform, thanks to a tip from HH_KK.
The decline in revenue was attributed to a slowdown in the company’s new energy business, which faced constraints due to power policies and local grid capacity limitations after years of rapid expansion. Despite this, the company’s smart home appliance segment showed resilience, contributing 43.8% to the mainland China market revenue, up from 36.5% in the same period last year.
Skyworth’s revenue from the domestic market in China stood at RMB 22.706 billion ($3.24 billion), a decline of 9.7% YoY. The company’s smart home appliances, which include products such as smart TV systems, intelligent white goods, and other smart electronics, as well as internet connection services through its酷开system, saw a 10.1% increase in revenue to RMB 15.6 billion ($2.22 billion).
The smart system technology business, encompassing products like smart set-top boxes, broadband network access systems, and automotive electronics, among others, registered a decline in both domestic and overseas markets. Domestic revenue fell by 14.3% to RMB 2.618 billion ($370 million), while overseas revenue decreased by 16.9% to RMB 1.717 billion ($244 million).
The new energy business, which includes residential and commercial solar power systems, saw a significant drop of 25.7% in revenue to RMB 9.015 billion ($1.28 billion). Despite this, the company added over 86,000 new residential solar power stations, bringing the cumulative total to over 528,000. Additionally, the combined installed capacity of residential and commercial distributed solar systems exceeded 2.8 gigawatts.
Skyworth’s modern services and other businesses, which involve services like appliance maintenance, logistics, foreign trade, and property management, saw a 44.3% increase in domestic revenue to RMB 11.37 billion ($1.62 billion). However, overseas revenue for this segment fell by 3.5% to RMB 1.39 billion ($197 million).
In terms of overseas performance, Skyworth’s revenue grew by 4.3% to RMB 7.52 billion ($1.07 billion). This growth was driven by the smart home appliance segment, while other business areas experienced declines.
The company’s chairman, Mr. [Name], commented on the results, stating, While we face challenges in our new energy segment, we are pleased with the strong growth in our smart home appliance business and the progress in our modern services segment. We will continue to innovate and adapt to changing market conditions to drive future growth.
Skyworth’s focus on diversification and technological advancements in its core segments, along with its efforts to strengthen its presence in the global market, is expected to play a crucial role in the company’s future performance. The company’s net profit growth, despite the revenue decline, indicates a successful cost management strategy and improved operational efficiency.
As the global market for smart home appliances and renewable energy continues to evolve, Skyworth’s strategic investments and commitment to innovation will be key factors in its ability to navigate these changes and maintain its position as a leading player in the industry.
In conclusion, Skyworth Group’s H1 2024 financial report showcases a mixed performance, with a decline in overall revenue compensated by a robust rise in net profit. The company’s focus on its smart home appliance and modern services sectors, while addressing the challenges in new energy, is expected to shape its future growth trajectory.
【source】https://www.ithome.com/0/791/648.htm
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