In the first three quarters of 2024, Hello Tech achieved rapid growth in operating revenue and net profit on the back of its growing global brand power and product competitiveness, as well as significant internal cost-saving and efficiency-increasing measures.
During the reporting period，the operating revenue was RMB2.133 billion, an increase of 35.02% YoY, while the net income attributable to shareholders of the parent company was RMB 159 million, an increase of 357.06% YoY .
In Q3, the operating revenue reached RMB 990 million, an increase of 50.41% YOY. Furthermore, the net income attributable to shareholders of the parent company was RMB 86.59 million, an increase of 888.90% YoY.
As a result of the decline in raw material prices, optimisation of inventory structure and effective promotion of cost-saving and efficiency-increasing measures, the gross margin earned a significant rise to 45.17%.
In terms of globalisation, Hello Tech deepened its global brand strategy, achieving the growth in revenue of 41.12% and 72.69% YOY in the US and Japanese markets, respectively.
In order to further strengthen global market penetration, Hello Tech still focuses on building a global channel framework constantly. According to statistics, through the combination of channels on the brand's official website, third-party e-commerce platforms and off-line retail, the company has already sold nearly 5 million units of products.leading the global sales.
At present, Hello Tech has established 23 official websites worldwide, with products covering more than 50 countries and regions.
With strong brand power and exquisite brand website operation capabilities, the operating revenue of brand website rose by 61.81% YOY in the first three quarters of 2024, achieving single-month sales exceeding RMB 100 million.
In addition, Hello Tech has built close business link with globally renowned brand owners and retailers, and its products have been installed in Costco, Walmart, Home Depot, Target, Best Buy, Lowe's, Bic Camera, Edion, Yodobashi Camera, and other more than 10,000 well-known global retail channels, further increasing brand influence and market share.
In terms of research and development (R&D) , Hello Tech always placed a high priority on R&D investment and the commercialization of scientific and technological achievements. In the first three quarters of 2024, the company's R&D expenses reached RMB117 million, an increase of 1.90% YOY, which ensured the company's position at the forefront of technological innovation and product research and development.
By the end of the reporting period, Hello Tech has obtained a total of 765 patents at home and abroad, including 53 invention patents. What’s more, there are 751 patents under examination as well.
Hello Tech has also won 85 international industrial design awards, including the CES Innovation Award- Best of Innovation, IDEA Silver Award, Red Dot Design Award, IF Design Award, China Excellent Industrial Design Award.
Notably, Hello Tech has been awarded the title of National Manufacturing Single Item Champion Demonstration Enterprise, demonstrating the strength of its R&D and technological. Additionally, Hello Tech also invests in the R&D of A new type of all scenario smart home light storage green power system, committing to promoting the technological innovation and industrial upgrading of home green power products, bringing a greener and smarter experience to households worldwide, working together to protect our planet.
In recent years, the company has made significant breakthroughs in product innovation, redefining the category of Solar Generator outdoor portable power station.
Through the pioneering creation, with the continuous product upgrades and brand awareness promotion, remarkable achievements have been made.
In the first three quarters of 2024, The sales of Solar Generator's outdoor portable power station for photovoltaic charging increased by nearly 130% YOY, accounting for nearly 50% of the total.
Depending on the keen insight into user needs and strong R&D capabilities, Hello Tech promotes the upgrading and iteration of Solar Generator outdoor power products continuously, and has successively launched a new generation of flagship products based on innovative CTB module structure design, such as Jackery Solar Generator 1000 v2 and 2000 v2, which both achieve the smallest size and lightest weight in the same type of cell and capacity range.
Meanwhile, in terms of portable solar panel, Hello Tech has developed and mass-produced portable solar panels with cage-type encapsulation in suspended integrated frames and folding solar panels with electrical insulation technology, which reduces the weight of the folding portable solar panels by 30% and raises the number of folding times to more than 4,000. In addition, the portable folding double-sided power generation encapsulation technology significantly increases the power generation by up to 20%, further expanding the application scenarios of Solar Generator's outdoor power supply and ensuring product stability and reliability.
Hello Tech has launched a game-changing full scenario home green power solution, including the world's first DIY home green power system and XBC photovoltaic tile home green power system.
The all-in-one designed products provide a comprehensive and one-stop home green power solutions to consumers, which also greatly enriching the company's product matrix and continuing to fulfill the corporate vision ---- to bring green energy to all.
In the first three quarters of 2024, Hello Tech firmly executed its cost-saving and efficiency-increasing measures.With the enrichment of product matrix, enhancement of product power and expansion of brand awareness, Hello Tech achieved noteworthy sales conversion results.
By optimising the labour cost structure, improve the accuracy of advertising and adjusting the marketing material reuse rate, Hello Tech has perfectly controlled the expense ratio.
In the first three quarters of 2024, the company's sales expense ratio dropped 7.36% YOY, while its management expense ratio dropped 4.06% YOY.
In the future, Hello Tech will still to focus on the strategy of cost-saving and efficiency-increasing, strengthen the capacity of digital operation and channel refinement operation, enhance the company's profitability and market competitiveness.
