Investment Rating - No specific investment rating provided for Vesync (2148 HK) [3] Core Viewpoints - Vesync achieved a 7% YoY revenue growth and a 37 5% YoY increase in net profit attributable to shareholders in H1 2024 [1] - Non Amazon channels showed strong growth with a 46 5% YoY increase in revenue driven by expansion in retail chains and TikTok retail channels [1][5] - The company's gross margin improved significantly to 48 5% up 3 3pp YoY due to higher product yields and lower unit costs [2][7] - Vesync plans to launch a new brand Pawsync targeting pet households and continue expanding its product portfolio and geographic coverage [2][8] Revenue Breakdown - Total revenue for H1 2024 was USD 296 million with Amazon channel revenue declining 3 37% to USD 212 million and non Amazon channel revenue growing 46 5% to USD 84 million [1][5] - North America remained the largest market contributing 75 9% of total revenue with a 13% YoY growth while Europe saw an 18 6% decline and Asia grew 43 4% [1][6] - By brand Levoit revenue grew 32 35% to USD 193 million Cosori revenue decreased 24 09% to USD 72 million and Etekcity revenue fell 16 02% to USD 30 million [1][6] Market Share and Product Performance - Levoit air purifiers and humidifiers ranked first in sales in the US market and achieved leading market shares in Germany with 36 8% and 39 2% respectively [2][6] - Cosori air fryers maintained the top sales position in Spain [2][6] Future Development Plans - Vesync will focus on upgrading its product portfolio expanding non Amazon channels deepening market penetration in Europe and investing in technology to develop the VeSync app into a home IoT platform [2][8][9] - The company aims to enhance brand awareness and consumer recognition through multi dimensional brand operations [8][9]
VESYNC：非亚马逊渠道表现亮眼，毛利率进一步改善