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Revenues Up By Up To 74%, Net Profit Up By Up To 157%, Double-Digit Growth For A Number Of Sanitary Ware Companies

Kitchen And Bathroom Jun Kitchen And Bathroom Headlines

Since August, listed sanitary ware enterprises or enterprises related to sanitary ware have been released 2021 first half-year report. From a comprehensive point of view, most enterprises in the first half of the year have achieved double growth in operating income and net profit, and the increase is mostly in double digits. The net profit of Oppein Home and Chenglin increased by more than 100%. Apparently, in the first half of last year, bathroom companies were affected by the epidemic, resulting in a lower benchmark for comparison. Apparently, in the first half of last year, bathroom companies were affected by the epidemic, resulting in a lower benchmark for comparison.  This is one of the reasons for the larger year-on-year growth in the business. However, from the description of each financial report, the overall rebound in consumption in the first half of the year and the continued improvement in the building materials industry is an objective fact.

Revenue and net profit data of some sanitary ware-related enterprises in the first half of the year.

Company abbreviation Operating income (billion yuan) Year-on-year increase/decrease Net profit (billion yuan) Year-on-year increase/decrease
Huida Bathroom 17.43 32.38% 1.12 -12.94%
Solux Home 12.02 43.87% 1.36 22.63%
R&T 8.03 73.99% 0.59 31.51%
Jianlin Home 22.94 41.29% 2.01 20.59%
Oppein Home 82.00 65.14% 10.12 106.98%
Chenglin 22.89 27.22% 0.31 157.04%
HCG 5.89 5.18% 0.13 /

 

Huida Sanitary Ware

First half revenue reached 1.743 billion yuan

Overall bathroom revenue up 370.95%

Huida Sanitary Ware released its half-yearly report on the evening of August 19. In January-June, Huida bathroom achieved operating revenue of 1.743 billion yuan, an increase of 32.38%. Net profit attributable to shareholders of the listed company was 112 million yuan, down 12.94% year-on-year. The rate of decline expanded compared to the same period last year. Earnings per share were RMB0.29, down from RMB0.35 in the same period last year. For revenue growth, Huida said it was due to increased sales, but did not explain the reason for the decline in net profit.

Unit: Yuan Currency:RMB

Key accounting data Current reporting period

(January-June)

Same period of previous year For the current reporting period compared to the previous year Increase or decrease (%)
Operating income 1,743,43& 493. 95 1,316, 961,738. 98 32. 38
Net profit attributable to shareholders of the listed company 111,79& 507. 60 12& 413,150. 82 -12. 94
Net profit after extraordinary gain or loss attributable to shareholders of the listed company 91,179,512.71 117, 722,900. 25 -22. 55
Net cash flow from operating activities -136,835, 760. 20 314,271,596.51 -143.54

In terms of categories, sanitary ceramics still occupy the bulk of the first half of the contribution to revenue accounted for 51.82% of total revenue. As one of the sub-categories of sanitary ceramics, the overall bathroom revenue increased by 370.95% over the same period last year. The category now accounts for 3.18% of total revenue, showing great potential for development. In addition, all other categories recorded double-digit revenue growth, with smart sanitary ware increasing by 102.24%.

Unit: million yuan

Area Revenue from main business in the reporting period Year-on-year change Percentage of main business revenue
Domestic Sales Retail Channel 90, 06& 12 51. 14% 52. 11%
Engineering Channel 42, 135.41 23. 52% 24. 38%
Subtotal 132, 203. 53 41.09% 76. 48%
Foreign Sales 40,647. 66 10. 55% 23. 52%
Total revenue from main business 172,851.19 32.48% 100.00%
  1. Revenue contribution by product

Unit: million yuan

Product Categories Revenue from main business in the reporting period Year-on-year change Percentage of main business revenue
Sanitary ceramics 89, 577. 08 23. 72% 51.82%
Among them: intelligent sanitary ware 18. 873. 43 J02. 24 J0. 92%
Overall sanitary ware 5, 489. 53 370. 95% 3. 18%
Tile 23, 673. 07 54. 97% 13. 69%
Bathroom 6, 233. 47 57. 48% 3.61%
Bathroom cabinet 13, 097. 35 4& 86% 7. 58%
Hardware Sanitary Ware 29, 105. 53 39. 73% 16. 84%
Others 11, 164. 69 21.28% 6. 46%
Total revenue from main business 172,851.19 32. 48% 100.00%

 

Solux Home

Revenue increased by 43.87% to $1,202 million

Nine large self-operated brand experience centres in the pipeline

According to Solux Home’s semi-annual report released on 23 August, from January to June, Solux Home achieved revenue of 1.202 billion yuan, an increase of 43.87% year-on-year. Net profit attributable to shareholders of the parent company was RMB136 million, an increase of 22.63% year-on-year. Basic earnings per share were RMB0.34, up from RMB0.28 in the same period last year.

Unit: Yuan Currency: RMB

Key accounting data Current reporting period

(January – June)

Same period of previous year Current reporting period over the same period of the previous year Increase/decrease (%)
Operating income 1, 201,673,867.78 835,237,800. 60 43. 87
Net profit attributable to shareholders of the listed company 135,541,912.06 110, 527,041.54 22. 63
Net profit after extraordinary gain or loss attributable to shareholders of the listed company 121,537,117.72 110,862, 785. 75 9. 63
Net cash flow from operating activities 74, 013,835. 56 9& 308,176. 65 -24.71
  At the end of the reporting period Prior year end Increase or decrease at the end of the reporting period over the end of the previous year (%)
Net assets attributable to shareholders of listed companies 2,060,510,376.81 2,006, 350,869. 61 2. 70
Total Assets 3, 185,345,127.08 2,721,453, 526. 52 17. 05

In the first half of the year, Solux accelerated its presence in the beauty and health category and the home category. During the reporting period, there were 22 new patent applications in the beauty and health category, including 5 invention patents. In the Home category, 8 new patents were applied for, including 2 inventions. A number of products were also shortlisted and won awards in top international or domestic design competitions. In terms of terminals, Solux said that the second “Solux-Home” large experience centre has been opened in Quanzhou. Nine large self-operated brand experience centres in Fuzhou and Putian are in the pipeline.

 

R&T

Revenue up 74%, a new high since IPO

Smart bathroom nearly doubles

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In the evening of 16 August, R&T released its half-yearly report for 2021. From January to June, R&T achieved revenue of $803 million, up 73.99% from $462 million in the same period the previous year. This continued the growth trend seen since the second half of last year and was the highest since its IPO in 2016. In terms of profit, R&T achieved a net attributable profit of $59 million in the first half of the year, an increase of 31.51% year-on-year. Basic earnings per share were RMB0.14, an increase of 27.27%.

  Current reporting period Same period of previous year Increase or decrease in the current reporting period over the same period of the previous year
Operating revenue (yuan) 803,319,911.67 461,716,871.43 73.99%
Net profit attributable to shareholders of the listed company (yuan) 59,249,967.92 45,052,622.53 31.51%
Net profit after extraordinary gain or loss attributable to shareholders of the listed company (yuan) 49,867,702.34 36,688,012.59 35.92%
Net cash flow from operating activities (yuan) 63,883,452.60 113,847,608.12 -43.89%
Basic earnings per share (yuan/share) 0.14 0.11 27.27%
Diluted earnings per share (RMB/share) 0.14 0.11 27.27%
Weighted average return on net assets 2.91% 2.70% 0.21%
  At the end of the reporting period Prior year end Increase at the end of the reporting period over the end of the previous year Decrease
Total assets (RMB) 2,134,768,31705 2,089,487,820.67 2.17%
Net assets attributable to shareholders of the listed company (RMB) 1,683,574,523.59 1,683,177,962.40 0.02%

According to publicly available data, R&T’s revenue in the smart toilets and covers category reached RMB338 million in the first half of the year, up 96.36% from RMB172 million in the first half of 2020, nearly doubling. At the same time, the category’s revenue share of total revenue was also increasing, accounting for approximately 42.06% in the first half of the year, only slightly lower than the 45.89% of the water tanks and accessories category.

 

Jianlin Home

Operating revenue of approximately RMB2.3 billion in the first half of the year

Established a subsidiary to lay out engineering channels

In the first half of the year, Jianlin Home achieved double-digit growth in both revenue and net profit, with revenue increasing by 41.29% to RMB2.294 billion. Its net profit grew by 20.59% to RMB201 million. Its basic earnings per share also increased by 7.14% to RMB0.45.

Unit: RMB million Currency: RMB

Key accounting data Current reporting period

(January – June)

Same period of previous year Increase or decrease in the current reporting period over the same period of the previous year (%)
Operating income 229, 402. 24 162, 359. 59 41.29
Net profit attributable to shareholders of the listed company 20,105. 22 16, 672. 77 20. 59
Net profit after extraordinary gain or loss attributable to shareholders of the listed company 17,853. 22 15, 372. 34 16. 14
Net cash flow from operating activities 4,975. 09 23, 599. 52 -78. 92
  At the end of the reporting period Prior year end Increase/decrease (%) at the end of the current reporting period compared to the end of the previous year
Net assets attributable to shareholders of the listed company 242,079. 37 237,716. 50 1.84
Total assets 403, 726. 02 376, 767. 96 7. 16

During the January to June period, Jianlin Home’s overseas business grew steadily. Revenue from the overseas market was RMB1.805 billion, up 39.89% year-on-year, accounting for 79.28% of the company’s main business revenue. The Company also accelerated the process of promoting its business in the China market. In the first half of the year, the main business revenue from the China market was RMB472 million, representing a year-on-year increase of 47.12% and accounting for 20.72% of the company’s main business revenue. It was revealed that in the first half of the year, Jianlin Home established Shanghai Jianlin Smart Home Technology Co Ltd to focus on the real estate finishing market. It will subsequently do more scheming and planning in the real estate finishing track to further promote the speeding up of real estate and engineering channel expansion.

 

Oppein Home

Revenue increased by 65% to RMB8.2 billion

Multiple indicators show triple-digit growth

According to Oppein Home’s performance report released on 12 August, the company’s revenue in the first half of the year was RMB8.2 billion, an increase of 65.14% year-on-year. Net profit attributable to shareholders of the listed company increased by 106.98% to RMB 1.012 billion. Basic earnings per share doubled from the same period last year to RMB1.67.

Unit: RMB million

Projects Current reporting period Same period of previous year Increase or decrease (%)
Total operating revenue 820,017.95 496,553.87 65.14
Operating profit 119,176.01 56,880.43 109.52
Total profit 120,426.17 56,805.68 112.00
Net profit attributable to shareholders of the listed company 101,236.45 48,910.53 106.98
Net profit after extraordinary gain or loss attributable to shareholders of the listed company 94,532.12 44,265」9 113.56
Basic earnings per share (RMB) 1.67 0.83 101.20
Weighted average return on net assets 8.14% 4.99% Increase of 3.15 percentage points

For the performance growth, Oppein Home pointed out three aspects, one is that the company opened up a new sales path in the industry with the integration sales model of custom core + ancillary products + door and wall system, which has achieved rapid growth in wardrobe performance. Second, the whole house has gradually entered the fast lane of development, with the mature use of the company’s information technology tools, and has driven the rapid growth in the performance of custom products, ancillary products, installed materials and other categories. Thirdly, it has activated the retail dealers to carry out business cooperation with local decoration enterprises, deeply promoted the “whole kitchen customization” model, tapped the potential of the old kitchen renovation, and boosted the steady growth of the cabinet retail performance. In the flash report, Oppein Home did not disclose sales figures related to the bathroom category.

 

Chenglin

Operating revenue achieved in the first half of the year was approximately RMB2.3 billion

Growth of approximately 15% in mainland China

According to Chenglin’s first-half financial results, the company achieved operating revenue of NT$9.868 billion (approximately RMB2.289 billion) from January to June, an increase of approximately 27.22% year-on-year. Net profit attributable to the mother company was NT$134 million (approximately RMB31 million), compared to a loss of NT$48 million in the same period last year, an increase of approximately 157.04% year-on-year.

21. Operating income110 110.4.1-110.6.30 109.4.1-109.6.30 110.1.1-110.6.30 109.1.1-109.6.30
Revenue from customer contracts

Revenue from merchandise sales

Less: Sales returns and discounts

$5,278,101

(411.787)

$3,707.790

(300,829)

$10,676,511

(808,101)

$7,818,767

(636,270)

Total $4,866,317 $3,406,961 $9,868,410 $7,182,497

Chenglin’s main markets are Taiwan, China, the Americas and Europe. In the first half of the year, the operating revenues of the four major markets were NT$1,169 million, NT$85 million, NT$4,827 million and NT$3,788 million respectively. The European and US markets accounted for the bulk of sales. It is worth noting that the Mainland China market, which had operating revenue of NT$55 million last year, grew by approximately 15% in the first half of this year.

 

HCG

Operating income of approximately NT$589 million in the first half of the year

01 3

According to HCG’s first-half report released on 10 August, the company achieved operating revenue of NT$2.538 billion (approximately RMB589 million) from January to June, an increase of 5.18% year-on-year. Net profit attributable to the mother company was NT$57 million (approximately RMB13 million). HCG, which celebrated its 90th anniversary this year, participated in the Shanghai Kitchen & Bath Show during the year. It displayed a one-stop experience hall for smart public toilets, intelligent sanitary ware, medical sanitary ware and elderly-friendly sanitary ware grade products, which showed the new vitality of the old brand.

  1 . Date of submission of financial report to or resolution by the Board of Directors:110/08/10

2. date of approval of the financial report by the Audit Committee:110/08/10

3. the date when the financial report was reported (XXX /XX /XX~XXX /XX/XX^110/01/0U110/06 /30)

4. Accumulated operating revenue for the period from January 1 to the current period (in thousands): $2538151

5. Accumulated operating profit (gross loss) for the period from January 1 to the end of the period (in thousands):638586

6. Accumulated operating income (loss) for the period from January 1 to the end of the period (in thousands):42526

7. Accumulated net income (loss) before income tax for the period ended January 1 (in thousands):84396

8. Accumulated net income (loss) for the period from January 1 to the end of the current period (in thousands):51504

9. Accumulated net income (loss) attributable to owners of the parent company for the period ended January 1 (in thousands):56758

10. Basic earnings (loss) per share for the period from January 1 to the end of the period (NT$):0.15

11. Total assets at the end of the period (in thousands):10711581

12 . Total liabilities at the end of the period (in thousands):4659094

13. Equity attributable to owners of the parent company as of the end of the period (in thousands):5994973

14 – Other disclosures: None

 
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