New stock message | Hong Kong Electric Appliance submits an application to the Hong Kong Stock Exchange Main Board and continues to top the list of "Top Ten Kitchen Small Appliance Export Companies"

According to the disclosure on September 29th by the Hong Kong Stock Exchange, Hubei Xiangjiang Electrical Appliances Co., Ltd. (referred to as Xiangjiang Electrical Appliances) submitted an application to list on the main board of the Hong Kong Stock Exchange, with Sinolink (Hong Kong) as the exclusive sponsor. The prospectus shows that Xiangjiang Electrical Appliances is a Chinese manufacturer of quality household products for a better life. It mainly operates in an ODM/OEM model and has established a customer base consisting of globally renowned and historically well-known brands such as Walmart, Telebrands, SEB, Sensio, Hamilton Beach, and Philips. With its capabilities in design, development, and manufacturing of various types of small household appliances, the company has been particularly successful in the kitchen small appliances sector. The company was consecutively named one of the "Top Ten Kitchen Small Appliance Export Enterprises" by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products in 2022 and 2023. According to a Frost & Sullivan report, based on exports in 2023, the company ranks among the top ten enterprises in the Chinese kitchen small appliance industry. Based on exports to the United States and Canada in 2023, the company's electric kettles had market shares of approximately 21.4% and 32.3% in the relevant categories defined by the Chinese Customs Administration. Based on exports to the United States in 2023, the company's electric egg beaters and other electric products had a market share of approximately 6.7% in the relevant categories defined by the Chinese Customs Administration. Xiangjiang Electrical Appliances focuses on the research and development, design, production, and sales of electrical and non-electrical household products. Electrical household products are divided into three categories: electric heating appliances such as electric ovens, air fryers, and electric kettles; electric appliances such as blenders, egg beaters, and can openers; and electronic appliances such as electronic scales, humidifiers, and laser lights. The company also offers non-electrical household products such as garden hoses and cookware. As of August 30, 2024, more than 10 ODM/OEM products of the company were ranked as "best-selling products" in relevant categories on Amazon, with products such as steamers, rice cookers, electric ovens, and electric frying pans ranking in the top 10. During the past performance period, Xiangjiang Electrical Appliances mainly produced and sold products under the brands of its ODM/OEM customers. Leveraging its industry experience and knowledge accumulated over the past 20 years, the company began its OBM business in 2016, focusing on designing, developing, producing, and selling household appliances under its own brands (Vermith), (Accuteck), and (Aigelia). The company mainly sells OBM products on e-commerce platforms such as Amazon, JD, Tmall, and Pinduoduo. Since 2000, Xiangjiang Electrical Appliances has established various production facilities across China. Currently, the company has seven manufacturing bases in China with a total construction area of approximately 367,000 square meters. To expand globally, the company has set up a production base in Indonesia, expected to start operations in the first quarter of 2025, and plans to establish another production base in Thailand with an area of 43,436.8 square meters, scheduled to start operations by the end of 2025. In terms of financials, in the fiscal years 2021, 2022, 2023, and the first half of 2024, Xiangjiang Electrical Appliances achieved revenues of approximately RMB 1.48 billion, RMB 1.097 billion, RMB 1.188 billion, and RMB 614 million respectively; while the net profits for the same periods were approximately RMB 71.802 million, RMB 80.261 million, RMB 121 million, and RMB 60.539 million respectively.