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Vesync (2148) investor relations material
Vesync H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary17 Mar, 2025
Executive summary
Revenue grew 11.5% year-over-year to US$652.6 million, with gross profit up 11.7% to US$306.6 million and net profit attributable to owners rising 20.1% to US$93.0 million.
Gross profit margin remained stable at 47.0%, and profit margin improved by 1.1 percentage points to 14.3%.
Strong growth in non-Amazon channels (up 29.0%) and significant expansion in North America, Europe, and Asia, with new product launches and increased market share in key categories.
Major product brands (Levoit, Cosori, Etekcity) achieved leading market positions in the US and Europe, with Levoit air purifiers and humidifiers ranking No. 1 in the US.
The company is subject to a privatization proposal, offering shareholders a cash or share alternative, pending approval.
Financial highlights
Revenue: US$652.6 million (+11.5% YoY); Gross profit: US$306.6 million (+11.7% YoY); Net profit: US$93.0 million (+20.1% YoY).
Basic EPS: US8.64 cents (+24.9% YoY); Diluted EPS: US8.60 cents (+24.3% YoY).
Operating cash flow: US$144.8 million (vs. US$106.1 million in 2023).
Gross profit margin: 47.0% (flat YoY); Profit margin: 14.3% (+1.1 p.p. YoY).
Interim dividend of HK8.88 cents per share paid; no final dividend proposed for 2024.
Outlook and guidance
Focus on expanding non-Amazon channels, especially TikTok and retail, and deepening market share in Europe.
Plans to launch new smart home products in 2025, including smart air purifiers, fryers, pet feeders, and fitness scales.
Continued investment in VeSync App and brand marketing to enhance user engagement and product ecosystem.
How did non-Amazon channels perform?
What drove Asian market revenue growth?
What is the status of privatization proposal?
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Frequently asked questions
Vesync Co., Ltd. is a China-based company specializing in smart home appliances and devices. The company designs, manufactures, and distributes a range of connected products, including air purifiers, smart plugs, kitchen appliances, and lighting solutions. Vesync operates primarily under its own brands, such as Levoit, Etekcity, and Cosori, and integrates Internet of Things (IoT) technology to enable remote control and automation through mobile applications. The company is headquartered in Shenzhen, China, and its shares are listed on the Hong Kong Stock Exchange.
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