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Persisted Snarl Below the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 – (ACN Newswire) – China’s major furniture product producer Huisen Household Global Team Ltd. (“Huisen Household” or “the Team”; stock code: 2127.HK) launched audited annual outcomes for the 365 days ended 31 December 2021 (“the analysis period”) this day. All the top possible procedure by procedure of the analysis period,…

Persisted Snarl Below the Pandemic, Huisen Household Profit Increased by Over 60%


HONG KONG, Mar 26, 2022 – (ACN Newswire) – China’s major furniture product producer Huisen Household Global Team Ltd. (“Huisen Household” or “the Team”; stock code: 2127.HK) launched audited annual outcomes for the 365 days ended 31 December 2021 (“the analysis period”) this day.

All the top possible procedure by procedure of the analysis period, the income of the Team used to be RMB5,139 million representing an amplify of roughly 31.9% in comparison to the same period of 2020. The profit for the 365 days used to be roughly RMB888 million, representing an amplify of roughly 64.2% in comparison to the same period of 2020, primarily because of the the enhance in gross sales pushed by the amplify in resolve orders and the amplify in immoral profit of roughly RMB355 million. Frequent and diluted earnings per part of the Company used to be RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and govt director said: “Despite the indisputable truth that China and the field’s major economies, alongside with developed countries equivalent to Europe and the United States, had been recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and a few ingredients of the field are aloof tormented by the pandemic, ensuing within the closure or interruption of manufacturing facility manufacturing. With the a hit achievements within the prevention of pandemic in China, resumption of work and manufacturing had been efficiently speeded up in various industries, which led the products manufactured in China to turn into more common around the field. With the quantitative easing monetary coverage of Europe and the United States, the real estate market of the developed economies, especially the United States, used to be thriving, which led to a surging enhance of the furniture industry. China’s furniture exporters extra attracted orders from countries around the field, ushering in a chance for a snappy enhance.”

All the top possible procedure by procedure of the analysis period, the Team has been continuously uncovering the aptitude of our existing factories to eradicate the utilisation price of our manufacturing ability without stress-free the preventive measures adopted for the pandemic and continue to position effort to safeguard the lives and security of our workers; on the diversified hand, the Team furthermore accelerated the implementation of fundraising and investment initiatives. Despite the indisputable truth that the Team used to be aloof tormented by the outbreak of COVID-19 pandemic in some provinces of China generally, various fundraising and investment initiatives aloof made a correct originate. The Team achieved major enhance in each and each manufacturing and gross sales in 2021.

Panel-form Furniture

The Team’s panel-form furniture products consist of television cupboards, bookshelves, cupboards, desks, and low tables. Panel-form furniture has always been the core income driver of the Team. All the top possible procedure by procedure of the analysis period, the income of panel-form furniture increased by 33.9%. The immoral profit margin of panel-form furniture recorded a puny increment because of the the better immoral profit margins from some of our newly launched products, as effectively because the amplify in reasonable promoting prices for some of our existing products, which in part offset the impression of the depreciation of the U.S. greenback against the Renminbi (“RMB”).

Upholstered Furniture

Leveraging on our expertise and expertise on product invent and pattern as effectively as our industry relationships with major in a foreign nation retail chains and furniture merchants, we extra expanded of its product offering in upholstered furniture to detect unique markets. The Team’s upholstered furniture primarily involves sofas. All the top possible procedure by procedure of REVIEW PERIOD, the income of upholstered furniture increased by 19.4%. The immoral profit margins for every and each FY2020 and the analysis period remained pretty stable, definite products with excessive immoral profit margin recorded better gross sales.

Outdoors/Sport-form Furniture

This involves outside leisure furniture, sports and leisure equipment. Sports actions and leisure equipment primarily consist of table tennis tables and pool tables. All the top possible procedure by procedure of the analysis period, the income from sport-form furniture amounted to roughly RMB154 million, representing a decrease of roughly 3.1% from FY2020. The immoral profit margin increased from roughly 28.0% for FY2020 to 29.3% for the analysis period, which used to be primarily because of the the amplify within the frequent promoting prices of definite products and end of manufacturing and promoting of out of doorways sport furniture with low immoral profit margin within the analysis period.

Earnings generated from gross sales to the United States is aloof the biggest among all the geographical locations. The income derived from the gross sales of furniture product with the United States because the transport destination increased by 32.3% all over the analysis period in contrast to FY2020 and the gross sales ratio to our complete income increased from 67.1% for FY2020 to 67.3% for the analysis period, representing an amplify of 0.2%, which used to be primarily because of the the amplify in furniture inquire of pushed by the enhance within the real estate market within the United States. Sales in China increased by 13.8%, which used to be primarily because of the the coverage adopted by the Team for the expansion of gross sales to mainland China possibilities all over the analysis period. The income generated from gross sales to Malaysia, Vietnam, and Canada as transport destination furthermore achieved better enhance all over FY2021 in comparison to FY2020, primarily because of the the Team’s efforts to amplify gross sales outside the United States.

A stable and long-time period industry relationship is elementary to the Team’s success. The Team has strategically prioritised orders positioned by the major possibilities. The Team has maintained a long-time period relationship with every of high five possibilities in particular, the Team has established a straight and stable long-time period industry relationship with Walmart Team since 2012. As a result, the gross sales of the tip 5 possibilities all over the analysis period admire recorded an amplify of roughly 33.4% in contrast to FY2020, and the income from the tip five possibilities of the Team accounted for roughly 86.8% of the total income for the analysis period, representing an amplify of roughly 0.9% from roughly 85.9% for FY2020.

The Team always attaches tall importance to the pattern of honest analysis and pattern capabilities and continues to amplify its gross sales in ODM to amplify the dependence of our possibilities and the competitiveness of the Team. As for the OEM, we strictly notice the specs and requirements supplied by our possibilities. All the top possible procedure by procedure of the analysis period, gross sales from ODM increased by roughly 35.9% in contrast to FY2020 and accounted for roughly 82.5% of the total income with an amplify of roughly 2.5% from FY2020. The closing had been arisen from OEM industry with an amplify of roughly 15.4% whereas its percentage accounted for the total income decreased to roughly 17.5% in contrast to FY2020.

For the expansion of the orderly furniture industry. On 16 June 2021, the Team has entered actual into a strategic cooperation settlement with Jiangxi University of Science and Skills to extra toughen the cooperation in relation to the analysis and pattern of orderly furniture, alongside with nonetheless not dinky to legit and technical personnel training supplied by Jiangxi University to the staff of the Team and the establishment of the Magnificent Furniture Research Institute to level of curiosity on the analysis and pattern of orderly furniture and prefabricated decoration.

Trying forward, with the tiring amplify in vaccination price against COVID-19 in various countries and the buildup of expertise within the prevention and adjust of the pandemic, coupled with the pattern of the industrial level of diversified countries and the pattern of disposable income per capita and dwelling stipulations, the willingness to enjoy furniture will continue to develop. Particularly, there might be a stable inquire of for furniture from the developed countries and areas, equivalent to Europe, The USA, Japan and South Korea, as their stage of urbanisation is excessive, the consumption power of their resident is stable, leading to a bigger dwelling unheard of from these discontinue possibilities and an sizable inquire of for renovation of obsoleted homes and furniture for rental house; for countries with an emerging market, the inquire of for furniture is increasing with the expansion of housing inquire of because of the the advancing growth of urbanisation and the amplify within the scale of the urban inhabitants.

About Huisen Household Global Team Restricted

We are a producer of furniture products within the PRC with a prime level of curiosity on the make and gross sales of panel furniture by procedure of ODM. Over 80 % of our income from our furniture products used to be generated from our ODM industry and the closing used to be generated from our OEM industry. The total products we produced for gross sales had been not below our have brands. Our vertically constructed-in industry model allows us to combine our in-apartment product invent and pattern expertise with our constructed-in manufacturing platform, offering corpulent differ companies covering product invent and pattern, make and gross sales of panel furniture, and securing stable present of our major manufacturing materials, i.e., particleboards and steel tubes by manufacturing them on our have.


Matter: Press inaugurate summary

Sectors: Retail & eCommerce


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