Week #18: Anker Innovations: 49% of 2023 Revenue from US, $38M Spent on Ads | Insta360's Revenue Reaches $550.86M in 2023, Doubling for the Second Year
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Anker Innovations: 49% of 2023 Revenue from US, $38M Spent on Ads
SHEIN Ranks Second Among China's $1.2 Trillion Worth of Unicorns with $64B Valuation in 2023
Temu Hits Number One in Middle East App Store Downloads in May
Chile's Q1 2024 Online Shopping Hits $2.14B, AliExpress Tops International Sales with 31%
AliExpress Unveils New Pet Food Line
Insta360's Revenue Reaches $550.86M in 2023, Doubling for the Second Year
Alibaba's Trendyol Ships 2 Million Turkish Products Abroad in May
SHEIN Sets Foot in South Korea with Big Plans
2024 BrandZ China Global Brand Rankings: ByteDance Leads, Xiaomi Follows
ASMOKE Completes New Round of Financing
Haidilao Overseas Business Reports 16.6% Revenue Growth in Q1 2024
Anker Innovations: 49% of 2023 Revenue from US, $38M Spent on Ads
Anker Innovations, a global leader in mobile charging and consumer electronics, boasts six major brands, including Anker, Soundcore, Eufy, Nebula, Ankerwork, and AnkerMake, that cover a wide range of product categories. The company's financial report for 2023 shows a 23% increase in global revenue, reaching over $2.41 billion, with the US market contributing nearly half.
In 2023, Anker Innovations spent $38 million on advertising in the US market for its brands Anker, Eufy, SoundCore, and Nebula, with Anker, Eufy, and SoundCore accounting for 53%, 26%, and 20%, respectively.
Anker's digital ads were mainly seen on Facebook, X (formerly Twitter), and Instagram, while Eufy's ads were more focused on Facebook. In the first five months of 2024, Anker Technology increased its digital ad spend in the US by 34%, making it the third-largest spender among Asia-Pacific electronic brands in the US, following Samsung and Lenovo.
SHEIN Ranks Second Among China's $1.2 Trillion Worth of Unicorns with $64B Valuation in 2023
The Great Wall Enterprise Institute, a cornerstone in Chinese strategy and management consulting, has published its "China Unicorn Enterprise Research Report 2024." The report reveals the dynamic state of China's unicorn enterprises.
In 2023, China was home to 375 unicorns, collectively valued at about $1.2 trillion. Fast fashion leader SHEIN stood out, ranking second with a valuation of $64 billion. Other key players in the e-commerce logistics sector included Cainiao Network (6th), SF Express (65th), RRS Supply Chain (159th), ZTO Express (193rd), and Dianxiaomi (273rd).
Temu Hits Number One in Middle East App Store Downloads in May
In May, Temu climbed to the top of the App Store download charts in the Middle East, overtaking the popular video editing app CapCut to become the most downloaded non-gaming app. With over 2.54 million downloads, Temu's cool 3D shopping experience, which works with VR headsets, really caught on.
On the Google Play side, CapCut held its top spot with over 1.61 million downloads. Meanwhile, Alibaba's Trendyol made a comeback, rising up the download charts on both platforms.
According to Statista's data from May 2024, smartphone use is booming in the MENA region, with Bahrain and the UAE leading at a 95% penetration rate. Amazon's 2017 buyout of Souq.com, the launch of new platforms like Noon, and the spread of mobile wallets have all played big roles in changing how people see e-commerce in the region.
Chile's Q1 2024 Online Shopping Hits $2.14B, AliExpress Tops International Sales with 31%
In the first quarter of 2024, Chileans spent $2.144 billion on online shopping, up 11% from the previous year. International purchases made up 17.4% of this total, a 5.5% increase from 2023. AliExpress led the way in international sales, accounting for 31%, followed by Shein (21%) and Amazon (13%).
In Chile, clothing was the most popular online shopping category, making up 29% of total digital transactions, an increase of 21% from the previous year. Chile, with the highest GDP per capita in Latin America, has consumers with strong purchasing power. According to Statista, 64.8% of Chileans shopped online in 2022, and this number is expected to grow to 69.4% by 2027, supported by a high internet penetration rate of 91% in 2022.
AliExpress Unveils New Pet Food Line
In June, AliExpress rolled out a new pet food line, creating an innovative retail export channel for local manufacturers. Packaged Facts reports that pet food makes up 75% of the pet product market, with China being a top global exporter. Nanhe in Xingtai, Hebei, is recognized as the largest pet food production base globally.
Traditionally, pet food exports were handled through bulk shipments to overseas warehouses. The new AliExpress line enables cross-border small package shipments for items like cat and dog food. The pet product market has seen rapid growth, particularly in smart pet products. Future Market Insights forecasts the global market for smart pet products will grow at a CAGR of 19.5% from 2024 to 2034, with the market size nearing $6 billion in 2024.
Insta360's Revenue Reaches $550.86M in 2023, Doubling for the Second Year
Insta360, a leader in smart action cameras, reported nearly 4 billion RMB ($550.86 million) in revenue for 2023, doubling last year's figures. This impressive growth follows revenue increases from over 1 billion RMB ($137.71 million) in 2021 to over 2 billion RMB ($275.43 million) in 2022.
Comparatively, DJI and Anker Innovations achieved annual revenues of 9.78 billion RMB ($1.35 billion) and 9.35 billion RMB ($1.29 billion) within a decade of their founding. Insta360 is on track to hit the 10-billion-RMB mark within two years if it continues its current trajectory.
Founded in Shenzhen in 2015, Insta360 focuses on panoramic and action cameras. Frost & Sullivan notes that Insta360 has led the global panoramic camera market for five consecutive years, holding over 50% market share. It is also a strong contender in the global action camera market, closely following GoPro.
In 2023, 80% of Insta360's revenue came from international markets. Key markets include Europe, the Americas, Japan, and a rapidly expanding South Korea, where shipments doubled last year. Insta360's sales network is extensive, covering both online platforms like its official DTC website, Amazon, Lazada, Tmall, and JD.com, and an offline presence in over 60 countries.
Since 2016, Insta360 has partnered with Apple, becoming the first and only panoramic and action camera brand featured in Apple Stores worldwide. Their product lineup includes the X series, ONE R series, Ace Pro series, GO series, and Flow AI phone stabilizers.
Alibaba's Trendyol Ships 2 Million Turkish Products Abroad in May
In May, Turkish manufacturers shipped nearly 2 million products internationally through Trendyol, Alibaba’s Turkish e-commerce platform. Trendyol data show that textiles and home goods led the charge, with pans, storage containers, and mattresses being the top non-textile items.
Turkish products were particularly popular in Azerbaijan, Gulf countries, Central and Eastern Europe, Germany, and Austria. T-shirts and dresses were the top-selling categories, and items with the "Made in Türkiye" label were most popular in cities like Baku, Riyadh, Jeddah, Dubai, and Bucharest.
Trendyol has been instrumental in supporting its sellers, providing comprehensive e-commerce services for exports. During the "Mega May" campaign, the platform enabled the sale of 1 million products to Azerbaijan. By promoting Turkish-made goods to global markets, Trendyol helped over 90,000 local sellers transition to e-exporters last year, achieving an export volume of $650 million in 2023.
For its outstanding contributions to e-exports, Trendyol received an award from the Türkiye Exporters Assembly (TIM).
SHEIN Sets Foot in South Korea with Big Plans
On June 20, SHEIN officially announced its entrance into the South Korean market, following the launch of a Korean-language website in April and a ramp-up in marketing efforts. The brand has appointed actress Kim Yoo-jung as the global ambassador for its sub-brand Dazy and introduced a spring/summer collection crafted with her input.
SHEIN set up a Korean subsidiary in December 2022 and began social media marketing in August last year. This move marks its formal entry into the competitive South Korean market. Industry experts predict that SHEIN's presence will shake up local SPA brands like SPAO and TOPTEN, along with fashion e-commerce platforms such as MUSINSA, ABLY, ZIGZAG, and W Concept. It might also affect sellers of Chinese clothing on platforms like Coupang.
An SPA company representative mentioned that since its inception in 2008, SHEIN has made a significant impact in North America and could potentially disrupt the Korean market. However, Korean consumers have high expectations for quality and are not just looking for low prices. Therefore, the key to success will be providing fast, stylish, and high-quality products.
2024 BrandZ China Global Brand Rankings: ByteDance Leads, Xiaomi Follows
Google and Kantar recently co-released the Google x Kantar BrandZ Chinese Global Brand Builders 2023. A total of 50 Chinese brands are included in the ranking. The overall brand strength of Chinese companies has increased by 17% YoY from 2023 to the first half of this year, reaching a new high in history.
ByteDance and Xiaomi retain the top two positions, with SHEIN moving to third, surpassing Lenovo, and Huawei advancing to the fifth position, overtaking AliExpress. This year's rankings feature brands from seven categories, with consumer electronics comprising the largest segment at 25%.
Xiaomi ranks second overall and continues to lead the consumer electronics category. Other top-ranking consumer electronics brands include Lenovo (4th), Huawei (5th), and OPPO (9th). The rankings for other brands largely remain consistent with the previous year, including vivo, OnePlus, realme, Honor, and Transsion. Xiaomi's sub-brand POCO also entered the list, ranked 37th.
The smart device industry exhibited the most significant brand growth at 61%. The automotive sector also saw notable growth, with eight brands making the list: Chery (14th), BYD (15th), Great Wall (22nd), Lynk & Co (25th), SAIC Maxus (26th), GAC (31st), Changan (33rd), and Geely (34th).
ASMOKE Completes New Round of Financing
ASMOKE, the Shenzhen-based first portable pellet grill brand that uses 100% all-natural, organic applewood smoke pellets, completed a new round of financing. The Chinese ODM manufacturer, known for its portable apple wood pellet grills, first launched its product through a successful crowdfunding campaign on Indiegogo.
In 2020, ASMOKE raised $1.42 million on Indiegogo, significantly boosting its funding and brand recognition in international markets. ASMOKE's patented ASCA System™ sets it apart in the grill industry, enhancing the added value and competitiveness of its products. With the new funding, ASMOKE aims to continue its focus on product development and innovation.
Haidilao Overseas Business Reports 16.6% Revenue Growth in Q1 2024
Haidilao's overseas business arm, Super Hi International, announced its unaudited financial results for the first quarter of 2024. Super Hi International reported a revenue of approximately $188 million, up by 16.6% from $161 million in the same period in 2023. The company's operating profit reached $12.4 million, a 9.7% increase YoY.
However, the company recorded a loss of $4.5 million this quarter, compared to a profit of $5.6 million in the previous year, mainly due to an $11.2 million increase in unrealized net exchange losses caused by the depreciation of other currencies against the US dollar.
Super Hi International expanded its operations by adding four new restaurants in the first quarter of 2024, bringing the total number of restaurants from 115 at the end of 2023 to 119 by March 31, 2024. "We will continue to prioritize customer satisfaction and employee contributions, while also exploring new business models and strategic acquisitions to diversify our offerings and expand our market share." the CEO and Executive Director Li Yu stated.