On August 31, Skyworth Group Co., Ltd. (stock code: 00751.HK, “Skyworth”) released its financial report for the first half of 2020. According to the report, Skyworth generated turnover amounting to 15.98 billion yuan (approx. US$2.33 billion), gross profit amounting to 3.09 billion yuan (approx. US$451 million) and a gross profit margin of 19.3%. The Chinese home appliance maker recorded unaudited profits before and after deducting non-controlling interests of 573 million yuan (approx. US$83.7 million) and 391 million yuan (approx. US$57.1 million) for the reporting period, up 64.66% and 116.02% from a year earlier, respectively.
The group’s multimedia business reported turnover of 9.39 billion yuan (approx. US$1.37 billion). Benefiting from the “stay-at-home economy”, its COOCQQ’s internet value-added service saw turnover of 506 million yuan (approx. US$73.9 million), an increase of 130 million yuan (approx. US$19.0 million), or 34.6%, compared to 376 million yuan (approx. US$54.9 million) for the same period of last year. The internet value-added service has become the group’s new growth engine. Skyworth has also addressed the negative impact of the pandemic by optimizing its sales channels in overseas markets, achieving considerable growth during the challenging period. As of the end of June, the group recorded turnover amounting to 5.58 billion yuan (approx. US$816 million) in all markets outside of China, accounting for 34.9% of its total turnover and a year-over-year increase of 12.2%.