收购通拓的华凯易佰一季度由盈转亏，亚马逊店铺超1200家

Core Viewpoint - Huakai Yibai (300592) reported significant revenue growth but faced a substantial decline in net profit, transitioning from profit to loss in Q1 2025, raising concerns about cost control and business integration challenges [1][2][4]. Financial Performance - In Q1 2025, Huakai Yibai's revenue reached 2.292 billion yuan, a year-on-year increase of 35.08%, while the net profit was -15.09 million yuan, a decline of 118.42% [2]. - For the full year 2024, the company achieved total revenue of 9.022 billion yuan, up 38.42%, but net profit fell by 48.77% to 170 million yuan [2]. - The company's basic earnings per share for Q1 2025 were -0.04 yuan, with a weighted average return on equity of -0.64% [2]. Cost Structure - In Q1 2025, Huakai Yibai's operating expenses totaled 717 million yuan, an increase of 195 million yuan compared to the previous year, with an expense ratio of 31.31%, up 0.49 percentage points [2]. - Sales expenses rose by 43.65%, management expenses by 32.79%, and R&D expenses by 15.89%, while financial expenses decreased significantly by 1370.93% [2]. Business Expansion - Huakai Yibai operates across various cross-border e-commerce platforms, including Amazon, Temu, TikTok, AliExpress, and Walmart, focusing on home and garden, industrial, and commercial products [1][3]. - The company had over 1,200 stores on Amazon by the end of 2024, following the acquisition of Tongtuo Technology, which added 286 stores [3][4]. Acquisition Impact - The acquisition of Tongtuo Technology for 700 million yuan was aimed at enhancing product category and warehouse synergies, as well as optimizing supply chain integration and cost control [1][3]. - Tongtuo Technology reported revenue of approximately 1.312 billion yuan in the latter half of 2024, with a net loss of 11.11 million yuan, indicating improved performance but still not profitable [4].