奥佳华营收连续三年下跌，一季度扣非净利润亏损

Core Viewpoint - OgaHua is facing significant challenges in its business performance, particularly in the massage chair segment, with declining revenues and increasing operational pressures due to reliance on overseas markets and changing consumer demand [1][2][3]. Financial Performance - OgaHua's revenue has declined from approximately 60.24 billion in 2022 to about 50.3 billion in 2023, with Q1 2023 revenue at around 10.51 billion, representing an 11.15% year-on-year decrease [1][2]. - The company reported a net profit of approximately 499.7 million in Q1 2023, largely due to non-operating income, while the adjusted net profit showed a loss of about 996 million, marking the first loss in three years [2]. Market Dynamics - The massage chair market is currently facing a downturn, with OgaHua lagging behind competitors like Rongtai Health, which reported a slight revenue increase of 3.86% in Q1 2023 [2]. - OgaHua's international sales accounted for 68.94% of its total revenue, with significant reliance on markets in Europe, North America, and Southeast Asia, which are currently experiencing weak demand [2][3]. Strategic Initiatives - OgaHua plans to expand its market presence in countries along the "Belt and Road" initiative and enhance its cross-border e-commerce channels to mitigate current challenges [4]. - The company is also focusing on diversifying its product offerings beyond massage chairs to include health-related appliances, which previously helped maintain revenue during the pandemic [6]. Operational Challenges - The marketing pressure for massage chairs is high due to their non-essential nature and high price points, leading to longer consumer decision-making processes [5]. - OgaHua is reducing operational costs, with sales expenses down by 2.47% and R&D expenses down by 9.57% in 2023, indicating a need to manage financial strain amid declining revenues [4].