EASEPAL(SZ:002614)2024-05-28 13:53Group 1: Company Overview - OGAWA operates under multiple self-owned brands, including "OGAWA," "FUJI," and "ihoco," with a strong presence in Asia, North America, and Europe [2] - The company has maintained its leading position in the market for 18 consecutive years, with products available in over 80 countries [2] Group 2: Revenue Structure - In 2023, the company's revenue structure showed that ODM business contributed 68.94% of total revenue, while self-owned brands accounted for 51.46%, marking a year-on-year increase [2] - International revenue made up a significant portion at 31.06%, reflecting a 9.4% year-on-year increase [2][3] - Massage chairs and small massage appliances together accounted for 75.37% of the company's main business revenue [3] Group 3: Sales Channels and Strategies - The company sells its self-owned brands through offline direct stores, distributors, and e-commerce channels, focusing on major platforms like Tmall, JD.com, and Douyin [3] - OGAWA is enhancing its presence in lower-tier cities while strengthening partnerships with leading retail channels [3] Group 4: Profitability and Market Challenges - In 2023, the company's profit was impacted by weak global economic recovery and reduced consumer confidence, leading to a decrease in revenue [3] - The company recorded an asset impairment provision of approximately 117 million yuan, which reduced pre-tax profit by the same amount [3] Group 5: Future Market Outlook - The penetration rate of health massage products in the domestic market is currently only 1%-2%, indicating significant growth potential [4] - As consumer awareness of massage chairs increases, the market is expected to shift towards healthy competition, favoring brands with core technologies [4] - OGAWA plans to focus on mid-to-high-end market positioning while expanding its product offerings to enhance brand consumption [4]