Nantong, Jiangsu – Mlily, a Chinese maker of mattress, pillows and soft furniture, posted CNY9m ($1.4m) net profit for H1 2021. This compares to CNY155m net profit a year ago.
Revenue during the period, however, jumped 61% to CNY3.9bn, according to the company’s half year report, which was issued on 28 August. ‘Overseas freight and miscellaneous charges increased significantly during the period,’ the report said.
Mlily recorded CNY3.2bn sales to overseas markets in H1 2021, accounting for 82% of its total revenue.
The gross profit margin for overseas market was nearly 30%, down by 9 points on H1 2020, partially as a result of changes in accounting rules. This compares to 26% gross profit margin for the domestic market, down by 18 points from a year ago.
At the end of this period, Mlily had 1333 stores worldwide, including 434 that first opened this year.