01

Insta360 Innovation: Net profit plunges 94.15%

H1 2026: total revenue RMB 5.516 billion (+50.29% YoY); net profit attributable to parent RMB 30 million (-94.15% YoY).

Profit decline: mainly due to rising raw material costs and phased investment in new business categories.

Channels: Online: official store, Amazon, Tmall, JD.com, etc. Offline: 70+ countries/regions, including Apple Store, Best Buy, Costco, Sam's Club, Argos, Yodobashi Camera, etc.

Overseas main business revenue: RMB 3.436 billion, 63.40%; online sales: 44.02%; online gross margin higher than offline.

By period-end, cumulative global shipments of panoramic and action cameras exceeded 10 million units, extending its industry lead.

Software ecosystem: app MAUs +67% YoY; exported files +126%; cloud AI editing feature "Moment Pro" export rate 60%; paying cloud storage users +124% YoY. Its large hardware user base is being monetized via software and cloud storage, with improving paid conversion and future profit potential.

Product matrix: Consumer: panoramic cameras, action cameras, gimbal cameras, handheld photography gear, panoramic drones, AI recording omnidirectional microphones, wireless microphones, etc. Professional: VR panoramic cameras and AI video conferencing all-in-one devices.

02

Huakai Yibai: Premium business grows against the trend

H1 2026: operating revenue RMB 3.976 billion (-12.38% YoY); net profit attributable to shareholders RMB 165 million (+349.09% YoY), with profitability significantly recovered.

Business segments:

1. General merchandise: revenue RMB 2.657 billion (66.81% of total, -19.24% YoY); ~1.05 million SKUs; AOV RMB 114.56; covers home & garden, industrial supplies, auto and motorcycle parts, outdoor sports, 3C electronics, etc. The company is actively shrinking this segment, shifting from bulk listing to intensive operation.

2. Premium: revenue RMB 996 million (25.04% of total, +11.56% YoY); ~16,500 SKUs; AOV RMB 307.19; focuses on pet supplies, furniture/home, maternal and infant toys. It is the most growth-oriented segment, with high AOV and a clear brand-upgrading path.

3. Yimai cross-border ecosystem platform: revenue RMB 305 million (7.66% of total, -4.52% YoY); cooperating merchants: 291 to 307 from end-2025.

4. Revenue by region

North America: RMB 2.007 billion, 50.49%

Europe: RMB 1.297 billion, 32.64%

Asia: RMB 517 million, 13.02%

Oceania: RMB 103 million, 2.59%

South America: RMB 21 million, 0.54%

Other regions: RMB 9 million, 0.23%

5. Revenue by sales channel

Amazon: RMB 2.719 billion, 68.39%

Walmart: RMB 178 million, 4.49%

AliExpress: RMB 148 million, 3.72%

OZON: RMB 83.4 million, 2.10%

TEMU: RMB 65 million, 1.64%

Other platforms combined: RMB 781 million, 19.66%

6. Revenue by category

Home and garden: RMB 1.294 billion, 32.54%

Industrial supplies: RMB 608 million, 15.30%

Automotive and motorcycle supplies: RMB 485 million, 12.20%

Outdoor supplies: RMB 416 million, 10.47%

Electronic supplies: RMB 303 million, 7.63%

Health and beauty: RMB 185 million, 4.68%

Pet supplies: RMB 160 million, 4.03%

Maternal and infant supplies: RMB 148 million, 3.72%

Film and photography: RMB 111 million, 2.80%

Crafts and collectibles: RMB 99 million, 2.51%

Other products: RMB 144 million, 3.64%

03

Zibuyu: TikTok channel explosive growth over 6x

H1 2026: total revenue RMB 2.827 billion (+44.2% YoY); net profit attributable to shareholders about RMB 138 million (+30.0% YoY).

1. Channel performance

Amazon: about RMB 2.353 billion, +29.6% YoY on a high base; core business stable.

TikTok: about RMB 289 million, +662.1% YoY; revenue share 10.2%. TikTok has entered scaled profitability. The company used AIGC to produce 50,000+ self-made videos, building a "creators + product cards + self-made videos" sales structure; the model is validated and may become the second growth curve.

2. Regional distribution: North America core market: about RMB 2.708 billion, +40.6% YoY, the vast majority of revenue.

3. Brand building: Top 10 core brands' revenue share rose from 54% in 2025 to 65%. Integrated marketing system: official media accounts + creator network + user communities; core brands' overseas social media followers exceeded 600,000. Higher concentration implies better bargaining power and repurchase rates.

4. AI empowerment: AI applied across content generation, marketing, and supply chain management; overall per capita efficiency +35% YoY.

5. Supply chain globalization: Overseas capacity network centered on Vietnam/Myanmar, supplemented by Cambodia/Turkey; H1 overseas capacity exceeded 10%. Centralized fabric procurement and pattern improvements are lowering return rates. Overseas capacity helps cut procurement costs and diversify geopolitical risks, a key step from trade-oriented to supply chain-oriented.

(Source: Cifnews editorial team)

Seller Home Review

Insta360 Innovation's revenue grew fast but profit dropped sharply, warning sellers to watch cost and margin pressure behind high growth; Zibuyu's 6x+ TikTok growth confirms short-video channel dividends remain. Sellers should evaluate category fit with content e-commerce and strengthen supply chain cost control to manage profit fluctuations.

Source: Cifnews
Original link: https://www.cifnews.com/article/188550