Zhiou Technology Posts H1 Revenue of RMB 4.826 Billion: Amazon VC Revenue Surges 406%, Latin American Market Nearly Doubles

[Ebrun Original] Cross-border home furnishing enterprise Zhiou Technology recently released its 2026 semi-annual report. The report shows that in the first half of this year, Zhiou Technology achieved operating revenue of RMB 4.826 billion, a year-on-year increase of 19.32%, and the net profit attributable to shareholders of listed companies was RMB 246 million, a year-on-year increase of 29.16%.

However, after deducting non-recurring gains and losses, Zhiou Technology's net profit attributable to shareholders in the first half of the year was RMB 195 million, a year-on-year decrease of 12.55%. In the first quarter of this year, Zhiou Technology's net profit attributable to shareholders fell 32.20% year-on-year, while the non-recurring gains and losses excluded net profit attributable to shareholders dropped 52.04% year-on-year. Judging from the semi-annual report, the company's profitability has significantly recovered in the second quarter.

In terms of revenue, furniture remains Zhiou Technology's largest source of income. In the first half of the year, the furniture series recorded core revenue of RMB 2.625 billion, a year-on-year increase of 23.74%, accounting for 54.74% of the core business revenue; the home furnishing series recorded revenue of RMB 1.652 billion, a year-on-year increase of 14.73%; the pet product series recorded revenue of RMB 305 million, a year-on-year increase of 6.56%; the sports and outdoor series recorded revenue of RMB 197 million, a year-on-year increase of 23.44%.

New products are also becoming an important source of revenue growth for Zhiou Technology. According to the semi-annual report, the company accelerated the launch of new products in mid-to-large size categories such as beds, mattresses, height-adjustable desks, and full-length mirrors in the first half of the year. Among them, the revenue of products including height-adjustable desks, beds, and chests of drawers all increased by more than 150% year-on-year, while mattresses are a new category entered during the reporting period.

During the reporting period, revenue contributed by products newly launched by Zhiou Technology this year accounted for 13.87%, compared with 4.35% in the same period last year. When combined with next-generation new products launched in 2025, the total revenue share of new and next-generation new products reached 31.74%.

In terms of regional markets, Europe remains Zhiou Technology's most important market. In the first half of the year, Zhiou Technology's core revenue from the European market reached RMB 3.239 billion, a year-on-year increase of 26.03%, accounting for 67.54% of core business revenue.

Revenue from the US and Canadian markets was RMB 1.299 billion, a year-on-year increase of 1.46%, with its share dropping from 31.95% in the same period last year to 27.08%. Zhiou Technology stated that in the first half of the year, the US and Canadian regions were affected by adjustments to US tariff policies and intensified industry competition, and the company continued to adopt the business strategy of "shrinking and focusing, improving quality and efficiency". As tariff disturbances eased and overseas supply chains were gradually rolled out, the US business resumed growth in the second quarter, with revenue increasing by 23.52% year-on-year.

Latin America has maintained its previous high growth rate. In the first half of the year, Zhiou Technology's core revenue from the Latin American market reached RMB 178 million, a year-on-year increase of 99.44%. In this regard, Zhiou Technology stated that the growth was mainly benefited from the rapid expansion of emerging markets such as Mexico. The company further revealed in the conference call after the release of the semi-annual report that Mexico currently contributes a large proportion of Latin American revenue, and the Brazilian market is also under continuous expansion.

Changes in channel structure are even more noticeable.

In the first half of this year, Zhiou Technology's core revenue from the traditional Amazon B2C channel was RMB 1.447 billion, a year-on-year decrease of 40.25%, and its revenue share dropped from 60.44% in the same period last year to 30.17%.

Meanwhile, revenue from the Amazon VC (Vendor Central) channel reached RMB 1.866 billion, a sharp year-on-year increase of 406.31%, and its proportion of core business revenue rose from 9.20% in the same period last year to 38.91%. The revenue scale has exceeded that of the traditional Amazon B2C channel, becoming an important driving force for Zhiou Technology's revenue growth in the first half of the year.

Under the VC model, Zhiou Technology mainly supplies products to Amazon on a buyout basis, and subsequent links such as sales, transportation, customer service, and after-sales are mainly handled by Amazon. Zhiou Technology stated in the semi-annual report that the VC model can consolidate costs in some links and expand sales scale with the help of platform traffic.

In addition to Amazon VC, Zhiou Technology also continues to expand other channels. In the first half of the year, revenue from the OTTO channel was RMB 231 million, a year-on-year increase of 27.25%; independent station revenue was RMB 134 million, a year-on-year increase of 21.54%; revenue from other B2C platforms was RMB 778 million, a year-on-year increase of 25.81%. Offline B2B business recorded revenue of RMB 263 million, a year-on-year increase of 21.75%.

Overall, Zhiou Technology's online B2C revenue decreased by 22.27% year-on-year, and its proportion of core business revenue dropped to 54.01%; online B2B revenue including Amazon VC increased by 323.12% year-on-year, accounting for 40.50%. Zhiou Technology's sales structure is shifting from the previous Amazon B2C-dominated model to a parallel model of B2C, platform B2B, and offline B2B.

In terms of supply chain, Zhiou Technology continues to promote overseas production capacity layout. The financial report points out that currently, about 80% of the company's shipping demand for the US market can be undertaken by production capacity in Southeast Asia. At the same time, the company has strengthened the construction of local warehouses and self-operated warehouses in the US, and established a warehouse layout in Brazil for the first time to support the growth of its Latin American business.

In addition, Zhiou Technology is still increasing the application of AI in business links. The semi-annual report discloses that the company has developed more than 70 AI Agents, which are applied to links such as product copywriting, product images, customer service, IT development, and supply chain sourcing. Among them, about 40% of responses in the customer service link are automatically completed by AI, and about 60% of coding in IT development is assisted or automated by AI. The company is also promoting AI-based transformation of businesses such as sales, procurement, and advertising placement.

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