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Seagulls reported a 46.09 percent year-on-year drop in net profit in the third quarter

October 29 - seagull workers release third-quarter financial report. The report showed that the business income of seagull in the first three quarters was 157,602,820,000 yuan, up by 4.07 percent year-on-year. The net profit attributable to shareholders of the listed company was 347.616 million yuan, down 46.09% year-on-year

  As soon as possible, seagull residence workers have been aggressively acquiring equity stakes in related companies in recent years. However, it can be seen from the interim results report issued by seagull residence workers this year that many subsidiaries are in a state of loss.

Whole outfit defends bath to involve product sort to be mixed diversiform, the correlation between the product is very big but qualitative difference is huge, be like closestool, flower is aspersed, faucet, wood ark wait for a product, connect production equipment to be not the same, the enterprise wants to enter whole to defend bath industry in short term, have certain development difficulty.


Due to the large number of acquisition projects and huge investment, seagulls working in the first three quarters of 2018 showed a decline in profits, which can be seen from the medium-term data. Now three quarters of earnings release, data confirmed the forecast, not a surprise


In recent years, the top five customers account for more than 50% of the company's sales revenue.



Not only the bathroom business is so, the smart home business of seagull also has the same problem of customer concentration. The smart home business of seagull resident workers is mainly promoted by zhuhai Edison co., LTD. In 2016, 2017 and the first half of 2018, the top five customers of zhuhai Edison account for 53.70%, 62.79% and 61.27% of the total revenue respectively, accounting for more than half.



Aware of the risk of overconcentration of customers, the future development focus of seagull residence is expected to move towards opening up sales channels, exploring new markets and actively laying out overseas.

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