YA-MEN's Profit Soars 62% with Good Momentum in China
- Chaileedo Press
- Nov 28, 2022
- 2 min read
YA-MAN's consolidated net profit from May to October 2022 was 1600 million yen (approximately $11.6 million) higher than previously expected, reaching a record high for May-October figures previously. The main reason for the growth in performance was higher than expected sales in China.
Recently, Japanese beauty device brand, YA-MAN, announced its financial results for the six months to the end of October 2022.
According to the financial results, YA-MAN's consolidated net profit for May-October 2022 increased 62% year-on-year to 4.5 billion yen (approximately $32.7 million), 1.6 billion yen (approximately $11.6 million) higher than previously expected, reaching a record high for the May-October data.
Operating income rose 27% year-on-year to 26.5 billion yen (about $192.3 million), 4.5 billion yen (about $32.7 million) higher than previously expected.
The main reason for the growth was higher-than-expected sales in China, according to YA-MAN. In addition to the strong performance from events such as the Chinese 618 Shopping Festival, the sales growth was also helped by orders from the Chinese Double Shopping Festival, where RF beauty devices and other series of products were hot sellers. According to data of Meritco, from October 24 20:00 to October 31 24:00, YA-MAN ranked TOP1 in the pre-sale list of personal care category and TOP29 in the brand list of all categories in Tmall's Double 11 Shopping Festival. At the same time, due to the sharp depreciation of the yen exchange rate, the foreign currency exchange gains held by YA-MAN will be booked much higher than expected.
China's beauty instrument market is vast, according to data from the Qianzhan Research Institute, the market size of Chinese beauty instrument is about 10 billion yuan (about $1.4 billion) in 2021, and the figure is expected to reach 25.1 billion yuan (about $3.5 billion) to 37.4 billion yuan (about $5.2 billion) by 2025. And in this tens-of-billions-yuan market, YA-MAN has been ranked in the front. According to Yonghushuo data, from March 2021 to February 2022, in the sales of beauty device category on Taobao platform in nearly one year, TOP10 beauty device brand accounted for 54.16%, YA-MAN ranked first with 26% market share in the beauty device category, more than double the market share of the second place.
Due to the stronger financial data, YA-MAN said in the report that its full-year fiscal year 2022 results are expected to remain unchanged, with operating income expected to grow 22% year-on-year to 50 billion yen (about $362.8 million) and net profit up 19% to 6.6 billion yen (about $47.9 million). For future operations, YA-MAN said it will further strengthen its advertising campaign for new categories of hair care and razors to increase product awareness and expand sales in the second half of the year. In terms of research and development, it will continue to respond to standards certification, while increasing product development push and joint research investment through industry-academia cooperation.
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