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Qingdao Double Star turns profit in Q2' 2020

Qingdao Double Star released its half year report on August 31.

The company said that suffered from COVID-2019 in Q1, it was still in deficit in the first half year, although the company realized profit in the second quarter. 

The report said that the company realized 2.016 billion yuan of sales revenue in the first half year of 2020, yearly decreasing 6.62% compared to the same period of 2019. At the same time, net profit belonging to shareholders posted 45,490,000 yuan of loss.

To be noticed that, the company developed new retail method and new model, its order increased a lot in the second quarter of 2020. During April to June, Qingdao Double Star posted over 100% of monthly growth on sale revenue, and 122.18% of monthly increase on net profit belonging to shareholders.

The company said that it would further optimize sale method and speed up overseas market strategy in the second half year of 2020. 

 In July, Double Star has signed SOE(state-owned enterprises) mixed ownership reform with its mother group. The company predicted that new strategy investors would introduce new resources into Double Star, which could help it gradually develop its profit in the future.