25 listed companies reveal their cards! Observing the brand feast and the drop-shipping winter at the crossroads of cross-border e-commerce

Roborock’s 2023 revenue reached RMB 8.654 billion, an increase of 30.55% year-on-year; net profit amounted to RMB 2.051 billion, surging 73.32%. Following the release of its annual report, Roborock announced a cash dividend of RMB 4.68 per share—outpacing numerous other Sci-Tech Innovation Board–listed enterprises. Overseas market expansion and increased sales scale contributed significantly to this performance: Roborock generated RMB 4.229 billion in overseas revenue, up 21.42% year-on-year; gross margin stood at 61.65%, up 8.55 percentage points year-on-year—and 12 percentage points higher than its domestic gross margin of 49.26%. Regarding its successful overseas expansion, Roborock stated that establishing localized product operations and localized channel-sales operations were key. To enhance local channel operational capabilities, Roborock shifted from early reliance on distributor networks toward building stronger direct-to-consumer (DTC) capabilities. It has now established overseas subsidiaries in the United States, Japan, the Netherlands, Poland, Germany, and South Korea, and launched official online brand stores on major U.S. e-commerce and retail platforms including Amazon, Home Depot, Target, Best Buy, and Walmart. Of course, some companies faced sharp profit declines. In 2023, PowerOak’s net profit dropped 160.55% year-on-year; Youke and Cross-border Tong saw net profits decline by 32.10% and 153.98%, respectively. Youke issued another risk alert notice regarding potential delisting risk for its stock trading in its annual report. It attributed the underwhelming recovery of its cross-border e-commerce business to internal factors—including historical debt burdens and financial pressures—as well as external headwinds such as intensifying industry competition. Zi Buyu reported its first-ever revenue decline and turned from profit to loss since 2019. Having gone public on the Hong Kong Stock Exchange in October 2022, its prospectus and prior financial reports showed annual revenue growing steadily from RMB 1.429 billion in 2019 to RMB 3.066 billion in 2022—a compound annual growth rate of 29%—with no losses incurred during that period. Ecovacs also fell into the trap of revenue growth without corresponding profit growth. Its 2023 revenue totaled RMB 15.502 billion, up 1.16% year-on-year; yet net profit plunged 63.96% to just RMB 612 million. Ecovacs explained that sluggish overall recovery in China’s domestic consumer market, intensified industry competition, insufficient presence in cost-optimized mid-to-low-tier robot vacuum models in the domestic market, and significantly increased investment in new business areas collectively weighed down its overall profitability. In its subsequent improvement plan, Ecovacs identified international market expansion as one of its top strategic priorities. Alongside their 2023 annual reports, many companies also released their first-quarter financial results—indicating further strengthening of industry recovery and growth trends. In Q1 2024, Ecovacs’ performance began showing signs of recovery: revenue reached RMB 3.474 billion, up 7.35% year-on-year; net profit was RMB 298 million, down slightly by 8.71% year-on-year. Roborock continued its strong momentum in Q1 2024, achieving revenue of RMB 1.841 billion, up 58.69% year-on-year; net profit reached RMB 399 million, up 95.23% year-on-year.

Tides Express | Novo Nordisk releases Q1 2026 financial results, with the semaglutide portfolio driving growth

｜Edited by the Peptide Biotech Content Team On May 6, 2026, Novo Nordisk published its Q1 2026 financial results, reporting an adjusted operating profit of DKK 32.858 billion. Financial Performance Highlights: ・Reported sales for Q1 2026 grew 32% year-on-year at constant exchange rates (CER), positively impacted by the reversal of provisions related to the U.S. 340B Drug Pricing Program. ・Excluding the impact of the reversal of provisions related to the U.S. 340B Drug Pricing Program, adjusted sales for Q1 2026 declined 4% year-on-year at CER—primarily driven by price reductions—but partially offset by volume growth across all regions for GLP-1 products. Adjusted obesity treatment sales grew 22% year-on-year at CER in Q1 2026. ・Adjusted sales for the U.S. Operations Division declined 11% year-on-year at CER—mainly due to price reductions—but partially offset by overall volume growth across the Wegovy® (marketed in China as NovoYin®) product portfolio. ・Sales for the International Operations Division grew 6% year-on-year at CER—driven primarily by volume increases. ・Adjusted operating profit declined 6% year-on-year at CER in Q1 2026; however, reported operating profit rose 65% year-on-year at CER—largely attributable to the reversal of provisions related to the U.S. 340B Drug Pricing Program. Business Highlights: ・Wegovy® tablets launched in the United States on January 5, 2026. As of the week ending April 17, weekly prescription volume exceeded 200,000. Combined with approximately 1.3 million prescriptions written in Q1 2026 and over 2 million prescriptions cumulatively since launch, Wegovy® tablets represent the strongest GLP-1 product launch in U.S. history. Wegovy® tablet sales in Q1 2026 totaled DKK 2.256 billion—including the impact of pre-launch channel stocking with wholesalers and telehealth partners. ・Subject to regulatory approval, Wegovy® tablets are expected to launch in markets outside the United States in the second half of 2026.