Amazon Seller SainSmart with $148million USD Revenue Goes Public in China
On May 27, 2025, Shangrui Technology Co., Ltd. (尚睿科技股份有限公司, also known as SainStore) was officially listed on China's National Equities Exchange and Quotations (NEEQ).
Shangrui Technology/SainStore had revenue of $145million USD in 2023 with almost 74% of net income coming from Amazon.
Company Overview
Founded in 2011 and headquartered in Dongguan, Guangdong Province, Shangrui Technology specializes in the research, development, design, and sales of self-branded consumer products. The company's product lines encompass functional clothing, home life products, digital technology, and maker hardware.
Sales Performance
Shangrui operates primarily through a B2C model, with Amazon being its main sales channel. In 2023, B2C sales accounted for 96.4% of total revenue, with Amazon sales reaching approximately $145.7 million USD (RMB 1.039 billion), representing 73.38% of operating income. In the first half of 2024, Amazon sales were approximately $55.1 million USD (RMB 393 million), accounting for 74.59% of operating income.
Brand Portfolio
Shangrui's notable brands include:
- SainSmart: A 3D printer brand that gained recognition with its Genmitsu Cubiko desktop engraving machine, which ranked fourth in Kickstarter's tech hardware crowdfunding popularity list in March 2025, raising $1.29 million USD.
- ORORO: Specializing in heated apparel such as vests, jackets, and work pants, catering to outdoor enthusiasts.
- TOSOT: A smart appliance brand offering high-quality home solutions.
- BELSIZE: An outdoor sports brand providing a range of products for active lifestyles.
Financial Performance
Shangrui has demonstrated consistent financial growth:
- 2022: Revenue of approximately $117.5 million USD (RMB 837 million); Net profit of $10.8 million USD (RMB 77.04 million).
- 2023: Revenue of approximately $166.5 million USD (RMB 1.416 billion); Net profit of $13.1 million USD (RMB 98.76 million).
- 2024: Revenue of approximately $180.1 million USD (RMB 1.532 billion), an 8.24% year-over-year increase; Net profit of $14.1 million USD (RMB 106 million), a 7.24% increase from the previous year.
In the first half of 2024, the company reported revenue of approximately $61.7 million USD (RMB 527 million) and a net profit of $4.3 million USD (RMB 36.38 million). The second half saw a significant surge, with revenue reaching approximately $117.5 million USD (RMB 1.005 billion), largely driven by the popularity of ORORO's cold-resistant clothing line.
Market Outlook
The global apparel market is projected to grow from $655.75 billion USD in 2023 to $918.75 billion USD by 2028, at a compound annual growth rate of 6.98%. Functional clothing is gaining traction as consumers seek apparel that offers both comfort and utility. Shangrui's focus on this segment positions it well to capitalize on emerging trends and consumer demands.
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