As the Palestinian-Israeli conflict escalates, security and defense products have attracted attention. This listed e-commerce company started out as a "luggage" business. The latest institutional research focuses on its bulletproof vest and bulletproof helmet business. What is the future of military security products? ?

　　Wanlima has recently received an institutional survey. Wanlima is mainly engaged in leather goods, mainly ODM mode. It has also entered the e-commerce industry and is also involved in overseas e-commerce business. The product categories are not only bags and shoes, but also skin care and cosmetics, and fast-moving consumer goods.

　　According to the latest research conducted by the organization, the focus is entirely on the body armor and military products business. Many investors may not have noticed that more than 50% of Wanlima's main revenue is group buying business, which is mainly divided into three major categories of customers: military and police systems, government agencies and their branches, and state-owned large and medium-sized enterprises. Among them, military and police customers (military , armed police, public security) account for the largest group buying business volume.

　　The company has become a cooperative supplier of the PLA Joint Logistics Support Force Supply Bureau. Legion purchase channel customers include the PLA Joint Logistics Support Force Supply Bureau, Armed Police Traffic Command Logistics Department Military Supplies Division, Armed Police Forest Command Logistics Department, Guangdong Provincial Public Security Department, Hunan Provincial Public Security Department, Shenzhen Municipal Public Security Bureau, China Southern Airlines Co., Ltd. Co., Ltd., Guangzhou Railway (Group) Company Station and Train Service Center, etc.

　　Wanlima has been engaged in the production of military products for many years and has participated in the development and production of many products for the People's Liberation Army, the Armed Police Force and the Ministry of Public Security. For example, in the camping equipment business, most of its production capacity is invested in the production of military and police products, and it has developed individual protective equipment including individual tents, body armor, and bulletproof helmets.

　　The agency is very concerned about the competitive landscape of the company's military products. What is the industry prospect? Wanlima responded that my country's military and police products are mainly purchased from the market by customers through open bidding. The market space for bulletproof vests and bulletproof helmets is large and there is a demand for continuous updates. The market prospects are good. Military product orders generally have large quantities. Military product procurement bidding is more concentrated in March and April in the first half of each year, and there are generally larger-scale bidding in the second half of the year.

　　In the past three years, Wanlima has suffered continuous net profit losses, with losses totaling close to 500 million. The financial report shows that in 2020, 2021 and 2022, Wanlima achieved operating income of 344 million yuan, 339 million yuan and 476 million yuan respectively, and net profit losses of 145 million yuan, 131 million yuan and 213 million yuan respectively, with a total loss of 498 million yuan. Yuan.

　　According to the 2023 semi-annual report, during the reporting period, the company achieved operating income of 255 million yuan, a year-on-year increase of 15.38%; the net profit attributable to shareholders of the listed company was 4.8481 million yuan, turning losses into profits.

　　From the company's financial statements, we can't see the specific revenue from military products. In April last year, Wanlima announced a fixed increase of 420 million yuan, with 261 million yuan invested in the high-performance ceramic matrix composite body armor industry project and 149 million yuan invested in the lightweight non-metallic bulletproof helmet industry project. It is currently in the project construction period and plans to produce annually. 400,000 helmets and 150,000 bulletproof suits.

　　Wanlima said that the company will seize the favorable opportunity of military-civilian integration and seek appropriate acquisitions and mergers with companies in the same industry, upstream and downstream, or new materials. In the past two years, the company has indeed made great efforts in mergers and acquisitions.