On July 29th, Geek Technology held a mid-year meeting of the group, was conducted a full review and a summary of the company’s operations over the past six months, making detailed agreements on the company’s work and development direction in the second half of the year. All shareholders attended this mid-year meeting, including CEO Isaac Xiao, DGM Tommy Zheng, Adam Ray, CFO Tim Ye, and US Sales Director Sammy Cai.
Geek Technology achieved an operating income of around $43M in the first half of 2021, a year-on-year increase of 67.5%. Sales in the US market increased by 88.5% and sales in other regions also increased by various levels. Emerson Quiet Kool (EQK) is an American air conditioner brand under Geek Technology, with a history of over 70 years has grown significantly. During the epidemic, the sales of other brands have declined, but EQK is rising, which fully shows that EQK has had a solid influence in the US market for many years.
The new GeekSmart brand launched in late 2020 also has outstanding performance, rapidly growing sales channel – from Amazon online stores to physical offline sales. Many smart locks and fingerprint lock products under Geek Smart support intelligent re-mote control functions through the Geek Smart APP, which meets the increasing needs of customers for convenience and security. The two main products of Geek Intelligence: LB-201 and LB-400, are favoured by a large number of customers.
GeekChef and GeekAire have maintained continuous growth. In the first half of this year, the sales of GeekAire electric fans and heaters increased by 40%. Rechargeable outdoor fans are still the leader of similar products. The third-generation products of the CF series are currently on the market. The unique battery technology allows consumers to use it outdoors even with no power source. The spray function can also meet the needs of consumers in a variety of different scenarios. CF1, CF100, CF100M, CF150M and many other products are selling well so that Geekaire has been leading the fan industry. GeekChef’s performance in the e-commerce channel is also worthy of attention, with an increase of 34%. The air oven became the most popular product. In the second half of this year, Geek Chef will launch a series of new products with a barbecue function.
In addition to summarizing the company’s operating conditions, the meeting also discussed three directions for the future development of the company’s internal management system. In the second half of the year, Geek Technology will begin to optimize the efficiency of the company’s internal operation and management: increase the company’s per capita output in terms of systems and processes; in terms of sales, it will simplify the product line based on the principle of survival of the fittest, from industrial design, production technology, and software systems. In other aspects, we will create more competitive products and bring more value to customers. In terms of after-sales management, it is based on the overall direction of the company’s product intelligence. In terms of consumer assistance, we will better interact with consumers so that consumers can understand better of Geek technology.
CEO Isaac Xiao mentioned the keyword “focus” at the final meeting. In the second half of the year, Geek Technology will focus on creating more innovative products. The outstanding performance of Geek Technology in the first half of the year has been recognized by many investors in the industry, but Isaak Xiao still insists on focusing on his products, business, operations and brand, and insisting on building better products and market performance. The entire Geek Technology team found themselves more united and aligned with their goals. We believe that Geek Technology will bring more eye-catching performance in the next second half of the year.
Company Name: GeekTechnology Co.,Ltd.
Contact Person: Isaac Xiao
Email: Send Email
Address:1275 Bloomfield Avenue, Unit 141, Building 16
State: NJ 07004
Country: United States