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Targeting the Overseas Home Kitchenware Market

This article is authorized to be reproduced from: BrandsFactory

Author: Chen Ting

After selling Zebao and remaining silent for three years, Sun Caijin once again made a comeback and entered the overseas small home appliance industry.

According to Tianyancha, Sun Caijin's new company is called Shenzhen Huyi Technology Co., Ltd. It was registered and established as early as 2020. At the beginning of registration, it was originally held by Daze Investment, which was personally controlled by Sun Caijin. In February 2023, a new round of industrial and commercial changes was completed. The largest shareholder of this company now is Shenzhen Huyi Investment Development Co., Ltd. Upon closer inspection, it can be seen whether the shareholder is a Hong Kong company and whether the executive director is Sun Caijin. At present, there is no external capital on the shareholder list of Huyi Technology, mainly Sun Caijin and some individuals.

This company's brand is called Typhur, and since October 2023, it has been intensively increasing multiple patent applications, such as "Automatic Control System for Kitchen Water", "Cooking Equipment and Heating Components", "Handheld Temperature Probe for Cooking Ingredients", and so on. It can be seen that since the second half of last year, Huyi Technology has significantly accelerated the progress of entrepreneurial technology preparation.

It is worth noting that Sun Caijin left Zebao, which he founded in August 2020, and established a new company in the same year to prepare for future entrepreneurship. At almost the same time, another partner of Zebao, Wei Lihu, founded Hesheng Innovation in September 2020, also choosing the overseas small home appliance market. The company's revenue exceeded 300 million yuan within one year of its product launch.

Nowadays, Huyi Technology has more than 100 employees. According to its company introduction, the employees come from leading companies in various fields both domestically and internationally, such as Tencent, Alibaba, MTK, OPPO, Apple, Midea, KPMG, etc. It has dual research and development centers in China and the United States, with 60% of the R&D team members. The company has accumulated multiple invention patents related to cooking products, and its products have won multiple design awards such as the Red Dot Award, Good Design Award, and iF Award. It seems that the east wind has arrived, and it is time to showcase its skills. How to cross the stage from 0 to 1? Follow the CCEE Hugo Cross border Exhibition in Shenzhen on May 11th, and share your experience of going abroad with more popular categories on site. Click here to register!

01

Targeting the Overseas Home Kitchenware Market

For a long time, the American people have a preference for frying and frying, and most of them make meat. Therefore, fryers, barbecues, and other essential products are essential for families. Typhur aims to meet this demand, emphasizes scientific diet, and creates more intelligent and convenient kitchen utensils.

Typhur is positioned for overseas home cooking scenes. According to official introductions, it hopes to use the latest scientific and technological advancements to design and develop intuitive and easy-to-use kitchen utensils, allowing home chefs to easily achieve extraordinary culinary effects, and is committed to becoming the number one brand in North American culinary science.

At present, Typhur has launched four products, namely the integrated vacuum low-temperature cooking machine Typhur Sous Vide Station, air fryer Typhur Dome, food thermometer Typhur InstaProbe, and wireless food thermometer Typhur Sync.

According to the introduction, its integrated vacuum low-temperature cooking machine, Typhur Soul Vide Station, currently has a discounted price of $899 on its official website. If purchased within the United States, it is free of shipping and can provide a 3-year warranty with a promise of a 30 day refund guarantee.

The Typhur Soul Vide Station is known as the world's first vacuum low-temperature cooking machine that provides professional personalized video guidance during preparation and cooking. Vacuum low-temperature cooking is a unique cooking method that allows food to be cooked evenly while ensuring a fresh, tender, and juicy taste. Many high-end restaurants use this cooking method. There are also brands such as Anova selling vacuum low-temperature cooking machines overseas, but in terms of price, Typhur's price is almost halved.

Sun Caijin, founder of Zebao, has made a comeback and joined the Small Home Appliance Typhur Soul Vide Station | Image source: Typhur official website

On the well-known foreign review website Reviewed, food writer Gillian Pflaig, who holds a Master's degree in gastronomy from Boston University, has a special fondness for this product. Its 12.3-inch smart touchscreen contains over 50 recipes, and each dish has step-by-step video guidance, which allows her to save time and energy. With the guidance of the video, she can accurately cook and help the general public make a perfect steak, which is the charm of this product.

Typhur's air fryer, Typhur Dome, is also popular and shows a 4-star rating on Amazon. It is reported that this product increases cooking speed by 30% through its unique geometric design, and has the industry's first self-cleaning mode, which can accelerate the high-temperature decomposition of oil and dirt in the top chamber.

Typhur has partnered with chef and culinary entrepreneur Brooklyn Beckham. He stated that Typhur combines culinary science with technology to make the entire experience easier.

With people's pursuit of healthy eating and high-quality living, the overseas kitchenware market continues to expand. Amazon data shows that kitchenware and kitchen appliances have become one of the fastest-growing and most promising categories on Amazon, with some sub categories showing particularly significant growth. In Europe and America, where beginners are accustomed to cooking, a product that can easily make delicious food will be an irresistible temptation.

02

Zebao's Past

Before the establishment of Huyi Technology, Zebao founded by Sun Caijin was renowned as one of the representatives of Shenzhen's cross-border e-commerce wealth myth.

In 1997, Sun Caijin graduated from Peking University and was an alumnus of Xu Jiadong from Global E-commerce. In 2007, he founded Zebao Innovation, which sells high-quality and affordable Chinese products overseas through cross-border e-commerce. Taking advantage of the market gap, Zebao developed rapidly, with sales exceeding 100 million yuan in just three years.

As Amazon extends an olive branch to Chinese sellers, it has sparked a wave of cross-border e-commerce. Zebao's performance on Dongfeng has exploded like a rocket. By 2020, its revenue had reached nearly 5 billion yuan, with a 50 fold growth rate in just 10 years. It has become a shining star in the cross-border e-commerce industry.

However, in 2021, Zebao, which overly relied on Amazon channels, suffered a heavy blow. Its six main brands, including RAVPower and VAVA, were closed, resulting in a year-on-year decrease of 46.02% in total revenue and a final loss of approximately 886 million yuan. This accident directly ignited the conflict between Zebao and Xinghui Shares, and since then, both sides have been embroiled in a long and unresolved conflict.

Looking back on 2018, Zebao sold to Xinghui Shares for 1.53 billion yuan in order to seek listing and achieve greater development. This was not uncommon at that time. At that time, cross-border e-commerce companies had developed to a certain extent and began to seek listing. However, independent listing took a long time, the review process was cumbersome, and the cost was high. Therefore, they signed betting agreements and backdoor listings with A-share listed companies, becoming the choice of many cross-border e-commerce sellers. Zebao was precisely holding hands with Star Emblem Precision in this situation.

Zebao has just been merged into Star Emblem Precision and went through a honeymoon period. At that time, Zebao was still under the control of Sun Caijin. With the injection of capital, Zebao developed even more rapidly. The agreement between the two sides was that from 2018 to 2020, the net profit for the three years would not be less than 108 million yuan, 145 million yuan, and 190 million yuan, respectively, which was easily achieved. Xinghui Precision also directly offered 14.57 million shares of stock to reward 51 employees, including Zebao's core management personnel, in accordance with its commitment to achieving performance targets. At that time, the total reward amount was about 170 million yuan.

On August 11, 2020, Sun Caijin, the founder of Zebao, and Cai Gengxi, the founder of Xinghui Precision, signed a handover agreement and left the company he founded. Zebao officially entered the "Cai Gengxi era", but soon the brand was banned and suffered a heavy blow. As a result, Cai Gengxi and Sun Caijin each had their own opinions, and thus began the process of mutual litigation, which was quite tortuous.

In its early years, although Zebao also relied on the distribution and brushing model, it began operating its own brand early on, laying out its brand matrix. In product design, it also sought professional design teams to cooperate, and for some popular product lines, it also invested research and development engineers to create more competitive products, marking the beginning of the road to branding. At its peak in 2020, Zebao had 219 R&D personnel. Through this boutique distribution model, Zebao occupied a considerable share in categories such as power supply, Bluetooth audio, small appliances, computers, mobile phones, and personal health care.

Now that Sun Caijin has returned to the mountains, whether Typhur can create another miracle can only be left to time to answer. Cover: Image Worm Creativity

泽宝创始人孙才金重新出山，入局小家电

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