InHand Networks Posts Over 9% Revenue Growth for 1H 2020
The company almost doubled its assets and more than tripled its cash.
Technology company InHand Networks (688080:SH) released its semi-annual report on August 26. In the first six months of 2020, the company generated CNY 135 million in revenue, a 9.17% rise from the same period last year. Profit also increased 7.94% from 1H 2019, reaching CNY 22.7 million in absolute amount. Notably, total assets and operating cash flow surged to 730.2 million and 5.2 million respectively, representing a 92.52% and a 249% year-on-year growth rate.
InHand Networks is an industrial communication product and an IoT solutions provider. Its M2M products include M2M routers, wireless data terminals, edge computing gateways and industrial Ethernet switches. The company also offers solutions such as intelligent distribution networks monitoring systems and intelligent sales controlling systems for various vertical markets, for example, smart grids, smart cities and industrial mechanization.
In order to perfect its global distribution, enrich its overseas selling channels and customer resources and enhance its competence and profitability, InHand Networks announced on July 21 that it will invest CAD 1 million to establish InHand Nord Inc., a wholly-controlled subsidiary.
Industrial IoT is an essential part of IoT. According to a research report from Marketsand Markets, the global market size of industrial IoT was about USD 64 billion in 2018 and the figure is estimated to be capable of reaching USD 90 billion in 2023. The infrastructure construction, and industrial development in emerging markets such as China and India, is making Asia-Pacific the region with the highest CAGR in the industrial IoT market in the period from 2018 to 2023. China Economic Information Service reports that industrial IoT will take up 25% of all IoT market at an amount of CNY440 billion.
Three hours after the semi-annual report released, the share price of InHand Networks experienced a 1.69% increase.