出海东南亚的Wook二次递表港交所：上半年净利同增45% 超九成收入来自印尼

This article focuses on Wook, a cross-border new retail enterprise expanding to Southeast Asia, which has submitted its second prospectus to the Hong Kong Stock Exchange. Key takeaways are as follows:

1. Company Overview: Founded in Shenzhen in 2014, Wook operates primarily with self-owned brands, focusing on sales of 3C accessories, small home appliances, and home improvement building materials. It ranks first in Indonesia’s 3C accessories sector as of 2025, with Indonesia as its core market accounting for over 90% of total revenue in the past three years. It is now strategically expanding to other Southeast Asian markets including Vietnam, Thailand and the Philippines.

2. Financial Performance: Wook has posted steady mild revenue growth in recent years. In the first half of 2026, it generated revenue of RMB 699 million, up 22.6% year-on-year, and net profit of RMB 49.069 million, up 45% year-on-year. However, the overall industry has a low net profit margin, with Wook’s three-year peak net profit margin standing at only 3.9%. Its R&D spending as a share of revenue has declined year after year, and it recorded a foreign exchange loss of RMB 17.9 million in H1 2026 due to the depreciation of the Indonesian rupiah.

3. Future Plans: Wook will adopt a differentiated store model, plans to develop a new daily chemical product category, advance refined offline operations, and penetrate lower-tier markets.

Brands planning to expand to Southeast Asia can draw the following key insights from this article:

1. Reference for market and brand positioning: Indonesia is a high-potential core market in Southeast Asia with robust consumer demand for 3C accessories, small home appliances and home improvement building materials. Brands can adopt a multi-brand, category-segmented operation strategy, gain a foothold in mature categories, and gradually expand into growth categories. Wook started with 3C accessories, and the revenue share of its small home appliances and home improvement building materials businesses has continued to rise, with its small home appliance brand recording the fastest growth.

2. Reference for channel building: Brands can adopt an omni-channel model integrating online and offline. Online, brands can acquire customers via leading local e-commerce platforms including Shopee, Tokopedia and Lazada; offline, brands can build channels through cooperation with local dealers. Wook has already partnered with 60,000 small micro retailers (SMRs), and offline channels still contribute the majority of its revenue.

3. Risk warning: Brands should avoid over-reliance on a single market. Heavy concentration on the Indonesian market exposes businesses to exchange rate volatility risk—Wook recorded RMB 17.9 million in foreign exchange losses in H1 2026 due to rupiah depreciation. Brands need to make risk management plans in advance.

Sellers engaged in Southeast Asia cross-border business can get the following key insights from this article:

1. Market opportunities: Indonesia’s 3C accessories market is already mature with a largely stable top-tier landscape, but small home appliances and home improvement building materials still have room for growth. Chinese cross-border brands still have opportunities to capture market share in small home appliances, and the daily chemical category will also offer expansion space in the future. Lower-tier markets remain underpenetrated, so new entrants can enter via these growth tracks.

2. Reference for proven channel models: Wook’s omni-channel model has been validated. Online, it gets traffic from the three leading local e-commerce platforms; offline, it rapidly scales distribution via dealer partnerships, and has already cooperated with 60,000 SMR channels. This model is suitable for sellers focusing on deep regional cultivation to learn from.

3. Risk warning: Sellers must avoid the risk of over-reliance on a single market. Changes in Indonesian policy and exchange rate fluctuations can have a direct impact on performance—Wook recorded RMB 17.9 million in foreign exchange losses in the first half of this year. Sellers should diversify risk by expanding into multiple Southeast Asian markets early, which is exactly what Wook is now doing by entering Vietnam, Thailand and the Philippines.

Chinese factories with Southeast Asia-focused overseas business can draw the following insights from this article:

1. Commercial order opportunities: Most cross-border new retail enterprises expanding to Southeast Asia source from domestic OEM and ODM suppliers. As a leading player, Wook has achieved continuous revenue growth with annual revenue exceeding RMB 1.2 billion, and maintains sustained demand for stable supply chains. Domestic factories have the opportunity to secure long-term, steady orders.

2. Reference for production layout adjustment: The category demand structure of the Southeast Asian market is changing: the revenue share of 3C accessories continues to decline, while that of small home appliances and home improvement building materials keeps rising, with small home appliances recording the fastest growth. Wook also plans to expand into the new daily chemical category in the future. Factories can adjust their production layout in line with this demand shift to capture growth dividends.

3. Development takeaways: Most Southeast Asia-focused outbound brands prioritize sales over R&D, and their R&D spending share has declined year after year. If Chinese factories strengthen their own R&D and design capabilities, they can secure higher value-added orders and improve their bargaining power. They can also build their own brands leveraging their supply chain advantages, and enter the Southeast Asian market via existing outbound sales channels.

Service providers serving the Southeast Asia outbound industry can get the following insights from this article:

1. Industry development trends: The cross-border new retail industry in Southeast Asia maintains steady growth, and leading players have started the capitalization process, with Wook making its second attempt to list on the Hong Kong Stock Exchange. This indicates the industry as a whole is in an upward stage with sufficient market space. Offline channels remain the core revenue source for outbound brands, and refined offline operations and penetration into lower-tier markets will be the core development direction for brands going forward.

2. Core pain points of clients: Outbound brands generally face three core pain points: first, over-reliance on a single market exposes them to exchange rate volatility and policy change risks; second, most brands prioritize sales over R&D and lack in-house R&D capabilities; third, after expanding offline distribution scale, brands lack the capability for refined operations.

3. Business opportunities: Most of outbound brands’ expenditure goes to sales and distribution, so demand for marketing services and channel expansion services remains high. As brands push forward refined offline operations and lower-tier market penetration, they need support in operation management and digital tools. As brands expand into multiple markets to diversify risk, they need services related to local compliance and exchange rate risk management.

Platforms布局ing Southeast Asian business can draw the following insights from this article:

1. Core merchant demands: Large cross-border sellers expanding to Southeast Asia mostly adopt an omni-channel operation model. They rely on leading e-commerce platforms for online customer acquisition, but offline is still their main revenue source. Merchants need not only online traffic support, but also supporting services for omni-channel operation.

2. Investment and recruitment direction: The category structure of leading outbound brands is adjusting: the share of 3C accessories continues to decline, while that of small home appliances and home improvement building materials rises rapidly, and brands will also expand into the new daily chemical category. Platforms can adjust their recruitment direction around these growth categories, introduce targeted merchants, and capture category growth dividends.

3. Platform operation optimization: Leading merchants generally face the risk of over-reliance on a single market, and exchange rate losses have a large impact on profits. Platforms can launch supporting tools for multi-market operation and exchange rate risk management services to help merchants reduce operational risks and improve merchant retention. Meanwhile, platforms can explore new online-offline integration models to match merchants’ omni-channel operation demands and attract more large sellers to join.

4. Risk warning: Merchants heavily reliant on the Indonesian market face performance fluctuation risks. When introducing merchants deeply rooted in Indonesia, platforms need to pay attention to the long-term growth risk brought by single-market dependence.

Researchers studying the Southeast Asian cross-border industry can draw the following insights from this article:

1. New industry trends: Chinese cross-border new retail enterprises focused on the Southeast Asian market have entered the capitalization stage, with leading player Wook making its second attempt to list on the Hong Kong Stock Exchange. The industry as a whole maintains steady growth: Wook’s revenue grew from RMB 908 million in 2023 to RMB 1.217 billion in 2025, and in H1 2026, its revenue rose 22.6% year-on-year while net profit grew 45% year-on-year, indicating the industry is still in a growth trajectory.

2. Common existing industry problems: The overall industry has a low net profit margin, with the highest three-year net profit margin of leading enterprises standing at only 3.9%. Enterprises generally prioritize sales over R&D, and their R&D spending share has declined year after year. Most leading players heavily rely on the single market of Indonesia, so exchange rate fluctuations have a notable impact on profits—Wook recorded RMB 17.9 million in foreign exchange losses in H1 2026. No clear progress has been seen in new market expansion so far.

3. Summary of the mainstream business model: The proven model for leading players is as follows: focus on self-owned multi-brand operation by category, source from domestic OEM/ODM suppliers, rely on leading local e-commerce platforms for online business, rapidly expand offline distribution via dealer partnerships, focus on deep cultivation in core regional markets, and gradually expand into new categories and lower-tier markets with a clear differentiated下沉 strategy.