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August 30, 2017

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Baofeng’s profit gets lift

BAOFENG Group Co, which offers online video, smart TV and VR devices, said yesterday its net profit soared 108 percent in the second quarter amid booming sales of TVs and an increased number of paid users.

The Shenzhen-listed company has developed TVs with artificial intelligence features, which is expected to bring in more revenue and business opportunities in the second half.

Baofeng’s second quarter net profit of 32.2 million yuan (US$4.7 million) returned the firm to the black after a negative first quarter, it said in a statement to the Shenzhen stock exchange.

AI technology, as well as detailed user data, will help improve the user experience and boost sales, becoming the major drivers of growth, company chairman Feng Xin said.

In the first half, Baofeng sold 350,000 smart TVs, up 97 percent annually, compared with a slight fall industrywide. It also sold 3.5 million VR devices in the period, making it one of the top VR device vendors in China.



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