Netsun’s revenues up 29% in FY2024

Hangzhou, 29th April: Shenzhen-listed Zhejiang Netsun announced its results for the year ended 31st December 2024, with revenues of US$77 million. This represents modest year-on-year growth of 29%. The increase was mainly due to the increase in supply chain business revenue during the year.

However, the company posted a net loss of US$3.1 million in 2024, compared with a net profit of US$2.7 million recorded in 2023. The company attributed the loss to the provision for bad debts of receivables for compensation in the reported period increased compared with the previous year.

In terms of business segments, the supply chain business accounted for 85% of total revenues, amounting to US$65 million, which grew 45% year-on-year. The second largest business segment, Internet services, generated revenues of US$6.8 million and accounted for 8.8% of total revenues.

The Hangzhou-based company also reported its results for the quarter ended 31st March 2025. Netsun’s revenues in the quarter jumped 98%, reaching US$22 million. The company’s net profit in the quarter were US$221,000, which represented a year-on-year decline of 33%.