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Anhui Korrun Co., Ltd.

Korrun

Anhui Korrun Co., Ltd. is a vertically integrated travel consumer goods company headquartered in Chuzhou, Anhui, China, and listed on the Shenzhen Stock Exchange ChiNext Board (300577). It employs a unique dual-engine model of “B2B (ODM/OEM manufacturing) + B2C (own brand)”, with its own production bases in Chuzhou, Indonesia, and India. It provides R&D and manufacturing of luggage and apparel for global brands while operating its own direct-to-consumer brand “90 points”. With revenue of RMB 2.079 billion in 2024 (60.7% from B2B), it is a star company within the Xiaomi ecosystem and a representative case study of Chinese manufacturing transitioning towards branding. Strengths: Korrun's core strengths are its solid vertically integrated manufacturing foundation and globalized production layout, providing cost and agility advantages; concurrently, its complementary strategic structure of “manufacturing + branding”, coupled with its proven capability in hit-product creation and user insight validated through the Xiaomi ecosystem, constitutes its unique competitiveness. Weaknesses: Korrun's main weaknesses are the dual pressures of weak macroeconomic demand and intense competition within the luggage industry, severely squeezing growth and profit margins; furthermore, its own brand “90 points” faces the challenge of transforming from a channel-dependent “hit product” to establishing enduring brand loyalty, and managing dual business lines places extremely high demands on managerial resources and strategic resolve.

Business Nature

Hybrid Manufacturing with OEM + Proprietary Brand Dual-Track Model: In-house production bases: Hefei, China / Indonesia annual capacity: 12 million units Outsourcing partnerships: Vietnam contract manufacturers 30% of production Technical Patents: Silent 360° wheel system noise < 45 decibels Compressible EVA mid-frame 40% weight reduction

Core Business Areas

Contract Manufacturing ODM/OEM Backpacks & Bags Laptop backpacks Xiaomi ecosystem products Luggage Carry-on luggage OEM for Samsonite/Decathlon Functional Bags Fitness/Sports bags Decathlon collaborative products Own Brand 90 Points Backpacks & Bags Foldable backpacks 90 Points Ultra-Light Series Luggage Core Business Carry-on: 90 Points Metal Luggage German Red Dot Award Checked: 90 Points PC Trolley Case Silent 360° spinner wheels Luggage Accessories Storage & Organizer bags Multi-functional Organizer Set Note: Wallets & card holders, small leather goods, and other non-core categories not yet developed.

Industry Rankings

8Wholesaler Rankings in the Luggage & Accessories Industry

Mfr

Corporate Report

Company: Korrun Field: Report

Anhui Korrun Co., Ltd. (stock code: 300577) is a vertically integrated travel consumer goods company headquartered in Chuzhou, Anhui Province, China. Listed on the Shenzhen Stock Exchange ChiNext Board, Korrun operates a distinctive "B2B + B2C" dual-driven business model combining contract manufacturing with proprietary brand operations. With over 3,000 employees across multiple production bases, the company has successfully transitioned from an OEM manufacturer to a branded consumer goods enterprise as a member of the Xiaomi ecosystem.

Core Business

Korrun operates two distinct yet complementary business segments. The B2B contract manufacturing division provides product development, design, and manufacturing services to global brands including Nike, Decathlon, Dell, HP, and MINISO, specializing in luggage and bag products. This segment generated RMB 1.263 billion in fiscal year 2024, accounting for 60.7% of total revenue. The B2C proprietary brand business centers on the 90 Points brand, distributed primarily through Xiaomi channels, Tmall, JD.com, and select offline retailers. Core product categories include luggage, laptop and travel backpacks, and functional bags, with flagship items featuring premium materials such as German Bayer polycarbonate. Management is actively pursuing product premiumization and expanding into apparel and accessories categories to diversify the brand portfolio.

Global Presence

Korrun maintains production facilities across three countries, with manufacturing operations in China, Indonesia, and India enabling flexible, cost-effective supply chain management. The company employs over 3,000 personnel globally across its production bases and distribution network. This strategic geographic footprint allows Korrun to mitigate trade risks while optimizing production costs and serving international clients across multiple markets. The B2B segment serves clients in North America, Europe, and Asia, while the B2C 90 Points brand has established strong recognition among urban millennials and tech-savvy consumers in China seeking premium-quality travel products at competitive price points.

Key Strengths

Korrun's competitive positioning rests on vertically integrated manufacturing with three global production bases enabling efficient supply chain management and rapid response capabilities. The successful brand incubation of 90 Points through Xiaomi ecosystem integration demonstrates the company's proven ability to transition from manufacturing to branded consumer goods. Advanced smart manufacturing capabilities with high automation and informatization levels support consistent product quality and operational efficiency. Additionally, the company's global pro

VerityRank Score

78/ 100

Based on market presence, financial scale, operational capacity, and brand strength.

Quick Facts

Headquarters

Hefei, Anhui, China; Headquarters: No. 800 Wangjiang West Road, High-tech Zone, Hefei

Founded

2005

Employees

3K+

Factories

3+ Factory

Listing

SZSE: SZ

Data Sources & Methodology

This corporate profile is compiled from publicly available sources including company annual reports, SEC/regulatory filings, official press releases, and verified third-party industry databases. Financial figures reflect the most recent fiscal year disclosures and are cross-validated across multiple independent references.

VerityRank Score is calculated using a proprietary multi-dimensional model evaluating market presence, financial strength, operational scale, innovation capacity, and brand influence. Individual dimension scores are normalized against industry peers and updated quarterly.

Disclaimer: This profile is for informational purposes only. VerityRank makes no warranties regarding completeness or timeliness. This content does not constitute investment advice or endorsement.

Key references: SZSE : 300577

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