Bangze Chuangke: Over Half of Revenue Relies on Amazon – Analysis of Platform Dependency Risks and Listing Verification

Based on the information I collected, Bangze Chuangke (Guangdong Bangze Chuangke Electrical Co., Ltd.) indeed has a high degree of dependence on the Amazon platform. The following is a detailed analysis:

Founded in 2005, Bangze Chuangke is an office and home appliance manufacturer integrating R&D, design, production, sales, and services. Its main products include paper shredders, laminators, vacuum sealers, etc.[1][2] The company adopts a door-to-door vertical integrated full-link business model covering R&D, production, sales, and services, and mainly sells products through overseas ODM and e-commerce channels[3].

According to the prospectus data, the proportion of Bangze Chuangke’s sales revenue from overseas e-commerce platforms such as Amazon in its main business revenue has changed as follows[1][4]:

Year	Revenue Proportion from Amazon Channel	Revenue Proportion from Online Direct Sales
2022	~48.45%	48.5%
2023	~60.54%	60.6%
2024	~58.49%	59%

It should be noted that the specific data mentioned by the user, “rising from 1.76% to 13.65%”, may refer to the proportion of a specific product line or brand. From the overall channel structure, Amazon occupies an absolutely dominant position in Bangze Chuangke’s e-commerce channels,

[2].

The proportion of Bangze Chuangke’s overseas sales revenue in its main business revenue is as high as over 95%, and Amazon has become the company’s largest customer. In 2024 and the first half of 2025, the Amazon platform contributed nearly 60% of Bangze Chuangke’s revenue[2]. Such a highly concentrated customer structure has led to the company’s substantial dependence on the Amazon platform.

Since launching cross-border e-commerce business in 2014, Bangze Chuangke has mainly sold products through overseas online e-commerce platforms such as Amazon, Walmart, and Shopify independent stores. If platforms such as Amazon make major adjustments to their policies and rates for third-party sellers, or if the company’s cooperative relationship with platforms such as Amazon undergoes major adverse changes, it will have a negative impact on the company’s business operations and financial status[1].

The Beijing Stock Exchange (BSE) has focused on the company’s performance changes and verification issues related to e-commerce platform sales in its inquiries. Since the company’s platform customers are mainly C-end consumers, who are characterized by large numbers, geographical dispersion, and high anonymity, and e-commerce platforms usually do not provide direct customer contact channels, traditional confirmation procedures cannot be carried out.

, which has created great difficulties for intermediaries in implementing audit/verification procedures[2].

With the deepening dependence on e-commerce platforms, Bangze Chuangke’s sales expense ratio has been rising, reaching nearly 20%, which further compresses the company’s profit margin[4].

The company has launched businesses on emerging platforms such as Temu (Pinduoduo Global) and Rakuten (Rakuten Japan), and has established a Shopify independent store channel. At the same time, the company still retains ODM business as a supplementary revenue source, and the proportion of ODM business revenue was approximately 37.69% in 2024[1].

The company adheres to the business strategy of “multi-category, multi-channel, multi-brand”, and owns self-owned brands such as “Bonsaii” and “Bonsen”, as well as the authorized brand “HP/Hewlett-Packard”. Among them, the paper shredders under the “Bonsaii” brand and the vacuum sealers under the “Fresko” and “Bonsenkitchen” brands have been continuously listed on the Amazon Best Sellers list, and enjoy high brand recognition in the North American and European markets[3].

Bangze Chuangke faces

. Although the substantial increase in the proportion of revenue from the Amazon channel has brought performance growth, it also exposes the company to the following risks:

• Platform Policy Risk
  : Adjustments to Amazon’s platform rules may directly affect the company’s revenue
• Customer Concentration Risk
  : Over-reliance on a single platform
• Verification Risk
  : Difficulties in verifying C-end customers affect the credibility of financial data
• Cost Increase Risk
  : Rising sales expense ratio compresses profit margin

For investors paying attention to this company, it is recommended to focus on the following:

1. The company’s progress in expanding channels other than Amazon
2. Changes in Amazon’s platform rate policies
3. Growth of the self-owned brand business
4. Progress of the listing review on the Beijing Stock Exchange (BSE) and responses to relevant regulatory inquiries

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[1] Tencent News - Bangze Chuangke: Over Half of Revenue Relies on Amazon, Sales Expense Ratio Continues to Rise (https://news.qq.com/rain/a/20250807A01UZR00)
[2] Caizhongshe - Bangze Chuangke IPO: Relies on Major Customer Amazon, Authenticity of Performance Growth Questioned (https://m.caizhongshe.cn/news-7927589820256594642.html)
[3] OFweek - Bangze Chuangke: Over Half of Revenue Relies on Amazon, Sales Expense Ratio Continues to Rise to Nearly 20% (https://mp.ofweek.com/ce/a556714316547)
[4] Baidu Baike - Guangdong Bangze Chuangke Electrical Co., Ltd. (https://baike.baidu.com/item/广东邦泽创科电器股份有限公司/63434604)