The main body could pretty easily be injection molded plastic, which can be very cheap and still quite precise. You could even overmold the plastic onto other components (at more cost, and depending on what the deisgn "inside" actually entails).
A teardown of this thing would be pretty cool to see what's taking the scrollwheel motion and translating it into movement on the watches crown. That could be a (relatively) simple set of gears set onto some stamped aluminum sheet, which can also be fairly cheap.
Also never underestimate a Chinese OEM when it comes to making something (at any scale) fast and cheap. They could maybe be in on a % of sales too or something? The company selling them may also be gambling and put an order in for 10s of thousands to get the price they want/need and may have to sit on their inventory for quite a while and are risking losing money on the whole. Who knows.
A teardown of this thing would be pretty cool to see what's taking the scrollwheel motion and translating it into movement on the watches crown. That could be a (relatively) simple set of gears set onto some stamped aluminum sheet, which can also be fairly cheap.
Also never underestimate a Chinese OEM when it comes to making something (at any scale) fast and cheap. They could maybe be in on a % of sales too or something? The company selling them may also be gambling and put an order in for 10s of thousands to get the price they want/need and may have to sit on their inventory for quite a while and are risking losing money on the whole. Who knows.