[中报]九阳股份(002242):2025年半年度报告摘要（英文版）
Joyoung JoyoungCo.,Ltd. AbstractoftheSemi-AnnualReport2025 SectionIImportantStatements ThisisanabstractoftheSemi-AnnualReport2025.InvestorsarekindlyremindedtoreadthecompleteversionofSemi-annualReport2025onthewebsite,whichisdesignatedbytheChinaSecuritiesRegulatoryCommissiontogetcompleteinformationaboutoperationalresults,financialstatements,andfutureplansoftheCompany.AlldirectorsattendedtheboardmeetingthatreviewedtheSemi-AnnualReport.ModifiedAuditOpinion ?Applicable √N/A ThepreliminaryplanfordividenddistributionandconvertingcapitalreservesintosharecapitalforcommonshareholderswhichwereconsideredandapprovedbytheBoard ?Applicable √N/A TheCompanyplansnottodistributecashdividends,nottoissuebonusshares,andnottoincreasecapitalthroughtheconversionofcapitalreserves. ThepreliminaryplanfordividenddistributionforpreferredsharesinthereportingperiodwasapprovedbytheBoard ?Applicable √N/A SectionIICompanyProfile 1.CompanyInformation
AccordingtodatafromtheNationalBureauofStatistics,inthefirsthalfof2025,thegrossdomesticproduct(GDP)was66.05trillionyuan,representingayear-on-yearincreaseof5.3%;ofwhich,thesecondquartersawayear-on-year increase of 5.2% [Note 1]. China continues to inject stable forces into global economic governance, playing an irreplaceablerole.Chinaoccupiesacentralpositionintheglobalsupplychain,leveragingitsmassivemarketadvantage toprovidecrucialsupportfortherecoveryofglobal [Note1]:Inthefirsthalfof2025,thegrossdomesticproduct(GDP)was66.05trillionyuan,representingayear-on-yearincreaseof5.3%;of which,thesecondquartersawayear-on-yearincreaseof5.2%.——ChinaGovernmentNetwork(www.gov.cn)trade.Meanwhile,tostrengthenthedomesticeconomiccycleandpromotesustainedhigh-qualitydevelopmentoftheChinese economy, relevant departments have diligently implemented the decisions and plans of the Party Central CommitteeandtheStateCouncilthisyear,activelyadvancinginitiativestoboostconsumption,implementingconsumer goodstrade-inprograms,andcomprehensivelyexpandingdomesticdemand,resultinginasteadygrowthtrendintheconsumermarket. Accordingto“NoticeonDoingaGoodJobinthe2025ApplianceTrade-inProgram” [Note 2],subsidieswillbeprovided to individualconsumers who purchase 12categories of homeappliances, includingrefrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, range hoods, water purifiers, dishwashers,ricecookers,andmicrowaveovens,thatmeetLevel2orhigherenergy efficiencyorwaterefficiencystandards.Withthesupportofthetrade-inpolicy,thehouseholdappliancemarketexperiencedcyclicalgrowthinthefirst halfof2025.AccordingtodatafromAVC,fromJanuarytoJune2025,thetotalretailsalesofhouseholdappliancesinChina(excluding3Cproducts)reached453.7billionyuan,anincreaseof9.2%year-on-year;amongthem,onlineretail salesincreasedby14.0%year-on-year,andofflineretailsalesincreasedby21.9%year-on-year;Thekitchensmallhouseholdapplianceindustry,inwhichtheCompanyoperates,sawayear-on-yeardecreaseof1.2%inretailvolumefrom JanuarytoJune,butayear-on-yearincreaseof9.3%inretailsales.Undertheinfluenceofthispolicy,theCompany's mid-to-high-endseriesofkitchensmallapplianceshaveperformedwell,alsodrivingthepositivedevelopmentofthe Company'soveralldomesticsalesbusiness. Althoughthesmallhouseholdapplianceindustryishighlycompetitive,themarketconcentrationofleadingbrandsis expectedtocontinuetoincrease.Thisrequirescompaniesintheindustrytonotonlyprovidehigh-quality,aesthetically pleasing, cost-effective, and health-focused products, but also to prioritize and meet consumers' emotional needs. Companiesmustachieveeffectivebreakthroughsinpersonalization,intelligence,andenvironmentalsustainabilityto securereasonableproductpremiums,therebypromotingthehealthyandsustainabledevelopmentoftheindustryandits companies. Space-TechInnovationsforElevatedHealthyLiving On April 24,2025,theShenzhou-20 spacecraft launchedsuccessfully from Jiuquan, Gansu. In 2014, Joyoung undertooktheChinaSpaceKitchenproject,animportantcomponentoftheastronautlifesupportsystemforthespacestation.TheCompanyuseditsowninnovativetechnologytosolvethedifficultproblemsposedbytheextremeharshconditionsofouterspace,suchasmicrogravity,andzero-convectionenvironment,ensuringastronautsreceivehotmeals andpurifiedwaterdaily. FromSpaceKitchentoHomeKitchens,Joyounghaspioneeredsolutionsforhealthierlivingsinceinventingtheworld’sfirstautomaticsoymilkmakerin1994.Over31years,sustainedR&Dinvestmenthasyieldedindustry-leading productsdrivenbydeepuserinsightstoaddressreal-lifepainpoints.Duringthereportingperiod,theCompanylaunched newproductssuchasthefullyautomaticquietsoymilkmakerK6,thevariable-frequencyquietblenderB1U,thenon-stick 0-coatingtitanium-linedricecooker40N1UPro,theAIvariable-frequencyjuicerLZ9,andtheheatingwaterpurifierR1001, allpartoftheSpaceSeries.Theseproductseachaddresscoreuserneedsthroughfeaturessuchasfullyautomaticoperationwithoutmanualwashing,variable-frequencyquietoperation,non-stickhealthycooking,innovativeAIfresh juicing,anda6-yearlong-lastingfilterwithfull-chainantibacterialprotection.RidingtheTrend,DrivingGrowthviaShelfandContentE-commerce Risingconsumerincomesandgrowingdemandforpremiumlifestylesaredrivingtheconsumergoodssectorintoaneraofdiversifiedqualityconsumption.Withinthisshift,thesmallhouseholdapplianceindustryisenteringanewchapter ofhigh-qualitydevelopment.Amidstfast-changingdomesticretailchannels,theCompanycontinuesactivelyexpanding emergingplatformswhilesynergizingofflinestores,shelfe-commerce,andcontentcommerce—strategicallycapturing newopportunitiesfromO2O(OnlinetoOffline)-integratedchannelsegmentation.Toalignwithnew-generationconsumerpreferences,theCompanyhasintensifiedtargetedproductdevelopment,content marketing, and promotional initiatives—prioritizing content commerce platforms like Xiaohongshu, WeChat Channel,andDouyin.Webolsteredspecializedteamsforuserresearch,dataanalytics,contentcreation,livestreaming, and video production, establishing an integrated livestream matrix and a "feed-convert-share" closed loop. These initiatives simultaneously elevate brand NPS (Net Promoter Score) while acquiring new customers and new user segments,boostingconversionratesacrossthecustomerjourney,andbringingoriginalsmarthealth-techproductsinto morehouseholds. [Note2]“NoticeonDoingaGoodJobinthe2025ApplianceTrade-inProgram”——ChinaGovernmentNetwork“NoticefromtheOfficesof theMinistryofCommerceandThreeOtherDepartmentsonDoingaGoodJobinthe2025ApplianceTrade-inProgram”(www.gov.cn) Amidstarapidlyevolving,hypercompetitive,anduncertainmarketlandscape,managementoftheCompanywillproactivelycapturegrowthopportunitiesacrossnewcustomersegments,productcategories,channels,andbusiness frontiers.Byembracingpioneeringinitiativesanddrivingtransformation,theCompanywillstrengthencapabilitiesinuser insights,technologicalinnovation,productoperations,channelmarketing,andbrandbuilding—withheightenedfocuson precisionoperationstoachievecomprehensivequalityandefficiencyenhancements.InnovatingwithPurpose,AnchoredinHealth Over 31 years, Joyoung has secured 14,262 patents, which include 900 inventions, each representing three decadesofhealth-centricinnovationandmeticulouscraftsmanship.As China’s leading small household appliance brand, we confidently advance our future through enhanced professionalefficiencyandoperationalexcellence.Whilelaunchingflagshipproductswithindustry-definingtechnologies, we’re democratizing innovation across entry-level segments for full-portfolio coverage and differentiated competition—drivingimprovementsinNPS,marketshare,categoryadoption,andhouseholdpenetration.HealthandinnovationdefineourDNA.Weempowerhomekitchensthroughtransformativetechnologieswhilenourishing600,000+childrenvia1,600+HopeKitchensandsustainingastronautsaboardChina’sspacestation.Moving forward,theCompanywillcontinuetoexpandandstrengthenthebrandassetvalueof“FamilyKitchen”+“HopeKitchen” +“SpaceKitchen”,advancingcoresmallhouseholdapplianceexcellence,soastocreatevaluefortheCompanyandshareholders. 3.CoreCompetenceAnalysis Fordetails,pleaserefertothe2024AnnualReport. 4.KeyAccountingDataandFinancialIndicators WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata√Yes □No Reasonsforretrospectiveadjustmentsorrestatements Changeinaccountingpolicy.
Constitute Individual Performance Obligations,” and has retrospectively adjusted comparable period information accordingly.Duetothischangeinaccountingpolicy,therestatedoperatingcostsforthefirsthalfof2024wereRMB3,155,125,014.39beforerestatementandRMB3,219,454,076.91afterrestatement.Thesalesexpensesforthefirsthalf of 2024 were RMB 718,500,780.10 before restatement, and RMB 654,171,717.58 after restatement. No other adjustmentsweremadetotheaforementionedmajoraccountingdataandfinancialindicators.5.NumberofShareholdersoftheCompanyandTheirShareholdings Unit:share
Top10shareholdersandtop10shareholderswithnon-restrictedsharesoutstandingchangedfromthepreviousperiodduetolending/repatriationinthelendingandtransferofsharesbusiness□Applicable √N/A 6.ChangeinControllingShareholdersorActualControllers Changeincontrollingshareholderduringthereportingperiod □Applicable √N/A TherewasnochangeincontrollingshareholderoftheCompanyduringthereportingperiod.Changeinactualcontrollerduringthereportingperiod □Applicable √N/A TherewasnochangeinactualcontrolleroftheCompanyduringthereportingperiod.7. Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and TheirShareholdings □Applicable √N/A TheCompanyhadnopreferredshareholdersholdingsharesduringthereportingperiod.8.BondsinExistenceattheDateofApprovalforFilingoftheSemi-annualReport□Applicable √N/A SectionIII.ImportantMatters 1．ImplementationProgressofShareRepurchase OnJune23,2025,theCompanyconvenedtheFifteenthMeetingoftheSixthBoardofDirectorsandapprovedtheProposalonAlteringtheUseofPartofRepurchasedSharesforCancellationwith6votesinfavor,0against,and0abstentions. The proposal changes the purpose of the 4,000,000 shares originally held in the special repurchase securities accountfor"implementing equityincentiveplans oremployeestock ownership plans"to"cancellationfor reducingregisteredcapital." OnJuly11,2025,theCompanyconvenedthe2025FirstExtraordinaryShareholders’MeetingandapprovedtheProposalonAlteringtheUseofRepurchasedSharesforCancellationbyspecialresolution.Thenumberofrepurchased sharescancelledinthisinstanceis4,000,000,representing0.52%ofthetotalsharecapitalbeforecancellation.The actual cancellation amount was RMB 68,026,879.84 (excluding transaction fees). Following this cancellation, the Company’stotalsharecapitalchangedfrom767,017,000sharesto763,017,000shares.On July 25, 2025, the Company completed the deregistration procedures for the aforementioned 4,000,000 repurchasedshareswithChinaSecuritiesDepositoryandClearingCorporationLimited(ShenzhenBranch).The cancellation of these repurchased shares will not materially impact the Company’s financial position or operatingresults.Thequantity,completiondate,andcancellationperiodcomplyfullywithrelevantlawsandregulations. Fordetails,refertotheAnnouncementonCompletionofPartialShareCancellationandShareCapitalChange(AnnouncementNo.:2025-028)publishedbytheCompanyinSecuritiesTimes,ChinaSecuritiesJournal,andonthecninfo.comwebsite(http://www.cninfo.com.cn)onJuly29,2025. 2．EmployeeStockOwnershipPlan(ESOP) OnMarch26,2025,theSixthManagementCommitteeMeetingofthePhaseIESOPoftheCompanyconsideredandapprovedtheproposaltitled“OntheTemporaryRetentionofUnlockableSharesUndertheThirdUnlockingPeriodofthe PhaseIESOPDuetoUnmetPerformanceTargets.”Basedontheperformanceevaluationresultsofthethirdunlockingperiod, after discussion by the Management Committee of this ESOP, it was decided that the 2,287,500 shares (accountingfor0.30%ofthetotalsharecapitaloftheCompany)correspondingtothethirdunlockingperiodofthisESOP willnotbeunlockedduetofailuretomeetperformancetargets.Duringthereportingperiod,certainparticipantsinthe ESOPresigned.InaccordancewiththerelevantprovisionsoftheCompany'sPhaseIESOP,theESOPManagementCommitteerecoveredthesharesheldbytheseparticipants,totaling1,175,000shares.Theseshareswillbetemporarily heldbytheManagementCommitteeafterthelock-upperiodexpires,andtheManagementCommitteemayredistributethesesharesinthefuturebasedonactualcircumstances;orsoldbytheManagementCommitteeatanappropriatetime,withtheremainingproceedsaftersalebelongingtotheCompany. 中财网
 |