Financial Performance - The company's operating revenue for the reporting period was CNY 11,477,500,800.41, representing a 4.68% increase compared to CNY 10,964,777,968.45 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 939,913,794.13, a slight decrease of 0.07% from CNY 940,593,117.65 year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 907,401,664.89, down 1.65% from CNY 922,655,960.65 in the previous year[19]. - The net cash flow from operating activities was CNY 512,444,707.87, a decrease of 6.58% compared to CNY 548,524,464.81 in the same period last year[19]. - The total assets at the end of the reporting period were CNY 11,624,528,534.96, down 12.37% from CNY 13,265,856,724.52 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 5,118,520,351.04, a decrease of 20.33% from CNY 6,424,414,343.69 at the end of the previous year[19]. - The basic earnings per share for the reporting period was CNY 1.180, a decrease of 0.08% from CNY 1.181 in the same period last year[19]. - The diluted earnings per share for the reporting period was also CNY 1.180, reflecting the same decrease of 0.08% compared to the previous year[19]. - The weighted average return on net assets was 15.30%, down 0.15 percentage points from 15.45% in the previous year[19]. Market Position and Product Innovation - The company is a leading manufacturer and brand in the kitchen cookware and small appliances sector, established in 1994, with seven R&D and manufacturing bases in China and Vietnam[26]. - In the first half of 2025, the company maintained the number one market share in both online and offline channels for kitchen cookware and small appliances, with significant growth in health-related products like steamers and ceramic pots[27][28]. - The company reported stable revenue growth during the reporting period, driven by continuous product innovation and strong channel advantages[29]. - The company launched innovative products such as the "Yuexuan Clip Pressure Cooker" and mini titanium non-stick frying pans, addressing consumer needs for convenience and health[30]. - The "Rotating Flame Pot" rice cooker became the top-selling product in the offline market for six consecutive months since its launch in January 2025[31]. - The company expanded its sales channels by enhancing e-commerce strategies and collaborating with platforms like Meituan and JD to boost instant retail business[32]. - The company actively engaged in brand building through diverse marketing strategies, including collaborations with popular IPs to connect with younger consumers[33]. - The company experienced good growth in export sales due to increased demand from SEB Group and other overseas clients during the reporting period[34]. - The company emphasizes product innovation and has established an open innovation platform to integrate new technologies and materials into its product lines[35]. - The company maintains a strong and stable distribution network, ensuring high coverage in both online and offline markets to enhance consumer purchasing experiences[36]. Financial Health and Investments - Cash and cash equivalents decreased to ¥2,027,964,341.78, accounting for 17.45% of total assets, down from 18.69% at the end of the previous year, primarily due to dividend payments[47]. - Accounts receivable increased to ¥3,263,294,382.44, representing 28.07% of total assets, up from 20.28% last year, mainly due to an increase in receivables from external sales[47]. - Inventory decreased to ¥2,040,635,147.21, making up 17.55% of total assets, down from 19.34% last year, attributed to improved inventory turnover[47]. - Short-term borrowings amounted to ¥527,874,712.48, representing 4.54% of total assets, a new entry due to bank acceptance bill discounting by subsidiaries[47]. - Contract liabilities decreased to ¥443,037,837.02, accounting for 3.81% of total assets, down from 8.20% last year, mainly due to a reduction in advance payments from distributors[47]. - The company reported a decrease in receivables financing to ¥122,957,338.74, which is 1.06% of total assets, down from 2.78% last year, due to a reduction in bank acceptance bills[47]. - The total amount of financial assets measured at fair value was ¥2,487,667,400, with significant changes in the fair value of trading financial assets[49]. - The company did not engage in any securities investments during the reporting period[52]. - The company has invested RMB 25 million in bank wealth management products and RMB 13 million in other types of wealth management, totaling RMB 38 million[104]. - The company has a remaining balance of RMB 10 million in wealth management products that are not yet due[104]. Shareholder and Stock Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company approved the release of 548,250 restricted stocks for 266 eligible incentive recipients as part of the 2021 stock incentive plan[68]. - The company repurchased and canceled 178,674 restricted stocks at a price of RMB 1 per share due to unmet performance targets in the 2022 stock incentive plan[69]. - The company plans to cancel 64,500 stock options granted to two departing incentive recipients who did not meet the exercise conditions[73]. - The total number of shares decreased from 801,538,407 to 801,359,733, a reduction of 178,674 shares due to the repurchase and cancellation of restricted stocks[111]. - The number of restricted shares held by executives decreased by 178,674 shares, with a total of 1,720,116 restricted shares remaining[115]. - The company’s total share capital is now 801,359,733 shares, with 99.88% being unrestricted shares[110]. - SEB INTERNATIONALE S.A.S holds 83.19% of the shares, totaling 666,681,904 shares[117]. - The report indicates no significant changes in the shareholding structure among the top 10 shareholders[119]. Corporate Social Responsibility - The company has established 31 Supor primary schools in remote areas, with a total donation exceeding CNY 40 million[77]. - The company aims to cover 30,000 rural students through its educational initiatives[79]. - The investment in improving educational resources in rural areas amounts to CNY 1.31 million[79]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring the financial statements reflect a true and complete picture of its financial status[160]. - The company operates under a continuous operating assumption, indicating no significant issues affecting its ability to continue operations for at least 12 months from the reporting date[158]. - The company’s financial statements are prepared based on the accrual basis of accounting, impacting the recognition of assets, liabilities, income, and expenses[157]. - The company’s accounting period follows the calendar year, from January 1 to December 31[161]. - The company’s main currency for accounting is RMB, while its overseas subsidiaries use local currencies such as VND, SGD, and IDR[163]. - The company has established specific accounting policies and estimates based on its operational characteristics, which may affect financial reporting[159]. - The company’s important accounting estimates include depreciation and amortization of fixed and intangible assets, as well as impairment assessments[159].

Group 1 - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68% [1] - The net profit for the same period was 940 million yuan, showing a slight decline of 0.07% compared to the previous year [1]

Core Viewpoint - The small home appliance industry has experienced a rapid rise and fall after the "stay-at-home economy," leading to a price war that has not resulted in increased sales despite significant price reductions [2][4]. Market Performance - The overall retail volume of small home appliances in the first half of 2025 is projected to be 136.52 million units, a year-on-year decrease of 1.2% [2]. - The kitchen appliance market's retail revenue in 2023 is approximately 54.93 billion yuan, down 9.6% year-on-year, with a retail volume of about 265 million units, also down 1.8% [2]. - During the 2024 "618" promotion, the retail revenue for kitchen appliances across online channels was 3.28 billion yuan, a decline of 10.3% year-on-year [2]. Profitability Issues - The small appliance industry's profit margin was only 8.3% in 2023, and the price war has exacerbated the profitability issues, with many companies facing a situation where selling more leads to greater losses [6]. - The average selling price for blow dryers has dropped below 300 yuan, with a market share increase of nearly 11 percentage points [6]. - Companies like Suoer reported a gross margin of 24.65% in their 2024 semi-annual report, a decrease of 0.63 percentage points year-on-year [11]. Market Dynamics - The small appliance market is characterized by severe homogenization, with low market entry barriers leading to intense competition and a lack of genuine innovation [4][5]. - Many brands are not investing in research and development, opting instead to modify existing molds and push new products at low costs, perpetuating a cycle of price competition [5]. - The market is increasingly crowded with new entrants, including internet brands and cross-industry players, which has diluted the market share of traditional brands like Midea and Supor [6][14]. Consumer Behavior - Consumers are becoming more discerning, often expressing dissatisfaction with new products that do not offer significant improvements over existing ones [4]. - There is a growing trend of impulse purchases leading to products being underutilized, contributing to a "sales ceiling" for many small appliance categories [4]. Future Outlook - The small appliance market is entering a deep adjustment period, and companies may need to shift from price competition to value competition to escape the current stagnation [19]. - Some companies are exploring differentiated competition strategies, such as offering value-added services like trade-in programs and proactive customer service [19][20].

Core Viewpoint - Supor's 2025 semi-annual performance report shows a slight increase in revenue but a minor decrease in net profit, reflecting the challenges in the small home appliance market and the impact of new subsidy policies on consumer demand [1][2][3]. Group 1: Company Performance - Supor reported an operating income of approximately 11.478 billion yuan, a year-on-year increase of 4.68% [1]. - The net profit attributable to shareholders was about 940 million yuan, a slight decrease of 0.07% year-on-year, with basic earnings per share at 1.18 yuan, down 0.08% [1]. - From 2020 to 2024, Supor's operating income fluctuated, with figures of 18.597 billion yuan, 21.585 billion yuan, 20.171 billion yuan, 21.304 billion yuan, and 22.427 billion yuan, showing year-on-year changes of -6.33%, 16.07%, -6.55%, 5.62%, and 5.27% respectively [1]. Group 2: Market Trends - Since 2022, the small home appliance market has faced significant challenges due to declining consumer purchasing power, but signs of recovery have emerged in 2023 as the economy rebounds [2]. - The expansion of national subsidy policies in 2025 to include kitchen appliances like rice cookers and microwaves is expected to benefit leading small appliance companies [2]. - The first quarter of 2025 saw a 2.1% year-on-year increase in the overall home appliance market (excluding 3C), with kitchen small appliances achieving a retail revenue of 16.2 billion yuan, up 2.5% year-on-year [2]. Group 3: Product Pricing and Sales - In May 2023, the average prices of various kitchen small appliances increased significantly, with rice cookers up 20.74% and steamers up 37.42% year-on-year [3]. - Supor's domestic sales remained stable due to continuous innovation and strong channel advantages, while export orders also saw growth [3]. - The slight decline in net profit was attributed to the impact of export business and lower investment income due to declining interest rates, prompting the company to enhance resource allocation in core categories and optimize product structure [3]. Group 4: Financial Position - Supor reported a decrease in total assets and equity attributable to shareholders by 12.37% and 20.33% respectively, primarily due to the implementation of the 2024 profit distribution plan [4].

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

Core Insights - The smokeless pot is an innovative kitchen product designed to effectively address the smoke issues associated with traditional cooking methods, utilizing high-quality materials such as stainless steel, aluminum alloy, or ceramics for superior heat conduction and uniformity [1][14] - The market for smokeless pots in China is projected to grow from 1.544 billion yuan in 2020 to 2.386 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.5%, and is expected to reach 2.616 billion yuan by 2025 [1][14] Industry Overview - The smokeless pot is defined as a cooking vessel that prevents smoke generation by maintaining cooking temperatures below the smoke point of cooking oils, typically around 240°C, while allowing for efficient cooking at lower temperatures [5][6] - The industry chain for smokeless pots includes upstream raw materials and equipment (aluminum alloy, stainless steel, ceramics), midstream manufacturing, and downstream sales channels (e-commerce platforms, social media, retail) [6][8] Market Dynamics - The demand for smokeless pots is driven by the rise of the "lazy economy" and the popularity of smart home appliances, leading to increased consumer focus on health and convenience in cooking [1][14] - The retail landscape for traditional cooking utensils is experiencing a shift, with online sales growing while offline sales decline, indicating a structural change in consumer purchasing behavior [10][12] Key Players - Major companies in the smokeless pot industry include Supor, Aishida, and Midea, with Supor being a leading brand in the cookware sector, known for its diverse product offerings [2][16][19] - Aishida has established itself as a significant player in the kitchenware market, focusing on high-quality and durable products, with a reported revenue growth of 20.59% in 2024 [21] Future Trends - The industry is expected to see a rise in customized products to meet diverse consumer preferences, including variations in cooking habits and family sizes [23] - The integration of smart technology in smokeless pots is anticipated to enhance user experience, with features such as real-time temperature monitoring and connectivity with other kitchen appliances [24][25]

Group 1 - The small home appliance sector experienced a decline of 0.56% on August 14, with ST Dehao leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] - Key stocks in the small home appliance sector showed varied performance, with Beizitang rising by 3.55% to a closing price of 49.02 [1] Group 2 - The small home appliance sector saw a net outflow of 107 million yuan from main funds, while retail investors contributed a net inflow of 95.18 million yuan [2] - Notable declines included ST Demon's drop of 4.27% to a closing price of 2.69, and Ousheng Electric's decline of 3.17% to 33.59 [2] - The trading volume for key stocks varied, with Beizitang achieving a transaction amount of 415 million yuan [1][2]

Core Points - The Shanghai Composite Index closed at 3666.44 points, slightly down by 0.46%, with a total trading volume of 23062.83 billion yuan [1] - A total of 11 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates, including *ST Xinyuan at 4.65%, *ST Huarong at 4.40%, and Meihua Medical at 2.93% [1] Summary by Category Market Performance - The Shanghai Composite Index is above the annual line, indicating a positive market sentiment despite a minor decline [1] - The total trading volume for A-shares reached 23062.83 billion yuan, reflecting active market participation [1] Stocks Surpassing Annual Line - The stocks with the highest deviation rates include: - *ST Xinyuan: 11.82% increase, 19.23% turnover rate, annual line at 6.06 yuan, latest price at 6.34 yuan, deviation rate of 4.65% [1] - *ST Huarong: 4.94% increase, 0.45% turnover rate, annual line at 7.12 yuan, latest price at 7.43 yuan, deviation rate of 4.40% [1] - Meihua Medical: 3.05% increase, 14.95% turnover rate, annual line at 20.34 yuan, latest price at 20.94 yuan, deviation rate of 2.93% [1] - Other notable stocks with lower deviation rates include: - Hongtaiyang: 2.77% increase, 5.00% turnover rate, annual line at 6.86 yuan, latest price at 7.04 yuan, deviation rate of 2.60% [1] - Xi'an Catering: 3.37% increase, 9.97% turnover rate, annual line at 8.77 yuan, latest price at 8.89 yuan, deviation rate of 1.37% [1] - Supor: 1.27% increase, 0.29% turnover rate, annual line at 51.39 yuan, latest price at 51.90 yuan, deviation rate of 1.00% [1]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3677.06 points, down by 0.17%, while the total trading volume reached 1,893.89 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index is at 3677.06 points, with a decrease of 0.17% [1] - The total trading volume of A-shares today is 1,893.89 billion yuan [1] Group 2: Stocks Breaking Through Annual Line - A total of 16 A-shares have surpassed the annual line today, with notable stocks including *ST Xin Yuan, *ST Hua Rong, and Meihao Medical, showing significant deviation rates of 5.64%, 4.40%, and 2.63% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Zhongke Ruankai, Tianwei Food, and Yongzhen Co., with minimal deviation percentages [1] Group 3: Deviation Rate Rankings - The top three stocks with the highest deviation rates are: - *ST Xin Yuan: 12.87% increase, 14.89% turnover rate, annual line at 6.06 yuan, latest price at 6.40 yuan, deviation rate of 5.64% [1] - *ST Hua Rong: 4.94% increase, 0.45% turnover rate, annual line at 7.12 yuan, latest price at 7.43 yuan, deviation rate of 4.40% [1] - Meihao Medical: 2.76% increase, 12.60% turnover rate, annual line at 20.34 yuan, latest price at 20.88 yuan, deviation rate of 2.63% [1]

Group 1: Policy Effectiveness - The current recycling policy has significantly boosted sales of key consumer goods, particularly home appliances and communication devices, leading to a total sales increase of 1.1 trillion yuan by May 2025[6] - Home appliance consumption grew by 30.7% in the first half of 2025, contributing 25.1% to overall consumption growth, while communication devices increased by 24.1%, contributing 16.6%[6] - The policy has positively impacted the profitability of home appliance companies, with revenue growth rates for major firms like Midea and Haier reaching 13.9% and 27.36% respectively in Q1 2025[20] Group 2: Challenges and Issues - Some regions have experienced a disruption in subsidy funding, affecting market expectations and policy effectiveness, with reports of funding shortages since May 2025[32] - The policy has led to a "Matthew effect," concentrating tax revenues in manufacturing strong provinces, which diminishes the incentive for less developed regions to implement the policy[35] - The policy is facing diminishing returns after over a year of implementation, raising concerns about a potential "policy cliff" once the subsidies are withdrawn[41] Group 3: Recommendations - It is recommended to accelerate the disbursement and allocation of subsidy funds to stabilize market expectations and prevent funding interruptions[54] - Expanding the range of subsidized products and extending the subsidy duration are suggested to mitigate the risk of a "policy cliff" and maintain consumer demand[54] - The government should consider easing participation thresholds for small and medium enterprises to ensure broader access to the benefits of the policy[59]