浙江苏泊尔股份有限公司 【2025 年 03 月】 浙江苏泊尔股份有限公司 2024 年年度报告全文 1 2024 年年度报告 浙江苏泊尔股份有限公司 2024 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人 Thierry de LA TOUR D'ARTAISE、主管会计工作负责人徐波 及会计机构负责人（会计主管人员）徐波声明：保证本年度报告中财务报告的 真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，能否实现取决于市场状况变化、经营团队的努力程度等多种因素，存在很 大的不确定性，敬请广大投资者注意投资风险。 公司面临的风险因素详见第三节"管理层讨论与分析"第十一部分"公 司未来发展的展望"。 公司经本次董事会审议通过的利润分配预案为：以 2024 年末公司总股本 801,538,407 股扣除公司回购专用证券账户持有的 4,667,500 股和 2025 年 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue for 2024 is projected to be 22.4 billion yuan, reflecting a year-on-year increase of 3.0%, while the operating income is expected to reach 224.3 billion yuan, up 5.3% year-on-year [1][3]. - External sales are driven by the replenishment demand from the controlling shareholder SEB Group, leading to significant growth in external sales revenue, which is expected to reach 74.6 billion yuan in 2025, a 4.4% increase from 2024 [2][3]. - Domestic sales are facing stagnation in the industry, with a slight decline expected in 2024, but the company maintains its leading position through cost reduction and efficiency improvement [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 224.3 billion yuan, a 5.3% increase year-on-year, and a net profit attributable to shareholders of 22.4 billion yuan, up 3.0% year-on-year [1]. - The fourth quarter of 2024 saw an operating income of 59.1 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 8.1 billion yuan, down 0.7% year-on-year [1]. Sales and Market Position - External sales are significantly boosted by SEB Group's replenishment orders, with actual transactions between the company and SEB reaching 71.4 billion yuan in 2024, a 20.3% increase from 2023 [2]. - The domestic market is expected to see a slight decline in sales, with a retail sales drop of 0.8% in the small kitchen appliance sector, but the company continues to innovate and expand its product offerings [2]. Profitability and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 22.4 billion, 23.6 billion, and 25.4 billion yuan respectively, reflecting a downward revision of 5%, 8%, and 9% [3]. - The current price-to-earnings (P/E) ratios are projected at 19, 18, and 17 for the years 2024, 2025, and 2026 respectively [3][4].

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-013 浙江苏泊尔股份有限公司 关于公司董事辞职的公告 浙江苏泊尔股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 二〇二五年三月一日 浙江苏泊尔股份有限公司（以下简称"公司"或"本公司"或"苏泊尔"）董事会收到公司非独 立董事Delphine SEGURA VAYLET女士提交的书面辞职报告，Delphine SEGURA VAYLET女士因个人 原因申请辞去公司第八届董事会董事职务及薪酬与考核委员会委员职务，辞职后不再担任公司任何职 务。截止本公告披露日，Delphine SEGURA VAYLET女士未持有公司股份。 1 Delphine SEGURA VAYLET女士的辞职未导致公司董事会成员低于法定最低人数，不会影响公司 董事会正常运作，其辞职报告自送达董事会之日起生效。鉴于《公司章程》规定的董事会董事人数为 9名，公司董事会将按照相关规定尽快完成董事补选工作。 公司董事会对Delphine SEGURA VAYLET女士担任公司董事期间为公司发展 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a total revenue of 224.3 billion yuan in 2024, representing a year-on-year growth of 5.3%. The net profit attributable to the parent company is projected to be 22.4 billion yuan, with a growth of 3.0% [7] - The company has shown resilience in the domestic market despite a weak consumption environment, with a slight decline in domestic sales revenue. However, it has managed to increase market share in core categories through continuous innovation and strong channel competitiveness [7] - The company is benefiting from a significant increase in orders from its main client, SEB, leading to good growth in export revenue. The implementation of the "old-for-new" policy is expected to further boost sales in 2025 [7] Financial Data and Profit Forecast - Total revenue and profit forecasts for the company are as follows: - 2023: Total revenue of 21,304 million yuan, net profit of 2,180 million yuan - 2024E: Total revenue of 22,427 million yuan, net profit of 2,244 million yuan - 2025E: Total revenue of 23,939 million yuan, net profit of 2,380 million yuan - 2026E: Total revenue of 25,600 million yuan, net profit of 2,479 million yuan [6][8] - The company’s gross margin is expected to stabilize around 26% from 2024 to 2026, with a return on equity (ROE) projected to increase from 35.0% in 2024 to 37.3% in 2026 [6][8]

Group 1: Company Performance and Strategy - In 2024, the company launched differentiated mid-to-high-end products, enhancing market competitiveness with innovations like high-end rice cookers and titanium non-coated frying pans [2] - The company maintained stable gross margins through continuous innovation and strong channel advantages, despite a competitive market environment [2] - The company aims to sustain product innovation by leveraging its technological advantages and addressing diverse consumer needs [2] Group 2: Sales and Marketing Channels - Online sales channels, including traditional e-commerce platforms like Tmall, JD.com, and Pinduoduo, remain stable and contribute significantly to sales [3][4] - Social e-commerce platforms such as Douyin, Kuaishou, and video accounts are experiencing rapid growth and contributing incremental sales [4] Group 3: Supply Chain and Cost Management - The company has manufacturing bases in multiple locations, including Yuhuan, Hangzhou, Shaoxing, Wuhan, and Ho Chi Minh City, and has implemented automation upgrades and scale effects to reduce supply chain costs [2] - Future industrial development will focus on cost reduction and efficiency improvement projects to enhance product quality and supply chain management [2] Group 4: Future Outlook - The growth of the company's export business in 2025 will depend on organic growth from major export clients, leveraging manufacturing scale and responsiveness to provide competitively priced products [4] - The updated "trade-in" policy for 2025, which includes rice cookers among other appliances, is expected to have a positive impact on the company [4]

Summary of Conference Call Company and Industry Overview - The company operates in the home appliance industry, focusing on both domestic and international sales, with a strong emphasis on product innovation and market share growth [1][2][4]. Key Points and Arguments Sales Performance - The company achieved notable growth in exports despite high base figures, with future order guidance indicating stable growth expectations [1]. - Domestic sales have outperformed the industry average, showcasing the company's competitive advantages in product innovation and channel competition [1][2]. Market Share - In 2024, the company secured the top market share in both online and offline channels for its core business units, including major appliances and cleaning appliances [2]. - The company aims to maintain growth across its four core business units, particularly in small appliances and health-related products, driven by changing consumer trends [2]. Growth Strategies - The company plans to enhance its product development and innovation capabilities to offer differentiated products, narrowing the gap with leading brands [2]. - Future product launches include high-quality items such as infrared stainless steel rice cookers and titanium-coated non-stick frying pans [4]. - The company is also focusing on AIoT product development to meet consumer demands for efficiency and quality [4]. Channel Strategy - The company will continue to invest in traditional and social e-commerce channels, enhancing profitability on platforms like Douyin and Kuaishou while maintaining growth on traditional platforms like Tmall and JD [5]. - The company has seven manufacturing bases in China and Vietnam, aiming to improve operational efficiency and supply chain management [5]. Financial Performance - The company has distributed a total of 12.2 billion yuan in cash dividends since 2015, with an average dividend yield of nearly 6% over the past three years, outperforming market averages [6]. - The company aims to protect profit margins while driving sales growth amid a challenging macroeconomic environment [6][7]. Profit Margin Strategy - The company emphasizes the importance of maintaining profit margins rather than engaging in price wars, which could harm long-term sustainability [7][8]. - Future strategies will focus on product innovation and cost reduction to enhance gross margins [10][13]. External Factors - The company anticipates positive impacts from government subsidies on high-end products, particularly rice cookers, which could stimulate consumer demand [18][20]. - The competitive landscape is expected to intensify, with platforms competing aggressively on pricing, which may pressure profit margins [25][26]. Future Outlook - The company aims for continued growth in both domestic and international markets, with a focus on maintaining healthy financial metrics [9][20]. - The company is optimistic about the potential for improved economic conditions and consumer spending in the future [8][9]. Additional Important Content - The company has implemented a structured innovation mechanism to enhance product development efficiency, leveraging both internal and external resources [12]. - The competitive dynamics in the market are shifting, with a focus on rational pricing strategies and long-term sustainability rather than short-term gains through aggressive discounting [26][27]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic focus, market performance, and future outlook in the home appliance industry.

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-012 浙江苏泊尔股份有限公司 关于 2022 年限制性股票激励计划暂缓授予部分第一个解除限售期解 除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 1、2022 年 8 月 30 日，公司第七届董事会第十四次会议及第七届监事会第十三次会议审议通过 了《关于<浙江苏泊尔股份有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》。公司 1 浙江苏泊尔股份有限公司 监事会对激励对象名单进行了初步核实。 2、2022 年 9 月 16 日，公司披露《监事会关于公司 2022 年限制性股票激励计划激励对象名单 的核查意见》。公司监事会认为，列入本次激励计划的激励对象均符合相关法律、法规及规范性文件 所规定的条件，其作为本次限制性股票激励计划的激励对象的主体资格合法、有效。 1、本次解除限售的限制性股票上市流通日为2025年3月3日。 2、因激励对象所在业务单元未达成100%解除限售条件的业绩考核目标，公司按照激励对象所 在业务单元 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 5.92 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 812 million yuan, down 0.7% year-on-year [1]. - Domestic sales faced challenges due to a complex market environment, but the company maintained its market share through innovation and strong channel advantages. In contrast, external sales orders showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in its OEM revenue for 2025, projecting a total of 7.37 billion yuan [1]. Financial Data Summary - The company’s revenue is projected to grow from 22.43 billion yuan in 2024 to 24.57 billion yuan in 2026, with growth rates of 5.27% and 4.03% respectively [7]. - The net profit attributable to the parent company is expected to rise from 2.24 billion yuan in 2024 to 2.58 billion yuan in 2026, with growth rates of 2.97% and 7.73% respectively [7]. - The company’s earnings per share (EPS) is forecasted to increase from 2.80 yuan in 2024 to 3.22 yuan in 2026 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 19.21x in 2024 to 16.71x in 2026, indicating a potentially more attractive valuation over time [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, reflecting a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year. In Q4 2024, revenue was 5.92 billion yuan, down 0.4% year-on-year, and net profit was 812 million yuan, down 0.7% year-on-year [1][2]. - Domestic sales faced slight declines due to a complex market environment and more rational consumer demand. However, the company managed to increase its market share in core categories through continuous innovation and strong channel advantages. In contrast, external sales orders from major clients showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in the amount of OEM transactions for 2025, projected at 7.37 billion yuan [1]. - Profitability remained stable due to effective measures to maintain gross margins, improve marketing efficiency, and strict cost control. The company also continued to invest in R&D and product innovation, leading to a broader product range [1]. Financial Data Summary - For 2024, the company forecasts revenues of 22.43 billion yuan, with a growth rate of 5.27%. The net profit is expected to be 2.24 billion yuan, with a growth rate of 2.97% [7]. - The projected earnings per share (EPS) for 2024 is 2.80 yuan, with a price-to-earnings (P/E) ratio of 19.21x [7]. - The company’s total assets are projected to be 12.73 billion yuan in 2024, with a debt-to-asset ratio of 50.67% [10].

Core Insights - Supor (002032) reported a total operating revenue of 22.427 billion yuan for the year 2024, representing a year-on-year growth of 5.27% [1] - The net profit for the same period was 2.244 billion yuan, showing a year-on-year increase of 2.97% [1] - The basic earnings per share (EPS) stood at 2.82 yuan [1] Revenue Growth - The company experienced a significant increase in orders from major overseas customers, contributing to the overall revenue growth [1]