证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,849 | 8,432 | 9,105 | 9,854 | | 同比增速(%) | -7.9% | -4.7% | 8.0% | 8.2% | | 归母净利润(百万) | 122 | 242 | 334 | 392 | | 同比增速(%) | -68.6% | 98.2% | 37.6% | 17.3% | | 每股盈利(元) | 0.16 | 0.32 | 0.44 | 0.51 | | 市盈率(倍) | 60 | 30 | 22 | 19 | | 市净率(倍) | 2.1 | 2.0 | 2.0 | 1.9 | 资料来源：公司公告，华创证券预测 九阳股份（002242）2025 年半年报点评 推荐（维持） 国内市场经营稳健，海外业务有所承压 目标价：11.3 元 事项： ❖ 公司发布 2025 年半年报，实现营业收入 39.9 亿元，YoY-9.1%；实现归属于上 市公司股东的净利润 1.23 亿元，YoY-30.0 ...

从资金流向上来看，当日小家电板块主力资金净流出1027.44万元，游资资金净流入1.04亿元，散户资金 净流出9333.71万元。小家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603219 | 富佳股份 | -3821.19万 | 8.88% | 2430.64万 | 5.65% | -6251.84万 | -14.52% | | 301187 | 欧圣电气 | 1409.00万 | 8.46% | 625.07万 | 3.75% | -2034.07万 | -12.22% | | 002032 | 苏泊尔 | 1075.76万 | 7.50% | -727.17万 | -5.07% | -348.59万 | -2.43% | | 301332 | 德尔玛 | 792.14万 | 16.05% | 17.16万 | 0.35% | -809.30万 | -16.40% | | 003 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 九阳股份有限公司（以下简称"公司"或"本公司"） 拟于2025年9月15日（星期一）召开公司2025年第二 次临时股东会，并于2025年8月30日在巨潮资讯网（www.cninfo.com.cn）及《证券时报》《中国证券 报》披露了《关于召开公司2025年第二次临时股东会的通知》（公告编号：2025-035）。为保护投资者 权益，方便公司股东行使股东会表决权，现将会议的有关事项再次提示如下： 一、召开会议的基本情况 1、股东会届次：2025年第二次临时股东会 2、会议召集人：公司董事会。公司第六届董事会第十六次会议审议通过了《关于召开公司2025年第二 次临时股东会的议案》。 3、会议召开的合法、合规性：公司董事会认为本次股东会会议召开符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 4、会议召开时间： 1）现场会议时间：2025年9月15日（星期一）15:00 2）网络投票时间：2025年9月15日 通过深圳证券交易所交易系统进行网络投票的时 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-036 九阳股份有限公司 3、会议召开的合法、合规性：公司董事会认为本次股东会会议召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间： 1）现场会议时间：2025年9月15日（星期一）15:00 2）网络投票时间：2025年9月15日 通过深圳证券交易所交易系统进行网络投票的时间为2025年9月15日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所互联网投票系 统投票的时间为2025年9月15日9:15—15:00期间的任意时间。 关于召开公司2025年第二次临时股东会的提示性公告 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。 九阳股份有限公司（以下简称"公司"或"本公司"） 拟于 2025 年 9 月 15 日（星期一）召开公司 2025 年第二次临时股东会，并于 2025 年 8 月 30 日 在巨潮资讯网（www.cninfo.com.cn）及《证券时报》《中国证券报》披露了《关 于召开公司 2025 年第二次临 ...

Market Overview - The small home appliance sector experienced a decline of 0.88% on September 3, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers included: - JiZhi Technology (code: 870726) with a closing price of 23.27, up 30.00% and a trading volume of 145,900 shares, totaling 321 million yuan [1] - Major decliners included: - BeiYikang (code: 6610Z8) with a closing price of 39.22, down 5.70% and a trading volume of 22,000 shares, totaling 89.51 million yuan [2] - BiYi Co. (code: 603215) with a closing price of 21.03, down 4.84% and a trading volume of 82,500 shares, totaling 177 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 114 million yuan from institutional investors, while retail investors had a net inflow of 72.05 million yuan [2][3] - Specific stock capital flows included: - KaiNeng Health (code: 300272) with a net inflow of 12.42 million yuan from institutional investors [3] - SuBoEr (code: 002032) with a net inflow of 7.08 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.987 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%. The net profit attributable to the parent company was 123 million yuan, down 30.02% year-on-year [2][5]. - The domestic sales remained stable, while overseas sales faced pressure, with a significant decline of 48.70% in overseas revenue, primarily due to reduced sales to a related party [10]. - The gross margin improved to 27.20%, an increase of 0.59 percentage points year-on-year, indicating enhanced profitability in core product categories [10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.987 billion yuan, a decline of 14.40% year-on-year, with a net profit of 21 million yuan, down 53.24% year-on-year [2][5]. - The company’s core product, food processing machines, generated revenue of 1.462 billion yuan, a growth of 2.58% year-on-year, accounting for 36.67% of total revenue [10]. Margin Analysis - The gross margin for food processing appliances was 34.96%, up 1.45 percentage points year-on-year, while the nutrition pot series and Western-style electrical appliances saw slight declines in gross margins [10]. - Domestic gross margin was 29.76%, down 1.58 percentage points year-on-year, while overseas gross margin was 5.82%, down 0.58 percentage points year-on-year [10]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to changes in demand and channels, and is expected to achieve net profits of 283 million, 335 million, and 381 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.22, 22.95, and 20.23 [10].

Core Viewpoint - Joyo's performance continues to decline, with a significant drop in both revenue and profit over the past four years, raising concerns among investors about the company's future prospects [2][4][5]. Financial Performance - Joyo's revenue has decreased from 112.24 billion yuan in 2020 to 88.49 billion yuan in 2024, while net profit fell from 9.40 billion yuan to 1.22 billion yuan during the same period [4]. - In the first half of 2025, Joyo reported a revenue of 39.87 billion yuan, down 9.11% year-on-year, and a net profit of 1.23 billion yuan, down 30.02% year-on-year [4]. - The company's gross margin and net margin have also declined significantly, with gross margin dropping from 32.05% in 2020 to 25.50% in 2024, and net margin falling from 8.16% to 1.20% in the same timeframe [5]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's ongoing performance challenges. Despite being a leading brand, Joyo's market share has not improved [5][6]. - The rapid growth of accounts receivable, from 2.12 billion yuan in 2020 to 10.78 billion yuan in 2024, indicates potential liquidity issues, while contract liabilities have decreased from 5.69 billion yuan to 1.61 billion yuan [5]. Employee Stock Ownership Plan - Joyo implemented an employee stock ownership plan in 2022, which has remained profitable despite the company's declining stock price. The plan raised 12.9 million yuan, with a share price of 8.0625 yuan [8][9]. - A significant portion of the shares in the plan was acquired at a price of 1 yuan per share, which has contributed to the plan's profitability [9]. - The plan is designed to enhance employee motivation and retention, but its performance has not met expectations, as evidenced by the failure to unlock shares in the first performance assessment [10].

Market Overview - The small home appliance sector experienced a decline of 0.16% on September 2, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers included: - Ecovacs (603486) with a closing price of 96.29, up 3.54% on a trading volume of 95,300 shares and a turnover of 909 million [1] - Hongzhi Technology (870726) closed at 17.90, up 2.29% with a trading volume of 30,700 shares and a turnover of 54.37 million [1] - Yanshida (002403) closed at 15.39, up 2.19% with a trading volume of 163,700 shares and a turnover of 248 million [1] - Notable decliners included: - Beiyikang (870199) closed at 41.59, down 4.87% with a trading volume of 30,400 shares and a turnover of 127 million [2] - Fujia Shares (603219) closed at 18.08, down 3.21% with a trading volume of 99,600 shares and a turnover of 180 million [2] - Rainbow Group (003023) closed at 22.38, down 2.57% with a trading volume of 40,700 shares and a turnover of 91.56 million [2] Capital Flow - The small home appliance sector saw a net outflow of 281 million from institutional investors, while retail investors contributed a net inflow of 110 million [2] - The capital flow for individual stocks showed: - Yanshida had a net inflow of 8.90 million from institutional investors, but a net outflow of 15.74 million from retail investors [3] - Ecovacs had a net inflow of 7.28 million from institutional investors, with a net outflow of 13.91 million from retail investors [3] - Beiyikang experienced a significant net outflow of 6.87 million from retail investors [3]

Key Insights - The report emphasizes a strategy of selecting cyclical stocks and capitalizing on industry catalysts for investment opportunities [5] - The report highlights the recovery in real estate sales, with a slight increase in sales figures [6] - The storage industry is undergoing significant upgrades, particularly in HBM and 3D DRAM technologies, which are expected to drive market growth [9][10] - The food and beverage sector shows a mixed performance, with revenue recovery in some areas but significant profit differentiation among companies [16][23] - The light manufacturing sector is led by a dominant player in the folding bicycle market, showcasing strong brand, technology, and channel advantages [26] Strategy and Recommendations - The report recommends focusing on leading companies across various sectors, particularly those benefiting from AI developments and low valuations [7] - Specific investment suggestions include companies in consumer goods, energy, and real estate sectors, as well as those involved in AI and hardware [7] Industry Performance - The report provides a detailed analysis of the food and beverage industry, noting a 0.6% decline in revenue for the restaurant supply chain sector in H1 2025, while the condiment sector saw a 4.9% revenue increase [16][17] - The snack sector experienced a 2.2% decline in revenue in H1 2025, with significant profit pressure due to rising costs and competitive dynamics [23] - The dairy industry reported a 1.3% revenue increase in H1 2025, with a notable 48.5% profit increase in Q2 2025 [18] Company-Specific Insights - Newland (000997.SZ) reported a 10.54% increase in revenue for H1 2025, driven by cross-border payment and digital ID services [28] - Zhuolin Co., Ltd. (300100.SZ) achieved a 20.1% revenue growth in H1 2025, primarily due to its electric drive business [29] - The folding bicycle leader, Dahan Kegong, holds a 26.3% market share in retail volume and a 36.5% market share in retail value in 2024 [26]

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][5][8]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion, with a net profit of 940 million, but has since declined, with 2024 figures showing revenue at 8.849 billion and net profit at 122 million [5]. - In the first half of 2025, Joyo reported revenue of 3.987 billion, a year-on-year decrease of 9.11%, and a net profit of 123 million, down 30.02% year-on-year [5]. - The company's gross margin fell from 32.05% in 2020 to 25.50% in 2024, while net margin dropped from 8.16% to 1.20% in the same period [6]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [6]. - Accounts receivable increased significantly from 212 million in 2020 to 1.078 billion in 2024, indicating potential issues with product sales [6]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a purchase price of 1 yuan per share, raising 129 million [8][9]. - The plan allows for half of the shares to be acquired at a price of 1 yuan, while the average repurchase price was 17.01 yuan, contributing to the plan's profitability [9][10]. - Participants in the plan are limited to senior management and core personnel, with a maximum of 45 participants [11][12]. Performance Assessment - The employee stock ownership plan has not met its performance targets, with the first unlock period failing to meet the required performance metrics, resulting in 320,000 shares not being unlocked [14]. - The second unlock period has 686,200 shares set to be unlocked, indicating some level of performance achievement [14].