九阳股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 证券代码：002242 证券简称：九阳股份 公告编号：2025-041 九阳股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、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。 九阳股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 | | | | | 本报告 期比上 | | | | 年初至 报告期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 年同期 | 年初至报告期 末 | 上年同期 | ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-040 九阳股份有限公司 第七届董事会第二次会议决议公告 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。 一、董事会会议召开情况 九阳股份有限公司（以下简称：公司）于 2025 年 10 月 21 日以书面的方式 发出关于召开公司第七届董事会第二次会议的通知，会议于 2025 年 10 月 27 日 以通讯表决的方式召开。本次会议应参与表决董事 7 名，实际参与表决董事 7 名。会议由董事长杨宁宁女士主持。本次会议的召集、召开与表决程序符合《公 司法》和《公司章程》等的有关规定，合法有效。 董事会就以下议案进行了审议，经书面表决，通过决议如下： 二、董事会会议审议情况 1、 审议通过《公司 2025 年第三季度报告》 表决结果：7 票同意，0 票反对，0 票弃权。 本议案已经董事会审计委员会审议通过。 公司 2025 年第三季度报告详见 2025 年 10 月 28 日《证券时报》《中国证 券报》及巨潮资讯网（http://www.cninfo.com.cn）上公司公告编号为 2025-041 号 ...

Market Overview - On October 23, the small home appliance sector rose by 0.02% compared to the previous trading day, with Rainbow Group leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Key stocks in the small home appliance sector showed varied performance, with Rainbow Group closing at 25.17, up 4.66%, and Lek Electric at 24.67, up 1.86% [1] - Other notable performers included Liren Technology at 27.44, up 1.70%, and Ousheng Electric at 26.13, up 0.85% [1] Trading Volume and Value - Rainbow Group had a trading volume of 156,000 shares and a transaction value of 386 million yuan [1] - Lek Electric recorded a trading volume of 130,000 shares with a transaction value of 316 million yuan [1] Capital Flow - The small home appliance sector experienced a net outflow of 101 million yuan from institutional investors, while retail investors saw a net inflow of approximately 89.85 million yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Rainbow Group had a net inflow of 31.61 million yuan from institutional investors, while it faced a net outflow of 2.87 million yuan from retail investors [3] - Lek Electric saw a net inflow of 4.47 million yuan from institutional investors but a significant outflow of 19.97 million yuan from speculative funds [3]

Core Viewpoint - Joyo's performance has been declining for four consecutive years, with significant drops in revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][2][3]. Financial Performance - In the first half of 2025, Joyo reported revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% [2]. - The company's revenue and net profit have been on a downward trend since 2021, with 2024 figures showing revenue at 8.849 billion yuan and net profit at 122 million yuan [1][2]. - The gross margin and net margin have significantly declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024, respectively [3]. Market Position and Competition - Joyo focuses on small household appliances, including soy milk machines and other kitchen devices, but faces intense competition in the market, which has impacted its performance [2][3]. - Despite being a leading brand, Joyo's market share has not improved, indicating challenges in maintaining its competitive edge [2]. Stock Performance - Joyo's stock price has mirrored its poor financial performance, dropping over 80% from a peak of 42.88 yuan in 2020 to a low of 8.53 yuan in 2024 [3]. - As of September 1, 2025, Joyo's stock closed at 9.71 yuan, with a market capitalization of 7.409 billion yuan [3]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan, initiated in 2022, has remained profitable, with a total of 12.9 million shares issued at a price of 1 yuan per share for half of the shares [4][5]. - The plan is designed to enhance employee motivation and retention, involving only senior management and core personnel [6]. - The plan has specific performance assessment periods, but the first unlock period did not meet performance targets, resulting in 320,000 shares not being unlocked [6][7].

Market Overview - The small home appliance sector experienced a decline of 2.16% on October 17, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable stock performances included: - Rainbow Group (003023) rose by 9.99% to a closing price of 24.00, with a trading volume of 103,000 shares and a turnover of 240 million [1] - BeiYikang (6610ZG) fell by 7.39% to a closing price of 35.72, with a trading volume of 24,600 shares and a turnover of approximately 90.78 million [2] - Other companies like Supor (002032) and Joyoung (002242) showed minimal changes, with slight declines of 0.02% and 1.58% respectively [1][2] Capital Flow - The small home appliance sector saw a net outflow of 79.06 million from institutional investors, while retail investors contributed a net inflow of 66.28 million [2] - The capital flow for specific stocks indicated: - Rainbow Group had a net inflow of 81.11 million from institutional investors, while it faced a net outflow of 37.75 million from retail investors [3] - Other companies like Lek Electric (603355) and ST Dehao (002005) also experienced mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Market Overview - The small home appliance sector increased by 0.44% on October 15, with BeiYikang leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - BeiYikang (code: 6610Z6) closed at 38.15, rising by 4.72% with a trading volume of 26,900 lots and a transaction value of 102 million yuan [1] - Other notable performers include: - Aishida (code: 002403) at 14.57, up 3.26% [1] - Ousheng Electric (code: 301187) at 26.48, up 2.20% [1] - Kaineng Health (code: 300272) at 6.56, up 2.18% [1] - Delma (code: 301332) at 9.88, up 1.96% [1] Capital Flow - The small home appliance sector experienced a net outflow of 115 million yuan from institutional investors, while retail investors saw a net inflow of 94.22 million yuan [2] - The capital flow for specific stocks includes: - Xinbao (code: 002705) with a net inflow of 12.21% from institutional investors [3] - Feike Electric (code: 603868) with a net inflow of 18.64% from retail investors [3] - Kaineng Health (code: 300272) with a net outflow of 1.35% from retail investors [3]

Market Overview - The small home appliance sector experienced a decline of 3.15% on October 13, with Bei Yi Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Key stocks in the small home appliance sector showed varied performance, with Bei Yi Co. closing at 22.88, down 5.26%, and Kewo Si at 97.49, also down 5.26% [2] - Other notable declines included Stone Technology at 187.50, down 5.20%, and Xin Bao Co. at 15.42, down 3.81% [2] Trading Volume and Capital Flow - The small home appliance sector saw a net outflow of 139 million yuan from main funds, while retail investors contributed a net inflow of 97.90 million yuan [2] - The trading volume for key stocks included 136,200 shares for Bei Yi Co. and 51,400 shares for Kewo Si, indicating significant trading activity despite the overall decline [2] Individual Stock Capital Flow - Among individual stocks, Jiu Yang Co. had a main fund net inflow of 3.68 million yuan, while Fu Jia Co. experienced a net outflow of 1.32 million yuan from main funds [3] - Retail investors showed a preference for stocks like Su Po Er, which had a net inflow of 4.19 million yuan from retail investors, despite a net outflow from main funds [3]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for the white goods sector, indicating a "Buy" recommendation for key players like Midea, Haier, and Gree [4][8]. Core Insights - The home appliance sector is benefiting from real estate policies and the "trade-in" program, leading to a sustained growth trend in domestic sales [6][14]. - The report highlights three main investment themes: white goods, export opportunities, and core components, with a focus on companies that are expected to outperform in these areas [8][17]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning industry produced 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [6][14]. - The refrigerator and washing machine sectors also saw domestic sales growth of 4% and 6%, respectively, during the same period [6][14]. 2. White Goods and Components - The report notes that the average price of white goods is increasing due to the trade-in program, with air conditioning prices expected to rise further [27]. - Key companies are projected to show varied performance in Q3 2025, with Midea expected to see a 3% revenue increase and an 8% rise in profits, while Gree anticipates flat revenue and profit [28][29]. 3. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with significant growth in online sales for range hoods and gas stoves [6][14]. - Major players like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profits [6][14]. 4. Small Appliances - The small appliance sector is benefiting from domestic trade-in policies, with companies like Supor and Joyoung expected to see revenue growth of 3% and a profit turnaround, respectively [6][14]. - The report highlights significant growth for companies like Stone Technology, which anticipates an 80% revenue increase [6][14]. 5. New Displays and Lighting - The emerging display sector is at a turning point, with companies like Hisense and Xiaomi expected to report revenue growth of 8% and 15%, respectively [6][14]. - The lighting industry is anticipated to see gradual improvements as market conditions stabilize [6][14]. 6. Investment Highlights - The report emphasizes the attractiveness of the white goods sector due to its low valuation, high dividends, and stable growth potential, recommending a combination of leading companies [8][17]. - Export opportunities are highlighted for companies like Ousheng Electric and Dechang, which are expected to benefit from increased orders and stable profitability [8][17]. 7. Trade-in Policy Impact - The trade-in policy has been expanded to include 12 categories of appliances, significantly boosting sales and consumer interest [17][18]. - The report notes that the trade-in program has already led to over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [17][18].

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of blender products, revealing that out of 20 batches tested, 1 batch was found to be non-compliant [2] - The inspection included products from 6 provinces and cities, with 5 batches from Shanghai showing no non-compliance, while 1 out of 15 batches from other provinces was non-compliant [2] Group 1: Inspection Results - 20 batches of blender products were tested, with 1 batch failing quality standards [2] - The non-compliant product was identified as a food processor (meat grinder) from 廊坊峻畅家居有限公司, sold through a local store [2] - The inspection was based on the SHSSXZ0054-2025 guidelines for electric food processing machinery quality supervision [2] Group 2: Compliance Details - Several products passed the quality inspection, including brands like Joyoung, Midea, and Philips, with certifications from recognized institutions [2][3] - The compliant products included various types of food processors and blenders, indicating a generally high compliance rate among tested items [2][3] - The inspection results will be communicated to the respective market supervision departments for further action on non-compliant products [2]

Core Insights - The small home appliance industry in China is projected to reach a market size of approximately 110 billion yuan in 2024, with a compound annual growth rate (CAGR) of 1.69% over the past four years [6][9]. Industry Overview - Small appliances are defined as household electrical devices that are smaller in size, lower in power consumption, and portable, aimed at enhancing the quality of life [6]. - The small appliance sector can be categorized into three main segments: kitchen appliances, home appliances, and personal care appliances [2][6]. Market Distribution - The majority of small appliance companies in China are concentrated in the Pearl River Delta and East China regions, particularly in Guangdong and Zhejiang provinces, which host numerous listed companies [4][9]. - Major companies in the small appliance sector include Supor, Joyoung, Bear Electric, Midea Group, Feike Electric, and Ecovacs [1][4]. Competitive Landscape - Midea Group, Supor, and Joyoung hold the top market shares in the kitchen appliance segment, while Ecovacs and Roborock lead in the home appliance category [9]. - In the personal care appliance sector, foreign brands like Dyson, Panasonic, and Philips are strong competitors, with domestic brand Feike Electric also ranking among the top five [9][11]. Company Performance - Supor's small appliance business accounts for 68.43% of its total operations, primarily focusing on kitchen appliances [11]. - Joyoung has a remarkable 98.92% of its business in small appliances, dominating categories like soybean milk machines and blenders [11]. - Bear Electric and Ecovacs have fully committed to small appliances, with Bear offering a wide range of over 60 product categories [11].