Investment Rating - The report maintains a "Positive" outlook on the home appliance industry for the mid-2025 performance forecast [3] Core Insights - The home appliance sector is expected to benefit from domestic sales policies and the "old-for-new" program, which is driving demand for major appliances and kitchen appliances [4][5] - The air conditioning industry saw a cumulative production of 101.54 million units from January to May 2025, representing an 8% year-on-year increase, while sales reached 103.49 million units, up 9% year-on-year [4][17] - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies and the "old-for-new" program are expected to catalyze growth in the white goods sector, which is characterized by low valuations, high dividends, and stable growth [5][6] 2. **Exports**: Companies like Ousheng Electric are recommended due to stable income growth driven by large customer orders, while Dechang shares are highlighted for their expanding automotive parts business [6] 3. **Core Components**: The report suggests that the demand for core components will exceed expectations due to the strong performance of white goods, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [6] Summary by Sections 1. Air Conditioning and Major Appliances - The air conditioning sector is experiencing high growth in exports, with a 11% year-on-year increase in external sales from January to May 2025 [4][17] - The "old-for-new" policy is expected to enhance the average price of white goods, with major companies like Midea and Gree projected to see revenue growth of 8% and 5% respectively in Q2 2025 [4][29] 2. Kitchen Appliances - The kitchen appliance market is recovering due to real estate policies and the "old-for-new" program, with online sales of range hoods and gas stoves increasing by 17.5% and 16.5% respectively [40] - Companies like Boss Appliances are maintaining strong market shares in the kitchen appliance sector, with expected revenue growth of 5% in Q2 2025 [41] 3. Small Appliances - The small appliance sector is benefiting from high growth in domestic sales and exports, with companies like Supor and Joyoung expected to see revenue increases of 5% and 120% respectively in Q2 2025 [4][41] - The "old-for-new" policy is set to include small appliances, which is anticipated to significantly boost sales [5][20] 4. New Displays and Lighting - The emerging display market is at a turning point, with companies like Hisense and Jimi Technology expected to see revenue growth of 5% in Q2 2025 [4][5] 5. Investment Highlights - The report emphasizes the potential for a rebound in the home appliance sector driven by favorable policies and market conditions, recommending a combination of leading companies such as Midea, Haier, and Gree for investment [5][6]

证券代码：002242 证券简称：九阳股份 公告编号：2025-025 九阳股份有限公司 关于召开公司2025年第一次临时股东大会的提示性公告 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 7 月 11 日（星期五）召开公司 2025 年第一次临时股东大会，并于 2025 年 6 月 24 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 年第一次临时股东大会的通知》（公告编号：2025-024）。为保护投资 者权益，方便公司股东行使股东大会表决权，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、股东大会届次：2025 年第一次临时股东大会 2、会议召集人：公司董事会。公司第六届董事会第十五次会议审议通过了 《关于召开公司 2025 年第一次临时股东大会的议案》。 3、会议召开的合法、合规性：公司董事会认为本次股东大会会议召开符合 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 ...

General Provisions - The company, Joyoung Company Limited, was established as a joint-stock company in accordance with the Company Law of the People's Republic of China and other relevant regulations [2][3] - The company was registered on August 27, 2007, and listed on the Shenzhen Stock Exchange on May 28, 2008, with an initial issuance of 67 million A-shares [2][3] - The registered capital of the company is RMB 763.017 million [3] Business Objectives and Scope - The company's business objective is to attract foreign investment, utilize advanced management practices, and develop new products leveraging foreign technology advantages [4] - The company’s registered business scope includes research and development, manufacturing, and sales of household appliances, kitchenware, and related services [4][5] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [6][18] - The total number of shares issued by the company is 763.017 million, and the share structure consists entirely of common stock [6][18] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and transfer their shares [11][12] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not abuse their rights to harm the company or other shareholders [13][14] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [44][46] - Shareholder meetings are the authority of the company, responsible for deciding on business policies, electing directors and supervisors, and approving financial reports [42][44] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [77][79] - Shareholders can exercise their voting rights based on the number of shares they hold, with each share granting one vote [80][81]

证券代码：002242 证券简称：九阳股份 公告编号：2025-022 九阳股份有限公司 关于变更部分回购股份用途并注销的公告 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。 特别提示： 1、2022 年 9 月 13 日，九阳股份有限公司（以下简称"公司"）通过股票回 购专用证券账户以集中竞价方式累计回购股份数量为 1,200 万股，成交总金额为 204,080,639.52 元（不含交易费用）。 2、2022 年 11 月 3 日，公司回购专用证券账户所持有的公司股票 800 万股以 非交易过户形式过户至公司开立的"九阳股份有限公司第一期员工持股计划"专 户，非交易过户完成后，公司回购专用证券账户中留存 400 万股。 3、2025 年 6 月 23 日，公司召开第六届董事会第十五次会议，以 6 票同意、 0 票反对、0 票弃权审议通过《关于变更部分回购股份用途并注销的议案》，拟 将存放于回购专用证券账户中原计划"用于实施股权激励计划或员工持股计划" 的 400 万股之用途变更为"用于注销以减少注册资本"。 本次变更事项尚需提交公司股东大会审议，现将相关情 ...

九阳股份有限公司 JOYOUNG COMPANY LIMITED 章 程 | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 22 | | 第一节 | 董事 22 | | 第二节 | 董事会 24 | | 第六章 | 总经理及其他高级管理人员 29 | | 第七章 | 监事会 31 | | 第一节 | 监事 31 | | 第二节 | 监事会 32 | | 第八章 | 财务会计制度、利润分配和审计 33 | | 第一节 | 财务会计制度 33 | | 第二节 | 内部审计 36 | | 第三节 | 会计师事务所的聘任 ...

公司于 2025 年 6 月 23 日召开第六届董事会第十五次会议，以 6 票同意、0 票反对、0 票弃权审议通过了《关于变更回购股份用途并注销的议案》，同意将存 放于回购专用证券账户中原计划"用于实施股权激励计划或员工持股计划"的 4,000,000 股的股份之用途变更为"用于注销以减少注册资本"。该部分股份注销 完成后，公司总股本将由 76,701.70 万股减少至 76,301.70 万股，公司注册资本将 由 76,701.70 万元减少至 76,301.70 万元。 二、公司经营范围调整情况 根据公司业务情况，公司拟将经营范围调整为：一般项目：家用电器研发； 家用电器制造；家用电器销售；厨具卫具及日用杂品研发；家居用品制造；家居 用品销售；家用电器零配件销售；日用家电零售；日用电器修理；技术服务、技 术开发、技术咨询、技术交流、技术转让、技术推广；互联网销售（除销售需要 许可的商品）；非电力家用器具制造；非电力家用器具销售；非居住房地产租赁； 物业管理；劳务服务（不含劳务派遣）；广告设计、代理；平面设计；社会经济 咨询服务；信息咨询服务（不含许可类信息咨询服务）；母婴用品制造；母婴用 品销售（除依法须 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-024 九阳股份有限公司 关于召开公司2025年第一次临时股东大会的通知 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。 根据九阳股份有限公司（以下简称"公司"）第六届董事会第十五次会议决 议，公司决定于 2025 年 7 月 11 日召开公司 2025 年第一次临时股东大会，现将会 议的有关事项通知如下： 一、 召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、会议召集人：公司董事会。公司第六届董事会第十五次会议审议通过了 《关于召开公司 2025 年第一次临时股东大会的议案》。 3、会议召开的合法、合规性：公司董事会认为本次股东大会会议召开符合 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。 6、股权登记日：2025年7月4日（星期五） 7、会议召开方式：本次股东大会采用现场表决、网络投票相结合的方式召 开。公司将通过深交所交易系统和互联网投票系统(http://wltp.cninfo.com.cn)向股东 提供网络形式的投票平台，股东可以通过上述系统行 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-021 九阳股份有限公司 第六届董事会第十五次会议决议公告 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 6 月 18 日以书面的方式发 出关于召开公司第六届董事会第十五次会议的通知，会议于 2025 年 6 月 23 日以 通讯表决的方式召开。本次会议应参与表决董事 6 名，实际参与表决董事 6 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《关于变更回购股份用途并注销的议案》 表决结果：6 票同意，0 票反对，0 票弃权。 该议案需提交至公司 2025 年第一次临时股东大会审议，该议案属于特别决 议事项，须经出席会议的股东所持有效表决权股份总数的三分之二以上通过。 为维护公司价值和股东权益，优化公司资本结构，结合公司实际发展情况， 公司董事会同意将存放 ...

Core Insights - The resignation of the general manager, Guo Lang, is perceived as a response to the company's deteriorating performance, despite the official statement citing "personal reasons" [1][2] - Nine Yang Co., Ltd. has experienced a significant decline in both revenue and net profit since 2021, with revenue dropping from 112.24 billion yuan in 2020 to an estimated 88.49 billion yuan in 2024, and net profit plummeting nearly 90% from 9.4 billion yuan to 1.22 billion yuan [2] Financial Performance - Revenue from the food processing machine series, primarily represented by soybean milk machines, decreased from 4.744 billion yuan in 2020 to 2.94 billion yuan in 2023 [1] - The only product line showing growth, the Western-style electrical appliances series, had a modest growth rate of 2.6% by 2023 [1] - Sales expenses surged to 1.506 billion yuan in 2024, reflecting a year-on-year increase of 13.43%, while the sales expense ratio rose to 17.02% [2] - Research and development (R&D) investment fell to 361 million yuan, a decrease of 7.19% year-on-year, leading to a reduced R&D expense ratio of 4.08% [2] Management Changes - Guo Lang's tenure as general manager lasted less than three years, during which the company's performance did not improve and instead worsened [1] - His resignation marks a new phase in the company's management structure, but merely changing leadership may not be sufficient to reverse the ongoing decline in performance [2]

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]