Core Viewpoint - The restructuring of the home appliance market in China this year is unprecedented, with many manufacturers facing severe operational challenges and some factories not producing normally [2][3]. Group 1: Market Dynamics - The "old-for-new" national subsidy policy is accelerating market reshuffling and leading to the elimination of weaker competitors [3]. - The home appliance industry is entering a mature phase, resulting in sluggish market demand and an inability for all manufacturers to sustain growth [3][4]. - Major players like Haier, Midea, and TCL have benefited from the subsidy policy, gaining market share and enhancing brand influence [3][4]. Group 2: Challenges for Manufacturers - Many smaller manufacturers are struggling, with some factories halting production since Q4 of last year and seeking alternative business opportunities [4]. - The competitive landscape is shifting towards a "stronger getting stronger" scenario, where larger firms dominate and smaller firms face increasing pressure [4][5]. - Manufacturers lacking competitive strength are advised to focus on their core competencies and avoid unnecessary expansions or investments [4][5]. Group 3: Strategic Recommendations - Companies should remain calm and focused on their familiar market segments while exploring niche opportunities [5]. - There is a need for manufacturers to avoid price wars and seek new avenues for growth, potentially in overseas markets [5]. - Quick and efficient decision-making is crucial in the fast-changing market environment to capitalize on competitive opportunities [5].

Core Viewpoint - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment, which has demonstrated impressive performance [1][2]. White Goods Industry - Most listed companies in the white goods sector reported revenue and profit growth for both 2024 and Q1 2025, with notable performances from Midea Group and Haier Smart Home [2][3]. - Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29%. In Q1 2025, revenue reached 128.4 billion yuan, growing over 20%, with a net profit of 12.4 billion yuan, up 38.02% [2][5]. - Haier Smart Home reported a total revenue of 285.98 billion yuan in 2024, a 4.29% increase, with a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, net profit was 5.49 billion yuan, a 15.09% increase [2][5]. - Other companies like Gree Electric, TCL Smart Home, and Hisense Home Appliances also reported net profit growth exceeding 10% in Q1 2025 [3]. Black Goods Industry - The black goods sector showed performance divergence, with leading companies like Sichuan Changhong and Hisense Vision maintaining steady growth [6]. - Sichuan Changhong's 2024 revenue was 103.69 billion yuan, a 6.4% increase, with a net profit of 704 million yuan, up 2.3%. In Q1 2025, revenue was 26.84 billion yuan, a 12.89% increase, and net profit surged by 96.68% to 345 million yuan [6][8]. - Hisense Vision reported 2024 revenue of 58.53 billion yuan, a 9.17% increase, with a net profit of 2.25 billion yuan, up 7.17%. In Q1 2025, revenue was 13.38 billion yuan, a 5.31% increase, and net profit rose by 18.61% to 554 million yuan [6][8]. Small Appliances Industry - The small appliances segment exhibited mixed results, with leading companies like Supor and Xinbao maintaining growth while others faced declines [9][10]. - Supor's 2024 revenue reached 22.43 billion yuan, a 5.27% increase, with a net profit of 2.24 billion yuan, up 2.97%. In Q1 2025, revenue was 5.79 billion yuan, a 7.59% increase, and net profit was 497 million yuan, up 5.82% [9][11]. - Xinbao's 2024 revenue exceeded 16.82 billion yuan, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, revenue was 3.83 billion yuan, a 10.36% increase, and net profit rose by 43.02% to 247 million yuan [10][11]. - Conversely, companies like Joyoung experienced significant declines, with a 7.94% drop in revenue for 2024 and a 68.55% decrease in net profit [10][11].

Group 1: Core Views - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment [2][4]. Group 2: White Goods Industry - Most listed companies in the white goods sector reported growth in both revenue and net profit for 2024 and Q1 2025. For instance, Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29% [4][5]. - In Q1 2025, Midea Group's revenue reached 128.43 billion yuan, growing over 20%, with a net profit of 12.42 billion yuan, an increase of 38.02% [4][5]. - Haier Smart Home reported a revenue of 285.98 billion yuan in 2024, a 4.29% increase, and a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, its net profit was 5.49 billion yuan, growing by 15.09% [4][5]. - Other companies like Whirlpool, TCL, and Gree Electric also saw their net profit growth exceed 10% in Q1 2025 [4]. Group 3: Black Goods Industry - The black goods sector exhibited performance divergence, with leading companies showing stable growth. For example, Sichuan Changhong reported a revenue of 103.69 billion yuan in 2024, a 6.4% increase, and a net profit of 0.704 billion yuan, up 2.3% [8][9]. - In Q1 2025, Sichuan Changhong's revenue was 26.84 billion yuan, a 12.89% increase, with a net profit of 0.345 billion yuan, soaring by 96.68% [8][9]. - Haier Vision achieved a revenue of 58.53 billion yuan in 2024, a 9.17% increase, and a net profit of 2.246 billion yuan, up 7.17%. In Q1 2025, its revenue was 13.38 billion yuan, growing by 5.31%, with a net profit of 0.554 billion yuan, up 18.61% [8][9]. Group 4: Small Appliances Industry - The small appliances sector showed mixed results, with some leading companies continuing to grow. For instance, Supor reported a revenue of 22.43 billion yuan in 2024, a 5.27% increase, and a net profit of 2.24 billion yuan, up 2.97% [11][12]. - In Q1 2025, Supor's revenue was 5.79 billion yuan, growing by 7.59%, with a net profit of 0.497 billion yuan, up 5.82% [12][14]. - Newell's revenue exceeded 16.82 billion yuan in 2024, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, its revenue was 3.83 billion yuan, growing by 10.36%, with a net profit of 0.247 billion yuan, up 43.02% [12][14]. - Conversely, companies like Joyoung experienced declines, with a revenue drop of 7.94% in 2024 and a net profit decline of 68.55% [13][14].

九阳股份（002242.SZ） 盈利水平环比上行，期待公司景气回升 事件：公司发布 2025 年一季报。公司 25Q1 实现营业收入 20.0 亿元， 同比-3.2%；归母净利润为 1.0 亿元，同比-21.9%；扣非归母净利润为 1.1 亿元，同比-15.1%。 证券研究报告 | 季报点评 gszqdatemark 2025 05 01 年 月 日 核心品类零售端恢复增长态势。根据奥维云数据，2025 年一季度九阳 品牌线上破壁机/空气炸锅品类销额同比+8.1%/+5.0%，市占率同比 提升 2.23pct/0.33pct 至 43.4%/19.8%。 盈利水平环比有所回升。1）毛利率：25Q1 公司毛利率 26.3%，同比 -0.6pct。2）费率端：25Q1 销售/管理费/研发/财务费率分别为 13.1%/4.4%/4.4%/-1.2%，同比变动-0.1pct/持平/+0.2pct/-0.1pct。 3）净利率：25Q1 净利率为 5.0%，同比-1.3pct，环比+4.5pct。 盈利预测与投资建议：考虑到公司 25Q1 利润率环比修复明显，我们 预计公司 2025-2027 年归母净利润分别为 4. ...

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company's Q1 2025 revenue was 2.00 billion yuan, a year-on-year decrease of 3%, with a net profit attributable to the parent company of 101 million yuan, down 22% year-on-year [7] - The kitchen small appliance industry showed signs of recovery in Q1 2025, but the company still faces pressure due to intensified competition and limited scope for national subsidies [7] - The company has launched innovative products targeting the mid-to-high-end market, including the 40N9U Pro rice cooker and R5P health kettle, aiming to enhance brand and product value [7] - The gross margin remained stable, with a slight year-on-year decrease of 0.59 percentage points, while the sales expense ratio slightly decreased to 13.1% [7] - The profit forecast for 2025-2027 has been adjusted to 310 million, 377 million, and 407 million yuan respectively, with corresponding PE ratios of 23, 19, and 18 [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 8.849 billion yuan, with a year-on-year growth rate of -7.9% [6] - The net profit for 2025 is estimated at 310 million yuan, reflecting a significant year-on-year increase of 153.5% [6] - The company’s gross margin is expected to stabilize around 25.8% for 2025 [6]

Investment Rating - The investment rating for the company is "Accumulate" [3][2] Core Views - The company's domestic sales in core categories have shown signs of recovery, and with the gradual improvement in domestic demand, the revenue performance is expected to improve [2] - The company reported a revenue of 2 billion yuan in Q1 2025, a year-on-year decrease of 3.17%, and a net profit attributable to the parent company of 1.01 billion yuan, down 21.91% year-on-year [1] - The gross margin for Q1 2025 was 26.33%, an increase of 0.32 percentage points year-on-year, while the net profit margin was 5.05%, a decrease of 1.27 percentage points year-on-year [1] Financial Performance Summary - In Q1 2025, domestic sales of key products such as soybean milk machines and health pots increased significantly, with online sales growing by 21% and 37% respectively, while offline sales grew by 73% and 30% respectively [1] - The company’s investment income decreased by 88% year-on-year, primarily due to reduced investment income from joint ventures [1] - The company’s total market capitalization is approximately 7.29 billion yuan, with a total share capital of 767.02 million shares [4] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 239.65 million yuan, 320.81 million yuan, and 405.43 million yuan respectively, with corresponding dynamic P/E ratios of 30.41x, 22.71x, and 17.97x [2][8] - The expected revenue growth rates for 2025-2027 are 4.93%, 4.64%, and 4.63% respectively [11]

Financial Performance - The company's revenue for Q1 2025 was CNY 1,999,944,950.10, representing a decrease of 3.17% compared to CNY 2,065,327,130.90 in the same period last year[4] - Net profit attributable to shareholders was CNY 101,488,347.36, down 21.91% from CNY 129,962,893.25 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 106,503,121.32, a decrease of 15.08% compared to CNY 125,416,859.18 in the previous year[4] - Basic and diluted earnings per share were both CNY 0.14, a decrease of 17.65% from CNY 0.17 in the previous year[4] - The weighted average return on equity decreased by 0.80 percentage points to 2.87% from 3.67% year-on-year[4] - Total operating revenue for the current period was ¥1,999,944,950.10, a decrease of 3.2% from ¥2,065,327,130.90 in the previous period[19] - Net profit for the current period was ¥100,981,404.53, representing a decline of 22.5% compared to ¥130,444,314.25 in the previous period[20] - Earnings per share (basic and diluted) decreased to ¥0.14 from ¥0.17, reflecting a 17.6% decline[21] Cash Flow and Assets - The net cash flow from operating activities was CNY 245,581,933.84, down 21.62% from CNY 313,309,588.31 in the same period last year[4] - Cash flow from operating activities generated a net amount of ¥245,581,933.84, down 21.7% from ¥313,309,588.31[22] - Cash and cash equivalents at the end of the reporting period are 3,179,376,594.14 CNY, up from 2,823,683,353.49 CNY at the beginning[16] - The ending balance of cash and cash equivalents was $2,669,237,085.75, an increase from $2,401,853,909.52 in the previous period[23] - The net increase in cash and cash equivalents was $359,998,492.04, compared to $410,864,211.58 in the previous period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 43,644[13] - The largest shareholder, Shanghai Lihong Enterprise Management Co., Ltd., holds 50.13% of shares, totaling 384,523,746 shares[13] - The second largest shareholder, Bilting Developments Limited, holds 16.94% of shares, totaling 129,924,090 shares[13] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,639,301,001.71, an increase of 0.70% from CNY 7,586,185,728.31 at the end of the previous year[4] - Total current assets at the end of the reporting period amount to 5,859,525,552.59 CNY, an increase from 5,775,538,673.62 CNY at the beginning of the period[17] - Total liabilities amount to 4,022,606,494.18 CNY, slightly down from 4,044,831,861.82 CNY at the beginning of the period[17] - Total liabilities decreased to ¥4,063,841,125.95 from ¥4,092,220,883.38, a reduction of 0.7%[18] Investment and Expenses - The company reported a significant decrease in investment income, down 87.66% to CNY 496,580.43 from CNY 4,025,380.32 in the previous year[11] - The company experienced a 1223.77% decline in fair value changes, resulting in a loss of CNY 6,266,325.65 compared to a loss of CNY 473,369.89 in the previous year[11] - Research and development expenses were ¥88,100,577.84, slightly up from ¥87,751,212.71, indicating a focus on innovation[20] - The company reported a decrease in sales expenses to ¥262,541,273.56 from ¥254,209,405.98, reflecting a strategic cost management approach[20] Other Financial Information - Other comprehensive income after tax was negative at -¥2,316,273.70, compared to a positive ¥2,256,230.27 in the previous period[20] - The net cash flow from investment activities was $144,089,380.84, an increase from $104,142,816.15 in the previous period[23] - Cash outflow from investment activities totaled $38,069,806.35, down from $130,101,373.38 in the prior period[23] - The net cash flow from financing activities was -$33,492,246.11, compared to -$8,748,029.07 in the previous period, indicating increased cash outflows[23] - The impact of exchange rate changes on cash and cash equivalents was $3,819,423.47, up from $2,159,836.19 in the prior period[23] Audit and Accounting Standards - The company did not undergo an audit for the first quarter report[24] - The new accounting standards will be implemented starting in 2025[25]

九阳股份（002242）公告，2025年第一季度营收为20亿元，同比下降3.17%；净利润为1.01亿元，同比 下降21.91%。 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-016 九阳股份有限公司 关于 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 特别提示： 1、本次股东大会无增加、修改、否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、股东大会届次：2024 年年度股东大会 5、股权登记日：2025 年 4 月 14 日（星期一） 6、会议召开方式：本次股东大会所采用现场表决、网络投票相结合的方式 召 开 。 公 司 将 通 过 深 圳 证 券 交 易 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 行使表决权。 股东应选择现场投票、网络投票中的一种方式进行表决，如果同一表决权出 现重复投票表决的，以第一次有效投票表决结果为准。 7、会议主持人：公司董事长杨宁宁女士。 8、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 2、会议召集人：公司董事会 3、会议召开时间 ...

国浩律师（上海）事务所 关于 九阳股份有限公司 上海市静安区山西北路 99 号苏河湾中心 25-28 楼。邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于九阳股份有限公司 2024 年年度股东大会的法律意见书 致：九阳股份有限公司 2024 年年度股东大会的 法律意见书 九阳股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本 次股东大会"）现场会议于 2025 年 4 月 21 日（星期一）下午 15:00 在杭州市钱 塘新区下沙街道银海街 760 号杭州公司会议室召开。国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派李晗律师、潘雨晨律师（以下简称"本 所律师"）出席会议并见证。现依据《中华人民共和国公司法》《中华人民共和国 证券法》和《九阳股份有限公司章程》（以下简称"《公司章程》"）出具本法律意 见书。 本所律师按照有关法律、法规及规范性文件的规定对本次股东大会的召集、 召开程序是否合 ...