Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company reported a slight revenue growth of 1.6% year-on-year for H1 2024, achieving a total revenue of 4.387 billion yuan. However, the net profit attributable to shareholders decreased by 29.04% to 175 million yuan [3][4]. - The decline in demand has led to a revenue drop in Q2 2024, with a year-on-year decrease of 4.29% and a net profit drop of 63.88% [3][4]. - The company has shown resilience in its scale growth despite the pressure on operating profits, with a focus on optimizing operational efficiency and adapting to consumer demand changes [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.387 billion yuan, a 1.6% increase year-on-year, while the net profit attributable to shareholders was 175 million yuan, down 29.04% [3][4]. - The gross profit margin improved by 0.99 percentage points to 28.07% in H1 2024, with specific product categories showing varied performance [4]. - The company’s operating profit for H1 2024 was 149 million yuan, a decline of 19.27% year-on-year, resulting in an operating profit margin of 3.39% [4]. Product and Market Analysis - The kitchen small appliance sector saw a 3.1% decline in retail sales, impacting the company's performance. However, certain product lines like food processors and nutrition pots experienced growth [3][4]. - Domestic business revenue increased by 4.66%, while overseas revenue decreased by 9.69% [3][4]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, aiming to enhance operational efficiency and adapt to market changes. Projected net profits for 2024-2026 are estimated at 375 million, 413 million, and 479 million yuan, respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight revenue increase of 1.6% year-on-year in H1 2024, with total revenue reaching 4.387 billion yuan. However, the net profit attributable to shareholders decreased by 29.04% to 175 million yuan [4] - The report highlights that domestic sales have outperformed foreign sales, benefiting from the demand for food processing and nutrition cooking appliances [5] - The company is expected to experience profit elasticity as domestic and foreign sales improve, leading to a revision of profit forecasts for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline of 29.04% [4] - The revenue for Q2 2024 was 2.321 billion yuan, down 4.29% year-on-year, with a net profit of 45 million yuan, down 63.88% [4] - The company’s revenue from domestic sales was 3.555 billion yuan (+4.66%), while foreign sales were 832 million yuan (-9.69%) in H1 2024 [5] - The gross margin improved to 29.10% in Q2 2024, up 2.64 percentage points year-on-year, attributed to an increase in high-margin domestic sales [6] Earnings Forecast - The revised profit forecasts for 2024-2026 are 355 million yuan, 423 million yuan, and 483 million yuan respectively, with corresponding EPS of 0.46 yuan, 0.55 yuan, and 0.63 yuan [4] - The current stock price corresponds to a P/E ratio of 20.5, 17.2, and 15.1 for the years 2024, 2025, and 2026 respectively [4] Market Position - The company’s market capitalization is approximately 7.256 billion yuan, with a circulating market value of 7.244 billion yuan [1] - The stock has experienced a trading volume turnover rate of 29.71% over the past three months [1]

Investment Rating - The report maintains an "Outperform" investment rating for Jiuyang Co., Ltd. [4][5] Core Views - Jiuyang's performance in H1 2024 was below expectations, with revenue of 4.387 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 175 million yuan, a year-on-year decrease of 29% [4][5] - Domestic sales outperformed the industry, while external sales were impacted by base effects. Domestic revenue reached 3.555 billion yuan, up 4.66% year-on-year, while external sales were 832 million yuan, down 9.69% year-on-year [4][5] - The company is expected to benefit from channel reforms and an increase in market share in core categories, despite a challenging industry environment [4][5] Summary by Sections Financial Performance - H1 2024 revenue was 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline in profitability [4][5] - The company anticipates revenue growth in the coming years, with projections of 10.272 billion yuan in 2024, 11.283 billion yuan in 2025, and 12.185 billion yuan in 2026 [5][7] - The net profit forecast for 2024 is 414 million yuan, with expected growth rates of 6.4% in 2024, 17.1% in 2025, and 11.2% in 2026 [5][7] Market Position - Jiuyang's core product categories, such as food processors and nutrition pots, have shown growth despite a general decline in the kitchen appliance market [4][5] - The company has successfully increased its market share in domestic sales channels, with a focus on traditional sales channels and direct sales [4][5] Future Outlook - The report maintains profit forecasts for 2024-2026, with expected earnings per share of 0.54 yuan in 2024, 0.63 yuan in 2025, and 0.70 yuan in 2026 [5][7] - Long-term growth is anticipated from new product categories and improved supply chain efficiencies [5][7]

Investment Rating - The investment rating for the company is "Accumulate" with a target price set at 9.73 CNY [3]. Core Views - The company's revenue for H1 2024 reached 4.387 billion CNY, a year-on-year increase of 1.60%, while the net profit attributable to the parent company was 175 million CNY, a decrease of 29.04% [1]. - The internal sales core categories have shown signs of recovery, with internal sales revenue growing by 4.66% year-on-year, while external sales faced a significant decline of 9.69% [1]. - The gross profit margin for H1 2024 was 28.07%, an increase of 0.99 percentage points year-on-year, while the net profit margin was 3.94%, a decrease of 1.81 percentage points [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.321 billion CNY, a decline of 4.29% year-on-year, and a net profit of 45 million CNY, down 63.88% year-on-year [1]. - The gross profit margin for Q2 2024 was 29.10%, an increase of 2.64 percentage points year-on-year, while the net profit margin was 1.82%, a decrease of 3.37 percentage points [1]. Sales and Marketing - The sales expense ratio increased significantly due to the company's proactive expansion into emerging channels and coordination of various retail formats, leading to a 15.83% year-on-year increase in sales expenses [2]. - The company is focusing on the recovery of internal demand and the further improvement of core category sales, which may lead to gradual revenue performance improvement [2]. Profitability and Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 418 million CNY, 482 million CNY, and 550 million CNY respectively, with corresponding dynamic P/E ratios of 18x, 15x, and 14x [2].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥4,386,653,704.23, representing a 1.60% increase compared to ¥4,317,600,554.64 in the same period last year[11]. - Net profit attributable to shareholders decreased by 29.04% to ¥175,392,648.58 from ¥247,159,357.70 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥211,300,336.32, down 6.56% from ¥226,146,160.01 in the previous year[11]. - The net cash flow from operating activities was ¥227,260,930.12, a decline of 32.47% compared to ¥336,547,705.76 in the same period last year[11]. - Basic earnings per share decreased by 30.30% to ¥0.23 from ¥0.33 year-on-year[11]. - The company's total revenue for the reporting period was ¥4,386,653,704.23, representing a year-on-year increase of 1.60% compared to ¥4,317,600,554.64 in the same period last year[25]. - The gross profit margin for the home appliance sector was 27.33%, with a slight increase of 0.74% from the previous year[27]. - The company reported a significant decrease in short-term borrowings, with accounts payable dropping to CNY 2,067,927,609.84 from CNY 1,606,217,651.11, a reduction of about 28.7%[92]. - The total profit for the first half of 2024 was ¥190,705,483.19, down from ¥278,504,111.32 in the same period of 2023, indicating challenges in maintaining profitability[98]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,672,617,856.82, reflecting a 0.80% increase from ¥7,612,080,030.42 at the end of the previous year[11]. - The company's total assets at the end of the reporting period are CNY 3,367,364,067.81[110]. - The total liabilities decreased from CNY 4,125,833,068.41 to CNY 4,092,603,456.79, a reduction of approximately 0.8%[93]. - The total amount of derivative financial assets was reported as ¥5,022,027.78, unchanged from the beginning of the period[189]. - The total accounts receivable at the end of the period amounted to ¥868,424,493.31, representing 61.69% of the total accounts receivable and contract assets[200]. Investments and Acquisitions - The company acquired Shenzhen Jia Ke Intelligent Co., Ltd. for ¥126,260,501, holding a 68.45% stake, with an investment loss of ¥7,654,193.43 reported[32][33]. - The company acquired 68.45% of Shenzhen Beetle Intelligent Co., Ltd. for a total cost of ¥126,260,501 on February 29, 2024[77]. - From the acquisition date to the end of the reporting period, Shenzhen Beetle generated revenue of ¥40,445,125.45 and a net loss of ¥11,181,889.46[77]. Research and Development - Research and development expenses increased by 8.62% to ¥186,684,420.00, up from ¥171,865,516.19 in the previous year[25]. - The company reported a significant increase in R&D expenses, totaling ¥186,684,420.00, compared to ¥171,865,516.19 in the previous year, reflecting a focus on innovation[98]. Market and Product Development - The company launched several new products in April 2024, including the 0-coating non-stick rice cooker 40N9U Pro, which features advanced temperature control and supports 8 types of rice for customized cooking[16][17]. - The company is focusing on expanding its presence in emerging channels, including content e-commerce platforms like Xiaohongshu and Douyin, to enhance brand engagement and user acquisition[22]. - The company aims to strengthen its brand value in "home kitchens," "public kitchens," and "space kitchens," while continuing to innovate in small appliances and water purification technologies[23]. Shareholder and Equity Information - The company held its annual general meeting on April 29, 2024, with an investor participation rate of 53.79%[45]. - The stock option incentive plan includes a total of 18 million stock options, with 15.6 million options granted initially to 107 participants[47]. - The company has established a comprehensive internal control process for quality management to mitigate potential quality issues in its products[44]. - The company has a minority interest of 14,672,934.72 CNY, indicating the presence of external stakeholders[106]. Risk Management - The company faces risks from increasing competition in the small home appliance market, which may impact profit margins[43]. - The company aims to enhance technological innovation and strengthen intellectual property protection to mitigate competitive risks[43]. - The company has initiated measures to address risks associated with market expansion and technological development[44]. Compliance and Governance - The financial report for the first half of 2024 has not been audited[90]. - The company has not experienced any changes in its board of directors, supervisors, or senior management during the reporting period[45]. - The company has adhered to environmental management standards, with no reported emissions or complaints[57]. Cash Flow and Financial Management - The total cash inflow from operating activities for the first half of 2024 was CNY 5,402,404,862.10, a slight decrease of 1.4% compared to CNY 5,481,464,801.80 in the same period of 2023[103]. - Cash and cash equivalents at the end of the period reached CNY 2,123,679,915.23, an increase of 67.8% from CNY 1,265,783,625.28 at the end of the first half of 2023[103]. - The company reported overdue receivables from entrusted financial management amounting to 185.11 million yuan, with a provision for impairment of 90.89 million yuan[74][75].

第六届监事会第九次会议决议公告 本公司及监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）于 2024 年 8 月 14 日以书面等方式发 出关于召开公司第六届监事会第九次会议的通知，会议于 2024 年 8 月 28 日以通 讯表决的方式召开。会议应参与表决监事 3 名，实际参与表决监事 3 名。本次会 议由监事会主席朱宏韬主持。本次会议的召开与表决程序符合《公司法》和《公 司章程》等的有关规定，表决所形成的决议合法、有效。经与会监事认真审议并 表决，通过如下决议： 证券代码：002242 证券简称：九阳股份 公告编号：2024-018 九阳股份有限公司 经审核，监事会认为：董事会编制和审核《公司2024年半年度报告及摘要》 的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司2024年半年度报告全文详见巨潮资讯网（http://www.cninfo.com.cn）；报告 摘要详见2024年8月30日《证券时报》、《中国证券报》及巨潮资讯网 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-020 九阳股份有限公司 关于调增 2024 年度日常关联交易预计的公告 九阳股份有限公司（以下简称：九阳股份、公司）于2024年3月27日召开的第 六届董事会第八次会议以及2024年4月29日召开的2023年年度股东大会审议通过 了《关于2024年度日常关联交易预计的议案》，对公司2024年度预计发生的日常 关联交易进行了预计，具体内容详见公司于2024年3月29日在巨潮资讯网 http://www.cninfo.com.cn以及《证券时报》、《中国证券报》上披露的《关于2024年 度日常关联交易预计的公告》（公告编号：2024-004）。 因公司相关业务发展实际需要，现拟调增九阳股份及公司控股子公司/孙公 司与关联人JS环球生活有限公司及其下属子公司/孙公司2024年度日常关联交易 预计。具体调增情况如下： 本次拟将与关联人JS环球生活有限公司及其下属子公司/孙公司2024年日常 关联交易额度由1.5百万美元（按交易发生时的即期汇率折算人民币预计为0.11亿 元）调增至9.5百万美元（按交易发生时的即期汇率折算人民币预计为0.67亿元）。 公 ...

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。 证券代码：002242 证券简称：九阳股份 公告编号：2024-021 九阳股份有限公司 关于会计政策变更的公告 特别提示： 本次会计政策变更是九阳股份有限公司（以下简称"公司"）根据财政部相 关规定和要求进行的变更，符合相关法律法规的规定，执行变更后的会计政策能 够客观、公允地反映公司的财务状况和经营成果。本次变更无需提交公司董事会 和股东大会审议，预计执行新准则对公司当期及前期的净利润、总资产和净资产 均不会产生重大影响。 一、本次会计政策变更概述 1、变更原因及适用日期 2023年10月25日，财政部印发了《企业会计准则解释第17号》（财会〔2023〕 21号），该解释对"关于流动负债与非流动负债的划分""关于供应商融资安排 的披露""关于售后租回交易的会计处理"的内容进行了规范说明。该解释自2024 年1月1日起施行。 公司根据上述要求对会计政策进行相应变更，自2024年1月1日起执行。 2、变更前采用的会计政策 变更前，公司执行财政部发布的《企业会计准则——基本准则》和各项具体 会计准则、企业会计准则应 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-017 公司独立董事已召开专门会议审议本议案，一致同意将本议案提交董事会审 议。 该议案的详细情况详见巨潮资讯网（http://www.cninfo.com.cn）以及2024年8月30 日《证券时报》、《中国证券报》上公司公告编号为2024-020号《关于调增2024年 度日常关联交易预计的公告》。 九阳股份有限公司（以下简称：公司）于 2024 年 8 月 14 日以书面的方式发 出关于召开公司第六届董事会第十次会议的通知，会议于 2024 年 8 月 28 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： 1、经表决，会议以同意票 6 票，反对票 0 票，弃权票 0 票，审议通过了《公 司 2024 年半年度报告及摘要》。该议案在提交董事会前，已经公司董事会审计 委员会 2024 年第三次会议审议通过并获全票同意。 公司2024年半年度报 ...

Investment Rating - The investment rating for Joyoung Co. (002242.SZ) is "Sell" with a 12-month price target of RMB 9.4, indicating a downside potential of 9.6% from the current price of RMB 10.4 [5][6]. Core Views - The report suggests that the current valuation of Joyoung Co. does not adequately reflect several downside risks, including weak domestic demand for small appliances, intensified competition affecting profit margins, and slowing growth in overseas revenue [5][6]. - The revenue forecasts for 2024-2026 have been slightly adjusted downwards by 1-2% to reflect the latest industry trends, with expected revenues of RMB 9.6 billion in 2024, RMB 10.2 billion in 2025, and RMB 10.9 billion in 2026 [2][3][6]. Financial Summary - Revenue for 2024 is projected at RMB 9,629 million, with a year-on-year growth of 0.2%. For 2025 and 2026, revenues are expected to be RMB 10,230 million and RMB 10,873 million, respectively, reflecting growth rates of 6.2% and 6.3% [2][3]. - The gross profit margin (GPM) is expected to be 26.9% in 2024, with slight improvements to 27.1% in 2025 and 27.3% in 2026 [2][3]. - Net income is forecasted to be RMB 449 million in 2024, RMB 493 million in 2025, and RMB 549 million in 2026, with year-on-year growth rates of 15.5%, 9.7%, and 11.4% respectively [2][3]. - Earnings per share (EPS) are projected to be RMB 0.59 in 2024, RMB 0.64 in 2025, and RMB 0.72 in 2026, with slight adjustments from previous estimates [2][3][6]. Key Assumptions - The report highlights that the small appliance market remains vulnerable to consumer spending trends, with potential risks of consumption downgrade due to the discretionary nature of these products [5]. - The competitive landscape in the domestic market is expected to intensify, which may further pressure profit margins [5].