Core Viewpoint - In 2024, the company reported a significant decline in both revenue and net profit, reflecting the challenges faced in the small home appliance industry amid intensified competition and market demand weakness [1][3][4]. Financial Performance - The company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94% [2][3]. - Net profit attributable to shareholders was 122.35 million yuan, down 68.55% compared to the previous year [2][3]. - Basic earnings per share were 0.16 yuan, representing a decline of 69.23% [2][3]. - The net cash flow from operating activities was 177.56 million yuan, a decrease of 76.74% year-on-year [2][3]. Cost and Expenses - Operating costs amounted to 6.592 billion yuan, down 8.75% year-on-year, while the gross profit margin increased by 0.66 percentage points [3][4]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43%, with a sales expense ratio of 17.02%, up 3.21 percentage points [3][4]. - Research and development expenses were 360.97 million yuan, a decrease of 7.19% [3][4]. Revenue Structure and Market Dynamics - Traditional core products like soymilk machines and wall-breaking machines maintained stable performance, while emerging categories like air fryers and health pots accounted for 26% of revenue [4]. - Online sales represented 65.8% of total sales, with significant growth on platforms like Douyin [4]. - The overseas market faced challenges, with revenue declining by 23% due to rising international logistics costs and currency fluctuations [5]. Strategic Initiatives and Future Outlook - The company is focusing on high-end transformation and smart home ecosystem development, with a sales expense ratio of 12.0% [5]. - The management plans to restructure the organization and reduce investment in non-core businesses, aiming to enhance the conversion rate of R&D results to 40% [5]. - The company aims to optimize the supply chain to mitigate risks associated with overseas operations [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Views - The company reported a revenue of 8.849 billion yuan for 2024, a decrease of 7.94% year-on-year, with a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [1]. - The small home appliance industry is expected to see a clearing of long-tail brands due to intensified competition, which may optimize the competitive landscape [4]. Revenue Analysis - Domestic sales slightly declined, while foreign sales dropped significantly due to related party transactions. Domestic revenue for 2024 was 7.237 billion yuan, down 1.86% year-on-year, while foreign revenue was 1.612 billion yuan, down 28.0% year-on-year [2]. - The sales of kitchen small appliances in 2024 totaled 609 billion yuan, reflecting a slight decrease of 0.8% year-on-year [2]. Profitability and Cost Structure - The company maintained a stable gross margin of 25.50%, with a slight decrease of 0.36 percentage points year-on-year. The selling, general, and administrative expenses increased, leading to a net profit margin of 1.38%, down 2.66 percentage points year-on-year [3]. - The company’s operating profit for 2024 was significantly impacted, with an expected EPS of 0.40, 0.50, and 0.57 yuan for 2025, 2026, and 2027 respectively [4]. Financial Forecast - The company is projected to have a revenue of 8.872 billion yuan in 2025, with a growth rate of 0.25%, and an expected net profit of 311 million yuan, reflecting a significant recovery of 154.21% year-on-year [7]. - The report indicates a gradual improvement in profitability metrics, with a projected P/E ratio of 25, 21, and 18 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Views - The small home appliance industry is expected to undergo a consolidation phase, with long-tail brands being eliminated, leading to an optimized competitive landscape [4]. - The company's revenue for 2024 is projected at 8.849 billion yuan, a decrease of 7.94% year-on-year, with a net profit of 122 million yuan, down 68.55% year-on-year [1][7]. Revenue Analysis - Domestic sales slightly declined, while foreign sales significantly dropped due to related party transactions. Domestic revenue for 2024 was 7.237 billion yuan, down 1.86% year-on-year, while foreign revenue was 1.612 billion yuan, down 28.0% year-on-year [2]. - The sales of kitchen appliances showed a mixed performance, with food processing and nutrition pots increasing by 1.8% and 36.2% respectively, while Western appliances and cookware saw declines of 26.9% and 25.2% [2]. Cost and Profitability - The company maintained a stable gross margin of 25.50%, with a slight decrease of 0.36 percentage points year-on-year. The net profit margin for 2024 was 1.38%, down 2.66 percentage points year-on-year [3]. - The increase in expense ratios was noted, with sales, management, and R&D expenses rising by 2.19, 0.38, and 0.03 percentage points respectively [3]. Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.40, 0.50, and 0.57 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 18 [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 13.77 yuan for the next six months, based on a dynamic price-to-earnings ratio of 25 times for 2025 [2][4]. Core Views - The company reported a revenue of 8.85 billion yuan for 2024, a year-over-year decrease of 7.9%, and a net profit attributable to shareholders of 120 million yuan, down 68.6% year-over-year. However, the revenue decline in Q4 narrowed to 5.8% compared to a 27.1% decline in Q3, indicating a potential recovery driven by government subsidies for small appliances [1][2]. - The report highlights that the Q4 revenue decline was mitigated by the implementation of old-for-new subsidy policies, which positively impacted the consumption of small household appliances. Online sales for the company showed a year-over-year increase of 16.9% in Q4 [1][2]. - The company has effectively managed its expenses, resulting in a stable net profit margin of 0.9% in Q4, despite a decrease in gross margin by 3.3 percentage points year-over-year [2]. Financial Summary - The company's revenue is projected to recover to 9.61 billion yuan in 2025, with net profit expected to rise to 420 million yuan, reflecting a significant rebound from 2024 [4][12]. - Earnings per share (EPS) are forecasted to be 0.55 yuan in 2025, increasing to 0.84 yuan by 2027, indicating a positive growth trajectory [2][4]. - The report notes that the company’s cash reserves are robust, with a cash balance of 2.82 billion yuan at the end of the reporting period, up 16.1% year-over-year, despite a net cash outflow from operating activities of 240 million yuan in Q4 [2][4].

Core Viewpoint - The company has decided to reappoint Tianjian Accounting Firm as its auditor for the fiscal year 2025, following a thorough review of the firm's qualifications and past performance [1][10]. Group 1: Reappointment of Accounting Firm - The board of directors unanimously approved the proposal to reappoint Tianjian Accounting Firm for the 2025 audit, with 6 votes in favor and none against [1][11]. - The reappointment aligns with regulations set forth by the Ministry of Finance, State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission [1]. Group 2: Tianjian Accounting Firm Overview - Tianjian Accounting Firm was established in December 1983 and has extensive experience in auditing listed companies, having obtained securities-related audit qualifications in 1992 [2][3]. - The firm is registered as a special general partnership and is located in Hangzhou, Zhejiang Province [3]. Group 3: Professional Qualifications and Investor Protection - Tianjian Accounting Firm holds various qualifications, including the ability to conduct audits for H-share companies and large state-owned enterprises [3][4]. - The firm has established a professional risk fund and purchased professional insurance, with a total compensation limit exceeding 200 million yuan as of the end of 2024 [4]. Group 4: Audit Fee and Process - The board has proposed that the management team negotiate the audit fees with Tianjian Accounting Firm based on specific audit requirements, with no significant changes expected in the fees compared to 2024 [9]. - The audit committee reviewed Tianjian's independence, professional competence, and investor protection capabilities, recommending the firm for the 2025 audit [10].

Core Viewpoint - Joyo's 2024 financial report shows a decline in both revenue and net profit, indicating challenges in the kitchen small appliance market due to intensified competition and limited government subsidies [1][2]. Financial Performance - Revenue for 2024 was 8.849 billion yuan, a year-on-year decrease of 7.94% [2]. - Net profit attributable to shareholders was 122 million yuan, down 68.55% year-on-year [2]. - Operating cash flow was 178 million yuan, a decline of 76.74% compared to the previous year, primarily due to reduced cash receipts from sales [3]. Market and Product Insights - The kitchen small appliance market overall saw a retail sales decline of 0.8% in 2024 [3]. - Joyo launched several new products in the mid-to-high-end market, including the non-stick coating rice cooker and various health-oriented appliances [3]. - The nutrition cooker series accounted for the highest revenue share at 36.22 billion yuan, but saw a year-on-year decline of 2.03 percentage points [4]. Sales and Expenses - Sales expenses increased by 13.43% to 1.506 billion yuan, with a sales expense ratio of 17.02%, up 3.21 percentage points [3]. - Management expenses rose by 0.92% to 385 million yuan, with a management expense ratio of 4.35%, an increase of 0.38 percentage points [3]. - R&D investment decreased by 7.19% to 361 million yuan [3]. Regional Performance - Domestic sales accounted for over 80% of total revenue, amounting to 7.237 billion yuan, while overseas sales were 1.612 billion yuan, down 27.97% year-on-year [4]. - The gross margin for domestic sales decreased by 0.8 percentage points to 29.77%, while overseas sales gross margin fell by 0.73 percentage points to 8.6% [5]. Sales Channels - Online sales performed well, generating 5.288 billion yuan, a year-on-year increase of 1.44%, and accounting for 59.75% of total revenue [5]. - Offline sales dropped significantly, contributing 3.562 billion yuan, a year-on-year decline of 19.05%, and reducing its share from 45.77% to 40.25% [5].

Core Viewpoint - The traditional small home appliance company Joyoung Co., Ltd. experienced a decline in revenue and profit in 2024 amid increasing competition in the small appliance market [1] Financial Performance - In 2024, the company's revenue was 8.849 billion, a year-on-year decrease of 7.94% [2] - The net profit attributable to shareholders was 122 million, down 68.55% year-on-year, with basic earnings per share at 0.16 yuan [2] - Q4 revenue reached 2.667 billion, showing a quarter-on-quarter increase of approximately 48.58%, while net profit improved significantly to 24 million, up 131.53% from Q3 [1][3] Core Business - The small appliance segment accounted for over 98% of total revenue, with food processors and nutrition cookers being the main sources of income, contributing 74.75% of total revenue [4] - Revenue from Western-style appliances declined significantly, with a drop of 26.91% [4] Strategic Transformation - The company is focusing on online channels, actively engaging in content e-commerce, and increasing R&D investment to maintain market competitiveness [1][6] - Joyoung's online sales accounted for 59.75% of total sales, but the gross margin for online sales was lower at 28.15% compared to 21.58% for offline sales [6] Future Outlook - The company aims to enhance brand value through its "home kitchen," "public welfare kitchen," and "space kitchen" initiatives, seeking new growth points [1] - Joyoung is adjusting its product structure by introducing differentiated and mid-to-high-end products to improve overall profitability [5]

证券代码：002242 证券简称：九阳股份 公告编号：2025-011 九阳股份有限公司 关于续聘公司 2025 年度会计师事务所的公告 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。 九阳股份有限公司（以下简称：公司、本公司）于 2025 年 3 月 26 日召开第 六届董事会第十三次会议，以 6 票同意、0 票反对、0 票弃权审议通过了《关于 续聘公司 2025 年度会计师事务所的议案》。本次拟续聘会计师事务所符合财政 部、国务院国资委、证监会印发的《国有企业、上市公司选聘会计师事务所管理 办法》（财会〔2023〕4 号）的规定。现将有关事项公告如下： 一、续聘会计师事务所的情况说明 天健会计师事务所（特殊普通合伙）（以下简称：天健事务所或天健会计师 事务所）具备从事证券、期货相关业务资格，具有丰富的上市公司审计工作经验， 已连续多年为公司提供审计服务。在过去的审计服务中，天健事务所严格遵循相 关法律、法规和政策，遵照独立、客观、公正的执业准则，顺利完成了公司各项 审计工作，其出具的各项报告客观、公正、公允地反映公司财务情况和经营结果， 较好地履行了审计机 ...

2024 企业社会责任报告 Corporate Social Responsibility Report 九阳股份有限公 司 | C 目 | | --- | | 录 O | | N | | T | | E | | N | | T | | S | | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 02 | | 关键绩效 | 03 | 01关于九阳 | 公司简介 | 07 | | --- | --- | | 企业文化 | 08 | | 大事记 | 09 | | 荣誉时刻 | 10 | | ESG 管理 | 11 | 02 合规治理 坚持稳健发展 | 规范公司治理 | 19 | | --- | --- | | 加强风险管控 | 21 | | 严守商业道德 | 22 | | 践行责任营销 | 25 | | 保障信息安全 | 27 | | 夯实党建引领 | 29 | 03 绿色环保 守护低碳未来 | 推动绿色运营 | 33 | | --- | --- | | 深化节能减排 | 33 | | 提升环保意识 | 36 | | 应对气候变化 | 37 | 04 创新引领 聚焦客户体验 | 创新太空 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 非经营性资金占用及其他关联资金往来情况的 本报告仅供九阳股份公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为九阳股份公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解九阳股份公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 九阳股份公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业 务办理（2024 年修订）》（深证上〔2024〕397 号）的规定编制汇总表，并保证 其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 4 页 三、注册会计师的责任 专项审计说明 天健审〔2025〕1139 号 九阳股份有限公司全体股 ...