Core Viewpoint - The company, Jiuyang Co., Ltd. (002242), has announced the cancellation of 4 million repurchased shares, which represents 0.52% of the total share capital before the cancellation [1] Summary by Relevant Sections - **Share Repurchase Details** - The actual amount for the repurchase cancellation is 68.03 million yuan, excluding transaction fees [1] - Following the cancellation, the total share capital will decrease from 767 million shares to 763 million shares [1] - **Completion of Procedures** - The cancellation procedures for the 4 million repurchased shares were completed on July 25, 2025, at China Securities Depository and Clearing Corporation [1]

Core Viewpoint - The kitchen small appliance market, particularly the wall-breaking machine segment, is facing significant challenges, with retail sales expected to decline from 10.3 billion yuan in 2020 to 5.56 billion yuan in 2024, primarily due to market saturation and increased competition from specialized alternatives [1][12]. Group 1: Industry Overview - The wall-breaking machine is a food processing device that utilizes high-speed rotating blades to break down plant cell walls, enhancing nutrient absorption [4]. - The market for wall-breaking machines is categorized into three main types: traditional, steam, and silent wall-breaking machines, each catering to different consumer needs and price points [4]. - The average online price of wall-breaking machines decreased from 341 yuan in the first half of 2023 to 307 yuan in the first half of 2024, driven by declining market demand and competitive pricing strategies [14]. Group 2: Market Dynamics - The retail sales of wall-breaking machines are projected to decline significantly, with a drop from 10.3 billion yuan in 2020 to 5.56 billion yuan in 2024, reflecting a saturated market and reduced new purchase demand [1][12]. - Despite the overall decline, there was a slight increase of 2.2% in retail sales in the first quarter of 2025, attributed to government subsidies for appliance replacements [1][12]. - The increase in disposable income and consumer spending in China, from 32,189 yuan in 2020 to 41,314 yuan in 2024, is expected to enhance the demand for high-quality kitchen appliances like wall-breaking machines [6]. Group 3: Competitive Landscape - The wall-breaking machine industry is experiencing intense competition, with leading brands like Joyoung facing market share declines due to the rise of competitors such as Midea and Supor [16][17]. - New brands are entering the market, focusing on high cost-performance ratios and innovative designs to attract consumers, further intensifying competition [16][17]. - The industry is witnessing a shift towards more diverse marketing strategies, leveraging online platforms and influencer marketing to enhance brand visibility and sales [22][23]. Group 4: Future Trends - The future of the wall-breaking machine industry is expected to be driven by technological innovations, focusing on smart features, multifunctionality, and noise reduction to improve user experience [21]. - Companies are increasingly adopting diverse marketing strategies, including collaborations with influencers and leveraging social media platforms to reach younger consumers [22][23]. - There is a noticeable trend towards international expansion, with Chinese manufacturers looking to tap into overseas markets to mitigate domestic competition [24].

Core Viewpoint - The company has decided to change the purpose of 4,000,000 shares originally intended for employee stock incentive plans to be used for capital reduction through cancellation, resulting in a decrease in total shares from 767,017,000 to 763,017,000 [1] Group 1: Share Repurchase and Capital Reduction - The company held its 15th meeting of the 6th Board of Directors on June 23, 2025, and the first extraordinary general meeting of shareholders on July 11, 2025, where the proposal to change the purpose of repurchased shares was approved [1] - The registered capital will be reduced as a result of the cancellation of the repurchased shares [1] Group 2: Notification to Creditors - The company is required to notify creditors about the capital reduction, allowing them 30 days from receipt of the notice, or 45 days from the announcement date if no notice is received, to request debt repayment or guarantees [1] - Creditors must submit written requests along with relevant documentation to the company to claim their debts [2] Group 3: Documentation for Debt Claims - Creditors must provide original and photocopies of contracts or agreements proving the existence of the debt relationship when submitting claims [2] - For corporate creditors, additional documents such as the business license and identification of the legal representative are required [2] - Natural persons must also provide valid identification and may need to submit authorization documents if claims are made by representatives [2] Group 4: Claim Submission Methods - Creditors can submit claims in person, by mail, or via email, with specific instructions for each method outlined [2] - The date of claim submission is determined by the postmark for mail submissions and the date received by the company's system for email submissions [2]

证券代码：002242 证券简称：九阳股份 公告编号：2025-027 九阳股份有限公司 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： 关于注销部分回购股份减少注册资本暨通知债权人的公告 九阳股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开第六届董 事会第十五次会议，于 2025 年 7 月 11 日召开 2025 年第一次临时股东大会，分别 审议通过《关于变更回购股份用途并注销的议案》，同意公司将存放于回购专用 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"。本次注销部分回购股份完成后， 公司总股本将由 767,017,000 股减少至 763,017,000 股，公司注册资本将由 767,017,000 元减少至 763,017,000 元。具体内容详见 2025 年 6 月 24 日公司在巨潮 资讯网（http://www.cninfo.com.cn）及《证券时报》《中国证券报》披露的《关于变 更部分回购股份用途并注销的公告》（公告编号：2 ...

国浩律师（上海）事务所 关于 法律意见书 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 九阳股份有限公司 2025 年第一次临时股东大会的 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 2025 年第一次临时股东大会的法律意见书 致：九阳股份有限公司 九阳股份有限公司（以下简称"公司"）2025 年第一次临时股东大会（以下 简称"本次股东大会"）现场会议于 2025 年 7 月 11 日（星期五）下午 15:00 在 杭州市钱塘区下沙街道银海街 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、 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-026 九阳股份有限公司 关于 2025 年第一次临时股东大会决议公告 1、股东大会届次：2025 年第一次临时股东大会 2、会议召集人：九阳股份有限公司（以下简称"公司"）董事会 3、会议召开时间： 1）现场会议时间：2025 年 7 月 11 日（星期五）下午 15:00 2）网络投票时间：2025 年 7 月 11 日 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 7 月 11 日上午 9:15－9:25、9:30－11:30，下午 13:00－15:00；通过深圳证券交易所互联网投票系统 投票的时间为 2025 年 7 月 11 日 9:15－15:00 期间的任意时间。 本公司及董事会全体成员保证信息披露内容真实、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 4、现场会议地点：杭州市钱塘区下沙街道银海街 760 号杭州公司会议室。 5、股权登记日：2025 年 7 月 4 日（星期五 ...

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 ...