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]

Core Insights - The Chinese small home appliance market is undergoing significant changes driven by consumption upgrades and the wave of smart technology [1][3] - The market size surpassed 450 billion yuan in 2024, but growth has sharply declined from 25% in 2020 to 6.2% [3] - The competitive landscape is shifting, with new entrants like Xiaomi and Roborock challenging established players like Joyoung, Midea, and Supor [1][3] Company Performance - Joyoung's revenue growth has been below 5% for three consecutive years, with a 12% decline in net profit in 2024 [1][3] - Joyoung's market share in its core product, the soybean milk machine, has dropped from 24% to 19%, overtaken by Midea [3][4] - The company announced a strategic shift towards "All in health technology," investing 3 billion yuan in smart kitchen appliance R&D [3][4] Market Dynamics - The concentration of market share among top brands has increased, with Midea, Supor, and Joyoung's combined market share rising from 68% in 2019 to 76% in 2024 [3] - Joyoung's diversification strategy has not yielded significant results, with only the air fryer achieving a 15% market share, while other categories failed to break into the top five [4][5] - The competitive landscape has evolved from a focus on functionality to emotional connections with consumers, with younger generations prioritizing aesthetics and lifestyle over basic functionality [10][11] Strategic Challenges - Joyoung's reliance on a single product category has become a liability, as its market share in soybean milk machines has declined due to stagnant technological innovation [4][5] - The company's R&D spending is low at 3.1%, significantly less than competitors like Bear Electric [9] - Joyoung's marketing strategies have not aligned with current consumer trends, leading to a disconnect with younger consumers who favor innovative and aesthetically pleasing products [10][11] Future Outlook - Joyoung faces a critical juncture, with its traditional business model under threat from emerging competitors that prioritize innovation and consumer engagement [12][13] - The company must adapt to changing market dynamics or risk being left behind as consumer preferences evolve [12][13]

Core Viewpoint - The first Campus Food Education Exchange Conference, organized by the Joyoung Public Welfare Foundation, highlights the urgent need for food education in addressing the nutritional challenges faced by Chinese children [1][3]. Group 1: Event Overview - The conference took place in Pinghu City, Zhejiang Province, with support from local educational and health authorities, and involved over 40 educators from eight provinces [1]. - The event focused on the current nutritional status of children in China and discussed the challenges and innovations in food education within contemporary educational reforms [1][3]. Group 2: Nutritional Challenges - Xu Jiao, Deputy Director of the National Food Safety Risk Assessment Center, pointed out the rising rates of overweight and obesity among Chinese youth, indicating a concerning trend of chronic diseases becoming more prevalent at younger ages [3]. - The root causes of these issues include an imbalance in children's food intake and a lack of health awareness within families and society [3]. Group 3: Local Initiatives - The Pinghu Education Bureau has been promoting a student nutrition meal plan since 1990, and in 2017, it developed a local curriculum on nutrition and food education [3]. - The Joyoung Public Welfare Foundation has been addressing rural children's nutrition issues since 2010, establishing the Hope Fund and the Joyoung Public Kitchen project to enhance meal provision in schools [3][4]. Group 4: Food Education Innovations - The foundation launched the "Food Education Workshop" in 2014 to promote food education through practical cooking experiences, aiming to instill healthy eating habits and traditional dietary culture [4][5]. - The foundation is committed to continuous innovation in the design of educational spaces, curriculum development, and teacher training to enhance food education [5]. Group 5: Educational Impact - Schools are integrating food education into their curricula, with examples such as Zhengzhou Yucai Primary School designing courses that connect students with nature and teach them about nutrition and ecological conservation [5][6]. - The conference included discussions on the broader implications of food education, emphasizing its role in fostering emotional connections and appreciation for beauty beyond mere sustenance [6]. Group 6: Future Directions - The Joyoung Public Welfare Foundation aims to optimize the Food Education Workshop project and strengthen collaborations with educational departments to explore innovative teaching methods [6].

Investment Rating - The report maintains a "Recommendation" rating for the small home appliance industry, anticipating a recovery driven by government subsidies in Q2 [2][51]. Core Insights - The 2025 government subsidy policy has been extended, covering additional small home appliance categories, which is expected to accelerate market recovery [11][12]. - The policy is driving an increase in average prices within the kitchen small appliance sector, indicating an upward trend in industry prosperity [15]. - The valuation levels of the sector are currently low, suggesting a potential turning point in Q2 [39][42]. Summary by Sections 1. Government Subsidy Policy Extension - The 2025 government subsidy policy has expanded to include microwave ovens, water purifiers, dishwashers, and rice cookers, with some regions extending to more small appliance categories [11][12]. - The subsidy encourages the purchase of high-efficiency products, with a 20% subsidy for first-level energy efficiency products, promoting a shift towards higher-end and energy-saving products [11][12]. 2. Price Increase Driven by Policy - The government subsidy has significantly stimulated the sales growth of kitchen small appliances, with a 12% sales growth observed in Q4 2024 and a continuation of this trend into Q1 2025 [15]. - In Q1 2025, the kitchen small appliance sector recorded sales of 8.83 billion, with a year-on-year increase of 6%, while the average price rose by 14% [15][18]. 3. Low Valuation Levels and Potential Recovery - Companies like Xinbao, Supor, and Bear are currently at historical low valuation percentiles, indicating potential for recovery as the market conditions improve [39][42]. - As of May 16, 2025, the static valuation levels for Xinbao, Bear, and Supor were 11.4, 25.9, and 19.9 times, respectively, which are considered low [42].

记者查询看到，九阳股份2023年4月1日发布的第一期员工持股计划(2023年3月修订稿)显示，本次员工 持股计划经公司股东大会审议通过后，拟通过非交易过户等法律法规允许的方式受让公司回购的股票， 购买价格为1元/股。 中国经济网北京5月21日讯(记者何潇)新浪证券5月19日发布了文章《九阳股份（002242）"伪市值管 理"疑云：5名高管以1元"骨折价"分走员工持股计划四成份额》。该文章称，2021年4月，九阳股份发布 《2021年股票期权激励计划》，以2021-2023年的营业收入及净利润增长率为业绩考核指标。财务数据 显示，2021-2023年，九阳股份的业绩逐年下滑，营业收入从105.4亿元降至96.13亿元，净利润从7.01亿 元降至3.91亿元，3年业绩考核目标均未达成。 股权激励走不通后，九阳股份转道员工持股计划，后者无公司业绩考核要求。2022年9月，公司累计回 购1200万股股份，成交金额为20408.06万元，平均成交价格约17元/股。根据最新修订稿，员工持股计 划的受让价格仅为1元/股，较回购价格"打骨折"。同时，公司5名高管分走四成份额，遭投资者质疑向 管理层输送利益。 | 序号 | 持 ...

Core Viewpoint - The successful launch of the Shenzhou-20 manned spacecraft highlights the integration of traditional Chinese food culture, specifically soy milk, into space missions, showcasing the innovation of the national brand Joyoung in developing space-grade soy milk for astronauts [1][3]. Group 1: Soy Milk's Popularity and Nutritional Value - Soy milk has become the most popular breakfast beverage in China, surpassing congee and milk, with a market share of 39.1% in 2019 [1]. - The nutritional value of soy milk is well-recognized, and it has been a staple in Chinese diets for over 2,000 years, making it a suitable choice for astronauts who require a balanced diet in space [3]. Group 2: Development of Space Soy Milk - Joyoung's space soy milk underwent a rigorous development process, passing through 15 production processes and over 24 quality checks to meet the stringent requirements for food safety and nutritional standards [5]. - The protein content of the space soy milk is reported to be 5.0, setting a new benchmark for the soy milk category [5]. Group 3: Technological Innovations by Joyoung - Joyoung has made significant advancements in soy milk machine technology over 31 years, including 25 iterations and the launch of over 500 products, enhancing the quality and convenience of soy milk preparation [7][8]. - The introduction of the K7 Pro soy milk machine features an AI-driven self-cleaning function and advanced cooking techniques, making it user-friendly and efficient [10][11]. Group 4: Future Aspirations - The narrative suggests a vision where traditional flavors, like soy milk, will continue to be enjoyed by future generations, even in extraterrestrial settings, emphasizing the importance of cultural heritage and innovation [11].

Core Viewpoint - The article discusses the issue of "pseudo market value management" in A-share listed companies, particularly focusing on Honghe Technology and Zhichun Technology, where stockholder reductions during stock incentive periods and high executive salaries despite underperformance raise concerns about improper benefits distribution [1][2]. Group 1: Regulatory Context - The China Securities Regulatory Commission (CSRC) released guidelines encouraging long-term incentive mechanisms for listed companies, emphasizing the need for alignment between management, employees, and the company's long-term interests [1]. - The CSRC has previously warned against using market value management as a guise for market manipulation and insider trading, which undermines market fairness and investor rights [1]. Group 2: Case Study - Joyoung Co., Ltd. - Joyoung Co., Ltd. launched a stock option incentive plan in April 2021, with performance targets based on revenue and net profit growth from 2021 to 2023 [2][3]. - The company's performance declined over the three years, with revenue dropping from 10.54 billion yuan to 9.613 billion yuan and net profit falling from 701 million yuan to 391 million yuan, failing to meet any performance targets [5]. - Following the failure of the stock option plan, Joyoung shifted to an employee stock ownership plan, which lacked performance requirements, raising concerns about potential benefits to management [2][5]. Group 3: Employee Stock Ownership Plan - Joyoung's employee stock ownership plan allowed management to purchase shares at a significantly reduced price of 1 yuan per share, compared to the repurchase price of approximately 17 yuan per share [10]. - The plan's structure, which included high management participation, has been criticized as a means for management to liquidate shares without stringent oversight [10][11]. - The CSRC has indicated the need for stricter regulations on stock incentive pricing and performance conditions to prevent potential conflicts of interest and protect minority investors [10][12].

证券时报·数据宝统计，截至今日上午10:30，上证综指3359.68点，收于五日均线之下，涨跌幅-0.23%， A股总成交额为5501.93亿元。到目前为止，今日有863只A股价格突破了五日均线，其中乖离率较大的 个股有五新隧装、光智科技、久吾高科等，乖离率分别为15.52%、15.01%、14.94%；九阳股份、智信 精密、鑫铂股份等个股乖离率较小，刚刚站上五日均线。 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 835174 | 五新隧 装 | 21.36 | 10.29 | 34.63 | 40.00 | 15.52 | | 300489 | 光智科 技 | 19.99 | 4.72 | 46.45 | 53.42 | 15.01 | | 300631 | 久吾高 科 | 20.02 | 13.72 | 21.39 | 24.58 | 14.94 | | 300069 | 金利华 电 ...