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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company experienced a decline in revenue and profit in 2024, with total revenue of 8.85 billion (-7.9%) and net profit attributable to shareholders of 120 million (-68.6%) [1][4]. - Domestic sales showed resilience, while external sales faced significant declines due to tariff policies and competition [2][4]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, resulting in a cash dividend payout ratio of 93.5% [1]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 88.5 billion, a decrease of 7.9%, and a net profit of 1.2 billion, down 68.6% [1][4]. - The fourth quarter saw a revenue of 26.7 billion (-5.8%) and a net profit of 0.2 billion (-4.9%) [1]. - The company’s gross margin slightly improved to 25.5%, with an increase of 0.7 percentage points year-on-year [3]. Sales Breakdown - Domestic sales decreased by 1.9% to 72.4 billion, while external sales dropped significantly by 28.0% to 16.1 billion [2][4]. - The decline in external sales was largely attributed to a 29.1% decrease in sales to related parties, primarily due to tariff considerations [2]. Product Performance - The food processor series saw a slight revenue increase of 1.8% to 29.9 billion, while other product categories faced declines [3]. - The nutrition pot series revenue decreased by 2.0% to 36.2 billion, and the Western-style small appliances series revenue fell by 26.9% to 16.9 billion [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 310 million, 370 million, and 430 million respectively, with growth rates of +156%, +18%, and +15% [4][5]. - The expected price-to-earnings ratios for 2025-2027 are 23, 19, and 17 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [2][5] - In Q4 2024, the company reported operating revenue of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24.29 million yuan, down 4.87% year-on-year [2][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 93.54% [2][5] Summary by Sections Financial Performance - The company experienced a decline in revenue and profit in 2024, with total revenue down 7.94% and net profit down 68.55% year-on-year [2][5] - The overall gross margin slightly increased, but various expense ratios rose, leading to a significant decrease in operating profit, which fell by 78.04% year-on-year [11] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase of 1.03% in total asset proportion [11] Market Dynamics - The kitchen small appliance market faced challenges, with overall retail sales down 0.8% in 2024, attributed to market saturation and integration of product categories [11] - Domestic sales revenue decreased by 1.86%, while overseas sales revenue saw a more significant decline of 27.97% [11] - Online sales revenue grew by 1.44%, contrasting with a 19.05% decline in offline sales revenue [11] Future Outlook - The company is expected to benefit from national subsidies, with projected net profits of 253 million yuan, 278 million yuan, and 303 million yuan for 2025, 2026, and 2027 respectively [11] - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [11]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in both domestic and international markets [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% [1] - The fourth quarter of 2024 saw operating revenue of 2.667 billion yuan, a decline of 5.80%, with a net profit of 24.29 million yuan, down 4.87% [1] - The company declared a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 93.54% [1] Sales Performance - Domestic sales revenue decreased by 1.86%, while international sales revenue fell by 27.97% in 2024 [2] - Online sales revenue increased by 1.44%, but offline sales revenue dropped by 19.05% [2] - The company’s food processing machine series saw a revenue increase of 1.84%, while other categories like Western-style appliances and cookware experienced significant declines of 26.91% and 25.24%, respectively [2] Profitability and Costs - The overall gross margin slightly increased by 0.66 percentage points in 2024, with variations across product categories [3] - Sales expense ratio rose by 3.21 percentage points, while management and R&D expense ratios also increased, leading to a significant decline in operating profit by 78.04% [3] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase in the proportion of total assets [3] Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [4] - Projected net profits for 2025, 2026, and 2027 are 253 million, 278 million, and 303 million yuan, respectively, with corresponding PE ratios of 30.1, 27.3, and 25.1 [4]

Core Viewpoint - The electric pressure cooker market in China is experiencing significant growth, with a projected sales revenue of 5.1 billion yuan in 2024, driven by rising living standards and the increasing demand for multifunctional kitchen appliances [1][13]. Industry Definition and Classification - Electric pressure cookers are electric heating devices that use temperature and pressure control to achieve rapid cooking, combining the advantages of traditional pressure cookers and rice cookers [2]. - They are characterized by high thermal efficiency (over 80%), time and energy savings, health benefits, convenience, and durability [2]. Industry Development History - The electric pressure cooker industry in China has evolved through several key stages, starting from its inception in the 1950s to the current era of smart and multifunctional products [6][7]. - The market has matured over the years, with brands like Midea and Supor leading through technological innovation and quality enhancement [7]. Industry Supply Chain Analysis - The supply chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales channels, all of which are interdependent and promote the healthy development of the electric pressure cooker industry [4]. - China is the largest producer of stainless steel, with a production of 39.44 million tons in 2024, which supports the electric pressure cooker industry by providing stable raw material supply [9]. - Aluminum alloy production is also on the rise, reaching 16.14 million tons in 2024, ensuring timely access to materials for manufacturers [11]. Current Industry Status - The electric pressure cooker market is increasingly favored by consumers due to its diverse cooking functions and growing quality expectations [13]. - Consumers are now looking for products that offer safety, durability, intelligence, and effective cooking results for various ingredients [13]. Key Companies Analysis - Midea Group leads the market with strong technological innovation and high market share, continuously launching advanced products [15][17]. - Supor is known for its high-quality products and strong brand reputation, focusing on both domestic and international markets [19]. - Joyoung leverages its experience in kitchen appliances to innovate and meet diverse consumer needs [15]. - Other notable companies include Boss Electric, Double Happiness, and Bear Electric, each with unique market strategies and product offerings [15][17]. Future Development Trends - The industry is moving towards deeper integration of smart technology, allowing for remote control and enhanced safety features in electric pressure cookers [21]. - There is a growing trend towards multifunctionality, with products designed to perform various cooking tasks, catering to diverse consumer needs [22]. - Aesthetic design is becoming increasingly important, with manufacturers offering a variety of styles and colors to meet consumer preferences [23].