Product Structure - The company offers a variety of products including soy milk machines, cooking machines, juicers, and commercial machines [2] - Other product categories include electromagnetic stoves, rice cookers, electric kettles, pressure cookers, ovens, yogurt makers, and water purifiers [2] - Major products besides soy milk machines are electromagnetic stoves, juicers, and pressure cookers [2] OneCup Product - The OneCup product was launched at the end of last year and has not undergone large-scale commercial promotion yet [2] - The product is primarily sold online and offers flavors such as original soy milk, red date longan soy milk, purple sweet potato soy milk, coffee, milk tea, and matcha [2] Chef Appliances - Chef appliances are mainly sold in tier 3 and tier 4 markets and have achieved breakeven [2] E-commerce Strategy - The e-commerce model involves a distributor system with authorized distributors [3] - Distributors are categorized into different levels based on their scale, influence, and support policies [3] - Online products are more colorful and smaller in design, with lower prices compared to offline products, appealing to young consumers [3] Distributor Information - The company has approximately 500 distributors at the prefecture level [3] - Inventory monitoring is enhanced through information technology, allowing real-time data capture for sales and inventory management [3] Financial Overview - The company does not anticipate significant capital expenditures, with previous large investments in industrial park construction now operational [3] - There is no distinct seasonal fluctuation in sales, although fourth-quarter expenses are higher due to concentrated distributor rebates [3] - The company's expense ratio has remained stable [3]

Group 1: Financial Performance - The company experienced a decline in the pressure cooker and induction cooker sectors, with overall sales down [2] - The soymilk machine saw a slight decrease, while large kitchen appliances, Western small appliances, and rice cookers showed good growth [2] - The sales feedback for the steamed bun machine was positive, but the noodle machine's promotion was insufficient due to an oversaturation of new products last year [2] Group 2: E-commerce Strategy - Online revenue showed significant growth, with expectations for continued increases, partly due to online replacing offline sales [2] - The company began its e-commerce efforts in 2010, achieving the highest sales in small appliances on Taobao for three consecutive years [3] - Cooperation with JD.com has been favorable, with JD's growth rate outpacing Taobao due to a smaller base [3] Group 3: Product Development and Innovation - New product development includes two categories: new categories (2-3 years) and new models (2-12 months) [3] - The company focuses on launching 2-3 new products each year to avoid diluting promotional effectiveness [4] - Products exceeding 500 million in revenue are considered large categories, while those exceeding 100 million benefit from smoother production and sales [4] Group 4: Market Position and Competition - The top three positions in the small appliance industry are stable, making it difficult for new competitors to disrupt the market without significant errors from the leaders [4] - The company recognizes the importance of learning from Xiaomi's strengths in networking, marketing, and consumer interaction as smart appliances evolve [4]

证券代码： 002242 证券简称：九阳股份 九阳股份有限公司投资者关系活动记录表 编号： | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | √ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发 | | 参与单位名称及人员姓名 | 布会 □路演活动 □现场参观 □ 其他 渤海证券、民生证券、华宝投资、中金公司、长信基金、中信证券、静远资 本、毅恒资本、鑫巢资本、鑫元基金、 PAG 、农银汇理基金、富国基金、兰馨 投资、道宁投资、东方证券 | | 时间 | 2015 年 10 月 29 日 | | 地点 | 九阳 | | 上市公司接待人员姓名 ...

证券代码： 002242 证券简称：九阳股份 编号： 九阳股份有限公司投资者关系活动记录表 | --- | --- | |------------------------|---------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布 | | | 会 □路演活动 □现场参观 □ 其他 | | 参与单位名称及人员姓名 | 国投瑞银，周密；南京证券，李强；方正证券，杨宝龙；东方证券，徐卫；华 商基金，肖丹；长城基金，余欢； | | 时间 | 月 3 日 | | 地点 | | | 上市公司接待人员姓名 | 邵际生、李彩霞 | | 投资者关系活动主要内容 | 2014 年收入增长主要原因 | | 介绍 | 主流产品已都有利润贡献。公司核心的豆浆机产品稳中增长，对报表还是有影 | | | 响的，在收入构成中的占比日趋优化。食品加工机 ...

Group 1: Sales Performance - Soy milk machine sales showed a slight decline in the first half of the year but have returned to positive growth by the third quarter [2] - Pressure cookers and induction cookers experienced a significant narrowing of decline in the third quarter, attributed to market recovery and new product launches [2] - Juicers have seen continuous growth due to technological innovations, with revenue increasing from tens of millions to over 100 million [2] - The rice cooker segment has improved its revenue share significantly due to new products like the iron pot [2] Group 2: New Product Launches - The noodle machine has performed well post-launch, with effective promotional efforts leading to good growth this year [2] - The company has achieved breakeven in kitchen appliances [2] - The water purifier segment has shown growth in 2014 due to efforts in network construction and channel expansion [2] Group 3: Online vs. Offline Growth - Online sales growth is significantly faster than offline, exceeding 60% [2] - The company employs a dealer system for e-commerce, with different levels of dealers based on scale and influence [3] - Online products differ in appearance and pricing, appealing to younger consumers who prefer online shopping [3] Group 4: E-commerce Strategy - The company has established a dedicated anti-counterfeiting department to address issues with fake products, resulting in reduced occurrences [3] - Profitability for the company is similar across online and offline channels, although online dealers face pressure due to stronger competition [3] - The company is currently focusing on product development and market readiness for water purifiers, anticipating a future growth surge [4]

编号： 证券代码： 002242 证券简称：九阳股份 九阳股份有限公司投资者关系活动记录表 | --- | --- | |------------------------|----------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布 | | 参与单位名称及人员姓名 | | | 时间 | | | 地点 | | | 上市公司接待人员姓名 | | | 投资者关系活动主要内容 | | | 介绍 | | | | 的用户用过后都 年整个净水行业 | | | 增长还是不错的，但是公司没有行业增长快，主要还是因为一开始公司产品定 | | | 位于高端产品，动销不快。这两年主要精力还是在研发、产品储备上。 | | | | | | | | | 今年也做了新的尝试，例如：京东众筹，一种新的业态尝试，更接近年轻人的 | | | 文化。公司经过前期市场公测后，暂时还没有进行大规模的商业推广等活动， | | | | | | 料杯口味：除经典原味、无蔗糖等豆浆口味外 ...

Product Structure - The company offers a variety of products including soy milk machines, cooking machines, juicers, and commercial machines in the bean product category [2] - Electrical products include induction cookers, rice cookers, electric kettles, and pressure cookers [2] - Western appliances consist of ovens, yogurt makers, and egg cookers, while major kitchen products include range hoods, stoves, water heaters, and water purifiers [2] Water Purifier Insights - The company has previously experimented with a rental model for water purifiers, with 80-90% of users opting to purchase after initial free use [2] - There is a significant lack of awareness regarding water purification in the industry, which the company aims to address through R&D and product preparation [2] - Distribution channels for water purifiers are increasingly overlapping with small home appliances, with offline retailers like Suning and Gome now featuring dedicated water purification sections [2] Market Trends and Challenges - The company does not plan to undergo any transformation [2] - There has been a decline in sales of nutrition cookers and induction cookers, attributed to labor migration trends and the impact of rural biogas projects on electricity consumption [2] - The pressure cooker market has transitioned past its rapid growth phase [2] Competitive Landscape - The current competitive environment is relatively stable, with no price wars reported [3] - Despite a growth in third-quarter performance, profits have not increased significantly due to substantial tax impacts [3] - The company does not manufacture hardware components; these are supplied by vendors, with the company focusing on assembly [3] Product Development - The company has not yet launched large-scale commercial promotions for its Onecup product, which is currently sold primarily online [3] - New flavors for the Onecup product are continuously being developed [3]

九阳股份有限公司投资者关系活动记录表 编号： 证券代码： 002242 证券简称：九阳股份 | --- | --- | --- | --- | --- | |-----------------------------------------|----------------------|------------------------------------------------------------|-----------------------------------|-----------------------------------------------------------------------------| | 投资者关系活动类别 | □特定对象调研 | □新闻发布会 □路演活动 □现场参观 | □分析师会议 □媒体采访 □业绩说明会 | \n√ 电话会议 | | 参与单位名称及人员姓名 中金公司电话会议 | | | | | | 时间 2016 | 年 3 月 1 日 | | | | | 地点 | | | | | | 上市公司接待人员姓名 韩润、邵际生 | | | | | | 投资者关 ...

Group 1: Financial Performance - In the first half of 2016, the company achieved a revenue of 33.1 billion CNY, a year-on-year increase of 4.53% [2] - The gross profit margin was 32.68%, with a net profit of 4.2 billion CNY, reflecting a net profit margin of 3.64% [2] - Sales expenses increased by 13.3%, while management expenses accounted for 6.86% of total revenue [2] Group 2: Product Performance - The e-commerce channel continued to grow, contributing significantly to overall sales, while offline channels remained stable [2] - The food processing machine series saw a notable decline in sales, down 11.02% year-on-year, while the nutrition pot segment grew by 36% [2] - The company launched a trade-in program for the soybean milk machine, which helped regain market share [3] Group 3: Market Strategy and Future Outlook - The company is optimistic about maintaining its gross profit margin if raw material prices remain stable in the coming months [2] - The rice cooker segment is expected to continue being a profit growth point, with strong performance in the first half of the year [2] - The company plans to address consumer pain points in the kitchen with new product launches, although specific release dates are not yet determined [3]