证券代码：002242 证券简称：九阳股份 公告编号：2024-027 九阳股份有限公司 关于第一期员工持股计划第二个锁定期届满的提示性公告 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）于 2022 年 3 月 28 日召开第五届董事 会第十四次会议和第五届监事会第十三次会议审议通过了《关于<九阳股份有限 公司第一期员工持股计划（草案）>及其摘要的议案》《关于<九阳股份有限公司 第一期员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办理公 司第一期员工持股计划有关事项的议案》。2022 年 4 月 1 日公司召开第五届董事 会第十五次会议和第五届监事会第十四次会议、2022 年 4 月 22 日公司召开 2021 年年度股东大会，审议通过了《关于<九阳股份有限公司第一期员工持股计划（草 案修订稿）>及其摘要的议案》《关于<九阳股份有限公司第一期员工持股计划管 理办法（修订稿）>的议案》《关于提请股东大会授权董事会办理公司第一期员 工持股计划有关事项的议案》等相关议案，同意公司实施第一期员工持股计划（以 下简称"本 ...

Financial Performance - Revenue for the third quarter was 1.795 billion yuan, a decrease of 27.12% year-over-year[2] - Net profit attributable to shareholders was -77.33 million yuan, a decrease of 166.46% year-over-year[2] - Total operating income for the period was 6,182,055,590.30 RMB, down 8.8% from 6,781,172,561.74 RMB in the previous period[12] - Total operating costs for the period were 6,095,146,683.64 RMB, down 5.1% from 6,425,277,119.84 RMB in the previous period[12] - Sales revenue from goods and services received was RMB 6,866,031,982.34, a decrease compared to the previous period's RMB 7,713,100,132.01[16] - Net profit attributable to the parent company's shareholders was RMB 98,063,944.12, a significant drop from the previous period's RMB 363,513,922.70[13] - Basic and diluted earnings per share were both RMB 0.13, down from RMB 0.49 in the previous period[15] - Total comprehensive income attributable to the parent company's shareholders was RMB 81,590,857.45, down from RMB 371,183,712.38 in the previous period[13] Assets and Liabilities - Total assets at the end of the reporting period were 7.515 billion yuan, a decrease of 1.28% compared to the end of the previous year[2] - The company's monetary funds at the end of Q3 2024 were RMB 2,582,279,500.01, an increase from RMB 2,431,377,953.47 at the beginning of the period[9] - Accounts receivable at the end of Q3 2024 were RMB 1,251,541,037.23, up from RMB 1,009,769,220.20 at the beginning of the period[9] - The company's notes receivable at the end of Q3 2024 were RMB 540,129,046.99, a decrease from RMB 1,145,265,457.70 at the beginning of the period[9] - The company's prepayments at the end of Q3 2024 were RMB 48,926,958.34, up from RMB 40,569,709.89 at the beginning of the period[9] - The company's other receivables at the end of Q3 2024 were RMB 23,578,548.14, down from RMB 81,174,451.49 at the beginning of the period[9] - The company's receivables financing at the end of Q3 2024 were RMB 145,704,162.34, up from RMB 113,072,886.20 at the beginning of the period[9] - The company's trading financial assets at the beginning of the period were RMB 5,022,027.78, with no balance at the end of Q3 2024[9] - Inventory increased to 622,761,328.39 RMB from 558,417,131.83 RMB, reflecting an 11.5% growth[10] - Total current assets decreased to 5,410,857,582.92 RMB from 5,626,769,908.76 RMB, a 3.8% decline[10] - Long-term receivables rose to 8,799,000.00 RMB from 5,883,450.00 RMB, marking a 49.6% increase[10] - Total non-current assets increased to 2,104,163,519.88 RMB from 1,985,310,121.66 RMB, a 6% growth[10] - Total assets decreased slightly to 7,515,021,102.80 RMB from 7,612,080,030.42 RMB, a 1.3% decline[10] - Contract liabilities increased to 236,188,057.96 RMB from 204,341,444.90 RMB, a 15.6% rise[10] - Total current liabilities decreased to 3,971,163,854.13 RMB from 4,066,583,096.84 RMB, a 2.3% decline[11] - Total liabilities decreased to 4,042,757,820.09 RMB from 4,125,833,068.41 RMB, a 2% decline[11] Cash Flow - Cash flow from investment activities increased by 170.86% to 89.62 million yuan due to increased investment recoveries[5] - Cash flow from financing activities improved by 40.11% to -164.29 million yuan due to reduced dividend distributions[5] - Net cash flow from operating activities was RMB 416,958,032.06, slightly lower than the previous period's RMB 427,086,101.85[16] - Net cash flow from investment activities was RMB 198,592,236.20, compared to RMB 33,088,499.28 in the previous period[16] - Cash and cash equivalents at the end of the period increased to 2,321,143,007.83 yuan, up from 1,392,974,152.26 yuan in the same period last year[17] - Net cash flow from financing activities was -164,292,598.78 yuan, compared to -274,331,953.65 yuan in the previous year[17] - Cash received from investments was 300,000.00 yuan, all from minority shareholders of subsidiaries[17] - Cash paid for dividends, profits, or interest payments decreased to 120,282,450.00 yuan from 228,905,100.00 yuan in the previous year[17] - The impact of exchange rate changes on cash and cash equivalents was -12,134,876.56 yuan, compared to 21,456,401.20 yuan in the previous year[17] - Net increase in cash and cash equivalents was 330,153,309.89 yuan, up from 207,299,048.68 yuan in the same period last year[17] - Cash paid for other financing activities was 44,310,148.78 yuan, slightly down from 45,426,853.65 yuan in the previous year[17] Investments and Income - The company's goodwill increased by 100% to 120.16 million yuan due to business mergers[5] - The fair value change loss of funds was -55.10 million yuan, a decrease of 1873.22% year-over-year[5] - Investment income decreased by 62.70% to 14.18 million yuan due to reduced income from associates[5] - Interest income rose sharply to RMB 73,136,123.89, compared to RMB 32,331,853.69 in the previous period[13] Shareholder Information - Shanghai Lihong Enterprise Management Co., Ltd. holds 50.13% of the company's shares, totaling 384,523,746 shares[7] - BILTING DEVELOPMENTS LIMITED holds 16.94% of the company's shares, totaling 129,924,090 shares[7] - The company's repurchase account held 4,000,000 shares, accounting for 0.52% of the total shares[7] Expenses and Costs - R&D expenses increased to RMB 272,308,636.26, up from RMB 253,378,153.81 in the previous period[13] - Sales expenses increased to RMB 1,061,819,478.58, up from RMB 892,555,999.96 in the previous period[13] - Cash received from tax refunds was RMB 186,210,379.70, an increase from RMB 140,157,462.78 in the previous period[16] Other Financial Metrics - The company's weighted average return on equity was -2.20%, a decrease of 5.61 percentage points[2] - Accounts receivable decreased by 70.95% to 23.58 million yuan due to the recovery of receivables[5] - The company's third-quarter report was unaudited[17]

证券代码：002242 证券简称：九阳股份 公告编号：2024-025 公司独立董事于 2024 年 10 月 29 日召开 2024 年第三次独立董事专门会议， 以 3 票同意、0 票反对、0 票弃权审议通过《关于调整 2024 年度日常关联交易预 计的议案》，并同意提交董事会审议；公司于 2024 年 10 月 30 日召开第六届董事 会第十一次会议，以 4 票同意、0 票反对、0 票弃权审议通过《关于调整 2024 年 度日常关联交易预计的议案》，关联董事杨宁宁、韩润属于《深圳证券交易所股 票上市规则》6.3.8 条所述关联董事，回避表决。 根据《深圳证券交易所股票上市规则》、《公司章程》等有关规定，本次交易 事项在公司董事会审批权限范围内，无需提交公司股东大会审议。 九阳股份有限公司 关于调整 2024 年度日常关联交易预计的公告 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。 一、 日常关联交易基本情况 （一） 本次调整日常关联交易的概述 因公司相关业务发展实际需要，现拟新增九阳股份有限公司（以下简称：九 阳股份、公司）全资子公司杭州九阳小家电有限公 ...

Group 1: Company Performance - The company achieved positive growth in the food processing machine category despite a 17.5% decline in the blender industry, driven by the introduction of variable frequency blenders [2] - The variable frequency quiet blender features a brushless motor that significantly reduces noise, addressing consumer pain points and stimulating demand [2] - The soy milk machine also experienced growth, particularly in the small-capacity segment [2] Group 2: Market Strategy - The company has focused on essential product categories, especially rice cookers, and aims to break through in a mature market by leveraging differentiated competitive advantages [3] - The company plans to enhance product technology iterations and strengthen consumer education to achieve better growth [3] - The company maintains a balanced development strategy across essential, optional, and emerging product categories, aiming to solidify its leadership in kitchen appliances [3] Group 3: Sales Channels - Traditional e-commerce still occupies a significant share of online channels, with the company optimizing product details, traffic investment, and visual design to improve conversion rates [3] - Sales through content e-commerce have shown continuous growth, outperforming industry performance, while the price index for kitchen small appliances is also better than the industry average [3] - The proportion of direct sales in the company's online business continues to increase [3] Group 4: Profitability - The improvement in domestic gross profit is primarily due to an increase in direct sales and the successful launch of new products, contributing positively to gross profit [3] - The company continues to implement cost-reduction and efficiency-enhancing measures, which also positively impact gross profit [3]

Investment Rating - The report maintains a "Buy" rating for Jiuyang Co., Ltd. with a target price of RMB 11.00, representing a potential upside of 19% from the current price of RMB 9.24 [1][4][5]. Core Insights - Jiuyang is facing a phase of developmental bottlenecks, testing its multi-category expansion capabilities as the domestic small kitchen appliance market matures. The expected revenue growth for 2024 is projected at 2.9% year-on-year, reaching RMB 9.9 billion [1][4][5]. - The report highlights that while the short-term profit margins are under pressure, the company is expected to maintain a net profit margin of 4.0% for 2024, with a slight increase in net profit by 1.6% to RMB 400 million [4][5]. Summary by Sections Revenue and Profit Forecast - Revenue for 2024 is expected to be RMB 9,896 million, with a growth of 2.9% year-on-year. The projections for 2025 and 2026 are RMB 10,378 million and RMB 10,879 million, respectively, indicating growth rates of 4.9% and 4.8% [6][9]. - The report anticipates a decline in net profit for 2024 to RMB 395 million, a decrease of 39.3% from previous estimates, with subsequent years showing recovery to RMB 447 million in 2025 and RMB 508 million in 2026 [5][6][9]. Market Conditions - The small kitchen appliance market is entering a mature phase, with online and offline retail sales declining by 5% and 12% respectively in the first half of 2024. This has led to intensified competition and a shift from volume growth to price declines [4][5]. - Jiuyang is adapting to the K-shaped consumption trend by innovating flagship products and expanding its price range to cater to different consumer segments, which is expected to stabilize domestic sales in the second half of 2024 [4][5]. Valuation Metrics - The report adjusts the target price down by 35% to RMB 11.00, corresponding to a P/E ratio of 19 times for 2025. The current valuation reflects a significant discount compared to peers, with Jiuyang's P/E for 2024 estimated at 17.9 times [5][8].

Investment Rating - The report maintains a "Recommended" rating for Jiuyang Co., Ltd. with a target price of 11 yuan [1][2]. Core Views - The company achieved a revenue of 4.39 billion yuan in the first half of 2024, reflecting a year-on-year increase of 1.6%. However, the net profit attributable to shareholders was 180 million yuan, down 29% year-on-year. In Q2 2024, revenue was 2.32 billion yuan, a decrease of 4.3% year-on-year, with a net profit of 50 million yuan, down 63.9% year-on-year [1][2]. - Domestic sales showed growth while exports declined, driven by the recovery in the food processing machine category. Domestic sales in H1 2024 reached 3.55 billion yuan, up 4.7% year-on-year, while exports fell to 830 million yuan, down 9.7% year-on-year. The overall demand in the domestic small household appliance industry remains weak, but the company is expected to outperform the industry [2][3]. - The gross profit margin improved in Q2 2024, reaching 29.1%, an increase of 2.6 percentage points year-on-year, reversing the downward trend from Q1 2024. This improvement is attributed to product mix optimization. However, the company faced a fair value loss of 59 million yuan from trust and fund products, which accounted for 31.2% of total profit in H1 2024 [2][3]. Financial Summary - The company forecasts revenues of 9.825 billion yuan for 2024, with a year-on-year growth of 2.2%. The net profit is projected to be 343 million yuan, down 12% year-on-year. For 2025 and 2026, revenues are expected to reach 10.687 billion yuan and 11.297 billion yuan, respectively, with corresponding net profits of 443 million yuan and 493 million yuan [3][6]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21, 16, and 14 times, respectively, indicating a potential for long-term growth driven by product innovation [2][3][6].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.387 billion yuan for the first half of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders was 175 million yuan, a year-on-year decrease of 29.04% [5] - In Q2 2024, the company achieved a revenue of 2.321 billion yuan, a year-on-year decline of 4.29%, and a net profit of 45 million yuan, down 63.88% year-on-year [5] - Domestic sales grew by 5%, while exports declined by 10%. The food processing machine category saw a growth of 14%, and nutrition pots grew by 5%, while Western-style appliances fell by 10% [5] - The gross profit margin in Q2 2024 improved to 29.10%, up 2.64 percentage points year-on-year, driven by the rapid growth of food processing machines [5] - The report forecasts a net profit of 369 million yuan for 2024, with a price-to-earnings (PE) valuation of 18-20 times, corresponding to a reasonable value range of 8.64-9.6 yuan [5] Financial Summary - The company achieved total revenue of 9.613 billion yuan in 2023, with a projected revenue of 9.506 billion yuan in 2024, reflecting a year-on-year decrease of 1.1% [6] - The net profit for 2023 was 389 million yuan, with an expected decline to 369 million yuan in 2024, representing a year-on-year decrease of 5.2% [6] - The gross profit margin is expected to be 27.0% in 2024, compared to 25.9% in 2023 [8] - The return on equity is projected to decrease from 11.2% in 2023 to 9.8% in 2024 [8] Market Performance - The company's stock price has fluctuated between 9.25 and 14.80 yuan over the past year, with a closing price of 9.50 yuan as of September 5, 2024 [2] - The company has experienced a relative decline in stock performance compared to the market index, with a 33.24% drop from September 2023 to June 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight revenue increase of 1.6% year-on-year in H1 2024, with total revenue reaching 4.387 billion yuan. However, the net profit attributable to shareholders decreased by 29.04% to 175 million yuan [4] - The report highlights that domestic sales have outperformed foreign sales, benefiting from the demand for food processing and nutrition cooking appliances [5] - The company is expected to experience profit elasticity as domestic and foreign sales improve, leading to a revision of profit forecasts for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline of 29.04% [4] - The revenue for Q2 2024 was 2.321 billion yuan, down 4.29% year-on-year, with a net profit of 45 million yuan, down 63.88% [4] - The company’s revenue from domestic sales was 3.555 billion yuan (+4.66%), while foreign sales were 832 million yuan (-9.69%) in H1 2024 [5] - The gross margin improved to 29.10% in Q2 2024, up 2.64 percentage points year-on-year, attributed to an increase in high-margin domestic sales [6] Earnings Forecast - The revised profit forecasts for 2024-2026 are 355 million yuan, 423 million yuan, and 483 million yuan respectively, with corresponding EPS of 0.46 yuan, 0.55 yuan, and 0.63 yuan [4] - The current stock price corresponds to a P/E ratio of 20.5, 17.2, and 15.1 for the years 2024, 2025, and 2026 respectively [4] Market Position - The company’s market capitalization is approximately 7.256 billion yuan, with a circulating market value of 7.244 billion yuan [1] - The stock has experienced a trading volume turnover rate of 29.71% over the past three months [1]

Investment Rating - The report maintains an "Outperform" investment rating for Jiuyang Co., Ltd. [4][5] Core Views - Jiuyang's performance in H1 2024 was below expectations, with revenue of 4.387 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 175 million yuan, a year-on-year decrease of 29% [4][5] - Domestic sales outperformed the industry, while external sales were impacted by base effects. Domestic revenue reached 3.555 billion yuan, up 4.66% year-on-year, while external sales were 832 million yuan, down 9.69% year-on-year [4][5] - The company is expected to benefit from channel reforms and an increase in market share in core categories, despite a challenging industry environment [4][5] Summary by Sections Financial Performance - H1 2024 revenue was 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline in profitability [4][5] - The company anticipates revenue growth in the coming years, with projections of 10.272 billion yuan in 2024, 11.283 billion yuan in 2025, and 12.185 billion yuan in 2026 [5][7] - The net profit forecast for 2024 is 414 million yuan, with expected growth rates of 6.4% in 2024, 17.1% in 2025, and 11.2% in 2026 [5][7] Market Position - Jiuyang's core product categories, such as food processors and nutrition pots, have shown growth despite a general decline in the kitchen appliance market [4][5] - The company has successfully increased its market share in domestic sales channels, with a focus on traditional sales channels and direct sales [4][5] Future Outlook - The report maintains profit forecasts for 2024-2026, with expected earnings per share of 0.54 yuan in 2024, 0.63 yuan in 2025, and 0.70 yuan in 2026 [5][7] - Long-term growth is anticipated from new product categories and improved supply chain efficiencies [5][7]

Investment Rating - The investment rating for the company is "Accumulate" with a target price set at 9.73 CNY [3]. Core Views - The company's revenue for H1 2024 reached 4.387 billion CNY, a year-on-year increase of 1.60%, while the net profit attributable to the parent company was 175 million CNY, a decrease of 29.04% [1]. - The internal sales core categories have shown signs of recovery, with internal sales revenue growing by 4.66% year-on-year, while external sales faced a significant decline of 9.69% [1]. - The gross profit margin for H1 2024 was 28.07%, an increase of 0.99 percentage points year-on-year, while the net profit margin was 3.94%, a decrease of 1.81 percentage points [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.321 billion CNY, a decline of 4.29% year-on-year, and a net profit of 45 million CNY, down 63.88% year-on-year [1]. - The gross profit margin for Q2 2024 was 29.10%, an increase of 2.64 percentage points year-on-year, while the net profit margin was 1.82%, a decrease of 3.37 percentage points [1]. Sales and Marketing - The sales expense ratio increased significantly due to the company's proactive expansion into emerging channels and coordination of various retail formats, leading to a 15.83% year-on-year increase in sales expenses [2]. - The company is focusing on the recovery of internal demand and the further improvement of core category sales, which may lead to gradual revenue performance improvement [2]. Profitability and Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 418 million CNY, 482 million CNY, and 550 million CNY respectively, with corresponding dynamic P/E ratios of 18x, 15x, and 14x [2].