Financial Performance - The company's operating revenue for the first half of 2024 was ¥4,386,653,704.23, representing a 1.60% increase compared to ¥4,317,600,554.64 in the same period last year[11]. - Net profit attributable to shareholders decreased by 29.04% to ¥175,392,648.58 from ¥247,159,357.70 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥211,300,336.32, down 6.56% from ¥226,146,160.01 in the previous year[11]. - The net cash flow from operating activities was ¥227,260,930.12, a decline of 32.47% compared to ¥336,547,705.76 in the same period last year[11]. - Basic earnings per share decreased by 30.30% to ¥0.23 from ¥0.33 year-on-year[11]. - The company's total revenue for the reporting period was ¥4,386,653,704.23, representing a year-on-year increase of 1.60% compared to ¥4,317,600,554.64 in the same period last year[25]. - The gross profit margin for the home appliance sector was 27.33%, with a slight increase of 0.74% from the previous year[27]. - The company reported a significant decrease in short-term borrowings, with accounts payable dropping to CNY 2,067,927,609.84 from CNY 1,606,217,651.11, a reduction of about 28.7%[92]. - The total profit for the first half of 2024 was ¥190,705,483.19, down from ¥278,504,111.32 in the same period of 2023, indicating challenges in maintaining profitability[98]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,672,617,856.82, reflecting a 0.80% increase from ¥7,612,080,030.42 at the end of the previous year[11]. - The company's total assets at the end of the reporting period are CNY 3,367,364,067.81[110]. - The total liabilities decreased from CNY 4,125,833,068.41 to CNY 4,092,603,456.79, a reduction of approximately 0.8%[93]. - The total amount of derivative financial assets was reported as ¥5,022,027.78, unchanged from the beginning of the period[189]. - The total accounts receivable at the end of the period amounted to ¥868,424,493.31, representing 61.69% of the total accounts receivable and contract assets[200]. Investments and Acquisitions - The company acquired Shenzhen Jia Ke Intelligent Co., Ltd. for ¥126,260,501, holding a 68.45% stake, with an investment loss of ¥7,654,193.43 reported[32][33]. - The company acquired 68.45% of Shenzhen Beetle Intelligent Co., Ltd. for a total cost of ¥126,260,501 on February 29, 2024[77]. - From the acquisition date to the end of the reporting period, Shenzhen Beetle generated revenue of ¥40,445,125.45 and a net loss of ¥11,181,889.46[77]. Research and Development - Research and development expenses increased by 8.62% to ¥186,684,420.00, up from ¥171,865,516.19 in the previous year[25]. - The company reported a significant increase in R&D expenses, totaling ¥186,684,420.00, compared to ¥171,865,516.19 in the previous year, reflecting a focus on innovation[98]. Market and Product Development - The company launched several new products in April 2024, including the 0-coating non-stick rice cooker 40N9U Pro, which features advanced temperature control and supports 8 types of rice for customized cooking[16][17]. - The company is focusing on expanding its presence in emerging channels, including content e-commerce platforms like Xiaohongshu and Douyin, to enhance brand engagement and user acquisition[22]. - The company aims to strengthen its brand value in "home kitchens," "public kitchens," and "space kitchens," while continuing to innovate in small appliances and water purification technologies[23]. Shareholder and Equity Information - The company held its annual general meeting on April 29, 2024, with an investor participation rate of 53.79%[45]. - The stock option incentive plan includes a total of 18 million stock options, with 15.6 million options granted initially to 107 participants[47]. - The company has established a comprehensive internal control process for quality management to mitigate potential quality issues in its products[44]. - The company has a minority interest of 14,672,934.72 CNY, indicating the presence of external stakeholders[106]. Risk Management - The company faces risks from increasing competition in the small home appliance market, which may impact profit margins[43]. - The company aims to enhance technological innovation and strengthen intellectual property protection to mitigate competitive risks[43]. - The company has initiated measures to address risks associated with market expansion and technological development[44]. Compliance and Governance - The financial report for the first half of 2024 has not been audited[90]. - The company has not experienced any changes in its board of directors, supervisors, or senior management during the reporting period[45]. - The company has adhered to environmental management standards, with no reported emissions or complaints[57]. Cash Flow and Financial Management - The total cash inflow from operating activities for the first half of 2024 was CNY 5,402,404,862.10, a slight decrease of 1.4% compared to CNY 5,481,464,801.80 in the same period of 2023[103]. - Cash and cash equivalents at the end of the period reached CNY 2,123,679,915.23, an increase of 67.8% from CNY 1,265,783,625.28 at the end of the first half of 2023[103]. - The company reported overdue receivables from entrusted financial management amounting to 185.11 million yuan, with a provision for impairment of 90.89 million yuan[74][75].

第六届监事会第九次会议决议公告 本公司及监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 2024 年 8 月 14 日以书面等方式发 出关于召开公司第六届监事会第九次会议的通知，会议于 2024 年 8 月 28 日以通 讯表决的方式召开。会议应参与表决监事 3 名，实际参与表决监事 3 名。本次会 议由监事会主席朱宏韬主持。本次会议的召开与表决程序符合《公司法》和《公 司章程》等的有关规定，表决所形成的决议合法、有效。经与会监事认真审议并 表决，通过如下决议： 证券代码：002242 证券简称：九阳股份 公告编号：2024-018 九阳股份有限公司 经审核，监事会认为：董事会编制和审核《公司2024年半年度报告及摘要》 的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司2024年半年度报告全文详见巨潮资讯网（http://www.cninfo.com.cn）；报告 摘要详见2024年8月30日《证券时报》、《中国证券报》及巨潮资讯网 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-020 九阳股份有限公司 关于调增 2024 年度日常关联交易预计的公告 九阳股份有限公司（以下简称：九阳股份、公司）于2024年3月27日召开的第 六届董事会第八次会议以及2024年4月29日召开的2023年年度股东大会审议通过 了《关于2024年度日常关联交易预计的议案》，对公司2024年度预计发生的日常 关联交易进行了预计，具体内容详见公司于2024年3月29日在巨潮资讯网 http://www.cninfo.com.cn以及《证券时报》、《中国证券报》上披露的《关于2024年 度日常关联交易预计的公告》（公告编号：2024-004）。 因公司相关业务发展实际需要，现拟调增九阳股份及公司控股子公司/孙公 司与关联人JS环球生活有限公司及其下属子公司/孙公司2024年度日常关联交易 预计。具体调增情况如下： 本次拟将与关联人JS环球生活有限公司及其下属子公司/孙公司2024年日常 关联交易额度由1.5百万美元（按交易发生时的即期汇率折算人民币预计为0.11亿 元）调增至9.5百万美元（按交易发生时的即期汇率折算人民币预计为0.67亿元）。 公 ...

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。 证券代码：002242 证券简称：九阳股份 公告编号：2024-021 九阳股份有限公司 关于会计政策变更的公告 特别提示： 本次会计政策变更是九阳股份有限公司（以下简称"公司"）根据财政部相 关规定和要求进行的变更，符合相关法律法规的规定，执行变更后的会计政策能 够客观、公允地反映公司的财务状况和经营成果。本次变更无需提交公司董事会 和股东大会审议，预计执行新准则对公司当期及前期的净利润、总资产和净资产 均不会产生重大影响。 一、本次会计政策变更概述 1、变更原因及适用日期 2023年10月25日，财政部印发了《企业会计准则解释第17号》（财会〔2023〕 21号），该解释对"关于流动负债与非流动负债的划分""关于供应商融资安排 的披露""关于售后租回交易的会计处理"的内容进行了规范说明。该解释自2024 年1月1日起施行。 公司根据上述要求对会计政策进行相应变更，自2024年1月1日起执行。 2、变更前采用的会计政策 变更前，公司执行财政部发布的《企业会计准则——基本准则》和各项具体 会计准则、企业会计准则应 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-017 公司独立董事已召开专门会议审议本议案，一致同意将本议案提交董事会审 议。 该议案的详细情况详见巨潮资讯网（http://www.cninfo.com.cn）以及2024年8月30 日《证券时报》、《中国证券报》上公司公告编号为2024-020号《关于调增2024年 度日常关联交易预计的公告》。 九阳股份有限公司（以下简称：公司）于 2024 年 8 月 14 日以书面的方式发 出关于召开公司第六届董事会第十次会议的通知，会议于 2024 年 8 月 28 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： 1、经表决，会议以同意票 6 票，反对票 0 票，弃权票 0 票，审议通过了《公 司 2024 年半年度报告及摘要》。该议案在提交董事会前，已经公司董事会审计 委员会 2024 年第三次会议审议通过并获全票同意。 公司2024年半年度报 ...

Investment Rating - The investment rating for Joyoung Co. (002242.SZ) is "Sell" with a 12-month price target of RMB 9.4, indicating a downside potential of 9.6% from the current price of RMB 10.4 [5][6]. Core Views - The report suggests that the current valuation of Joyoung Co. does not adequately reflect several downside risks, including weak domestic demand for small appliances, intensified competition affecting profit margins, and slowing growth in overseas revenue [5][6]. - The revenue forecasts for 2024-2026 have been slightly adjusted downwards by 1-2% to reflect the latest industry trends, with expected revenues of RMB 9.6 billion in 2024, RMB 10.2 billion in 2025, and RMB 10.9 billion in 2026 [2][3][6]. Financial Summary - Revenue for 2024 is projected at RMB 9,629 million, with a year-on-year growth of 0.2%. For 2025 and 2026, revenues are expected to be RMB 10,230 million and RMB 10,873 million, respectively, reflecting growth rates of 6.2% and 6.3% [2][3]. - The gross profit margin (GPM) is expected to be 26.9% in 2024, with slight improvements to 27.1% in 2025 and 27.3% in 2026 [2][3]. - Net income is forecasted to be RMB 449 million in 2024, RMB 493 million in 2025, and RMB 549 million in 2026, with year-on-year growth rates of 15.5%, 9.7%, and 11.4% respectively [2][3]. - Earnings per share (EPS) are projected to be RMB 0.59 in 2024, RMB 0.64 in 2025, and RMB 0.72 in 2026, with slight adjustments from previous estimates [2][3][6]. Key Assumptions - The report highlights that the small appliance market remains vulnerable to consumer spending trends, with potential risks of consumption downgrade due to the discretionary nature of these products [5]. - The competitive landscape in the domestic market is expected to intensify, which may further pressure profit margins [5].

关于控股股东一致行动人暨持股 5%以上股东变更名称的公告 九阳股份有限公司董事会 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。 证券代码：002242 证券简称：九阳股份 公告编号：2024-016 JS Global Capital Management Limited 仍为公司控股股东上海力鸿企业管理有限 公司的一致行动人，上述变更事项未涉及公司控股股东的股权变动，对公司经营 活动不构成影响，公司控股股东和实际控制人未发生变化。 九阳股份有限公司（以下简称：公司）于 2024 年 7 月 12 日收到控股股东一 致行动人、持股 5%以上股东 BILTING DEVELOPMENTS LIMITED 的通知，其公司名 称由"BILTING DEVELOPMENTS LIMITED"变更为"JS Global Capital Management Limited"。 九阳股份有限公司 特此公告 2024 年 7 月 16 日 ...

2024 年 5 月 30 日 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，于 2023 年 3 月 30 日召开第六届 董事会第二次会议和第六届监事会第二次会议，于 2024 年 3 月 27 日召开第六届 董事会第八次会议和第六届监事会第七次会议，分别审议通过《关于注销 2021 年 股票期权激励计划部分股票期权的议案》，因激励对象离职和公司层面考核不达 标，公司将 2021 年股票期权激励计划（以下简称"本激励计划"）首次授予的股 票期权中 107 名激励对象已获授但尚未行权的合计 1,560.00 万份股票期权予以注 销，上述注销完成后，本激励计划首次授予的股票期权全部注销完毕。具体内容 详见公司于 2022 年 3 月 30 日、2023 年 4 月 1 日和 2024 年 3 月 29 日在指定媒体 披露的《关于注销 2021 年股票期权激励计划部分股票期权的公告》（公告编号： 2022-013、2023-010 和 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown strong domestic sales growth, with a notable increase in revenue of 20.65 billion yuan in Q1 2024, representing a year-on-year growth of 9.15%. The domestic sales of the soy milk machine category have seen significant growth, while the overall market share remains stable [3][4]. - The company has launched several new products in April 2024, which are expected to positively impact sales in the future [3]. - The operational efficiency has improved significantly, with inventory decreasing by 22% year-on-year and inventory turnover days reduced by 12.98 days [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 1.30 billion yuan, up 7.06% year-on-year, and a net profit excluding non-recurring items of 1.25 billion yuan, up 7.23% year-on-year [23]. - The gross profit margin for Q1 2024 was 26.92%, a slight decrease of 0.95 percentage points year-on-year, attributed to improved cost control and product structure optimization in domestic sales [24]. - The company’s operating cash flow increased by 2.09% year-on-year, with a cash collection ratio of 1.37 and a net cash ratio of 2.41, indicating stable operational quality [7]. Market Position and Strategy - The company is positioned as a high-quality small home appliance manufacturer, actively adapting to changes in demand and channels, and effectively leveraging consumer insights to develop targeted products [4]. - The company has maintained a stable market share in key categories, with online sales growth rates for soy milk machines, wall-breaking machines, rice cookers, and electric pressure cookers showing varied performance [3]. Future Outlook - The company is expected to achieve net profits of 4.58 billion yuan, 5.13 billion yuan, and 5.68 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.19, 18.93, and 17.08 [4].

证券代码：002242 证券简称：九阳股份 公告编号：2024-014 九阳股份有限公司 2023 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 分红年度：2023年年度权益分派 分配方案：分配比例固定 权益登记日：2024年5月22日 除权除息日：2024年5月23日 除权前总股本：767,017,000股 除权后总股本：767,017,000股 回购专户上已回购的股份数量：4,000,000股 每10股派息（含税）：1.50元 现金分红总额：114,452,550元 按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股 派息（含税）：1.492177元 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关 规定，上市公司回购专用证券账户中的股份，不享有股东大会表决权、利润分配、 公积金转增股本、认购新股和可转换公司债券等权利。九阳股份有限公司（以下 简称：公司、本公司）回购专用证券账户中的4,000,000股不参与本次权益分派， 本次权益分派以公司现有总股本767,017,000股剔除已回购 ...