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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][31] Core Views - The company reported a revenue of 2.065 billion yuan in Q1 2024, representing a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 130 million yuan, up 7.06% year-on-year [6] - The internal sales have shown signs of recovery, with core product demand stabilizing after several quarters of adjustment, leading to an optimistic outlook for profit elasticity [6][28] - The company maintains its profit forecast for 2024-2026, expecting net profits of 438 million yuan, 500 million yuan, and 554 million yuan respectively, with corresponding EPS of 0.57 yuan, 0.65 yuan, and 0.72 yuan [6][10] Summary by Sections Sales Performance - In Q1 2024, the retail volume of soybean milk machines increased by 43.36% year-on-year, while the retail volume of wall-breaking machines decreased by 5.82% [7] - The retail revenue for soybean milk machines rose by 30.82% year-on-year, while that for wall-breaking machines fell by 13.32% [7] - The company’s brand share remains stable, and internal sales are expected to approach double-digit growth in Q1 2024 [7] Profitability and Cost Management - The gross margin for Q1 2024 is expected to remain stable at 26.92%, with a slight decrease of 0.95 percentage points [8] - The company has improved its sales, management, and R&D expense ratios, which are 13.23%, 4.33%, and 4.25% respectively [8] - The net profit margin for Q1 2024 is 6.29%, a decrease of 0.12 percentage points year-on-year [8] Future Outlook - The company is focusing on improving its product and channel structure in internal sales, with new product launches in the "Space Technology 3.0" series expected to enhance its market position [7][28] - The company anticipates that core product improvements will stabilize internal sales, with water appliances and personal care products expected to gradually contribute to revenue growth [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.35 CNY per share, reflecting a 20x PE for 2024 [4][20]. Core Insights - In Q1 2024, the company achieved a revenue of 2.07 billion CNY, representing a year-on-year increase of 9.2%, and a net profit of 130 million CNY, up 7.1% year-on-year. The gross margin was 26.9%, down 0.9 percentage points, while the net margin was 6.3%, down 0.1 percentage points [1][2]. Summary by Relevant Sections Revenue and Profit Growth - The company reported positive growth in both revenue and profit for Q1 2024, with revenue at 2.07 billion CNY and net profit at 130 million CNY, indicating a recovery trend [1][2]. Sales Performance - External sales are expected to maintain growth, while internal sales show signs of improvement. The increase in revenue is attributed to the end of inventory destocking in overseas markets and improved domestic sales, particularly in small kitchen appliances [2]. Financial Forecast - The company is projected to see net profit growth of 11.8%, 12.0%, and 10.0% for the years 2024, 2025, and 2026, respectively. The report emphasizes the company's strong product innovation and channel capabilities [2][3]. Financial Metrics - The report provides financial metrics including revenue growth rates, EBITDA, and net profit forecasts, indicating a gradual recovery in the company's financial performance [3].