Group 1: Core Views - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment [2][4]. Group 2: White Goods Industry - Most listed companies in the white goods sector reported growth in both revenue and net profit for 2024 and Q1 2025. For instance, Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29% [4][5]. - In Q1 2025, Midea Group's revenue reached 128.43 billion yuan, growing over 20%, with a net profit of 12.42 billion yuan, an increase of 38.02% [4][5]. - Haier Smart Home reported a revenue of 285.98 billion yuan in 2024, a 4.29% increase, and a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, its net profit was 5.49 billion yuan, growing by 15.09% [4][5]. - Other companies like Whirlpool, TCL, and Gree Electric also saw their net profit growth exceed 10% in Q1 2025 [4]. Group 3: Black Goods Industry - The black goods sector exhibited performance divergence, with leading companies showing stable growth. For example, Sichuan Changhong reported a revenue of 103.69 billion yuan in 2024, a 6.4% increase, and a net profit of 0.704 billion yuan, up 2.3% [8][9]. - In Q1 2025, Sichuan Changhong's revenue was 26.84 billion yuan, a 12.89% increase, with a net profit of 0.345 billion yuan, soaring by 96.68% [8][9]. - Haier Vision achieved a revenue of 58.53 billion yuan in 2024, a 9.17% increase, and a net profit of 2.246 billion yuan, up 7.17%. In Q1 2025, its revenue was 13.38 billion yuan, growing by 5.31%, with a net profit of 0.554 billion yuan, up 18.61% [8][9]. Group 4: Small Appliances Industry - The small appliances sector showed mixed results, with some leading companies continuing to grow. For instance, Supor reported a revenue of 22.43 billion yuan in 2024, a 5.27% increase, and a net profit of 2.24 billion yuan, up 2.97% [11][12]. - In Q1 2025, Supor's revenue was 5.79 billion yuan, growing by 7.59%, with a net profit of 0.497 billion yuan, up 5.82% [12][14]. - Newell's revenue exceeded 16.82 billion yuan in 2024, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, its revenue was 3.83 billion yuan, growing by 10.36%, with a net profit of 0.247 billion yuan, up 43.02% [12][14]. - Conversely, companies like Joyoung experienced declines, with a revenue drop of 7.94% in 2024 and a net profit decline of 68.55% [13][14].

九阳股份（002242.SZ） 盈利水平环比上行，期待公司景气回升 事件：公司发布 2025 年一季报。公司 25Q1 实现营业收入 20.0 亿元， 同比-3.2%；归母净利润为 1.0 亿元，同比-21.9%；扣非归母净利润为 1.1 亿元，同比-15.1%。 证券研究报告 | 季报点评 gszqdatemark 2025 05 01 年 月 日 核心品类零售端恢复增长态势。根据奥维云数据，2025 年一季度九阳 品牌线上破壁机/空气炸锅品类销额同比+8.1%/+5.0%，市占率同比 提升 2.23pct/0.33pct 至 43.4%/19.8%。 盈利水平环比有所回升。1）毛利率：25Q1 公司毛利率 26.3%，同比 -0.6pct。2）费率端：25Q1 销售/管理费/研发/财务费率分别为 13.1%/4.4%/4.4%/-1.2%，同比变动-0.1pct/持平/+0.2pct/-0.1pct。 3）净利率：25Q1 净利率为 5.0%，同比-1.3pct，环比+4.5pct。 盈利预测与投资建议：考虑到公司 25Q1 利润率环比修复明显，我们 预计公司 2025-2027 年归母净利润分别为 4. ...

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]