老板电器(002508) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes This section includes the company's board of directors, supervisory board, and senior management's assurance statement on the truthfulness, accuracy, and completeness of the semi-annual report, along with the profit distribution plan - The company's board of directors, supervisory board, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4] - Company head Ren Jianhua, chief accountant Zhang Guofu, and accounting department head Zhang Guofu declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The profit distribution plan approved by this board meeting is: based on 944,938,916 shares, a cash dividend of CNY 5 (tax inclusive) per 10 shares will be distributed to all shareholders, with no bonus shares or capital reserve conversions[4] Table of Contents This section lists the structured table of contents for the semi-annual report, covering company profile, MD&A, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data - The report's table of contents includes sections on company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[6] Catalog of Reference Documents This section provides a list of reference documents for the semi-annual report, including financial statements signed and sealed by the legal representative and chief accountant, original copies of publicly disclosed company documents and announcements, and the report text signed by the legal representative - The catalog of reference documents includes financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[8] - Reference documents also include original copies of all company documents and announcements publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the reporting period[9] - The company's 2025 semi-annual report text, signed by the legal representative, is also listed in the catalog of reference documents[10] Definitions This section defines key terms used in the report, clarifying references such as "the Company," "Robam Group," "Mingqi Company," "Jindi Company," "Jinhe Electric," "Reporting Period," and "Aowei" - "The Company," "Company," "Robam Appliances" refer to Hangzhou Robam Appliances Co., Ltd[12] - "Robam Group" refers to Hangzhou Robam Industrial Group Co., Ltd., the controlling shareholder of the Company[12] - "Reporting Period" refers to the first half of 2025[12] Company Profile and Key Financial Indicators I. Company Profile This section introduces the basic information of Hangzhou Robam Appliances Co., Ltd., including its stock ticker, code, listing exchange, company name in Chinese and English, and legal representative - The company's stock ticker is "Robam Appliances," stock code 002508, listed on the Shenzhen Stock Exchange[14] - The company's Chinese name is Hangzhou Robam Appliances Co., Ltd., and its legal representative is Ren Jianhua[14] II. Contact Person and Contact Information This section provides contact details for the company's board secretary and securities affairs representative, including names, addresses, phone numbers, fax numbers, and email addresses - The company's board secretary is Wang Gang, and the securities affairs representative is Chen Xiaofeng, both with the contact address at No. 592 Linping Avenue, Linping District, Hangzhou, Zhejiang Province[15] - The contact phone number is 0571-86187810, fax number is 0571-86187769, and email address is wg@robam.com[15] III. Other Information This section states that the company's contact information, information disclosure, and document storage locations, as well as other relevant data, remained unchanged during the reporting period, referring to the 2024 annual report for details - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - The securities exchange website and media names and URLs for the company's semi-annual report disclosure, and the location for the semi-annual report, remained unchanged during the reporting period, as detailed in the 2024 annual report[17] IV. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit both declined year-on-year, but net cash flow from operating activities significantly increased, total assets slightly decreased, and net assets attributable to shareholders increased - The company does not need to retrospectively adjust or restate prior year accounting data[19] 主要会计数据和财务指标（本报告期 vs 上年同期/末） | 指标 | Current Reporting Period | Prior Period/Year-end | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 4,607,524,703.26 | 4,729,354,071.80 | -2.58% | | Net Profit Attributable to Listed Company Shareholders (CNY) | 711,640,958.19 | 759,358,954.74 | -6.28% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) (CNY) | 641,999,238.91 | 657,758,277.88 | -2.40% | | Net Cash Flow from Operating Activities (CNY) | 511,206,760.85 | 414,005,591.39 | 23.48% | | Basic Earnings Per Share (CNY/share) | 0.75 | 0.80 | -6.25% | | Diluted Earnings Per Share (CNY/share) | 0.75 | 0.80 | -6.25% | | Weighted Average Return on Net Assets | 6.17% | 7.01% | Decreased by 0.84 percentage points | | Total Assets (CNY) | 16,979,485,948.79 | 17,043,258,282.33 | -0.37% | | Net Assets Attributable to Listed Company Shareholders (CNY) | 11,430,595,957.37 | 11,178,437,443.19 | 2.26% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21] VI. Non-recurring Gains and Losses and Amounts This section lists the non-recurring gains and losses and their amounts for the reporting period, totaling CNY 69.64 million, and explains certain items that meet the definition of non-recurring gains and losses but are classified as recurring, such as VAT refunds and individual income tax handling fee rebates 非经常性损益项目及金额 | 项目 | 金额 (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the reversal of impairment provisions already made) | -3,810,678.34 | | Government subsidies included in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 29,102,907.43 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 60,159,851.47 | | Other non-operating income and expenses apart from the above items | -2,839,117.56 | | Less: Income tax impact | 12,950,048.49 | | Impact on minority interests (after tax) | 21,195.23 | | Total | 69,641,719.28 | - VAT refunds and reductions (CNY 26.80 million) and individual income tax handling fee rebates (CNY 1.18 million) are classified as recurring gains and losses due to national tax policies, which are considered regular business activities[24] Management Discussion and Analysis I. Main Business Activities of the Company During the Reporting Period During the reporting period, the company, amidst a complex external environment, strengthened its leadership in the kitchen appliance industry through deepened technological innovation, optimized marketing strategies, improved production and operational efficiency, and enhanced brand building, achieving breakthroughs in AI and digital kitchen appliances, actively expanding multi-brand and multi-channel layouts, and continuously improving corporate governance and shareholder returns - In the first half of 2025, the domestic kitchen appliance market maintained a recovery trend, but performance varied significantly across different channels and categories, with the industry characterized by "category cycle differentiation and innovation-led iteration"[26] - Robam brand range hoods and gas stoves ranked first in offline retail sales and volume market share; online retail sales and volume generally remained at the forefront[27] - The company achieved multiple functional breakthroughs in AI and digital kitchen appliances, established the Hangzhou Artificial Intelligence Research Institute, and accumulated 6,325 valid patents, including 602 invention patents[28] - The company continuously deepened its user-centric operating philosophy, promoted a multi-brand synergistic development strategy, and actively responded to policy guidance by advancing trade-in activities[29] - The company closely focused on four core strategies: supply-demand integration, cost leadership, user satisfaction, and ecological synergy, continuously promoting deep transformation of its supply chain system and upgrading manufacturing capabilities[30] - The company continued to deeply cultivate its core cooking business, strengthening its strategic positioning as a "provider of full-link cooking solutions," with its AI cooking large model "Chef God" debuting at international exhibitions, and establishing the first cooking humanities research institute in China[31] - The company has been rated A (Excellent) in the Shenzhen Stock Exchange's information disclosure assessment for eleven consecutive years, maintained an MSCI ESG rating of AA, and continued to implement a dividend strategy of "annual dividend in the first half + interim dividend in the second half"[32] II. Analysis of Core Competencies During the reporting period, the company's core competencies remained largely unchanged, primarily reflected in its high-end brand positioning, continuous innovation in R&D, and comprehensive and efficient operational capabilities - During the reporting period, the company's core competencies did not undergo significant changes[33] - The company's core competencies are primarily reflected in its high-end brand positioning, continuous innovation in R&D, and comprehensive and efficient operational capabilities[33] III. Analysis of Main Business Operations During the reporting period, the company's operating revenue decreased by 2.58% year-on-year, mainly due to a decline in revenue from certain product categories, though dishwasher and integrated appliance revenue grew. Home appliance and kitchen & bathroom business remained the primary revenue source, with an increase in gross profit margin. Regional market performance varied, with revenue growth in South China, North China, and Northwest China, and significant growth in overseas revenue - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[36] 主要财务数据同比变动情况 | 指标 | Current Reporting Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,607,524,703.26 | 4,729,354,071.80 | -2.58% | | | Operating Cost | 2,283,762,522.42 | 2,417,617,979.67 | -5.54% | | | Selling Expenses | 1,249,377,013.90 | 1,189,754,400.18 | 5.01% | | | Administrative Expenses | 206,605,747.81 | 214,267,083.09 | -3.58% | | | Financial Expenses | -69,676,130.73 | -95,390,413.45 | -26.96% | | | Income Tax Expense | 134,376,892.39 | 137,595,570.63 | -2.34% | | | R&D Investment | 158,939,711.88 | 178,373,820.48 | -10.90% | | | Net Cash Flow from Operating Activities | 511,206,760.85 | 414,005,591.39 | 23.48% | | | Net Cash Flow from Financing Activities | -464,932,229.86 | -928,670,536.81 | -49.94% | Primarily due to two dividend distributions in the prior period, namely the 2023 special dividend and 2023 annual dividend | | Net Increase in Cash and Cash Equivalents | -299,179,971.34 | -861,277,057.45 | -65.26% | Primarily due to two dividend distributions in the prior period, namely the 2023 special dividend and 2023 annual dividend, and increased collections in the current year | 营业收入构成（分行业、分产品、分地区） | 分类 | 项目 | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Home Appliances & Kitchenware | 4,498,866,991.01 | 97.64% | 4,604,808,674.29 | 97.37% | -2.30% | | | Other Business Income | 108,657,712.25 | 2.36% | 124,545,397.51 | 2.63% | -12.76% | | By Product | Range Hoods | 2,205,199,571.60 | 47.86% | 2,258,608,055.24 | 47.76% | -2.36% | | | Gas Stoves | 1,156,313,826.74 | 25.10% | 1,169,304,461.08 | 24.72% | -1.11% | | | Dishwashers | 337,558,765.74 | 7.33% | 318,347,953.95 | 6.73% | 6.03% | | | Integrated Appliances | 299,806,829.45 | 6.51% | 282,119,593.77 | 5.97% | 6.27% | | | Steam Ovens | 17,267,264.88 | 0.37% | 27,610,887.93 | 0.58% | -37.46% | | | Electric Ovens | 14,236,952.79 | 0.31% | 25,506,949.12 | 0.54% | -44.18% | | | Sterilizers | 121,857,006.83 | 2.64% | 179,381,531.41 | 3.79% | -32.07% | | | Water Heaters | 106,570,335.60 | 2.31% | 110,776,505.83 | 2.34% | -3.80% | | | Cabinets | 102,049,473.06 | 2.21% | | | 100.00% | | | Integrated Stoves | 100,243,773.64 | 2.18% | 183,045,699.18 | 3.87% | -45.24% | | By Region | South China | 551,644,073.12 | 11.97% | 524,496,954.45 | 11.09% | 5.18% | | | North China | 562,967,521.52 | 12.22% | 516,471,998.11 | 10.92% | 9.00% | | | Northwest China | 291,781,638.55 | 6.33% | 238,856,066.29 | 5.05% | 22.16% | | | Overseas | 43,647,469.02 | 0.95% | 28,693,714.11 | 0.61% | 52.12% | 占公司营业收入或营业利润10%以上的行业、产品或地区情况 | 分类 | 项目 | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Home Appliances & Kitchenware | 4,498,866,991.01 | 2,225,624,008.17 | 50.53% | -2.30% | -6.56% | 2.25% | | By Product | Range Hoods | 2,205,199,571.60 | 1,027,472,744.29 | 53.41% | -2.36% | -7.56% | 2.62% | | | Gas Stoves | 1,156,313,826.74 | 519,651,653.74 | 55.06% | -1.11% | -5.44% | 2.06% | | By Region | East China | 2,148,385,617.34 | 949,234,266.57 | 55.82% | -9.17% | -15.67% | 3.41% | | | South China | 551,644,073.12 | 307,422,092.92 | 44.27% | 5.18% | 8.62% | -1.77% | | | North China | 562,967,521.52 | 296,556,086.26 | 47.32% | 9.00% | 19.08% | -4.46% | IV. Analysis of Non-Core Business Operations This section states that the company had no non-core business analysis during the reporting period - The company had no non-core business analysis during the reporting period[38] V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly decreased, while net assets attributable to shareholders increased. Monetary funds decreased, trading financial assets and construction in progress increased, and accounts receivable and inventory slightly grew. On the liability side, short-term borrowings and contract liabilities increased, while accounts payable decreased 资产构成重大变动情况 | 项目 | Period-end Balance (CNY) | Proportion of Total Assets | Prior Year-end Balance (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,344,742,758.10 | 7.92% | 1,631,776,094.27 | 9.57% | -1.65% | | Accounts Receivable | 2,009,189,001.07 | 11.83% | 1,963,710,151.61 | 11.52% | 0.31% | | Inventories | 1,274,810,963.95 | 7.51% | 1,214,012,761.29 | 7.12% | 0.39% | | Construction in Progress | 552,490,988.61 | 3.25% | 457,357,111.28 | 2.68% | 0.57% | | Short-term Borrowings | 94,747,977.34 | 0.56% | 93,239,299.06 | 0.55% | 0.01% | | Contract Liabilities | 934,905,079.28 | 5.51% | 867,810,932.52 | 5.09% | 0.42% | - Financial assets measured at fair value reached CNY 3.23 billion at period-end, up from CNY 2.48 billion at period-start[43] - As of the end of the reporting period, some of the company's monetary funds, fixed assets, and intangible assets were restricted, with a total book value of CNY 276.41 million[43] VI. Analysis of Investment Status This section states that the company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period, nor any use of raised funds - The company had no securities investments during the reporting period[45] - The company had no derivative investments during the reporting period[46] - The company had no use of raised funds during the reporting period[47] VII. Disposal of Major Assets and Equity This section states that the company did not dispose of any major assets or equity during the reporting period - The company did not dispose of major assets during the reporting period[48] - The company did not dispose of major equity during the reporting period[49] VIII. Analysis of Major Holding and Participating Companies This section lists the financial information of the company's major holding and participating companies, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, and states that there were no acquisitions or disposals of subsidiaries during the reporting period 主要子公司及对公司净利润影响达10%以上的参股公司情况 | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Robam Appliances Sales Co., Ltd. | Subsidiary | Kitchen appliance sales | 5,000,000 | 68,331,752.47 | 32,159,855.91 | 101,940,910.16 | -6,867,070.83 | -6,885,652.84 | | Shanghai Robam Appliances Sales Co., Ltd. | Subsidiary | Kitchen appliance sales | 5,000,000 | 121,654,363.35 | -34,460,769.05 | 224,877,506.11 | 2,120,712.70 | 2,028,698.89 | | Hangzhou Mingqi Electric Appliances Co., Ltd. | Subsidiary | Kitchen appliance sales | 50,000,000 | 282,574,669.75 | 45,105,038.22 | 237,901,640.18 | 4,162,568.29 | 4,207,390.92 | | Shengzhou Jindi Smart Kitchen Appliances Co., Ltd. | Subsidiary | Kitchen appliance sales | 32,653,061 | 343,540,008.82 | 160,471,230.70 | 32,886,028.28 | -12,486,145.19 | -15,844,015.15 | | Hangzhou Jinhe Electric Appliances Co., Ltd. | Subsidiary | Kitchen appliance sales | 10,000,000 | 174,239,011.18 | 34,050,800.53 | 197,422,189.59 | 6,047,535.62 | 4,222,003.66 | | Hangzhou Robam E-commerce Co., Ltd. | Subsidiary | Kitchen appliance sales | 10,000,000 | 194,430,368.30 | 25,024,498.47 | 340,097,729.21 | 7,322,076.37 | 5,491,559.85 | - The company did not acquire or dispose of any subsidiaries during the reporting period[51] IX. Structured Entities Controlled by the Company This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[52] X. Risks Faced by the Company and Countermeasures The company faces risks from real estate market fluctuations, raw material price volatility, and intensified market competition, which it mitigates by consolidating market leadership, strengthening cost management, and continuous innovation - The company focuses on the kitchen appliance sector, and its product demand is still somewhat linked to the real estate market, so fluctuations in the real estate market may still impact the company's operating performance[52] - The company's main raw materials include stainless steel, cold-rolled sheets, copper, and glass, whose price fluctuations will directly affect product costs and thus the company's profitability[53] - The kitchen appliance industry faces intensified market competition, which will impact the company's operating performance[54] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated a market value management system, approved by the board of directors on December 24, 2024, but has not disclosed a valuation enhancement plan - The company has formulated a market value management system, which was reviewed and approved at the twelfth meeting of the sixth board of directors on December 24, 2024[55] - The company has not disclosed a valuation enhancement plan[55] XII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company has formulated and disclosed a "Quality and Return Dual Enhancement" action plan, aiming for high-quality development and increased capital market value by focusing on its core business, strengthening information disclosure quality, safeguarding shareholder rights, and enhancing investor relations management - The company has disclosed its "Quality and Return Dual Enhancement" action plan announcement[56] - The company remains committed to its core business, focusing on the cooking industry for over 40 years, dedicated to leading cooking innovation, providing digital cooking technology solutions, and building a multi-brand matrix with a full product portfolio[56][57] - The company strictly adheres to laws and regulations, has received an A-rating in the SZSE information disclosure assessment for 11 consecutive years, and proactively discloses social responsibility and ESG reports, thereby strengthening information disclosure quality[58] - Since its listing in 2010, the company has maintained stable annual dividends and released the "Shareholder Return Plan for the Next Three Years (2024-2026)," explicitly committing to two cash dividends annually, with a ratio of no less than 50%[59] - The company enhances communication with investors through various channels, including performance briefings, investor open days, investor hotlines, and the SZSE "Interactive Easy" platform, to boost its capital market value[60][61] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[63] II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period, but disclosed an annual profit distribution plan to distribute a cash dividend of CNY 5 (tax inclusive) per 10 shares to all shareholders, totaling CNY 472.47 million, based on 944,938,916 shares - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[64] 本次现金分红情况 | 指标 | 金额 | | :--- | :--- | | Share base for distribution plan (shares) | 944,938,916 | | Dividend per 10 shares (CNY) (tax inclusive) | 5 | | Cash dividend amount (CNY) (tax inclusive) | 472,469,458.00 | | Proportion of total cash dividend (including other methods) to total profit distribution | 100% | | Distributable profit (CNY) | 9,944,581,391.32 | - If the company's share capital changes due to new share listings, exercise of equity incentives, convertible bond conversions, or share repurchases between the disclosure of the distribution plan and the equity registration date for dividend implementation, the total distribution amount will be adjusted accordingly, maintaining the same cash dividend per share ratio[65] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company continues to implement multiple equity incentive plans, including the 2022, 2023, 2024, and 2025 stock option incentive plans, and has launched the second phase of its partner stock ownership plan. During the reporting period, some stock options were canceled, and the first exercise period conditions for the 2023 plan were met, with some options already exercised - Some stock options from the 2022 stock option incentive plan were canceled due to unfulfilled exercise conditions or board review[68][69] - The first exercise period conditions for the 2023 stock option incentive plan were met, allowing 293 eligible incentive recipients to exercise 901,800 stock options, totaling CNY 3.29 million. As of June 30, 2025, 156,700 options have been exercised, amounting to CNY 422,500[71][123] - The 2025 stock option incentive plan granted 6.08 million options to 370 individuals on May 23, 2025, with an actual grant of 6.06 million options at an exercise price of CNY 17.58 per option[74][75][76][123] - The 2024 annual assessment conditions for the second phase of the partner stock ownership plan were not met, so the company will not allocate a special fund for the stock ownership plan this year[77] IV. Environmental Information Disclosure This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[78] V. Social Responsibility This section states that the company has disclosed its "2024 Environmental, Social, and Governance (ESG) Report" on the designated disclosure media, Juchao Information Network, detailing its social responsibility performance - The company has disclosed its "2024 Environmental, Social, and Governance (ESG) Report" on the designated disclosure media, Juchao Information Network[78] Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period This section states that during the reporting period, there were no commitments fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or other committed parties[80] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company This section states that during the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company[81] III. Irregular External Guarantees This section states that there were no irregular external guarantees by the company during the reporting period - The company had no irregular external guarantees during the reporting period[82] IV. Appointment and Dismissal of Accounting Firms This section states that the company's semi-annual financial report was not audited - The company's semi-annual report was not audited[83] V. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period This section states that during the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" from the accounting firm for the current reporting period - During the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" from the accounting firm for the current reporting period[84] VI. Board of Directors' Explanations on Matters Related to the "Non-Standard Audit Report" for the Previous Year This section states that during the reporting period, there were no explanations from the board of directors regarding matters related to the "non-standard audit report" for the previous year - During the reporting period, there were no explanations from the board of directors regarding matters related to the "non-standard audit report" for the previous year[84] VII. Bankruptcy and Reorganization Matters This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[84] VIII. Litigation Matters This section states that the company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[85] - The company had no other litigation matters during the reporting period[85] IX. Penalties and Rectification This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[86] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This section states that during the reporting period, there were no issues with the integrity status of the company, its controlling shareholder, or actual controller - During the reporting period, there were no issues with the integrity status of the company, its controlling shareholder, or actual controller[87] XI. Significant Related Party Transactions During the reporting period, the company engaged in daily operational related party transactions such as goods purchases and sales, provision and acceptance of labor services, and related party leases, and disclosed its 2025 annual related party transaction forecast announcement - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[88] - The company had no related party transactions involving joint external investments during the reporting period[89] - The company had no related party creditor-debtor transactions during the reporting period[90] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies or related parties[91] - There were no deposits, loans, credit lines, or other financial transactions between the company's controlled financial company and related parties[92] - For details, refer to the company's "Announcement on the Forecast of Related Party Transactions for 2025" (2025-010) disclosed on April 29, 2025[93] XII. Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, and no significant guarantees, but engaged in wealth management activities with an outstanding balance of CNY 3.23 billion at period-end, with no overdue principal or impairment - The company had no entrustment, contracting, or leasing situations during the reporting period[95][96][97] - The company had no significant guarantee situations during the reporting period[98] 委托理财情况 | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unexpired Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 200,000 | 323,000 | 0 | - The company had no other significant contracts during the reporting period[101] XIII. Explanation of Other Significant Matters This section states that the company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[102] XIV. Significant Matters of Company Subsidiaries This section states that the company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[103] Share Changes and Shareholder Information I. Share Change Information During the reporting period, the company's total number of shares remained unchanged, and the proportion of restricted and unrestricted shares remained stable 股份变动情况 | 类别 | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,387,129 | 1.21% | 0 | 11,387,129 | 1.21% | | II. Unrestricted Shares | 933,551,787 | 98.79% | 0 | 933,551,787 | 98.79% | | III. Total Shares | 944,938,916 | 100.00% | 0 | 944,938,916 | 100.00% | - The reasons for share changes, approval status, and transfer status were all not applicable during the reporting period[105][106] - There was no progress on share repurchases during the reporting period[106] II. Securities Issuance and Listing This section states that the company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period[106] III. Company Shareholder Numbers and Shareholding Structure At the end of the reporting period, the company had 61,624 common shareholders. Among the top ten shareholders, Hangzhou Robam Industrial Group Co., Ltd. was the controlling shareholder with a 49.90% stake, and Hong Kong Securities Clearing Company Limited held 9.62%. Some shareholders may have related party relationships or act in concert - Total number of common shareholders at the end of the reporting period: 61,624[107] 持股5%以上的股东或前10名股东持股情况 | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Change During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Robam Industrial Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 49.90% | 471,510,000 | 0 | 0 | 471,510,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 9.62% | 90,889,312 | -13,308,753 | 0 | 90,889,312 | | Shen Guoying | Domestic Natural Person | 1.30% | 12,240,000 | 0 | 0 | 12,240,000 | | Schroder Investment Management (Hong Kong) Limited - Schroder Global Fund Series China A-Shares (Exchange) | Overseas Legal Person | 1.26% | 11,936,055 | -2,279,300 | 0 | 11,936,055 | | China Life Insurance (Group) Company - Traditional - Ordinary Insurance Products - Hong Kong Stock Connect (Innovative Strategy) | Other | 1.13% | 10,688,200 | 2,384,500 | 0 | 10,688,200 | | China Life Property and Casualty Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | Other | 0.88% | 8,352,398 | 1,500,000 | 0 | 8,352,398 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.74% | 7,038,953 | 395,153 | 0 | 7,038,953 | | Hangzhou Jinchuang Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.70% | 6,640,085 | 0 | 0 | 6,640,085 | | Hangzhou Yinchuang Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.67% | 6,318,000 | 0 | 0 | 6,318,000 | | China Pacific Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | Other | 0.64% | 6,034,300 | 800,000 | 0 | 6,034,300 | - The actual controller of the company's controlling shareholder, Hangzhou Robam Industrial Group Co., Ltd., and shareholder Hangzhou Jinchuang Investment Co., Ltd., is Mr. Ren Jianhua; natural person shareholder Shen Guoying is Mr. Ren Jianhua's wife, indicating a possibility of concerted action among these shareholders[108][109] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[110] V. Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[111] - The company's actual controller did not change during the reporting period[111] Bond-Related Information Bond-Related Information This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[114] Financial Report I. Audit Report This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[116] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position at the end of the reporting period and its operating results, cash flows, and changes in owners' equity during the period 合并资产负债表关键数据（期末余额） | 项目 | Period-end Balance (CNY) | | :--- | :--- | | Monetary Funds | 1,344,742,758.10 | | Trading Financial Assets | 2,430,000,000.00 | | Accounts Receivable | 2,009,189,001.07 | | Inventories | 1,274,810,963.95 | | Total Assets | 16,979,485,948.79 | | Short-term Borrowings | 94,747,977.34 | | Accounts Payable | 2,486,871,862.39 | | Contract Liabilities | 934,905,079.28 | | Total Liabilities | 5,467,524,348.50 | | Total Owners' Equity Attributable to Parent Company | 11,430,595,957.37 | | Total Owners' Equity | 11,511,961,600.29 | 合并利润表关键数据（本期发生额） | 项目 | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 4,607,524,703.26 | | Total Operating Costs | 3,856,874,131.23 | | Operating Profit | 840,200,588.82 | | Total Profit | 837,348,789.79 | | Net Profit | 702,971,897.40 | | Net Profit Attributable to Parent Company Shareholders | 711,640,958.19 | | Basic Earnings Per Share (CNY/share) | 0.75 | | Diluted Earnings Per Share (CNY/share) | 0.75 | 合并现金流量表关键数据（本期发生额） | 项目 | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 511,206,760.85 | | Net Cash Flow from Investing Activities | -345,226,983.28 | | Net Cash Flow from Financing Activities | -464,932,229.86 | | Net Increase in Cash and Cash Equivalents | -299,179,971.34 | 1. Consolidated Balance Sheet The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were CNY 16.98 billion, with total current assets of CNY 8.74 billion and total non-current assets of CNY 8.24 billion. Total liabilities were CNY 5.47 billion, and total owners' equity was CNY 11.51 billion 合并资产负债表主要项目（期末余额） | 项目 | Period-end Balance (CNY) | | :--- | :--- | | Monetary Funds | 1,344,742,758.10 | | Trading Financial Assets | 2,430,000,000.00 | | Accounts Receivable | 2,009,189,001.07 | | Inventories | 1,274,810,963.95 | | Total Assets | 16,979,485,948.79 | | Short-term Borrowings | 94,747,977.34 | | Accounts Payable | 2,486,871,862.39 | | Contract Liabilities | 934,905,079.28 | | Total Liabilities | 5,467,524,348.50 | | Total Owners' Equity Attributable to Parent Company | 11,430,595,957.37 | 2. Parent Company Balance Sheet The parent company balance sheet shows that as of June 30, 2025, the parent company's total assets were CNY 16.31 billion, with total current assets of CNY 8.10 billion and total non-current assets of CNY 8.21 billion. Total liabilities were CNY 4.79 billion, and total owners' equity was CNY 11.51 billion 母公司资产负债表主要项目（期末余额） | 项目 | Period-end Balance (CNY) | | :--- | :--- | | Monetary Funds | 958,992,897.96 | | Trading Financial Assets | 2,430,000,000.00 | | Accounts Receivable | 2,009,613,648.92 | | Inventories | 1,147,592,156.02 | | Total Assets | 16,306,152,239.06 | | Notes Payable | 1,085,635,307.25 | | Accounts Payable | 2,256,296,762.51 | | Contract Liabilities | 780,644,161.34 | | Total Liabilities | 4,791,473,194.74 | | Total Owners' Equity | 11,514,679,044.32 | 3. Consolidated Income Statement The consolidated income statement shows that for the current period, the company achieved total operating revenue of CNY 4.61 billion, operating profit of CNY 840.20 million, net profit of CNY 703.00 million, net profit attributable to parent company shareholders of CNY 711.64 million, and basic earnings per share of CNY 0.75 合并利润表主要项目（本期发生额） | 项目 | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 4,607,524,703.26 | | Total Operating Costs | 3,856,874,131.23 | | Operating Profit | 840,200,588.82 | | Total Profit | 837,348,789.79 | | Net Profit | 702,971,897.40 | | Net Profit Attributable to Parent Company Shareholders | 711,640,958.19 | | Basic Earnings Per Share (CNY/share) | 0.75 | | Diluted Earnings Per Share (CNY/share) | 0.75 | 4. Parent Company Income Statement The parent company income statement shows that for the current period, operating revenue was CNY 4.06 billion, operating profit was CNY 859.31 million, and net profit was CNY 724.53 million 母公司利润表主要项目（本期发生额） | 项目 | H1 2025 (CNY) | | :--- | :--- | | Operating Revenue | 4,060,211,446.03 | | Operating Cost | 2,137,740,574.34 | | Operating Profit | 859,308,819.87 | | Total Profit | 857,613,787.81 | | Net Profit | 724,529,026.23 | 5. Consolidated Cash Flow Statement The consolidated cash flow statement shows that for the current period, net cash flow from operating activities was CNY 511.21 million, net cash flow from investing activities was -CNY 345.23 million, net cash flow from financing activities was -CNY 464.93 million, and the net increase in cash and cash equivalents was -CNY 299.18 million 合并现金流量表主要项目（本期发生额） | 项目 | H1 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 511,206,760.85 | | Net Cash Flow from Investing Activities | -345,226,983.28 | | Net Cash Flow from Financing Activities | -464,932,229.86 | | Net Increase in Cash and Cash Equivalents | -299,179,971.34 | | Period-end Cash and Cash Equivalents Balance | 1,219,123,585.55 | 6. Parent Company Cash Flow Statement The parent company cash flow statement shows that for the current period, net cash flow from operating activities was CNY 500.53 million, net cash flow from investing activities was -CNY 347.69 million, net cash flow from financing activities was -CNY 468.71 million, and the net increase in cash and cash equivalents was -CNY 316.06 million 母公司现金流量表主要项目（本期发生额） | 项目 | H1 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 500,528,101.75 | | Net Cash Flow from Investing Activities | -347,694,766.13 | | Net Cash Flow from Financing Activities | -468,705,873.00 | | Net Increase in Cash and Cash Equivalents | -316,055,092.83 | | Period-end Cash and Cash Equivalents Balance | 893,761,877.80 | 7. Consolidated Statement of Changes in Owners' Equity The consolidated statement of changes in owners' equity shows that for the current period, total owners' equity attributable to the parent company increased by CNY 252.16 million, minority interests decreased by CNY 6.28 million, and total owners' equity increased by CNY 245.87 million 合并所有者权益变动情况（本期金额） | 项目 | Beginning Balance (CNY) | Change Amount in Current Period (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 11,178,437,443.19 | 252,158,514.18 | 11,430,595,957.37 | | Minority Interests | 87,649,297.92 | -6,283,655.00 | 81,365,642.92 | | Total Owners' Equity | 11,266,086,741.11 | 245,874,859.18 | 11,511,961,600.29 | 8. Parent Company Statement of Changes in Owners' Equity The parent company statement of changes in owners' equity shows that for the current period, total owners' equity increased by CNY 265.43 million, primarily due to increases in share capital, capital reserves, and undistributed profits 母公司所有者权益变动情况（本期金额） | 项目 | Beginning Balance (CNY) | Change Amount in Current Period (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 944,782,166.00 | 156,750.00 | 944,938,916.00 | | Capital Reserves | 237,582,564.32 | 13,217,394.34 | 250,799,958.66 | | Undistributed Profits | 9,692,521,823.09 | 252,059,568.23 | 9,944,581,391.32 | | Total Owners' Equity | 11,249,245,331.75 | 265,433,712.57 | 11,514,679,044.32 | III. Company Basic Information This section introduces the establishment, listing history, share capital structure, registration information, and main business scope of Hangzhou Robam Appliances Co., Ltd., clarifying its focus on R&D, production, sales, and comprehensive services for kitchen appliance products - Hangzhou Robam Appliances Co., Ltd. was established on November 7, 2000, and first issued RMB ordinary shares to the public and listed on the Shenzhen Stock Exchange on November 23, 2010, with stock code 002508[150] - As of June 30, 2025, the company's total share capital was 944.94 million shares, and its registered capital was CNY 949.02 million[150] - The company's main business involves the R&D, production, sales, and comprehensive service expansion of kitchen appliance products, including range hoods, gas stoves, sterilizers, steam ovens, electric ovens, dishwashers, water purifiers, microwave ovens, integrated stoves, and purified water sinks[150] IV. Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, presented on a going concern basis, and management has evaluated the ability to continue as a going concern for the next 12 months, finding no significant doubts - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, along with their application guidelines, interpretations, and other relevant regulations[151] - The company has evaluated its ability to continue as a going concern for the 12 months from June 30, 2025, and found no significant doubts or circumstances affecting its going concern ability; these financial statements are presented on a going concern basis[152] V. Significant Accounting Policies and Estimates This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, share-based payments, and other areas, also explaining materiality standards and key assumptions - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of 2025[154] - The company's accounting period is from January 1 to December 31 of the Gregorian calendar, with one year (12 months) as the normal operating cycle, and RMB as the functional currency[155][156][157] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[170] - The company recognizes revenue when it has satisfied a performance obligation in the contract, meaning when the customer obtains control of the related goods or services[249] - The company's management continuously evaluates key assumptions and uncertainties related to financial asset impairment, inventory impairment provisions, goodwill impairment provisions, fixed asset impairment provisions, recognition of deferred income tax assets, and the useful lives of fixed assets and intangible assets[276][277][278][279][281][283][284] 11. Financial Instruments The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics. The company applies impairment accounting to financial assets based on expected credit losses - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[170] - The company applies impairment accounting to financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, lease receivables, and contract assets, and recognizes loss provisions based on expected credit losses[179] - The company assesses expected credit losses for financial instruments on both an individual and collective basis, grouping financial instruments based on common credit risk characteristics for collective assessment[182] 13. Accounts Receivable The company applies a simplified approach to accounts receivable, always measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime. Accounts receivable are categorized into aging portfolios and related party portfolios within the consolidated scope based on their credit risk characteristics - For accounts receivable arising from transactions governed by "Enterprise Accounting Standard No. 14 - Revenue," the company consistently applies a simplified approach, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[199] - The company categorizes accounts receivable into aging portfolios and related party portfolios within the consolidated scope based on their credit risk characteristics[201] 账龄组合应收款项预期信用损失率 | Aging | Expected Credit Loss Rate | | :--- | :--- | | Within 1 year | 5.00% | | 1-2 years | 10.00% | | 2-3 years | 20.00% | | 3-4