Joyoung(002242) 华尔街见闻·2025-03-27 13:05Core Viewpoint - The traditional small home appliance company Joyoung Co., Ltd. experienced a decline in revenue and profit in 2024 amid increasing competition in the small appliance market [1] Financial Performance - In 2024, the company's revenue was 8.849 billion, a year-on-year decrease of 7.94% [2] - The net profit attributable to shareholders was 122 million, down 68.55% year-on-year, with basic earnings per share at 0.16 yuan [2] - Q4 revenue reached 2.667 billion, showing a quarter-on-quarter increase of approximately 48.58%, while net profit improved significantly to 24 million, up 131.53% from Q3 [1][3] Core Business - The small appliance segment accounted for over 98% of total revenue, with food processors and nutrition cookers being the main sources of income, contributing 74.75% of total revenue [4] - Revenue from Western-style appliances declined significantly, with a drop of 26.91% [4] Strategic Transformation - The company is focusing on online channels, actively engaging in content e-commerce, and increasing R&D investment to maintain market competitiveness [1][6] - Joyoung's online sales accounted for 59.75% of total sales, but the gross margin for online sales was lower at 28.15% compared to 21.58% for offline sales [6] Future Outlook - The company aims to enhance brand value through its "home kitchen," "public welfare kitchen," and "space kitchen" initiatives, seeking new growth points [1] - Joyoung is adjusting its product structure by introducing differentiated and mid-to-high-end products to improve overall profitability [5]