Joyoung(002242) 长江商报·2025-04-02 00:30Core Viewpoint - The performance of Joyoung Co., Ltd. has significantly declined, with both revenue and net profit decreasing for four consecutive years, indicating a challenging market environment for the small home appliance industry [1][2][6]. Financial Performance - In 2024, Joyoung reported revenue of 8.849 billion yuan, a year-on-year decrease of nearly 8%, and a net profit attributable to shareholders of 122 million yuan, down approximately 70% [1][4]. - The company has experienced a continuous decline in revenue and net profit since 2021, with 2024 figures representing only 78.84% of 2020's revenue and 12.98% of its net profit [6]. - Quarterly performance in 2024 showed fluctuations, with revenue in Q1, Q2, Q3, and Q4 being 2.065 billion yuan, 2.321 billion yuan, 1.795 billion yuan, and 2.667 billion yuan respectively, reflecting a year-on-year change of 9.15%, -4.29%, -27.12%, and -5.80% [4][5]. Cost Structure - Despite declining revenue, sales expenses increased to 1.506 billion yuan in 2024, marking a growth of 13.43% compared to the previous year, while R&D expenses decreased to 361 million yuan, a reduction of 7.19% [2][9]. - The company’s R&D expenses have been on a downward trend for two consecutive years, indicating a potential risk in innovation capabilities [8][10]. Market Position and Strategy - Joyoung continues to maintain a high cash dividend payout ratio of 94% despite its declining performance, reflecting a commitment to returning value to shareholders [3]. - The company has faced challenges due to intensified competition, limited scope for national subsidies, and a saturated market for essential small appliances [2][10]. - Joyoung aims to focus on its core small appliance business, leveraging its brand strength and intellectual property to innovate and capture new market opportunities [10].