九阳股份上半年营收、净利润双下降

Core Viewpoint - Joyo's performance has been declining for four consecutive years, with significant drops in revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][2][3]. Financial Performance - In the first half of 2025, Joyo reported revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% [2]. - The company's revenue and net profit have been on a downward trend since 2021, with 2024 figures showing revenue at 8.849 billion yuan and net profit at 122 million yuan [1][2]. - The gross margin and net margin have significantly declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024, respectively [3]. Market Position and Competition - Joyo focuses on small household appliances, including soy milk machines and other kitchen devices, but faces intense competition in the market, which has impacted its performance [2][3]. - Despite being a leading brand, Joyo's market share has not improved, indicating challenges in maintaining its competitive edge [2]. Stock Performance - Joyo's stock price has mirrored its poor financial performance, dropping over 80% from a peak of 42.88 yuan in 2020 to a low of 8.53 yuan in 2024 [3]. - As of September 1, 2025, Joyo's stock closed at 9.71 yuan, with a market capitalization of 7.409 billion yuan [3]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan, initiated in 2022, has remained profitable, with a total of 12.9 million shares issued at a price of 1 yuan per share for half of the shares [4][5]. - The plan is designed to enhance employee motivation and retention, involving only senior management and core personnel [6]. - The plan has specific performance assessment periods, but the first unlock period did not meet performance targets, resulting in 320,000 shares not being unlocked [6][7].