苏泊尔「锅凉了」：营收利润双降，创始人累计套现超1.7亿丨BUG

Core Viewpoint - The performance growth myth of Supor, known as the "king of small appliances" in A-shares, has collapsed, with both revenue and net profit declining in the third quarter of 2025 [2][4]. Financial Performance - In Q3 2025, Supor reported revenue of 5.42 billion yuan, a year-on-year decline of 2.30%, and a net profit attributable to shareholders of 426 million yuan, down 13.42% year-on-year [3][4]. - For the first three quarters of 2025, cumulative revenue reached 16.90 billion yuan, a slight increase of 2.33%, while net profit fell by 4.66% to 1.37 billion yuan [4][5]. Business Structure - Supor has long relied on cookware and kitchen appliances, with new business expansions progressing slowly, resulting in a mere 4 percentage point increase in revenue share over five years [2][7]. - The company's main business segments include open flame cookware, kitchen appliances, kitchen and bathroom electrical appliances, and household electrical appliances, with cookware contributing over 85% of revenue since 2020 [7]. Sales Performance - Domestic sales have shown a trend of slow growth, with annual growth rates fluctuating and even turning negative in some years [8]. - External sales have been heavily dependent on the major shareholder, SEB Group, which poses risks to Supor's revenue stability [10][12]. Shareholder Actions - Despite declining revenue and profit growth, Supor's board has continued to implement high dividend payouts, with significant cashing out by major shareholders [13][14]. - Since 2005, Supor has maintained a high dividend strategy, with a payout ratio reaching approximately 99.82% in 2023 [14]. Research and Development - Supor's investment in research and development has been notably lower than that of competitors like Bear Electric and Joyoung, indicating a lack of focus on innovation [16][18]. - The R&D expenditure as a percentage of revenue has been declining, raising concerns about the company's long-term sustainability and competitive advantage [18].