supor(SZ:002032) Xin Lang Cai Jing·2025-10-29 00:57Core Viewpoint - The performance growth myth of Supor, known as the "king of small home 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 decrease 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 was 1.37 billion yuan, down 4.66% year-on-year [4]. Business Structure and Growth Challenges - Supor has long relied on cookware and kitchen appliances, with slow expansion into new business areas, resulting in only a 4 percentage point increase in revenue share over five years [2][7]. - The company’s revenue from kitchen appliances has consistently contributed over 85% to total revenue, while other categories have seen minimal growth, from 10.19% to 14.56% 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 growth is heavily dependent on the major shareholder, SEB Group, which poses risks to Supor's performance due to the high correlation between their sales [10][11]. Dividend Policy and Management Actions - Despite declining revenue and profit growth, Supor has maintained a high dividend payout strategy, with significant amounts distributed to shareholders [14][16]. - The management, including major shareholders, has been actively reducing their stakes, with Su Xianze having cashed out over 170 million yuan since 2011 [14][15]. Research and Development Investment - Supor's investment in research and development has been notably lower than competitors, with a declining ratio of R&D expenditure to revenue over recent years [16][18]. - The acquisition by SEB Group has led to concerns that Supor is being treated as a "cash cow," with insufficient focus on sustainable development and innovation [18][19].