Group 1 - The core viewpoint of the article is that Supor (SZ 002032) held its 16th meeting of the 8th board of directors on August 28, 2025, to review the 2025 semi-annual report and its summary [1] - For the first half of 2025, Supor's revenue composition was as follows: 71.11% from the electrical appliance sector, 27.56% from the cookware sector, and 1.33% from other sectors [1]

Core Insights - The smokeless pot is an innovative kitchen product designed to effectively address the smoke issues associated with traditional cooking methods, utilizing high-quality materials such as stainless steel, aluminum alloy, or ceramics for superior heat conduction and uniformity [1][14] - The market for smokeless pots in China is projected to grow from 1.544 billion yuan in 2020 to 2.386 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.5%, and is expected to reach 2.616 billion yuan by 2025 [1][14] Industry Overview - The smokeless pot is defined as a cooking vessel that prevents smoke generation by maintaining cooking temperatures below the smoke point of cooking oils, typically around 240°C, while allowing for efficient cooking at lower temperatures [5][6] - The industry chain for smokeless pots includes upstream raw materials and equipment (aluminum alloy, stainless steel, ceramics), midstream manufacturing, and downstream sales channels (e-commerce platforms, social media, retail) [6][8] Market Dynamics - The demand for smokeless pots is driven by the rise of the "lazy economy" and the popularity of smart home appliances, leading to increased consumer focus on health and convenience in cooking [1][14] - The retail landscape for traditional cooking utensils is experiencing a shift, with online sales growing while offline sales decline, indicating a structural change in consumer purchasing behavior [10][12] Key Players - Major companies in the smokeless pot industry include Supor, Aishida, and Midea, with Supor being a leading brand in the cookware sector, known for its diverse product offerings [2][16][19] - Aishida has established itself as a significant player in the kitchenware market, focusing on high-quality and durable products, with a reported revenue growth of 20.59% in 2024 [21] Future Trends - The industry is expected to see a rise in customized products to meet diverse consumer preferences, including variations in cooking habits and family sizes [23] - The integration of smart technology in smokeless pots is anticipated to enhance user experience, with features such as real-time temperature monitoring and connectivity with other kitchen appliances [24][25]

Core Viewpoint - Supor is leveraging its innovative "non-stick iron" technology and focusing on niche markets to drive growth, particularly through its successful strategies on the Pinduoduo platform [1][17]. Group 1: Product Launch and Sales Performance - Supor's new frying pan launched on Pinduoduo achieved nearly a thousand sales in just one week, reinforcing the company's strategy on the platform [2]. - Since entering Pinduoduo in 2021, Supor's cookware products have seen sales increase nearly fourfold over the past three years, with several products achieving annual sales of over ten million [2]. - The introduction of the honeycomb stainless steel frying pan in 2022 generated annual sales of 15 million, establishing Supor's foothold on Pinduoduo [4]. - The company has also developed smaller pressure cookers for young families, which have become another hot-selling item in 2023 [4]. Group 2: Market Strategy and Consumer Insights - Supor's strategy focuses on niche markets, targeting specific consumer needs, such as the growing number of young couples and the elderly [4][6]. - The company has identified that consumers in lower-tier cities prioritize cost-effectiveness, while those in first- and second-tier cities are more interested in health and smart products [16]. - Pinduoduo's broad user base and various marketing tools, such as "hundred billion subsidies," have significantly contributed to Supor's rapid market penetration [8][16]. Group 3: Marketing and Operational Support - Supor has benefited from Pinduoduo's specialized support teams, which provide insights into user demographics and consumption trends, aiding in product development [14]. - The use of marketing tools like "multi-user groups" and "hundred billion subsidies" has allowed Supor to quickly elevate new products to high sales levels [9][10]. - The company estimates that promotional cost savings from Pinduoduo's support have freed up hundreds of thousands of yuan annually for new product development [16]. Group 4: Future Innovations - Supor is set to launch its flagship "non-stick iron" frying pan, which is expected to achieve annual sales of over 20 million [2][17]. - The development of this product addresses long-standing issues in the cookware industry, such as uneven heating and food sticking, aligning with consumer demand for healthier cooking options [17][18].

Core Viewpoint - Supor has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -4.44% [1] Company Overview - Zhejiang Supor Co., Ltd. is a leading brand in cookware and small appliances, listed on the Shenzhen Stock Exchange in 2004 (stock code 002032), and is the first listed company in China's cookware industry [1] Shareholder Activity - Huatai-PineBridge Fund's Huatai-PineBridge CSI Dividend Low Volatility ETF is among Supor's top ten shareholders and has increased its holdings in the first quarter of this year [1] - The ETF has achieved a year-to-date return of 2.89%, ranking 778 out of 3433 in its category [1][2] Performance Metrics - The ETF's performance metrics for various periods are as follows: - Weekly: -0.01% - Monthly: 2.12% - Quarterly: 6.65% - Semi-annual: 6.66% - Year-to-date: 2.89% [2] - The average performance of similar funds shows a year-to-date return of 0.44% [2] Fund Management - The fund manager of Huatai-PineBridge CSI Dividend Low Volatility ETF is Liu Jun, who has extensive experience in fund management and has been with Huatai-PineBridge since 2004 [3][4]