Core Viewpoint - Supor's stock has experienced a decline of 10.68% this year, with a recent drop of 2.04% on December 29, 2025, indicating potential challenges in market performance and investor sentiment [1]. Financial Performance - For the period from January to September 2025, Supor achieved a revenue of 16.897 billion yuan, reflecting a year-on-year growth of 2.33%. However, the net profit attributable to shareholders decreased by 4.66% to 1.366 billion yuan [2]. - Cumulative cash dividends since Supor's A-share listing amount to 15.742 billion yuan, with 6.854 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.60% to 20,500, while the average circulating shares per person decreased by 17.76% to 38,960 shares [2]. - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 11.0622 million shares to 23.6939 million shares [3]. - Notable changes in holdings include an increase of 0.9552 million shares by Hong Kong Central Clearing Limited and an increase of 0.18616 million shares by Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF [3]. Market Activity - On December 29, 2025, Supor's stock price was reported at 45.03 yuan per share, with a trading volume of 76.6107 million yuan and a turnover rate of 0.21%. The total market capitalization stood at 36.085 billion yuan [1]. - The stock has seen a decline of 3.47% over the last five trading days, 8.99% over the last 20 days, and 7.10% over the last 60 days [1]. Business Overview - Supor, established on July 17, 1998, and listed on August 17, 2004, is located in Hangzhou, Zhejiang Province. The company specializes in cooking appliances, kitchen utensils, small kitchen appliances, and home electrical appliances [1]. - The revenue composition of Supor's main business includes cooking appliances (40.92%), cookware and utensils (27.56%), food processing appliances (16.96%), and other home appliances (14.56%) [1]. Industry Classification - Supor is classified under the Shenwan industry category of home appliances, specifically small kitchen appliances, and is part of several concept sectors including mid-cap, home appliances, margin trading, MSCI China, and heavily held by funds [1].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68%. However, the net profit attributable to shareholders was 940 million yuan, a slight decline of 0.07% year-on-year [2][5]. - The company is actively promoting product innovation and optimizing channel layouts, maintaining a leading market share in domestic sales. It is expected to benefit from national subsidies for high-priced products, with strong growth in external orders [7]. - The company has maintained a considerable dividend rate in recent years, with projected net profits attributable to shareholders of 2.258 billion, 2.523 billion, and 2.758 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 18.32, 16.39, and 15.00 times [7]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 5.691 billion yuan, a year-on-year increase of 1.87%, while the net profit attributable to shareholders was 443 million yuan, down 5.94% year-on-year [2][5]. - The gross profit margin for the first half of 2025 was 23.61%, with a slight decline compared to the previous year. The company’s net profit margin for the first half was 8.19%, down 0.39 percentage points year-on-year [12]. Sales Breakdown - For the first half of 2025, the company's revenue from domestic sales grew by 3.36%, while external sales increased by 7.55%. The domestic market accounted for 67.62% of total revenue [12]. - The company launched innovative products, such as a handheld garment steamer, which achieved the highest online market share in the first half of 2025 [12]. Future Projections - The company is expected to maintain steady growth in scale while optimizing profitability efficiency. The projected net profits for 2025-2027 indicate a positive outlook for the company's financial performance [7].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.24 billion yuan, up 2.97% year-on-year [2] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, with a cash dividend payout ratio of 99.74% [2] - For Q1 2025, the company reported a revenue of 5.79 billion yuan, a year-on-year increase of 7.59%, and a net profit of 497 million yuan, up 5.82% year-on-year [2] Summary by Sections Sales Performance - Domestic sales remained stable with a revenue of 14.93 billion yuan in 2024, a slight decline of 1.21% year-on-year, while external sales grew significantly to 7.50 billion yuan, an increase of 21.07% year-on-year [3] - In Q1 2025, the kitchen small appliances sector saw online sales growth in various categories, including rice cookers and health pots, with increases ranging from 4.9% to 26.6% [3] Profitability and Cost Control - The company's gross margin for 2024 was 24.65%, a decrease of 0.63 percentage points year-on-year, with domestic gross margin at 27.69% and external gross margin at 18.62% [4] - The net profit margin for 2024 was 10.01%, down 0.22 percentage points year-on-year, while Q1 2025 net profit margin was 8.56%, a decrease of 0.18 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve revenues of 23.64 billion yuan, 24.72 billion yuan, and 25.66 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.38 billion yuan, 2.51 billion yuan, and 2.64 billion yuan [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.97 yuan, 3.13 yuan, and 3.29 yuan respectively, with a price-to-earnings (PE) ratio of 19, 18, and 17 times [5]

Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, representing a year-on-year growth of 5.3% [1] - The net profit attributable to shareholders reached 2.24 billion yuan, with a year-on-year increase of 3% [1] - The company declared a cash dividend of 2.24 billion yuan, achieving a payout ratio of 99.7% [2] Revenue Breakdown - Revenue from cooking appliances, food preparation appliances, cookware and utensils, and other home appliances were 8.66 billion yuan, 3.8 billion yuan, 6.84 billion yuan, and 3.13 billion yuan respectively, with year-on-year changes of -2.6%, +9.1%, +12.9%, and +8.9% [2] - Domestic and overseas sales generated revenues of 14.93 billion yuan and 7.5 billion yuan respectively, with year-on-year growth rates of -1.2% and +21.1% [2] - Revenue from direct sales, distribution, and export OEM were 2.97 billion yuan, 11.96 billion yuan, and 7.5 billion yuan respectively, with year-on-year changes of +19.1%, -5.3%, and +21.2% [2] Profitability Metrics - The overall gross margin decreased by 1.7 percentage points to 24.7%, with specific margins for cooking appliances, food preparation appliances, cookware and utensils, and other home appliances at 24.3%, 21.5%, 27%, and 24.4% respectively [3] - The net profit margin for 2024 was 10%, showing a slight decline of 0.2 percentage points [3] - The company maintained a stable net profit margin despite a decrease in gross margin, indicating effective cost management [3] Market Position and Strategy - The company achieved the highest market share in both online and offline markets for kitchen small appliances and cookware in 2024 [3] - The company leverages its strong brand, mature product lines, and established distribution channels to maintain competitive advantages in a challenging market [3] - The company is focused on continuous innovation and collaboration with external resources to enhance its growth potential [4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.00 yuan, 3.25 yuan, and 3.52 yuan respectively [4] - The company maintains a "hold" rating based on its growth prospects and market position [4]