市场竞争激烈或为九阳股份业绩持续承压的主要原因。在2025年半年报中，九阳股份并未对业绩下降的 原因进行详细说明，但提到"尽管公司所处的小家电行业竞争激烈，但头部品牌市场集中度或将持续提 升"。只是，从业绩表现来看，作为行业头部企业的九阳股份，市场份额并未持续提升。 九阳股份的盈利水平因行业竞争加剧而显著下滑。2020年，其毛利率和净利率分别为32.05%和8.16%； 2024年，这两项指标分别降至25.50%和1.20%。 上周末，"豆浆机第一股"九阳股份（SZ002242，股价9.64元，市值73.55亿元）发布2025年半年报。该 半年报显示，公司业绩继续承压。 《每日经济新闻》记者注意到，2021~2024年，九阳股份业绩已经连续4年下降。在业绩表现不佳的同 时，九阳股份股价也一路向下，最大跌幅超过80%。不过，公司2022年推出员工持股计划，仍然处于浮 盈状态。 九阳股份业绩为何持续下降？公司员工持股计划为何还能保持浮盈？诸如此类问题引发投资者关注。 应收账款规模快速增长 最近4年，九阳股份业绩一直处于下降趋势。2020年是九阳股份的高光之年，其营业收入达112.24亿 元，净利润为9.40亿元。 ...

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][5][8]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion, with a net profit of 940 million, but has since declined, with 2024 figures showing revenue at 8.849 billion and net profit at 122 million [5]. - In the first half of 2025, Joyo reported revenue of 3.987 billion, a year-on-year decrease of 9.11%, and a net profit of 123 million, down 30.02% year-on-year [5]. - The company's gross margin fell from 32.05% in 2020 to 25.50% in 2024, while net margin dropped from 8.16% to 1.20% in the same period [6]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [6]. - Accounts receivable increased significantly from 212 million in 2020 to 1.078 billion in 2024, indicating potential issues with product sales [6]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a purchase price of 1 yuan per share, raising 129 million [8][9]. - The plan allows for half of the shares to be acquired at a price of 1 yuan, while the average repurchase price was 17.01 yuan, contributing to the plan's profitability [9][10]. - Participants in the plan are limited to senior management and core personnel, with a maximum of 45 participants [11][12]. Performance Assessment - The employee stock ownership plan has not met its performance targets, with the first unlock period failing to meet the required performance metrics, resulting in 320,000 shares not being unlocked [14]. - The second unlock period has 686,200 shares set to be unlocked, indicating some level of performance achievement [14].