Core Viewpoint - Supor, once a leading small appliance brand in A-shares, is experiencing a significant slowdown in growth, as evidenced by its recent financial performance and various operational challenges [1][2][3]. Financial Performance - In Q3, Supor reported a revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42% year-on-year. For the first three quarters, net profit fell to 1.37 billion yuan, a decline of 4.66% [1][11]. - The company's net profit growth rate has been declining from 6.36% in 2022 to 2.97% in 2024, indicating a long-term trend of weakening profitability [12]. Management Actions - Following the distribution of dividends in May, three senior executives sold shares worth approximately 5.43 million yuan, raising concerns about the company's future [2][16]. Brand and Market Challenges - Supor is facing issues such as brand aging, frequent product quality problems, and declining market reputation, which are contributing to its current struggles [3][20]. - The company’s domestic sales growth has stagnated, with a significant drop from 10.8% in 2021 to -1.21% in 2024, while external sales heavily depend on SEB Group, which accounted for 31.42% of total revenue in 2024 [20][22]. Product and Innovation Issues - Supor's R&D investment is low, with only 4.70 billion yuan allocated in 2024, representing just 2.09% of revenue, while the company spent 22.39 billion yuan on dividends, indicating a lack of focus on innovation [36][38]. - The company has been slow to adapt to online sales channels, with only 50% of sales occurring online, compared to industry averages of 80% [38]. Consumer Complaints - There have been over 8,000 complaints regarding Supor products on consumer platforms, highlighting safety issues and poor customer service [25][30]. Market Position - As of October 24, Supor's stock price fell by 1.57% to 47.06 yuan per share, with a market capitalization of 37.71 billion yuan, reflecting a 5% decline year-to-date [19].