Core Viewpoint - Jiuyang Co., Ltd. has experienced a decline in stock price and financial performance, indicating potential challenges in the kitchen small appliance market [1][2]. Financial Performance - As of June 30, 2025, Jiuyang reported a revenue of 3.987 billion yuan, a year-on-year decrease of 9.11% [2]. - The net profit attributable to shareholders was 123 million yuan, down 30.02% compared to the previous year [2]. - Year-to-date, Jiuyang's stock price has dropped by 8.82%, with a 3.82% decline over the last five trading days and a 10.65% drop over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of Jiuyang shareholders was 41,400, a decrease of 5.22% from the previous period [2]. - The average circulating shares per shareholder increased by 5.50% to 18,510 shares [2]. - The company has distributed a total of 8.39 billion yuan in dividends over the past three years [3]. Stockholder Composition - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 4.6641 million shares, a decrease of 502,900 shares [3]. - Southern CSI 1000 ETF increased its holdings by 517,200 shares to 2.8228 million shares [3]. - Guangfa Pension Index A is a new entrant among the top ten shareholders, holding 1.8064 million shares [3]. Business Overview - Jiuyang specializes in the research, production, and sales of kitchen small appliances, with main revenue sources being nutrition cookers (39.65%), food processors (36.67%), Western-style appliances (18.28%), cookware (3.69%), and other products (1.72%) [1].

Core Insights - The resignation of the general manager, Guo Lang, is perceived as a response to the company's deteriorating performance, despite the official statement citing "personal reasons" [1][2] - Nine Yang Co., Ltd. has experienced a significant decline in both revenue and net profit since 2021, with revenue dropping from 112.24 billion yuan in 2020 to an estimated 88.49 billion yuan in 2024, and net profit plummeting nearly 90% from 9.4 billion yuan to 1.22 billion yuan [2] Financial Performance - Revenue from the food processing machine series, primarily represented by soybean milk machines, decreased from 4.744 billion yuan in 2020 to 2.94 billion yuan in 2023 [1] - The only product line showing growth, the Western-style electrical appliances series, had a modest growth rate of 2.6% by 2023 [1] - Sales expenses surged to 1.506 billion yuan in 2024, reflecting a year-on-year increase of 13.43%, while the sales expense ratio rose to 17.02% [2] - Research and development (R&D) investment fell to 361 million yuan, a decrease of 7.19% year-on-year, leading to a reduced R&D expense ratio of 4.08% [2] Management Changes - Guo Lang's tenure as general manager lasted less than three years, during which the company's performance did not improve and instead worsened [1] - His resignation marks a new phase in the company's management structure, but merely changing leadership may not be sufficient to reverse the ongoing decline in performance [2]