九阳股份:2025年半年度报告摘要(英文版)

Ticker: 002242 Stock Abbreviation:
Joyoung
Joyoung Co., Ltd.
Abstract of the Semi-Annual Report 2025
Section I Important Statements
This is an abstract of the Semi-Annual Report 2025. Investors are kindly reminded to read the complete version of
Semi-annual Report 2025 on the website, which is designated by the China Securities Regulatory Commission to get
complete information about operational results, financial statements, and future plans of the Company.
All directors attended the board meeting that reviewed the Semi-Annual Report.
Modified Audit Opinion
Applicable √ N/A
The preliminary plan for dividend distribution and converting capital reserves into share capital for common
shareholders which were considered and approved by the Board
Applicable √ N/A
The Company plans not to distribute cash dividends, not to issue bonus shares, and not to increase capital through the
conversion of capital reserves.
The preliminary plan for dividend distribution for preferred shares in the reporting period was approved by the
Board
Applicable √ N/A
Section II Company Profile
1. Company Information
Stock Abbreviation Joyoung Ticker 002242
Stock Exchange Where the
Shares of the Company are Shenzhen Stock Exchange
Listed
Contact Us Board Secretary Securities Representative
Name Minxin MIAO
Address No.760 Yinhai Street, Qiantang District,
Hangzhou, Zhejiang Province
Tel. 0571-81639178
E-mail 002242@joyoung.com
2. Management's Discussion and Analysis
According to data from the National Bureau of Statistics, in the first half of 2025, the gross domestic product (GDP)
was 66.05 trillion yuan, representing a year-on-year increase of 5.3%; of which, the second quarter saw a year-on-year
increase of 5.2% [Note 1]. China continues to inject stable forces into global economic governance, playing an
irreplaceable role. China occupies a central position in the global supply chain, leveraging its massive market advantage
to provide crucial support for the recovery of global
[Note 1]: In the first half of 2025, the gross domestic product (GDP) was 66.05 trillion yuan, representing a year-on-year increase of 5.3%; of
which, the second quarter saw a year-on-year increase of 5.2%. ——China Government Network (www.gov.cn)
trade. Meanwhile, to strengthen the domestic economic cycle and promote sustained high-quality development of the
Chinese economy, relevant departments have diligently implemented the decisions and plans of the Party Central
Committee and the State Council this year, actively advancing initiatives to boost consumption, implementing consumer
goods trade-in programs, and comprehensively expanding domestic demand, resulting in a steady growth trend in the
consumer market.
According to “Notice on Doing a Good Job in the 2025 Appliance Trade-in Program” [Note 2], subsidies will be
provided to individual consumers who purchase 12 categories of home appliances, including refrigerators, washing
machines, televisions, air conditioners, computers, water heaters, household stoves, range hoods, water purifiers,
dishwashers, rice cookers, and microwave ovens, that meet Level 2 or higher energy efficiency or water efficiency
standards. With the support of the trade-in policy, the household appliance market experienced cyclical growth in the first
half of 2025. According to data from AVC, from January to June 2025, the total retail sales of household appliances in
China (excluding 3C products) reached 453.7 billion yuan, an increase of 9.2% year-on-year; among them, online retail
sales increased by 14.0% year-on-year, and offline retail sales increased by 21.9% year-on-year; The kitchen small
household appliance industry, in which the Company operates, saw a year-on-year decrease of 1.2% in retail volume from
January to June, but a year-on-year increase of 9.3% in retail sales. Under the influence of this policy, the Company's
mid-to-high-end series of kitchen small appliances have performed well, also driving the positive development of the
Company's overall domestic sales business.
Although the small household appliance industry is highly competitive, the market concentration of leading brands is
expected to continue to increase. This requires companies in the industry to not only provide high-quality, aesthetically
pleasing, cost-effective, and health-focused products, but also to prioritize and meet consumers' emotional needs.
Companies must achieve effective breakthroughs in personalization, intelligence, and environmental sustainability to
secure reasonable product premiums, thereby promoti