[中报]苏 泊 尔(002032):2022年半年度报告（英文版）
原标题:苏 泊 尔:2022年半年度报告（英文版） 2022 Semiannual Report August 2022 SECTION I IMPORTANT NOTES, TABLE OF CONTENTS AND DEFINITIONS The Board of Directors and the Board of Supervisors of Zhejiang Supor Co., Ltd (hereinafter referred to as the "Company") and all its directors, supervisors and senior executives warrant that this Semiannual Report is true, accurate and complete, and does not contain any fictitious statements, misleading information or significant omissions; all directors, supervisors and senior executives of the Company undertake, separately and jointly, all responsibilities in relation to the truth, accuracy and completeness hereof. Mr. Thierry de LA TOUR D'ARTAISE, person in charge of the Company, and Mr. Xu Bo, person in charge of accounting and person in charge of accounting department (accountant in charge), hereby confirm that the financial statement enclosed in this Semiannual Report is true, accurate and complete. All directors have attended the Board Meeting in person, in which the current report was reviewed and approved. This Semiannual Report relating to such forward-looking statement as future plan does not form any substantive commitment to investors. It is of great uncertainty, for whether it can be realized or not depends on multiple factors, including market change and effort of management team. Please be careful of investment risks. As for the risk factors confronted by the Company, see Part 10 "Risks and Countermeasures" of Section III "DISCUSSION AND ANALYSIS OF THE MANAGEMENT". The Company has planned not to distribute cash dividends or bonus shares, and not to convert capital reserve into share capital. Table of Contents SECTION I IMPORTANT NOTES, TABLE OF CONTENTS AND DEFINITIONS ........................................................................... 2 SECTION II COMPANY PROFILE AND MAJOR FINANCIAL INDICATORS ................................................................................ 7 SECTION III DISCUSSION AND ANALYSIS OF THE MANAGEMENT ....................................................................................... 10 SECTION IV CORPORATE GOVERNANCE .................................................................................................................................... 22 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY .............................................................................................. 24 SECTION VI SIGNIFICANT EVENTS .............................................................................................................................................. 28 SECTION VII CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS ............................................ 37 SECTION VIII INFORMATION ON PREFERRED SHARE ............................................................................................................. 43 SECTION IX INFORMATION ON BOND ......................................................................................................................................... 44 SECTION X FINANCIAL STATEMENT ........................................................................................................................................... 45 CATALOG OF REFERENCE DOCUMENTS I. 2022 Semiannual Report of the Company and abstract concerned with signature of legal representative; II. Accounting statements with signature and seal of legal representative, person in charge of accounting and person in charge of accounting department; III. Original of all company documents and bulletins published in newspaper designated by CSRC within the reporting period. Reference documents above shall be prepared by Securities Department of the Company. Definitions
INDICATORS I. Company Information
1. Contact information: Are there any changes about the registered address, office address and postal code, website or email address of the Company in the reporting period? □Applicable ?Not-applicable The registered address, office address and postal code, website and email address of the Company did not change in the reporting period. See Annual Report 2021. 2. Media for information disclosure and archiving Are there any changes about media for information disclosure or archiving in the reporting period? □Applicable ?Not-applicable Papers appointed by the Company for information disclosure: website appointed by CSRC for publishing semiannual report, and the place for archiving the Company's semiannual report have not been changed in the reporting period. Refer to Annual Report 2021 for details. 3. Other relevant information Whether other relevant information changed in the reporting period □Applicable ?Not-applicable IV. Major Accounting Data and Financial Indicators Does the Company need to retroactively adjust or restate previous year's accounting data? □Yes ?No
Accounting Standards and Chinese Accounting Standards □Applicable ?Not-applicable No net profit and net assets discrepancies in financial statements disclosed separately under International Accounting Standards and Chinese Accounting Standards in the reporting period 2. Net profit and net assets discrepancies in financial statements disclosed separately under International Accounting Standards and Chinese Accounting Standards □Applicable ?Not-applicable No net profit and net assets discrepancies in financial statements disclosed separately under International Accounting Standards and Chinese Accounting Standards existed in the reporting period. VI. Non-recurring Profit or Loss Items and Amount ?Applicable □Not-applicable Unit: RMB
□Applicable ?Not-applicable The Company does not have other specific circumstances of other profit and loss items complying with the definition of non-recurring profits or losses in the Company. Description of defining non-recurring profits or losses items listed in the Explanatory Announcement No.1 on Disclosure of the Information of Companies Offering Their Securities to the Public -- Non-recurring Profit or Loss as recurring profits and losses □Applicable ?Not-applicable The Company did not define any non-recurring profit and loss that is defined and listed the Explanatory Announcement No.1 on Disclosure of the Information of Companies Offering Their Securities to the Public -- Non-recurring Profit or Loss as recurring profit and loss. SECTION III DISCUSSION AND ANALYSIS OF THE MANAGEMENT I. Main business during reporting period (I) Main business of the Company As China's famous cookware R&D and manufacturing company, Zhejiang Supor Co., Ltd is a China's leading manufacturer of small domestic appliances and also the first listed company in China's cookware industry. Established in 1994, the headquarters of the Company locates in Hangzhou owning six R&D and manufacturing bases located in Yuhuan City, Hangzhou City, Shaoxing City (Yuecheng District and Keqiao District) in Zhejiang Province, Wuhan City, Hubei Province and Ho Chi Minh City, Vietnam. Supor's main businesses include: open fire cookware, kitchen utensil, small domestic appliance, large kitchen appliance and H&PC appliance. 1. Open fire cookware and kitchen utensils mainly include wok, pressure cooker, fry pan, sauce pan, steamer, pottery pot, kettle, knife, spatula, thermal pot, thermos& flask, kitchen tool, food container, etc. 2. The small domestic appliance mainly includes: electric rice cooker, electric pressure cooker, induction hob, soymilk maker, electric kettle, juicer, slow cooker, electric steamer, electric hotpot, food processor, baking pan, air fryer, etc. 3. The large kitchen appliance mainly includes: range hood, gas cooker, disinfection cabinets, water purifier, embedded steaming oven, water heater, integrated stove, etc. 4. The H&PC appliance mainly includes: air purifier, clothes steamer, vacuum cleaner, floor washer, electric iron, etc. The Company's cookware and electrical products have been exported to more than 50 countries such as Japan, European and American countries through SEB Group. (II) Development of the Company's industry and its market status In the first half of 2022, affected by repeated pandemic incidents and Russia-Ukraine conflict, the global imbalance between supply and demand intensified. In addition, the resulting impacts such as the soaring price of energies, slow growth rate of goods trade and significant increase of inflation have impeded the recovery of global economy. Due to unfavorable macroeconomic factors, global consumers become increasingly concerned about their purchasing power and cut spending on non-essential services and leisure. The global cookware and small domestic appliance market have confronted great challenges in the first half year. Domestic retail consumption was greatly impacted by the recurring outbreak of pandemic incidents. Backed by effective measures for pandemic prevention&control and consumption-promoting policies, the consumer market gradually recovered. At the same time, we also have observed that the general trend of consumption upgrade in the post-pandemic era remains unchanged, and the further improvement in the urbanization rate in China, expedited facilitation of common prosperity, and popularization of pension, medical insurance and other social benefits, have provided a long-term support for the consumption upgrade. With the general trend of consumption upgrade, the continuous innovation and consumer research and the precise matching with the segment populations' high- end, individualized, fashion-orientated, healthy and intellectualized demand will become the major impetus that drives the growth of consumption in the industry. In the field of open fire cookware, the flow of offline channels declined continuously. Due to the outbreak of pandemic in major consumption cities in China in the first half of 2022, the sales have been further shifting from offline to online channels. According to the data of 30 major cities in China monitored by GFK, the offline retail sales of eight major product categories of open fire cookware (wok, pressure cooker, frying pan, stockpot, milk pot, steamer, cookware set and ceramic slow cooker) declined in double digits in the first half of 2022 on a year-on-year basis. Supor's total offline market shares of above categories have reached 48.6% in total and maintained the leading position in the industry steadily. According to the monitoring data of AVC, the online retail sales of 11 major product categories of open fire cookware (wok, pressure cooker, milk pot, frying pan, kettle, casserole, stockpot, hot pot, steamer, enamel pot and cookware set) increased flat in the first half of 2022 on a year-on-year basis. Supor’s total online market shares of above categories have reached 22.9%, which was four times that of the 2nd brand. In terms of the sales performance of various product categories, the rigidly demanded product categories of wok and pressure cooker demonstrated strong vitality; the product categories of enamel pot with exquisite appearance and great popularity among young people had a 50% year-on-year online growth rate. The trend of consumption upgrade in the open fire cookware market remains unchanged. In addition, consumers preferred those healthy materials, such as 316L stainless steel and titanium. In the field of small domestic appliance, the purchase behaviors of consumers tended to be more rational. Since consumers have higher requirements for the technology and quality of core product categories, plus their higher sensitivity to the idling of segment product categories, the consumption demand for small domestic appliance of kitchenware is continuously challenged. According to the total data from AVC, the retail sales of electric rice cooker, induction hob, electric pressure cooker, soybean milk machine, high-speed blender, mixer, juicer, electric kettle, baked machine (electric baking pan, electric barbecue oven, multifunctional pot), electric steamer, slow cooker, health kettle, air fryer and desktop single-function oven amounted to 26.38 billion yuan, representing a year-on-year decline of 4.9%. Supor's online market shares of above categories have reached 21.5% according to the data monitored by AVC in the first half of 2022. The market shares ranked first in the industry with a year-on-year growth of 1.0 pct. The total offline market shares of above categories have reached 33.5%, with a year-on-year growth of 3.3 pct., ranking second in the industry. In terms of the performance of various categories, the rigidly demanded product categories (electric rice cooker and electric kettle) showed strong resilience.The market of oil-free air fryer still grew rapidly in 2022. In the first half of 2022, its online retail sales achieved 160% year- on-year growth rate, becoming the second largest category after electric rice cooker. The versatility-oriented product categories of electric steamers increased by more than 50%, revealing consumers' preference for healthy cooking. (III) Business performance in the reporting period 1. Product strategy During the reporting period, Supor sustainably promoted the innovation strategy and new product development strategy of "centering on the consumers", with the help of big data on the internet, deeply tapped the users' demands of the subdivided consumers and different scenarios, continuously provided smart product solutions, met more diversified consumer demands and provided more considerate and all-around consumer experience. In the business of open fire cookware, Supor has continuously explored consumer demand and accelerated the expansion of products with core market competitiveness. In the first half of 2022, the Company launched the ti-authentic uncoated non-stick wok, which created the uncoated technology. The well-loved product won the first place in the "618 Most Popular and New Item List in JD.COM". In the business of small domestic appliance, Supor adheres to the differentiated product innovation strategy at all times, and constantly rolls out innovative and intelligent products which provide creative functions for healthy and nutritious cooking. In the category of electric rice cooker, Supor launched a small-capacity far-infrared IH rice cooker for small families, further consolidating the advantages of far-infrared series. Featuring the removable and washable technology and the design of differentiated removable and washable glass cover of air fryer, make cleaning much more easily and thoroughly. The first stirring health kettle launched in the industry. The ingredients could be cooked thoroughly to better meet the "health" needs through stirring. In addition, Supor keeps a close pace with the development of science and technology, and rolls out a brand-new "IOT Convenient Cuisine Pot", which combines science and technology with cooking, and the function of "NFC Touch" has been applied to quickly realize human-computer interaction. The versatile multi-cooker, Xiao C chef., is a hot-selling product, which wins the first place in the positive comment list of "618 Tmall Cooking Pot" and the first place in the sales volume of "618 JD.COM POP Cooking Robot". Meanwhile, Supor persistently promoted the development of H&PC appliance, and launched a new floor washer M1. Supported by the "edge" cleaning technology, it cleaned with sterilized electrolyzed water, easily eliminating hidden bacteria, and creating a healthy environment for our family. In addition, as for the category of clothes steamer, Supor continues to keep its leading position in the industry. According to the monitoring data of AVC, the total online market shares of Supor's product category of clothes steamer reached 12.7% in the first half of 2022, ranking second in the industry. As for the business of large kitchen appliance, Supor continued to enhance the development in the branding of large kitchen appliance, launched differentiated far-infrared heating, steaming and baking integrated stoves, and cooperated with sports star Zhang Jike to further expand its product influence. During the "618 Promotion", the sales of integrated stoves increased by more than 450% year-on-year. According to the monitoring data of AVC, the total online market shares of Supor's product category of gas stove reached 15.5% in the first half of 2022, ranking first in the industry. 2. Channel strategy With the accelerated integration of online and offline markets, Supor remained "centering on the consumers", kept optimizing its channel layout based on the changes in consumers' purchase paths, thereby meeting the purchase needs of different consumers with multi-channel and multi-mode layout matrices. Supor always insisted on winning the trust of consumers with excellent product quality and obtaining the support of distributors and retailers by virtue of excellent services. In terms of online channels, Supor continues to promote the online channel transformation strategy and optimize the store matrix and product sales structure. In the first half of 2022, the Company's e-commerce business maintained rapid growth, and its proportion to Supor's overall domestic sales continued to increase. Thanks to the steady advancement of one stock inventory model and DTC strategy, Supor's sales during "618 Promotion" increased by 13.3% on a year-on-year basis. Meanwhile, Supor actively developed interest-based platforms and continuously improved its operational capabilities, and its Pinduoduo and TikTok businesses grew rapidly. In the first half of 2022, Supor ranked first in the small kitchen appliance industry in the TikTok channel. In addition, Supor attaches importance to member operation and takes advantage of marketing cloud platform to strengthen consumer operation and life cycle management, provide users with high-value services, continuously improve satisfaction and attract more members. In terms of offline channels, due to the pandemic in the second quarter, customers flow in offline channels decreased, and the operation of offline channels faced challenges in the first half of 2022. However, Supor has been working with channel clients and agents to actively respond, expand brand alliances and integrate brand resources, and thus remaining the solid market position. Supor maintains rapid growth among tier-1 and 2 markets by promoting community group buying and home delivery business, and continues to enhance the cooperative relationship with head platforms to seize the opportunities of new channels. Besides, Supor continues to promote and further deepen the development strategy for tier-3 and 4 markets, strengthen and promote comprehensive cooperation with E-commerce platforms among the O2O channel in lower-tier cities, and give full play to the advantages of medium- and high-end product differentiation and agency stability with a view to creating new growth points of the Company in the tier-3 and 4 markets. In terms of export business, due to geopolitical instability such as Russia-Ukraine War and high level of inflation among overseas countries, the demand of overseas markets such as Europe and America declined in the first half of 2022. In order to actively respond to the instable international market, the main customers for export sales take active control on the inventory level of local channels, therefore the Company's export business has declined after two consecutive years of rapid growth. II. Core competitiveness analysis 1. Outstanding product innovation capability As a company long time devoted to R&D, manufacturing and sales of open fire cookware and small domestic appliances, Supor has an acute observation and scientific research of the needs of Chinese consumers and has developed a systematic innovation system to ceaselessly launch new products in the market. After 1994 when Supor launched the domestic first safety pressure cooker, the Company also launched the first electric rice cooker with ceramic crystal liner in 2005, pioneered the uncoated stainless iron pan technology in 2007, successfully introduced SEB thermo- spot patented technology in 2009, launched the industrial first IH electric rice cooker in 2011, pioneered the spherical liner in 2013, ceremoniously launched the industrial first steam IH electric rice cooker with spherical liner in 2015, innovated technology of electric rice cooker liner and launched the Shallow Pot IH Rice Cooker in 2018 and launched the handy, lighter and healthier "Core Iron II" wok, and the "Air-cooled Xpress electric rice cooker" with the rice cooked within half the time under the same quality in 2020. In 2021, Supor rolled out the new-generation anti-corrosion and anti-perforation ti-authentic stainless steel wok and the oil-concentrated frying pan that can make sunny side up eggs with a little oil. In terms of small domestic appliance, the Company has launched the industry's first far-infrared IH electric rice cooker and high-end versatile multi-cooker, Supor Xiao C chef. In 2022, the ti-authentic uncoated wok was launched, which adopted the first uncoated technology in the industry. 2. Well-developed distributor network Supor has stable distributor teams, and maintained good cooperative relationship with them. The relatively high coverage rate and density of its sales network ensure the uninterrupted supply of Supor products. 3. Strong R&D and manufacturing capacity of open fire cookware and small domestic appliance Supor has built up six R&D production bases, respectively in Yuhuan City, Hangzhou City, Shaoxing City (Yuecheng District and Keqiao District) in Zhejiang Province, Wuhan City, Hubei Province and Ho Chi Minh City, Vietnam. In particular, the annual production scale of Wuhan Base and Shaoxing Base ranked the top in the industry. The strong R&D power and the highly professional R&D team provide a powerful guarantee for the quality and innovation capacity of Supor products. 4. Synergistic effect of integration with SEB Since 2006, the Company has started to establish strategic cooperation relationship with SEB which owns a long history of more than 160 years with leading market shares of cookware and small domestic appliances worldwide. The powerful cooperation between Supor and SEB has brought stable export orders to the Company, and increased its overall business size and manufacturing capacity. Meanwhile, the cooperation in aspects of R&D and management will continuously enhance the core competitiveness of the Company. 5. Professional advantage of multiple brands and varieties in kitchen field In addition to Supor brand, the Company also introduced a lot of high-end brands under SEB, such as WMF, LAGOSTINA, KRUPS and TEFAL so as to fully cover the high-end brands in kitchen field. The Company's open fire cookware and small domestic appliances rank the first class nationwide. It also explores new varieties actively such as kitchen & electric appliance and kitchen utensils. The Company has formed its special competition advantages over other rivals due to its layout of multiple brands and varieties in kitchen field. III. Main Business Analysis Overview During the reporting period, the Company achieved an operating income of RMB10,323,979,744.82, representing a year-on-year decrease of 1.05%. The Company realized a total profit of RMB1,252,951,332.99, representing a year-on-year growth of 12.42%; The earnings per share is RMB1.155 with 8.35% year-on-year growth. The revenue from main business was RMB10,256,439,431.57, a decrease of RMB125,500,311.45 or 1.21% compared with the same period of last year. The main business cost was RMB7,622,713,387.19, a decrease of RMB72,446,623.05 or 0.94% compared with the same period of the last year. The gross margin of main business was 25.68%, decreasing by 0.20% compared with the same period of the last year. Among them, the realized revenue from the main business of cookware was RMB3,066,665,527.99, a decrease of 0.39% on a year-on-year basis; the realized revenue from the main business of electric appliance was RMB7,174,700,594.40, a decrease of 1.60% on a year-on-year basis. The realized revenue from the main business of domestic sales was RMB7,419,891,762.28, an increase of 6.54% on a year-on-year basis. The revenue from the main business of foreign trade was RMB2,836,547,669.29, a decrease of 16.99% on a year-on-year basis. Changes of main financial data in the same period Unit: RMB
No significant change of profit structure or profit resource in the reporting period Contents of operating income Unit: RMB
incomes, the same below. The Company's industry, products or areas with operating incomes or operating profits occupying more than 10% ?Applicable □Not-applicable Unit: RMB
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