[中报]苏 泊 尔(002032):2023年半年度报告（英文版）
原标题:苏 泊 尔:2023年半年度报告（英文版） 2023 Semiannual Report August 2023 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 report enclosed in this semiannual report is true, accurate and complete. All directors have attended the Board Meeting of semiannual report in person. 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. For details of the risk factors faced by the Company, please refer to Part X "Risks Faced by the Company and Countermeasures" of Section III "DISCUSSION AND ANALYSIS OF THE MANAGEMENT". The Company plans not to distribute cash dividend, issue bonus shares, or Table of Contents SECTION I IMPORTANT NOTES, TABLE OF CONTENTS AND DEFINITIONS …………………………………………….…. 2 SECTION II COMPANY FILE AND MAJOR FINANCIAL INDICATORS …………………………………………………….….. 6 SECTION III DISCUSSION AND ANALYSIS OF THE MANAGEMENT ………………………………………………………... 10 SECTION IV CORPORATION GOVERNANCE ………………………………………………………………………………….... 22 SECTION V SOCIAL AND ENVIRONMENTAL RESPONSIBILITIES …………………………………………………………... 25 SECTION VI SIGNIFICANT EVENTS ……………………………………………………………………………………………... 29 SECTION VII CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS …………………………... 39 SECTION VIII INFORMATION ON PREFERRED SHARE ……………………………………………………………………….. 46 SECTION IX BONDS ………………………………………………………………………………………………………………... 47 SECTION X FINANCIAL REPORT …………………………………………………………………………………………….…... 48 CATALOG OF REFERENCE DOCUMENTS I. 2023 Semiannual Report of the Company and Abstract with the signature of legal representative; II. Accounting statements with signature of legal representative, person in charge of accounting and person in charge of accounting department and seal of the Company; III. Originals of all documents and announcements published in newspapers designated by CSRC during the reporting period. Reference documents above shall be prepared by Securities Department of the Company. Definitions
SECTION II COMPANY FILE AND MAJOR FINANCIAL INDICATORS I. Company Profile
1. Way of contact Whether the Company registered address, office address, post code, Company website, email address, etc. have changed within the reporting period □ Applicable ? Not-applicable period. Please refer to the 2022 Annual Report. 2. Place for information disclosure and archiving Whether information disclosure and designated location have changed within the reporting period □ Applicable ? Not-applicable The securities exchange website and media name along with their respective URLs where the Company disclosed its semiannual report, as well as the location of the Company's semiannual report archives, remain unchanged during the reporting period. For specific details, please refer to the 2022 Annual Report. 3. Other relevant information Change situation of other relevant data within 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 reports disclosed separately under International Accounting Standards and Chinese Accounting Standards existed during the reporting period. 2. Net profit and net assets discrepancies in financial reports disclosed separately under Overseas Accounting Standards and Chinese Accounting Standards □ Applicable ? Not-applicable No net profit and net assets discrepancies in financial reports disclosed separately under Overseas Accounting Standards and Chinese Accounting Standards existed during 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 items of profits and losses complying with the definition of non- recurring profits or losses. 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 does not have the 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. SECTION III DISCUSSION AND ANALYSIS OF THE MANAGEMENT I. Main Business during the Reporting Period (I) Main businesses of the Company As China's famous cookware R&D and manufacturing company, Zhejiang Supor Co., Ltd. (hereinafter referred to as "the Company") 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 6 R&D and manufacture 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 and kitchen utensil, small domestic appliance, large kitchen appliance and H&PC appliance. (1) Open fire cookware and kitchen utensils mainly include wok, pressure cooker, frying pan, sauce pan, steamer, ceramic slow cooker, kettle, knife, spatula, thermal pot, thermos & flask, kitchen gadgets, crisper, 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 chafing dish, food processor, baked machine, air fryer, etc. (3) The large kitchen appliance mainly includes range hood, gas stove, disinfection cabinet, water purifier, embedded steaming oven, water heater, integrated stove, etc.; (4) The H&PC appliance mainly includes air purifier, clothes steamers, dust collector, floor washer and electric iron. The Company's cookware and electrical products have been exported to more than 50 countries and regions such as Japan, European and American countries mainly through SEB Group. (II) Industry development and market position of the Company In 2023, transportation and tourism, catering service and other industries took the lead in benefiting from the recovery relatively fast, while other industries, including cookware and small domestic appliances categories are more sluggish in consumer demands. According to the analysis of consumption data in the first half of the year, the current consumer demand shows signs of a hierarchy. On the one hand, consumer demand for high-quality and high-value products still maintains a rising trend; at the same time, more consumers are willing to buy cost-effective products. In the field of open fire cookware, online emerging platforms such as TikTok and PDD remained relatively fast-growing, while traditional e-commerce platforms experienced a slight slump, therefore, the whole retail scale among online channels obtained slight increase. However, the offline channels still remained subdued. According to monitoring data from AVC, in the first half of 2023, across the eleven major categories of open fire cookware (such as woks, pressure cookers, frying pans, milk pots, stockpots, kettles, casseroles, hot pots, steamers, cookware sets, enamel pots), traditional e-commerce platforms experienced an 11% year-on-year decline in retail sales. Supor continued to outperform the industry in such sluggish market environment and continued to gain market shares with online market share leading the second brand by more than 4 times and offline market share close to 50%, continuing to remain relates to healthy concept were outstanding, and in terms of product materials, cookware made by healthy materials such as steel 316L and titanium were more favored by consumers. In the field of small domestic appliances, according to AVC aggregated data from January to June 2023 across all channels , small domestic appliances (such as coffee machines, electric rice cookers, induction hobs, electric pressure cookers, soymilk maker, high- speed blenders, mixers, juicers, electric kettles, electric steamers and slow cookers, health kettles, electric grills, tabletop single- function ovens, and air fryers) reached a total sales of RMB 27.55 billion, with a year-on-year decrease of 8.5%. Despite the temporary decline in industry sales scale, Supor still outperforms the industry with increasing online and offline market shares in the above categories (excluding coffee machines) and were ranked as first and second in the industry respectively. From the performance of specific categories, the products that are related to healthy concept such as electric steamers, soymilk maker and health kettles still maintaining growth momentum. (III) Operating condition during the reporting period 1. Product strategy During the reporting period, Supor continued the "consumer-centric" strategy guiding its innovation and development of new products, and deeply explored the needs of segmented users under different scenarios by means of internet data, so as to constant provide smart and ingenious product solutions that meet diversified consumer needs and offer intimate, comprehensive consumer experiences. In the business of open fire cookware, Supor continuously explored the consumer demand and kept accelerating the expansion of products with core competitiveness. Also, combined with consumer demand for healthier, better-looking and other consumer demand, Supor launched a variety of popular products such as the second generation of titanium uncoated non-stick wok, upgrading the titanium- iron alloy overlay technology and improved its non-stick capabilities. In the category of uncoated wok, it held a significant lead in sales. During the "618" e-commerce promotion period, it secured the first position on the "Tmall Uncoated Wok List". Another hot- selling product is the lightweight thermo-spot non-stick wok, featuring a high-value creamy appearance and a lightweight pot body, it ranked first in the "618 Tmall frying pan V list". In the business of small domestic appliance, Supor always insists on combining consumer insight with differentiated product innovation strategies, constantly launching smart, ingenious and healthy creative products. Under the premise that consumers' demand for "one-person dish" is becoming more and more obvious, the Company has launched a series of small-capacity products, such as small-capacity fast electric steamers, electric hot pots, soymilk makers and so on. In addition, the Company combined the Internet of Things technology with Chinese cuisine cooking techniques, and launched an automatic cooking machine that can toss. During the "618" e-commerce promotion period, it won the first place in the "List of Live Streaming Commodities of Kitchen Appliances Brands in TikTok". Meanwhile, Supor seized the popularity of outdoor travel and launched a portable Mini Italian coffee machine, satisfying the needs of coffee enthusiasts in outdoor scenes, and it achieved impressive sales results in the first half of the year. In the business of H&PC appliances, Supor persistently facilitates the product category developments. For example, under the cleaning appliances category, Supor newly launched a double-roller floor washer, which can easily eliminate hidden bacteria and guard the health of the family with strong "edge" cleaning technology and electrolytic water clean sterilization. In terms of the clothes steamer category, Supor continued to keep the leading position in the industry. According to the monitoring data of AVC, the total online market share of Supor's clothes steamer category ranked second in the industry in the first half of 2023. In the business of large kitchen appliances, Supor continued to enhance its brand construction and vigorously develop the integrated stove category. For example, the newly-launched deep-cavity, far-infrared heating, steam-roasting integrated stoves, combining stove, steaming oven, and storage cabinet, meet consumers' integrated demands very well. In terms of advantageous categories of stoves, according to the monitoring data of AVC, the total online market share of Supor's stove category ranked first in the industry in the first half of 2023. 2. Channel strategy As for online channels, the Company established good cooperative relations with mainstream e-commerce platforms such as Tmall, JD, PDD, Vipshop and TikTok, and continued to optimize the store matrix and product sales structure to enhance sales performance. In the first half of 2023, the Company's e-commerce business maintained growth momentum, and its proportion in total domestic sales further enhanced. In addition, the Company actively explores private traffic marketing and accelerated new member acquisition and retention. The launch of the WeChat store this year was aimed to further tap into potential purchasing demands from WeChat members and followers to enhance customer loyalty. At the same time, the Company utilizes the marketing cloud platform, strengthens consumer operations and lifecycle management, offering comprehensive product services to continuously enhance customer satisfaction. In the first half of 2023, the Company’s online membership resulted in an 43% year-on-year increase. As for offline channels, Supor has large-scale sales terminals, and in the context of reduced offline customer traffic and changes in consumer behavior, the Company has continued to optimize its sales network, expand its brand alliances, integrate its brand resources, and strengthen its terminal image management, which has enabled Supor to maintain a dominant position in the offline channel. In tier one and tier two cities, while the traditional contemporary channels are still in decline, the Company maintained good growth through community group purchases and home-delivery businesses. In tier three and tier four cities, the Company reinforces the comprehensive cooperation with e-commerce platforms in O2O channels to create new increase points in these markets. In terms of B2B business, the Company carries out points redemption business with a number of large and medium-sized enterprises, including banks and airlines, to further expand its sales channels. At the same time, Supor has strengthened its cooperation with regional real estate developers and renovation companies to expand its large kitchen appliance business. In terms of export sales, the Company's order quantity was affected by a sluggish global economy and weak demand in European and American markets during the first quarter, resulting in its slight decrease from major export customers. From the second quarter, the Company’s major export customers gradually digested their inventories and increased the number of orders, resulting in an overall year-on-year increase of 7.18% in export sales in the second quarter. II. Core Competitiveness Analysis 1. Excellent product innovation ability Supor has long been focusing on product development, manufacturing and sales in the field of cookware and small domestic appliance. In recent years, the Company has continued to improving the efficiency of R&D and established an innovation center at headquarter level to enhance synergy of R&D resources within and outside the Company. Externally, the Company continues to introduce new manufacturing processes and new materials through close cooperation with research institutions and universities. Meanwhile, the Company has maintained close cooperation with SEB Group in innovation to introduce more new product categories and technologies. Internally, the innovation center continuously improves the innovation incentive mechanism to encourage internal innovation across all business units. In the product design module, the Company integrates industrial design, user experience and consumption trend research into product innovation, so as to further enhance the visual aesthetic feeling, sense of form and sense of experience of products. Meanwhile, the Company has made great efforts to solve users' pain points and bring consumers a better product experience. Since the beginning of 2023, the Company has won several design and creation related honors, such as "2023 AWE Award - Excellent Product Award", "2023 IF Design Award", and "The First Batch of National Key Pilot Units for the Implementation of International Standards for Intellectual Property Rights in Innovation Management in Zhejiang Province", etc. 2. Stable distribution network Supor has a stable distribution team, and maintains a long-term, good cooperative relationship with distributors and agency operators. In terms of online channels, the Company continues to promote the "Direct to Consumer" mode and "One-Basket Project", and it has built a complete matrix of e-commerce stores to provide differentiated product mixes for different consumer groups together with distributors and agency operators. In terms of offline channels, the Company has a huge number of sales terminals and service outlets, which are stationed in large-scale mainstream superstores in tier one and two cities, and has high coverage in O2O channels in tier three and four cities, so as to ensure that consumers can purchase the Company's products in a more convenient way. 3. Strong R&D and manufacturing capacity of open fire cookware and small domestic appliances Supor has built up six R&D production bases, respectively in Yuhuan City, Hangzhou City, Shaoxing City (Yuecheng and Keqiao) 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. Over the years, the Company has continued to improve its industrial efficiency, 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 Group 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 Group has brought stable export orders to the Company every year, and increased its overall business size and manufacturing capacity. Meanwhile, the Company enhanced its the cooperation in aspects of production, R&D, quality control and management with SEB Group, has continuously enhanced the product competitiveness of the Company through the continuous introduction of new categories and technologies. 5. Professional advantage of multiple brands and categories in kitchen field In terms of multi-brand operations, the Company also introduced a lot of high-end brands under SEB Group in addition to Supor brand, such as WMF, LAGOSTINA, KRUPS, and TEFAL, so as to fully cover the mid-to-high end brands in kitchen field. As for category expansions, the Company actively explores new categories such as large kitchen appliances and H&PC appliances in addition to its traditional advantageous business such as open fire cookware and small domestic appliances. The Company has formed a strong competition advantages thanks to its multiple brands layouts and product categories in kitchen field. III. Main Business Analysis Overview During the reporting period, the Company achieved operating income of RMB 9,982,616,440.73, a year-on-year decrease of 3.31%. The Company realized a total profit of RMB 1,098,129,774.21, representing a year-on-year decrease of 12.36%. The earnings per share was RMB 1.097 representing a year-on-year decrease of 5.02%. The Company's main business revenue was RMB 9,872,392,009.04, a year-on-year decrease of RMB 384,047,422.53, down by 3.74%. The Company's main business cost was RMB 7,352,664,336.65, a year-on-year decrease of RMB 270,049,050.54, down by 3.54%. The gross margin of the main business was 25.52%, a year-on-year decrease of 0.16%. Among them, the realized revenue from the main business of cooking utensils was RMB 2,516,239,088.69, a year-on-year decrease of 17.95%; the realized revenue from the main business of electric appliance was RMB 7,342,682,261.73, a year-on-year increase of 2.34%; the realized revenue from the main business of domestic sales was RMB 7,421,861,346.49, a year-on-year increase of 0.03%; the realized revenue from the main business of export sales was RMB 2,450,530,662.55, a year-on-year decrease of 13.61%. Year-on-year alternation conditions of main financial data Unit: RMB
The profit structure or profit source within the reporting period has no change. Operating income constitution Unit: RMB
business incomes, the same below. The industry, product, or region accounts for more than 10% of the Company's operating incomes or operating profits. ?Applicable □ Not-applicable Unit: RMB
the latest period after the statistical caliber is adjusted. IV. Analysis on Non-main Business □ Applicable ? Not-applicable V. Analysis on Assets and Liabilities 1. Significant changes in assets Unit: RMB
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