[中报]老板电器(002508):2023年半年度报告（英文版）
原标题:老板电器:2023年半年度报告（英文版） August 2023 Chapter 1 Important Notes, Contents and Interpretations The Board of Directors, the Board of Supervisors, as well as the directors, supervisors and senior management of Hangzhou Robam Appliances Co., Ltd. (the Company) hereby guarantee that there are no false representations, misleading statements, or material omissions in this Semi-Annual Report (“the Report”), and are severally and jointly liable for the authenticity, accuracy and completeness of the information contained herein. Ren Jianhua, the head of the Company, Zhang Guofu, the person in charge of the Company’s accounting, and Zhang Guofu, the head of the accounting department (the accountant in charge) hereby declare and warrant that the financial report contained in the Report is authentic, accurate, and complete. All the directors attended a Board meeting during which they reviewed the Report. The Company is exposed to risks such as fluctuations in the real estate market policies, fluctuations in raw material prices and intensified market competition. Investors are advised to be aware of the investment risks. The Company does not plan to distribute cash dividends or bonus shares, or convert capital reserve into capital stock. Contents Chapter 1 Important Notes, Contents and Interpretations ................................................................................. 1 Chapter 2 Company Profile and Major Financial Indicators ............................................................................. 3 Chapter 3 Management Discussion and Analysis ................................................................................................. 6 Chapter 4 Corporate Governance ........................................................................................................................ 15 Chapter 5 Environmental and Social Responsibilities ....................................................................................... 18 Chapter 6 Significant Matters .............................................................................................................................. 19 Chapter 7 Changes in Shares and Shareholders ................................................................................................. 23 Chapter 8 Preferred Shares .................................................................................................................................. 28 Chapter 9 Bonds .................................................................................................................................................... 29 Chapter 10 Financial Report ................................................................................................................................ 30 5 Documents Available for Reference I. Financial statement signed by the legal representative, the person in charge of accounting and the head of the accounting department and affixed with seal. II. Original copies of documents and announcements of the Company published in the newspaper designated by China Securities Regulatory Commission during the reporting period. III. The Semi-Annual Report 2023 signed by the legal representative IV. Other information. Interpretations
Chapter 2 Company Profile and Major Financial Indicators I. Company Profile
1. Contact information Whether the registered address, office address and zip code as well as the website and email address of the Company changed during the reporting period? □Applicable ?Not applicable There were no changes in the registered address, office address and zip code as well as the website and email address of the Company during the reporting period. For details, please refer to the Annual Report 2022. 2. Information disclosure and filing location Whether the information disclosure and filing locations changed during the reporting period? □Applicable ? Not applicable During the reporting period, there were no changes in the website of stock exchange and name and website of media designated for information disclosure of the semi-annual report and the location for filing the semi-annual report of the Company. For details, please refer to the Annual Report 2022. 3.Other information Whether other relevant information changed during the reporting period? □Applicable ? Not applicable IV. Key Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate the accounting data of previous years? □ Yes? No
International Accounting Standards (IAS) and China’s accounting standards? □Applicable ?Not applicable There is no difference in the net profit and net asset disclosed in the Financial Report under IAS and China’s accounting standards during the reporting period. 2. Whether there are differences in the net profit and net asset disclosed in the Financial Report under foreign accounting standards and China’s accounting standards during? □Applicable ?Not applicable There is no difference in the net profit and net asset disclosed in the Financial Report under foreign accounting standards and China’s accounting standards during the reporting period. VI. Items and Amounts of Non-recurring Gains and Losses ?Applicable □Not applicable In RMB
on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Profits and Losses (referred to as “Announcement No.1”) are defined as recurring profits and losses ?Applicable ?Not applicable
Chapter 3 Management Discussion and Analysis I. Main Businesses during the Reporting Period In the first half of 2023, with the gradual implementation of national macroeconomic policies, the real estate industry has shown a gradual recovery in prosperity, and the kitchen appliance industry has experienced a moderate rebound overall. In terms of the retail channel, as shown in AVC monthly data report based on offline retail market monitoring (“AVC Offline Report”), the year-on-year (YoY) growth of the retail sales of the main categories of kitchen appliances, i.e. range hoods and gas stoves, registered 7.6% and 2.2% respectively. In terms of the e-commerce channel, as shown in AVC monthly data report based on online retail market monitoring (“AVC Online Report”), the YoY growth of the retail sales of the kitchen appliances package registered 14.6%. In terms of the engineering channel, as shown in the AVC Real Estate Big Data (“AVC Real Estate Report”), due to the sluggish sales of new houses, there were 375,800 sets of newly launched houses with fine decoration in the first half of the year, a YoY decrease of 45.1%; the penetration rate of fine decoration projects was 37.7%, a decrease of 2.4 percentage points compared to that in the previous year. The installation rates of range hoods and gas stoves were 96.4% and 96.3% respectively, which remain basically unchanged compared to the same period last year; the penetration rate of dishwashers was 38.5%, an increase of 7.1 percentage points compared to the same period last year. In the first half of 2023, thanks to the implementation of the “ensuring timely delivery of presold homes” policy, the area of completed commercial residential buildings reached 246.036 million square meters, a YoY growth of 18.5%. It is expected that 2023 will become a significant year of housing delivery in the market. The Company has a solid leading position in the industry. According to the AVC Offline Report, the retail sales and its market share of Robam range hood were 31.0% and 25.8% respectively, while the retail sales and its market share of Robam gas stove were 30.4% and 23.1% respectively. As shown in the AVC Online Report, the retail sales and its market share of Robam kitchen appliance package were 32.0% and 24.6% respectively, all the above indexes ranking first in the industry. In the first half of 2023, closely focusing on the annual business philosophy of “Creating a Dream for Long Journey, Winning through Innovation - Creating a New Future for Digital Kitchen Appliances”, the Company achieved a revenue of RMB 4.935 billion, a YoY growth of 11.04%, and a net profit attributable to the owners of the listed company of RMB 830 million, a YoY growth of 14.67%, both exceeding the industry average level. As of June 30, 2023, according to AVC Offline Report, the market shares and market rankings of the Company’s main product categories in terms of offline retail sales are shown in the following table:
main product categories in terms of online retail sales are shown in the following table:
decoration channel was 34.8%, ranking No.1 in the industry. In the first half of 2023, for the technology sector, the Company continued to lead industry innovation and drive culinary transformation. The release of Creator i7 – the AI-powered new flagship product in digital kitchen appliances has comprehensively improved the functions such as gas stove compatible automatic cooking, user interaction and automation experience, and the Company published the Digital Cooking Standard for Healthy Home jointly with the China Household Electric Appliance Research Institute, further promoting the healthy and orderly development of digital kitchen appliances. As of June 30, 2023, a total of 3,858 patents have been granted to the Company, including 119 invention patents; the Company has participated in the formulation of a total of 136 standards, and the Company took the lead in developing 35 of them. In addition, the Company’s technological innovation capabilities have been continuously recognized by the industry, and it won the first and second prizes of the Science and Technology Progress Award of the China National Light Industry Council in 2023. The range hood (CG51X2) also won the China Excellent Design Patent Award. In the first half of 2023, as for the marketing, the Company adhered to its high-end brand positioning, and met the multi-dimensional needs of customers by centering on customers, with multiple brands and channels empowering each other for synergetic development. In terms of the retail channel, with traditional retail flow rebounding, exclusive shop system developed steadily, expanding channels grew rapidly, and innovative channels are poised for development; from the user side, the Company plans to promote worry-free kitchen renovation service and upgrade service experience. In terms of the E-commerce channel, the Company deeply tapped into user value, fully utilized flow resources, and enhanced channel efficiency through multi-category synergy. In terms of the engineering channel, in the context of the “ensuring timely delivery of presold homes” policy driving real estate market growth, the Company strictly controlled channel risks and optimized customer structure, significantly improving cash flow. For the overseas channel, the Company steadily promoted its global layout and the internationalization of the brand. In addition, the Robam brand has comprehensively supported MingQi brand by upgrading its organizational resources, brand potential, product innovation and channel expansion, and exploring the new retail development path of MingQi brands. It has also collaborated with sub-brands such as Kinde, DACHOO and ROKI Digital Kitchen Appliances to build a new brand matrix, achieving diversity integration for creating a joint development path. In the first half of 2023, as for production, with the core of “refining and leading innovation”, the Company focuses on refining and enhancing aspects related to product category, suppliers, manufacturing processes, and market presence, striving to become one of the strongest manufacturing benchmarks in China’s manufacturing industry. It was awarded the “2022 National Quality Benchmark” by the China Association for Quality. To better serve users, the Company built differentiated manufacturing and supply capabilities and enhanced quality control and product delivery capabilities; to better make use of resources, the Company promoted whole-process inventory management and established a cost control system with comprehensive competitive advantages; through evolution and innovation, the Company aimed to construct an integrated supply chain and a digitalized transparent future factory. The Maoshan Intelligent Manufacturing Park Project has been officially put into use, further achieving cost reduction and efficiency improvement and realizing continuous improvement of production efficiency and production benefits. In the first half of 2023, as for brand, the Company continued to build the brand image as the premier Chinese high-end kitchen appliance brand that best understands Chinese cooking. It also held the “Feeling Free to Cook and the Digital Kitchen Appliance Technology New Product Release Conference”. Multiple products such as the Lingxi fully automatic range hood and stove, Guangyan integrated washing and disinfection machine, Digital Kitchen Appliance Creator series and high-performance integrated stove appeared at the 2023 China Appliance & Electronics World Expo (AWE). Dishwasher S1 plus, combi-steam oven CQ928, and Digital Kitchen Appliance Creator i1 won the Excellent Product Prize, Design Prize, and Smart Technology Prize of AWE Award respectively. In addition, the Company held a series of activities such as the Chinese Culinary Banquet, the First Chinese Cooking Competition and the Third Dishwasher Festival; Robam also sponsored the reality show “It Sounds Incredible”, appeared on “CCTV Finance and Economics” Channel and joined hands with Wang Yibo to launch the theme activity of “Pampering Your Hands”, helping the dishwasher category to be accepted by more circles of people and accelerating its popularization. All these activities contributed to the ongoing exposure and influence of the brand. As the exclusive supplier of household kitchen appliances for the 19th Asian Games Hangzhou 2022, the Company empowered the Asian Games with innovative technology which further supported the promotion of the 19th Asian Games Hangzhou 2022, contributed to cultural event with “Chinese style, Zhejiang characteristics, Hangzhou charm, and shared development”. In the first half of 2023, the Company continued to gain recognition from the capital market in terms of corporate governance, information disclosure and shareholder returns. It has been rated as A level (excellent) in the information disclosure assessment on listed companies by the Shenzhen Stock Exchange for nine consecutive years. Meanwhile, based on improvement and excellent performance in corporate governance and employee welfare programs, its MSCI ESG has been rated as A level and ranks among the top in the global peer (household durable goods) companies. In order to implement common prosperity and establish a normalized incentive mechanism, the Company has launched the 2023 Stock Option Incentive Plan to provide stock option incentives for the Company’s middle-level key business and technical backbone staff, thereby consolidating the long-term development foundation of the Company. 2023 is the starting year of the Company’s new three-year strategy. The Company will continue to focus on cooking and build a new core competitiveness based on “technology + humanity” to achieve long-term stable and high-quality development. II. Analysis of Core Competitiveness There is NO material change in the Company’s core competitiveness during the reporting period. The Company’s core competitiveness is mainly reflected in its high-end brand positioning, R&D capability for continuous innovation, comprehensive and efficient operation capability, as shown in the Annual Report 2022. III. Analysis of Main Business Overview See the relevant content in the “I. Main Businesses during the Reporting Period”. Year-on-year changes in key financial data In RMB
No major changes on profit composition or profit resources occurred in reporting period Composition of operating income In RMB
?Applicable □Not applicable In RMB
reporting period is applied in case that the statistical caliber of such data is adjusted during the reporting period □Applicable ?Not applicable IV. Analysis of Non-core Business □Applicable ? Not applicable V. Analysis of Assets and Liabilities 1. Significant changes in assets composition In RMB
□Applicable ?Not applicable 3.Assets and liabilities measured at fair value □Applicable ?Not applicable 4.Restricted asset rights by the end of the reporting period
1. Overview □Applicable ?Not applicable 2. Major equity investments obtained during the reporting period □Applicable ?Not applicable 3. Major ongoing non-equity investments during the reporting period □Applicable ?Not applicable 4. Financial asset investment (1) Securities investment □Applicable ?Not applicable The Company had no securities investment during the reporting period. (2) Derivative investment □Applicable ?Not applicable The Company had no derivatives investment during the reporting period. 5. Use of the raised funds □Applicable ?Not applicable The Company did not use the raised funds during the reporting period. VII. Sale of Major Assets and Equities 1. Sale of major assets □Applicable ?Not applicable The Company did not sell major assets during the reporting period. 2. Sale of major equities □Applicable ?Not applicable VIII. Analysis of Main Holding and Joint-stock Companies ?Applicable □Not applicable Main subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit In RMB
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