[年报]苏 泊 尔(002032):2023年年度报告（英文版）
原标题:苏 泊 尔:2023年年度报告（英文版） 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 annual 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 Annual Report is true, accurate and complete. All directors have attended the Board Meeting 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. As for the risk factors confronted by the Company, see Part 11 "Prospects for Future Development" of SECTION III "DISCUSSION AND ANALYSIS OF THE MANAGEMENT" for details. The profit distribution plan adopted at this Board Meeting specifies that: based on 796,891,157 shares, the Company distributes cash dividend of RMB 27.30 per 10 shares (tax-inclusive) to all shareholders, and total amount of cash dividends is RMB 2,175,512,858.61, issues 0 bonus shares (tax-inclusive) and will not convert capital reserves to capital. 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 ................................................................................................................................29 SECTION V SOCIAL AND ENVIRONMENTAL RESPONSIBILITIES............................................................................................55 SECTION VI SIGNIFICANT EVENTS ...............................................................................................................................................60 SECTION VII CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS .............................................70 SECTION VIII INFORMATION ON PREFERRED SHARE ..............................................................................................................79 SECTION IX BONDS ..........................................................................................................................................................................80 SECTION X FINANCIAL STATEMENT ............................................................................................................................................81 CATALOG OF REFERENCE DOCUMENTS I. 2023 Annual Report of the Company and Abstract with signature of legal representative; II. Financial statements with signature of legal representative, person in charge of accounting and person in charge of accounting department and seal of the Company; III. Original of audit report with seal of accounting firm and signature of certified public accountants (CPA); IV. Original of all documents and announcements published in newspapers designated by CSRC during the reporting period. Reference documents above archived at the Securities Department of the Company. Definitions
SECTION II COMPANY FILE AND MAJOR FINANCIAL INDICATORS I. Company Information
Certified Public Accountants engaged by the Company
□ Applicable ? Not applicable Financial consultant engaged by the Company for performing continuous supervision duties during the reporting period □ Applicable ? Not applicable VI. Major Accounting Data and Financial Indicators Does the company need to retroactively adjust or restate previous year's accounting data? □ Yes ? No
is negative, and the audit report for the latest year indicates uncertainty about its continuing operation ability □ Yes ? No Net profit before or after non-recurring profit and loss are deducted, whichever is lower, is negative □ Yes ? No VII. Financial Data Difference on Principle of Domestic and Oversea Accounting 1. 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 during the reporting period. (2) Net profit and net assets discrepancies in financial statements disclosed separately under Overseas Accounting Standards and Chinese Accounting Standards □ Applicable ? Not applicable No net profit and net assets discrepancies in financial statements disclosed separately under Overseas Accounting Standards and Chinese Accounting Standards existed during the reporting period. VIII. Quarter-based Major Financial Indicators Unit: RMB
report □ Yes ? No IX. Non-recurring Profit or Loss Items and Amount ? Applicable □ Not applicable
□ 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. Industrial Situation of the Company in the Reporting Period Since 2023, industries such as transportation, tourism, and catering services are the first to pick up quick recovery. However, consumer demands in other industries, including cookware and small domestic appliances, are relatively weaker. Thanks to excellent channel operation and management capabilities and strong product competitiveness, the Company has achieved more satisfactory performance than the industry average under the background of the current stress on the consumer market as a whole. In the field of open fire cookware in 2023, the growth rate of online retail slowed down, and the conventional e-commerce was stressful, with interest-based e-commerce and live streaming e-commerce bringing new vitality to the industry, which further diverted the purchasing channels of consumers. Supor actively responds to the varied needs of online and offline consumers, adopts digitalization as an anchoring point, constantly explores new models to match consumer demand, and continuously builds competitive advantages. According to monitoring data of AVC, the online cookware market share of Supor increased by 24% year-on year in 2023, leading the second-ranked brand by more than four times. The total share in the offline market has reached approximately 50% in total, firmly occupying the top position in the industry. From the perspective of product category performance, the categories related to health concepts are outrunning the others, such as pressure cookers, casseroles, steamers. From the perspective of product materials, cookware made of healthy materials such as stainless steel 316L and titanium are more favored by consumers. In the field of small domestic appliances, customer demands tend to be more rational due to macroeconomic impacts. Striving forward under pressure, Supor has achieved a good result that the comprehensive market share of traditional e-commerce and the Douyin channel ranks the first. According to the overall monitoring data of AVC in 2023, the sales performance of Supor's small domestic appliances (including the following categories: coffee machines, electric rice cookers, induction hobs, electric pressure cookers, soymilk makers, high-speed blenders, mixers, juicers, electric kettles, electric steamers, health kettles, baked machines, small desktop single function ovens, and air fryers) is outrunning the industry average, and their shares in the online and offline markets have improved, ranking first and second respectively in the industry. From the perspective of category performance, the rigid-demand categories such as electric rice cookers have a stable market, and the categories related to health concepts such as electric steamers and soymilk makers continue with the growth momentum. II. Main Business during the Reporting Period As China's famous cookware and small domestic appliance R&D and manufacturing company and leading brand, the Company is also the first listed company in China's cookware industry. Established in 1994, the headquarters of the Company locates in Hangzhou and owning six 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 appliances, large kitchen appliances and H&PC appliances. (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 appliances mainly include electric rice cooker, electric pressure cooker, induction hob, soymilk maker, electric kettle, juicer, slow cooker, electric steamer, electric hotpot, food processor, baked machine, air fryer, coffee machine, etc.; (3) The large kitchen appliances mainly include range hood, gas stove, disinfection cabinet, water purifier, embedded steaming oven, integrated stove, water heater, etc.; (4) The H&PC appliances mainly include air purifier, garment steamers, vacuum cleaner, floor washer and electric iron, electric heater, air-circulating fans, etc.. 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. III. Core Competitiveness Analysis (I) Superior product innovation capacity Supor has been upholding the philosophy of "People Orientation, Design Driven Product Innovation" over the years, with the adherence on technological leading, green design development, internal and external innovation synergy, and enhancement on international cooperation. In 2023, Supor Domestic Appliance Design Center was honorably accredited as a "National Industrial Design Center". Under the leadership of the innovation center of the headquarters, the Company further strengthens the collaboration of internal and external R&D resources. Internally, the innovation center continuously improves its innovation incentive mechanism and encourages the continuous innovation in various internal business units. Externally, the Company continuously introduces new processes and materials through close cooperation with research institutions, universities, and other organizations, and strengthens innovation collaboration with SEB Group to a greater extent to introduce more new products and technologies. In terms of the design modules for unfinished products, the Company integrates industrial design, user experience, and consumption trend into product innovation to further enhance the visual aesthetic feeling, form, and experience of products, address user pain points, and bring consumers a better product experience. (II) Steady distribution network Supor has a reliable distribution team and maintains long-term and sound cooperative relationships with distributors and operators. In terms of online channels, the Company continuously promotes the direct sales, agency and “one-basket” model, and works together with distributors and operators to build a complete matrix of e-commerce stores, providing differentiated product portfolios for different consumer groups. In terms of offline channels, the Company has established a great number of point-of-sale terminals and service outlets, and has entered large-scale mainstream supermarkets and stores in the primary and secondary markets, in addition to a high coverage rate in the O2O channels in the third and fourth markets, ensuring that consumers can purchase the Company's products more conveniently. (III) Strong R&D and manufacturing capabilities 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 been continuously improving industrial efficiency, and the strong R&D and manufacturing capabilities in the base and the superior R&D team of the Company have robustly supported the product competitiveness of Supor. (IV) 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, and increased its overall business size and manufacturing capacity. Meanwhile, the Company strengthens cooperation with SEB Group in varied fields such as production, R&D, IT, and management, and providing comprehensive support for the Company's development continuously . (V) Advantage of multiple brands and categories In terms of the multi-brand operation, in addition to Supor brand, the Company also introduced a lot of high-end brands under SEB Group, such as WMF, LAGOSTINA, KRUPS, and TEFAL so as to fully cover the high-end brands in small domestic appliances and kitchen cookware fields. In terms of the category expansion, the Company actively explores new product categories for kitchen appliances, H&PC appliances, personal care appliances, and others on the basis of the existing advantageous categories such as open fire cookware and small domestic appliances. Supor has established a strong competitive advantage with the multi-band and multi- category layout in the domestic market. IV. Main business analysis During the reporting period, the Company achieved an operating income of RMB 21,303,948,642.66, a year-on-year increase of 5.62%, mainly because the domestic sales kept positive growth with market shares of core categories on both online and offline channels gained during reporting period compared with that last year among such challenging market environment. For export business, it has improved obviously since 2023Q3 and the export sales achieved fast growth during reporting period compared with that last year. The net profit attributable to shareholders of listed company was RMB 2,179,798,147.27, a year-on-year increase of 5.42%; and the earnings per share were RMB 2.719, a year-on-year increase of 6.00%. Among them, the realized revenue from the main business of cookware was RMB 6,056,346,176.44, a year-on-year decrease of 1.07%; the realized revenue from the main business of electric appliances was RMB 14,963,200,632.70, a year-on-year increase of 8.40%; the realized revenue from the main business of domestic sales was RMB 14,937,286,741.50, a year-on-year increase of 0.95%; and the realized revenue from the main business of export business was RMB 6,110,174,972.63, a year-on-year increase of 18.63%. 1. Overview (I) Domestic sales 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 actively responds to the needs of online and offline target consumer groups through continuous product innovation and iteration, with a focus on making breakthroughs in the key categories. In 2023, the Company has upgraded the titanium uncoated non-stick wok product, which continues to dictate the "Uncoated and Non-stick" upsurge in the cookware industry. Meanwhile, the Company targeted young generation and small-sized families and launched a hit product, the lightweight thermal-spot nonstick wok, through Red Book influencer recommendations, short video streaming, and in-site&out-site promoting to accurately reach the target groups, and to gain incremental market shares, and this product achieved a sale of nearly one million pieces in 2023. In terms of drinkware, the Company has continued to promote the strategy of major flagship product, the big capacity thermos bottle launched in the year sold nearly one million units, and ranked as the No. 1 on the hot-selling list for several consecutive months. At the same time, the Company has successfully launched a series of products such as stainless steel thermos jugs and thermos pots based on profound insights into customer needs, driving the market share of thermos jugs and thermos pots to continue to take the lead. In the business of small domestic appliances, Supor adheres to the differentiated product innovation strategy at all times, and continuously rolls out innovative and intelligent products which provide creative functions for healthy and nutritious cooking. On the one hand, the Company's leading position in core rigid-demand categories such as electric rice cookers, electric pressure cookers, and electric kettles has been further strengthened, and the core product of far-infrared rice cooker has been sold over a million pieces accumulatively since its launch. On the other hand, the Company is accelerating the layout of small capacity, multifunctional, and outdoor product lines, actively exploring the market of new sub-categories. The intelligent automatic cooker product and portable coffee maker product launched by the Company have achieved good sales results, and were respectively awarded as the "No. 1 Sales on June 18", and "Douyin's No. 1 Sales for the Category of Portable Coffee Makers on November 11" respectively, with an upsurging year-on-year increase. In the business of H&PC appliances, Supor persistently promotes the development of the home appliance category and continues to strengthen the cleaning category, with the market share of vacuum cleaners improved to the first place among all domestic brands and to the second place in the industry. In terms of the garment steamer category, Supor continues to keep the leading position in the industry. According to the monitoring data of AVC, the online market share of Supor's clothes steamer category ranks second in the industry. Meanwhile, the Company actively develops emerging seasonal product categories such as the electric heaters and air- circulating fans, with a total scale of annual sales exceeding RMB 100 million, which is incubating to become a new engine of sales growth. In the business of kitchen appliances, Supor insists on focusing on its main operating categories, rapidly develops and cultivates distinct categories, solidifies the foothold in the existing replacement market, and constantly seeks breakthroughs. The "Extreme Fire" gas stove category launched by the Company continues to lead the industry. According to the monitoring data of AVC, the online market share of Supor's gas stove category remains the first in the industry, and the overall online market share of Super remains in the top five in the industry in 2023. (2) Channel strategy With the accelerated integration of online and offline markets, Supor remained "consumer-centric" and kept optimizing its layout of channels based on the changes in consumers' purchase path, thereby meeting the needs of various consumers through a multi-channel and multi-mode layout. The Company insisted on winning consumers' trust with high-quality products, and winning distributors' and retailers' support with excellent services. In 2023, the overall growth rate of online retail has slowed down, and the conventional e-commerce is under pressure. With the significantly increased cost of customer acquisition, the price war between platforms has become increasingly fierce, and consumer purchasing channels have been further diverted. Under such background, by actively grasping the varied shopping needs of consumers and through excellent business capabilities in all fields, Supor has maintained a relatively robust trend as a leading brand in the industry, with the market shares of various categories on various platforms have reached new highs. In terms of conventional e-commerce, the Company continuously expands the sales proportion of mid- to high-end products through the portfolio optimization of product matrix and store matrix, which has further enhanced the market share of mid to high price products. In terms of interest-based e-commerce, the Company has successfully incubated differentiated products such as intelligent automatic cookers, portable coffee makers and foldable electric kettles on Douyin through the combination of shop livestreaming and influencer promotion. The Company has launched specialized models on Pinduoduo to continuously optimize the sales structure on the platform, reasonably control the proportion of high cost-effective single products, and continuously strengthen store operation capabilities with a focus on flagship stores. In 2023, the landscape and competitive environment of offline retail continues to change, and there is not a significant recovery in customer flow at the retail terminals of cookware and small domestic appliances. As an industry leader, Supor has always adhered to winning the trust of consumers with excellent product quality, and has gained support from distributors and retailers with strong new product expansion capabilities and excellent services. In the offline market, the Company has newly established the promotion project of "Retail Expansion", and actively launched the "Trade in", brand alliance, cross industry linkage, and other local promotion activities in old communities, quasi-new communities, and building materials markets in an environment of fragmented and pre-positioned retail channels, which helps to keep offline sales relatively stable. In terms of lower-tier markets, the Company continues to improve refined operations with the continued growth of the O2O business. In addition, the instant retail develops rapidly, and the Company's cooperation with platforms such as Meituan Flash Sale and JD.com Home has been further upgraded, which injects new vitality into the offline store ecosystem, further narrows the gap between products and consumers, and achieves the integration of consumption scenes with household scenes. In terms of B2B business, the Company has established the credit redemption business with large-scale banks, airline operators, and other large- and medium-sized enterprises, further expanding the sales channels. Meanwhile, Supor continues to strengthen the cooperation with regional property developers and decoration companies, expanding the engineering-based kitchen appliance business. (3) Brand building In 2023, the Company has expedited the process of brand rejuvenation from multiple dimensions such as consumer insight, product layout, industrial design, and marketing method, and the proportion of young people in the brand user asset has significantly improved. In terms of consumer insight, the Company deeply explores the needs of young people through the implementation of qualitative and quantitative researches and big data analysis, and has set indicators to continuously track the brand rejuvenation performance. In terms of industrial design, through the trials of different design styles of rejuvenation and the enrichment of color combinations, the Company has launched a series of "attractive-appearance" products such as the lightweight thermo-spot non-stick wok and the instant cooking pots. In terms of marketing, the Company continuously makes breakthroughs in the interest position and aesthetic culture of young people through the operation of "Audience + Content", which induces emotional resonance and delivers emotional value. The Company has also conducted a comprehensive upgrade to the e-commerce detail pages, e-commerce packaging, and offline terminals, which optimizes the online and offline shopping experiences, strengthens the communication between the brand and consumers, and enhances the brand competitiveness. Meanwhile, the Company also strengthens the private traffic operation and has launched the official WeChat mini-program version 2.0 that integrates life inspiration proposals, product usage tips, immersive shopping, after-sales services, and membership activities, and provides the members with a unique product and service experience and enhance the added value of products and the brand reputation. (II) Export sales during the reporting period In the second half of 2023, thanks to the organic growth of SEB Group and its demand for channel-based replenishment of inventory, the prospect of the Company's export business continues to recover and has achieved a rapid growth throughout the year. 2. Revenues and costs (1) Structure of operating incomes Unit: RMB
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