[年报]老板电器(002508):2023年年度报告（英文版）
原标题:老板电器:2023年年度报告（英文版） April 2024 2023 Full Annual Report 2023 Annual Report Section 1 Important Notes, Contents and Definitions The board of directors, the board of supervisors and directors, supervisors and senior management of the Company hereby guarantee that no false or misleading statement or major omission was made to the materials in this annual report and that they will assume all the responsibility, individually and jointly, for the authenticity, accuracy and completeness of the contents of the annual report. Ren Jianhua, the head of the Company, Zhang Guofu, the head of accounting work, and Zhang Guofu, the head of accounting body (accountant in charge), guarantee the authenticity, accuracy and completeness of the financial report in the annual report. All directors of the Company personally attended the board meeting for reviewing this report. The Company has risks such as policy fluctuations in the real estate market, price fluctuations of raw materials and intensifying market competition. Please pay attention to the investment risks. The preplanned profit distribution deliberated and approved by the board of directors: taking 944,094,916 shares as the radix (the existing total share capital of 949,024,050 shares, excluding 4,929,134 shares repurchased), the Company will send cash dividends of RMB 5 (tax inclusive) and 0 bonus share (tax inclusive) to all shareholders for every 10 shares, and instead of converting capital reserve into share capital. 2023 Full Annual Report Contents Section 1 Important Notes, Contents and Definitions .................................................................... 2 Section 2 Company Profile and Major Financial Indicators ......................................................... 6 Section 3 Management Discussion and Analysis ........................................................................... 10 Section 4 Corporate Governance .................................................................................................... 22 Section 5 Environmental and Social Responsibility ..................................................................... 39 Section 6 Important Matters ........................................................................................................... 40 Section 7 Changes in Shares and Shareholders ............................................................................ 45 Section 8 Information Related to Preferred Shares ...................................................................... 50 Section 9 Bond-related Information ............................................................................................... 51 Section 10 Financial Report ............................................................................................................ 52 2023 Full Annual Report Directory of documents available for inspection I. Financial statements containing signatures of the legal representative, the head of accounting work, and the head of accounting body with seals. II. Original audit report stamped by ShineWing Certified Public Accountants (Special general partnership) and signed and stamped with the certified public accountants. III. Original copies of the documents and announcement of the Company published on the newspaper designated by the CSRC in the reporting period. IV. 2023 annual report of the Company signed by the legal representative. V. Other relevant information.
Accounting firm engaged by the Company
□ Applicable ? Not applicable The financial advisor engaged by the Company to perform the continuous supervision responsibility during the reporting period □ Applicable ? Not applicable VI. Major Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate the accounting data of the previous years □ Yes ?No
negative, and the audit report of the latest year shows that the Company's ability to continue as a going concern is uncertain □ Yes ?No The lower net profit before and after deducting non-recurring profit and loss is negative □ Yes ?No VII. Differences in Accounting Data under Domestic and Foreign Accounting Standards 1. Differences between net profits and net assets in financial statements disclosed according to the International Accounting Standards (IAS) and Chinese Accounting Standards simultaneously □ Applicable ? Not applicable No difference between net profits and net assets in financial statements disclosed according to the International Accounting Standards (IAS) and Chinese Accounting Standards during the reporting period.
related to the quarterly report and semiannual report disclosed by the Company □ Yes ?No IX. Non-recurring Profit and Loss Items and Amount ? Applicable □ Not applicable Unit: yuan
The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss. Description of recurring profit and loss items
2023 Full Annual Report Section 3 Management Discussion and Analysis I. Industry Situation of the Company During the Reporting Period In 2023, the kitchen appliance industry experienced a recovery after five years of consecutive decline. The demand for updating kitchen appliances began to be gradually released, and the overall sales of the industry improved, but we could see that he strong will be strong forever. According to the retail data released by All View Cloud (AVC), the retail sales of kitchen and bathroom appliances (such as range hoods, gas hobs, electric water heaters, gas water heaters, sterilizer cabinets, dishwashers, built-in appliances, water purifiers, and integrated stoves) in 2023 amounted to RMB 166.9 billion, representing a year-on-year increase of 5.3%. Among them, the total sales of rigid demand categories (range hoods, gas hobs, electric water heaters, gas water heaters) was RMB 99.8 billion, representing a year-on-year increase of 6.5%; the total sales of the categories with a demand for quality (sterilizer cabinets, dishwashers, built-in appliances, water purifiers) was RMB 42.3 billion, representing a year-on-year increase of 8.6%; the total sales of integrated stoves was RMB 24.9 billion, representing a year-on-year decrease of 4.0%. Accompanied by consumer grading, the kitchen appliance industry in China is experiencing a new stage of development, and the transformation of kitchen life centered on health, wholeness and intelligence is constantly speeding up. Consumers pursue products with powerful functions and comfortable experience, and their demand for health and aesthetics acts as a product innovation driving factor. The kitchen appliance industry will develop in an intelligent and integrated way. With the continuous development of Internet of Things, artificial intelligence and other technologies, kitchen appliance products will become more intellect, and integrated design will also improve kitchen space utilization and product aesthetics. In addition, environmental protection and energy saving are also the future development priorities of the kitchen appliance product industry. With the increasing global environmental awareness, more attention to sustainable development will be paid in the design of kitchen appliance products. As the concentration of brands in the industry continues to improve, consumers are increasingly trusting in well-known brands. At the same time, with the expansion of market scale and the intensification of competition, there will be more opportunities and challenges in the kitchen appliance industry in the future. According to the National Economic and Social Development Statistics Bulletin 2023 issued by the National Bureau of Statistics, at the end of 2023, the urbanization rate of the permanent population in China was 66.2%, representing an increase of 0.98% over the end of the previous year. Compared to the urbanization rate of over 80% in developed countries, there is a broad development prospect for the kitchen appliance industry. The urbanization in China is developing in the middle stage, and is developing towards the goal of high-quality. In 2023, the demand for upgrading was increasing, and the trend of upgrading kitchen appliance categories in China will continue. II. Main Business of the Company during Reporting Period Dedicated to creating a new quality kitchen for millions of families, the Company takes foot in the kitchen field and focuses on the development, production, sales and comprehensive services of kitchen appliances, including range hoods, gas hobs, dishwashers, steam oven-oven and integrated stoves, etc., and it is committed to creating a more "convenient, healthy and interesting" kitchen life for millions of families. After 45 years of development and growth, the Company has become the manufacturer with the longest history, the highest market share and the largest production capacity in the Chinese kitchen appliance industry. According to product attributes and cooking methods, the Company's products are mainly divided into three categories. The first category refers to the product group represented by range hoods. The second category refers to the electrified cooking product group represented by steam oven-oven, steamer and oven. The third category refers to the water kitchen appliance product group represented by dishwashers, gas water heater and water purifier. In addition, it also includes integrated product groups represented by integrated stoves and integrated range hoods, etc., as well as refrigerators and other categories, providing consumers with a full set of kitchen appliance solutions. The channel layout of the Company is complete, forming three major channels focusing on offline retail, online e-commerce and refined decoration engineering, as well as overseas channels. 1) Offline retail channels: mainly based on the national agent model of ROBAM, with the main channels divided into specialty stores (agent specialty stores, Red Star Macalline, Easyhome, etc.), KA (Suning, Five Star and local chain channels), home decoration channels (home decoration companies and gas companies), customization channel (whole house customization companies) and sinking channels (JD specialty stores, Tmall Youpin, Suning Retail Cloud etc.). 2) Online e-commerce channels: mainly directly operated by the Company's e-commerce department. The main channels include online platforms such as JD, Tmall and Douyin, as well as other media platforms (new media social networking, official website, private domain, TV shopping, etc.). 3) Refined decoration engineering channels: central enterprises and state-owned enterprises (national real estate enterprises with state-owned assets background), strategic consumers (well-managed national private real estate enterprises) and regional engineering customers (mainly local urban investment and urban construction units at present). 4) Overseas channels: North America, Oceania, Malaysia, Thailand and ASEAN region. III. Analysis of Core Competitiveness 2023 Full Annual Report mainly reflected in the high-end positioned the brand capacity, continuous innovative research and development capacity, comprehensive and efficient operation capacity. 1. Brand capability of high-end positioning Founded in 1988, the ROBAM continues to deepen the positioning of "big suction" and create high-end brand experience. "Big suction" has become the synonym of "high-end range hood", and the ROBAM has become one of the most famous and favorite professional high-end kitchen appliance brands in China. Since 1991, ROBAM range hood has won the only "Quality Silver Award of the People's Republic of China", "China Famous-brand Product", "National Inspection-free Product" in the kitchen appliance industry; ROBAM has been recognized as "China Famous Brand"; ROBAM has won "Most Influential Brand in China's Kitchen Appliance Industry" and "China's 500 Most Valuable Brands". In addition, ROBAM Appliances has been rated as one of the "BrandZ Top 100 Most Valuable Chinese Brands" for 7 consecutive years, and awarded the "Top 500 Asian Brands" for 15 consecutive years. In 2018, ROBAM Appliances put forward a new brand concept, that is, to "Creating China's new kitchen." ROBAM Appliances became the CCTV's leading national brand in the world and won the 2019-2020 High-end Brand Award from China National Household Electric Appliances Commercial Association. ROBAM range hoods and built-in gas hobs have led the global sales for 9 consecutive years, and large kitchen appliances for cooking have led the global sales for 3 consecutive years. 2. R&D capability of continuous innovation The Company adheres to the principle of "product leading" and constantly pursues "technology leading". The Company now has a national enterprise technology center, a national industrial design center, acting as a national intellectual property advantage enterprise and a model enterprise, and has set up California Innovation Research Institute, Shenzhen Innovation Research Institute and workstation for academicians from Tsinghua University. With industry-leading national industry designs, intelligent manufacturing technology and superior product quality, ROBAM Appliances has already evolved into a market leader, an industry standard advocate, and a CSR forerunner. In 2023, the Company won the first, second and third prizes of Science and Technology Progress Award by China National Light Industry Council, the honor of advanced collective in standardization work in 2021-2022, the China Patent Award for Excellent Appearance awarded by China National Intellectual Property Administration, the Award for Innovation Achievement of Household Appliances by China Household Electrical Appliances Association, and the second prize of Quality Project Award by China Association for Quality. At the same time, it has been standing at the industry leading level in R&D team, R&D patents, standard formulation and other aspects. Since 2008, ROBAM Appliances has won more than 80 product design awards, including authoritative awards at home and abroad, such as Germany IF, Germany Red Dot, and China Red Star, leading the trend of kitchen appliance product design. The Company has authorized a total of 4,484 patents, covering all major categories of kitchen ecology supporting easy cooking with superb technologies. 3. Comprehensive and efficient operation capability The Company has the leading marketing capability in the industry: by adopting the only agency marketing mode in the industry, the Company has created the most comprehensive, efficient and responsive marketing system in the industry through strong management and control, equity incentive and the de facto business partner system. The Company deepens intelligent manufacturing and refined operation. It was awarded the "National Top 100 Quality Inspection Integrity Benchmark" and "National Excellent Quality and Excellent Credit Enterprise" in 2020. The Company focuses on global manufacturing and strives to become a first-class manufacturing benchmark in China. In 2021, it listed in the first batch of enterprises that were awarded the "Future Factory" medals by the Economy and Information Technology Department of Zhejiang. In addition, the Company accelerates the integration of digitization and informatization, focuses on the interactive innovation and continuous optimization of data, technology, business process and organizational structure, constantly improves new capabilities in the informatization environment, and improves the sustainable competitiveness in domestic and foreign markets. At the same time, the Company is also a provincial industrial Internet platform and has become one of the first batch of "Kunpeng" enterprises in Hangzhou. IV. Main Business Analysis 1. Overview In 2023, with the market environment gradually getting back on track, household consumption gradually recovered, but the recovery speed of home appliance market lagged behind the overall consumption. Due to the fact that the real estate market is still in the process of clearing, and that the kitchen appliance products market in China has not fully entered the stock market, the kitchen appliance products market has achieved a slight growth. In terms of retail channel, according to the monthly report on offline retail market monitoring of All View (hereinafter referred to as "All View Offline Report"), the retail sales of main categories of kitchen appliances, such as range hoods and gas hobs, decreased by 6.1% and 4.5% respectively as compared to the same period of last year. In terms of e-commerce channel, according to the monthly report on online retail market monitoring of All View (hereinafter referred to as "All View Online Report"), the online retail sales of kitchen appliance products increased by 5.9 % as compared to the same period of last year. In terms of engineering channel, according to the monitoring data of All View Cloud (AVC), there were 1,524 projects of kitchen appliances in the fine decoration market as a whole (range hoods, gas hobs, sterilizers, dishwashers, single-function machines and all-in-one machines), representing a year-on-year decrease of 21.2%, and the market scale was 2,531,500 sets, representing a year-on-year decrease of 32.9%. As the industry leader, the Company closely focused on the annual business philosophy of "building dreams and traveling far, innovating and reforming for success", to make the market share of various categories stay ahead in the industry, and the market
of Company's major product categories are shown in the following table:
decoration channel was 31.9%, ranking first in the industry. In 2023, the technology sector continued to focus on product innovation, technology innovation and management innovation. In terms of product innovation, the Company developed 263 new products and completed the development of 163 projects. At the end of the reporting period, the Company had 4,484 valid patents, including 161 invention patents; In 2023, it applied for 1,530 patents, including 617 invention patents. In terms of technology innovation, the Company realized voice control, voiceprint recognition and multi dialect recognition in all product categories, and realized an increase of the satisfaction of user commands by 8%. The Company completed IoT platform construction, supporting the long connection of hundreds of millions of devices, and the fastest App communication speed increased by 300%, meeting users' requirements for daily online needs and the responsiveness during peak hours. It upgraded image and AI algorithms and applied them to the recognition of ingredients and cooking maturity, achieving a breakthrough application in all-in-one machine products. In terms of management innovation, the Company set up the Digital Kitchen Appliance Research Institute to rapidly iterate the organizational structure and realize the dual-wheel drive of traditional kitchen appliances and digital kitchen appliances. During the reporting period, the Company led the formulation of 12 industry standards, including 1 international proposal, 1 national standard, 1 industry standard and 9 group standards. It also participated in the formulation of 18 standards, including 7 national standards, 2 industrial standards and 9 group standards. In 2023, the marketing sector focused on "cooking, reconstructing the future of the enterprise", becoming a provider of overall solutions for the entire cooking link, comprehensively promoting the great transformation from the view point of users and reformation from the view point of sales on the basis of meeting user demands and growth requirements. In terms of retail channels, the Company adhered to the high-end positioning of the brand, continuously optimized the layout of stores, increased the proportion of larger stores, and achieved remarkable results in the construction of high-end brands; expanded penetration into the low-end market and completed the sampling of thousands of booths and thousands of stores; made its effort from the view point of users to consistently improve performance of the specialty stores. In terms of e-commerce channels, the Company strengthened brand positioning, made new and old media work together, efficiently tapped traffic value and revitalized the potential of stock market. In terms of engineering channels, the Company optimized customer structure and strengthened risk management awareness, kept the market advantage of old categories, and stimulated the improvement of permeability of new categories. In terms of overseas channels, the Company accelerated the market layout in North America, Australia and Southeast Asia, and the opening of the largest overseas flagship exhibition hall, i.e., the flagship exhibition hall in Gold Coast, Australia, and the first flagship store in Southeast Asia; accelerated the mode transformation, established the Hong Kong subsidiary, and actively promoted the transformation of overseas markets to "localized" operations; upgraded the Australian brand strategy, and established the agency engineering company to enter the local engineering market. In 2023, under the guidance of the Company's three-year strategy, the production sector took "making all efforts, and focusing on innovation and change" as the core, focused on users and resources, constantly evolving and innovating, and realizing business fission and upgrading. The Company made every effort to meet marketing and market demand, and strove to become one of the manufacturing benchmarks with the strongest comprehensive competitiveness in China manufacturing industry. It deepened the comprehensive cost management system, built refined cost management ability, realized the evolution of whole-link organization management thinking, and established a reasonable analysis model of all elements such as procurement, manufacturing, logistics and quality to provide a basis for scientific cost decision-making; Identified the core factors affecting cost to realize a scientific
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