[中报]苏 泊 尔(002032):2024年半年度报告（英文版）
原标题:苏 泊 尔:2024年半年度报告（英文版） 2024 Semiannual Report August 2024 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 ........................................................................................ 9 SECTION IV CORPORATION GOVERNANCE ...............................................................................................................................21 SECTION V SOCIAL AND ENVIRONMENTAL RESPONSIBILITIES ...........................................................................................24 SECTION VI SIGNIFICANT EVENTS ..............................................................................................................................................28 SECTION VII CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS ............................................36 SECTION VIII INFORMATION ON PREFERRED SHARE .............................................................................................................43 SECTION IX BONDS ..........................................................................................................................................................................44 SECTION X FINANCIAL REPORT ...................................................................................................................................................45 CATALOG OF REFERENCE DOCUMENTS I. 2024 Semiannual Report of the Company and Abstract with 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 The Company registered address, office address, post code, Company website and email address have not changed during the reporting period. Please refer to the 2023 Annual Report. 2. Place for information disclosure and archiving Whether information disclosure and designated location have changed within the reporting period 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 2023 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 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. Major Businesses of the Company during the Reporting Period (I) Main businesses of the Company As China's famous cookware and small domestic appliance R&D 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 (Binhai New Area 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 Groupe SEB. (II) Industry development and market position of the Company In the first half of 2024, Consumer demand showed signs of stratification. On the one hand, consumer demands for high-quality, high-value products maintained an upward trend; on the other hand, more consumers were willing to purchase most cost-effective products. Facing a complex market environment and more rational consumer demand, the Company has achieved a better-than- industry performance of domestic sales through continuous innovation and strong channel competitive advantages. The domestic sales has increased slightly compared to the same period last year, and the online and offline market share of its core product categories has continued to rise. In the field of open fire cookware, live streaming e-commerce and interest-based e-commerce platforms like TikTok and Pinduoduo continued to experience rapid growth, while traditional e-commerce platforms saw a slight decline. Overall, online retail scale grew slightly, while offline channels were still under pressure. According to monitoring data from AVC, Supor's online market share for cookware continued to grow in the first half of 2024, leading the second brand by more than four times. Its overall cumulative offline market share was close to 50%, firmly maintaining the industry's top one position. In terms of product category performance, traditional necessity products such as pressure cookers, casseroles, milk pots, and frying pans performed steadily, with cookware made of materials like 316L stainless steel, titanium, and iron being more favored by consumers. In the field of small domestic appliance, the domestic consumer market faced intensified competition. Supor forged ahead under pressure, achieving a remarkable performance with the top market share in traditional e-commerce and TikTok's comprehensive market. According to AVC's cross-channel monitoring data for the first half of 2024, Supor's sales performance in maker, high-speed blenders, mixers, juicers, electric kettles, electric steamers and slow cookers, health kettles, electric grills, tabletop single-function ovens, and air fryers) exceeded the industry level, with increased online and offline market shares, ranking first in the industry. In terms of product category performance, necessity categories like electric rice cookers remained stable, while categories related to health concepts, such as electric steamers, slow cookers, health kettles, and soymilk makers, continued to grow. (III) Operating condition during the reporting period 1. 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 considerate, comprehensive consumer experiences. In the open fire cookware business, the Company's main promotion this year was the titanium no coating &nonstick iron wok, introducing the concept of "non-stick, non-rusting, and no maintenance required," ushering in a new era of "nonstick iron wok". The Company continued to implement a large single-product strategy in the drinkware business, further increasing the market share and sales scale of the water bottle category. For example, the anytime sharing series thermos bottle ranked among the top sellers in the first half year and was repeatedly included in the sales rankings of traditional e-commerce platforms like Tmall and JD.com. In the small domestic appliance business, the Company further solidified its leading position in core necessity categories such as electric rice cookers, electric pressure cookers, and electric kettles. The core product, the far-infrared rice cooker, has sold over one million units since its launch. Simultaneously, the Company accelerated its layout in small-capacity, multi-functional, and silver-hair product lines, launching products like small-capacity far-infrared rice cookers and upgraded portable coffee makers. Additionally, the Company actively entered new sub-categories such as desktop water purifiers and ice makers, while accelerating the layout of AIOT intelligent products and further promoting the implementation of the "content + service" platform strategy. The Company's industry-first intelligent food solution for smart culinary scenarios, launched this year, won the AWE 2024 Appliance & Electronics World Expo (AWE) "Intelligent Technology Award." In the H&PC appliance business, Supor continued to focus on the cleaning appliances category, with its market share for vacuum cleaners rising to the first among domestic brands and second in the industry. The Company maintained its industry- leading position in the garment steamer category. According to AVC monitoring data, Supor's online market share for garment steamers ranked second in the industry. Simultaneously, the Company continued developing high-speed hair dryers, electric shavers, and other personal care products, as well as seasonal products like air-circulating fans, actively creating new sales growth curves. In the large kitchen appliances business, Supor remained focused on its main product categories, rapidly developing and nurturing emerging categories, anchoring the existing replacement market, and continuously seeking breakthroughs. The Company's shatter-proof gas stove with "extreme fire" continued to lead the industry, maintaining the top position in online single- product sales rankings. According to AVC monitoring data, Supor's online market share for gas stoves remained first in the industry in the first half of 2024. (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 the first half of 2024, traditional e-commerce channels experienced a decline, while interest-based e-commerce growth slowed down, leading to an overall slowdown in online retail growth and intensified competition. As a leading brand in the industry, Supor's online sales still maintained growth momentum in the first half year. For traditional e-commerce platforms, the Company continuously optimized its product and store matrices, consistently expanding the sales proportion of mid-to-high-end products, increasing the market share of above products further. In interest-based e-commerce platforms, the Company combined in-house live streaming with influencer live streaming on platforms like TikTok to continuously improve the efficiency of expenses and gradually increase sales contributions from TikTok's store, ensuring profitability in interest-based e-commerce platforms. Simultaneously, the Company continued to optimize its store matrix on the Pinduoduo platform, improving product categories and introducing designated best cost-effective products to drive sales growth. In the first half of 2024, the offline channel still faced significant challenges. As an industry leader, Supor further consolidated its advantages in the offline retail channel, continuously expanding lower-tier channels, accelerating store penetration, and effectively improving sales velocity. In the O2O channels like JD stores in third- and fourth-tier markets, the Company promoted the implementation of refined distributor operations management, further enhancing store operational capabilities and store productivity, leading to a reasonable optimization of the sales structure. In the instant retail channels of first- and second-tier markets, the Company further upgraded its cooperation with platforms like Meituan Flash Sale and JD.com Home, and Ele.me, injecting new vitality into the offline store ecosystem, further bringing products closer to consumers, and integrating consumption scenarios with household scenarios, thereby achieving rapid sales growth. In the B2B business, the Company launched points redemption programs with various large and medium-sized enterprises such as banks and airlines, providing incremental growth for offline channels. Simultaneously, Supor continuously strengthened cooperation with regional real estate developers and renovation companies, exploring the pre-furnished market. (3) Brand building In the first half of 2024, the Company strengthened user-centric brand building, solidified its user base, enhanced user experience and loyalty, and empowered the long-term healthy development of the brand. The Company established a comprehensive user asset system, strengthened the integration of public and private domains, fully utilized multi-channel user touchpoints, and improved user loyalty and activity. The Company continuously provided users with a unique product and service offering through its official WeChat mini-program, integrating lifestyle inspiration, product usage tips, immersive shopping, after- sales service, and member activities. Through refined segmentation and personalized services, the Company improved user lifecycle management and continuously enhanced brand experience. Furthermore, the Company fully tapped into the value of the VOC (Voice of Customer) system and established a comprehensive user NPS (Net Promoter Score) system to gain in-depth th insights into user evaluations and suggestions, continuously improving products and services. Coinciding with the Company's 30 anniversary this year, we conducted a series of user interaction activities, such as the "My First Supor Product" story collection, further enhancing users' brand recognition and sense of belonging. 2. Export sales during the reporting period In the first half of 2024, as the demands in European and American markets rebounded from inventory de-stocking phase, orders from the Company's major export customers increased significantly compared to the same period last year, leading to rapid growth in export operating income. II. Core Competitiveness Analysis (I) Superior product innovation capacity Supor has consistently embraced the philosophy of "people-oriented, design-driven innovation" for many years. The Company emphasizes technological leadership, green design, and collaborative innovation both internally and externally. As a result, Supor has introduced a broader range of healthy, intelligent, and serial products tailored to meet the diverse needs and consumption scenarios of varying consumer demographics. Under the leadership of the headquarters’ Innovation Center, Supor has enhanced the collaboration of its R&D resources, both internal and external. Internally, the Innovation Center continually frequent collaborations with research institutions and universities to bring in new technologies and materials while strengthening innovative synergies with Groupe SEB to introduce an expanded array of products and technologies, thus enriching Supor’s product portfolio. In the realm of product design, Supor integrates industrial design, user experience, and consumer trend analysis to drive product innovation, which subsequently enhances the visual appeal, form, and user experience of its offerings by addressing consumer pain points and delivering superior product experiences. (II) Steady distributor network Supor has a stable distribution team, maintaining long-term, favorable partnerships with distributors and operational entities. In the online channels, Supor is advancing a direct sales, distribution, and “one-basket” stocking model, collaborating with distributors and operators to establish a comprehensive e-commerce store matrix that ensures consumers have favorable online shopping experiences. Meanwhile, in the offline channels, Supor has developed a vast network of sales terminals and service points, entering major mainstream supermarkets in first- and second-tier markets, while achieving considerable penetration of O2O channels in third- and fourth-tier markets to facilitate consumer access to our products. (III) Strong R&D and manufacturing capabilities Supor has built up six R&D production bases, respectively in Yuhuan City, Hangzhou City, Shaoxing City (Binhai New Area and Keqiao District), 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. For years, the Company has focused on enhancing industrial efficiency, and its robust R&D and manufacturing capabilities play a pivotal role in ensuring the competitiveness of Supor’s products. (IV) Synergistic effect of integration with SEB Groupe SEB, a leader in cookware and small domestic appliances with a history surpassing 160 years, has been strategically partnered with Supor since 2006. The synergy of this partnership yields stable annual export orders for Supor, continually enhancing its overall sales volume and manufacturing capabilities. Moreover, Supor has reinforced its collaboration with the Groupe SEB across various areas such as production, R&D, information technology, and management, providing comprehensive support for sustainable development. (V) Advantages of multi-brand and multi-category operations For multi-brand operation, in addition to Supor brand, the Company also introduced a lot of high-end brands under Groupe SEB, 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 pursuing multi-category operations, Supor is actively expanding its portfolio beyond traditional categories like open fire cookware and small domestic appliances, venturing into new segments such as large kitchen appliances, home care appliances, and personal care electronics. The establishment of a multi-brand and multi-category presence in the domestic market has granted Supor a significant competitive edge, positioning it to evolve into a comprehensive household brand enterprise. III. Main Business Analysis Overview During the reporting period, the Company achieved operating income of RMB10,964,777,968.45, a year-on-year increase of 9.84%. For domestic business, with the complex market environment and more rational consumer demands, the Company outperformed the industry through continuous innovation and strong channel competitive advantages, achieved a slight increase in sales compared to the same period last year, and gained market shares for core categories on both online and offline channels. For export business, the Company's key export customer was undergoing the de-stocking stage during the same period last year, but the sales to the Company's key export customer increased significantly as the demand rebounded for the European and American markets in the current period, so that the export sales has achieved rapid growth. The Company realized a net profit attributable to the shareholders of listed company of RMB940,593,117.65, representing a year-on-year increase of 6.81%. The basic earnings per of cookware was RMB2,942,755,534.25, a year-on-year increase of 16.95%; the realized revenue from the main business of electric appliance was RMB7,874,467,595.73, a year-on-year increase of 7.24%; the realized revenue from the main business of domestic sales was RMB7,432,782,168.71, a year-on-year increase of 0.15%; the realized revenue from the main business of export sales was RMB3,400,896,802.76, a year-on-year increase of 38.78%. 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
other 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. □ Applicable ? Not-applicable IV. Analysis on Non-main Business □ Applicable ? Not-applicable （未完）  |