[中报]老板电器(002508):2024年半年度报告（英文版）
原标题:老板电器:2024年半年度报告（英文版） August 2024 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's profit distribution plan approved by the Board of Directors is as follows: based on the total of 944,127,316 shares, a cash dividend of RMB 5 (inclusive of tax) will be distributed to all shareholders for every 10 shares held. No bonus shares (inclusive of tax) will be issued, and there will be no capital reserve converted into capital stock. Contents Chapter 1 Important Notes, Contents and Interpretations ................................................................................. 2 Chapter 2 Company Profile and Major Financial Indicators ............................................................................. 6 Chapter 3 Management Discussion and Analysis ................................................................................................. 9 Chapter 4 Corporate Governance ........................................................................................................................ 21 Chapter 5 Environmental and Social Responsibilities ....................................................................................... 28 Chapter 6 Significant Matters .............................................................................................................................. 29 Chapter 7 Changes in Shares and Shareholders ................................................................................................. 33 Chapter 8 Preferred Shares .................................................................................................................................. 38 Chapter 9 Bonds .................................................................................................................................................... 39 Chapter 10 Financial Report ................................................................................................................................ 40 Documents Available for Reference 1. Financial statements signed and sealed by the legal representative, the person in charge of accounting of the Company, and the person in charge of the accounting firm. 2. Original copies of documents and announcements of the Company published in the newspaper designated by China Securities Regulatory Commission during the Reporting Period. 3. The Semi-Annual Report 2024 signed by the legal representative on behalf of the Company. 4. Other documents. 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 2023. 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 2023. 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
The Company does not have other items of gains and losses meeting the definition of non-recurring gains and losses Explanation on the circumstance where items of the non-recurring gains and losses listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains 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 2024, the domestic real estate industry remained in a phase of clearing and adjustment. The kitchen appliance industry is affected by intensified market competition and a decline in consumer spending willingness, leading to a general slowdown in market growth and significant disparities among different channels. 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 6.4% and 7.8% 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 decline of the retail sales of the kitchen appliances package registered 6.0%. In terms of the developer channel, as shown in the AVC Real Estate Big Data (“AVC Real Estate Report”), due to the sluggish sales of new houses/apartments, there were 301,500 sets of newly launched houses/apartments with fine decoration in the first half of the year, a YoY decrease of 19.2%; the penetration rate of fine decoration projects was 35.1%, a YoY decrease of 1.7 percentage points, both showing a continuous downward trend. In the first half of 2024, the completed residential area was 192.59 million square meters, a decrease of 21.7% compared to the high base under the "ensuring housing project delivery" policy last year. Consequently, the new demand in the kitchen appliance industry has significantly declined. Facing numerous adverse factors, Robam, has maintained its leading position in the industry by actively pursuing development under the annual business philosophy of “Dreaming Big, Evolving Boldly - Constructing a New Blueprint for the Entire Cooking Process”. According to the AVC Offline Report, the retail sales and its market share of Robam range hood were 31.9% and 26.1% respectively, while the retail sales and its market share of Robam gas stove were 31.3% and 22.9% respectively. As shown in the AVC Online Report, the retail sales and its market share of Robam kitchen appliance package were 27.0% and 20.9% respectively; all the above indexes ranking first in the industry. In the first half of 2024, the Company achieved a revenue of RMB 4.729 billion, representing a YoY decrease of 4.16%. The net profit attributable to shareholders of the listed company was RMB 759 million, a YoY decrease of 8.48%. As of June 30, 2024, 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 23.4%, ranking second in the industry. In the first half of 2024, the technology sector continued to lead industry innovation by focusing on three key areas: product innovation, digital leadership, and management enhancement, thereby driving the implementation of comprehensive cooking chain solutions. Throughout the first half of the year, the Company continued to develop and launch new products, with a particular focus on the research and market introduction of the "Chic Series" product line and several core products. Significant breakthroughs were achieved in AI cooking models, the development of a digital kitchen appliance ecosystem, voice and NLP technologies, and the IoT platform. Additionally, the Company improved its internal standardization processes to enhance its professionalism in management. As of June 30, 2024, the Company has granted a total of 5,064 authorized patents, including 261 invention patents. The Company also involved in the formulation of 155 standards, leading the development of 42 of them, which included 2 international standard proposals and 4 national standards. In February, the international standard proposal for range hoods, led by the Company under the International Electrotechnical Commission (IEC), was officially released. In addition, the digital kitchen appliance combi-steam oven iH1 and the Robam high-performance integrated stove black crystalline steel 9ZC23 respectively won the AWE Top Award and AWE Design Award. In the first half of 2024, the marketing sector remained committed to a user-centric approach, continuously advancing business and organizational restructuring. The Company steadfastly promoted the high-end branding of Robam and the popularization of MingQi brand, facilitating coordinated progress across the multi-brand matrix to comprehensively cater to diverse needs of users. In retail channels, the focus was on user-oriented organizational upgrades. The Company has diligently enhanced the all-channels user engagement system, and significantly strengthened store operations. At the same time, the Company actively responded to China's trade-in policy by launching a series of initiatives, such as "half-price for new ones with old kitchen appliances". Additionally, the Company offered services such as “same-day delivery and installation, with replacement in as fast as 2 hours” and free cabinet renovation to address any concerns of customers they may have about upgrading their appliances. Against the backdrop of a generally declining new housing market, the Company made significant efforts to expand the existing market, which helped the retail channels achieve growth against the trend in the first half of the year. In the e-commerce channel, the Company conducted in-depth analysis of users' needs, actively engaged in external promotion, and effectively utilized in-platform traffic resources. By leveraging multi-category collaboration, the Company improved the structure and quality of channel sales. In the developer channel, the Company expanded product categories to scale up sales, strictly controlled channel risks, optimized customer structure, and advanced high-end breakthroughs and diversified innovation. In the overseas market, the Company steadily promoted its going global strategy and advanced brand internationalization efforts. In the first half of 2024, the production sector, with the core of "Consolidating Efforts to Restructure and Connect with the Future," achieved continuous innovation through the synergy of strategic planning, streamlined processes and consolidated efforts. The sector made significant progress in three main areas: user focus, operational efficiency, and transformative change. This approach facilitated business evolution, organizational thinking advancement, and the development of new organizational capabilities, all aimed at meeting users' needs and positioning the Company as one of the most competitive benchmarks in China's manufacturing industry. Starting from the principle of "User First," the Company aimed to build differentiated manufacturing and supply capabilities, enhanced quality control, and improved product delivery. Focused on operational efficiency, the Company developed refined cost management capabilities and established mechanisms for the effective utilization of resources. Embracing innovation and leading development, the Company drove end-to-end integrated supply chain transformation, reconstructed digital manufacturing capabilities, and enhanced digital supply chain management. This approach supported business transformation and lean innovation, positioning the Company as a leader in manufacturing excellence. In the first half of 2024, the brand sector continued to anchor itself in the cooking industry, adhering to a path of integrating technology with cultural development. Embracing its new identity as a "comprehensive solution provider for the entire cooking process", the sector redefined the meaning and value of cooking while striving to establish itself as the leading high-end kitchen appliance brand in China. Focusing on the comprehensive cooking process and digital cooking technology experience, the sector showcased its multi-brand matrix under the theme "Welcome to the Digital Cooking World" at 2024 AWE (Appliance and Electronics World Expo). In addition, Robam Appliances held Range Hood. In collaboration with TikTok Shop's Super Brand Day, the Company held the "Philosophy in the Chic Kitchen" new product launch event. The highlight of the event was the introduction of the Chic Series G1 set, followed by the comprehensive upgrade and launch of the Guangyan S1 Plus dishwasher disinfector. In March, the Company collaborated with the Color Research Institute of China Academy of Art to create the artist version of gas water heater Chuan HT730. This product was showcased at the "Great Rivers, Ultimate Beauty" art exhibition held at the K11 Art Mall in Shanghai. In April, the Company partnered with Xiaohongshu's IP "Home Life Design Competition" to co-create the "Exploring Kitchen Aesthetics". At the same time, the Company once again joined forces with "The Treasured Voice 5" to present a crossover event that blends music and kitchen experiences, pushing the boundaries of traditional kitchen concepts. At the "Return to the Future" brand launch event held in June, the Company unveiled China's first AI cooking model, "God of Cookery", and introduced a new brand value —"Enjoy Creation". The brand and retail store images were comprehensively updated. Additionally, the brand department collaborated with the Eidos Humanities Society to host an event, where renowned scholars discussed the relationships between users and society, technology and civilization, contributing to the preservation and advancement of cooking culture. In the era where the kitchen appliance industry witnesses more fierce competitions in the existing market, the Company will continue to commit to its cooking beliefs, and uphold a dual-engine approach, driving business model transformation through both digital kitchen appliances and user operations. The Company will persist in optimizing its dual-brand operation model with Robam and MingQi. In the first half of 2024, the Company introduced the AI-powered cooking model "God of Cookery" in the realm of digital kitchen appliances. This innovation not only advances the hardware iteration but also strengthens the underlying software support, exploring the cutting-edge application of AI technology in the cooking field, and providing users with tailor-made cooking solutions. Unlike traditional kitchen appliances that serve merely as hardware tools, "God of Cookery" functions as an intelligent partner capable of understanding users' needs, emotions, and habits. It integrates smart planning across kitchen appliances based on users' roles, identities, emotions, actions, health conditions, and dietary preferences, delivering a comprehensive solution from ingredient selection to cooking processes, and achieving a personalized cooking experience for each individual. This represents a fusion of "technology + culture" by Robam Appliances and marks another milestone in the pursuit of developing new productive forces, following the creation of the industry's first "unmanned factory" and the launch of the first "digital kitchen appliances" set. In the first half of 2024, in terms of user operations, the Company continued to build a systematic user full- process data asset and experience feedback system to support the transformation of the Company's operations from channel-oriented to user-centric. The Company has successfully established a Customer Data Platform (CDP), creating a comprehensive system for user lifecycle data and a robust feedback mechanism. This platform allows for broader capture of user behavior, which is integrated into our analytical framework. Additionally, the Company is expanding user touchpoints through diversified channels such as the ROKI app, WeChat mini-programs, and WeCom community, focusing on cooking as a core interest to attract and engage users, thus building a private community that stimulates user engagement, interaction, and creativity. The Company is also advancing the Robam Appliances Net Promoter Score (NPS) evaluation framework as a key component of future operational metrics, which will help accurately measure and enhance reputation from users, thereby developing a more comprehensive and effective user feedback and summary system. In the first half of 2024, the MingQi brand was revitalized with a new focus on "New Pragmatic Kitchen Appliances". Targeting the mid-end market, the brand adheres to three core standards: "Excellent Performance," "Practical Functions," and "Durable Quality." The new product forms are designed to effectively cater to the needs of a wider audience, addressing the demand for high-quality, cost-effective, stable, and long-lasting products for pragmatic consumers. De Dietrich brand continued to receive orders from the developer channel and had already established a presence in the luxury house decoration market. In the first half of 2024, 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 ten consecutive years. Meanwhile, based on improvement and excellent performance in corporate governance and employee welfare programs, the Company is rated as BBB level in terms of MSCI ESG ratings. The Company has established a long- term incentive mechanism and launched the 2024 Stock Option Incentive Plan in the first half of the year. In response to the long-term support of investors, the Company has introduced the Three-Year Shareholder Return Plan (2024- 2026), which guarantees a special annual dividend to provide investors with stable and substantial returns. 2024 marks a pivotal year in the Company's new three-year strategy. The Company will continue to focus on cooking as its core, constantly aligning with user needs to enhance both the software and hardware capabilities of its products. The aim is to convey the technological value and humanistic care of the products, offering consumers a diverse cooking experience. By navigating through economic cycles, the Company strives to achieve long-term, stable, and high- II. Analysis of Core Competitiveness There is no significant 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 2023. 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
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