[年报]苏 泊 尔(002032):2024年年度报告（英文版）
原标题:苏 泊 尔:2024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 the 796,692,233 shares at the end of 2024 (total capital stock of 801,538,407 shares at the end of 2024 deducted by 4,667,500 shares of repurchased shares in the Company’s special stock repurchase account and 178,674 shares of Restricted Stock repurchased and canceled on January 17, 2025), the Company distributes cash dividend of RMB 28.10 per 10 shares (tax-inclusive) to all shareholders, and total amount of cash dividends is RMB 2,238,705,174.73, 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............................................................................................ 57 SECTION VI SIGNIFICANT EVENTS ............................................................................................................................................... 62 SECTION VII CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS ............................................. 73 SECTION VIII INFORMATION ON PREFERRED SHARE .............................................................................................................. 83 SECTION IX BONDS .......................................................................................................................................................................... 84 SECTION X FINANCIAL STATEMENT ............................................................................................................................................ 85 CATALOG OF REFERENCE DOCUMENTS I. 2024 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: Securities Department of the Company Definitions
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 Retrospective adjustment or restatement reason Cumulative changes of accounting policies
lower, 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
semiannual report □ Yes ? No IX. 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. Industrial Situation of the Company in the Reporting Period In 2024, the domestic consumer market exhibited a polarizing trend of rational consumption and premiumization. On one hand, consumer demand for high-quality, high-value products continued to rise. On the other hand, more consumers favored good- value-for-money products offering. Facing this complex market environment and the growing rationality of consumer demand, the Company gained the market shares of core categories on both online and offline with continuous innovation and strong channel competitive advantage. In the open fire cookware segment, live-streaming e-commerce and social e-commerce platforms maintained rapid growth, while traditional e-commerce experienced a slight decline. Overall, the online retail market saw modest growth, while offline channels continued to face pressure. As a leading brand in the industry, Supor actively addressed the differentiated consumer demands and outperformed the industry in both online and offline by leveraging exceptional omni-channel operational capabilities. According to monitoring data of AVC, the online cookware market share of Supor continued to grow in 2024 and for offline, Supor firmly solidified its position as the market leader. By category, products associated with health concepts, such as pressure cookers and steamers, achieved stable growth. Materials emphasizing health benefits, such as titanium and cast iron, also gained increasing consumer preference. The small domestic appliance market faced intensified competition in 2024. Supor has achieved a good result that the comprehensive market share of traditional e-commerce and the Tiktok channel ranks the first. According to the overall monitoring data of AVC in 2024, the sales performance of Supor's small domestic appliances (including the following categories: rice cookers, induction hobs, electric pressure cookers, soymilk makers, high-speed blenders, blenders, juicers, kettles, steamers, health pot, baking pan, small desktop single function ovens, and air fryers) is outperforming the industry average, and their shares in the online and offline markets have improved, ranking first 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, slow cookers, health kettle 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 is located in Hangzhou and it owns seven R&D and manufacture bases located in Yuhuan City, Hangzhou City, Shaoxing City (Binhai New Area and Keqiao District) in Zhejiang Province, Wuhan City in Hubei Province and Ho Chi Minh City, Vietnam. Supor's main businesses include open fire cookware and kitchen tools, small domestic appliances, large kitchen appliances and H&PC appliances. (1) Open fire cookware and kitchen tools 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 rice cooker, electric pressure cooker, induction hob, soymilk maker, kettle, juicer, slow cooker, steamer, electric hotpot, food processor, baking pan, air fryer, desktop electric oven, desktop water purifier, 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 design philosophy of "People Orientation, Design Driven Product Innovation" over the years, with the adherence on technological leading, design innovation drive and internal-external innovation synergy. The Company continuously introduces healthier, smarter, and more diversified products to meet the needs of diverse consumer groups and usage scenarios. The Company’s headquarters innovation center, through strategic planning and collaboration with R&D teams across business units and manufacturing bases, has established a unique innovation system and mechanism. This ensures a focus on disruptive innovation in core product categories while consistently delivering application-driven innovation and product upgrades to swiftly respond to market competition. By fully leveraging internal and external innovation resources, Supor has built an open innovation platform to stay abreast of emerging technologies and product categories both within and outside the industry. The Company continuously integrates new processes and materials to drive business growth. Additionally, Supor has strengthened its innovation synergy with the SEB Group, introducing new product categories and technologies to further enrich its product portfolio. 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. In 2024, several Supor products received iF Design Awards, including the Visible Air Fryer KJ50DQ821, Large-capacity Anytime Sharing Thermos Bottles, Dual-drinking Thermal Coffee Cup & Plastic Infuser Cup, and the Ultra-Slim Extractor Hood AI60 Series. (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, distrobution and “one-basket” model, collaborating with distributors and operators to build a comprehensive e-commerce store matrix that provides consumers with an exceptional online shopping experience. 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 capacity Supor has built up seven R&D production bases, respectively in Yuhuan City, Hangzhou City, Shaoxing City (Binhai New Area and Keqiao) in Zhejiang Province, Wuhan City in 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. Guided by its distinctive innovation system, Supor continuously refines its innovation tools and methodologies. By starting from consumer needs, the Company maps out technological development pathways and defines innovation directions, ensuring a solid technical foundation to meet intense market competition. (IV) Synergistic effect of integration with SEB The SEB Group, a global leader in cookware and small appliances with over 160 years of history, has been a strategic partner of Supor since 2006. The powerful cooperation between Supor and SEB Group has brought stable export orders to the Company, and increased its overall businesss ize 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’s multi-brand, multi-category strategy has established a strong competitive advantage in the domestic market, positioning the company to evolve into a comprehensive home lifestyle brand. IV. Main Business Analysis During the reporting period, the Company achieved an operating income of CNY22,427,337,986.38, a year-on-year increase of 5.27%. The domestic sales declined slightly compared with that last year among the complex market environment and more rational consumer demands. However, the Company gained the market shares of core categories on both online and offline channels with continuous innovation and strong channel competitive advantage. The export sales achieved good growth during reporting period compared with that last year benefited from the sales to the Company's key export customer which increased quickly. The net profit attributable to shareholders of listed company was CNY2,244,444,529.35, a year-on-year increase of 2.97%; and the earnings per share were CNY2.820, a year-on-year increase of 3.71%. Among them, the realized revenue from the main business of cookware was CNY6,836,158,028.21, a year-on-year increase of 12.88%; the realized revenue from the main business of electric appliances was CNY15,300,420,337.16, a year-on-year increase of 2.25%; the realized revenue from the main business of domestic sales was CNY14,757,349,421.40, a year-on-year decrease of 1.20%; and the realized revenue from the main business of export business was CNY7,410,670,975.50, a year-on-year increase of 21.28%. 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 consumers 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 consumers through continuous product innovation, with a focus on making breakthroughs in the key categories. For example, in 2024, Supor launched the ‘Titanium No Coating Non-stick Iron Wok’ with patented technology after breaking through the non-stick technology for iron woks; Supor has also launched the highly-designed and user-friendly Clipso FAST pressure cooker, leading the industry in the upgrade and replacement of pressure cooker categories. In the business of drinkware, Supor continues to refine its hero product strategy, driving category growth with multi-functional differentiated hero products. The anytime sharing series thermos bottles have been a best-seller since its launch. 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. The Company's leading position in core rigid-demand categories such as electric rice cookers, and electric pressure cookers has been further solidified during the reporting period. In 2024, the Company launched the FIR steam IH rice cooker, which integrates four cutting-edge technologies: far-spin flame conduction technology, steam-assisted cooking technology, far infrared heating technology, and fresh cooking technology. These multiple innovative technologies aim to deliver the perfect bowl of rice to consumers. Meanwhile, the Company actively expanded into new sub-categories, such as desktop water purifiers, ice makers, and tea bar machines. In the business of H&PC appliances, Supor persistently promotes the development of the H&PC appliance category and continues to strengthen the cleaning appliance category, with the market share of vacuum cleaners reached to the second place among all domestic brands and to the third 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 garment steamer category ranks second in the industry. Meanwhile, the Company's channel competitiveness in the H&PC appliance category continues to improve by optimizing online channels and store structures, operational efficiency has been significantly enhanced, especially with the retail scale of the TikTok channel growing nearly 50% YoY. During the reporting period, Supor actively expanded its personal care business, injecting new vitality into the development of the H&PC appliance category. In the business of large kitchen appliances, Supor insists on focusing on its key categories, rapidly develops and cultivates distinct categories, solidifies foothold in the existing renovation market, and constantly seeks breakthroughs. During the reporting period, the Company's shatter-proof stove, with safe and shatter-proof as the core differentiated technology, leads the industry through safety technologies such as " shatter-proof panel, energy-focusing insulation, and gas leakage alarm", meeting consumers' cooking needs for safe and reliable cooking solutions. According to the monitoring data of AVC, the overall online market share of Supor's gas stove category achieved leading position in the industry in 2024. (2) Channel strategy With the accelerating integration of online and offline markets, Supor remained "consumer-centric" and kept optimizing its channels management 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 2024, the overall competition in online retail has intensified. As a leading brand in the industry, Supor's online sales still maintain a favorable momentum. In terms of traditional e-commerce, the Company continuously expands the mix of medium and high-end products through the combination and optimization of product and store matrix, which has further improved the shares in the medium and high-priced markets. Meanwhile, on social e-commerce like TikTok, Supor improved marketing efficiency and sales contributions through a combination of in-store and influencer live streaming. On Pinduoduo, the Company enhanced store matrix, expanded product categories, and introduced high-value-for-money exclusive products. In the operation of private domain, Supor continuously enhances user engagement and repeat purchase rate by building WeChat mini-program malls and loyalty program. In terms of first and second-tier markets, the Company's cooperation with platforms such as Meituan Flash Sale, JD.com Home and Ele.me has been further enhanced, which injects new vitality into the offline ecosystem, further narrows the gap between products and consumers, achieves the integration of consumption scenes with household scenes, and drives rapid sales growth. In terms of third and fourth-tier markets, the Company continues to improve refined operations with the continued growth of the O2O business, further improves store operation capabilities and average output per store, and optimizes the sales structure. In terms of B2B business, the Company has expanded the loyalty program business with large-scale banks, airlines, and other large- and medium-sized enterprises, further expanding the sales channels. Meanwhile, Supor continues to strengthen the cooperation with regional property developers and renovation companies, expanding the engineering-based kitchen appliance business. (3) Brand building In 2024, Supor continued to strengthen its brand awareness, with the first-mention rate of the brand increasing by more than 30%. The thermos bottle category also significantly boosted the brand’s recognition among younger demographics. In 2024 th marking the Company’s 30 anniversary, the Company launched a series of consumers engagement initiatives, such as the "My First Supor Product" story campaign and the manufacturing tour, which brought the brand closer to its consumers. It also integrated marketing campaigns such as “30-Year Life Recipes” and “30 Years, A New Journey” were executed both online and offline, reinforcing brand communication and solidifying brand image. In addition, the Company organized a 360-kilometer employee relay run from its birthplace in Yuhuan to Hangzhou and donated children's thermos bottles and other materials to remote areas. While enhancing brand cohesion, it also fulfilled its social responsibilities. The Company also intensified its user-centric brand strategy by establishing a comprehensive consumer asset management system. The Company strengthened the integration between public and private domains, leveraging multiple channels to reach consumers and improve engagement and loyalty. Supor fully utilized its Voice of Customer System (VOC) and implemented a robust NPS (Net Promoter Score) framework to gain deeper insights into consumer feedback and suggestions. These efforts enabled continuous improvements in products and services, fostering consumer loyalty and empowering the brand’s long-term healthy development. (II) Export sales during the reporting period During the reporting period, the Company’s export business experienced rapid growth, driven by increased demand from the SEB Group and other overseas customers. 2. Revenues and costs (1) Structure of operating incomes Unit: RMB
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