[年报]老板电器(002508):2024年年度报告（英文版）
原标题:老板电器:2024年年度报告（英文版） April 2025 2024 Full Annual Report 2024 Annual Report Section I. 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 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 preplanned profit distribution deliberated and approved by the board of directors is as follows: taking 944,938,916 shares as the radix, the Company will send cash dividends of 5 yuan (tax included) and 0 bonus share (tax included) to all shareholders for every 10 shares, and instead of converting capital reserve into share capital. 2024 Full Annual Report Contents Section I. Important Notes, Contents and Definitions ................................................................ 2 Section II. Company Profile and Major Financial Indicators .................................................... 6 Section III. Management Discussion and Analysis ...................................................................... 10 Section IV. Corporate Governance ............................................................................................... 25 Section V. Environmental and Social Responsibility ................................................................. 45 Section VI. Important Matters ...................................................................................................... 46 Section VII. Changes in Shares and Shareholders ........................................................................ 53 Section VIII. Information Related to Preferred Shares .......................................................... 60 Section IX. Bond-related Information .......................................................................................... 60 Section X. Financial Report .......................................................................................................... 61 2024 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. 2024 annual report of the Company signed by the legal representative.
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
related to the quarterly report and semiannual report disclosed by the Company □ Yes ?No
The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss. Description of defining the non-recurring profit and loss items enumerated in the Interpretative Announcement No. 1 on Information Disclosure of Public Securities Issuing Companies - Non-recurrent Profits and Losses as recurrent profit and loss items ? Applicable □ Not applicable
Section III. Management Discussion and Analysis I. Industry situation of the company during the reporting period In 2024, driven by policy guidance and endogenous market forces, the kitchen appliance industry entered a deep adjustment cycle in the first three quarters, showing a structural development trend. After entering the fourth quarter, the "National Subsidy" policy (i.e., the subsidy policy for exchanging old home appliances for new ones) significantly boosted market demand, with the industry overall displaying the characteristics of “refined cultivation and gradual growth" in a stock competition landscape. According to the aggregated data from AVC, the total retail sales of China's kitchen and bathroom appliances market (including range hoods, stoves, electric water heaters, gas water heaters, sterilizer cabinets, washing machines, built-in appliances, water purifiers, and integrated cookers) across all channels reached 176.4 billion yuan in 2024, representing a year-on-year growth of 5.7%. Among these, essential categories represented by range hoods, gas hobs, and various water heaters collectively reached a market size of 109.8 billion yuan, up 10.1% year-on-year. Demand-driven categories, primarily including sterilizers, dishwashers, built-in appliances, and water purifiers, totaled 49.3 billion yuan, up 16.6% year-on-year. Integrated cookers, affected by demand fragmentation, totaled 17.3 billion yuan, down 30.6% year-on-year. Under policy guidance, the industry has entered a multi-dimensional adjustment cycle. In 2024, the "National Subsidy" policy drives the kitchen appliance market to deepen its transformation, focusing on "strategic policy response, category optimization, channel refinement, marketing efficiency enhancement, value upgrading, and technological innovation." The continuous rise in demands for intelligence, integration, health and environmental protection has led to the launch of a series of digital kitchen appliances empowered by Internet of Things, big data and artificial intelligence technologies, which have simultaneously upgraded the product structure and consumer concepts. Meanwhile, amid the intertwined pressures of low new demand and weak replacement demand, essential categories such as range hoods and gas hobs have demonstrated stronger resilience, while innovation and brand concentration in the high-end and segment markets are also accelerating. According to the National Economic and Social Development Statistics Bulletin 2024 issued by the National Bureau of statistics, by the end of 2024, the urbanization rate of the country's permanent population was 67.00%, 0.84 percentage points higher than that at the end of the previous year. The stock of range hoods alone exceeded 340 million units, indicating a huge potential for kitchen appliance replacement. The urbanization process and the renewal of existing stock have formed a dual driving force, jointly building a long-term development space for the industry. In the future, the renovation of existing homes and the quality upgrade of premium decoration will drive the industry toward "high efficiency, intelligence, and scenario integration." After the policy cycle declines, market demand will further concentrate on leading enterprises with advanced technology and strong service capabilities, reinforcing the Matthew Effect in the industry. II. Main business of the company during reporting period The company has been continuously delving into the kitchen sector, adhering to its corporate mission of "creating all the beautiful aspirations humans have for kitchen life", and positioning itself as a "comprehensive cooking solution provider." It focuses on the R&D, production, and sales of kitchen appliances such as range hoods, gas hobs, dishwashers, combi steamers, gas water heaters, and water purifiers, while continuously optimizing its integrated service system. The company, driven by both technological innovation and humanistic care, is committed to providing global families with a more convenient, healthy and enjoyable kitchen life experience. The company has developed through 46 years of growth into a socially acknowledged top-ranking brand that leads the Chinese kitchen appliance industry in terms of development history, market share, production scale, product category, and sales area. In terms of the product system, the company has deepened the organizational structure adjustment based on its strategic goals. Centering on the demands of the entire cooking scenario, it has divided its core products into three major business segments: kitchen air environment product line, cooking product line, and washing and storage product line. The kitchen air environment product line takes range hoods as its core, focuses on optimizing the kitchen air environment, and provides efficient smoke- extraction solutions. The cooking product line encompasses a diverse range of equipment including gas hobs, integrated hobs, integrated cookers, and combi steamers, catering to all scenarios including open flame cooking and electric cooking. It continuously promotes the intelligence and convenience of cooking methods. The washing and storage product line includes products such as dishwashers, water purifiers, gas water heaters, sterilizers, refrigerators, and integrated sinks. It focuses on water treatment, cleaning, and storage, creating a closed loop for kitchen health management. The company achieves end-to-end integration from R&D to production and sales through product line collaboration. With digital kitchen appliance technology and systematized solutions as its core competitiveness, it continuously provides consumers with efficient, intelligent and green full- chain kitchen services. In terms of channel layout, the company has established a full-channel network covering offline retail, online e-commerce, high- end decoration projects and overseas markets. Offline retail channels are centered around ROBAM's National Marketing Center, covering specialty stores (ROBAM’s National Marketing Center specialty stores, Red Star Macalline, Easyhome, etc.), KA stores (Suning, Five Star, and regional chain channels), home decoration partners (home decoration companies and gas companies), customization service providers (whole-house customization companies), and lower-tier markets (JD specialty stores, Tmall Select, Suning Retail Cloud, etc.). The online e-commerce channel is primarily operated directly by the company's e-commerce 2024 Full Annual Report project channel focuses on central and state-owned enterprise clients (state-owned real estate developers with a national presence), strategic clients (well-performing national private real estate developers), and regional urban investment entities. Overseas channels have expanded to over 30 countries and regions across five continents, driving the globalization of the brand. III. Analysis of core competitiveness No significant change in the Company's core competitiveness during the reporting period: The Company's core competitiveness is 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 The "ROBAM" brand was established in 1988. In 2024, the company introduced its new positioning as a "comprehensive cooking solution provider across the entire value chain," embracing the integrated development path of "technology + humanism" to practice its brand value proposition of "enjoying creation" and deliver a high-end brand experience. 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. The ROBAM’s range hoods and built-in gas hobs have led the global sales for 10 consecutive years. The large cooking kitchen appliances have ranked first in global sales for 4 consecutive years. It is also the only enterprise in the kitchen appliance industry to be included in the List of First Batch of Chinese Famous Consumer Goods of the Ministry of Industry and Information Technology. 2. R&D capability of continuous innovation The company consistently regards R&D innovation as its strategic core, continuously deepening the strategic advantage of "technological leadership." Leveraging national-level innovation platforms such as the National Enterprise Technology Center, National Industrial Design Center, National Intellectual Property Demonstration Enterprise, and National Accredited Laboratory, the company established Chengdu Robam Innovation Technology Co., Ltd., building a full-chain innovation system covering fundamental research and applied development. In 2024, the company prioritized the advancement of AI large models and digital kitchen appliance R&D, successfully launching the industry's first AI cooking model "Master Chef." It obtained national algorithm service and security filing, achieved the highest industry score in certifications for senior chefs and registered dietitians, and implemented end-to-end service applications for AI R&D assistants and intelligent customer support. In 2024, the company was awarded the ISO 56005 International Standard Level 3 certification, becoming the first enterprise in the kitchen appliance industry to pass this certification. Leveraging outstanding industrial design capabilities and intelligent manufacturing processes, the company continues to lead the formulation of industry standards, spearheading revisions to national standards such as "Energy Efficiency Limits and Energy Efficiency Grades for Range Hoods" and "Energy Efficiency Limits and Energy Efficiency Grades for Household Gas Hobs," thereby solidifying its technical authority. The company has consistently improved its ranking on the "High-Tech Enterprises with Innovative Capabilities in Zhejiang Province" released by the Zhejiang Provincial Science and Technology Information Research Institute for four consecutive years, ranking ninth in 2024. In 2024, the company was honored with the Third Prize of the Science and Technology Progress Award of China National Light Industry, the Gold Medal for Design Patents at the China Patent Awards by the National Intellectual Property Administration, and the Outstanding Industrial New Product Award from the Zhejiang Provincial Department of Economy and Information Technology. 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.
of Company's major product categories are shown in the following table:
is 36.3%, ranking first in the industry. In 2024, the company's technology division continued to deepen product innovation, technological breakthroughs, and R&D system reforms, driven by intelligence, platformization, and green initiatives, consolidating its leadership position in industry technology. Established Chengdu Robam Innovation Technology Co., Ltd. to accelerate the R&D of AI large models and digital kitchen appliances. The company launched the industry's first AI cooking model "Master Chef," integrating the DeepSeek general- purpose model framework to provide personalized cooking solutions tailored to individual preferences. It deeply empowers both hardware devices and software applications, serving over a million households daily. The company has integrated its digital kitchen appliances to build a full-chain intelligent cooking ecosystem, promoting the application of AI technology from the digital world to the physical world. The sales of digital kitchen appliances have increased by more than five times year-on-year, forming a technological moat in the vertical field. As of the end of the reporting period, the company held a total of 5,635 valid patents, including 478 invention patents. In 2024, 1,455 patents were granted, among which 321 were invention patents, and the company was awarded over ten domestic and international honors, including the China Design Patent Gold Award and the International CMF Design Gold Award. During the reporting period, the company led the development of 10 standards, including 1 international standard proposal, 3 national standards, and 6 group standards. It participated in the formulation of 16 standards, comprising 10 national standards, 3 industry standards, and 3 group standards. The transformation rate of its technological 2024 Full Annual Report consolidating its industry position as a "market sales leader, industry standard advocate, and social responsibility pioneer," driving culinary technology into a new era of digitalization and green transformation. In 2024, the marketing section, guided by the core principle of "rebuilding growth momentum based on user needs," comprehensively advanced brand upgrades, product innovation, user operations, and channel development. With a user-oriented approach and growth-driven momentum, it achieved high-quality business development. In the retail channels, the company has adopted a city-specific and location-based approach, achieving remarkable breakthroughs through regional campaigns and continuously improving its channel network. By leveraging the advantages of the "national subsidy" policy, it has optimized the channel structure, significantly enhancing channel coverage and market penetration. Throughout the year, innovative marketing models were implemented, with deep integration of the new media matrix and community operations, delivering strong results in channel traffic and user engagement. On e-commerce channels, based on user insights, high-end best-selling products in the industry are launched to further enhance the brand’s awareness and market influence. In the engineering channels, the company continues to deepen collaborations with key central enterprises and leading real estate developers, steadily advancing the application of digital kitchen appliance solutions in high-standard projects. Simultaneously, the cabinet section has continuously improved team building and supply chain systems, providing a solid foundation for the expansion of diversified engineering segments. Overseas channels, the company establishes a U.S. subsidiary to fully accelerate network expansion; overseas markets implement the brand globalization strategy, continuously driving the localization of overseas marketing. In 2024, all marketing channels worked in synergy, and the results of in-depth channel development gradually emerged. In 2024, under the continued guidance of the company's three-year strategy, the production section steadfastly implemented the core philosophy of "precision cultivation, innovation-driven leadership." Focusing on refined cost control and supply chain capability restructuring, it continuously optimized resource allocation and management systems, driving bidirectional improvements in production efficiency and operational performance. Throughout the year, cost control efforts continuously expanded management dimensions, extending from traditional procurement and manufacturing to logistics, post-sales returns, and mold management. Comprehensive cost reduction achieved significant results, further optimizing the cost structure. Centered on user needs and market responsiveness, the company established a unified warehousing and shared distribution model to enhance end-to-end collaboration efficiency. Key performance indicators continued to improve, meeting diverse and instant delivery demands from end consumers. Facing a diverse market environment, the company has flexibly adjusted capacity allocation and supply chain strategies, steadily advancing the localization and diversification of key resources to enhance overall responsiveness and cost control capabilities. In the digital and intelligent construction aspect, the company promoted the integration of order- based production and intelligent forecasting, continuously enhancing supply chain turnover efficiency. The capabilities of intelligent manufacturing were further deepened, with core factories achieving breakthroughs in multiple areas such as production scheduling, logistics distribution, and energy efficiency management. In terms of quality management, the system boundaries continue to expand, comprehensively covering the entire process from source design to terminal delivery. The user experience- oriented quality management mechanism is continuously improved, and core product categories maintain consistently strong and stable service performance. In 2024, the brand section upheld "Enjoy Creation" as its core value proposition, deepened the integration of technology and humanities, and consistently reinforced its leadership position in the high-end kitchen appliance sector. The company upgraded the Global Culinary Arts Center, released the cultural compendium "The Way of Cooking" to systematically preserve Chinese culinary heritage, and collaborated with academia and industry to launch the "Return to the Future 2024" Thought Summit, exploring the symbiotic relationship between artificial intelligence and culinary civilization, thereby further enhancing the brand's cultural depth and intellectual sophistication. In terms of brand image renewal, a new visual system and brand manual were launched, enhancing recognition through more modern designs. Brand mention rate increased by 2%, while preference rates among high-end and younger users rose by 2% and 4% respectively, successfully reaching diverse consumer segments. At the same time, the company has established a synergistic ecosystem of "master brand + sub-brands," with the Robam’s master brand leading the high-end market, the Mingqi sub-brand catering to practical and youthful demands, and Kinde focusing on the integrated kitchen appliances segment, forming a differentiated brand matrix. Meanwhile, we deepened the value proposition of Mingqi's new pragmatic kitchen appliances, strategically complementing the Robam’s master brand through precise positioning, and built a multi-dimensional system covering diverse consumer tiers. The Mingqi supply chain also advanced in parallel, restructuring the management strategy of "ecological leadership, cost leadership," achieving effective cost reduction on the procurement side. Furthermore, leveraging the "The Delicacy" IP to deepen emotional connections with users, the company innovated the public-to-private domain operational model, solidifying long-term user value management and injecting new momentum into sustainable brand development. In the year 2024, the company continued to receive recognition from the capital markets in the areas of corporate governance, information disclosure, and shareholder returns. In the Information Disclosure Assessment of Listed Companies for the Year 2023 of the Shenzhen Stock Exchange, the company was rated A (Excellent), achieving the honor for eleven consecutive years. The company's MSCI ESG rating has risen to AA, placing it among the leading ranks in the global household durables industry. The company continuously strengthens the dual-track mechanism of "annual cash dividend + interim dividend", earnestly safeguarding the long-term interests of investors, and fulfills the commitment to high-quality development with stable returns. The company continues to deepen the construction of its long-term incentive mechanism. In 2024, it launched the 2024 Stock Option Incentive Plan and the Robam Second Phase Business Partner Plan, establishing a dynamic incentive ecosystem through
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