九阳股份:2024年年度报告摘要(英文版)

Ticker: 002242 StockAbbreviation: Joyoung
Joyoung Co., Ltd.Abstract of the Annual Report 2024
Section I Important Statements
This is an abstract of theAnnual Report 2024. Investors are suggested to read the complete version of theAnnual Report 2024 on the
media, which is designated by the China Securities Regulatory Commission(the “CSRC”) to have a full understanding of operational
results, financial statements, and future plans of the Company. Should there be any inconsistency between the Chinese version and
English version, the Chinese version shall prevail.
All Directors were present at the Board meeting at which this report was considered.
Modified Audit Opinion
□Applicable √ N/A
The preliminary plan for dividend distribution or converting capital reserves into share capital for common shareholders which were
considered and approved by the Board
√Applicable □N/A
Convert capital reserves into share capital
□ Yes √ No
The Board has considered and approved the following dividend payout plan for the Reporting Period: based on the
Company's total shares of 767,017,000, and deducting the 4,000,000 shares repurchased by the Company, it is proposed that,
based on a total of 763,017,000 shares, the Company should distribute a cash dividend of RMB 1.5 (tax inclusive) and 0 stock
dividend (tax inclusive) per 10 shares to all the shareholders and should not convert capital reserves into share capital.
The preliminary plan for dividend distribution for preferred shares in the reporting period was approved by the Board
□Applicable √ N/A
Section II Company Profile
1. Company Information
StockAbbreviation Joyoung Stock Code 002242
Stock Exchange Where the Shares of Shenzhen Stock Exchange
the Company are Listed
Contact Us Board Secretary Securities Representative
Name Minxin MIAO
Address No.760 Yinhai Street, Qiantang District, Hangzhou,
Zhejiang Province
Tel. 0571-81639178
E-mail 002242@joyoung.com
2. Business or Product Review in the Reporting Period
1) Small HouseholdAppliance Industry in the Reporting Period
In 2024, China's national economy sustained stable and progressive growth, achieving new milestones in high-quality
development. Notably, a suite of targeted stimulus policies effectively propelled economic recovery, with the country's GDP
expanding by 5.0% year-on-year for the full year. [Note 1]

Thedomesticconsumermarketin2024exhibitedrobustvitalityandtransformativedynamics,characterizedbycontinuous
structural optimization and diversified growth trajectories. Rising living standards and evolving consumption patterns have
catalyzed therapid emergenceof service-oriented consumption, while unlocking thelatent potential of county-levelmarkets and
revitalizinglower-tierurbanmarkets.Ofparticularsignificance,GenerationZconsumersandthesilver-haireddemographichave
ascended as dominant purchasing cohorts, their distinctive consumption demands and behavioral preferences actively
reshaping market landscapes and generating fresh growth opportunities.
Against this backdrop, the home appliance industry in 2024 demonstrated a tripartite dynamic of "dual-driven growth in
domestic and international markets, accelerated product structure upgrades, and full realization of policy incentives". Fueled by
state subsidy programs (hereafter "national subsidies"), demand for large appliances including refrigerators, televisions, and air
conditioners experienced significant growth, propelling industry expansion. Annual retail sales of consumer goods rose 3.5%
year-on-year, with household appliances and audiovisual equipment sales surpassing the RMB 1 trillion threshold for the first
time, recording RMB 1,030.7 billion (+12.3% YoY). [Note 2]
However, the appliance sector witnessed differentiated performance across categories. Kitchen small appliances
demonstrated subdued market performance due to intensified industry competition, heightened product substitutability, and
limited eligibility for national subsidies. AVC's 2024 omni-channel aggregated data reveals a 0.8% year-on-year contraction in
the segment's total retail sales.
The small home appliance industry currently navigates dual challenges: saturation in essential product categories and
convergence-driven evolution patterns in discretionary offerings. For core essential appliances, innovation prioritizes
technological advancement and specialized refinement to accelerate product replacement cycles. Discretionary categories
emphasize functional integration and modular design to amplify practical value. Notably, health-conscious consumption trends
have propelled appliances including soybean milk makers, high-speed blenders, smart wellness kettles, multi-functional
steamers, a