Ticker:002242StockAbbreviation:
Joyoung
JoyoungCo.,Ltd.AbstractoftheSemi-AnnualReport2025
SectionIImportantStatements
ThisisanabstractoftheSemi-AnnualReport2025.InvestorsarekindlyremindedtoreadthecompleteversionofSemi-annualReport2025onthewebsite,whichisdesignatedbytheChinaSecuritiesRegulatoryCommissiontogetcompleteinformationaboutoperationalresults,financialstatements,andfutureplansoftheCompany.AlldirectorsattendedtheboardmeetingthatreviewedtheSemi-AnnualReport.ModifiedAuditOpinion?Applicable√N/AThepreliminaryplanfordividenddistributionandconvertingcapitalreservesintosharecapitalforcommonshareholderswhichwereconsideredandapprovedbytheBoard?Applicable√N/ATheCompanyplansnottodistributecashdividends,nottoissuebonusshares,andnottoincreasecapitalthroughtheconversionofcapitalreserves.ThepreliminaryplanfordividenddistributionforpreferredsharesinthereportingperiodwasapprovedbytheBoard?Applicable√N/A
SectionIICompanyProfile
1.CompanyInformation
| StockAbbreviation | Joyoung | Ticker | 002242 |
| StockExchangeWheretheSharesoftheCompanyareListed | ShenzhenStockExchange | ||
| ContactUs | BoardSecretary | SecuritiesRepresentative | |
| Name | MinxinMIAO | ||
| Address | No.760YinhaiStreet,QiantangDistrict,Hangzhou,ZhejiangProvince | ||
| Tel. | 0571-81639178 | ||
| 002242@joyoung.com | |||
2.Management'sDiscussionandAnalysis
AccordingtodatafromtheNationalBureauofStatistics,inthefirsthalfof2025,thegrossdomesticproduct(GDP)was66.05trillionyuan,representingayear-on-yearincreaseof5.3%;ofwhich,thesecondquartersawayear-on-year
increaseof5.2%[Note1].Chinacontinuestoinjectstableforcesintoglobaleconomicgovernance,playinganirreplaceablerole.Chinaoccupiesacentralpositionintheglobalsupplychain,leveragingitsmassivemarketadvantagetoprovidecrucialsupportfortherecoveryofglobal
[Note1]:Inthefirsthalfof2025,thegrossdomesticproduct(GDP)was66.05trillionyuan,representingayear-on-yearincreaseof5.3%;ofwhich,thesecondquartersawayear-on-yearincreaseof5.2%.——ChinaGovernmentNetwork(www.gov.cn)
trade.Meanwhile,tostrengthenthedomesticeconomiccycleandpromotesustainedhigh-qualitydevelopmentoftheChineseeconomy,relevantdepartmentshavediligentlyimplementedthedecisionsandplansofthePartyCentralCommitteeandtheStateCouncilthisyear,activelyadvancinginitiativestoboostconsumption,implementingconsumergoodstrade-inprograms,andcomprehensivelyexpandingdomesticdemand,resultinginasteadygrowthtrendintheconsumermarket.
Accordingto“NoticeonDoingaGoodJobinthe2025ApplianceTrade-inProgram”[Note2],subsidieswillbeprovidedtoindividualconsumerswhopurchase12categoriesofhomeappliances,includingrefrigerators,washingmachines,televisions,airconditioners,computers,waterheaters,householdstoves,rangehoods,waterpurifiers,dishwashers,ricecookers,andmicrowaveovens,thatmeetLevel2orhigherenergyefficiencyorwaterefficiencystandards.Withthesupportofthetrade-inpolicy,thehouseholdappliancemarketexperiencedcyclicalgrowthinthefirsthalfof2025.AccordingtodatafromAVC,fromJanuarytoJune2025,thetotalretailsalesofhouseholdappliancesinChina(excluding3Cproducts)reached453.7billionyuan,anincreaseof9.2%year-on-year;amongthem,onlineretailsalesincreasedby14.0%year-on-year,andofflineretailsalesincreasedby21.9%year-on-year;Thekitchensmallhouseholdapplianceindustry,inwhichtheCompanyoperates,sawayear-on-yeardecreaseof1.2%inretailvolumefromJanuarytoJune,butayear-on-yearincreaseof9.3%inretailsales.Undertheinfluenceofthispolicy,theCompany'smid-to-high-endseriesofkitchensmallapplianceshaveperformedwell,alsodrivingthepositivedevelopmentoftheCompany'soveralldomesticsalesbusiness.
Althoughthesmallhouseholdapplianceindustryishighlycompetitive,themarketconcentrationofleadingbrandsisexpectedtocontinuetoincrease.Thisrequirescompaniesintheindustrytonotonlyprovidehigh-quality,aestheticallypleasing,cost-effective,andhealth-focusedproducts,butalsotoprioritizeandmeetconsumers'emotionalneeds.Companiesmustachieveeffectivebreakthroughsinpersonalization,intelligence,andenvironmentalsustainabilitytosecurereasonableproductpremiums,therebypromotingthehealthyandsustainabledevelopmentoftheindustryanditscompanies.
Space-TechInnovationsforElevatedHealthyLiving
OnApril24,2025,theShenzhou-20spacecraftlaunchedsuccessfullyfromJiuquan,Gansu.In2014,JoyoungundertooktheChinaSpaceKitchenproject,animportantcomponentoftheastronautlifesupportsystemforthespacestation.TheCompanyuseditsowninnovativetechnologytosolvethedifficultproblemsposedbytheextremeharshconditionsofouterspace,suchasmicrogravity,andzero-convectionenvironment,ensuringastronautsreceivehotmealsandpurifiedwaterdaily.
FromSpaceKitchentoHomeKitchens,Joyounghaspioneeredsolutionsforhealthierlivingsinceinventingtheworld’sfirstautomaticsoymilkmakerin1994.Over31years,sustainedR&Dinvestmenthasyieldedindustry-leadingproductsdrivenbydeepuserinsightstoaddressreal-lifepainpoints.Duringthereportingperiod,theCompanylaunchednewproductssuchasthefullyautomaticquietsoymilkmakerK6,thevariable-frequencyquietblenderB1U,thenon-stick0-coatingtitanium-linedricecooker40N1UPro,theAIvariable-frequencyjuicerLZ9,andtheheatingwaterpurifierR1001,allpartoftheSpaceSeries.Theseproductseachaddresscoreuserneedsthroughfeaturessuchasfullyautomaticoperationwithoutmanualwashing,variable-frequencyquietoperation,non-stickhealthycooking,innovativeAIfreshjuicing,anda6-yearlong-lastingfilterwithfull-chainantibacterialprotection.
RidingtheTrend,DrivingGrowthviaShelfandContentE-commerce
Risingconsumerincomesandgrowingdemandforpremiumlifestylesaredrivingtheconsumergoodssectorintoaneraofdiversifiedqualityconsumption.Withinthisshift,thesmallhouseholdapplianceindustryisenteringanewchapterofhigh-qualitydevelopment.Amidstfast-changingdomesticretailchannels,theCompanycontinuesactivelyexpandingemergingplatformswhilesynergizingofflinestores,shelfe-commerce,andcontentcommerce—strategicallycapturingnewopportunitiesfromO2O(OnlinetoOffline)-integratedchannelsegmentation.
Toalignwithnew-generationconsumerpreferences,theCompanyhasintensifiedtargetedproductdevelopment,contentmarketing,andpromotionalinitiatives—prioritizingcontentcommerceplatformslikeXiaohongshu,WeChatChannel,andDouyin.Webolsteredspecializedteamsforuserresearch,dataanalytics,contentcreation,livestreaming,andvideoproduction,establishinganintegratedlivestreammatrixanda"feed-convert-share"closedloop.TheseinitiativessimultaneouslyelevatebrandNPS(NetPromoterScore)whileacquiringnewcustomersandnewusersegments,boostingconversionratesacrossthecustomerjourney,andbringingoriginalsmarthealth-techproductsintomorehouseholds.
[Note2]“NoticeonDoingaGoodJobinthe2025ApplianceTrade-inProgram”——ChinaGovernmentNetwork“NoticefromtheOfficesoftheMinistryofCommerceandThreeOtherDepartmentsonDoingaGoodJobinthe2025ApplianceTrade-inProgram”(www.gov.cn)
Amidstarapidlyevolving,hypercompetitive,anduncertainmarketlandscape,managementoftheCompanywillproactivelycapturegrowthopportunitiesacrossnewcustomersegments,productcategories,channels,andbusinessfrontiers.Byembracingpioneeringinitiativesanddrivingtransformation,theCompanywillstrengthencapabilitiesinuserinsights,technologicalinnovation,productoperations,channelmarketing,andbrandbuilding—withheightenedfocusonprecisionoperationstoachievecomprehensivequalityandefficiencyenhancements.
InnovatingwithPurpose,AnchoredinHealth
Over31years,Joyounghassecured14,262patents,whichinclude900inventions,eachrepresentingthreedecadesofhealth-centricinnovationandmeticulouscraftsmanship.
AsChina’sleadingsmallhouseholdappliancebrand,weconfidentlyadvanceourfuturethroughenhancedprofessionalefficiencyandoperationalexcellence.Whilelaunchingflagshipproductswithindustry-definingtechnologies,we’redemocratizinginnovationacrossentry-levelsegmentsforfull-portfoliocoverageanddifferentiatedcompetition—drivingimprovementsinNPS,marketshare,categoryadoption,andhouseholdpenetration.
HealthandinnovationdefineourDNA.Weempowerhomekitchensthroughtransformativetechnologieswhilenourishing600,000+childrenvia1,600+HopeKitchensandsustainingastronautsaboardChina’sspacestation.Movingforward,theCompanywillcontinuetoexpandandstrengthenthebrandassetvalueof“FamilyKitchen”+“HopeKitchen”+“SpaceKitchen”,advancingcoresmallhouseholdapplianceexcellence,soastocreatevaluefortheCompanyandshareholders.
3.CoreCompetenceAnalysis
Fordetails,pleaserefertothe2024AnnualReport.
4.KeyAccountingDataandFinancialIndicators
WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata
√Yes□NoReasonsforretrospectiveadjustmentsorrestatementsChangeinaccountingpolicy.
| H12025 | H12024 | Flux |
| BeforeAdjustments | AfterAdjustments | AfterAdjustments | ||
| Operatingrevenues(RMBYuan) | 3,987,012,833.93 | 4,386,653,704.23 | 4,386,653,704.23 | -9.11% |
| NetprofitsattributabletoshareholdersoftheCompany(RMBYuan) | 122,731,037.30 | 175,392,648.58 | 175,392,648.58 | -30.02% |
| NetprofitsattributabletoshareholdersoftheCompanybeforenon-recurringgainsandlosses(RMBYuan) | 187,047,087.44 | 211,300,336.32 | 211,300,336.32 | -11.48% |
| Netcashflowfromoperatingactivities(RMBYuan) | 331,836,708.69 | 227,260,930.12 | 227,260,930.12 | 46.02% |
| Basicearningspershare(RMBYuan/share) | 0.16 | 0.23 | 0.23 | -30.43% |
| Dilutedearningspershare(RMBYuan/share) | 0.16 | 0.23 | 0.23 | -30.43% |
| Weightedaveragereturnonnetassets | 3.51% | 4.96% | 4.96% | Decreasedby1.45pct. |
| Asof30June,2025 | Asof31December,2024 | Flux | ||
| BeforeAdjustments | AfterAdjustments | AfterAdjustments | ||
| Totalassets(RMBYuan) | 7,313,461,145.42 | 7,586,185,728.31 | 7,586,185,728.31 | -3.60% |
| NetassetsattributabletoshareholdersoftheCompany(RMBYuan) | 3,478,994,693.98 | 3,485,895,659.65 | 3,485,895,659.65 | -0.20% |
ReasonsforChangesinAccountingPoliciesandCorrectionofAccountingErrors
EffectiveJanuary1,2024,theCompanyhasadoptedtheprovisionsoftheMinistryofFinance'sInterpretationNo.18oftheEnterpriseAccountingStandards,“AccountingTreatmentforWarranty-TypeQualityGuaranteesThatDoNotConstituteIndividualPerformanceObligations,”andhasretrospectivelyadjustedcomparableperiodinformationaccordingly.Duetothischangeinaccountingpolicy,therestatedoperatingcostsforthefirsthalfof2024wereRMB3,155,125,014.39beforerestatementandRMB3,219,454,076.91afterrestatement.Thesalesexpensesforthefirsthalfof2024wereRMB718,500,780.10beforerestatement,andRMB654,171,717.58afterrestatement.Nootheradjustmentsweremadetotheaforementionedmajoraccountingdataandfinancialindicators.
5.NumberofShareholdersoftheCompanyandTheirShareholdings
Unit:share
| TotalnumberofcommonshareholdersattheendoftheReportingPeriod | 41,367 | TotalnumberofpreferredshareholderswithresumedvotingrightsattheendoftheReportingPeriod(ifany) | 0 | |||
| Top10commonshareholders（excludinglendingandtransferofsharesbusiness） | ||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheldattheperiod-end | Numberofrestrictedsharesheld | Pledgedorfrozenshares | |
| Status | Number | |||||
| ShanghaiLihongEnterpriseManagementCo.,Ltd. | Domesticnon-state-ownedcorporation | 50.13% | 384,523,746 | 0 | N/A | 0 |
| JSGlobalCapitalManagementLimited | Foreigncorporation | 16.94% | 129,924,090 | 0 | N/A | 0 |
| JoyoungESOPPlan(Phase1) | Others | 2.00% | 15,313,800 | 0 | N/A | 0 |
| CentralHuijinInvestmentLtd. | State-ownedcorporation | 1.46% | 11,201,233 | 0 | N/A | 0 |
| HongKongSecuritiesClearingCo., | Foreign | 0.61% | 4,664,137 | 0 | N/A | 0 |
| Ltd. | corporation | |||||
| CPIC-Dividend-PersonalDividend | Others | 0.40% | 3,045,512 | 0 | N/A | 0 |
| ChinaMerchantsBankCo.,Ltd.-SouthernAssetManagementCSI1000ETF | Others | 0.37% | 2,822,837 | .0 | N/A | 0 |
| ShaanxiYuanDaoRongManagementCo.,Ltd. | Domesticnon-state-ownedcorporation | 0.25% | 1,936,100 | 0 | N/A | 0 |
| WangYingxin | DomesticNaturalPerson | 0.24% | 1,864,800 | 0 | N/A | 0 |
| BankofChina-GFCSIPensionIndustryIndexInitiatedSecuritiesInvestmentFund | Others | 0.24% | 1,806,374 | 0 | N/A | 0 |
| Relatedoracting-in-concertpartiesamongshareholdersabove | InApril2019,theshareholdingstructureofBILTINGDEVELOPMENTSLIMITEDchanged.MR.XuningWANG,theactualcontrolleroftheCompany,becametheactualcontrollerofBILTINGDEVELOPMENTSLIMITED(SeeReportNo.2019-027oftheCompanyonwww.chinainfo.com.cn.).Asaresult,ShanghaiLihongEnterpriseManagementCo.,Ltd.andBILTINGDEVELOPMENTSLIMITED,bothcontrolledbyMr.XuningWANG,aredefinedasacting-in-concertpartiesbytheAdministrativeMeasuresfortheTakeoverofListedCompanies.Otherthantheaforementionedrelatedandacting-in-concertparties,theCompanyisuncertainaboutwhethertherearerelatedoracting-in-concertpartiesamongshareholdersabove.InJuly2024,BILTINGDEVELOPMENTSLIMITEDchangeditsnametoJSGlobalCapitalManagementLimited,whichisstillapartyactinginconcertwiththecontrollingshareholderoftheCompany,ShanghaiLihongEnterpriseManagementCo.,Ltd.TheaforementionedchangedoesnotinvolveanyequitychangeoftheCompany’scontrollingshareholderandhasnoimpactontheCompany'soperatingactivities,andtherehasbeennochangeintheCompany'scontrollingshareholderanddefactocontroller. | |||||
| Explanationoncommonshareholdersparticipatinginsecuritiesmargintrading(ifany) | N/A | |||||
| Notesontheexistenceofrepurchasespecializedaccountsamongthetop10shareholders(ifany) | ThenumberofordinarysharesheldintherepurchasespecializedaccountofJoyoungCo.,Ltd.attheendofthereportingperiodwas4,000,000shares,accountingfor0.52%ofthetotalsharecapitaloftheCompany.TheCompanycompletedthederegistrationoftheaforementioned4,000,000repurchasedshareswithChinaSecuritiesDepositoryandClearingCorporationLimited(ShenzhenBranch)onJuly25,2025. | |||||
Shareholdersholdingmorethan5%ofshares,top10shareholdersandtop10shareholderswithnon-restrictedsharesoutstandingparticipatinginthelendingandtransferofsharesbusiness
□Applicable√N/ATop10shareholdersandtop10shareholderswithnon-restrictedsharesoutstandingchangedfromthepreviousperiodduetolending/repatriationinthelendingandtransferofsharesbusiness
□Applicable√N/A
6.ChangeinControllingShareholdersorActualControllersChangeincontrollingshareholderduringthereportingperiod
□Applicable√N/ATherewasnochangeincontrollingshareholderoftheCompanyduringthereportingperiod.Changeinactualcontrollerduringthereportingperiod
□Applicable√N/ATherewasnochangeinactualcontrolleroftheCompanyduringthereportingperiod.
7.TotalNumberofPreferredShareholdersandTOP10PreferredShareholdersandTheirShareholdings
□Applicable√N/ATheCompanyhadnopreferredshareholdersholdingsharesduringthereportingperiod.
8.BondsinExistenceattheDateofApprovalforFilingoftheSemi-annualReport
□Applicable√N/ASectionIII.ImportantMatters
1．ImplementationProgressofShareRepurchaseOnJune23,2025,theCompanyconvenedtheFifteenthMeetingoftheSixthBoardofDirectorsandapprovedtheProposalonAlteringtheUseofPartofRepurchasedSharesforCancellationwith6votesinfavor,0against,and0abstentions.Theproposalchangesthepurposeofthe4,000,000sharesoriginallyheldinthespecialrepurchasesecuritiesaccountfor"implementingequityincentiveplansoremployeestockownershipplans"to"cancellationforreducingregisteredcapital."OnJuly11,2025,theCompanyconvenedthe2025FirstExtraordinaryShareholders’MeetingandapprovedtheProposalonAlteringtheUseofRepurchasedSharesforCancellationbyspecialresolution.Thenumberofrepurchasedsharescancelledinthisinstanceis4,000,000,representing0.52%ofthetotalsharecapitalbeforecancellation.TheactualcancellationamountwasRMB68,026,879.84(excludingtransactionfees).Followingthiscancellation,theCompany’stotalsharecapitalchangedfrom767,017,000sharesto763,017,000shares.
OnJuly25,2025,theCompanycompletedthederegistrationproceduresfortheaforementioned4,000,000repurchasedshareswithChinaSecuritiesDepositoryandClearingCorporationLimited(ShenzhenBranch).
ThecancellationoftheserepurchasedshareswillnotmateriallyimpacttheCompany’sfinancialpositionoroperatingresults.Thequantity,completiondate,andcancellationperiodcomplyfullywithrelevantlawsandregulations.Fordetails,refertotheAnnouncementonCompletionofPartialShareCancellationandShareCapitalChange(AnnouncementNo.:2025-028)publishedbytheCompanyinSecuritiesTimes,ChinaSecuritiesJournal,andonthecninfo.comwebsite(http://www.cninfo.com.cn)onJuly29,2025.
2．EmployeeStockOwnershipPlan(ESOP)OnMarch26,2025,theSixthManagementCommitteeMeetingofthePhaseIESOPoftheCompanyconsideredandapprovedtheproposaltitled“OntheTemporaryRetentionofUnlockableSharesUndertheThirdUnlockingPeriodofthePhaseIESOPDuetoUnmetPerformanceTargets.”Basedontheperformanceevaluationresultsofthethirdunlockingperiod,afterdiscussionbytheManagementCommitteeofthisESOP,itwasdecidedthatthe2,287,500shares(accountingfor0.30%ofthetotalsharecapitaloftheCompany)correspondingtothethirdunlockingperiodofthisESOP
willnotbeunlockedduetofailuretomeetperformancetargets.Duringthereportingperiod,certainparticipantsintheESOPresigned.InaccordancewiththerelevantprovisionsoftheCompany'sPhaseIESOP,theESOPManagementCommitteerecoveredthesharesheldbytheseparticipants,totaling1,175,000shares.TheseshareswillbetemporarilyheldbytheManagementCommitteeafterthelock-upperiodexpires,andtheManagementCommitteemayredistributethesesharesinthefuturebasedonactualcircumstances;orsoldbytheManagementCommitteeatanappropriatetime,withtheremainingproceedsaftersalebelongingtotheCompany.