Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 5.79 billion yuan in Q1 2025, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 500 million yuan, up 5.8% year-on-year, while the net profit excluding non-recurring items was 480 million yuan, reflecting a 5.0% increase year-on-year [1]. - Core product categories showed positive growth, with online sales of rice cookers, pressure cookers, steamers, and health pots increasing by 0.43%, 7.91%, 6.66%, and 24.82% year-on-year, respectively. The company continues to implement a consumer-centric innovation strategy and product development strategy, leveraging big data to meet diverse consumer needs [1]. - The gross margin for Q1 2025 was 23.9%, a slight decrease of 0.5 percentage points year-on-year. The net profit margin was 8.6%, down 0.2 percentage points year-on-year [2]. Financial Projections - The company is projected to achieve net profits of 2.4 billion yuan, 2.55 billion yuan, and 2.7 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.9%, 6.1%, and 6.0% [2]. - Revenue is expected to grow from 21.3 billion yuan in 2023 to 26.95 billion yuan in 2027, with a compound annual growth rate of approximately 6.4% [3]. - The latest diluted EPS is projected to increase from 2.72 yuan in 2023 to 3.37 yuan in 2027 [3]. Market Position - The company operates in the small home appliance industry and has a total market capitalization of approximately 44.59 billion yuan, with a closing price of 55.64 yuan as of April 24, 2025 [4]. - The company has a total share capital of 801.36 million shares, with 99.88% being freely tradable [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 5.79 billion yuan in Q1 2025, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 500 million yuan, up 5.8% year-on-year, while the net profit excluding non-recurring items was 480 million yuan, reflecting a 5.0% increase year-on-year [1]. - The core product categories showed positive growth, with online sales of rice cookers, pressure cookers, steamers, and health pots increasing by 0.43%, 7.91%, 6.66%, and 24.82% year-on-year, respectively. The company continues to implement a consumer-centric innovation strategy and product development strategy, leveraging big data to meet diverse consumer needs [1]. Financial Performance Summary - In Q1 2025, the company's gross margin was 23.9%, a decrease of 0.5 percentage points year-on-year. The net profit margin was 8.6%, down 0.2 percentage points year-on-year [2]. - The company forecasts net profits for 2025, 2026, and 2027 to be 2.4 billion, 2.55 billion, and 2.7 billion yuan, respectively, with year-on-year growth rates of 6.9%, 6.1%, and 6.0% [2]. - The projected revenue for 2025 is 23.823 billion yuan, with a year-on-year growth rate of 6.2% [3]. Stock Information - The company's market capitalization is approximately 44.59 billion yuan, with a closing price of 55.64 yuan as of April 24, 2025 [4]. - The company has a total share capital of 801.36 million shares, with 99.88% being freely tradable [4]. Valuation Metrics - The report provides a P/E ratio of 18.6 for 2025, which is expected to decrease to 16.5 by 2027. The P/B ratio is projected to decline from 6.5 in 2025 to 5.6 in 2027 [3]. - The latest diluted EPS is forecasted to be 2.99 yuan in 2025, increasing to 3.37 yuan by 2027 [3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 66.05 CNY for the next six months [5]. Core Insights - The company reported a Q1 revenue of 5.79 billion CNY, representing a year-over-year increase of 7.6%, and a net profit attributable to shareholders of 500 million CNY, up 5.8% year-over-year [1][2]. - The growth in external sales and the recovery in domestic sales, driven by national subsidies, indicate a stable operational performance for the quarter [1]. - The company is expected to benefit from ongoing national policies promoting small appliance consumption, particularly through trade-in programs [1]. Financial Performance Summary - Q1 net profit margin was 8.6%, a slight decrease of 0.1 percentage points year-over-year [2]. - The gross sales margin increased by 0.4 percentage points year-over-year, reflecting effective cost management and improved marketing efficiency [2]. - Operating cash flow decreased by 44.0% year-over-year to 580 million CNY, primarily due to a 7.0% decline in cash received from sales [2]. - The company’s contract liabilities increased by 43.9% year-over-year to 950 million CNY, indicating strong demand from downstream customers [2]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.00 CNY, 3.38 CNY, and 3.84 CNY for the years 2025, 2026, and 2027 respectively [2][4]. - The expected revenue for 2025 is 24.49 billion CNY, with a net profit forecast of 2.41 billion CNY [4][15]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, maintaining a strong brand influence [2]. - The ongoing optimization of product structure and sales channels, along with the benefits from the parent company SEB Group's global order transfers, are expected to drive rapid revenue and performance growth [2].

业绩回顾 1Q25 业绩符合我们预期 公司公布1Q25 业绩：营业收入57.86 亿元，同比+7.59%；归母净利润4.97 亿元，同比+5.82%；扣非后 归母净利润4.84 亿元，同比+4.98%。公司业绩符合我们预期。 外销延续增长，内销稳步改善。1Q25 公司收入同比+7.59%，我们预计内销环比有所改善，整体恢复增 长；外销则延续去年的增长趋势，增速表现好于内销：1）国内厨小电整体需求呈现改善趋势，市场竞 争回归良性发展，根据AVC，1Q25 小家电线上零售额/均价同比+8.3%/+12.7%，公司龙头竞争优势明 显，在行业向好时表现优秀。2）公司外销主要来自SEB 关联交易，海外部分地区需求较好带来SEB 的 增长，进而带动公司2024 年外销收入同比+18.6%，其中1H24/2H24 分别+16.5%/+20.4%。考虑到当前出 口景气度较好，海关总署数据显示1Q25 家电整体出口额同比+8%（美元口径），我们估计1Q25 公司外 销增长仍保持较好趋势。 财务分析：1Q25 公司毛利率23.9%，同比-0.5ppt，我们预计主要来自业务结构的影响，毛利率偏低的外 销业务收入占比提升。1Q25 ...

第八届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届监事会第十五 次会议通知已于2025年4月14日以电子邮件方式发出，会议于2025年4月24日以通讯表决的方式召开。 公司本次监事会应参与表决监事3名，实际参与表决监事3名。会议符合《公司法》和《公司章程》的 有关规定，会议由公司监事会主席Philippe SUMEIRE先生召集。 浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-036 浙江苏泊尔股份有限公司 经监事投票表决，以 3 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 监事会发表如下审核意见： 经审核，监事会认为董事会编制和审核浙江苏泊尔股份有限公司 2025 年第一季度报告的程序符 合法律、行政法规和中国证监会、深圳证券交易所的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2025 年第一季度报告全文》详见 2025 年 ...

证券代码：002032 证券简称：苏泊尔 公告编号：2025-035 浙江苏泊尔股份有限公司 第八届董事会第十五次会议决议公告 浙江苏泊尔股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第十五 次会议通知已于 2025 年 4 月 14 日以电子邮件形式发出，会议于 2025 年 4 月 24 日以通讯表决的方 式召开。公司本次董事会应参加表决董事 9 人，实际参加表决董事 9 人。会议符合《公司法》和《公 司章程》的有关规定，会议由董事长 Thierry de LA TOUR D'ARTAISE 先生召集。 经与会董事认真审议，形成以下决议： 一、 审议通过《关于公司 2025 年第一季度报告的议案》 经董事投票表决，以 9 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 公司《2025 年第一季度报告全文》详见 2025 年 4 月 25 日《证券时报》、《中国证券报》、《证券 日报》和巨潮资讯网 http://www.cninfo.com.cn ...

Financial Performance - The company's revenue for Q1 2025 was CNY 5,786,398,440.05, representing a 7.59% increase compared to CNY 5,378,308,516.37 in the same period last year[4] - Net profit attributable to shareholders was CNY 496,853,878.11, up 5.82% from CNY 469,544,886.20 year-on-year[4] - Operating profit for the current period was ¥619,460,133.01, compared to ¥583,701,406.52 in the previous period, indicating an increase of 6.1%[22] - The basic and diluted earnings per share rose to 0.624 from 0.589, marking an increase of 5.9%[23] - The total comprehensive income for the current period was ¥491,777,652.75, compared to ¥463,944,221.72 in the previous period, reflecting an increase of 6.0%[23] Cash Flow and Investments - The net cash flow from operating activities decreased by 44.03%, amounting to CNY 583,795,606.52, primarily due to reduced cash inflows from sales[10] - The net cash flow from operating activities decreased to ¥583,795,606.52 from ¥1,043,028,242.95, a decline of 44.1%[24] - The company reported a net cash outflow from investing activities of ¥728,947,909.31, compared to a net inflow of ¥204,925,842.28 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,168,488,583.00, a decrease of 0.73% from CNY 13,265,856,724.52 at the end of the previous year[4] - Total assets decreased from RMB 13,265,856,724.52 to RMB 13,168,488,583.00, a decline of approximately 0.73%[18] - Cash and cash equivalents decreased from RMB 2,480,007,318.69 to RMB 1,925,327,218.52, a reduction of about 22.36%[18] - Total current liabilities decreased from RMB 6,523,852,248.10 to RMB 5,912,971,204.50, a decrease of approximately 9.36%[20] - Total liabilities decreased from RMB 6,804,329,401.24 to RMB 6,209,288,263.02, a decline of about 8.73%[20] - The company's total non-current assets decreased from RMB 2,661,929,463.76 to RMB 2,625,124,143.41, a decrease of approximately 1.38%[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,208[14] - The largest shareholder, SEB INTERNATIONALE S.A.S, holds 83.19% of the shares, totaling 666,681,904 shares[14] - The company held 4,667,500 shares in its repurchase account, accounting for 0.58% of the total share capital[15] Other Financial Metrics - The weighted average return on equity increased by 0.30 percentage points to 7.44%[4] - Investment income rose by 56.73% year-on-year, attributed to increased investments in transferable large-denomination certificates of deposit[9] - Financial expenses increased by 77.87% compared to the same period last year, mainly due to reduced interest income and foreign exchange losses[9] - The company reported a 139.82% decrease in asset impairment losses, attributed to improved turnover of stagnant products[9] - The company's retained earnings increased from RMB 5,399,987,787.75 to RMB 5,896,841,665.86, an increase of approximately 9.19%[20] - The company's inventory decreased from RMB 2,565,958,108.47 to RMB 2,275,797,283.64, a decline of about 11.29%[18] - Research and development expenses increased to ¥102,604,274.18 from ¥94,344,363.29, representing an increase of 8.4%[21]

Group 1 - Shareholders of Tietuo Machinery plan to reduce their holdings by up to 1,800,000 shares, representing 1.95% of the total share capital, within 15 trading days until August 1, 2025 [1] - Senior management of Upower Electric completed their share reduction plan, with one executive reducing 1,605,000 shares, accounting for 0.0448% of the total share capital after excluding repurchased shares [2] - Jiangsu Jianghai Machinery, a major shareholder of Zhonghuan Hailu, has completed its share reduction plan, reducing 975,908 shares, which is 0.9759% of the total share capital [3] Group 2 - Major shareholders of Duopule plan to reduce their holdings by up to 3,000,000 shares, or 4.85% of the total share capital, within three months after 15 trading days [4] - Shareholders of Jinpu Garden plan to reduce their holdings by up to 1,839,313 shares, each accounting for 1% of the total share capital, within three months [5] - Major shareholders of Liaoning Energy plan to reduce their holdings by up to 39,660,520 shares, representing 3% of the total share capital, within three months after 15 trading days [6] Group 3 - Senior management of Qianzhao Optoelectronics has terminated their share reduction plan without executing any share sales [7] - Major shareholders of Wolong Nuclear Materials plan to reduce their holdings by up to 24,926,600 shares, or 2% of the total share capital, within three months after 15 trading days [8] - Major shareholders of Taiyong Changzheng plan to reduce their holdings by up to 6,695,765 shares, representing 3% of the total share capital, within three months after 15 trading days [9] Group 4 - Major shareholders of Dagang Holdings plan to reduce their holdings by up to 9,520,000 shares, approximately 3% of the total share capital, within three months after 15 trading days [10] - Directors of Yawey Holdings plan to reduce their holdings by up to 4,716,250 shares, or 0.86% of the total share capital, within three months after 15 trading days [11] - Shareholders of Source Fly Pet plan to reduce their holdings by up to 5,651,413 shares, representing 3% of the total share capital, within three months after 15 trading days [12] Group 5 - Major shareholders of Jiangsu Boyun plan to reduce their holdings by up to 2,913,999 shares, or 3% of the total share capital, within three months after 15 trading days [13] - Directors of Supor plan to reduce their holdings by a total of 99,080 shares within three months after 15 trading days [14] - Major shareholders of Yinglian Holdings plan to reduce their holdings by up to 10,458,200 shares, each accounting for 2.50% of the total share capital, within three months after 15 trading days [15]

Group 1 - The company Supor (002032) announced that board member Su Xianze and senior management personnel Xu Bo and Ye Jide plan to reduce their holdings by no more than 0.0124% of the company's shares [1]

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-034 浙江苏泊尔股份有限公司 关于公司部分董事、高级管理人员减持股份的预披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 本公司董事苏显泽先生及高级管理人员徐波先生、叶继德先生拟自 2025 年 4 月 28 日起 15 个交 易日后的 3 个月内以二级市场集中竞价方式分别减持本公司股份 51,272 股、35,553 股及 12,255 股， 不超过公司剔除回购专用证券账户上已回购股份后的总股本的 0.0124%。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）于近日收到公司部分董 事、高级管理人员出具的《股份减持计划告知函》，根据深圳证券交易所发布的《深圳证券交易所上 市公司自律监管指引第18号——股东及董事、监事、高级管理人员减持股份》等相关要求，现将有 关情况公告如下： 一、拟减持董事、高级管理人员持股情况 截至本公告披露日，公司拟减持董事、高级管理人员持股情况如下： | 名称 | 职务 | 持股数量（股） | 占公司总股本的 ...