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公司公告

九阳股份:2018年半年度报告摘要(英文版)2018-08-23  

						                                                                                 Abstract of Interim Report 2018




Stock Code:002242                     Stock Abbreviation:Joyoung                         Report No.2018-049



                                      Joyoung Co., Ltd

                        Abstract of Interim Report 2018

一、Important Statements

This report is an abstract of interim report 2018. Investors are kindly reminded to read the complete version of
Interim Report 2018 on the website which is designated by the China Securities Regulatory Commission to
get complete information about operational results, financial statements and future plans of the company.

Different opinions from directors, supervisors and senior management
□Applicable √ N/A

All directors attended the board meeting that reviewed Interim Report 2018
Modified Audit Opinion
□Applicable √ N/A

The preliminary plan for dividend distribution and converting capital reserves into share capital for common
shareholders which was considered and approved by the Board
□Applicable √ N/A

The company plans not to distribute cash dividends or bonus shares or convert capital reserves into share
capital1H
The preliminary plan for dividend distribution for preferred shareholders in reporting period was approved by
the Board
□Applicable √ N/A

二、Company Profile

1、Corporate Information

Stock Abbreviation               Joyoung                   Stock Code               002242
Stock Exchange Where the
Shares of the Company are        Shenzhen Stock Exchange
Listed
            Contract                        Board Secretary                   Securities Representative
Name                             Run HAN                                Minxin MIAO
                                 No.760 Yinhai Street, Jianggan         No.760 Yinhai Street, Jianggan
Address                          District, Hangzhou, Zhejiang           District, Hangzhou, Zhejiang
                                 Province                               Province
Tel.                             0571-81639093                          0571-81639178
E-mail                           002242@joyoung.com




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                                                                                Abstract of Interim Report 2018



2、Key Accounting Data and Financial Indicators

Whether the Company performed a retroactive adjustment to or restatement of accounting data
□ Yes √ No

                                                      2018 1H               2017 1H                Flux (%)
Operating revenues (RMB Yuan)                      3,639,589,109.46        3,268,813,950.45            11.34%
Net profits attributable to shareholders of the
                                                    370,040,372.12           361,232,430.78             2.44%
Company (RMB Yuan)
Net profits attributable to shareholders of the
Company before non-recurring gains and              292,519,062.00           319,335,699.69            -8.40%
losses (RMB Yuan)
Net cash flow from operating activities (RMB
                                                    223,587,114.34           -57,994,580.62           485.53%
Yuan)
Basic earnings per share (RMB Yuan /share)                     0.482                    0.470           2.55%
Diluted earnings per share (RMB Yuan /share)                   0.482                    0.470           2.55%
Weighted average ROE                                          9.84%                     9.97%          -0.13%
                                                    30 June 2018          30 June 2017              Flux (%)
Total assets (RMB Yuan)                            4,985,933,289.42        5,350,746,142.18            -6.82%
Net assets attributable to shareholders of the
                                                   3,388,660,740.08        3,574,555,421.97            -5.20%
Company(RMB Yuan)


3、Shareholders with interests at the End of Reporting Period

                                                                                                      Unit: share
Total number of common                             Total number of preferred shareholders with
shareholders at the end of Reporting        37,875 resumed voting rights at the end of Reporting               0
Period                                             Period (if any)
                                         Top 10 common shareholders
                                                           Total shares    Number of      Pledged or frozen
        Name of              Nature of      Shareholding                                       shares
                                                            held at the    restricted
       Shareholder          shareholder      percentage
                                                            period-end    shares held    Status     Number
Shanghai Lihong New        Domestic                                                     Pledged 257,430,810
Technology Investment      non-state-own          49.45% 379,558,596
Co., Ltd.                  ed corporation                                               Frozen                 0
Bilting Developments       Foreign
                                                  16.93% 129,924,090
Limited                    corporation
Central Huijin             State-owned
                                                   4.99%    38,310,500
Investment Ltd             corporation
National Social Security Other domestic
                                                   1.63%    12,535,271
Fund No.113              investor
                           Domestic
Fei QIU                                            0.90%     6,917,555
                           individual
China Resources Szitic
Trust Co.,Ltd – No. 23    Other domestic
                                                   0.60%     4,595,387
Trust Plans of             investor
Assembled Funds
China Resources Szitic     Other domestic
Trust Co.,Ltd – No. 13    investor
                                                   0.56%     4,260,000
Trust Plans of


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                                                                                 Abstract of Interim Report 2018



Assembled Funds
China National
Petroleum Corporation
Enterprise Annuities       Other domestic
                                                   0.38%      2,905,100
Plan - Industrial and      investor
Commercial Bank of
China
                           Domestic
Jianping QIU                                       0.37%      2,807,440
                           individual
                           Domestic
Shandong Dingxiang
                           non-state-own           0.33%      2,540,464
Investment Limited
                           ed corporation
                                            The Company is not sure whether there are related or
Related or acting-in-concert parties        acting-in-concert parties among shareholders above, which is
among shareholders above                    defined by the “Administrative Measures for the Takeover of Listed
                                            Companies”.
Explanation of common shareholders
‘participation in securities margin trading N/A
(if any)


4、Change of Controlling Shareholder or Beneficial Controller in the Reporting Period

None in the Reporting Period.

5、Preferred Shareholders and their shareholdings

None in the Reporting Period.

6、Relevant information on corporate bonds

The Company didn’t issue any public bond. There was no matured liability unpaid or unmatured debts which
was issued publicly and listed on the Stock Exchange.

三、Discussion and Analysis of Operation

1、Business Performance Review in the reporting period

There is no industry specific information disclosure rules that the company is not required to compile with.

In 2018 1H, China economy was generally resilient with good momentum for growth in 1H 2018. As China's
economy is transforming from a high-speed growth stage to a high-quality development stage, the only way
for a company to keep leading an industry and satisfy customer’s demand of high-quality products is to
relentlessly innovate and carry out value marketing.

Main financial data in 1H 2018 were as follows:

Joyoung achieved operating revenues of 3,639.59 million yuan, an increase of 11.34% over 1H 2017. Major
categories of Joyoung have maintained steady growth and average sales price has increased significantly
due to a better product structure.

Operating costs of Joyoung were 2,437.73 million yuan, representing a 10.05% year-over-year increase. And
the gross profit margin increased by 0.79%.

Sales expenses were 632.32 million yuan, up 47.94% compared to 1H 2017, and sales expenses ratio was


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                                                                                Abstract of Interim Report 2018



17.37%. The increase was caused by more advertising fees and retail outlets renovation. General and
administrative expenses ratio was 6.54% and the amount was 238.08 million yuan, up 10.25% compared to
1H 2017, of which R&D expenses were 119.82 million yuan, a year-on-year increase of 26.19%.

Joyoung achieved profits of 434.24 million, which was decreased by 2.02% compare to 1H 2017.
Nevertheless, the net profits attributable to Joyoung’s shareholders were 370.04 million yuan, a 2.44%
year-on-year increase.

Net operating cash flow were 223.59 million yuan, a 485.53% year-on-year increase due to rapid growth of
revenue.

Joyoung still focused on small home appliances and strived to transform brand image from “Joyoung is equal
to Soymilk Maker” to “Joyoung is equal to small home appliances for quality life”.

1)value marketing enhanced brand image

In the reporting period, Joyoung continued to shape brand image, produce high-quality products and adopt
value marketing strategy. Joyoung not only was selected as one of the brands in the “National Brand Plan”
launched by CCTV so to add advertisement on multiple channels of CCTV, but also cooperated with Youku in
advertising and promoting during the World Cup on Youku’s live game and replay channels. Besides, Joyung
also launched more promotion and advertisement through various channels such as outdoor media, vertical
media and social media to carry out value marketing accurately, which was very beneficial to improve brand
awareness and increase brand value. It also attracted people’s attention and improved their purchasing
willingness.

In the reporting period, Joyoung extended its cooperation scope with the famous actress Yang Mi from
soymilk maker to high-speed blender, IH rice cooker, automatic cooker and so on. Joyoung strived to connect
concepts such as health, fashion, youth, trendy and beauty with its brand through high-value, high-quality and
exquisite products as well as endorsement, advertisement and offline activities.

Besides, Joyoung organized a series of activities such as “China Cell Wall Broken Festival” and
“Human-Machine Wars” cooking competitions across the country. These events attracted attention of local
citizens and metropolitan media, making automatic cooker a demanding product.

2)Quality life driven by innovation

With the improvement of people’s living standards and popularity of the quality life concept, customers have
higher demands of home appliances but also have more requirements for it. The demand for high quality
outweighed function needs. Based on the insights into consumers’ behavior and consuming trends, Joyoung
was able to improve product quality and create selling points which meets the pain point in customers’ daily
life through the use of smart hardware and software, the Internet and the Internet of Things.

Since the invention of the world’s first soymilk maker, Joyoung has been concentrated on the technology of
breaking cells and invented the very first blender with heating function. In the reporting period, seeing the
rapid growth of blender category, Joyoung launched the first quiet high-speed blender to meet customers’
demand for high-end blender.

Joyoung has been committed to create a smart, open and smoke-free kitchen since its foundation and thus
launched the first cooking robot which can automatically cook Chinese dishes without making any smoke to
meet customers’ strong demand. It resolved consumers’ pain points where certain consumers do not know
how to cook and creates a smoke-free kitchen.

In the reporting period, Joyoung released a new concept of “taste health” and “home aesthetics” and was
committed to providing consumers with a way to achieve “integration of food and cooker”. Thus, Joyoung
launched a series of new products such as soymilk maker with automatic cleaning function, quiet cell wall
broken Juicer, quick-open pressure cooker, enamel rice cooker and automatic cooker with cooking smoke
free.

3)multi-channels



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                                                                               Abstract of Interim Report 2018



In the reporting period, Joyoung proactively expanded its offline channels with “customer focused” strategy.
The company not only renovated retail stores, developed channels in the commercial complex such as
Shopping Mall, but also built channels including flagship stores, brand experience stores and specialty shops.
Therefore, an all-dimension channel network covering different markets was gradually established.

The Company maintained a high growth rate on its traditional online channels which has become an important
part of revenue source. In order to carry out the new retail model under mobile internet environment such as
O2O (Online to Offline), the Company was actively integrating online channel with offline channel to form a
new retail model. Joyoung built a team to analyze new retail, new media, big data and wireless applications as
well as was developing a retail system to provide service for flagship stores and experience stores. Joyoung
strived to provide a smart one-stop shopping service for consumers through the process of data monitoring
and sharing, fans interaction, customer attraction, scan payment and delivery. Joyoung also strived to convert
traffic into sales volume efficiently.

2、Events Related to Financial Statements

(1)Statements of any changes in Accounting Policies, Accounting Estimates and Accounting
Methods as Compared to the Financial Report for the Prior Year.

None in the Reporting Period.

(2)Statements about Retrospective Restatement of Major Accounting Errors in the Reporting
Period

None in the Reporting Period.

(3)Statements for Changes in Scope of the Consolidated Financial Statements as Compared to
the Financial Report for the Prior Year

1. During the reporting period, the company disposed 100% shares of Suzhou Jiuyang Company. After the
share transfer, Suzhou Jiuyang Company will no longer be included in the scope of the company's
Consolidated Financial Statement. For details, please refer to No. 2018-003 and No. 2018-010
announcement on Ju Chao Information Website.

2.During the reporting period, Onondo Company absorbed Hangzhou Jiuyang Company, after the merging,
Onondo Company as the absorbing company continues to exist while the Hangzhou Jiuyang Company as the
participating party has been dissolved.


This Abstract of Interim Report 2018 is written in Chinese and English. In
the event of any discrepancy between two versions, the Chinese version
shall prevail.




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