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老板电器:2018年年度报告摘要(英文版)2019-05-22  

						Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary




  Ticker: 002508                             Stock Abbrev.: Robam Appliances                      Announcement No.: 2019-015




                        Hangzhou Robam Appliances CO., LTD.
                            2018 Annual Report Summary

  I. Important Notes

  This summary is extracted from the full annual report. In order to fully understand the Company's operating results,
  financial status and future development plan, investors should read the full annual report carefully disclosed on the media
  designated by the China Securities Regulatory Commission (CSRC).

 Statement of objections by directors, supervisors and senior management
 □ Applicable √ N/A

 Statement
 All directors of the Company personally attended the board meeting to review this annual report
 Notes of non-standard audit opinion
 □ Applicable √ N/A

 The plan for the common stock profit distribution or the plan for converting reserved funds into share capital during the
 reporting period was reviewed by the board meeting
 √ Applicable □ N/A

 Whether to convert reserved funds into share capital
 □ Yes √ No

 The Company's common stock profit distribution plan reviewed and approved by the board meeting is: based on
 949,024,050 shares, eight RMB (tax included) of cash dividends for every 10 shares will be distributed to all
 shareholders, and 0 bonus share (tax included) will be sent, and no reserved funds will be transferred to the share capital.
 The plan for the distribution of preferred stock profits during the reporting period is adopted by the board of directors
 through resolution.
 □ Applicable √ N/A


  II. Basic Situation of the Company

  1. Company Profile

      Stock Abbreviation                 Robam Appliances           Stock Code                  002508
      Stock Exchange for Stock Listing   Shenzhen Stock Exchange
        Contact Person and Contact
                                                Secretary of the Board                Securities Affairs Representative
                Information
      Name                               Wang Gang                                Shen Pingping
      Contact Address                    No. 592, Linping Avenue, Yuhang          No. 592, Linping Avenue, Yuhang
                                         Economic Development Zone,               Economic Development Zone,
                                         Hangzhou City, Zhejiang Province,        Hangzhou City, Zhejiang Province,
                                         China                                    China
      Tel                                0571-86187810                            0571-86187810
      E-mail                             wg@robam.com                             azshen@robam.com




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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary



  2. Main Business or Product Introduction During the Reporting Period

      Dedicated to creating a new quality kitchen life for millions of families, the Company takes root in the kitchen field and
 focuses on the development, production, sales and comprehensive services of kitchen appliances, including range hoods,
 stoves, disinfection cabinets, steam ovens, ovens, dishwashers, water purifiers, microwaves, integrated stoves, and
 integrated sinks. After 40 years of development and growth, the Company has eclipsed peers in terms of industry history,
 market share and production scale. The Company has ranked No.1 domestically for 21 years for the sale of range hoods, and
 No.1 globally for the sale of range hoods for four consecutive years.


  3. Major Accounting Data and Financial Indicators

  (1) Major accounting data and financial indicators in the past three years

 Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
 □ Yes √ No
                                                                                                                  Unit: RMB
                                                                                 Increase or decrease
                                                2018                2017           this year compared          2016
                                                                                  to the previous year
      Operating income                   7,424,885,274.14     7,017,397,057.99         5.81%             5,794,897,867.13
      Net profits attributable to
      shareholders of listed             1,473,579,665.62     1,461,213,518.63         0.85%             1,206,833,878.67
      companies
      Net profits attributable to
      shareholders of listed
      companies that deducts non-        1,390,626,550.21     1,406,448,536.49         -1.12%            1,147,130,266.62
      recurring gains and losses
      Net cash flow from operating
                                         1,508,960,311.29     1,272,482,554.23         18.58%            1,545,448,492.32
      activities
      Basic earnings per share
                                               1.55                 1.54               0.65%                   1.28
      (yuan/share)
      Diluted earnings per share
                                               1.55                 1.54               0.65%                   1.27
      (yuan/share)
      Weighted average return on
                                              26.40%              31.66%               -5.26%                33.38%
      equity
                                                                                     Increase or
                                                                                 decrease at the end
                                                                                     of this year
                                         At the end of 2018   At the end of 2017  compared to the        At the end of 2016
                                                                                 end of the previous
                                                                                         year
      Total assets                       9,455,361,508.83     7,926,615,151.63         19.29%            6,415,202,506.51
      Net assets attributable to
      shareholders of listed             6,045,384,387.57     5,260,800,800.91         14.91%            4,128,555,130.62
      companies


  (2) Quarterly major accounting data

                                                                                                                  Unit: RMB
                                            First quarter      Second quarter        Third quarter         Fourth quarter
      Operating income                   1,591,941,726.40     1,904,720,839.07    1,897,226,702.39       2,030,996,006.28
      Net profits attributable to
      shareholders      of      listed   302,020,313.43        358,319,192.63      351,293,563.34         461,946,596.22
      companies
      Net profits attributable to
      shareholders     of    listed      253,208,679.16        343,256,485.65      336,073,868.06         458,087,517.34
      companies that deduct non-
      recurring gains and losses
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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary


      Net cash flow from operating
      activities                       558,743,862.18          563,044,165.80           78,122,615.75        309,049,667.56

 Whether the above financial indicators or their total number are significantly different from the related financial indicators
 in the Company’s disclosed quarterly and semi-annual reports
 □ Yes √ No


  4. Share Capital and Shareholders

  (1) Number of common stockholders and preferred stockholders with voting rights restored and the
  shareholding conditions of the top 10 shareholders


                                                                                                                           Unit: Share
                                                                                         Total             Total
                                                    Total number of
                                                                                         number of         number of
  Total number of common                 64,871     common                  57,552                       0 preferred              0
                                                                                         preferred
  shareholders at the end of the                    shareholders at
                                                                                         shareholde        shareholders
  reporting period                                  the end of the
                                                                                         rs with           whose
                                                    month before
                                                                                         voting            voting rights
                                                    the disclosure
                                                                                         rights            were
                                                    of the annual
                                                                                         restored at       restored at
                                                    report
                                                                                         the end of        the end of
                                                                                         the               the month
                                                                                         reporting         before the
                                                                                         period            disclosure of
                                                                                                           the annual
                                                                                                           report
                                           Shareholdings of the Top 10 Shareholders
                                                                                            Number of         Pledge or freeze
          Shareholder                 Shareholder nature Sharehol         Number of         shares
          name                                             ding           shares held                        Status of      Amount
                                                                                            held with
                                                           ratio                                             shares
                                                                                            limited
                                                                                            sales
                                                                                            conditions


  Robam Group.                      Domestic non-      49.68%             471,510,000
                                    state legal person
  Hong Kong Securities Clearing Co. Overseas legal     10.59%             100,523,784
  Ltd.                              person
  China Life Insurance Co., Ltd. -
  Traditional - General Insurance   Other               1.53%             14,474,717
  Products - 005L-CT001
  Shen Guoying                      Domestic natural 1.29%                12,240,000
                                    person
  China Life Insurance Co., Ltd. -
  Dividend - Individual Dividend -  Other               1.05%              9,951,907
  005L - FH002

  Hangzhou Jinchuang Investment         Domestic non-      1.00%           9,451,985
  Co., Ltd.                             state legal person
  Shenzhen Guoshi Capital
  Management Co., Ltd. - Guoshi         Other                0.88%         8,311,165
  Capital - Robam Agent Holding
  Stage 2 Structured Private Equity
  Fund
  BNP Paribas - own funds               Overseas legal     0.84%           7,994,993
                                        person
  Hangzhou Yinchuang Investment         Domestic non-      0.74%           7,020,000
  Co., Ltd.                             state legal person
  China Construction Bank Co.,
  Ltd. - Anxin Value Selected Stock     Other                0.66%         6,251,432
  Securities Investment Fund

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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary


   Description of the above-mentioned shareholder        The actual controller of the Company's controlling shareholder
   association or concerted action                       Hangzhou Robam Industry Group Co., Ltd. and the shareholder
                                                         Hangzhou Jinchuang Investment Co., Ltd. is Mr. Ren Jianhua,
                                                         and the natural person shareholder Shen Guoying is the wife of
                                                         Ren Jianhua. The above shareholders have the possibility of
                                                         acting in unison.



  (2) The total number of preferred shareholders and the top 10 preferred shareholders'
  shareholdings of the Company

 □ Applicable √ N/A
 During the reporting period, the Company did not have preferred stockholders holding shares.

  (3) The property rights and control relationship between the Company and the actual controller are
  disclosed in block diagram



                                                       Ren Jianhua




                        Robam Group                                                     Jinchuang
                                                                                       Investment




                                                     Hangzhou Robam
                                                    Appliances Co., Ltd.



  5. Corporate Bond

  Whether the Company has bonds publicly issued and listed on the stock exchange that have not expired or expired but
  not paid in full on the date of approval of the annual report
  No


  III. Discussion about and Analysis of Business Operation

  1. Overview of Business Operation during the Reporting Period

  Does the company need to follow the disclosure requirements of special industries?
  No

      In 2018, the macro-economic situation at home and abroad was very complicated, the impact of real estate regulation on
 the kitchen appliance industry began to show, and the entire kitchen appliance industry was in depression. According to the
 CMM retail monitoring report, retail sales of three main kitchen appliances, namely range hoods, stoves and disinfection
 cabinets, grew by -11.71%, -10.68%, and -20.08% respectively in 2018, all showing a decline which was rare in recent years.
 Facing the development pressure of the whole industry, we, as a leading enterprise in the kitchen appliance industry, united
 together and worked hard. The retail volume and sales of our main products obviously increased faster than the average of
 the industry, ensuring a steady growth of our performance. During the reporting period, we achieved an operating income of
 7,424,885,274.14 RMB, increased by 5.81%; and the net profit attributable to shareholders of listed companies was
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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary


 1,473,579,665.62 RMB, increased by 0.85%. According to the CMM retail monitoring report, up to the end of 2018, the market
 shares of retail volume and sales of range hoods were 19.76% and 26.62% respectively, the market shares of retail volume
 and sales of stoves were 17.56% and 23.89% respectively, the market shares of retail volume and sales of built-in steam
 ovens were 36.32% and 33.80% respectively, and the market shares of retail volume and sales of built-in microwave were
 35.03% and 44.05% respectively, all of which continued to be the largest in the industry. The market shares of retail volume
 and sales of built-in disinfection cabinets were 14.73% and 23.22% respectively, ranking the second in the industry; the
 market shares of retail volume and sales of built-in ovens were 27.65% and 26.13% respectively, and the market shares of
 retail volume and sales of built-in dishwashers were both 9.29%, ranking the third in the industry.
      In 2018, the marketing section established the working principle of "All for Growth" and worked together to ensure growth
 in the company’s performance. In terms of retail, when facing the adverse situation in which KA in the first- and second-tier
 cities decreased, we intensified the exploration in the third- and fourth-tier cities. Specifically, we opened 68 new city
 companies and 535 new exclusive stores. By the end of 2018, we have 155 city companies and 3,258 exclusive stores in total.
 In terms of innovation, following the development trend of the industry, we cooperated with such channels as cabinets and
 home furnishing, and established strategic partnership with Oppein, Suofeiya, Jia.com, Dongyi Risheng and some other
 companies. In terms of e-commerce, in the new environment of online shopping, we timely adjusted our product strategies,
 optimized the cost efficiency, and improved the quality of operation. Following the online and offline integration, we promoted
 new retail modes, and vitalized existing customers. In terms of construction projects, we closely followed the changes of such
 strategic customers as Evergrande, Country Garden and Vanke, met the needs of different premises with differentiated
 products. The central cleaning system, a very unique product, strongly boosted our development of strategic customers in the
 channel of real estates. According to the AVC monthly monitoring data of real estate fine decoration, the market share of
 Robam range hood is 40%, ranking the first in the industry. In the overseas market, the promotion mode was becoming
 clearer and clearer, and we have covered of the Asian-Pacific region, Australia and New Zealand. The high-end image of the
 "Robam" brand has successfully settled in these regions, and our international influence has been effectively improved.
       In 2018, the technology section strictly implemented the company’s technology-driven development strategy, and made
 remarkable achievements in new product development, breakthrough of technical forms, efficiency of technology
 development, application of technology pre-researches, and preparation of national standards. During the whole year, we
 applied for 481 patents, of which 106 were invention patents; obtained 313 patents, of which 9 were invention patents. We
 gave priority to the research of steam ovens, and established the culinary experience center and the steam culture research
 institute. We regarded "inheriting and promoting China’s excellent culinary and cooking culture, and meeting the Chinese
 people’s needs for high-quality life in terms of healthy nutrition and cooking efficiency" as our responsibility and mission, and
 filled the blank of steaming in the research of cooking culture. Our products have won various awards at home and abroad.
 The range hood 5610 won three awards, namely "Chinese Design Gold Award", "2018 iF Design Award" and "Red Dot
 Design Award"; range hoods 8231S and 8332, stove 9B30C, disinfection cabinet 825 and central cleaning system won the
 "Red Dot Design Award". Range hood 5900S and oven R026 won the "Epland Award – Product Award" and "Epland Award –
 Design Award" respectively.
       In 2018, the production section aimed to be a benchmark in the home appliance manufacturing industry, and operated in
 three orientations: "the best supply chain system in the industry", "the supporting system with leading process and quality in
 the industry" and "a manufacturing plant with efficient management". By improving the A-level compliance rate of suppliers
 and the lean management of process and quality, the production section continued to improve the quality and control of the
 whole process; systematically established the procurement cost strategy and the supplier development; built key capacities,
 and complete the capacity building of dishwasher, steaming oven and central cleaning system; promoted the development of
 production and sales punctuality system; deepened the improvement of quality and efficiency to promote lean production, and
 increase production efficiency by 23%.
       In 2018, the brand section proposed a brand-new brand concept of "Create New Chinese Kitchens", and insisted on
 creating a brand image of high-end and youthful company strong in technologies. Through cooperation with authoritative
 media agencies such as CCTV, People’s Daily and leading TV stations, we held the best position for communication, and got
 close to consumers to publicize our upgraded image in an all-round way through close cooperation with local TV stations,
 print media, and local transportation media (high-speed rail, airport, metro, etc.). Entertainment marketing, sports marketing
 and other means were adopted in our brand marketing activities to allow young consumers to have a better understanding of
 our brand culture and image. Through naming the New Year’s Eve party of Dragon TV, and cooperating with popular variety
 shows "Back to Field" and "Chinese Restaurant 2", we intensified our brand exposure; by virtue of the hot topic of the FIFA
 World Cup, we organized "Cooking World Cup Banquet", which brought high brand exposure and realized in-depth interaction
 with consumers; we adopted the innovative methods of star KOL to launch such topics as "All call out", "Domestic fashion
 products initiative", "box-lunch season", applied scenario and experience-based ways to bring brands and consumers closer,
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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary


 and further deepen the image of a youthful brand. Through multi-dimensional online and offline integration and
 communications, we deepened consumers’ awareness of the strategic brand upgrade of Robam, and consolidated our image
 of a leading brand in the industry.
      In 2018, MQ company expanded its channels with the guiding idea of "consolidating the position in countries,
 implementing pilot projects in cities and further developing in towns"; and improved the matching ratio of new categories with
 the product promotion model of "Focus on range hoods and stoves and steadily expand new categories". In 2018, we opened
 2,554 new outlets, of which 1,337 are exclusive stores. By the end of 2018, we had a total of 92 initial distributors, 257 outlets
 in provincial capitals, 1,025 outlets in cities, 3,161 outlets and exclusive stores in county seats, 4,493 outlets in townships, and
 over 3,600 model contact stations in townships and villages. We upgraded our brand marketing again, continued to carry out
 the effective activity of "stir-fry festival". The coverage of outlets which participated in this activity increased from 50% in 2017
 to 80% in 2018. We also organized star meetings, and during the Double Eleven Festival, our brand ambassador Na Ying had
 face-to-face interactions with consumers. In Jiangsu, Guangdong, Fujian and other provinces which are great contributors to
 our sales, we delivered advertisements in provincial TV stations and highways, which has greatly improved brand popularity.
      In 2018, the company continued to receive recognition in terms of its corporate governance, internal management, growth,
 shareholder returns, etc. It was awarded the "2017 The Most Respected Public Company by Investors" by China Association
 for Public Companies; the "Best Board Prize", the "Best New Media Operation Prize", the "Best Secretary of the Board Prize"
 of the 9th Security Times Chinese Public Company Investor Relations Tianma Award; CNR "2018 Excellence Award of Most
 Reliable Public Company for Investors", "The 2nd China Excellent IR Best Information Disclosure Award". Our company’s
 Secretary of the Board won the New Fortune "The 14th Gold Medal for Secretary of Board", and entered the "Hall of Fame"
 for winning this award for five consecutive times.
      In 2018, the company made attempts in capital operation and long-term incentives. We invested in and controlled Kinde
 Intelligent Kitchen Appliances, which was our first attempt to enter a new category with capital. The company completed the
 second phase of agent shareholding plan and the 2018 employee shareholding plan, further established and perfected the
 long-term incentive mechanism, and greatly mobilized the enthusiasm of stakeholders.


  2. Is there any major change in the main business during the reporting period?

 □ Yes √ No


  3. Overview of products which account for more than 10% of the revenue or profit of the company’s
  main business

 √ Applicable □ N/A
                                                                                                                       Unit: RMB
                                                                       Changes in
      Name of                                          Gross Profit                        Changes in         Changes in Gross
                Operating Income    Operating Cost                     Operating
      Product                                            Margin                           Operating Cost        Profit Margin
                                                                        Income
       Range     4,012,977,970.34 1,719,332,130.75       57.16%          5.00%                6.50%                -1.05%
       Hood
       Stove     1,792,008,723.86   803,819,821.76       55.14%          -1.65%               0.23%                -1.50%

  4. Is there any seasonal or periodical characteristics in the operation which needs special attention?

 □ Yes √ No

  5. Presentation of major changes in operating income, operating cost, total amount or composition
  of net profits attributable to shareholders of common stock of public company during the reporting
  period when compared to the previous reporting period

 □ Applicable √ N/A


  6. Conditions of suspension and termination of listing

 □ Applicable √ N/A


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Hangzhou Robam Appliances CO., LTD. 2018 Annual Report Summary


  7. Matters related to financial statements

  (1) Explanation of changes in accounting policy, accounting estimates and accounting methods
  when compared to the financial statements of the previous year

 √ Applicable □ N/A
       On April 24, 2019, the 9th meeting of the 4th Board of Directors and the 9th meeting of the 4th Board of Supervisors
 reviewed and approved the "Proposal on Implementing New Accounting Standards and Changing Relevant Accounting
 Policies". In view of that the Ministry of Finance released the "Circular on Revising and Issuing the Format of Financial
 Statements for Ordinary Enterprises in 2018" (Cai Kuai [2018] No. 15) in June 2018, the company decided to implement the
 revised accounting policies by the time required by the Ministry of Finance. This change of accounting policies only involves
 the presentation and adjustment of financial statements, and has no substantial impact on the company’s total assets, total
 liabilities, net assets, operating income, and net profit.


  (2) Explanation of ratification of major accounting error in the reporting period which needs to be
  tracked and restated

 □ Applicable √ N/A
 No ratification of major accounting error in the reporting period which needs to be tracked and restated.


  (3) Explanation of changes in the scope of combined financial statements when compared with
  financial statements of the previous year

 √ Applicable □ N/A
      During the reporting period, the company acquired 51% of the shares of Shengzhou Kinde Intelligent Kitchen Appliances
 Co., Ltd., with its own funds of 160 million RMB, and Kinde was included into the scope of consolidated statements from this
 reporting period.


  (4) Expected operating performance in the first three months of 2019

 □ Applicable √ N/A




  7