九阳股份披露2026年半年报：营收同比下降12.49%，归母净利润同比下降41.52%

Joyoung Co., Ltd. Abstract of the Semi-Annual report 2026
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Ticker: 002242
Stock Abbreviation: Joyoung
Joyoung Co., Ltd.
Abstract of the Semi-Annual Report 2026
Section I Important Statements
This is an abstract of the Semi-Annual Report 2026. Investors are kindly reminded to read the complete version of Semi-annual Report 2026
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.
All directors attended the board meeting that reviewed the Semi-Annual Report.
Modified Audit Opinion
Applicable
√N/A
The preliminary plan for dividend distribution and converting capital reserves into share capital for common shareholders which were considered
and approved by the Board
Applicable
√N/A
The Company plans not to distribute cash dividends, not to issue bonus shares, and not to increase capital through the conversion of capital
reserves.
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
Stock Abbreviation
Joyoung
Ticker
002242
Stock Exchange Where the Shares of
the Company are Listed
Shenzhen Stock Exchange
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. Management's Discussion and Analysis
In the first half of 2026, China’s economy remained generally stable amid a complex and rapidly changing domestic and international
environment, withstanding pressure and operating within a reasonable range, while new growth drivers expanded rapidly, further demonstrating the
resilience of the Chinese economy. According to data released by the National Bureau of Statistics, China’s gross domestic product (GDP) reached
RMB 69.6 trillion in the first half of 2026, representing a year-on-year increase of 4.7%. GDP grew by 5.0% year-on-year in the first quarter and by

Joyoung Co., Ltd. Abstract of the Semi-Annual report 2026
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4.3% year-on-year in the second quarter [Note 1]. Economic growth remained resilient, but the recovery in domestic demand continued to face certain
pressure.
The consumer market maintained moderate growth overall, while consumption patterns continued to diverge. In the first half of 2026, total
retail sales of consumer goods in China reached RMB 24.8722 trillion, representing a year-on-year increase of 1.3%. Retail sales of consumer
goods excluding automobiles amounted to RMB 22.9034 trillion, representing a year-on-year increase of 2.8%. With respect to consumption data
related to the household appliance industry, retail sales of household appliances and audio-visual equipment by enterprises above the designated
size decreased by 7.4% year-on-year in the first half of 2026 and by 8.7% year-on-year in June [Note 2]. Influenced by the relatively high base in the
corresponding period of the previous year, changes in the effects of certain consumption stimulus policies, and increasingly rational consumer
decision-making, the overall household appliance market gradually shifted from broad-based growth towards structural growth. Meanwhile,
customers continue to favor household appliances featuring high energy efficiency, environmental sustainability, smart functions and
health-oriented designs. . The household appliance consumption exhibits the characteristics of pressure on overall demand and ongoing structural
upgrading.
In the first half of 2026, the kitchen small household appliance industry entered a stage characterized by intensifying competition in the
existing market and an increasing emphasis on value-based competition. According to AVC, retail sales of kitchen small household appliances
across all channels amounted to RMB 30.26 billion in the first half of 2026, representing a year-on-year decrease of 4.8%. Retail volume amounted
to 116.49 million units, representing a year-on-year decrease of 14.6%, and the market average selling price increased by 11.5% year-on-year to
RMB 260 [Note 3]. The decline in retail volume was significantly greater than the decline in retail sales, reflecting a pronounced market trend of lower
sales volume accompanied by higher average selling prices. The industry has continued to shift from scale-driven growth towards value-driven
growth.
[Note 1]: Preliminary Accounting Results of Gross Domestic Product for the Second Quarter and the First Half of 2026.-National Bureau of Statistics of China.
[Note 2]: Total Retail Sales of Consumer Goods Increased by 1.3% in the First Half of 2026.-National Bureau of Statistics of China.
[Note 3]: AVC
Adhering to a Health-Oriented Approach and Promoting the Visibility of Product Value
The Company consistently upholds its brand philosophy of “Joyful and Healthy Living”, integrating healthy diets, healthy materials, and
healthy usage throughout its product development and innovation processes. In response to consumer demand for healthier materials, enhanced
nutritional value, improved taste, quieter operation, and convenient cleaning, the Company continues to drive technological innovation toward
product experiences that users can directly perceive and appreciate.
During the reporting period, the Company launched a range of new products across its core categories, including soy milk makers, rice
cookers, blenders, and juicers. The K7 Pro Purple Flame Edition self-cleaning soy milk maker integrates washing and drying functions and a
titanium-infused inner chamber, further enhancing the user experience in healthy beverage preparation, automatic cleaning, variable-frequency
quiet operation, and smart interaction. The 40N1U Pro rice cooker incorporates upgraded technologies including a titanium-infused zero-coating
inner, dual-drive induction heating, and an air-cooled moisture-locking film, achieving an optimal balance among a coating-free non-stick surface,
healthy materials, and premium rice taste. The Little Whirlwind PB-UL5B70 blender combines a multi-dimensional blade, ultra-fine pulverization,
and uniform simmering technologies to deliver finely blended beverages that can be consumed directly without filtering. While fully releasing the
nutritional value and rich flavour of ingredients, the product also provides enhanced health and convenience through its titanium-infused
zero-coating design, variable-frequency quiet operation, and removable base for easy cleaning. The LZ9 juicer features a 150 mm wide feeding
chute, a variable-frequency brushless motor, smart adjustment, low-speed grinding, and pulp-juice separation. These features expand usage
scenarios for fresh fruit and vegetable beverages and refined nutritional management. These new products continue to advance the application of
healthier materials, enhanced nutrition and taste, smart control, quiet operation, and convenient cleaning across different product categories and
price segments. They further strengthen the Company’s product portfolio, spanning flagship benchmark products and mainstream price segments,
as well as traditional core categories and specialized health-focused usage scenarios.
Through product innovation across different categories and price segments, the Company continues to broaden the application of health
technologies and enhance the visibility, perceptibility, and understandability of product value, further improving Joyoung’s professional brand image
and product competitiveness in the healthy small household appliance sector.

Joyoung Co., Ltd. Abstract of the Semi-Annual report 2026
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Advancing Space Technology, Expanding Consumer Applications
Joyoung pioneered cooking in space for the first time. The Company has long undertaken research and development responsibilities relating
to China’s Space Kitchen project, accumulating extensive technological experience in food heating and cooking, drinking water supply, and
operational reliability under complex conditions. Since entering China’s space station in 2021, the relevant equipment has provided reliable support
for astronauts’ in-orbit food preparation and water consumption needs, achieving over 1,800 days of fault-free operation. The Company has
comprehensively explored the application of technological achievements derived from space missions to consumer products. Through Space
Technology, the Company continues to strengthen the technological identity of its products, enhance the user experience, and reinforce brand
differentiation.
The Company has applied space-derived technologies to products including the Joyoung Tianjing heating water purifier, the titanium-infused
non-stick zero-coating rice cooker, and the self-cleaning low-purine soy milk maker. As industry competition shifts from the basic functionality
towards competition centred on quality and user experience, the Company will continue to leverage the brand and technological advantages of
Space Technology and promote the extensive application of relevant technologies in healthy cooking, water purification, and smart small household
appliances.
Deepening Omnichannel Operations, Enhancing Consumer Reach
As retail channels continue to diversify, online content platforms, shelf e-commerce, on-demand retail, and offline experience channels are
becoming increasingly integrated, resulting in more diversified consumer purchasing journeys. The Company actively promotes coordinated
development across online and offline channels. While consolidating its traditional e-commerce and offline channels, the Company continues to
strengthen its operating capabilities in content commerce, its self-operated livestreaming matrix, on-demand retail, and emerging specialized
channels.
Through content platforms including Xiaohongshu, Douyin, and WeChat Channels, the Company strengthens user research, content creation,
product education, and scenario-based product demonstrations. With a focus on new and core products, the Company carries out more targeted
content marketing to improve efficiency across the entire customer journey, from initial product discovery and product awareness to purchase
conversion and sharing. The Company has continued to develop a livestreaming matrix centred on self-operated channels, while promoting closer
coordination between online content platforms, product operations, and user engagement.
During the reporting period, based on the user profiles, price ranges, and consumption scenarios of different channels, the Company
continued to optimize its product portfolio and resource allocation. Resources were increasingly directed towards core categories,
essential-demand products, and high-efficiency channels, with the aim of improving channel operating quality and return on investment.
3. Core Competence Analysis
For details, please refer to the 2025 Annual Report.
4. Key Accounting Data and Financial Indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data
□Yes
√No
H1 2026
H1 2025
Flux
Operating revenues (RMB Yuan)
3,489,143,150.73
3,987,012,833.93
-12.49%
Net profits attributable to shareholders of the Company (RMB Yuan)
71,773,157.28
122,731,037.30
-41.52%
Net profits attributable to shareholders of the Company before
non-recurring gains and losses (RMB Yuan)
74,428,898.56
187,047,087.44
-60.21%

Joyoung Co., Ltd. Abstract of the Semi-Annual report 2026
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Net cash flow from operating activities (RMB Yuan)
-52,922,249.86
331,836,708.69
-115.95%
Basic earnings per share (RMB Yuan /share)
0.10
0.16
-37.50%
Diluted earnings per share (RMB Yuan /share)
0.10
0.16
-37.50%
Weighted average return on net assets
2.11%
3.51%
Decreased by 1.40 pct.
As of 30 June,
2026
As of 31 December,
2025
Flux
Total assets (RMB Yuan)
6,978,880,327.89
7,794,224,747.51
-10.46%
Net assets attributable to shareholders of the Company (RMB Yuan)
3,237,334,614.75
3,433,241,112.10
-5.71%
5. Number of Shareholders of the Company and Their Shareholdings
Unit: share
Total number of common shareholders at the
end of the Reporting Period
41,195 Total number of preferred shareholders with resumed voting
rights at the end of the Reporting Period (if any)
0
Top 10 common shareholders（excluding lending and transfer of shares business）
Name of shareholder
Nature of
shareholder
Shareholding
percentage
Total shares
held at the
period-end
Number of
restricted
shares held
Pledged or frozen shares
Status
Number
Shanghai Lihong Enterprise Management Co.,
Ltd.
Domestic
non-state-owned
corporation
50.40%
384,523,746
0
N/A
0
JS Global Capital Management Limited
Foreign
corporation
17.03%
129,924,090
0
N/A
0
Joyoung ESOP Plan (Phase 1)
Others
2.01%
15,313,800
0
N/A
0
Joyoung ESOP Plan (2026)
Others
1.40%
10,710,170
0
N/A
0
Hong Kong Securities Clearing Co., Ltd.
Foreign
corporation
0.53%
4,029,694
0
N/A
0
CPIC-Dividend-Personal Dividend
Others
0.40%
3,045,512
0
N/A
0
Yingxin Wang
Domestic Natural
Person
0.24%
1,864,800
0
N/A
0
Bank of China - GF CSI Pension Industry
Index Initiated Securities Investment Fund
Others
0.24%
1,846,300
0
N/A
0
Zhenjun Jiang
Domestic Natural
Person
0.22%
1,710,100
0
N/A
0
Han Wei
Domestic Natural
Person
0.20%
1,554,900
0
N/A
0
Related or acting-in-concert parties among
shareholders above
In April 2019, the shareholding structure of BILTING DEVELOPMENTS LIMITED changed.
MR. Xuning WANG, the actual controller of the Company, became the actual controller of
BILTING DEVELOPMENTS LIMITED (See Report No. 2019-027 of the Company on
www.chinainfo.com.cn.). As a result, Shanghai Lihong Enterprise Management Co., Ltd. and
BILTING DEVELOPMENTS LIMITED, both controlled by Mr. Xuning WANG, are defined as
acting-in-concert parties by the Administrative Measures for the Takeover of Listed Companies.
Other than the aforementioned related and acting-in-concert parties, the Company is uncertain
about whether there are related or acting-in-concert parties among shareholders above.
In July 2024, BILTING DEVELOPMENTS LIMITED changed its name to JS Global Capital
Management Limited, which is still a party acting in concert with the controlling shareholder of the
Company, Shanghai Lihong Enterprise Management Co., Ltd. The aforementioned change does

Joyoung Co., Ltd. Abstract of the Semi-Annual report 2026
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not involve any equity change of the Company’s controlling shareholder and has no impact on the
Company's operating activities, and there has been no change in the Company's controlling
shareholder and de facto controller.
Explanation on common shareholders
participating in securities margin trading (if
any)
Zhenjun Jiang holds 0 shares of the Company through an ordinary securities account and
1,710,100 shares through a credit securities account, with a total of 1,710,100 shares of the
Company.
Shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders with non-restricted shares outstanding participating in
the lending and transfer of shares business
□Applicable
√N/A
Top 10 shareholders and top 10 shareholders with non-restricted shares outstanding changed from the previous period due to lending/repatriation
in the lending and transfer of shares business
□Applicable
√N/A
6. Change in Controlling Shareholders or Actual Controllers
Change in controlling shareholder during the reporting period
□Applicable
√N/A
There was no change in controlling shareholder of the Company during the reporting period.
Change in actual controller during the reporting period
□Applicable
√N/A
There was no change in actual controller of the Company during the reporting period.
7. Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and Their Shareholdings
□Applicable
√N/A
The Company had no preferred shareholders holding shares during the reporting period.
8. Bonds in Existence at the Date of Approval for Filing of the Semi-annual Report
□Applicable
√N/A
Section III. Important Matters
There were no material changes in the Company's operating conditions during the Reporting Period. For details of matters during the
Reporting Period, please refer to the Company's Semi-annual Report 2026.