Zhejiang Supor Co Ltd

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Joyoung posts first negative operating cash flow since listing, with performance declining for six consecutive years

Joyoung released its 2026 interim report, showing negative operating cash flow for the first time since listing. First-half revenue was 3.489 billion yuan, down 12.49 percent year on year. Net profit attributable to the parent company was 71.7732 million yuan, down 41.52 percent. Net cash flow from operating activities swung from 332 million yuan in the same period of 2025 to negative 52.9222 million yuan, a decline of more than 115 percent. Since 2021, the company's performance has declined for the sixth consecutive year, and its share price has fallen more than 80 percent from its 2021 peak. Industry data show that in the first half of 2026, omni-channel retail sales of small kitchen appliances reached 30.26 billion yuan, down 4.8 percent year on year, with retail volume of 116 million units, down 14.6 percent. The average market price was 260 yuan, up 11.5 percent year on year, showing a pattern of shrinking volume and rising prices. Joyoung faces challenges including stock competition in the industry, cut-throat competition, a single product structure, and lagging transformation. Its revenue and profit declines are significantly larger than those of competitors such as Supor.

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Supor Reports Declines in Revenue and Net Profit for First Half, Selling Expenses Rise for Years

Supor faced pressure in the first half of 2026, with operating revenue of 11.41 billion yuan, down 0.59 percent year-on-year, and net profit attributable to shareholders of the listed company of 868 million yuan, down 7.70 percent. The company's domestic sales business saw slight growth, but export sales declined due to reduced orders from major clients. Overall revenue changed little, while the profit decline was significantly larger than the revenue change. To cope with weak domestic consumer demand and intensifying industry competition, Supor continued to increase marketing investment. Selling expenses in 2025 reached 2.409 billion yuan, up 10.41 percent year-on-year. In the first quarter of this year, selling expenses were 646 million yuan, up 11.17 percent, accounting for 10.98 percent of total quarterly revenue. Meanwhile, the company's R&D investment ratio has long hovered around 2 percent, lower than the 3 to 4 percent levels of peers such as Bear Electric and Joyoung. Recently, Vice General Manager Ye Jide and Chief Financial Officer Xu Bo together reduced their holdings by 43,800 shares, cashing out approximately 1.8788 million yuan. In addition, since 2023, Supor's annual dividend payout ratio has exceeded 99 percent, with cumulative dividends over three years surpassing 6.5 billion yuan, of which more than 80 percent went into the pockets of its French shareholder, sparking market concerns about its long-term competitiveness.

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Supor Semi-Annual Results Flash: Net Profit Attributable to Parent Falls 7.70% to 868 Million Yuan

Supor released its 2026 semi-annual results flash, with net profit attributable to the parent down 7.70% year-on-year to 868 million yuan. The company achieved total operating revenue of 11.41 billion yuan, a decrease of 0.59% from the same period last year; operating profit was 1.102 billion yuan, down 6.00%; total profit was 1.101 billion yuan, down 6.05%. Net profit attributable to the parent after deducting non-recurring items was 840 million yuan, down 7.42%. The announcement stated that the decline in net profit was mainly due to the combined impact of export business, rising raw material costs, and lower interest rates leading to reduced returns on monetary funds.

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