SEB SA

Supor released its semi-annual performance flash report for 2026, with first-half revenue reaching 11.41 billion yuan, down 0.59 percent year-on-year, and net profit attributable to the parent company at 868 million yuan, down 7.70 percent year-on-year. In the second quarter, the year-on-year decline in net profit attributable to the parent widened to 18.22 percent, indicating a significant loss of earnings momentum. The company's export business is heavily dependent on its controlling shareholder, France's SEB Group, with related-party transactions with SEB accounting for 93 percent of total export revenue in 2025. SEB's own performance pressure has led to shrinking orders. Meanwhile, in the first half, LME aluminum and copper prices rose by 3.66 percent and 7.70 percent respectively, rigidly pushing up raw material costs. Selling expenses, including advertising, promotions, and giveaways, increased from 1.553 billion yuan in 2022 to 1.938 billion yuan in 2025, while the research and development expense ratio remained at only around 2 percent, below the industry average, raising doubts about product competitiveness. Additionally, a near-full dividend payout model caused net assets to fall 19.65 percent year-on-year, with the high return on equity being passively driven up by the equity multiplier and asset turnover ratio. Around the time of the performance flash report disclosure, its official stores uploaded batches of AI-generated suggestive short videos to chase traffic, exposing a lack of marketing content control and traffic anxiety.