[一季报]九阳股份(002242):2025年第一季度报告(英文版）
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时间：2025年04月29日 20:46:11 中财网 |
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原标题: 九阳股份:2025年第一季度报告(英文版）
Ticker: 002242 Stock Abbreviation: Joyoung Joyoung Co., Ltd.
Interim Report of the First Quarter 2025
The Company and all members of the Board of Directors have guaranteed that the information disclosed is true, accurate
and complete, and contains no false record, misleading statements or material omissions.Important Notice:
Board of Directors, the Supervisory Committee as well as all the directors, supervisors and senior management staff of Joyoung Co., Ltd.
(hereinafter referred to as the “Company”) have guaranteed that this Report contains no false record, misleading statement or material omission and
shall be jointly and severally liable for the factuality, accuracy and completeness of the information given in this Report.
CEO of the Company, CFO of the Company, and Chief Accountant of Accounting Institution, declared that the quarterly financial statements
should be true, accurate and complete.
In case of any discrepancy, the Chinese version of the report shall prevail. Whether the first quarterly report was audited
□ Yes √ No
I. Key Financial Data
1.Key Accounting Data and Financial Indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data √Yes □ No
Reasons for Retrospective Adjustment or Restatement:
? Change in Accounting Policies □Correction of Prior Period Errors □Business Combinations Under Common Control □Other Reasons
| | From 1 January 2025
to 31 March 2025 | From 1 January 2024 to 31 March 2024 | | YoY Change | | | | Before Adjustment | After Adjustment | After adjustment | | Operating revenue (RMB) | 1,999,944,950.10 | 2,065,327,130.90 | 2,065,327,130.90 | -3.17% | | Net Profit attributable to shareholders of the
Company (RMB) | 101,488,347.36 | 129,962,893.25 | 129,962,893.25 | -21.91% | | Net profit attributable to shareholders of the
Company before non-recurring gains and losses
(RMB) | 106,503,121.32 | 125,416,859.18 | 125,416,859.18 | -15.08% | | Net cash flows from operating activities (RMB) | 245,581,933.84 | 313,309,588.31 | 313,309,588.31 | -21.62% | | Basic earnings per share (RMB / share) | 0.14 | 0.17 | 0.17 | -17.65% | | Diluted earnings per share (RMB / share) | 0.14 | 0.17 | 0.17 | -17.65% | | Weighted average return on net assets(%) | 2.87% | 3.67% | 3.67% | decreased by 0.80pct. | | | 31 March 2025 | 31 December 2024 | | Flux | | | | Before Adjustment | After Adjustment | After Adjustment | | Total assets (RMB) | 7,639,301,001.71 | 7,586,185,728.31 | 7,586,185,728.31 | 0.70% | | Net assets attributable to shareholders of the
Company (RMB) | 3,575,109,158.88 | 3,485,895,659.65 | 3,485,895,659.65 | 2.56% |
Reasons for Accounting Policy Change:
Effective January 1, 2024, the Company implemented "Accounting Treatment for Warranty-Type Quality Assurance Not Classified as a Single
Performance Obligation" under Interpretation No. 18 of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, and
retrospectively adjusted the information for comparable periods. Cost of sales in the first quarter of 2024 prior to the restatement was RMB
1,509,291,296.17, and as a result of the adjustment to this accounting policy, cost of sales for the first quarter of 2024 amounted to RMB
1,528,292,334.81 after the restatement. Correspondingly, sales expense for the first quarter of 2024 before restatement was RMB 273,210,444.62
and sales expense for the first quarter after restatement was RMB 254,209,405.98. 2. Non-recurring gain and loss items and amounts thereof
Unit: RMB
| Item | From 1 January
2025 to 31 March
2025 | Note | | Profit or loss from disposal of non-current assets (including the write-off of the provision for impairment of
assets) | -5,530.04 | | | Government grants included in the current profit or loss (that is closely related to the operations of the
Company, except for those of fixed quotas or amounts according to the nationally unified standards) | 1,916,891.08 | | | Gains or losses from changes in fair value arising from the holding of trading financial assets, derivative
financial assets, trading financial liabilities and derivative financial liabilities and investment income from the
disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial
liabilities and other debt investments, excluding the effective hedging business related to the Company’s
normal business operations | -6,266,325.65 | | | Other non-operating income or expenses except the above items | -1,400,021.08 | | | Less: Impact of income taxes | -745,130.18 | | | Impact of minority interests (after tax) | 4,918.45 | | | Total | -5,014,773.96 | -- |
Details of other profit and loss items that meet the definition of non-recurring profit or loss □ Applicable √ Not applicable
Not Applicable to the Company.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gains and Losses> as a recurring gain/loss
item
□ Applicable √ Not applicable
Not Applicable to the Company.
3. Major Changes of Main Items in Financial Statements and Financial Indicators within the Report Period, as well as
the Reasons for the Changes
Unit: RMB
| Item | 31 March 2025 | 31 December 2024 | Flux | Notes | | Payroll payable | 16,725,115.53 | 89,585,139.98 | -81.33% | Mainly due to payment of year-end bonuses
during the period | | Tax payable | 45,330,804.38 | 25,076,461.16 | 80.77% | Mainly due to the increase in value-added tax
payable during the period | | Other payables | 241,908,236.61 | 157,587,836.05 | 53.51% | Mainly due to the increase in unpaid expenses
during the period | | Lease liability | 12,609,090.36 | 19,036,496.34 | -33.76% | Mainly due to lease payments made during the
period | | Minority interests | 350,716.88 | 8,069,185.28 | -95.65% | Mainly due to the acquisition of minority interests
during the period | | Item | From 1 January 2025
to 31 March 2025 | From 1 January 2024
to 31 March 2024 | YoY Change | Note | | Taxes and surcharges | 10,382,642.14 | 7,274,152.65 | 42.73% | Mainly due to the increase in city maintenance
and construction tax and in education surcharge
fees during the period. | | Other income | 9,727,620.64 | 18,384,944.40 | -47.09% | Mainly due to the decrease in government grants
during the period | | Investment income/(loss) | 496,580.43 | 4,025,380.32 | -87.66% | Mainly attributable to the decrease in investment
income from associated enterprise during the
period | | Gains/(Losses) on changes in
fair value | -6,266,325.65 | -473,369.89 | -1223.77% | Mainly due to changes in fair value of fund
investments during the period | | Asset impairment losses | 2,424,846.25 | -1,173,554.09 | 306.62% | Mainly due to reversal of provision for inventory
write-downs | | Gains/(Losses) on disposal of
assets | 199,100.16 | 477,442.08 | -58.30% | Mainly due to the decrease in gains from disposal
of fixed assets in the current period | | Refund of taxes and
surcharges | 45,831,270.20 | 84,649,664.56 | -45.86% | Mainly due to the reduction in export tax rebates
during the current period | | Cash received relating to other
operating activities | 423,609,123.09 | 301,328,961.42 | 40.58% | Mainly due to the increase in the recovery of
bankers' acceptance deposits during the period | | Payments of taxes and
surcharges | 43,934,221.63 | 154,537,559.59 | -71.57% | Mainly due to the decrease in payments for value-
added tax and income tax in the current period | | Cash received from disposal
of investments | 227,600.00 | 750,900.00 | -69.69% | Mainly due to the decrease in recovered long-
term receivables in the current period | | Cash received from returns on
investments | 173,553.00 | 22,027.78 | 687.88% | Mainly due to dividends received from fund
investments in the current period | | Net cash received from
disposal of fixed assets,
intangible assets and other
long-term assets | 464,377.88 | 6,344,400.00 | -92.68% | Mainly due to reduced cash inflows from disposal
of fixed assets in the current period | | Cash paid to acquire
investments | | 230,817.27 | -100.00% | Mainly due to decreased purchases of fund
investments in the current period | | Cash paid relating to other
investing activities | 35,062,892.99 | 20,735,393.00 | 69.10% | Mainly due to increased purchases of fixed-term
deposits in the current period | | Cash payments relating to
other financing activities | 33,492,246.11 | 8,748,029.07 | 282.85% | Mainly due to increased acquisitions of minority
equity interests in the current period | | Effect of foreign exchange rate
changes on cash and cash
equivalents | 3,819,423.47 | 2,159,836.19 | 76.84% | Mainly due to higher foreign exchange gains in
the current period |
II. Shareholders and Shares
1) Total number of common shareholders and number of preferred shareholders whose voting rights were restored,
shareholdings of the top ten common shareholders at the period-end Unit: share
| Total number of common shareholders at the end | 43,644 | Total number of preferred shareholders with resumed voting | 0 |
| of the Reporting Period | | rights at the end of the Reporting Period (if any) | | | | | | 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 Limited | Domestic non-
state-owned
corporation | 50.13% | 384,523,746 | 0 | N/A | 0 | | BILTING DEVELOPMENTS LIMITED | Foreign
corporation | 16.94% | 129,924,090 | 0 | N/A | 0 | | Joyoung ESOP Plan (Phase 1) | Others | 2.00% | 15,313,800 | 0 | N/A | 0 | | Central Huijin Investment Ltd. | State-owned
corporation | 1.46% | 11,201,233 | 0 | N/A | 0 | | Hong Kong Securities Clearing Co., Ltd. | Foreign
corporation | 0.67% | 5,167,081 | 0 | N/A | 0 | | CPIC-Dividend-Personal Dividend | Others | 0.40% | 3,045,512 | 0 | N/A | 0 | | China Merchants Bank Co., Ltd. - Southern Asset
Management CSI 1000 ETF | Others | 0.30% | 2,305,637 | 0 | N/A | 0 | | Wang Yingxin | Domestic Natural
Person | 0.24% | 1,864,800 | 0 | N/A | 0 | | Jiang Zhenjun | Domestic Natural
Person | 0.22% | 1,710,100 | 0 | N/A | 0 | | PICC P&C-Traditional-General Insurance
Products | Others | 0.22% | 1,697,940 | 0 | N/A | 0 | | Top 10 non-restricted common shareholders
(excluding lending and transfer of shares business, excluding executive restricted shares) | | | | | | | | Name of shareholder | Number of non-
restricted shares held | Type of shares | | | | | | | | Type of shares | Number | | | | | Shanghai Lihong Enterprise Management Limited | 384,523,746 | R MB common stock | 384,523,746 | | | | | BILTING DEVELOPMENTS LIMITED | 129,924,090 | RMB common stock | 129,924,090 | | | | | Joyoung ESOP Plan (Phase 1) | 15,313,800 | RMB common stock | 15,313,800 | | | | | Central Huijin Investment Ltd. | 11,201,233 | RMB common stock | 11,201,233 | | | | | Hong Kong Securities Clearing Co., Ltd. | 5,167,081 | RMB common stock | 5,167,081 | | | | | CPIC-Dividend-Personal Dividend | 3,045,512 | R MB common stock | 3,045,512 | | | | | China Merchants Bank Co., Ltd. - Southern Asset Management CSI
1000 ETF | 2,305,637 | RMB common stock | 2,305,637 | | | | | Wang Yingxin | 1,864,800 | R MB common stock | 1,864,800 | | | | | Jiang Zhenjun | 1,710,100 | R MB common stock | 1,710,100 | | | | | PICC P&C-Traditional-General Insurance Products | 1,697,940 | RMB common stock | 1,697,940 | | | | | 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 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. | | Notes on the existence of
repurchase specialized accounts
among the top 10 shareholders | The number of ordinary shares held in the repurchase specialized account of Joyoung Co., Ltd. at the
end of the reporting period was 4,000,000 shares, accounting for 0.52% of the total share capital of the
Company. | | Explanation on common
shareholders participating in
securities margin trading | Shareholder Jiang Zhenjun held 1,710,100 shares of the Company through a securities credit account. |
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 √ Not applicable
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 √ Not applicable
2) Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and Their Shareholdings
□ Applicable √ Not applicable
III. Other Important Matters
□ Applicable √ Not applicable
IV. Quarterly Financial Statements
1. Financial Statements
1.1 Consolidated Balance Sheet
Prepared by: Joyoung Co., Ltd.
Unit: RMB
| Item | 31 March 2025 | 31 December 2024 | | Current assets: | | | | Cash at bank and on hand | 3,179,376,594.14 | 2,823,683,353.49 | | Deposit reservation for balance | | | | Lending funds | | | | Trading financial assets | | | | Derivative financial assets | | | | Notes receivable | 719,320,972.51 | 712,656,154.68 | | Accounts receivable | 907,028,056.89 | 1,078,483,153.25 | | Receivables financing | 140,699,699.21 | 167,780,010.89 | | Prepaid expense | 34,277,042.24 | 28,255,702.59 | | Premium receivable | | | | Reinsurance accounts receivable | | | | Provision of cession receivable | | | | Other receivables | 112,335,229.51 | 127,533,879.83 | | Including: interest receivable | | | | Item | 31 March 2025 | 31 December 2024 | | Dividend receivable | | | | Redemptory monetary capital for sale | | | | Inventories | 596,418,242.92 | 634,788,159.46 | | Including: data resources | | | | Contract assets | | | | Holding assets for sale | | | | Current portion of non-current assets | | | | Other current assets | 170,069,715.17 | 202,358,259.43 | | Total current assets | 5,859,525,552.59 | 5,775,538,673.62 | | Non-current assets: | | | | Issuance of loans and advances | | | | Equity expense | | | | Other equity investments | | | | Long-term receivables | 8,275,340.00 | 8,320,860.00 | | Long-term equity investments | 128,719,185.47 | 128,396,158.04 | | Investments in other equity instruments | 274,526,132.67 | 275,005,955.32 | | Other non-current financial assets | 350,054,900.33 | 358,435,864.25 | | Investment properties | 82,604,256.82 | 85,062,572.14 | | Fixed assets | 543,696,261.33 | 557,786,839.95 | | Construction in progress | 15,758,328.68 | 13,649,225.15 | | Productive biological asset | | | | Oil and gas assets | | | | Right-of-use assets | 36,888,012.39 | 43,909,968.16 | | Intangible assets | 115,220,415.69 | 115,485,619.26 | | Including: data resources | | | | Development expenditures | | | | Including: data resources | | | | Goodwill | | | | Long-term prepaid expenses | 1,749,928.47 | 1,781,613.00 | | Deferred tax assets | 157,282,687.27 | 157,812,379.42 | | Other non-current assets | 65,000,000.00 | 65,000,000.00 | | Total non-current assets | 1,779,775,449.12 | 1,810,647,054.69 | | TOTAL ASSETS | 7,639,301,001.71 | 7,586,185,728.31 | | Current liabilities: | | | | Short-term borrowings | | | | Loans from the central bank | | | | Loans from other banks | | | | Trading financial liabilities | | | | Derivative financial liability | | | | Notes payable | 2,299,321,178.92 | 1,895,230,245.10 | | Accounts payable | 1,240,400,741.10 | 1,669,178,558.47 | | Unearned revenue | | | | Contract liabilities | 135,894,390.58 | 160,783,563.58 | | Financial assets sold for repurchase | | | | Deposits from customers and interbank | | | | Receiving from vicariously traded securities | | | | Item | 31 March 2025 | 31 December 2024 | | Receiving from vicariously sold securities | | | | Payroll payable | 16,725,115.53 | 89,585,139.98 | | Tax payable | 45,330,804.38 | 25,076,461.16 | | Other payables | 241,908,236.61 | 157,587,836.05 | | Including: Interest payable | | | | Dividend payable | | | | Handling fees and commissions payable | | | | Dividend payable for reinsurance | | | | Holding liabilities for sale | | | | Current portion of non-current liabilities | 25,299,775.56 | 25,874,703.15 | | Other current liabilities | 17,726,251.50 | 21,515,354.33 | | Total current liabilities | 4,022,606,494.18 | 4,044,831,861.82 | | Non-current liabilities | | | | Reserve fund for insurance contracts | | | | Long-term borrowings | | | | Bonds payable | | | | Including: Preferred stock | | | | Perpetual bonds | | | | Lease liabilities | 12,609,090.36 | 19,036,496.34 | | Long-term payables | | | | Long-term payroll payable | | | | Accrued liabilities | 2,960,705.50 | 2,953,582.92 | | Deferred income | 6,111,944.50 | 6,393,611.17 | | Deferred tax liabilities | 19,552,891.41 | 19,005,331.13 | | Other non-current liabilities | | | | Total non-current liabilities | 41,234,631.77 | 47,389,021.56 | | Total liabilities | 4,063,841,125.95 | 4,092,220,883.38 | | Shareholders’ equity | | | | Share capital | 767,017,000.00 | 767,017,000.00 | | Other equity instruments | | | | Including: Preferred stock | | | | Perpetual bond | | | | Capital surplus | 653,265,624.89 | 663,224,199.32 | | Less: Treasury stock | 68,026,879.84 | 68,026,879.84 | | Other comprehensive income | 31,447,039.75 | 33,763,313.45 | | Special reserve | | | | Surplus reserve | 397,820,873.71 | 397,820,873.71 | | General risk reserve | | | | Undistributed profits | 1,793,585,500.37 | 1,692,097,153.01 | | Total equity attributable to shareholders of the Company | 3,575,109,158.88 | 3,485,895,659.65 | | Minority interests | 350,716.88 | 8,069,185.28 | | Total shareholders’ equity | 3,575,459,875.76 | 3,493,964,844.93 | | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 7,639,301,001.71 | 7,586,185,728.31 |
Legal representative: Ningning Yang Principal in charge of accounting: Jiangang Kan Head of accounting department: Wen Guo
1.2 CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS ENDED 31 MARCH 2025 Unit: RMB
| Item | For the three months ended 31
March 2025 | For the three months ended 31
March 2024 | | Total revenue | 1,999,944,950.10 | 2,065,327,130.90 | | Including: Operating revenue | 1,999,944,950.10 | 2,065,327,130.90 | | Interest income | | | | Earned Premium | | | | Handling fees and commission income | | | | Total operating cost | 1,898,015,747.70 | 1,943,787,658.33 | | Including: Cost of sales | 1,473,441,186.62 | 1,528,292,334.81 | | Interest expense | | | | Handling fees and commission expenses | | | | Surrender value | | | | Net payments for insurance claims | | | | Net provision for insurance liability | | | | Bond insurance expense | | | | Amortized Reinsurance Expenditures | | | | Taxes and surcharges | 10,382,642.14 | 7,274,152.65 | | Selling and distribution expenses | 262,541,273.56 | 254,209,405.98 | | General and administrative expenses | 87,665,909.91 | 89,527,123.11 | | Research and development expenses | 88,100,577.84 | 87,751,212.71 | | Financial income | -24,115,842.37 | -23,266,570.93 | | Including: Interest expenses | 269,248.04 | 327,898.03 | | Interest income | 21,551,638.45 | 22,549,661.30 | | Add: Other income | 9,727,620.64 | 18,384,944.40 | | Investment income/(loss) | 496,580.43 | 4,025,380.32 | | Including: Investment income from associates and joint ventures | 323,027.43 | 4,001,315.88 | | Including: Profits or losses arising from derecognition of
financial assets measured at amortized costs | | | | Foreign exchange gains/(losses) | | | | Net exposure to hedging gains/(losses) | | | | Gains/(Losses) on changes in fair value | -6,266,325.65 | -473,369.89 | | Credit impairment losses | 6,072,108.08 | 7,238,390.57 | | Asset impairment losses | 2,424,846.25 | -1,173,554.09 | | Gains/(Losses) on disposal of assets | 199,100.16 | 477,442.08 | | Operating profit | 114,583,132.31 | 150,018,705.96 | | Add: Non-operating income | 662,808.61 | 2,393.09 | | Less: Non-operating expenses | 2,267,459.89 | 2,004,362.33 | | Total profit | 112,978,481.03 | 148,016,736.72 | | Less: Income tax expenses | 11,997,076.50 | 17,572,422.47 | | Net Profit | 100,981,404.53 | 130,444,314.25 | | (1) Classified by continuity of operations | | | | Net profit from continuing operations | 100,981,404.53 | 130,444,314.25 | | Net profit from discontinued operations | | | | (2) Classified by ownership of the equity | | | | Item | For the three months ended 31
March 2025 | For the three months ended 31
March 2024 | | Attributable to shareholders of the Company | 101,488,347.36 | 129,962,893.25 | | Minority interests | -506,942.83 | 481,421.00 | | Other comprehensive income, net of tax | -2,316,273.70 | 2,256,230.27 | | Other comprehensive income attributable to equity owners of the
Company, net of tax | -2,316,273.70 | 2,256,230.27 | | (1) Other comprehensive income items which will not be reclassified
subsequently to profit or loss | -479,822.65 | 774,804.80 | | 1) Changes arising from remeasurement of defined benefit
plan | | | | 2) Other comprehensive income that cannot be transferred to
profit or loss under the equity method | | | | 3) Changes in fair value of investments in other equity
instruments | -479,822.65 | 774,804.80 | | 4) Changes in fair value of an enterprise's own credit risk | | | | 5) Others | | | | (2) Other comprehensive income items which will be reclassified
subsequently to profit or loss | -1,836,451.05 | 1,481,425.47 | | 1) Other comprehensive income available for transfer to profit
or loss under the equity method | | | | 2) Changes in fair value of other debt investments | | | | 3) Reclassification of financial assets to other comprehensive
income | | | | 4) Provision for credit impairment of other debt investments | | | | 5) Cash flow hedge reserve | | | | 6) Exchange differences on translating foreign operations | -1,836,451.05 | 1,481,425.47 | | 7) Others | | | | Other comprehensive income attributable to minority shareholders, net
of tax | | | | Total comprehensive income | 98,665,130.83 | 132,700,544.52 | | Attributable to equity owners of the Company | 99,172,073.66 | 132,219,123.52 | | Attributable to minority interests | -506,942.83 | 481,421.00 | | Earnings per share: | | | | (1) Basic earnings per share | 0.14 | 0.17 | | (2) Diluted earnings per share | 0.14 | 0.17 |
In the case of a business combination under the same control in the current period, the net income realized by the party being consolidated before （未完） ![]()
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