2025-05-19-深交所-老板电器_2024年年度报告（英文版）_176页_2mb

Hangzhou ROBAM Appliances Co., Ltd. 2024 Annual Report Summary

Core Content Overview

This summary provides a concise overview of Hangzhou ROBAM Appliances Co., Ltd.'s 2024 annual report, highlighting key financial performance, business operations, and strategic positioning.

Company Profile

• Stock abbreviation: ROBAM
• Stock code: 002508
• Stock exchange: Shenzhen Stock Exchange
• Company name in Chinese: Hangzhou ROBAM Appliances Co., Ltd.
• Company short name in Chinese: ROBAM
• Company name in English: HANGZHOU ROBAM APPLIANCES CO., LTD.
• Company short name in English: ROBAM
• Legal representative: Ren Jianhua
• Registered address: No. 592, Linping Avenue, Linping Economic Development Zone, Hangzhou, Zhejiang Province
• Postal code: 311100
• Website: www.robam.com
• Email: robam@robam.com

The company has maintained its registered address and main business without significant changes since listing.

Main Financial Indicators

• The company's net profit declined year-on-year, and the audit report indicated uncertainty regarding its going concern ability.
• The operating income slightly increased by 0.10%, while net cash flow from operations dropped significantly by 30.59%.

Key Business Highlights

Industry Situation

• The kitchen appliance industry entered a deep adjustment cycle in the first three quarters of 2024 due to policy guidance and market forces.
• The "National Subsidy" policy in Q4 boosted market demand, leading to a structural transformation and a focus on "strategic policy response, category optimization, channel refinement, marketing efficiency enhancement, value upgrading, and technological innovation."
• The market showed a dual trend of "policy support and structural upgrading," with demand-driven categories growing faster than essential ones.
• The market size for kitchen and bathroom appliances reached 176.4 billion yuan in 2024, up 5.7% year-on-year.

Main Business

• ROBAM is a leading brand in the Chinese kitchen appliance industry, focusing on range hoods, gas hobs, dishwashers, combi steamers, gas water heaters, and water purifiers.
• The company has established a full-channel network covering offline retail, online e-commerce, high-end decoration projects, and overseas markets.
• It has adopted an agency marketing model, creating a comprehensive and efficient marketing system.
• ROBAM has expanded its overseas presence to over 30 countries and regions, enhancing its global brand image.

Core Competitiveness

• The company's core competitiveness includes:

  • High-end brand positioning.
  • Continuous R&D innovation.
  • Comprehensive and efficient operations.

• Brand capability: ROBAM has been recognized as one of the most famous and preferred high-end kitchen appliance brands in China, with a long-standing reputation and multiple awards.

• R&D capability: ROBAM has established Chengdu Robam Innovation Technology Co., Ltd., focusing on AI large models and digital kitchen appliances. It launched the first AI cooking model "Master Chef" and obtained ISO 56005 Level 3 certification.

• Operational capability: ROBAM has achieved national quality and credit benchmarks and is a leader in smart manufacturing and digital integration.

Key Financial Performance

• The company achieved annual operating revenue of RMB 11.213 billion, a slight increase of 0.10% year-on-year.
• Net profit attributable to shareholders was RMB 1.577 billion, a decrease of 8.97% year-on-year.
• Net profit after non-recurring items was RMB 1.455 billion, down 8.08% year-on-year.
• Net cash flow from operations was RMB 1.66 billion, a significant drop of 30.59% year-on-year.

Market Share and Position

• Offline market share (as of Dec 31, 2024):

  • Range hoods: 32.06%
  • Gas hobs: 31.73%
  • Built-in combi steamers: 27.70%
  • Built-in dishwashers: 16.01%
  • Built-in electric ovens: 15.22%
  • Built-in electrical steamers: 18.91%
  • Sterilizers: 20.61%

• Online market share (as of Dec 31, 2024):

  • Range hood and gas hob packages: 26.89%
  • Kitchen appliance packages: 25.46%
  • Range hoods: 21.41%
  • Gas hobs: 19.81%
  • Built-in combi steamers: 12.28%
  • Built-in electrical steamers: 24.62%
  • Built-in dishwashers: 7.26%

• Refined decoration channel: ROBAM holds a 36.3% market share, ranking first in the industry.

Non-recurring Profit and Loss Items

• The company had non-recurring profit and loss items in 2024, with a total of RMB 121.8 million.
• Key items:
  • Government subsidies: RMB 70.457 million
  • Reversal of impairment provision: RMB 77.862 million
  • Other non-recurring items: RMB 10.545 million
• Tax impact: Total non-recurring items affected by income tax amounted to RMB 19.349 million.
• Minority shareholders' equity: RMB 7.343 million (after tax).

Conclusion

ROBAM has maintained its position as a top player in the Chinese kitchen appliance industry, despite a decline in net profit and net cash flow from operations. The company has leveraged the "National Subsidy" policy and technological innovation to drive growth, while its brand and R&D capabilities remain strong. It continues to expand its market presence both domestically and internationally, focusing on integrated solutions, smart technology, and environmental sustainability.