Zhejiang Supor (002032) Q2 2025 earnings summary

Executive summary

• Operating income for H1 2025 reached RMB 11.48 billion, up 4.68% year-over-year, with net profit attributable to shareholders at RMB 939.91 million, down 0.07% year-over-year.

• Export sales grew 7.84% and domestic sales rose 3.35% year-over-year, with notable order growth from major overseas clients.

• The company maintained its market leadership in cookware and small domestic appliances, with strong innovation and channel strategies driving growth despite a polarizing consumer market.

• No semiannual dividend, bonus shares, or reserve transfer to common shares was planned for the period.

Financial highlights

• Operating income: RMB 11.48 billion (+4.68% YoY); net profit attributable to shareholders: RMB 939.91 million (-0.07% YoY); basic and diluted EPS: RMB 1.18 (-0.08% YoY).

• Operating profit was RMB 1.17 billion, up 0.16% year-over-year.

• Gross margin for cookware: 25.50% (-1.12pp YoY); electric appliances: 23.00% (+0.13pp YoY).

• Net cash flows from operating activities: RMB 512.44 million (-6.58% YoY).

• Total assets at period end: RMB 11.62 billion (-12.37% from end of last year); net assets attributable to shareholders: RMB 5.12 billion (-20.33%).

Outlook and guidance

• The company will continue to focus on product innovation, channel optimization, and expansion into new categories and markets, especially in low-tier cities and export markets.

• Management highlights ongoing risks from macroeconomic fluctuations, raw material price volatility, intensified competition, and exchange rate changes.

• Increased investment in R&D and new product launches to enhance competitiveness.