Zhejiang Supor (002032) Q4 2025 earnings summary

Executive summary

• Operating income reached RMB 22.77 billion in 2025, up 1.54% year-over-year, with domestic sales growing 2.77% and export sales declining 0.98%.

• Net profit attributable to shareholders was RMB 2.10 billion, down 6.58% year-over-year; EPS was RMB 2.634, down 6.60%.

• Maintained leading market share in core categories both online and offline, with strong innovation and channel advantages.

• Export business faced slight decline due to reduced demand from key overseas customers.

Financial highlights

• Gross margin for cookware was 26.79% and for electric appliances 24.19%.

• Net cash flows from operating activities increased 2.41% to RMB 2.65 billion.

• R&D expenses were RMB 475.92 million, accounting for 2.09% of operating income.

• Total assets at year-end were RMB 13.42 billion, up 1.14% from prior year.

• Cash dividend of RMB 26.30 per 10 shares proposed, totaling RMB 2.10 billion.

Outlook and guidance

• Will focus on product innovation, digitalization, and multi-brand strategy to drive growth.

• Plans to strengthen online and offline channel management, expand AI applications, and deepen market penetration in lower-tier cities.

• Export business to leverage Groupe SEB partnership for R&D, manufacturing, and cost competitiveness.

• Continued emphasis on cost optimization, green production, and talent development.