Ticker: 002242 StockAbbreviation: Joyoung
Joyoung Co., Ltd.Abstract of the Annual Report 2021
Section I Important Statements
This is an abstractofthe Annual Report2021.Investors are suggested to read the complete version ofthe Annual Report2021 on the
media,which is designated by the China Securities Regulatory Commission(the “CSRC”)to have a full understanding ofoperational
results,financial statements,and future plans ofthe Company.Should there be anyinconsistency between the Chinese version and
English version,the Chinese version shall prevail.
ModifiedAuditOpinion
□Applicable √N/A
The preliminaryplan for dividend distribution and converting capital reserves into share capital for common shareholders which were
considered and approved by the Board
√Applicable □N/A
Convertcapital reserves into share capital
□Yes √No
The Board has considered and approved the following dividend payoutplan for the Reporting Period: based on the
Company's total shares of767,017,000 by the end ofDecember 31, 2021, the Company should distribute a cash dividend of
RMB 10.0 (tax inclusive) and 0 stock dividend (tax inclusive) per 10 shares to all the shareholders and should notconvert
capital reserves into share capital.
The preliminaryplan for dividend distribution for preferred shares in the reporting period was approved by the Board
□Applicable √N/A
Section II Company Profile
1. Company Information
StockAbbreviation Joyoung StockCode 002242
StockExchange Where the Sharesof Shenzhen StockExchange
the Companyare Listed
ContactUs Board Secretary SecuritiesRepresentative
Name Xuning WANG (acting) MinxinMIAO
Address No.760 Yinhai Street, Jianggan District,Hangzhou, No.760 Yinhai Street, Jianggan District,Hangzhou,
Zhejiang Province Zhejiang Province
Tel. 0571-81639093 0571-81639178
E-mail 002242@joyoung.com 002242@joyoung.com
2. Business or Product Reviewin theReportingPeriod
1) Small HomeAppliance Industry in the reporting period
In 2021, under the complex and fluctuating international situation, China's gross domestic product(GDP) still achieved a
growth of8.1%, reaching 114.4 trillion yuan from 110 trillion yuan with an two-year average growth at5.1%.
Chinese presidentXi Jinping stressed that“Bring prosperity to all is an essential requirementofsocialism, as well as an
important feature ofChinese-style modernization.”By 2035, China will basically realize socialistmodernization and the
average per-capita GDP will reach the standard ofmoderately developed countries.Accordingly, the size ofmiddle-income
group will expand significantly, boosting the demand for high-end home appliance.
With the promotion ofdomestic and international circulations, the small home appliance industry is undergoing an entire
process upgrading including concept, production technology, sales channels and brand culture. The advancing small home
appliances enrich home life as major necessities, featuring high quality, physical attractiveness, user friendly and other selling
points. The company's main products are aimed atyoung people represented by Generation Z, middle-class families
represented by baby mothers, and middle-aged and elderly consumerswho care abouthealth and wellness.
However, commodity prices have seen a continuous and rapid rise in 2021, putting pressure on companies in the
industry with higher production costs. The small kitchen appliance industry is in a mature stage ofdevelopment. Slower
recovery in the offline market, accelerated changes in the online market, and channel fragmentation were unfavorable factors
which broughtgreater pressure and difficulties to the developmentin 2021.
As a leading enterprise in small home appliance industry in China, the Company will continue to focus on its main
business, firmly implementits strategy, protectintellectual property rights, and enhance innovation in order to stand in th e
forefrontand gain more earnings in the new era.
2) Major business engaged by theCompany inthe reporting period
In the Reporting Period, the Company continues to focus on the R&D, production, and sales ofsmall household
appliances. The Companymainly operates independentR&D, design, sales, and self-owned brands. With the consumers’
increasingly strong desire for a better and quality life and the promotion ofconsumption upgrade, consumer demands for
refined, and user-friendly products ofhigh quality continue to grow.
In the Reporting Period, no significantchanges have occurred to the Company's primary business. The Company is in
the mature period withoutvisible cyclical features. Major productcategories of the Com
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