Ticker: 002242 StockAbbreviation: Joyoung
JoyoungCo., Ltd. Abstractof the Annual Report2022
Section I Important Statements
Thisisan abstractofthe AnnualReport2022.Investorsaresuggestedtoreadthe completeversionoftheAnnualReport2022on the
media,which isdesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”)to have a fullunderstandingofoperational
results,financialstatements,andfutureplansofthe Company.Shouldthere beany inconsistencybetweentheChineseversionand
Englishversion,theChineseversionshallprevail.
ModifiedAuditOpinion
□Applicable √N/A
ThepreliminaryplanfordividenddistributionandconvertingcapitalreservesintosharecapitalforcommonshareholderswhichwereconsideredandapprovedbytheBoard
√Applicable □N/A
Convertcapitalreservesintosharecapital
□Yes √No
The Boardhas considered and approved the following dividend payout plan for the Reporting Period: based on the
Company'stotal shares of 767,017,000, and deducting the 4,000,000 shares repurchased by the Company,itis proposed that,
based on a total of 763,017,000 shares, the Companyshoulddistribute a cash dividend of RMB 3.0(tax inclusive) and 0 stock
dividend (tax inclusive) per 10 shares to all the shareholders and should not convert capital reserves into share capital.
ThepreliminaryplanfordividenddistributionforpreferredsharesinthereportingperiodwasapprovedbytheBoard
□Applicable √N/A
Section II Company Profile
1. CompanyInformation
StockAbbreviation Joyoung StockCode 002242
StockExchangeWhere the Shares of Shenzhen StockExchange
the Companyare Listed
ContactUs Board Secretary SecuritiesRepresentative
Name MinxinMIAO
Address No.760 Yinhai Street, JiangganDistrict,Hangzhou,
ZhejiangProvince
Tel. 0571-81639178
E-mail 002242@joyoung.com
2. BusinessorProductReviewinthe ReportingPeriod
1) Small Home ApplianceIndustryintheReportingPeriod
In 2022, China’s Gross domestic product (GDP) exceeded 120 trillion yuan, an increase of 3% year-over-year despite
multiple uncontrollable factors both at home and abroad. Among the world's major economies, China is the only one who
achieved economic growth.
Last year was a milestone in the history of the CommunistParty ofChina (CPC) and our country. We convened the 20th
National Congress of the CPC successfully and drew up a grand blueprint for comprehensively building a modern socialist
country. Confronted with the complex and unpredictable international situation and arduous domestic tasks of continuing
reform and development and maintaining stability, the entire Party and the Chinese people of all ethnic groups rose to the
challenge and worked together. With their energy, overall economic stability was maintained and a new chapter in the
development of socialist modernization, reform and opening up was wrote under the strong leadership of the CPC Central
Committeewith ComradeXi Jinping at its core.
Small home appliance industry has witnessed a whole process of upgrading and change including concept,
manufacturing technology, sales channels and brand culture during the positive interplay between domestic and international
economicflows.
According to AVC, the retail sales of kitchen small appliances including rice cooker, induction cooker, electric pressure
cooker, soymilk maker, blender, electric mixer, juicer, electric kettle, frying machine, health pot, electric steam stew pot,
tabletop single function oven, air fryer was 52.03 billion yuan, down 6.7% year-on-year while retail volume was 220.49million
units, down 12.7% year-on-year. Among which, the online market retail sales was 38.60 billion yuan, down 2.9% year-on-year
and offline market retail sales was 13.43 billion yuan, down 16.0% year-on-year, but the average price of online and offline
retail sales increased by 4.5% and9.7% yoy respectively.
It shows that consumers' demand has changed from "0" to "1" to "1" to "N", and they are willing to pay a reasonable
premium for higher quality, high value and easy-to-use products. For brand side, launching new and high-end products to
stimulate consumers’demandseemsto be an inevitable wayto go amidgrowingsigns of rebounding consumerenvironment.
In 2022, international commodity prices were still ata high level, bringing pressure on the production costs of companies.
The rapid changes of the industry including the recovering offline market and fragmented online channel traffic also posed
great challenges to the Company.
As a leading company in the domestic small home appliance industry, the Company will continue to focus on its main
business, firmly establish its strategy, protectits own intellectual property rights and continue to innovate and break through in
orderto stand in the forefront of the industry.
2) Majorbusines
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