Ticker: 002242 StockAbbreviation: Joyoung
Joyoung Co., Ltd.Abstract of the Annual Report 2023
Section I Important Statements
This is an abstract of the Annual Report 2023. Investors are suggested to read the complete version of the Annual Report 2023 on the
media, which is designated by the China Securities Regulatory Commission(the “CSRC”) to have a full understanding of operational
results, financial statements, and future plans of the Company. Should there be any inconsistency between the Chinese version and
English version, the Chinese version shall prevail.
All Directors were present at the Board meeting at which this report was considered.
Modified Audit Opinion
□Applicable √ N/A
The preliminary plan for dividend distribution or converting capitalreserves into share capital for common shareholders which were
considered and approved by the Board
√Applicable □N/A
Convert capital reserves into share capital
□ Yes √ No
The Board has considered and approved the following dividend payout plan for the Reporting Period: based on the
Company's total shares of 767,017,000, and deducting the 4,000,000 shares repurchased by the Company, it is proposed that,
based on a total of 763,017,000 shares, the Company should distribute a cash dividend of RMB 1.5 (tax inclusive) and 0 stock
dividend (tax inclusive) per 10 shares to all the shareholders and should not convert capital reserves into share capital.
The preliminary plan 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 Stock Code 002242
Stock Exchange Where the Shares of Shenzhen Stock Exchange
the Company are Listed
Contact Us Board Secretary Securities Representative
Name Minxin MIAO
Address No.760 Yinhai Street, Qiantang District, Hangzhou,
Zhejiang Province
Tel. 0571-81639178
E-mail 002242@joyoung.com
2. Business or Product Review in the Reporting Period
1) Small Household Appliance Industry in the Reporting Period
In 2023, in the face of complex, severe and challenging domestic and international environment, the national economy
realizedanupturn,promotedhigh-qualitydevelopment.Grossdomesticproduct(GDP)achievedagrowthof5.2% (www.gov.cn),
which was one of the highest among the world's major economies.
The overall demandof the consumer industry has shown a K-shaped differentiation, with the growth rate ofhigh-end share
slowing down and the shift from medium-end to low-end aggravated, prompting the industry to show a more obvious
consumption grading. As the domestic consumer goods industry continues to innovate, structural adjustment, market
segmentation and other strategies to promote in-depth, companies take the initiative to adapt to the changes in the consumer
environment, demonstrating strong resilience and development potential of the domestic consumer market.
According toAVC (AVC) 2023 omni-channel extrapolated grossdata, online sales accounted for more than 75% of domestic
small home appliance sales, the online proportion further increased compared to prior year, the e-commerce platform has
become the main sales channel for small home appliance products. The overall retail sales of kitchen small household
appliances amounted to 54.93 billion yuan, down 9.6% year-on-year; online retail sales amounted to 42.2 billion yuan, down
10.7% year-on-year; offline retail sales amounted to 12.7 billion yuan, down 6.0% year-on-year; however, the Douyin channel
maintains a strong resilience. The growth of segments such as household cleaning appliances and personal care appliances
weredrivenbyconsumers'risingdemandforhighlifequality.AccordingtoAVC,theretailsalesofhouseholdcleaningappliances
in 2023 amounted to 34.4billion yuan, a year-on-year growthof6.8%; thescale of the three categories, which are personalcare
appliances hairdryer, electric toothbrush, and electric razor all achieved growth, with a growth of 29.9%, 4.2% and 11.2%,
respectively.
Although the competition in the small household appliance industry continues to intensify, market concentration of top brands
is still high, while emerging brands with innovative technology and Internet marketing are also rapidly emerging, together
promoting industry iteration and change. Consumer’s demands on small household appliances of high quality, high value, cost-
effective and health functions continue to rise, emphasizing personalized, intelligent and environmentally-friendly and energy-
saving features, and are willing topay a reasonable premium. However, consumer shopping decision-making chain is becoming
more rational. Consumers not only paymore attentionto product
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