Zhejiang Supor Co., Ltd. (002032)

Equity Research Report　|　Industry: Kitchen Cookware and Small Home Appliances　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; certain valuation, 52-week range and shareholder data reflect differences in dates or page-update times, as noted in the relevant fields.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Supor reported operating revenue of RMB 11.410 billion in the first half of 2026, down 0.59% year on year; net profit attributable to shareholders was RMB 868 million, down 7.70%, while recurring net profit attributable to shareholders declined 7.42% year on year. Revenue was broadly stable, but profitability came under pressure. The main negative factors were lower orders from overseas customers, pressure from export operations and raw-material costs, an approximately 8.1% year-on-year increase in selling expenses, and changes in foreign-exchange rates and interest income. In 2025, the company recorded operating revenue of RMB 22.772 billion, up 1.54% year on year, while net profit attributable to shareholders fell 6.58%, indicating that operations are currently characterized by low revenue growth and margin pressure.

The company’s core competitive strengths include the Supor brand, its cookware leadership, a comprehensive portfolio of kitchen small appliances, offline and online channels, scaled manufacturing capabilities, and long-term synergies with France’s Groupe SEB. In 2025, appliance revenue was RMB 15.489 billion, accounting for 68.02%, while cookware revenue was RMB 6.966 billion, accounting for 30.59%; domestic sales accounted for 67.34%, and overseas sales and export OEM accounted for approximately 32.65%. However, SEB and its subsidiaries remained the largest customer, with 2025 sales of RMB 6.810 billion, or 29.91% of operating revenue. Related accounts receivable accounted for 53.37% of year-end accounts receivable, requiring continued attention to customer concentration and order stability.

In terms of profitability structure, branded direct sales and domestic sales carry higher gross margins than export OEM. In 2025, gross margins for direct sales, distribution and export OEM were 43.51%, 24.80% and 17.19%, respectively; overall net margin declined from approximately 10.25% in 2022 to approximately 9.21% in 2025. As of September 11, 2026, the share price was RMB 38.38, corresponding to approximately 14.65x the 2026 consensus P/E. However, institutions’ consensus forecast for 2026 net profit attributable to shareholders is approximately RMB 2.094 billion, broadly flat year on year. Valuation performance will continue to depend on the recovery of overseas sales, improvement in the expense ratio and a recovery in domestic demand. Technically, the share price is below the MA5, MA10 and MA20. Short-term momentum is weak, with RMB 38.0–38.5 as a support-monitoring zone and RMB 39.1–39.5 as the near-term resistance zone.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Open-flame cookware and kitchen utensils: woks, pressure cookers, frying pans, soup and milk pots, steamers, ceramic pots, hot pots, enamel pots, kettles, knives, spatulas and ladles, thermal mugs, kitchen tools and food-storage containers
• Kitchen small appliances: rice cookers, electric pressure cookers, induction cookers, soybean milk makers, electric kettles, health pots, juicers, electric stew pots, electric steamers, electric hot pots, high-speed blenders, blenders, grillers, air fryers, countertop electric ovens and countertop water purifiers
• Kitchen and bathroom appliances: range hoods, gas stoves, water purifiers, disinfection cabinets, built-in steam ovens and water heaters
• Household lifestyle appliances: air purifiers, garment steamers, vacuum cleaners, floor washers, electric irons, electric heaters and air-circulation fans
• 2025 revenue structure: cookware revenue of RMB 6.966 billion, accounting for 30.59%; appliance revenue of RMB 15.489 billion, accounting for 68.02%; other revenue of RMB 317 million, accounting for 1.39%
• 2025 product revenue: cooking appliances of RMB 8.711 billion, accounting for 38.25%; food-processing appliances of RMB 3.738 billion, accounting for 16.42%; cookware and utensils of RMB 6.966 billion, accounting for 30.59%; other household appliances of RMB 3.357 billion, accounting for 14.74%

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Supor operates in the middle of the kitchen cookware and small-appliance value chain and combines brand, manufacturing and channel capabilities. The company operates the Supor proprietary brand and also sells products through Groupe SEB to more than 80 countries and regions worldwide, including Japan, Europe, the United States and Southeast Asia. Approximately one-third of 2025 revenue came from overseas sales and export OEM.

• Cookware primarily requires aluminum, copper, stainless steel, iron and related metal materials. Small appliances additionally require plastic components, electronic components, motors, heating elements, coils and packaging materials. The 2025 interim report explicitly disclosed that the principal raw materials for cookware and small appliances included aluminum, copper, stainless steel and plastics.
• Most of these materials are commodities or standardized industrial materials. Overall, the company lacks absolute pricing power over upstream raw materials and is generally a price taker for aluminum, copper, stainless steel and plastics.
• The company can mitigate cost volatility through bulk procurement, supply-chain coordination, product-mix adjustments, procurement-cycle management, process improvements and automation upgrades, but it is difficult to fully pass on increases in raw-material prices. Its brand, scale procurement, manufacturing bases and coordination with SEB’s global supply chain give it stronger procurement bargaining power than small and mid-sized home-appliance companies.
• Purchases from the five largest suppliers in 2025 totaled RMB 1.600 billion, accounting for 11.05% of total annual purchases. None of the five largest suppliers was a related party. Supplier concentration was relatively low, but the suppliers were disclosed anonymously as “Supplier 1” through “Supplier 5,” making it impossible to determine their specific position in the supply of particular materials or components.
• At the end of 2025, the book balance of raw materials was RMB 367 million, the book value of raw-material inventories was RMB 359 million, and the book value of finished-goods inventories was RMB 1.826 billion. Cost capital was concentrated mainly in finished goods rather than raw materials.
• Domestic sales primarily use the Supor proprietary brand, with channels including e-commerce platforms, offline supermarkets, distributors, O2O instant retail, stores in lower-tier cities, B2B specialty channels and private-domain membership channels. Domestic revenue from principal operations was approximately RMB 15.166 billion in 2025, up 2.77% year on year.
• Overseas revenue was RMB 7.438 billion in 2025, accounting for 32.66% of operating revenue; export OEM revenue was RMB 7.436 billion, accounting for 32.65%. The company primarily sells products to overseas markets through Groupe SEB.
• Sales to the five largest customers in 2025 totaled RMB 10.100 billion, accounting for 44.35% of annual sales. Sales to SEB S.A. and its subsidiaries totaled RMB 6.810 billion, accounting for 29.91%, making it the largest customer and related-party customer. This is based on the 2025 annual report disclosure. The other four largest customers were disclosed anonymously as “Customer 1” through “Customer 4,” making it impossible to identify their specific names or ultimate sales markets.
• Sales to SEB and its subsidiaries declined from RMB 7.046 billion in 2024, or 31.42%, to RMB 6.810 billion in 2025, or 29.91%. Customer concentration declined somewhat, but SEB remained the most important single customer and source of overseas orders.
• OEM transaction prices with SEB are determined according to contractual terms. The publicly disclosed pricing principle is that the gross profit obtained by the company and its related parties is generally equivalent to 18% of the FOB transfer price of manufactured products, except in special circumstances. Export OEM gross margin was 17.19% in 2025, below the 43.51% margin for direct sales and 24.80% for distribution.
• Domestic branded operations have some end-market pricing power, but online traffic costs, platform fees, livestreaming investment, price competition, rebates and promotional expenses weigh on margins. Overseas OEM is closer to manufacturing services, with stronger customer bargaining power, but can provide stable orders, scaled production and global supply-chain synergies.
• As of December 31, 2025, accounts receivable were RMB 2.759 billion, equivalent to approximately 12.12% of full-year operating revenue; accounts payable were RMB 3.508 billion, or 15.41%; inventories were RMB 2.408 billion, or 10.58%; advance payments were RMB 202 million, or 0.89%; and contract liabilities were RMB 967 million, or 4.25%. Accounts payable and their proportion of revenue were both higher than accounts receivable, indicating that the company obtains a certain amount of commercial credit from suppliers. Amounts due from SEB and its subsidiaries accounted for 53.37% of the accounts-receivable balance, meaning that receivables quality is closely linked to SEB’s payment capacity. These are static ratios of period-end balances to full-year revenue and cannot replace a complete analysis of turnover days or average annual balances. The annual report does not directly provide complete customer and supplier credit-term data in the principal-business section; therefore, it cannot be concluded that the company has absolute bargaining power over its upstream and downstream counterparties.
• Upstream, purchases from the five largest suppliers accounted for 11.05%, indicating relatively low concentration, although supplier names were disclosed anonymously. Downstream, sales to the five largest customers accounted for 44.35%, while sales to SEB and its subsidiaries accounted for 29.91%. This data comes from the 2025 annual report. Customers other than SEB were disclosed anonymously, and the research notes do not provide the combined share of the five largest customers for other years; the latest annual report should be used for the specific figure. SEB is both an enterprise within the controlling shareholder system and the largest overseas OEM customer. The company has some dependence on its orders, while long-term cooperation, quality systems and global supply-chain support create certain barriers to substitution.

Supor is positioned in the middle-right portion of the value chain and is a “brand + manufacturing + channels” company. Compared with pure OEM companies, its brand, R&D and channels contribute higher margins. However, it remains exposed to the costs of aluminum, copper, stainless steel, plastics and electronic components. Overseas sales and export OEM represent a relatively high proportion of revenue, and SEB accounted for 29.91% of 2025 revenue as a single customer, constraining profits through manufacturing costs, overseas orders and OEM pricing. Future margin improvement will depend primarily on upgrading mid-to-high-end products and core categories, increasing the share of direct and high-efficiency channels, lower raw-material prices, recovering overseas orders and improved selling-expense efficiency, rather than control over upstream resources.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest formal financial report is the 2026 interim report, covering January 1, 2026 to June 30, 2026, and disclosed on August 28, 2026. Recurring net profit attributable to shareholders was RMB 840 million in the first half of 2026, down 7.42% year on year; recurring net profit attributable to shareholders was approximately RMB 1.914 billion in 2025, down approximately 7.30% year on year.

In the first half of 2026, revenue was broadly stable, but profitability came under pressure. Net margin was approximately 7.6%, down approximately 0.6 percentage points year on year. Second-quarter revenue was approximately RMB 5.53 billion, down 2.9% year on year, while net profit attributable to shareholders was approximately RMB 360 million, down 18.2%. Domestic sales increased approximately 1.4% year on year, while overseas sales declined approximately 4.7%. Selling expenses were RMB 1.245 billion, up approximately 8.1%; administrative expenses were RMB 181 million, down approximately 9.1%; R&D expenses were RMB 214 million, up approximately 1.7%; and financial expenses changed from net income of approximately RMB 14 million in the prior-year period to expenses of approximately RMB 19 million. Lower overseas orders, changes in foreign-exchange and interest income, and a higher selling-expense ratio pressured profits.

3.2 Earnings Forecasts

Forecast data were aggregated by Tonghuashun F10 as of September 12, 2026, based on forecasts from 14 institutions issued within the preceding six months. They represent a compilation of broker research excerpts, not company guidance or an official earnings commitment. Institutional forecasts for 2026 net profit attributable to shareholders vary considerably, with a range of RMB 1.950 billion to RMB 2.298 billion. Among representative broker forecasts, Huatai Securities expects 2026–2028 net profit attributable to shareholders of RMB 2.238 billion, RMB 2.365 billion and RMB 2.468 billion, respectively; Everbright Securities expects RMB 2.006 billion, RMB 2.177 billion and RMB 2.272 billion; Guosheng Securities expects RMB 2.055 billion, RMB 2.194 billion and RMB 2.342 billion; and Nomura Orient International Securities expects RMB 1.950 billion, RMB 2.146 billion and RMB 2.193 billion. Guotai Junan Securities disclosed corresponding EPS of RMB 2.50, RMB 2.65 and RMB 2.84, respectively.

3.3 Valuation and Institutional Ratings

As of September 11, 2026, the company’s closing price was RMB 38.38, down 0.83%. Based on approximately 800 million shares outstanding, total market capitalization was approximately RMB 30.7 billion. Cninfo disclosed static/dynamic P/E of approximately 15.17x and P/B of approximately 6.04x; Lixinger disclosed P/E of approximately 15.29x and market capitalization of approximately RMB 30.956 billion. Differences across platforms reflect valuation methodologies, financial-report update times and whether TTM data are used. At a closing price of RMB 38.38, 2026–2028 consensus EPS of RMB 2.62, RMB 2.81 and RMB 2.95 correspond to P/E multiples of approximately 14.65x, 13.66x and 13.01x. Based on representative broker forecasts, 2026 EPS from Huatai Securities, CICC Securities and Guotai Haitong Securities is RMB 2.80, RMB 2.50 and RMB 2.71, corresponding to P/E multiples of approximately 13.7x, 15.4x and 14.2x. Based on verified institutional target prices, the target-price range is approximately RMB 50.05–56.00, all above the current share price. Potential upside is approximately 30.4%–45.9%; the CICC Securities target price of RMB 50.05 implies approximately 30.4%, Guotai Haitong Securities’ RMB 54.20 implies approximately 41.2%, and Huatai Securities’ RMB 56.00 implies approximately 45.9%. The current share price corresponds to a 2026 P/E below the approximately 20x target valuation assumption used by most institutions. However, 2026 earnings remain broadly flat or slightly lower year on year, and valuation recovery depends on a recovery in overseas sales, easing foreign-exchange pressure, a lower selling-expense ratio and improving domestic demand.

4. Recent News and Announcements

4.1 Stock-Option Incentive Plan Beneficiary List Verified; Shareholder Approval Still Pending

On September 10, 2026, the company disclosed the “Verification Opinion of the Board Remuneration and Assessment Committee on the List of Participants in the 2026 Stock-Option Incentive Plan.” The company internally publicized the participant list from August 28 to September 6, 2026, and had received no objections as of September 10. The plan proposes granting 1.043 million stock options to no more than 57 participants, representing approximately 0.13% of total share capital at the time of announcement. Participants do not include independent directors, shareholders holding more than 5% of the company, the actual controller, or the actual controller’s spouse, parents or children. As of September 13, 2026, the plan still required approval at the first extraordinary shareholders’ meeting of 2026 and should not be regarded as finally granted.

4.2 First Extraordinary Shareholders’ Meeting of 2026 to Review Multiple Important Proposals

The company plans to hold its first extraordinary shareholders’ meeting of 2026 on September 15, 2026, with the record date set as September 8, 2026. Proposals include the 2026 stock-option incentive plan and related assessment measures; authorization for the board to handle matters related to the stock-option incentive plan; the management measures for the fourth performance incentive fund; cancellation of certain repurchased shares; merger by absorption of a wholly owned subsidiary; amendments to the articles of association; and the shareholder return plan for 2026–2028. As of September 13, 2026, the meeting had not yet been held, and none of these matters should be regarded as finally approved or completed.

4.3 Proposed Cancellation of 3 Million Repurchased Shares; Controlling Shareholder’s Stake Expected to Rise Passively

On August 28, 2026, the company disclosed its proposal to cancel the 3,000,000 repurchased shares held in the special securities account for repurchases and correspondingly reduce registered capital. Total share capital was 799,906,129 shares before cancellation and is expected to be 796,906,129 shares after cancellation. Upon completion, controlling shareholder SEB Internationale S.A.S is expected to continue holding 666,681,904 shares, with its ownership passively increasing from approximately 83.35% to approximately 83.66%. The company stated that the cancellation would not change the controlling shareholder or actual controller. As of September 13, 2026, the cancellation had not been completed and still required shareholder approval.

4.4 Proposed Merger by Absorption of Wholly Owned Zhejiang Rubber & Plastic; Internal Organizational Integration

On August 28, 2026, the company disclosed its proposal to merge by absorption its wholly owned subsidiary Zhejiang Supor Rubber & Plastic Products Co., Ltd. The merger involves no consideration payment and does not constitute a related-party transaction or material asset restructuring. Upon completion, Zhejiang Rubber & Plastic’s independent legal-person status will be cancelled, and all its assets, claims, debts, business, personnel and other rights and obligations will be assumed by Supor. As of June 30, 2026, Zhejiang Rubber & Plastic had total assets of RMB 91.3213 million and net assets of RMB 42.7465 million; revenue and net profit for January–June 2026 were RMB 118.7083 million and RMB 6.8002 million, respectively. The matter still requires approval at the first extraordinary shareholders’ meeting of 2026 and is not expected to have a material impact on consolidated assets, revenue or net profit.

4.5 First-Half 2026 Results Declined Year on Year; No Third-Quarter Earnings Guidance Disclosed

As of September 13, 2026, the latest formal earnings disclosure was the 2026 interim report, disclosed on August 28, 2026. No announcement regarding a third-quarter 2026 earnings forecast or earnings flash report was identified. In the first half of 2026, the company recorded total operating revenue of approximately RMB 11.410 billion, down 0.59% year on year; net profit attributable to shareholders of approximately RMB 868 million, down 7.70%; recurring net profit of approximately RMB 840 million, down 7.42%; and basic EPS of RMB 1.09. The company stated that the decline in revenue was mainly due to slightly lower orders from major overseas customers compared with the prior-year period, while the decline in profit was mainly attributable to export operations, rising raw-material costs and lower returns on monetary funds.

4.6 Senior Executive Share-Reduction Plans Completed; Small Number of Shares Involved

On July 13, 2026, the company disclosed that its senior executives had completed their planned share reductions. CFO Xu Bo reduced his holdings by 32,496 shares through centralized bidding on July 10, 2026, at an average price of RMB 42.85 per share. Deputy general manager and board secretary Ye Jide reduced his holdings by 11,347 shares on July 9, 2026, at an average price of RMB 42.86 per share. The two executives reduced a combined 43,843 shares, representing approximately 0.0055% of total share capital excluding shares in the special securities account for repurchases. After the reductions, their combined holdings were 121,678 shares, or approximately 0.0153% of total share capital. As of September 13, 2026, no new announcements regarding reductions by the controlling shareholder, purchases by major shareholders or large-scale equity changes had been identified.

4.7 Three-Year Cash-Dividend Plan: In Principle, No Less Than 60% of Distributable Profit

On August 28, 2026, the company disclosed its shareholder return plan for 2026–2028. Subject to conditions including meeting normal operating funding needs, generating profit for the year, having positive cumulative undistributed profit and having no major investment plan or major cash expenditure, the company will in principle prioritize cash dividends, with cash dividends no lower than 60% of distributable profit generated during the year. The plan still requires approval at the first extraordinary shareholders’ meeting of 2026. The specific annual dividend amount will depend on annual profit, cash flow, investment arrangements and the shareholders’ meeting outcome and should not be treated as a fixed dividend commitment.

4.8 No Major Regulatory Penalties or External Major M&A Transactions Identified to Date

As of September 13, 2026, searches of company announcements, the CNINFO website, Shenzhen Stock Exchange information and the company’s investor-relations disclosures did not identify any major regulatory penalties, inquiry letters, filed investigations, major policy risks or external major M&A announcements related to Supor. Recent news has focused mainly on the stock-option incentive plan, cancellation of 3 million repurchased shares, merger by absorption of a wholly owned subsidiary, the September 15 extraordinary shareholders’ meeting, the decline in first-half 2026 results and the three-year cash-dividend plan.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Supor closed at RMB 38.38. The share price had declined for several consecutive trading days, down approximately 4.10% from RMB 40.02 on September 4 and approximately 14.6% from the period high of approximately RMB 44.94 on July 30, 2026. The closing price was below the MA5, MA10 and MA20, while the MA5 was below the MA10 and MA20, indicating a bearish short-term moving-average structure. RSI6 was approximately 24, entering the traditional oversold zone but not confirming a trend reversal. The closing price was slightly below the lower Bollinger Band of approximately RMB 38.50, making RMB 38.0–38.5 a short-term support-monitoring zone. Recent turnover and volume increased from the previous day, but the turnover rate remained low at approximately 0.23%–0.32%. Shareholder concentration was high, with controlling shareholder SEB holding approximately 83.35%; the freely tradable float was relatively limited. Shareholder-structure data were as of June 30, 2026 and therefore lagged by one quarter. Reliable cross-verification of net main-fund flows on September 11 was unavailable, so no directional judgment is made.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on closing data as of September 11, 2026. It does not constitute investment advice or a definitive forecast of future prices.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; this is a subjective heuristic judgment based on the current technical picture and liquidity, not a statistical probability): price range of approximately RMB 38.0–39.5. The trigger would be buying support near RMB 38.0–38.5, without turnover remaining materially above the recent normal range, while the RMB 39.1–39.5 resistance zone remains difficult to break decisively. The stock could repeatedly test support near RMB 38 and encounter selling pressure near RMB 39, forming a weak sideways pattern or low-level consolidation.
• Further weakness (medium weight; a subjective scenario weight, not a statistical probability): price range of approximately RMB 37.5–38.3. The trigger would be a decisive closing break below RMB 38.0 accompanied by turnover expanding to above RMB 110 million for consecutive sessions, while the broader market or discretionary-consumption and home-appliance sectors continue weakening. A high-volume long bearish candle could further intensify technical weakness; after breaking RMB 38.0, the price could seek new short-term support near RMB 37.5.
• Rebound and strengthening (low weight but cannot be ruled out; a subjective scenario weight, not a statistical probability): price range of approximately RMB 39.3–40.2. The trigger would be stabilization in the RMB 38.0–38.5 area, daily turnover expanding to above RMB 110 million–120 million and a close returning above RMB 39.1–39.5. If the home-appliance or broader-consumption sectors recover simultaneously, the rebound would be more credible. If the stock remains above RMB 39.5, RMB 40.0–40.2 can be monitored; without volume support, sustainability would be questionable.

③ Capital and Liquidity Background

Recent turnover was approximately 0.23%–0.32%, with trading value mostly around RMB 73 million–101 million. September 11 volume was approximately 3.15 million shares; at a price of approximately RMB 38, estimated turnover was approximately RMB 120 million, although precise turnover and turnover rate were not disclosed on the same page. Low turnover and high concentration imply relatively limited day-to-day trading impact, but order-book depth may be insufficient during rapid changes in market sentiment, resulting in slippage or a low-volume decline. As of June 30, 2026, the ten largest tradable shareholders held approximately 89.67% of tradable shares, while controlling shareholder SEB held approximately 83.35%. “Other institutions” accounted for approximately 84.69% of institutional holdings, primarily due to the controlling shareholder’s holdings, and should not be treated simply as public-fund or general-institutional positions. These shareholder data were approximately two and a half months old as of September 11, 2026 and may have changed. Daily turnover above RMB 110 million–120 million maintained for at least two consecutive trading days, together with a close above RMB 39.5, could signal improved short-term capital participation. If turnover rises while the close falls below RMB 38.0, this would instead point toward risk or selling-pressure release.

Volume-confirmation signal: if daily turnover reaches RMB 110 million–120 million or more and remains at that level for at least two consecutive trading days, while the share price closes above RMB 39.5, this may be viewed as a signal of improved capital participation. If volume expands while RMB 38.0 is breached, increased turnover alone should not be interpreted as a strengthening signal.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the RMB 38.0–38.5 area attracts effective buying support and whether turnover expands after a break below RMB 38.0.
• Monitor whether the share price can return above RMB 39.1–39.5 and whether this is accompanied by turnover above RMB 110 million–120 million.
• Monitor whether RSI6 recovers from low levels, without treating a single oversold indicator as evidence of a trend reversal.
• Monitor whether the home-appliance and broader-consumption sectors strengthen simultaneously and whether Supor turnover can remain above RMB 110 million–120 million. All of the above are observation frameworks, not trading instructions.

The above scenario analysis is based on closing data as of September 11, 2026 and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, the broader market and other factors. Technical indicators have inherent lags and limitations. This does not guarantee future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

Supor operates in kitchen small appliances, cookware and kitchen utensils, kitchen and bathroom appliances, and household lifestyle appliances. Kitchen small appliances have moved from a period of rapid growth into a mature, stock-market competition phase. Cookware brands are relatively concentrated, with competition focused on materials technology, nonstick performance, durability, design, channels and branding. Kitchen-and-bathroom and household-lifestyle appliances face competition from numerous comprehensive and specialist appliance brands. Domestic retail sales of kitchen small appliances were approximately RMB 63.3 billion in 2025, up 3.8% year on year.

6.2 Competitive Landscape

• Midea, Supor and Joyoung form the first tier in kitchen small appliances, relying on brand, R&D, channels and supply-chain scale to capture major market share.
• Growth in essential categories such as traditional rice cookers, electric pressure cookers and electric kettles is limited. Some categories, including air fryers and high-speed blenders, have experienced demand pull-forward or price competition, requiring companies to create incremental demand through product upgrades and segmented use cases.
• Online channels are becoming more important. Livestreaming e-commerce, Douyin, instant retail and platform direct sales are reshaping traditional distribution systems; traffic acquisition, content marketing, platform fees and inventory management have become important operating variables.
• Manufacturing is moving toward scale, flexibility and internationalization. Companies use large-scale manufacturing, OEM/ODM and overseas expansion to improve capacity utilization, while brand owners rely on R&D, channels and brand premiums to improve margins.
• Prices of aluminum, copper, stainless steel and plastics, together with e-commerce advertising, livestreaming commissions, promotional discounts and channel rebates, are the principal variables affecting industry margins.
• Supor has a strong brand advantage in open-flame cookware. According to data cited by the company from AVC, Supor maintained the leading market share in cookware in both online and offline channels in 2025. This market-share data could not be independently verified against AVC’s original database.

6.3 Main Competitors

Compared with Midea, Supor is more focused on cookware, kitchen small-appliance specialization and offline cookware channels. Compared with Joyoung, its product coverage is more balanced; compared with Bear, it has a stronger brand heritage, offline channels and manufacturing scale; compared with Xinbao, it is more oriented toward branding and end-market channels rather than pure export manufacturing; and compared with Bodegeng, it has broader product coverage and a more complete price range. Competitive advantages primarily derive from brand recognition, R&D, channels, scale procurement, manufacturing capabilities and SEB’s global supply-chain coordination. Key pressures include stock-market competition, online price wars, raw-material price volatility, changes in overseas orders and high customer concentration at SEB.

7. Risk Factors

• Overseas sales and SEB customer dependence: Overseas sales accounted for 32.66% of operating revenue in 2025, export OEM accounted for 32.65%, and sales to SEB and its subsidiaries accounted for 29.91%. Overseas sales declined approximately 4.7% year on year in the first half of 2026. If SEB orders continue to decline, revenue, capacity utilization and profits may all come under pressure.
• Customer and accounts-receivable concentration: At the end of 2025, amounts due from SEB and its subsidiaries accounted for 53.37% of the accounts-receivable balance. Receivables quality is closely linked to SEB’s payment capacity. Changes in orders, settlement or payment cycles could affect cash flow and working capital.
• Raw-material cost risk: Cookware and small appliances primarily use aluminum, copper, stainless steel, plastics and electronic components. The company generally lacks absolute pricing power over these materials. The company disclosed that rising raw-material costs pressured profits in the first half of 2026; if costs rise without sufficient product-price or mix adjustments, gross margin may continue to decline.
• Downside risk to profitability: Overall net margin declined from approximately 10.25% in 2022 to approximately 9.21% in 2025, while first-half 2026 net profit attributable to shareholders fell 7.70% year on year. If selling expenses continue to grow and low-margin export OEM remains a high proportion of revenue, revenue growth may not translate into corresponding profit growth.
• Domestic competition and channel-expense risk: Traditional kitchen small appliances are in a mature, stock-market competition phase. Online platforms, livestreaming e-commerce and promotional competition may increase traffic, commission, rebate and advertising costs. Selling expenses rose approximately 8.1% year on year in the first half of 2026; if expense efficiency does not improve, the profit contribution of domestic growth may be limited.
• Equity structure and trading-liquidity risk: Controlling shareholder SEB holds approximately 83.35%, expected to rise to approximately 83.66% after the proposed cancellation of 3 million repurchased shares. As of June 30, 2026, the ten largest tradable shareholders held approximately 89.67% of tradable shares. The market’s actually tradable float is relatively limited, and the low-turnover environment may lead to insufficient trading, greater price volatility or increased slippage.
• Technical deterioration risk: As of September 11, 2026, the share price had declined approximately 14.6% from the July 30 period high. The closing price was below the MA5, MA10 and MA20 and slightly below the lower Bollinger Band of approximately RMB 38.50. If support near RMB 38.0 fails with expanding turnover, short-term weakness may continue.
• Risk that corporate-governance matters remain incomplete: As of September 13, 2026, the stock-option incentive plan, cancellation of repurchased shares, merger by absorption of the wholly owned subsidiary and three-year dividend plan still required shareholder approval. These matters may be rejected, amended or delayed and should not be incorporated in advance into operating or shareholder-return expectations.

8. Conclusion and Outlook

Supor’s future growth drivers primarily include its cookware brand advantages and market-share base, kitchen small-appliance upgrades, improved domestic-channel efficiency, a higher proportion of direct and high-margin businesses, and coordination with SEB’s global supply chain and overseas channels. The company plans to launch a stock-option incentive plan and a fourth performance incentive fund and has formulated a 2026–2028 cash-dividend plan targeting, in principle, no less than 60% of distributable profit. If the relevant proposals are approved, they could help strengthen management incentives and shareholder-return expectations. However, as of September 13, 2026, these matters still required shareholder approval and should not be regarded as completed.

In the short term, overseas orders, the selling-expense ratio, raw-material costs and foreign-exchange movements remain key factors to monitor. Institutional forecasts indicate average net profit attributable to shareholders of approximately RMB 2.246 billion in 2027, up approximately 7.26% year on year, and approximately RMB 2.364 billion in 2028, up approximately 5.25%. However, forecast ranges are broad and do not constitute company earnings commitments. If the company achieves a recovery in overseas sales, improved domestic demand and a higher proportion of high-margin products and channels, margins may gradually recover. If overseas sales continue to weaken, online competition intensifies or cost pressures persist, revenue growth and earnings recovery may fall short of expectations.

Data Sources

• https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-03/cfb71f85-e5f3-4b01-8e0e-36ecc8b71fa7.PDF
• Supor: 2025 Environmental, Social and Governance (ESG) Report_Stock Channel_Securities Star
• Supor (002032)_Company Announcements_Supor: 2025 Interim Report_Sina Finance
• Supor (002032)_Company Announcements_Supor: 2022 Annual Report_Sina Finance
• Supor (002032)_Company Announcements_Supor: 2023 Annual Report_Sina Finance
• https://static.cninfo.com.cn/finalpage/2025-03-28/1222928386.PDF
• Midea Group Co., Ltd. 2025 Annual Report
• Joyoung Co., Ltd. 2025 Annual Report Summary
• [[Huaxi Securities]: Review of Kitchen Small Appliances and Brand Competition Strategies - China Research Reports](https://www.fxbaogao.com/detail/4669851?utm_source=openai)
• 2026–2032 China Kitchen Small-Appliance Industry Market Competition and Development Strategy Report_Zhiyan Consulting
• https://static.cninfo.com.cn/finalpage/2026-08-28/1225522987.PDF
• Supor (002032)_Company Announcements_Supor: 2026 Interim Report_Sina Finance
• Supor (002032)_Company Announcements_Supor: 2026 Interim Report_Sina Finance
• Supor (002032)_Company Announcements_Supor: 2025 Earnings Flash Report_Sina Finance
• Supor (002032) Earnings Forecasts_F10_Tonghuashun Financial Services
• www.fxbaogao.com
• Supor (002032) 2025 Annual Report Review: Domestic Resilience Continues, Overseas Operations Under Pressure_Sina Finance
• Supor (002032)_Stock Quotes, Market Overview_Cnfol
• Supor (002032)_Company Announcements_Supor: Announcement on Cancellation of Certain Repurchased Shares_Sina Finance
• Company Announcements_Supor: Verification Opinion of the Board Remuneration and Assessment Committee on the List of Participants in the 2026 Stock-Option Incentive Plan_Sina Finance
• Supor (002032)_Company Announcements_Supor: Notice on Convening the First Extraordinary Shareholders’ Meeting of 2026_Sina Finance
• Zhejiang Supor Co., Ltd.
• Supor (002032)_Company Announcements_Supor: Announcement on Merger by Absorption of a Subsidiary_Sina Finance
• Zhejiang Supor Co., Ltd.
• Supor (002032)_Company Announcements_Supor: Announcement on Completion of Senior Management Share-Reduction Plan_Sina Finance
• Supor (002032)_Company Announcements_Supor: Investor Relations Management Information 20260831_Sina Finance
• Supor (002032)_Stock Quotes, Market Overview_Cnfol
• Supor (002032) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Supor (002032) P/E | Valuation | Fundamentals - Lixinger
• Supor (002032) - Historical Trading Data_Dabanke
• Weekly Capital Flow Report: 275 Stocks Recorded Net Main-Fund Inflows Above RMB 100 Million_Eastmoney
• Supor (002032)_Stock Quotes, Market Overview_Cnfol
• Supor (002032) Shareholder Research_F10_Tonghuashun Financial Services
• Supor (002032) Major Shareholders_Sina Finance

This report was automatically searched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; certain valuation, 52-week range and shareholder data reflect differences in dates or page-update times, as noted in the relevant fields. Information may differ in timeliness; specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.