Recently, Joyoung, Xiaoxiong Electric, and Supor have successively released their 2023 performance reports.
According to the annual report, in 2023, Joyoung will achieve operating income of 9.61 billion yuan, a year-on-year decrease of 5.54%, and a net profit of 389 million yuan, a year-on-year decrease of 26.58%. Supor's operating income in 2023 increased by 5.62% year-on-year to 21.304 billion yuan, and net profit increased by 5.42% year-on-year. Xiaoxiong Electric's operating income in 2023 will increase by 14.43% year-on-year to 4.712 billion yuan, and its net profit will increase by 15.24% year-on-year.
In terms of performance, the three companies are in different situations, but from the annual report, it is summarized that promoting product upgrading and accelerating overseas market expansion has become an important driving force for the small kitchen appliance business.
Promote product upgrading and optimize product structure
With the rise of users' attention to creative small household appliances and the growth of personalized demand, small kitchen appliance companies are actively promoting product upgrading, developing new categories, optimizing product structure, and creating and cultivating new growth points.
In 2023, Joyoung's home appliance industry will achieve a revenue of 9.502 billion yuan. In terms of products, the revenue of food processing machine series was 2.94 billion yuan, accounting for 30.58%, the revenue of nutrition cooker series was 3.697 billion yuan, accounting for 38.45%, and the revenue of Western-style electrical appliances series was 2.306 billion yuan, accounting for 23.99%.
During the reporting period, Joyoung focused on the space series 2.0 products, focusing on the mid-to-high-end product line of small kitchen appliances, and launched many new products such as 0-coated non-stick rice cookers, quick-tender baking air fryers, and inverter light sound wall breakers. Joyoung also further develops and maintains the cleaning appliance business segment through the synergy effect of the Shark brand, and its full range of products gradually lays out the anti-winding function, and innovates the use of crawler roller brush active water scrubbing technology and four-dimensional three-dimensional hot air fast drying technology in mainstream products such as washing and drying integrated floor scrubbers and washing and mopping sweeping robots to achieve full-link antibacterial and deodorization.
In 2023, the revenue of Supor cooking appliances will be 8.892 billion yuan, accounting for 41.74% of the operating income, the revenue of food cooking appliances will be 3.484 billion yuan, accounting for 16.35%, and the revenue of other household appliances will be 2.871 billion yuan, accounting for 13.48%.
Supor continues to promote the "consumer-centric" new product development strategy, with the help of Internet big data to explore user needs in different scenarios, and continue to provide users with diversified product solutions. In the small kitchen appliances business, on the one hand, Supor has further consolidated its leading position in core rigid demand categories such as rice cookers and electric pressure cookers, and the cumulative sales volume of its core product far infrared rice cooker has exceeded one million units since its launch. According to reports, the intelligent stir-fry machine and portable coffee machine launched by Supor have won the "No. 1 sales volume of 618 stir-fry robot category" and "No. 1 sales of 618 Tmall portable semi-automatic coffee machine" respectively. In the household appliances business, Supor incubated electric heaters, air circulation fans and other emerging categories in two seasons, the annual scale exceeded 100 million yuan. In the kitchen and bathroom appliances business, the "extreme firepower" gas stove launched by Supor continues to lead the industry, and AVC monitoring data shows that in 2023, the online market share of Supor gas stove will remain the first in the industry, and the overall brand online market share will remain the top five in the industry.
The business of Xiaoxiong Electric is mainly composed of two major sectors: kitchen appliances and household appliances. In 2023, the revenue of electric products of Xiaoxiong Electric will be 713 million yuan, accounting for 15.1% of the operating income, the revenue of electric heating products will be 309 million yuan, accounting for 6.56%, the revenue of pot products will be 1.204 billion yuan, accounting for 25.55%, the revenue of pot products will be 849 million yuan, accounting for 18.03%, and the revenue of Western-style electrical appliances will be 568 million yuan, accounting for 12.06%. In addition, the revenue of small household appliances of Xiaoxiong Electric was 485 million yuan, accounting for 10.3%, and the income of other small household appliances was 546 million yuan, accounting for 11.58%. According to reports, Xiaoxiong Electric has enriched product categories, and has more than 900 products for external sales, and the products are suitable for infants, young children, middle-aged and elderly people and different scenes of their life and work.
Overseas business has achieved growth
Focusing on overseas markets, the export performance of the small kitchen appliances industry is good. According to the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, the export volume of small kitchen appliances in 2023 will increase by 14.3% year-on-year. Joyoung, Supor, and Xiaoxiong Electric's annual reports also show that their overseas sales have increased year-on-year.
In 2023, Supor's export revenue will be 6.196 billion yuan, accounting for 29.09%, a year-on-year increase of 19.28%, Joyoung's overseas business revenue will be 2.239 billion yuan, accounting for 23.29% of operating income, and its revenue will increase by 68.79% compared with the same period of the previous year, and Xiaoxiong Electric's foreign sales revenue will be smaller, accounting for 370 million yuan, but a year-on-year increase of 105.66%.
Xiaoxiong Electric said in its annual report that the company will expand the advantages of brand power, product power and manufacturing power accumulated in China to overseas markets, and make breakthroughs in overseas business, with a year-on-year increase of 105.66% in foreign sales revenue in 2023. In 2024, Xiaoxiong Electric will continue to enhance its brand awareness in overseas markets, focus on the Eurasian market, and establish an overseas key customer system.
Through the strong alliance with SEB Group, Supor brings stable export orders to the company every year, and continues to improve the company's overall scale and manufacturing capacity. In 2024, Supor will strengthen cooperation with SEB Group in many fields such as production, R&D, informatization, and management, so as to provide comprehensive assistance for the company's sustainable development.
Overall, in order to seek market breakthroughs and meet user needs, the small kitchen appliances industry is actively promoting product iteration and upgrading, constantly expanding categories, carrying out multi-brand operations, and actively strengthening the layout of overseas markets, and overseas revenues are on the rise.