Análisis del informe anual de Fùjiā Co., Ltd. 2025: ingresos aumentan un 18,34% hasta 3.197 millones de yuanes, beneficio neto cae un 40,93% hasta 107 millones de yuanes

Revenue Interpretation

In 2025, Fu Jia Co., Ltd. achieved operating revenue of 319,745.38 million yuan, representing a year-on-year increase of 18.34%. The growth in revenue is mainly attributable to an increase in existing customer order volume and the addition of increment from businesses in new sectors. By business segment, revenue from cleaning-type small home appliances was 265,268.43 million yuan, up 12.36%; revenue from commercial & industrial and user energy storage products was 27,354.69 million yuan, up significantly by 411.70%, becoming a new growth driver; revenue from components such as motors was 14,099.21 million yuan, up 22.00%. By region, overseas revenue was 263,154.09 million yuan, up 16.48%; domestic revenue was 55,775.49 million yuan, up 27.18%.

Net Profit Interpretation

In 2025, the net profit attributable to shareholders of the listed company was 10,708.86 million yuan, down 40.93% year on year. The decline in net profit is mainly influenced by multiple factors: first, the gross margin on products decreased; the overall gross margin fell from 15.92% in 2024 to 14.06% in 2025, a decrease of 1.86 percentage points; second, R&D investment continued to increase, with R&D expenses up 9.87% year on year; third, foreign exchange gains decreased: finance costs changed from -3,524.33 million yuan in 2024 to 2,648.99 million yuan in 2025; fourth, losses from fair value changes of other non-current financial assets increased: fair value change gains fell from 715.32 million yuan in 2024 to -1,795.66 million yuan in 2025.

Interpretation of Non-recurring Profit After Deduction (Non-GAAP Net Profit)

In 2025, the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 10,483.07 million yuan, down 36.82% year on year. The decline is smaller than that of net profit, mainly because the effect of non-recurring gains and losses on net profit changed to some extent. In 2025, total non-recurring gains and losses were 225.79 million yuan, mainly including gains/losses from disposal of non-current assets of 205.64 million yuan, government subsidies recognized in current profit or loss of 543.83 million yuan, gains/losses from debt restructuring of 1,068.57 million yuan, etc., while non-recurring gains and losses in 2024 were 1,535.03 million yuan.

Interpretation of Basic Earnings Per Share (EPS)

In 2025, basic earnings per share were 0.19 yuan/share, down 40.63% year on year, with a decline basically consistent with that of net profit. This is mainly because net profit fell sharply, while the company’s total share capital did not change and remained 56,140 million shares.

Interpretation of Non-GAAP Basic EPS

In 2025, basic earnings per share after deducting non-recurring gains and losses were 0.19 yuan/share, down 36.67% year on year. The decline matches basically the decline in non-GAAP net profit, reflecting changes in the profitability level of the company’s main business.

Expense Interpretation

In 2025, total period expenses of the company were 175,009,204.89 million yuan, up 24.02% year on year. The increase in expenses was mainly affected by growth in selling expenses, administrative expenses, and R&D expenses, as well as the effect of finance costs turning from negative to positive.

Interpretation of Selling Expenses

In 2025, selling expenses were 2,030.97 million yuan, up 22.08% year on year. The increase is mainly due to factors including: an increase in staff compensation by 50.10 million yuan to 698.25 million yuan, an increase in advertising and promotional expenses by 97.24 million yuan to 165.39 million yuan, an increase in share-based payments by 24.83 million yuan, etc. The company’s selling expenses are mainly used for staff compensation, credit insurance premiums (信保费), business entertainment expenses, etc. As the company expands its operations, selling expenses have increased.

Interpretation of Administrative Expenses

In 2025, administrative expenses were 11,224.08 million yuan, up 8.43% year on year. The increase was mainly driven by factors such as: staff compensation up by 331.41 million yuan to 5,733.48 million yuan, depreciation and amortization up by 204.63 million yuan to 1,208.61 million yuan, and share-based payments up by 82.58 million yuan, etc. The company’s administrative expenses are mainly used for staff compensation, depreciation and amortization, consumption of materials, etc. As the company’s scale expands, administrative expenses have risen.

Interpretation of Finance Costs

In 2025, finance costs were 2,648.99 million yuan, whereas in 2024 they were -3,524.33 million yuan. This was mainly due to exchange rate impacts during the period, with foreign exchange gains decreasing. In 2025, net foreign exchange losses were 3,319.20 million yuan, while in 2024 they were net foreign exchange gains of 2,548.62 million yuan. Exchange rate fluctuations had a significant impact on the company’s finance costs.

R&D Expense Interpretation

In 2025, R&D expenses were 11,596.88 million yuan, up 9.87% year on year. R&D expenses were mainly used for personnel labor costs, direct inputs, entrusted development expenses, etc. Among them, personnel labor costs were 6,308.39 million yuan, up 8.03%; direct inputs were 3,925.79 million yuan, up 4.60%; and entrusted development expenses were 442.92 million yuan, up significantly by 386.73%. The company has continued to increase R&D investment. It added 39 invention patents, 43 utility model patents, 2 design patents, and 6 international patents. As of the end of the reporting period, the company had 525 valid authorized patents, including 79 invention patents, enhancing the company’s technological competitiveness.

Interpretation of R&D Personnel

As of the end of 2025, the company’s number of R&D personnel was 335, accounting for 9.86% of the company’s total headcount. In terms of educational background, there were 3 PhD candidates, 6 Master’s degree candidates, 75 undergraduate students, 149 junior college students, and 102 high school or below. In terms of age structure, there were 107 people under 30, 105 people aged 30–40, 77 people aged 40–50, 41 people aged 50–60, and 5 people aged 60 and above. The company’s R&D team structure is relatively reasonable, covering different educational and age layers, providing talent support for the company’s technological innovation.

Cash Flow Interpretation

In 2025, the company’s net increase in cash and cash equivalents was -11,047.57 million yuan, a decrease of 10.59 million yuan year on year. Among them, net cash flow from operating activities was 7,387.08 million yuan, down 28,286.65 million yuan year on year; net cash flow from investing activities was -18,173.09 million yuan, up 17,230.56 million yuan year on year; net cash flow from financing activities was -17.52 million yuan, up 13,490.05 million yuan year on year.

Interpretation of Net Cash Flow from Operating Activities

In 2025, net cash flow from operating activities was 7,387.08 million yuan, down 79.29% year on year. This was mainly due to an increase in cash paid for purchasing goods and receiving labor services. In 2025, cash paid for purchasing goods and receiving labor services was 264,431.22 million yuan, up 15.54% year on year; cash paid to employees and for employees was 32,242.98 million yuan, up 12.83%; and cash paid for various taxes and fees was 3,316.62 million yuan, down 22.50%. Subtotal of cash inflows from operating activities was 315,091.04 million yuan, up 3.61%; subtotal of cash outflows from operating activities was 307,703.95 million yuan, up 14.62%. The growth rate of cash outflows was faster than that of cash inflows, resulting in a significant decline in net cash flow from operating activities.

Interpretation of Net Cash Flow from Investing Activities

In 2025, net cash flow from investing activities was -18,173.09 million yuan, with an outflow decrease of 17,230.56 million yuan year on year, mainly due to a decrease in cash paid for investments. In 2025, cash paid for investing was 3,774.69 million yuan, down 75.77% year on year; cash paid to purchase or construct fixed assets, intangible assets and other long-term assets was 20,418.66 million yuan, down 19.23% year on year. Subtotal of cash inflows from investing activities was 71,761.10 million yuan, down 34.78% year on year; subtotal of cash outflows from investing activities was 89,934.19 million yuan, down 38.16% year on year. The decrease in cash outflows was greater than the decrease in cash inflows, resulting in a reduction in the investing activities net cash outflow.

Interpretation of Net Cash Flow from Financing Activities

In 2025, net cash flow from financing activities was -17.52 million yuan, with an outflow decrease of 13,490.05 million yuan year on year. This was mainly due to a decrease in cash paid for debt repayment and the cash paid for distributing dividends, profits, or paying interest. In 2025, cash paid for debt repayment was 19,921.64 million yuan, down 19.83% year on year; cash paid for distributing dividends, profits or paying interest was 11,787.30 million yuan, down 32.50% year on year. Subtotal of cash inflows from financing activities was 34,010.49 million yuan, up 4.65% year on year; subtotal of cash outflows from financing activities was 34,028.01 million yuan, down 26.03% year on year. As cash outflows decreased significantly, net cash flow from financing activities was close to balanced.

Interpretation of Potential Risks

Risk of High Customer Concentration

The company’s sales to SharkNinja account for 79.17% of annual total sales, indicating a relatively high customer concentration. If SharkNinja’s own operations deteriorate or it adjusts its business strategy to reduce procurement scale from the company, it could adversely affect the company’s operating performance. The company will continue to develop new customers and expand the domestic market; adhere to technological leadership and innovation-driven development, continuously develop new products, expand into new product categories, and reduce reliance on a single customer.

Risk of Changes in Global Macroeconomic Conditions

Changes in macroeconomic conditions will affect people’s income levels, thereby impacting market demand. Small home appliances belong to an elastic demand category; if macroeconomic growth slows down, it will indirectly affect end-demand for products and have a negative impact on industry growth. The company will improve its international layout of production bases, continuously explore performance growth drivers, and actively respond to challenges brought by changes in macroeconomic conditions.

Risk of Fluctuations in Raw Material Costs

One of the company’s key raw materials includes plastics such as ABS and MABS. Raw material prices depend on petroleum market prices and changes in supply and demand relationships, and price fluctuations are significant. If raw material prices fluctuate sharply in the short term, it will cause volatility in the company’s operating performance. The company’s management and related business departments will closely monitor market fluctuation conditions, communicate in a timely manner, and when necessary prepare raw material safety reserves in advance to reduce the risk of raw material price fluctuations.

Risk of Foreign Exchange Fluctuations

The company has a relatively high proportion of overseas business. Foreign exchange fluctuations will affect translated RMB revenue, thereby impacting gross margin levels. Foreign exchange gains/losses will also cause the company’s performance to fluctuate. If the RMB continues to appreciate and the company cannot take effective measures to transfer the impact, it will adversely affect its profitability. The company will monitor foreign exchange fluctuations in real time and, if necessary, carry out corresponding hedging and risk management activities to reduce foreign exchange fluctuation risk.

Risk of Expanding New Sectors

The operating model, profit model, and market changes of new-sector businesses such as energy storage are different from the company’s existing core businesses. When formulating strategies that are effective and allocating resources appropriately, it will need to be explored step by step, which may introduce uncertainty to achieving the company’s targets and rapid development. The company will strongly recruit relevant technical personnel and management personnel, continuously improve the new business management and assessment model, enhance the company’s ability to operate and control the new business, and accelerate the development of new businesses.

Risk of Escalating Trade Conflicts and Risk of Additional Tariffs

The current global trade environment is complex and subject to frequent changes. Uncertainty in tariff policies may lead to rising cross-border trade costs, compress profit margins, and pose challenges to businesses’ expansion and the stability of supply chains. The company will adopt diversified market strategies to reduce reliance on a single market. At the same time, it will leverage overseas localized supply chain advantages, optimize supply chain management, enhance production flexibility, and respond to trade conflict risks.

Interpretation of the Total Pre-tax Compensation Received from the Company by the Chairman During the Reporting Period

During the reporting period, the chairman Wang Yuejun received a total pre-tax compensation amount of 50.00 million yuan from the company. His compensation mainly consists of fixed standard salary and benefits; benefits are implemented in accordance with relevant national regulations and are paid monthly.

Interpretation of the Total Pre-tax Compensation Received from the Company by the General Manager During the Reporting Period

During the reporting period, the general manager Lang Yiding received a total pre-tax compensation amount of 199.95 million yuan from the company. Of this amount, 27.80 million yuan was received in the company, 86.55 million yuan was received at the company’s subsidiary Hong Kong Lida Electrical Appliance Co., Ltd., 72.26 million yuan was received at the company’s subsidiary Lida (Singapore) Co., Ltd., and 13.34 million yuan was received at the company’s subsidiary Lida (Japan) Co., Ltd. His compensation includes fixed standard salary, benefits, and annual-end bonuses; the annual-end bonus is determined based on the company’s annual operating performance and other factors.

Interpretation of the Total Pre-tax Compensation Received from the Company by the Vice General Managers During the Reporting Period

During the reporting period, the vice general manager Luo Junbin received a total pre-tax compensation amount of 50.00 million yuan from the company, and the vice general manager Tu Ziqun received a total pre-tax compensation amount of 85.00 million yuan from the company. Their compensation mainly includes fixed standard salary, benefits, and annual-end bonuses, determined based on their respective positions and the company’s performance.

Interpretation of the Total Pre-tax Compensation Received from the Company by the Chief Financial Officer During the Reporting Period

During the reporting period, the chief financial officer Peng Haiyun received a total pre-tax compensation amount of 39.83 million yuan from the company. His compensation mainly consists of fixed standard salary and benefits, determined according to his position and relevant company regulations.

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