002032, nearly 2.1 billion in dividends distributed, with 83% taken by the actual controller!

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On the evening of April 2, Supor (002032) released its 2025 annual report and profit distribution plan. It plans to pay all shareholders a cash dividend of 26.30 yuan for every 10 shares (including tax), for a total cash dividend of 2.1B yuan. This total dividend amounts to 99.95% of the attributable net profit for the same period, meaning the company has nearly distributed all of its 2025 profits.

SEB Group takes 1.7 billion yuan

Although Supor has more than 20k shareholders, the biggest beneficiary of this dividend feast is undoubtedly Supor’s actual controller, the French SEB Group.

The announcement shows that SEB International (SEB INTERNATIONALE S.A.S) holds 83.16% of Supor’s shares. Based on the dividend plan this time, the SEB Group will enjoy more than 1.7 billion yuan out of the 20k yuan cash dividend.

Supor has long maintained a tradition of exceptionally high payout ratios. In fiscal year 2023 and fiscal year 2024, Supor’s total cash dividends were 2.1B yuan and 2.18B yuan, respectively, with payout ratios all above 99%. From 2023 to 2025, Supor’s cumulative total cash dividends reached 2.24B yuan.

In response, Supor explained that, considering the large amount of accumulated undistributed profits the company has built up over the years, abundant cash assets, and the absence of major capital expenditure projects in the near term, the company plans to implement a high-percentage cash dividend proposal.

First negative growth in five years

Compared with the generous dividend, Supor’s performance looks rather dim.

The 2025 annual report shows that the company achieved full-year operating revenue of 6.51B yuan, up 1.54%; attributable net profit was 22.77B yuan, down 6.58% year over year. This is the first time since 2021 that Supor’s annual attributable net profit has fallen on a year-over-year basis, showing a pattern of “increasing revenue without increasing profit.”

In the industry’s view, Supor’s profit decline is not accidental. For a long time, Supor’s export business has been highly dependent on the SEB Group, with insufficient internal growth drivers. At the same time, R&D spending has remained relatively low, product innovation has been weak, and quality issues have occurred frequently, causing both its market position and brand influence to slide.

As a controlling subsidiary of the French SEB Group, Supor has long relied on its parent’s overseas channels. This highly concentrated customer structure makes its export revenue extremely vulnerable to fluctuations in orders from a single customer. For example, in 2022, due to a reduction in the SEB Group’s orders, the company’s export-related main business revenue fell sharply by 29.34% year over year.

In addition, an OEM-focused model in the export business keeps its gross margin lower than that of domestic sales for a long time. In 2025, Supor’s export gross margin was about 17.19%, while its domestic sales gross margin was as high as 28.59%. This difference in gross-margin structure means the company’s overall profitability is even more easily affected by fluctuations in lower-gross-margin export business.

The deeper problem is that Supor has long been “light on R&D and heavy on marketing.” In 2025, Supor’s R&D expenditure was 476 million yuan, accounting for about 2.09% of total operating revenue. By comparison, peers such as Bear Ding Technology and Joyoung achieved R&D ratios of 4.55% and 3.69%, respectively. Supor’s investment in technological innovation is clearly insufficient.

Meanwhile, Supor’s products have frequently faced quality issues, and the 【download Black Cat Complaint client】 volume of consumer complaints has been rising year by year.

As of April 3, 2026, the Black Cat Complaint platform had more than 10k related complaints mentioning “Supor.” These involve safety hazards for multiple products, such as high-pressure cookers leaking electricity and nonstick coating on frying pans peeling off, among others. In 2025, Supor’s number of complaints exceeded 1,000, up more than 60% year over year; in 2024 it rose by nearly 30% year over year. And as early as 2022, its complaints had already increased by more than 50% year over year.

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