Supor's clearance dividend exceeds 2.1 billion yuan

Reporter | Li Yewen, Trainee Reporter Lin Qianwei

Editor | Li Yanna, Jiang Peixia

On April 3, after Supor (002032.SZ) opened, it continued to climb steadily. By the close, it was at 45.96 yuan per share, up 2.11%. Meanwhile, the 2025 annual report the company released the previous evening shows that while this domestic cookware and small-appliance leader posted a slight increase in revenue, it experienced a net profit decline for the first time in five years. Yet it has again rolled out a clearance-style dividend plan of nearly 100%, drawing widespread attention from the market.

According to the annual report data, in 2025 Supor recorded operating revenue of 227.72 billion yuan, up 1.54%; net profit attributable to shareholders of listed companies was 20.97 billion yuan, down 6.58% year over year; and non-recurring items net profit attributable to the parent was 19.14 billion yuan, down 7.28% year over year. This is the first time since 2021 that Supor has posted a negative year-over-year growth rate in annual net profit attributable to shareholders within a five-year period.

Looking back at its historical trend, there were early signs that Supor’s profit growth pace was slowing. In 2018, the year-over-year growth rate of net profit attributable to shareholders was still as high as 25.91%; in 2019, it suddenly fell to 14.97%. In 2020, both the year-over-year growth rates of revenue and net profit turned negative. In 2021, although operating revenue grew 16.07% year over year, the year-over-year growth rate of net profit attributable to shareholders was only 5.29%, with a clear divergence between revenue and profit growth rates. In 2024, the year-over-year growth rate of net profit attributable to shareholders had already dropped to 2.97%; in 2025, this slowdown trend fully shifted into a material decline.

Supor’s profit decline may be driven by both external and internal pressures. Externally, demand in overseas markets remained weak. For the full year, Supor’s revenue from its primary export business was 73.38 billion yuan, down 0.98% year over year, becoming an important factor dragging on profits. The company explained that orders from its main overseas customers were slightly lower than in the same period, and on top of that, overall returns on monetary funds decreased due to falling interest rates.

Internally, in 2025 the company’s selling expenses surged year over year by 10.41% to 24.09 billion yuan. While employee compensation expenses and small decreases in office expenses and travel and entertainment expenses were recorded, advertising, promotion, and gift expenses rose from 16.91 billion yuan to 19.38 billion yuan, up 14.66%.

The ongoing rigid growth on the cost side continued to erode profit margins. In 2025, Supor’s weighted average return on net assets fell from 37.27% in 2024 to 35.08%, a decrease of 2.19 percentage points.

Despite the slowdown in performance growth, Supor has remained generous when it comes to returning value to shareholders. The annual report shows that the company plans to distribute cash dividends of 26.30 yuan per 10 shares to all shareholders (including tax), for a total cash dividend distribution of 20.96 billion yuan. The dividend payout ratio is nearly 100%, meaning it has effectively allocated almost all of its 2025 full-year net profit attributable to shareholders to shareholders.

This is the third consecutive year that Supor has implemented an ultra-high dividend payout ratio. Data show that in 2023 and 2024, Supor’s total cash dividend amounts were 21.76 billion yuan and 22.39 billion yuan, respectively. In those years, net profit attributable to shareholders was 21.80 billion yuan and 22.44 billion yuan, respectively, and the dividend payout ratios were both above 99%. From 2023 to 2025, the company cumulatively distributed profits in cash totaling 65.10 billion yuan.

Supor explained that, considering the large amount of accumulated undistributed profits over the years, ample cash assets, and the lack of any near-term large capital expenditure projects, the company plans to implement a high-proportion cash dividend plan. Going forward, the company will comprehensively consider factors such as its operating conditions, financial position, and capital needs, to return shareholders with a sustainable cash-focused dividend plan.

However, as of December 31, 2025, Supor’s total number of shareholders was only 23.9 thousand. The biggest beneficiary of the massive dividend is undoubtedly the controlling shareholder, the French SEB Group. By the end of 2025, SEB held 83.16% of Supor’s shares. Based on this stake, SEB can enjoy more than 1.7 billion yuan out of Supor’s 20.96 billion yuan in dividends for 2025.

Against the backdrop of falling performance and weakening growth momentum, the nearly “clear-the-shelf” style dividend model has also sparked controversy in the market. In 2025, Supor’s research and development expenses were only 4.76 billion yuan, accounting for about 2.1% of revenue, below the industry average level. Some believe that excessive dividends may affect the company’s R&D investment and long-term competitiveness.

As for 2026, market expectations for Supor show cautious optimism. In a research report issued earlier after Supor’s performance express announcement, China International Capital Corporation maintained a “outperform the industry” rating for Supor, but lowered its target price by 9% to 60.45 yuan.

The research report notes that looking ahead to 2026, the resilience of leading companies is expected to continue to be evident. On the domestic sales front, although small appliances in 2026 face the phase-out of the government subsidies for the “guaranteed subsidies” program, the earlier subsidies had not been overly used up to create demand headroom for the company’s core categories, and the company is expected to achieve resilient growth in domestic sales by relying on product innovation and category expansion. On the export front, the company said in its announcement that in 2026 it plans to sell a total of 72.80 billion yuan worth of goods to its related party, the SEB Group, and it is expected that compared with the actual level in 2025, this will achieve a steady improvement in the high-single-digit range.

Yuesheng Investment & Research: Hot-topic company clues for further reading

(Statement: The article content is for reference only and does not constitute investment advice. Investors act on it at their own risk.)

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Produced by | 21 Finance Client, 21st Century Business Herald

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