Recently, small home appliance listed companies such as Jiuyang, Xinbao, Xiaoxiong, and Suber have successively released performance data. Except for Xiaoxiong's positive growth in revenue, other companies saw a decline in revenue last year.

According to AVC data, after experiencing a significant decline in 2021, the kitchen home appliance market still shows a downward trend in 2022, but the decline has narrowed.

According to statistics, the retail sales of small kitchen appliances (rice cookers, induction cookers, electric pressure cookers, soybean milk machines, wall breakers, mixers, juicers, electric kettles, frying and baking machines, health pots, electric steam stewing pans, table type single function ovens, and air frying pans) in 13 categories totaled 52.03 billion yuan last year, down 6.7% year on year; The retail volume is about 220 million units, a year-on-year decrease of 12.7%. Among them, both offline and online sales have decreased by 2.9% and 16%, but new channels such as short videos and live streaming software are showing an upward trend.

Analysis suggests that as consumers' willingness and demand for consumption change, their willingness to pay a reasonable premium for higher quality goods is increasing, and multifunctional, personalized, and intelligent products are becoming more popular, becoming a direction of change in the small home appliance market.

Emerging channels are growing against the trend

In 2022, due to factors such as the epidemic and the international environment, the overall situation of the kitchen appliances market in China and overseas is not optimistic. Data shows that last year's revenue of Jiuyang Co., Ltd. (002242. SZ) was 10.177 billion yuan, a year-on-year decrease of 3.45%; The net profit attributable to the parent company was 530 million yuan, a year-on-year decrease of 28.98%; The non net profit attributable to the parent company was 547 million yuan, a year-on-year decrease of 8.3%. Last year, both domestic and export sales of Jiuyang Group decreased, with domestic sales declining by 2.56% to 8.85 billion yuan and export sales declining by 9.03% to 1.326 billion yuan.

Xinbao Group (002705. SZ) achieved a revenue of 13.696 billion yuan in 2022, a year-on-year decrease of 8.15%, and a net profit attributable to the parent company of 959 million yuan, a year-on-year increase of 20.97%; Among them, the export revenue was 9.733 billion yuan, a year-on-year decrease of about 16%, while the domestic sales revenue was 3.963 billion yuan, a year-on-year increase of about 21%. According to company news, this year, Xinbao Group's export business will gradually shift from OEM/ODM as the main focus to a combination of OEM/ODM and brand operation to expand the export scale.

Subor (002032. SZ) had a revenue of 201.71 billion yuan last year, a year-on-year decrease of 6.55%; The net profit was 1.888 billion yuan, a year-on-year increase of 1.62%. Among them, the export business revenue decreased by 29.34% year-on-year to 5.15 billion yuan. The domestic sales revenue increased by 5.07% year-on-year to 14.797 billion yuan, which the company attributed to the optimization of domestic products and channels.

In its annual report, Jiuyang Group analyzed that in 2022, international commodity prices remained high, putting pressure on companies in the industry to maintain high production costs. In addition, in 2022, the offline market will gradually recover, the online market reform will accelerate, and the channel traffic fragmentation has become a trend. The rapid change of the industry has brought greater pressure and difficulties to the development of the company.