Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Hangzhou Robam Appliances Co., Ltd.
April 2026
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 1 Important Notes, Contents and Interpretations
The Board of Directors, as well as the directors and senior management of
Hangzhou Robam Appliances Co., Ltd. (the Company) hereby guarantee that
there are no false representations, misleading statements, or material
omissions in this Annual Report (“the Report”), and are severally and jointly
liable for the authenticity, accuracy and completeness of the information
contained herein.
Ren Jianhua, the head of the Company, Zhang Guofu, the person in
charge of the Company’s accounting, and Zhang Guofu, the head of the
accounting body (the accountant in charge) hereby declare and warrant that
the financial report contained in the Report is authentic, accurate, and
complete.
All the directors attended the board meeting for reviewing the Report.
The Company's profit distribution plan approved by the Board of
Directors is as follows: based on the total of 944,938,916 shares, a cash
dividend of RMB 5 (inclusive of tax) will be distributed to all shareholders for
every 10 shares held. No bonus shares (inclusive of tax) will be issued, and
there will be no capital reserve converted into capital stock.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Contents
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Documents Available for Inspection
accounting affairs and the head of the accounting body.
General Partnership) and signed and sealed by the certified public accountants.
designated by China Securities Regulatory Commission during the Reporting Period.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Interpretations
Item refer(s) to Contents
The Company, Company, Robam
refer(s) to Hangzhou Robam Appliances Co., Ltd.
Appliances
MingQi refer(s) to Hangzhou MingQi Electric Co., Ltd.
Shengzhou Kinde Intelligent Kitchen
Kinde Intelligent refer(s) to
Appliances Co., Ltd.
Hangzhou Jinhe Electric Appliances Co.,
Jinhe Electric Appliance refer(s) to
Ltd.
Hangzhou Robam Industrial Group Co.,
Robam Group refer(s) to Ltd., controlling shareholder of the
Company
The reporting period refer(s) to Year 2025
Beijing All View Cloud Data
AVC refer(s) to
Technology Co., Ltd.
Home appliance trade-in subsidy policy
Government subsidy refer(s) to
(“old-for-new” program)
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 2 Company Profile and Major Financial Indicators
I. Company Information
Stock abbreviation Robam Stock code 002508
Stocks traded on Shenzhen Stock Exchange
Chinese name of the
Hangzhou Robam Appliances Co., Ltd.
Company
Short Chinese name of the
Robam
Company
English name of the Company
HANGZHOU ROBAM APPLIANCES CO., LTD.
(if any)
Short English name of the
ROBAM
Company (if any)
Legal representative of the
Ren Jianhua
Company
No. 592, Linping Avenue, Linping Economic and Technological Development Zone, Linping
Registered address
District, Hangzhou City, Zhejiang Province
Postal code of the registered
address
Historical changes of the
N/A
Company's registered address
No. 592, Linping Avenue, Linping Economic and Technological Development Zone, Linping
Office address
District, Hangzhou City, Zhejiang Province
Postal code of the office
address
Company website www.robam.com
E-mail robam@robam.com
II. Contact Person and Contact Information
Secretary of the Board of Directors Representative of securities affairs
Name Wang Gang Chen Xiaofeng
No. 592, Linping Avenue, Linping No. 592, Linping Avenue, Linping
Economic and Technological Economic and Technological
Contact address
Development Zone, Linping District, Development Zone, Linping District,
Hangzhou City, Zhejiang Province Hangzhou City, Zhejiang Province
Telephone 0571-86187810 0571-86187810
Fax 0571-86187769 0571-86187769
E-mail wg@robam.com wg@robam.com
III. Information Disclosure and Filing Location
Website of the stock exchange designated for disclosure of the
www.szse.cn
Company’s annual report
Media outlets designated for disclosure of the Company’s Securities Times, China Securities Journal, Securities Daily,
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
annual report and their websites Shanghai Securities News, and CNINFO
(http://www.cninfo.com.cn)
Location where the Company’s annual report is filed for
Office of the Board of Directors of the Company
inspection
IV. Changes in Registration
Unified Social Credit Code 91330000725252053F
Changes in the Company's main business since listing (if any) N/A
Changes in controlling shareholders over time (if any) N/A
V. Other Information
Accounting firm engaged by the Company
ShineWing Certified Public Accountants (Special General
Name of the accounting firm
Partnership)
Office Address of the accounting firm
Street, Dongcheng District, Beijing
Name of signatory accountant(s) Liu Yu, Tian Chuan
The sponsor institution engaged by the Company to perform continuous supervision duties during the reporting period
□Applicable Not applicable
The financial advisor engaged by the Company to perform continuous supervision duties during the reporting period
□Applicable Not applicable
VI. Key Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years:
□ Yes No
Increase/decrease in
the previous year
Operating income
(RMB)
Net profit attributable
to shareholders of the 1,255,879,806.22 1,577,400,594.74 -20.38% 1,732,789,332.13
listed company (RMB)
Net profit attributable
to shareholders of the
listed company after
deducting non-
recurring gains/losses
(RMB)
Net cash flow from
operating activities 1,597,826,676.68 1,660,251,710.71 -3.76% 2,391,921,812.71
(RMB)
Basic earnings per
share (EPS) 1.33 1.67 -20.36% 1.83
(RMB/share)
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Diluted EPS
(RMB/share)
Weighted average
return on net assets
Increase/decrease at the
end of this year over
End of 2025 End of 2024 End of 2023
the end of the previous
year
Total assets (RMB) 17,208,063,114.15 17,043,258,282.33 0.97% 16,779,531,315.72
Net assets attributable
to shareholders of the 11,497,455,691.08 11,178,437,443.19 2.85% 10,522,938,731.68
listed company (RMB)
Whether the lower of the net profit before and after deduction of non-recurring gains and losses for each of the Company’s most
recent three fiscal years is negative, and whether the most recent audit report indicates uncertainty regarding the Company’s ability
to continue as a going concern:
□ Yes No
Whether the lower of the audited total profit, net profit, and net profit after deduction of non-recurring gains and losses for the
reporting period is negative:
□ Yes No
VII. Differences in Accounting Data under Domestic and Foreign Accounting Standards
International Accounting Standards (IAS) and China’s accounting standards:
□Applicable Not applicable
There is no difference in the net profit and net asset disclosed in the Financial Report under IAS and China’s accounting standards
during the reporting period.
foreign accounting standards and China’s accounting standards during:
□Applicable Not applicable
There is no difference in the net profit and net asset disclosed in the Financial Report under foreign accounting standards and
China’s accounting standards during the reporting period.
VIII. Key Quarterly Financial Indicators
In RMB
Q1 Q2 Q3 Q4
Operating income 2,076,194,452.05 2,531,330,251.21 2,704,212,014.60 2,804,332,678.34
Net profit attributable
to shareholders of the 340,019,016.58 371,621,941.61 445,685,188.26 98,553,659.77
listed company
Net profit attributable
to shareholders of the
listed company after
deducting non-
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
recurring gains/losses
Net cash flow from
-187,492,962.49 698,699,723.34 217,987,889.37 868,632,026.46
operating activities
Whether the above financial indicators or their aggregates differ materially from the corresponding financial indicators disclosed
in the Company’s quarterly and semi-annual reports:
□ Yes No
IX. Items and Amounts of Non-recurring Gains and Losses
Applicable □Not applicable
In RMB
Item Amount for 2025 Amount for 2024 Amount for 2023 Description
Gains and losses on
disposal of non-current
assets (including the
-5,877,227.41 -4,462,199.53 -1,212,528.65
written-off part of the
provision for asset
impairment accrued)
Government subsidies
included in current
gains and losses
(excluding government
subsidies closely
related to the
Company's normal
business, in line with 51,206,395.48 70,457,368.55 82,547,062.16
national policy,
enjoyed according to
established standards,
and having a sustained
impact on the
Company's gains and
losses).
Reversal of impairment
provision for accounts
receivable tested for
impairment separately
Other non-operating
revenues and expenses -7,470,401.43 -5,902,946.81 -1,838,686.70
except the above items
Other gain/loss items
conforming to the
definition of non-
recurring gains/losses
Less: Affected amount
of income tax
Affected amount
of minority
shareholders’ equity
(after tax)
Total 92,184,431.84 121,808,401.93 149,221,289.49 --
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other items of gains and losses meeting the definition of non-recurring gains and losses:
□Applicable Not applicable
The Company does not have other items of gains and losses meeting the definition of non-recurring gains and losses
Explanation on the circumstance where items of the non-recurring gains and losses enumerated in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains and Losses
(referred to as “Announcement No.1”) are defined as recurring gains and losses
□Applicable Not applicable
There is no circumstance where items of non-recurring gains and losses enumerated in accordance with the Announcement No. 1
are defined as recurring gains and losses.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 3 Management Discussion and Analysis
I. Main Businesses during the Reporting Period
The Company has continued to deepen its presence in the kitchen appliance sector. Guided by its corporate mission of
“fulfilling people’s diverse desires for exceptional kitchen experience,” it adheres to a development philosophy centered on the
integration of “technology + humanistic care.” With a strategic positioning as a “provider of integrated, full-chain cooking
solutions,” the Company focuses on the core cooking scenario and specializes in the research and development, manufacturing,
and sales of kitchen appliances, including range hoods, gas stoves, dishwashers, combi-steam ovens, gas water heaters, and water
purifiers, while continuously optimizing its comprehensive service system. Driven by technological innovation, the Company
promotes product upgrades and scenario expansion, steadily advancing from traditional kitchen appliances toward digital kitchen
appliances, integrated packages, and cooking ecosystem services. While consolidating its foundation in the household kitchen
appliances business, it is also gradually expanding into commercial and related businesses, fostering a diversified and synergistic
business development model. The Company is committed to delivering more convenient, healthy, and engaging kitchen
experiences for households and diverse cooking scenarios worldwide. After 47 years of development, it has grown into one of the
leading enterprises in China’s kitchen appliance industry, continuously strengthening its advantages in core product categories,
product portfolio, channel coverage, and brand influence.
In terms of its product system, the Company continues to refine a multi-tiered product portfolio centered on full-scenario
cooking needs, dividing its core offerings into three major segments: kitchen air environment products, cooking appliances, and
cleaning and storage products. The kitchen air environment product line, with range hoods at its core, focuses on optimizing
kitchen air quality and providing efficient smoke extraction solutions. The cooking appliance line includes gas stoves, induction
stoves, integrated stoves, and combi-steam ovens, covering both open-flame and electric cooking scenarios, while advancing the
intelligence and convenience of cooking methods. The cleaning and storage product line encompasses dishwashers, water purifiers,
gas water heaters, disinfection cabinets, refrigerators, and integrated sinks, forming a closed-loop kitchen health management
system across water treatment, cleaning, and storage. Through coordinated product lines, the Company integrates the entire chain
of R&D, production, and sales, leveraging digital kitchen appliance technologies, modular product systems, and scenario-based
solutions to continuously enhance the users' cooking experience.
In terms of channel strategy, the Company has established a comprehensive omni-channel network covering offline retail,
online e-commerce, fine decoration real estate projects, and overseas markets. The offline retail network is centered on the
Company’s national marketing centers and includes specialty stores (such as those under the national marketing system, Red Star
Macalline, and Easyhome), KA retail chains (including Suning and JD Five Star), home renovation partners (home renovation
companies and gas utilities), customized solution providers (whole-house customization companies), and lower-tier markets
(including JD franchise stores, Tmall Youpin, and Suning Retail Cloud). The online e-commerce channel is primarily operated
directly by the Company’s e-commerce division, covering major platforms such as JD.com, Tmall, and Douyin, while actively
exploring emerging models such as content-driven and livestream e-commerce to efficiently reach consumers. The developer
channel focuses on central and state-owned enterprises, nationwide private real estate developers, and regional urban investment
and construction entities, steadily advancing cooperation in fine decorated housing, integrated cabinet-appliance solutions, and
related application scenarios. The Company has expanded into overseas markets across five continents and 40 countries and
regions, continuously advancing its global brand strategy through distributor network expansion, localized operational capabilities,
and the establishment of subsidiaries in key regions.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
II. Industry Overview During the Reporting Period
In 2025, the kitchen appliance industry faced a confluence of factors, including the diminishing marginal effects of
government trade-in subsidy policies (“old-for-new” program), a gradual recovery in consumer confidence, and ongoing
adjustments in the real estate market. As a result, market competition has increasingly shifted toward competition within existing
demand. According to AVC (All View Cloud) aggregated data, China’s home appliance market (excluding 3C products) recorded
total omnichannel retail sales of RMB 893.1 billion in 2025, representing a year-on-year decline of 4.3%. The kitchen and
bathroom appliance market (including integrated stoves) recorded total omnichannel retail sales of RMB 161.3 billion, a year-on-
year decrease of 8.5% . By category, retail sales of range hoods and gas stoves reached RMB 34.91 billion and RMB 19.45 billion,
respectively, representing year-on-year declines of 3.6% and 4.9%. Categories such as dishwashers, built-in appliances, and water
purifiers also experienced varying degrees of decline. Overall, following a phase of policy-driven recovery, the industry is
increasingly reverting to fundamentals driven by genuine demand and core business performance.
From an operational perspective, the kitchen appliance market in 2025 exhibited several notable characteristics: demand was
stronger at the beginning and weakened at the end; channel structures are undergoing rapid transformation; and product upgrades
are refocusing on core user experience. On the one hand, subsidy-driven demand has shifted from concentrated early-stage release
to gradual tapering, returning competition to fundamentals such as real demand, product innovation, and operational capabilities.
This has placed higher requirements on enterprises in areas such as cash flow management, channel coordination, inventory
turnover, and end-user conversion. On the other hand, the boundaries between online and offline channels continue to blur, with
shelf-based e-commerce, instant retail, and in-store experiences evolving in tandem. Channel competition is shifting from isolated
sales capabilities toward comprehensive competition in full-domain reach, scenario-based operations, and conversion efficiency.
At the same time, the logic of product upgrades is evolving away from excessive feature stacking and parameter competition,
toward addressing core users' pain points and fundamental needs. Industry competition is increasingly focused on brand strength,
product competitiveness, scenario adaptability, and service capabilities. With the release of new national standards such as GB
to rise further. The elimination of outdated production capacity and increased market concentration are likely to accelerate,
benefiting leading enterprises with strong brand equity, R&D capabilities, channel management, and service delivery.
From a long-term perspective, ongoing urbanization and the renovation of existing housing stock continue to underpin
demand for kitchen appliances. By the end of 2025, China’s urban resident population reached 953.8 million, with an urbanization
rate of 67.89%, up 0.89% year-on-year. During the year, 27,100 old urban residential communities were newly renovated,
benefiting 4.99 million households. As partial home renovations, replacement demand, and upgrades to higher-quality kitchen
environments continue to advance, the kitchen appliance industry retains a solid foundation for replacement-driven demand and is
expected to continue evolving toward higher quality, greater intelligence, and more scenario-based solutions.
III. Analysis of Core Competitiveness
There is no material change in the Company’s core competitiveness during the reporting period. The Company’s core
competitiveness is mainly reflected in its high-end brand positioning, sustained R&D innovation capability, comprehensive and
efficient operation capability.
The “ROBAM” brand was established in 1988. In 2025, the Company further advanced its positioning as “your cooking
partner,” deepening the integrated development path of “technology + humanistic care” and consistently promoting its brand value
proposition of “cooking freedom, enjoyment of creation, and fulfillment of a better life.” The brand is evolving from a “kitchen
appliance expert” to a “cooking partner.” “ROBAM” has become one of the most recognized and widely favored premium
professional kitchen appliance brands in China. Since 1991, ROBAM range hoods have successively received the “Silver Award
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
for Quality of the People’s Republic of China” (the only such award in the kitchen appliance industry), “China Top-brand product,”
and “National Inspection-Exempt Product” honors. The “ROBAM” trademark has been recognized as a “China Well-Known
Trademark,” and the brand has received accolades such as “Most Influential Brand in China’s Kitchen Appliance Industry” and
“China’s Top 500 Most Valuable Brands.” In addition, Robam Appliances has been listed among the “BrandZ Top 100 Most
Valuable Chinese Brands” for seven consecutive years and the “Asia’s Top 500 Brands” for fifteen consecutive years. ROBAM
range hoods and built-in stoves have ranked No. 1 globally in sales for eleven consecutive years, while large cooking appliances
have ranked No. 1 globally for five consecutive years. The Company has also been included in the first batch of “China Consumer
Premium Brands” designated by the Ministry of Industry and Information Technology, making it the only enterprise from the
kitchen appliance industry to be selected.
The Company consistently regards R&D innovation as a strategic core and continues to strengthen its “technology leadership”
advantage. Leveraging national-level innovation platforms—including a National Enterprise Technology Center, a National
Industrial Design Center, a National Intellectual Property Demonstration Enterprise designation, and a nationally accredited
laboratory—the Company has established a coordinated dual-research-institute structure in Hangzhou and Chengdu. Together with
innovation platforms such as the Digital Kitchen Appliance Research Institute, it has built a comprehensive innovation system
spanning basic research, key technology development, application development, and commercialization. Focusing on three key
dimensions—technology, form, and intelligence—the Company continuously enhances its R&D capabilities, targeting frontier
areas such as digital kitchen appliances, intelligent cooking, multimodal interaction, and core component technologies. It has
strengthened competitiveness in core categories, improved product innovation efficiency, and enhanced its ability to deliver
scenario-based solutions. The Company continues to refine its end-to-end R&D process from demand insight and pre-research to
product development and commercialization, while strengthening collaboration among industrial design, technology development,
and product management. By concentrating innovation resources on core categories and strategic directions, the Company
maintains leadership in industry standards development, enhances its technological influence, and steadily strengthens its overall
competitiveness.
The Company continues to build a comprehensive and efficient operational system, adhering to a user-centric operating
philosophy. It steadily advances coordinated development across multiple channels, including retail, e-commerce, developer, and
overseas markets. By focusing on the user journey, it continuously optimizes end-point reach, store operations, scenario
experience, and service responsiveness, while promoting multi-brand coordination and deep channel penetration to establish a
highly efficient and responsive market operation system. The Company continues to deepen intelligent manufacturing and refined
operations, improving operational efficiency and delivery capability in complex environments. It has been awarded honors such as
“National Top 100 Benchmark Enterprise for Quality Inspection Integrity” and “National Excellent Enterprise for Quality Credit.”
It has also been recognized by the Zhejiang Provincial Department of Economy and Information Technology as one of the first
“Future Factories,” demonstrating authoritative recognition of its manufacturing and operational management capabilities. The
Company is accelerating the integration of digitalization and informatization. Leveraging its Cloud Nine Central Intelligent
Platform, industrial internet platform, and direct-to-consumer integrated digital supply chain system, it promotes data connectivity
and business coordination across front-, middle-, and back-end operations. This enhances its capabilities in a digital environment
and strengthens its sustainable competitiveness in both domestic and international markets. The Company has also been
recognized as a provincial-level industrial internet platform and was selected as one of the first “Kunpeng Enterprises” in
Hangzhou.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
IV. Analysis of Main Business
In 2025, affected by factors such as the continued adjustment of the real estate market and the diminishing marginal effects of
government trade-in subsidy policies (“old-for-new” program), the home appliance market returned to fundamentals after a phase
of policy-driven recovery. The market exhibited a “stronger at the beginning and weakened at the end” trend throughout the year,
with overall growth under pressure. Due to weakening demand for new housing and intensified industry competition, the kitchen
appliance market experienced more pronounced pressure. In the retail channel, according to AVC offline retail market monitoring
monthly reports (“AVC Offline Reports”), retail sales of major kitchen appliance categories—range hoods and gas stoves—
increased by 1.21% and decreased by 1.05% year-on-year, respectively. In the e-commerce channel, according to AVC online
retail market monitoring monthly reports (“AVC Online Reports”), retail sales of range hoods and gas stoves increased by 7.91%
and 1.72% year-on-year, respectively. In the developer channel, according to AVC data, there were 1,073 newly launched fine
decorated residential projects during the year, with 518,000 units, representing a year-on-year decline of 22.1%. The penetration
rate of fine decorated housing was 35.9%, continuing an overall downward trend.
The Company adheres to the integrated development path of technology and humanity and advances its operations and
business layout under the annual theme of “Building Dreams and Sailing Further—Leading a New Journey of Digital
Transformation in Cooking.” Despite a complex external environment, the Company has maintained its leading position in the
industry. According to AVC Offline Reports, the ROBAM brand’s market share in retail sales of range hoods and gas stoves
reached 31.42% and 31.56%, respectively, maintaining long-term industry leadership. According to AVC Online Reports, the
ROBAM brand’s market share in kitchen appliance package sales reached 17.57%, continuing to rank first in the industry. In 2025,
the Company achieved a revenue of RMB 10.116 billion, representing a YoY decrease of 9.78%. The net profit attributable to
shareholders of the listed company was RMB 1.256 billion, a YoY decrease of 20.38%.
As of December 31, 2025, according to AVC Offline Report, the market shares and market rankings of the Company’s main
product categories in terms of offline retail sales are shown in the following table:
Built-in combi- Built-in Built-in electric Built-in electric Disinfection
Range hood Gas stove
steam oven Dishwasher baking oven steam oven cabinet
As of December 31, 2025, according to AVC Online Report, the market shares and market rankings of the Company’s main
product categories in terms of online retail sales are shown in the following table:
Kitchen appliance Built-in combi- Built-in electric Built-in
of range hood and Range hood Gas stove
package steam oven steam oven dishwasher
stove
As of December 31, 2025, according to AVC Real Estate Report, the market share of ROBAM range hoods in the fine
decoration channel was 27.5%, ranking No.2 in the industry.
In 2025, the technology segment advanced innovation breakthroughs along three key dimensions—technology, form, and
intelligence—thereby comprehensively strengthening the foundational capabilities of digital kitchen appliances and intelligent
cooking technologies. The Company established the Hangzhou AI Research Institute to further enhance its organizational
framework for intelligent R&D. The Culinary Master (Shishen) large model continued iterative upgrades and became the first in
the kitchen appliance industry to complete the three requisite filings for security, algorithms, and large models. It was also selected
as one of the first pilot projects for high-quality dataset development at the national level, accelerating the penetration of intelligent
capabilities into product development, user services, and operational management scenarios. Meanwhile, the Company deepened
differentiated technology R&D and product form innovation around its core categories, accelerated the commercialization of
digital kitchen appliance technologies, and continuously refined its full-scenario cooking product portfolio. As of the end of 2025,
the Company had led the formulation of 46 standards, including 2 international standard proposals, 6 national standards, 3 industry
standards, and 35 group standards. It had participated in the formulation of 119 standards, including 52 national standards, 17
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
industry standards, and 50 group standards. The Company held a total of 7,118 valid patents, including 841 invention patents. In
reached 7,377, including 7,118 patents and 259 copyrights. During the reporting period, the Company was once again awarded the
China Gold Award for Design Patents, becoming the only enterprise in the industry to receive this national-level honor twice. Its
technology commercialization rate remains industry-leading, and its innovation strength and industry influence continue to grow.
In 2025, the marketing segment firmly implemented a user-centric strategic approach, advancing cross-functional
collaboration across the entire business around the user journey, deepening organizational restructuring and capability upgrades,
and continuously strengthening its core business foundation amid intensified competition in a mature market. In the retail channel,
the Company adhered to the core principle of “rebuilding growth momentum based on user needs,” continuously enhancing store
operations and scenario-based experience capabilities through its “heaven-earth-human-network” user engagement system. It
actively responded to government trade-in subsidy policies (“old-for-new” program) by optimizing service offerings such as
“same-day delivery and installation” and “free cabinet renovation,” thereby deepening penetration in the replacement market and
improving user upgrade experiences. In the e-commerce channel, the Company focused on user insight and content innovation and
strengthened off-site grass-raising and on-site traffic operation, promoting the synergistic development of multiple categories and
upgrading the product structure, and continuously improving the sound volume and operational efficiency of high-end products. In
the developer channel, against the backdrop of pressure in the fine decorated housing market, the Company advanced its “project
branding” strategy, focusing on high-end projects and optimizing its customer structure. It steadily promoted the integration of
cabinet products and the “integrated cabinet-appliance” business model, laying a solid foundation for the long-term development
of the project business. In the overseas channel, the Company accelerated its global expansion and brand internationalization,
systematically enhancing cross-border operations and localization capabilities. Subsidiaries in Indonesia and Malaysia were
successfully established, marking solid progress in the deepening of overseas business operations. Overall, in 2025, coordinated
efforts across all marketing channels further enhanced channel penetration and user engagement effectiveness.
In 2025, the manufacturing segment focused on four core priorities—supply-demand integration, cost leadership, user
satisfaction, and ecosystem collaboration—steadily advancing deep transformation of the supply chain system and upgrading
manufacturing capabilities, thereby continuously improving overall responsiveness and operational quality. In terms of supply-
demand integration, the Company advanced order-driven production and precise demand management, strengthened front-end
demand capture, production-sales coordination, and flexible manufacturing capabilities, and promoted end-to-end coordination
across demand, procurement, production, inventory, and delivery, enhancing visibility, controllability, and responsiveness of the
delivery chain. In terms of cost leadership, the Company shifted from point-based cost control to full value chain total cost
management, improving a closed-loop cost management system covering procurement, manufacturing, logistics, and delivery,
thereby strengthening the sustainable cost competitiveness of its supply chain. In terms of user satisfaction, the Company
accelerated its transition from product quality management to user-centric quality management, integrating data flows across
products and services to establish a closed-loop management mechanism that continuously improves quality and service. In terms
of ecosystem collaboration, the Company actively promoted the transition from supply cooperation to ecosystem co-development,
strengthening information sharing, resource integration, and capability collaboration, thereby enhancing the overall
competitiveness and risk resilience of the supply chain. At the same time, the Company comprehensively advanced process
transformation initiatives such as IPD 3.0, continuously strengthening process-oriented organizational capabilities and cross-
functional collaboration to support end-to-end product operations, supply chain transformation, and optimized business decision-
making.
In 2025, the brand segment, guided by a belief in cooking, focused on the strategic goal of “evolving from a category brand to
a super brand,” deepening the integration of technology and humanistic care, and advancing the brand upgrade from a “kitchen
appliance expert” to “your cooking partner.” The Company articulated its brand value proposition of “cooking freedom, enjoyment
of creation, and fulfillment of a better life,” comprehensively refreshed its visual identity system, and continued to elevate the
brand image toward greater consistency and premium positioning. At the same time, the Company advanced user-centric
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
operational transformation. Leveraging the One ID user asset system and a Customer Data Platform (CDP) enriched with nearly
supporting a closed-loop Net Promoter Score (NPS) management system across the entire user journey. This lays the foundation
for evolving from transactional relationships to long-term partnerships with users. In terms of content and ecosystem development,
the Company created branded IP initiatives such as “Fresh Discovery Journey,” “National Cooking Day,” and the “Food
Education Program,” strengthening emotional connections and humanistic value expression between the brand and users. It also
established an exclusive official partnership with the Michelin Guide in the kitchen appliance category and collaborated with
industry partners to build a “Cooking Ecosystem Alliance,” further enhancing its professional barriers, resource depth, and
industry influence in the culinary domain.
In 2025, the Company continued to gain recognition from the capital market in terms of corporate governance, information
disclosure and shareholder returns. It was rated A (Excellent) in the Shenzhen Stock Exchange’s 2024 annual information
disclosure assessment, marking the twelfth consecutive year of achieving this distinction. In terms of employee incentives, the
Company has established a normalized incentive mechanism and launched the “2025 Stock Option Incentive Plan” during the
reporting period. Regarding shareholder returns, in accordance with the Company’s Shareholder Return Plan (2024–2026), it
continues to implement a dividend policy of “annual dividend in the first half of the year + interim dividend in the second half,”
ensuring stable and predictable returns to safeguard investor interests and demonstrating its commitment to long-term, steady
development and value investment.
(1) Composition of operating income
In RMB
% of operating % of operating YoY change
Amount Amount
income income
Total operating
income
By industry
Kitchen and
bathroom 9,814,261,679.32 97.02% 10,927,951,599.01 97.46% -10.19%
appliances
Other operating
income
By product
Environment
product line:
Range hood 4,984,986,144.96 49.28% 5,455,325,125.48 48.65% -8.62%
Cooking
appliance line:
Gas stove 2,505,732,908.56 24.77% 2,776,843,077.83 24.77% -9.76%
Combi-steam
oven
Integrated stove 138,609,484.13 1.37% 326,563,091.66 2.91% -57.56%
Steam oven 30,866,532.92 0.31% 59,689,620.27 0.53% -48.29%
Baking oven 24,766,000.72 0.24% 52,634,495.90 0.47% -52.95%
Cleaning and
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
storage product
line:
Dishwasher 680,157,742.84 6.72% 791,801,869.92 7.06% -14.10%
Disinfection
cabinet
Water heater 221,803,633.69 2.19% 245,883,199.81 2.19% -9.79%
Water purifier 28,905,220.58 0.29% 35,585,094.72 0.32% -18.77%
Other Categories
Kitchen cabinet 181,233,742.07 1.79% 40,579,283.08 0.36% 346.62%
Other small
appliances
Other operating
income
By region
East China 4,654,187,730.95 46.01% 5,201,184,851.21 46.39% -10.52%
South China 1,137,771,493.64 11.25% 1,286,644,158.16 11.47% -11.57%
Central China 820,937,087.97 8.12% 1,075,058,712.48 9.59% -23.64%
North China 1,405,294,625.14 13.89% 1,375,127,412.37 12.26% 2.19%
Northeast China 495,594,120.71 4.90% 552,002,140.23 4.92% -10.22%
Northwest China 574,421,832.87 5.68% 611,695,806.63 5.46% -6.09%
Southwest China 941,338,994.58 9.31% 1,043,934,532.62 9.31% -9.83%
Overseas 86,523,510.34 0.86% 67,006,606.52 0.60% 29.13%
Distribution model
Sales by proxy 3,828,848,223.89 37.85% 3,543,017,921.52 31.60% 8.07%
Sales by dealers 143,363,819.72 1.42% 193,049,051.34 1.72% -25.74%
Direct sales 4,941,294,161.02 48.85% 5,677,136,418.52 50.63% -12.96%
Developer 1,074,797,193.30 10.62% 1,675,133,692.61 14.94% -35.84%
Others 127,765,998.27 1.26% 124,317,136.23 1.11% 2.77%
(2) Industries, products, regions and sales model accounting for more than 10% of the Company’s operating income or
profit
Applicable □Not applicable
In RMB
YoY change in YoY change in
Gross YoY change in
Operating income Operating costs operating the gross
margin operating costs
income margin
By industry
Kitchen
and
bathroom
appliances
By product
Range hood 4,984,986,144.96 2,395,564,945.09 51.94% -8.62% -8.80% 0.09%
Gas stove 2,505,732,908.56 1,146,175,063.55 54.26% -9.76% -15.91% 3.35%
By region
East China 4,654,187,730.95 2,166,432,872.38 53.45% -10.52% -14.26% 2.03%
South
China 604,221,903.59 46.89% -11.57% -10.69% -0.53%
North
China 703,038,689.05 49.97% 2.19% 6.14% -1.86%
Distribution model
Direct sales 4,941,294,161.02 2,295,091,468.35 53.55% -12.96% -11.20% -0.92%
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Sales by
proxy 1,961,764,585.27 48.76% 8.07% 3.83% 2.09%
Developer 1,074,797,193.30 645,179,984.01 39.97% -35.84% -35.35% -0.45%
Main business data of the Company in the most recent reporting period according to adjusted statistical caliber at the end of the
reporting period is applied in case that the statistical caliber of such data is adjusted during the reporting period
□Applicable Not applicable
(3) Whether the Company’s revenue from sales of tangible goods exceeds revenue from the provision of services
Yes □No
Industry Item Unit 2025 2024 YoY change
Kitchen and Sales volume Units 6,886,931 7,805,491 -11.77%
bathroom Production volume Units 7,132,116 7,748,456 -7.95%
appliances Inventory volume Units 2,003,408 1,758,223 13.95%
Description of reasons for year-on-year changes of 30% or more in the relevant data
□Applicable Not applicable
(4) Performance status, as of the end of the reporting period, of major sales contracts and major procurement contracts
entered into by the Company
□Applicable Not applicable
(5) Composition of operating cost
By Industry and Product
In RMB
Industry Item % of YoY change
% of operating
Amount Amount operating
cost
cost
Kitchen and
Manufactu
bathroom 535,322,463.85 10.62% 558,100,446.06 9.89% -4.08%
ring cost
appliances
Kitchen and
Raw
bathroom 4,350,644,587.86 86.35% 4,915,272,039.78 87.08% -11.49%
materials
appliances
Kitchen and
bathroom Labor 152,670,537.48 3.03% 171,453,841.88 3.03% -10.96%
appliances
In RMB
Product Item % of % of YoY change
Amount operating Amount operating
cost cost
Manufacturing
Range hood 300,541,197.65 5.96% 317,262,127.96 5.62% -5.27%
cost
Range hood Raw materials 2,005,056,319.15 39.80% 2,206,021,575.36 39.08% -9.11%
Range hood Labor 89,967,428.29 1.79% 103,332,020.32 1.83% -12.93%
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Manufacturing
Gas stove 78,158,067.52 1.55% 86,373,643.36 1.53% -9.51%
cost
Gas stove Raw materials 1,056,996,021.77 20.98% 1,263,798,885.29 22.39% -16.36%
Gas stove Labor 11,020,974.26 0.22% 12,920,470.87 0.23% -14.70%
Manufacturing
Dishwasher 35,754,809.04 0.71% 40,262,702.14 0.71% -11.20%
cost
Dishwasher Raw materials 320,927,398.39 6.37% 405,050,503.42 7.18% -20.77%
Dishwasher Labor 9,668,663.76 0.19% 10,765,922.57 0.19% -10.19%
Combi-steam Manufacturing
oven cost
Combi-steam
Raw materials 280,325,472.20 5.56% 331,581,413.93 5.87% -15.46%
oven
Combi-steam
Labor 12,275,892.52 0.24% 15,270,790.67 0.27% -19.61%
oven
Manufacturing
Others 87,650,809.78 1.74% 77,743,457.71 1.38% 12.74%
cost
Others Raw materials 687,339,376.35 13.64% 708,819,661.78 12.55% -3.03%
Others Labor 29,737,578.65 0.59% 29,164,637.45 0.52% 1.96%
(6) Whether the scope of consolidation changed during the reporting period
Yes □No
During the year, the scope of consolidation increased by three wholly owned subsidiaries newly established by the Company,
and one additional controlled subsidiary was formed through the demerger of a subsidiary. Details are as follows:
On July 11, 2025, Robam Appliances (Hong Kong) Holding Co., Ltd., a subsidiary of the Company, established Robam
Appliances International Trading (Malaysia) Co., Ltd., with a registered capital of MYR 1,000 and a 100% equity interest. Its
business scope covers the sales and after-sales services of kitchen appliances. As of the end of the reporting period, the registered
capital had not yet been paid in and the company had not commenced operations.
On September 26, 2025, the Company established Hangzhou Robam Commercial Kitchen Technology Co., Ltd., with a
registered capital of RMB 50 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of
kitchen appliances. The registered capital has been fully paid.
On September 26, 2025, the Company established Hainan Robam Intelligent Technology Co., Ltd., with a registered capital
of RMB 200 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of kitchen appliances.
As of the end of the reporting period, the registered capital had not yet been paid in and the company had not commenced
operations.
(7) Significant changes or adjustments in the Company's business, products or services during the reporting period
□Applicable Not applicable
(8) Major customers and major suppliers
The company's main customers
Total sales to top five customers (RMB) 2,408,103,083.05
Percentage of total annual sales represented by the top five
customers
Percentage of related-party sales within sales to the top five
customers
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Details of the Company's top 5 customers
Percentage of total annual
No. Customer name Sales (RMB)
sales
Total -- 2,408,103,083.05 23.80%
Other information on major customers
□Applicable Not applicable
Major suppliers of the Company
Total procurement from the top five suppliers (RMB) 773,520,499.66
Percentage of total annual procurement represented by the top
five suppliers
Percentage of related-party procurement within procurement
from the top five suppliers
Details of the Company's top 5 suppliers
Percentage of total annual
No. Supplier name Procurement amount (RMB)
procurement
Total -- 773,520,499.66 16.30%
Other information on major suppliers
□Applicable Not applicable
Whether revenue from the Company’s trading business accounted for more than 10% of operating revenue during the reporting
period
□Applicable Not applicable
In RMB
Note on significant
changes
Sales expenses 2,923,421,261.24 3,078,798,259.84 -5.05%
Administrative
expenses
Financial expenses -138,132,869.12 -180,426,320.19 -23.44%
R&D expenses 367,949,907.26 413,659,448.81 -11.05%
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Applicable □Not applicable
Company's R&D personnel
Number of R&D personnel
(persons)
Percentage of total R&D
personnel
Educational background of R&D personnel
Bachelor’s degree 545 596 -8.58%
Master’s degree 139 145 -4.13%
Age structure of R&D personnel
Under 30 181 197 -8.12%
R&D investment
R&D expenditure (RMB) 367,949,907.26 413,659,448.81 -11.05%
R&D expenditure as % of
revenue
Capitalized R&D expenditure
(RMB)
Capitalized R&D expenditure
as % of R&D expenditure
Reasons for significant changes in the composition of R&D personnel
□Applicable Not applicable
Reasons for significant changes in the proportion of R&D investment to operating revenue
□Applicable Not applicable
Reasons for significant changes in the capitalization rate of R&D investment and their rationality
□Applicable Not applicable
In RMB
Item 2025 2024 YoY change
Subtotal of cash inflow from
operating activities
Subtotal of cash outflow from
operating activities
Net cash flow from operating
activities
Subtotal of cash inflow from
investment activities
Subtotal of cash outflow from
investment activities
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Net cash flow from
-1,009,643,620.84 -637,226,945.90 58.44%
investment activities
Subtotal of cash inflow from
financing activities
Subtotal of cash outflow from
financing activities
Net cash flow from financing
-936,295,580.63 -1,383,023,685.48 -32.30%
activities
Net increase in cash and cash
-349,058,867.72 -359,862,801.20 -3.00%
equivalents
Explanation of significant year-on-year changes in relevant data
Applicable □Not applicable
During the reporting period, net cash flow from investing activities decreased by 58.44% year-on-year, mainly due to an increase
in large-denomination certificates of deposit.
During the reporting period, net cash flow from financing activities increased by 32.30% year-on-year, mainly due to differences
in the timing of dividend payments.
Explanation of the significant difference between the net cash flow from operating activities of the Company during the reporting
period and the net profit for the current year
□Applicable Not applicable
V. Analysis of Non-main Business
□Applicable Not applicable
VI. Analysis of Assets and Liabilities
In RMB
End of 2025 Beginning of 2025
Note on
% of Change in
% of total significant
Amount total Amount percentage
assets changes
assets
Cash and
cash 1,236,257,860.53 7.18% 1,631,776,094.27 9.57% -2.39%
equivalents
Accounts
receivable
Inventory 1,360,022,769.09 7.90% 1,214,012,761.29 7.12% 0.78%
Investment
properties
Long-term
equity 4,395,119.95 0.03% 10,561,060.79 0.06% -0.03%
investment
Fixed assets 2,173,675,186.21 12.63% 1,611,144,579.04 9.45% 3.18%
Construction
in process
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Right-of-use
assets
Short-term
borrowings
Contract
liabilities
Lease
liabilities
Whether overseas assets account for higher percentage
□Applicable Not applicable
Applicable □Not applicable
In RMB
Gains and Cumulative
Impairment
losses from fair value Purchases Disposals
Opening provision Other Closing
Item fair value changes for the for the
balance for the changes balance
changes for recognized period period
period
the period in equity
Financial assets
financial
assets
(excluding
derivative
financial
assets)
Subtotal of 2,180,000,0 3,230,000,0
the above 00.00 00.00
Financial
liabilities
Other changes
Whether there were significant changes in the measurement attributes of the Company's major assets during the reporting period
□ Yes No
Item Year-end balance
Type of
Book balance Carrying value Restrictions
restriction
Cash and cash L/G margin
equivalents deposit
Bank acceptance
Cash and cash
equivalents
deposit
Cash and cash
equivalents
Cash and cash 40,252.34 40,252.34 Litigation freeze —
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
equivalents
Fixed assets 159,412,368.74 128,700,135.64 Mortgage loan —
Intangible assets 58,626,799.92 51,620,046.12 Mortgage loan —
Total 285,093,592.36 247,374,605.46 — —
VII. Analysis of Investment
□Applicable Not applicable
□Applicable Not applicable
□Applicable Not applicable
(1) Securities investment
□Applicable Not applicable
The Company had no securities investment during the reporting period.
(2) Derivative investment
□Applicable Not applicable
The Company had no derivatives investment during the reporting period.
VIII. Sale of Major Assets and Equities
□Applicable Not applicable
The Company did not sell major assets during the reporting period.
□Applicable Not applicable
IX. Analysis of Main Holding and Joint-stock Companies
Applicable □Not applicable
Main subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
In RMB
Company Company Main Registered Total Operating
Net assets Operating profit Net profit
name type business capital assets income
Shanghai
Sales of
Robam
kitchen 68,150,34 510,794,40
Appliances Subsidiary 5,000,000 -29,877,617.48 4,363,207.90 6,611,850.46
applianc 3.57 1.34
Sales Co.,
es
Ltd.
Beijing
Sales of
Robam
kitchen 59,927,40 230,275,71
Appliances Subsidiary 5,000,000 28,135,302.70 -9,749,773.43 -10,910,206.05
applianc 4.55 8.92
Sales Co.,
es
Ltd.
Hangzhou Sales of
MingQi kitchen 222,434,7 561,519,76
Subsidiary 50,000,000 50,256,564.94 9,133,349.99 9,525,085.40
Electric applianc 31.72 2.75
Co., Ltd. es
Shengzhou Producti
Kinde on and
Intelligent sales of 334,626,6 66,760,967.
Subsidiary 24,653,061 147,840,336.46 -28,857,948.82 -31,976,307.21
Kitchen kitchen 04.67 62
Appliances applianc
Co., Ltd. es
Hangzhou
Sales of
Jinhe
kitchen 217,214,6 494,945,95
Electric Subsidiary 10,000,000 33,635,947.86 5,437,693.45 3,803,872.67
applianc 21.96 6.76
Appliances
es
Co., Ltd.
Hangzhou Sales of
Robam E- kitchen 194,722,6 1,010,221,5
Subsidiary 10,000,000 18,692,577.49 4,895,589.61 -912,300.70
commerce applianc 50.62 75.36
Co., Ltd. es
Acquisition and disposal of subsidiaries during the reporting period
□Applicable Not applicable
Description of main holding and joint-stock companies
N/A
X. Structured Entities Controlled by the Company
□Applicable Not applicable
XI. Prospect for the Future Development
Mission: Fulfilling People’s Diverse Desires for Exceptional Kitchen Experience
Vision: To become a world-class, century-old enterprise leading the transformation of cooking lifestyle.
Strategic Direction: Reshaping, Breakthrough, Openness
Strategy description: (Development Strategy 2026-2028)
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Company is entering a phase of rapid growth under a new operating model. Centered on building a “cooking super brand,” it
aims to establish core competitiveness under a new environment and achieve high-quality, sustainable development. By promoting
a belief in cooking, creating flagship intelligent digital kitchen appliance products, developing terminal scenarios that inspire
interest in cooking, and building a Culinary Master (Shishen) cooking community, the Company seeks to establish a cooking super
brand. The development of this cooking super brand will mutually reinforce and drive growth across multiple dimensions,
including absolute leadership in the household business, explosive growth in the commercial business, and accelerated expansion
of peripheral businesses. The Company is committed to becoming everyone’s cooking partner, enabling cooking freedom for all,
and creating a new paradigm for cooking lifestyles that leads transformation.
Strategic objective:
To build a cooking super brand.
XII. Activities for Receiving Researches, Communications, Interviews During the Reporting
Period
Applicable □Not applicable
Key topics and
Ways of Type of
Date Location Participants materials Reference
reception participants
provided
For details, For details,
please refer to please refer to
Online Panorama Panorama
Panorama
May 6, 2025 communication Individual Individual investor investor
Network
via platform relations relations
interactive interactive
platform platform
See “Investor See “Investor
Relations Relations
May 19, 2025 Company On-site visit Organization Organization Activity Record Activity Record
(May 19, (May 19,
See “Investor See “Investor
Relations Relations
June 20, 2025 Company On-site visit Organization Organization Activity Record Activity Record
(June 20, (June 20,
See “Investor See “Investor
Relations Relations
December 02,
Company On-site visit Organization Organization Activity Record Activity Record
(Dec 20, (Dec 20,
XIII. Formulation and Implementation of Market Value Management System and
Valuation Enhancement Plan
Whether the Company has established a market value management system:
Yes □No
Whether the Company has disclosed a valuation enhancement plan:
□ Yes No
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
On December 24, 2024, the Company convened the 12th meeting of the 6th Board of Directors, which reviewed and approved the
proposal on the formulation of the Market Value Management System of Hangzhou Robam Appliances Co., Ltd.
XIV. Implementation of the "Dual Improvement in Quality and Returns" Action Plan
Whether the Company has disclosed the announcement of the "Dual Improvement in Quality and Returns" action plan:
Yes □No
In alignment with its development strategy and operational planning, and in order to safeguard the interests of all
shareholders, enhance investor confidence, and support high-quality development, the Company has formulated the “Dual
Improvement in Quality and Returns” action plan, with the following key measures:
Robam Appliances has been dedicated to the cooking industry for over 40 years. In the past, present, and future, the Company
remains committed to leading the transformation of cooking by promoting digital cooking technologies and providing customized
integrated hardware and software solutions for individuals and households. By integrating upstream and downstream resources
across the cooking industry chain and building a multi-brand, full-category portfolio, the Company aims to benefit more
households. Through its proprietary intelligent cooking curves, it applies precise control of temperature and time to every stage of
cooking, ensuring both taste and nutritional value while improving efficiency and precision. The Company seeks to lower the
barriers to cooking, enabling people to enjoy the creative process, strengthen family and social bonds, and contribute to a more
harmonious society while preserving and advancing culinary culture.
As a “provider of integrated full-chain cooking solutions,” the Company has, in response to the national strategy of fostering
new quality productive forces, proactively undertaken social responsibility and explored new paths for self-transformation and
industry development. Upholding the entrepreneurial spirit of “innovation, responsibility, and pragmatism,” the Company remains
focused on its core business, continuously pursuing breakthroughs and long-term development in the kitchen appliance sector.
This long-term commitment has driven performance growth, enabling the Company to become a leading enterprise in China’s
kitchen appliance industry and to continue leading industry transformation and innovation.
The information disclosure mechanism of listed companies is critical to ensuring market transparency and fairness. Over the
years, the Company has strictly complied with relevant laws, regulations, and regulatory requirements in fulfilling its information
disclosure obligations, while continuously improving its disclosure management system to ensure that disclosures are true,
accurate, complete, timely, and fair. The Company also proactively enhances disclosure of key information, including industry
trends, business developments, and risk factors, thereby improving disclosure quality. Since 2013, the Company has received an
“A” rating in the Shenzhen Stock Exchange information disclosure assessment for twelve consecutive years. In addition, the
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Company places strong emphasis on communicating diversified intrinsic value to investors, having voluntarily disclosed nine CSR
Reports and five ESG Reports to date.
Since its listing in 2010, Robam Appliances has maintained stable annual dividend distributions, consistently prioritizing
investor interests. In December 2023, the Company announced a special dividend plan, which was implemented the following
month. Following the issuance of the new “Nine Guidelines for Capital Market,” the Company institutionalized special dividends
and, in April 2024, released the Shareholder Return Plan for the Next Three Years (2024–2026), which clearly stipulates two cash
dividend distributions per year (one in each half of the year), with a payout ratio of no less than 50%, subject to steady increases
based on operating conditions. The Company will continue to maintain stable profit distribution, expand communication channels
for investor participation in dividend decisions, and uphold a long-term, stable shareholder return mechanism.
The Company attaches great importance to investor relations management and continuously strengthens communication
with investors to better convey and enhance its investment value. Through multiple channels—including performance briefings,
investor open days, on-site visits, dedicated investor hotlines, and the Shenzhen Stock Exchange’s “Hudongyi” platform
(irm.cninfo.com.cn)—the Company fosters effective engagement with investors, enhances transparency in operations and
management, and improves investor recognition of its value, thereby increasing its capital market value. For overseas investor
relations, the Company aligns with the long-term investment style of international value investors and conducts regular roadshows,
while timely disclosing English versions of periodic reports and ESG reports. Looking ahead, the Company will continue to fulfill
its responsibilities as a listed company, steadfastly implement its strategic development plan, enhance core competitiveness, and
promote high-quality, sustainable development. It will further strengthen its commitment to creating shareholder value and
improving returns, adhere to an investor-oriented value philosophy, actively implement the guiding principles of the Political
Bureau of the CPC Central Committee meeting and the executive meeting of the State Council, and rigorously execute its “Dual
Improvement of Quality and Returns” action plan, thereby reinforcing investor confidence and contributing to the healthy and
sustainable development of the capital market.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 4 Corporate Governance, Environment and Society
I. Basic State of Corporate Governance
During the reporting period, the Company strictly complied with the requirements of the Company Law, the Securities Law,
the Code of Corporate Governance for Listed Companies, the Rules Governing the Listing of Stocks on Shenzhen Stock Exchange,
and relevant laws and regulations of the China Securities Regulatory Commission (CSRC). It continuously improved its corporate
governance structure, established and refined internal management and control systems, and carried out corporate governance
initiatives in depth, with a view to further standardizing operations and enhancing governance standards. As of the end of the
reporting period, the Company’s corporate governance practices were in compliance with the relevant regulatory requirements
issued by the CSRC for listed companies.
During the reporting period, the Company operated in strict accordance with national laws and regulations, the Rules
Governing the Listing of Stocks on Shenzhen Stock Exchange, and the Guidelines for Standardized Operation of Companies Listed
on the Main Board, fulfilling its information disclosure obligations in a timely, complete, truthful, accurate, and fair manner. The
Company did not receive any regulatory documents imposing administrative supervisory measures during the reporting period.
Whether there are material differences between the Company’s actual corporate governance practices and the provisions of laws,
administrative regulations, and CSRC rules on corporate governance for listed companies:
□ Yes No
The actual state of corporate governance does not differ materially from the laws, administrative regulations and the CSRC rules
on corporate governance for listed companies.
II. Independence of the Company Vis-à-vis Controlling Shareholders and Actual
Controllers in Ensuring the Company's Assets, Personnel, Finances, Organization and
Business
The Company possesses independent business operations and operational autonomy. It maintains independence from its
controlling shareholder in terms of assets, personnel, finance, organization, and business operations. The Board of Directors and
internal organizational structures operate independently. The controlling shareholders have strictly regulated their conduct and
have not directly or indirectly interfered with the Company’s decision-making or operational activities beyond the scope of
shareholders’ rights.
III. Horizontal Competition
□Applicable Not applicable
IV. Directors and Senior Management
Number Numb Nu Ot R
Number of
of er of m he ea
Shares Held
Gende A Shares Shares be r so
Name Position Status Term Start Term End at the End of
r ge at the Increa r C n
the Period
Beginni sed in of ha fo
(shares)
ng of the Sh ng r
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
the Curre are es Sh
Period nt s (s ar
(share) Period De ha e
(share cre re C
s) as s) ha
ed ng
in e
the
Cu
rre
nt
Pe
rio
d
(sh
are
s)
Ren Incum August August 5,923,15 N/
Male 69 Chairman 0 0 0 5,923,150
Jianhua bent 18, 2023 17, 2026 0 A
Vice
Ren Chairman, Incum August August 2,100,07 N/
Male 42 0 0 0 2,100,075
Fujia General bent 18, 2023 17, 2026 5 A
Manager
Employee
Xia Director,
Incum August August N/
Zhimin Male 50 Deputy 411,950 0 0 0 411,950
bent 18, 2023 17, 2026 A
g General
Manager
Director,
He Deputy Incum August August N/
Male 51 411,950 0 0 0 411,950
Yadong General bent 18, 2023 17, 2026 A
Manager
Zhao Incum August August 1,267,56 N/
Male 63 Director 0 0 0 1,267,565
Jihong bent 18, 2023 17, 2026 5 A
Director,
Wang Secretary Incum August August N/
Male 50 576,750 0 0 0 576,750
Gang to the bent 18, 2023 17, 2026 A
Board
Independe
Chen Incum August August N/
Male 48 nt 0 0 0 0 0
Yuanzhi bent 18, 2023 17, 2026 A
Director
Independe
Yu Incum August August N/
Male 48 nt 0 0 0 0 0
Lieming bent 18, 2023 17, 2026 A
Director
Independe
Cheng Incum August August N/
Male 46 nt 0 0 0 0 0
Zhiyong bent 18, 2023 17, 2026 A
Director
Deputy
Zhou Incum August August N/
Male 50 General 0 0 0 0 0
Haixin bent 18, 2023 17, 2026 A
Manager
Chief
Zhang Incum August August N/
Male 56 Financial 411,950 0 0 0 411,950
Guofu bent 18, 2023 17, 2026 A
Officer
Total -- -- -- -- -- -- 0 0 0 11,103,390 --
Whether any directors or senior management members left office during their term in the reporting period:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□ Yes No
Changes in directors or senior management during the reporting period:
□Applicable Not applicable
Professional background and major work experience of the Company's current directors and senior management and their current
major responsibilities in the Company
(1) Biographies of the current directors
Mr. Ren Jianhua: Han ethnicity, born in August 1956, Chinese nationality, with no permanent right of residence abroad;
junior high school education, member of the Communist Party of China, economist. He began his career in 1978 and successively
served as Head of the Supply and Marketing Section and Factory Director of Yuhang Hongxing (Red Star) Hardware Factory;
Chairman, General Manager, and Party Branch Secretary of Hangzhou Robam Industrial Group Co., Ltd.; Chairman and General
Manager of Hangzhou Robam Household Appliances & Kitchen & Bath Co., Ltd. He has received titles of National Model
Worker, Outstanding CPC Member of Zhejiang Province, and has served as a deputy to the 8th and 10th People's Congresses of
Zhejiang Province, a deputy to the 11th People's Congresses of Hangzhou City, a CPC representative, a deputy to the 12th and
currently serves as Chairman of Hangzhou Robam Appliances Co., Ltd., Hangzhou Robam Industrial Group Co., Ltd., Hangzhou
Nbond Nonwovens Co., Ltd., Hangzhou Guoguang Touring Commodity Co., Ltd., and Hangzhou Amblem Household Co., Ltd.;
Executive Director and General Manager of Hangzhou MingQi Electric Co., Ltd. and Hangzhou Robam Fuchuang Investment
Management Co., Ltd.; Vice Chairman of Hangzhou Garden Hotel Co., Ltd.; Executive Director of Zhejiang Hangzhou Yuhang
Rural Commercial Bank Co., Ltd., Hangzhou Dongming Mountain Forest Park Co., Ltd., and Hangzhou Bonyee Daily Necessity
Technology Co., Ltd.; and Managing Partner (Executive Partner) of Hangzhou Jinnuochuang Investment Management Partnership
(Limited Partnership).
Mr. Ren Fujia: Han ethnicity, born in January 1983, Chinese nationality, with no permanent right of residence abroad;
bachelor’s degree. He previously served as Product Manager in the Marketing Department and Deputy General Manager of the
R&D Center of Hangzhou Robam Industrial Group Co., Ltd., and Deputy General Manager of Hangzhou Robam Household
Appliances & Kitchen & Bath Co., Ltd. He currently serves as Director of Hangzhou Nbond Nonwovens Co., Ltd.; Vice Chairman
and General Manager of Hangzhou Robam Appliances Co., Ltd.; Director of Hangzhou Amblem Household Co., Ltd.; and Vice
Chairman of De Dietrich Trade (Shanghai) Co., Ltd.
Mr. Xia Zhiming, Han ethnicity, born in May 1975, Chinese nationality, with no permanent right of residence abroad;
college diploma. He began his career in 1996 and successively served as Production Section Chief of JOEMEX Electric Products
Factory, Manufacturing Director and Production Director of the Manufacturing Center at Foxconn Technology Group. He
currently serves as Director and Deputy General Manager of the Company.
Mr. He Yadong, Han ethnicity, born in August 1974, Chinese nationality, with no permanent right of residence abroad;
bachelor’s degree, senior economist. He began his career in 2000 and successively served as Section Chief of the Marketing
Division of Robam Group, Head of the Marketing Department, Deputy General Manager of the Marketing Center, Assistant to
General Manager of Robam Household Appliances, and Director of the Company. He currently serves as Director and Deputy
General Manager of the Company.
Mr. Zhao Jihong, Han ethnicity, born in December 1962, Chinese nationality, with no permanent right of residence abroad;
master’s degree, senior economist. He previously served as Chairman and General Manager of Jinye Group Co., Ltd. in Huangshi
city, Hubei province; Deputy General Manager of Robam Group and General Manager of its Marketing Center; Deputy General
Manager of Robam Household Appliances and General Manager of its Marketing Center; and Deputy General Manager of the
Company. He has successively been awarded titles including National Outstanding Entrepreneur, World-Class Hangzhou
Entrepreneurs, Top Ten Influential Figures in China’s Kitchen and Bathroom Industry, and Top Ten Distinctive Figures in
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
China’s Home Appliance Industry. He has also twice received the Mundell World Executive Achievement Award and has been
included in the Dictionary of Chinese Experts and Celebrities. He currently serves as Director of the Company; Director of
Shanghai Youyi Information Technology Co., Ltd.; Director and General Manager of Hangzhou Robam Industrial Group Co., Ltd.;
Director of Shengzhou Kinde Intelligent Kitchen Appliances Co., Ltd.; and Chairman of Zhejiang Cookingfuture Technology Co.,
Ltd.
Mr. Wang Gang, born in October 1975, Chinese nationality, with no permanent right of residence abroad; master’s degree,
member of the Communist Party of China; Certified Public Accountant in China and senior economist. He previously served as
Inspector at the Haining Municipal Tax Service, Zhejiang Province; R&D Director at Shanghai Rongzheng Investment Consulting
Co., Ltd.; Board Secretary, Head of Human Resources, and Assistant General Manager at Shanghai Hyron Software Co., Ltd.; and
Board Secretary of Hangzhou Robam Household Appliances & Kitchen & Bath Co., Ltd. He currently serves as Director of
Hangzhou Nbond Nonwovens Co., Ltd.; Director and Board Secretary of Hangzhou Robam Appliances Co., Ltd.; Executive
Director and General Manager of Hangzhou Robam Holdings Co., Ltd.; Director of Hangzhou Fortune Gas Cryogenic Group Co.,
Ltd.; Director of De Dietrich Trade (Shanghai) Co., Ltd.; Director of Hangzhou Guoguang Touring Commodity Co., Ltd.;
Supervisor of Hangzhou Robam Fuchuang Investment Management Co., Ltd.,; Director of Shengzhou Kinde Intelligent Kitchen
Appliances Co., Ltd.; Supervisor of Shanghai MXCHIP Information Technology Co., Ltd.; Director of Hangzhou Versolsolar
Technology Co., Ltd.; Independent Director of Hangzhou GreatStar Industrial Co., Ltd.; Independent Director of Hangzhou XZB
Tech Co., Ltd.; and Legal Representative and Secretary-General of the Linping District Association for Public Companies of
Hangzhou.
Mr. Chen Yuanzhi, Han ethnicity, born in November 1977, Chinese nationality; member of the Communist Party of China;
PhD in Management. He currently serves as Independent Director of the Company; Professor at the China Executive Leadership
Academy Pudong; Adjunct Professor at East China Normal University; Adjunct Research Fellow at the Research Center for
Technological Innovation, Tsinghua University; Executive Director of the China Society for Soft Science; Executive Director of
the Chinese Institute of Business Administration; and expert in the Shanghai Science and Technology Expert Database.
Mr. Yu Lieming, Han ethnicity, born in December 1977, Chinese nationality, with no permanent right of residence abroad;
master’s degree. He began his career in 1994 and previously served as Deputy Director of the Administrative Committee of
Hangzhou Yuhang Economic and Technological Development Zone; Vice President of Chunfeng Holdings Group Co., Ltd.;
Chairman of the Supervisory Board of Zhejiang CFMOTO Power Co., Ltd.; and Deputy General Manager (Administration) and
Board Secretary of Hamaton Automotive Technology Co., Ltd. He currently serves as Independent Director of the Company and
Executive Director of Hangzhou Xinlan Energy Engineering Co., Ltd.
Mr. Cheng Zhiyong, Han ethnicity, born in March 1980, Chinese nationality, member of the Communist Party of China, with
no overseas residency; bachelor’s degree. From July 2004 to September 2010, he served as Senior Manager at Lixin Certified
Public Accountants; from October 2010 to March 2017, he served as Deputy General Manager, Board Secretary, and Chief
Financial Officer of Zhejiang Kaier New Materials Co., Ltd. He currently serves as Independent Director of the Company; General
Manager of Zhejiang Tenghua Asset Management Co., Ltd.; Executive Director and General Manager of Hangzhou Weifengheng
Enterprise Management Consulting Co., Ltd.; Independent Director of Zhejiang Debao Communication Technology Co., Ltd.; and
Independent Director of Zhejiang Everich Tomic Co., Ltd.
(2) Main biographies of current senior management
Mr. Ren Fujia, is currently the General Manager of the Company and his profile is set out in the biographies of the current
directors.
Mr. Xia Zhiming, is currently the Deputy General Manager of the Company and his profile is set out in the biographies of the
current directors.
Mr. He Yadong, is currently the Deputy General Manager of the Company and his profile is set out in the biographies of the
current directors.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Mr. Zhou Haixin, Han nationality, born in February 1975, Chinese nationality, with no permanent residence abroad; doctoral
degree, senior engineer. He began his career in 2001 and has successively served as Researcher at Agilent Technologies Software
Co., Ltd.; Project Manager at Sony Ericsson Mobile Communications Products Co., Ltd.; Project Director at Qingdao Haier
Telecom Co., Ltd.; R&D Director at LITEON Mobile Electronic Telecommunication Components Co., Ltd.; and Senior R&D
Director of the Company. He is currently the Deputy General Manager of the Company.
Mr. Wang Gang, is currently the secretary to the Board of Directors of the Company and his profile is set out in the
biographies of the current directors.
Mr. Zhang Guofu, Han nationality, born in December 1969, with Chinese nationality and no permanent residence abroad;
bachelor's degree. He began his career in 1990 and has successively served as Head of the Treasury Section and Director of the
Finance Center at Hangzhou Robam Industrial Group Co., Ltd., and as the Person in Charge of Finance at Hangzhou Robam
Household Appliances & Kitchen & Bath Co., Ltd. He currently serves as Chief Financial Officer of the Company; Supervisor of
Hangzhou Robam Holdings Co., Ltd.; Supervisor of Hangzhou MingQi Electric Co., Ltd.; Director of Shengzhou Kinde
Intelligent Kitchen Appliances Co., Ltd.; and Director of De Dietrich Trade (Shanghai) Co., Ltd.
Controlling shareholders and actual controllers serve concurrently as chairman and general manager of a listed company
Applicable □Not applicable
Mr. Ren Jianhua, the actual controller of the Company, also serves as the chairman of Hangzhou Nbond Nonwovens Co., Ltd.
(603238).
Positions held in shareholder entities
Applicable □Not applicable
Whether
Remuneration Is
Name Shareholder Entity Positions Held Term Start Term End
Received from
Shareholder Entity
Hangzhou Robam
Ren Jianhua Industrial Group Chairman No
Co., Ltd.
Hangzhou Robam
Director, General
Zhao Jihong Industrial Group No
Manager
Co., Ltd.
Positions Held in Other Entities
Applicable □Not applicable
Whether
Name of Other Remuneration Is
Name Positions Held Term Start Term End
Entities Received from
Other Entities
Hangzhou Nbond
Ren Jianhua Nonwovens Co., Chairman
Ltd.
Hangzhou
Amblem
Ren Jianhua Chairman
Household Co.,
Ltd.
Hangzhou City
Ren Jianhua Garden Hotel Co., Vice Chairman
Ltd.
Hangzhou
Ren Jianhua Director
Dongming
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Mountain Forest
Park Co., Ltd.
Zhejiang
Hangzhou Yuhang
Ren Jianhua Director
Rural Commercial
Bank Co., Ltd.
Hangzhou
Jinnuochuang
Investment Managing Partner
Ren Jianhua Management (Executive
Partnership Partner)
(Limited
Partnership)
Hangzhou
Guoguang Touring
Ren Jianhua Chairman
Commodity Co.,
Ltd.
Hangzhou Bonyee
Daily Necessity
Ren Jianhua Executive Director
Technology Co.,
Ltd.
Hangzhou Robam
Fuchuang Executive Director
Ren Jianhua Investment and General
Management Co., Manager
Ltd.
Executive Director
Hangzhou MingQi
Ren Jianhua and General
Electric Co., Ltd.
Manager
De Dietrich Trade
Ren Fujia (Shanghai) Co., Vice Chairman
Ltd.
Hangzhou Nbond
Ren Fujia Nonwovens Co., Director
Ltd.
Hangzhou
Amblem
Ren Fujia Director
Household Co.,
Ltd.
Shengzhou Kinde
Intelligent Kitchen
Zhao Jihong Chairman
Appliances Co.,
Ltd.
Shanghai Youyi
Information
Zhao Jihong Director
Technology Co.,
Ltd.
Zhejiang
Cookingfuture
Zhao Jihong Chairman
Technology Co.,
Ltd.
Hangzhou Nbond
Wang Gang Nonwovens Co., Director
Ltd.
Executive Director
Hangzhou Robam
Wang Gang and General
Holdings Co., Ltd.
Manager
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Hangzhou Fortune
Wang Gang Gas Cryogenic Director
Group Co., Ltd.
De Dietrich Trade
Wang Gang (Shanghai) Co., Director
Ltd.
Hangzhou
Guoguang Touring
Wang Gang Director
Commodity Co.,
Ltd.
Hangzhou Robam
Fuchuang
Wang Gang Investment Supervisor
Management Co.,
Ltd.
Shanghai
MXCHIP
Wang Gang Information Supervisor
Technology Co.,
Ltd.
Shengzhou Kinde
Intelligent Kitchen
Wang Gang Director
Appliances Co.,
Ltd.
Hangzhou
Versolsolar
Wang Gang Director
Technology Co.,
Ltd.
Linping District
Association for Legal
Wang Gang
Public Companies Representative
of Hangzhou
Hangzhou
Independent
Wang Gang GreatStar
Director
Industrial Co., Ltd.
Hangzhou XZB Independent
Wang Gang
Tech Co., Ltd. Director
China Executive
Chen Yuanzhi Leadership Professor
Academy Pudong
Research Center
for Technological
Chen Yuanzhi Innovation, Research Fellow
Tsinghua
University
Hangzhou Xinlan
Energy
Yu Lieming Executive Director
Engineering Co.,
Ltd.
Zhejiang Tenghua
Cheng Zhiyong Asset Management General Manager
Co., Ltd.
Hangzhou
Weifengheng Executive Director
Cheng Zhiyong Enterprise and General
Management Manager
Consulting Co.,
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Ltd.
Zhejiang Debao
Communication Independent
Cheng Zhiyong
Technology Co., Director
Ltd.
Zhejiang Everich Independent
Cheng Zhiyong
Tomic Co., Ltd. Director
De Dietrich Trade
Zhang Guofu (Shanghai) Co., Director
Ltd.
Hangzhou Robam
Zhang Guofu Supervisor
Holdings Co., Ltd.
Hangzhou MingQi
Zhang Guofu Supervisor
Electric Co., Ltd.
Shengzhou Kinde
Intelligent Kitchen
Zhang Guofu Director
Appliances Co.,
Ltd.
Penalties imposed by securities regulatory authorities in the past three years on the Company's current directors and senior
management or those who left office during the reporting period
□Applicable Not applicable
Decision-making process, basis for determination, and actual payment of remuneration to directors and senior management
The Company has established a comprehensive performance evaluation system and remuneration framework for directors and
senior management. The compensation of directors and senior management is directly linked to their performance. The
Remuneration and Assessment Committee of the Board is responsible for conducting annual evaluations of directors and senior
management, including their professional competence, performance of duties, and achievement of responsibility targets, and for
formulating remuneration proposals to be submitted to the Board for approval. Remuneration for directors and senior management
is paid in a timely manner.
Remuneration of directors and senior management of the Company during the reporting period
Unit: RMB 10,000
Whether
Total Pre-tax
Remuneration
Remuneration
Name Gender Age Position Status Is Received
from the
from Related
Company
Parties
Ren Jianhua Male 69 Chairman Incumbent 86.91 No
Vice Chairman,
Ren Fujia Male 42 General Incumbent 66.96 No
Manager
Employee
Director,
Xia Zhiming Male 50 Incumbent 118.75 No
Deputy General
Manager
Director,
He Yadong Male 51 Deputy General Incumbent 65.35 No
Manager
Zhao Jihong Male 63 Director Incumbent 85.54 No
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Director,
Wang Gang Male 50 Secretary to the Incumbent 103.24 No
Board
Independent
Chen Yuanzhi Male 48 Incumbent 9.52 No
Director
Independent
Yu Lieming Male 48 Incumbent 9.52 No
Director
Independent
Cheng Zhiyong Male 46 Incumbent 9.52 No
Director
Deputy General
Zhou Haixin Male 50 Incumbent 248.76 No
Manager
Chief Financial
Zhang Guofu Male 56 Incumbent 99.21 No
Officer
Total -- -- -- -- 903.28 --
Basis for performance evaluation of total remuneration actually Based on the Company’s performance evaluation system and
received by all directors and senior management at period-end remuneration policies.
Completion status of total remuneration actually received by all
Completed
directors and senior management at period-end
Deferred payment arrangements for remuneration actually
N/A
received by all directors and senior management at period-end
Clawback or withholding arrangements for remuneration
actually received by all directors and senior management at the N/A
end of the reporting period
Other information notes
□Applicable Not applicable
V. Performance of Duties by Directors During the Reporting Period
Attendance of Directors at Board and Shareholders' Meetings
Number of Whether
Board Number of Failed to
Number of Number of
Meetings Board Attend Board Number of
Board Board
Name of Required to Meetings Number of Meetings in Shareholders'
Meetings Meetings
Director Attend Attended via Absences Person for Meetings
Attended in Attended by
During the Telecommun Two Attended
Person Proxy
Reporting ication Consecutive
Period Times
Ren Jianhua 8 8 0 0 0 No 3
Ren Fujia 8 8 0 0 0 No 3
Xia Zhiming 8 8 0 0 0 No 2
He Yadong 8 8 0 0 0 No 3
Zhao Jihong 8 8 0 0 0 No 2
Wang Gang 8 8 0 0 0 No 3
Chen
Yuanzhi
Yu Lieming 8 8 0 0 0 No 3
Cheng
Zhiyong
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Explanation for failure to attend Board meetings in person for two consecutive times:
N/A
Whether directors raised objections to Company matters:
□ Yes No
No director raised objections to Company matters during the reporting period.
Whether directors’ recommendations to the Company were adopted:
□ Yes No
Explanation regarding whether directors’ recommendations were adopted or not:
N/A
VI. Specialized Committees Under the Board of Directors During the Reporting Period
Ke
y
Opi
nio Oth Detail
Num
ns er s of
ber
and Duti Disse
Name of the of Meeting
Members Meeting Content Re es nting
Committee Meet Date
co Perf Matte
ings
m orm rs (if
Held
me ed any)
nda
tio
ns
January 15,
Text);
Cheng
Related-Party Transactions for 2025;
Audit Zhiyong, Chen
Committee Yuanzhi, Yu April 28,
Lieming 2025
Evaluation Report;
Wealth Management Using Idle Self-Owned
Funds;
Debts.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Summary;
August 27,
of the 2025 Audit Institution.
October 29,
Plan (Draft) of Hangzhou Robam Appliances
Co., Ltd. and its summary; 2. Review of the
Implementation and Assessment Measures for
the 2025 Stock Option Incentive Plan;
April 28,
of Part of the Stock Options under the 2022
Stock Option Incentive Plan;
of Part of the Stock Options under the 2024
Stock Option Incentive Plan.
May 23, 1. Review of the Proposal on Granting Stock
Exercise Price of the 2023 Stock Option
Remuneratio May 23, Incentive Plan;
Yu Lieming,
n and 2025 2. Review of the Proposal on Adjusting the
Chen Yuanzhi, 5
Assessment Exercise Price of the 2024 Stock Option
Ren Fujia
Committee Incentive Plan.
Exercise Price of the 2025 Stock Option
June 30, Incentive Plan;
of Part of the Stock Options under the 2023
Stock Option Incentive Plan.
Exercise Price of the 2023 Stock Option
Incentive Plan;
September
Exercise Price of the 2024 Stock Option
Incentive Plan;
Exercise Price of the 2025 Stock Option
Incentive Plan.
VII. Work of the Audit Committee
Whether the Audit Committee identified any risks in the Company during its supervisory activities in the reporting period:
□ Yes No
The Audit Committee had no objections to the matters under its supervision during the reporting period.
VIII. Employees of the Company
Number of employees of the parent company at period-end
(persons)
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Number of employees of major subsidiaries at period-end
(persons)
Total number of employees at period-end (persons) 4,980
Total number of employees receiving remuneration during the
period (persons)
Number of retirees whose expenses are borne by the parent
company and major subsidiaries (persons)
Professional composition
Category Number of employees (persons)
Production personnel 1,933
Sales personnel 1,691
Technical personnel 714
Finance personnel 160
Administrative personnel 482
Total 4,980
Educational background
Category of educational background Number of employees (persons)
PhD 9
Master’s degree 273
Bachelor’s degree 1,568
College diploma and below 3,130
Total 4,980
The Company has formulated the Compensation Management Policy and the Performance Management Policy. Taking into
account regional market conditions and industry compensation levels, the Company has established a compensation management
system based on job value, with employee competency and performance evaluation as core components.
In 2025, the Company conducted various training initiatives, including programs such as Lemon, Blue Whale, Sunflower,
Evergreen, and the Elite Program. Chestnut Academy, the Company’s proprietary mobile online learning platform, has played a
significant role in facilitating the transformation of internally developed training courses. Employee participation in learning has
increased substantially. For details, please refer to the Company’s ESG Report.
Applicable □Not applicable
Total outsourced labor hours (hours) 3,222,278.59
Total remuneration paid for outsourced labor (RMB) 109,086,598.50
IX. Profit Distribution and Conversion of Capital Reserve into Capital Stock during the
Reporting Period
Formulation, implementation or adjustment of profit distribution policy, especially cash dividend policy, during the reporting
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
period
Applicable □Not applicable
follows: based on the Company’s total share capital of 944,938,916 shares, a cash dividend of RMB 5.00 (tax inclusive)
was distributed for every 10 shares to all shareholders, amounting to a total cash dividend of RMB 472,469,458.00.
the 16th meeting of the 6th Board of Supervisors, was as follows: based on the Company’s total share capital of
with a total expected cash dividend of RMB 472,469,458.00.
Special statement on cash dividend policy
Whether it complies with the Articles of Association or
Yes
shareholders’ resolutions:
Whether the dividend standards and ratios are clear and
Yes
explicit:
Whether the relevant decision-making procedures and
Yes
mechanisms are sound:
Whether independent directors have duly performed their
Yes
duties and played their role:
If no cash dividends were distributed, whether reasons and
No
improvement measures are disclosed:
Whether minority shareholders have adequate opportunities to
Yes
express opinions and their rights are fully protected:
Whether adjustments or changes to the cash dividend policy are
Not Applicable
compliant and transparent:
The Company did not have a situation during the reporting period where it was profitable and had distributable profits at the parent
company level but did not propose a cash dividend plan:
□Applicable Not applicable
Profit distribution and conversion of capital reserve into capital stock during the reporting period
Applicable □Not applicable
Number of bonus shares per 10 shares (shares) 0
Dividend per 10 shares (RMB) (including tax) 5
The share capital base for the distribution plan (shares) 944,938,916
Cash dividend amount (RMB) (including tax) 472,469,458.00
Cash dividend amount by other means (e.g., share repurchase)
(RMB)
Total cash dividend amount (including other methods) (RMB) 472,469,458.00
Distributable profit (RMB) 10,015,809,599.24
Proportion of total cash dividends (including other methods) to
total profit distribution
Cash dividend distribution for this time
Where the Company is in a mature development stage and has no significant capital expenditure arrangements, the cash dividend
proportion in the current profit distribution should not be less than 80%.
Detailed explanation of profit distribution and capital reserve conversion plan
The Company plans to distribute cash dividends of RMB 5 per 10 shares (including tax) to all shareholders, based on the total
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
share capital of 944,938,916 shares. The total amount of dividends to be distributed is RMB 472,469,458.00.
If the Company’s share capital changes due to reasons such as new shares being listed, stock option exercises, convertible bonds
being converted into shares, or share repurchases between the announcement of the distribution plan and the equity registration
date for the dividend distribution, the total distribution amount will be adjusted accordingly based on the principle of maintaining
a constant per-share cash dividend.
X. Implementation of the Equity Incentive Plan, Employee Stock Ownership Plan or other
Employee Incentives
Applicable □Not applicable
I. Overview of the Company's 2022 stock option incentive plan
Stock Option Incentive Plan (Draft) of the Company and Its Summary and other related proposals were reviewed and approved,
and the independent directors expressed their independent opinions on and approved the matters related to the Company's stock
option incentive plan. The 9th Meeting of the 5th Board of Supervisors of the Company reviewed and approved the above-
mentioned proposal and expressed its concurring opinion. The Company disclosed the above matters on April 1, 2022.
the stock option incentive plan. On April 13, 2022, the Company’s Board of Supervisors published the Review Opinions of the
Board of Supervisors on the List of Incentive Recipients of the Stock Option Incentive Plan in 2022 and Explanation on the
Publicity. On the same day, the Company disclosed the Self-inspection Report on the Purchase and Sale of the Company’s Shares
by Insiders and Incentive Targets of the Stock Option Incentive Plan in 2022.
approved the Proposal on the Company’s 2022 Stock Option Incentive Plan (Draft) and Its Summary, among other related
proposals. This plan was approved at the Company’s first extraordinary general meeting of shareholders in 2022, and the board of
directors was authorized to determine the grant date for stock options. The board is also responsible for granting stock options to
eligible incentive recipients and handling all matters necessary for granting these stock options.
the Company reviewed and approved the Proposal on Granting Stock Options to Incentive Recipients. The Board of Supervisors
verified the list of incentive recipients again and expressed its concurring opinion, and the independent directors of the Company
expressed their independent opinion on it.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Board of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2022
Stock Option Incentive Plan and the Proposal on the Cancellation of Stock Options for Failure to Meet the Exercise Conditions
during the Second Exercise Period of the 2022 Stock Option Incentive Plan and other proposals. The Board of Supervisors verified
it and expressed its agreement, and the independent directors of the Company expressed their independent opinion on it.
of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2022 Stock
Option Incentive Plan and the Proposal on the Cancellation of Stock Options for Failure to Meet the Exercise Conditions during
the Second Exercise Period of the 2022 Stock Option Incentive Plan and other proposals. The Board of Supervisors has verified
this and expressed its concurring opinion.
Board of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2022
Stock Option Incentive Plan and other proposals. The Board of Supervisors has verified this and expressed its concurring opinion.
II. Overview of the Company's 2023 stock option incentive plan
approved, and the independent directors expressed their independent opinions on and approved the matters related to the
Company’s stock option incentive plan. The 14th meeting of the 5th Board of Supervisors of the Company reviewed and approved
the above-mentioned proposals and expressed its concurring opinion. The Company disclosed the above matters on April 26, 2023.
stock option incentive plan. On May 9, 2023, the Company’s Board of Supervisors published the Review Opinions of the Board of
Supervisors on the List of Incentive Recipients of the Stock Option Incentive Plan in 2023 and Explanation on the Publicity. On the
same day, the Company disclosed the Self-inspection Report on the Purchase and Sale of the Company’s Shares by Insiders and
Incentive Targets of the Stock Option Incentive Plan in 2023.
approved the Proposal on the Company’s 2023 Stock Option Incentive Plan (Draft) and Its Summary, among other related
proposals. This plan was approved at the Company’s annual general meeting of shareholders in 2022, and the board of directors
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
was authorized to determine the grant date for stock options. The board is also responsible for granting stock options to eligible
incentive recipients and handling all matters necessary for granting these stock options.
of the Company reviewed and approved the Proposal on Granting Stock Options to Incentive Recipients. The Board of
Supervisors verified the list of incentive recipients again and expressed its concurring opinion, and the independent directors of the
Company expressed their independent opinion on it.
of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2023 Stock
Option Incentive Plan and other proposals. The Board of Supervisors has verified this and expressed its concurring opinion.
of Supervisors, which reviewed and approved the Proposal on the Achievement of Exercise Conditions for the First Exercise
Period of the 2023 Stock Option Incentive Plan and the Proposal on Adjusting the Exercise Price of the 2023 Stock Option
Incentive Plan. The Board of Supervisors has verified this and expressed its concurring opinion.
Board of Supervisors, which reviewed and approved the Proposal on Adjusting the Exercise Price of the 2023 Stock Option
Incentive Plan.
of Supervisors, which reviewed and approved the Proposal on Adjusting the Exercise Price of the 2023 Stock Option Incentive
Plan.
Board of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2023
Stock Option Incentive Plan and other proposals.
Incentive Plan.
III. Overview of the Company's 2024 stock option incentive plan
Proposal on 2024 Stock Option Incentive Plan (Draft) of the Company and Its Summary, the Proposal on the Implementation and
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Assessment Measures for the Company's 2024 Stock Option Incentive Plan, the Proposal to Request the Shareholders’ Meeting to
Authorize the Board of Directors to Handle Matters Related to Stock Option Incentives and other proposals.
On the same day, the Company held the 5th meeting of the 6th Board of Supervisors, which reviewed and approved the
Proposal on 2024 Stock Option Incentive Plan (Draft) of the Company and Its Summary, the Proposal on the Implementation and
Assessment Measures for the Company's 2024 Stock Option Incentive Plan, the Proposal on the Verification of the List of
Incentive Recipients under the Company's 2024 Stock Option Incentive Plan and other proposals, and expressed its concurring
opinion. The Company disclosed the above matters on April 25, 2024.
of the stock option incentive plan. On May 08, 2024, the Company’s Board of Supervisors published the Review Opinions of the
Board of Supervisors on the List of Incentive Recipients of the Stock Option Incentive Plan in 2024 and Explanation on the
Publicity. On the same day, the Company disclosed the Self-inspection Report on the Purchase and Sale of the Company’s Shares
by Insiders and Incentive Targets of the Stock Option Incentive Plan in 2024.
approved the Proposal on the Company’s 2024 Stock Option Incentive Plan (Draft) and Its Summary, among other related
proposals. This plan was approved at the Company’s annual general meeting of shareholders in 2023, and the Board of Directors
was authorized to determine the grant date for stock options. The board is also responsible for granting stock options to eligible
incentive recipients and handling all matters necessary for granting these stock options.
the Company reviewed and approved the Proposal on Adjusting the List of Incentive Recipients and the Number of Grants for the
and approved at the 6th meeting of the Remuneration and Assessment Committee of the 6th Board of Directors of the Company in
Board of Supervisors, which reviewed and approved the Proposal on the Cancellation of Part of the Stock Options under the 2024
Stock Option Incentive Plan and other proposals. The Board of Supervisors has verified this and expressed its concurring opinion.
of Supervisors, which reviewed and approved the Proposal on Adjusting the Exercise Price of the 2024 Stock Option Incentive
Plan.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Incentive Plan.
IV. Overview of the Company's 2025 stock option incentive plan
the Proposal on the Company’s 2025 Stock Option Incentive Plan (Draft) and Its Summary, the Proposal on the
Implementation and Assessment Measures for the Company's 2024 Stock Option Incentive Plan, the Proposal to Request the
Shareholders’ Meeting to Authorize the Board of Directors to Handle Matters Related to Stock Option Incentives and other
proposals.
On the same day, the Company held the 12th meeting of the 6th Board of Supervisors, which reviewed and approved
the Proposal on the Company’s 2025 Stock Option Incentive Plan (Draft) and Its Summary, the Proposal on the
Implementation and Assessment Measures for the Company's 2025 Stock Option Incentive Plan, the Proposal on the
Verification of the List of Incentive Recipients under the Company's 2025 Stock Option Incentive Plan and other proposals, and
expressed its concurring opinion. The Company disclosed the above matters on April 29, 2025.
recipients of the stock option incentive plan. On May 10, 2025, the Company’s Board of Supervisors published the Review
Opinions of the Board of Supervisors on the List of Incentive Recipients of the Stock Option Incentive Plan in 2025 and
Explanation on the Publicity.
approved the Proposal on the Company’s 2025 Stock Option Incentive Plan (Draft) and Its Summary, among other related
proposals. This plan was approved at the Company’s annual general meeting of shareholders in 2024, and the Board of
Directors was authorized to determine the grant date for stock options. The board is also responsible for granting stock options
to eligible incentive recipients and handling all matters necessary for granting these stock options. The Company disclosed the
above matters on May 20, 2025. On the same day, the Company disclosed the Self-inspection Report on the Purchase and Sale
of the Company’s Shares by Insiders and Incentive Targets of the Stock Option Incentive Plan in 2025.
Supervisors of the Company reviewed and approved the Proposal on Granting Stock Options to Incentive Recipients. The
proposal was reviewed and approved at the 6th meeting of the Remuneration and Assessment Committee of the 6th Board of
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Directors of the Company, and the Board of Supervisors and the Remuneration and Assessment Committee of the Board of
Directors verified the list of incentive recipients and expressed their concurring opinions.
Board of Supervisors, which reviewed and approved the Proposal on Adjusting the Exercise Price of the 2025 Stock Option
Incentive Plan.
the 6th Board of Supervisors, which reviewed and approved the Proposal on Adjusting the Exercise Price of the 2025 Stock
Option Incentive Plan.
Equity incentives granted to directors and senior management of the Company
□Applicable Not applicable
Performance evaluation mechanism and incentive arrangements for senior management
I. Overview of the Company's Phase II Partner Equity Ownership Plan
On April 24, 2024, the Company held the 5th meeting of the 6th Board of Directors, where it reviewed and approved the
Proposal on the Company's Phase II Partner Equity Ownership Plan (Draft) and Its Summary, among other related proposals. The
its concurring opinion. The Company disclosed the above matters on April 25, 2024.
On May 16, 2024, the Company held its annual shareholder meeting for the year 2023, which reviewed and approved the
Proposal on the Company's Phase II Partner Equity Ownership Plan (Draft) and other related proposals. This plan was approved
by the Company's annual shareholder meeting for the year 2023, authorizing the board of directors to decide on or handle matters
related to this plan.
conditions for the 2024 Phase II Partner Equity Ownership Plan were not met, and the Company will not allocate the special fund
for the ownership plan for that year.
□Applicable Not applicable
□Applicable Not applicable
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
XI. Development and Implementation of The Internal Control System During the Reporting
Period
For details, please refer to the 2025 Internal Control Self-Assessment Report disclosed by the Company on the designated
information disclosure website (CNINFO).
□ Yes No
XII. Management and Control of Subsidiaries by the Company During the Reporting
Period
Problems
Integration Integration Progress of
Company name encountered in Measures taken Follow-up plan
program progress resolution
integration
N/A N/A N/A N/A N/A N/A N/A
Abnormalities in the management and control of subsidiaries:
□ Yes No
XIII. Internal Control Evaluation Report or Internal Control Audit Report
Date of full disclosure of the internal
April 29, 2026
control evaluation report
Disclosure reference for the full internal
CNINFO: Robam Appliances 2025 Internal Control Self-Assessment Report
control evaluation report
Proportion of total assets of entities
included in the evaluation scope to the
total assets in the consolidated financial
statements
Proportion of operating revenue of
entities included in the evaluation scope
to the operating revenue in the
consolidated financial statements
Criteria for identifying deficiencies
Category Financial report Non-financial report
Indications of material weaknesses in (1) Non-financial report deficiencies are
financial report include: determined primarily based on the
(1) Fraudulent acts by directors or senior impact of the deficiency on the
management of the Company; effectiveness of business processes and
Qualitative criteria (2) Material errors in previously the likelihood of occurrence;
disclosed financial reports requiring (2) A material weakness is identified
restatement; where the likelihood of occurrence is
(3) Material misstatements in the current high and would severely reduce work
financial report that were not detected by efficiency or effectiveness, significantly
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
internal controls during operation; increase uncertainty of outcomes, or
(4) Ineffective supervision by the Audit cause serious deviation from expected
Committee and internal audit department objectives.
over external financial report and internal
controls over financial reporting. (1) Non-financial report deficiencies are
determined primarily based on the
Indications of significant deficiencies in impact of the deficiency on the
financial report include: effectiveness of business processes and
(1) Failure to select and apply accounting the likelihood of occurrence;
policies in accordance with generally (2) A significant deficiency is identified
accepted accounting principles; where the likelihood of occurrence is
(2) Failure to establish anti-fraud relatively high and would notably reduce
procedures and control measures; work efficiency or effectiveness,
(3) Lack of corresponding control significantly increase uncertainty of
mechanisms for accounting treatment of outcomes, or cause notable deviation
non-routine or special transactions, or from expected objectives.
failure to implement such controls
without compensating controls; (1) Non-financial report deficiencies are
(4) One or more deficiencies in controls determined primarily based on the
over the period-end financial reporting impact of the deficiency on the
process, such that there is no reasonable effectiveness of business processes and
assurance that the financial statements the likelihood of occurrence;
are prepared truthfully and completely. (2) A general deficiency is identified
General deficiencies in financial report where the likelihood of occurrence is
refer to control deficiencies other than relatively low and would reduce work
material weaknesses and significant efficiency or effectiveness, increase
deficiencies described above. uncertainty of outcomes, or cause
deviation from expected objectives.
The quantitative criteria are measured by
operating income and total assets.
(1) Losses that may be caused by or as a
result of internal control deficiencies that
are relevant to the income statement are
measured by the operating income:
Material weakness: misstatement
amount > 2% of operating income;
(2) Losses that may be caused or as a
result of internal control deficiencies that
are relevant to asset management are
Material weakness: Direct property
measured by the total assets:
damage > RMB 20 million.
Material weakness: misstatements
amount > 1% of total assets.
Significant deficiency: RMB 5 million <
Quantitative criteria direct property damage < RMB 20
The quantitative criteria are measured by
million.
operating income and total assets.
(1) Losses that may be caused by or as a
General deficiency: direct property
result of internal control deficiencies that
damage < RMB 5 million.
are relevant to the income statement are
measured by the operating income:
Significant Deficiency: 1% of operating
income < misstatement amount < 2% of
operating income;
(2) Losses that may be caused or as a
result of internal control deficiencies that
are relevant to asset management are
measured by the total assets:
Significant Deficiency: 0.5% of total
assets < misstatement amount < 1% of
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
total assets.
The quantitative criteria are measured by
operating income and total assets.
(1) Losses that may be caused by or as a
result of internal control deficiencies that
are relevant to the income statement are
measured by the operating income:
General deficiency: misstatement amount
<1% of operating income ;
(2) Losses that may be caused or as a
result of internal control deficiencies that
are relevant to asset management are
measured by the total assets:
General deficiency: misstatement amount
< 0.5% of total assets.
Number of material weaknesses in
financial report
Number of material weaknesses in non-
financial report
Number of significant deficiencies in
financial report
Number of significant deficiencies in
non-financial report
Applicable □Not applicable
Deliberations in the internal control audit report
In our opinion, Robam Appliances maintained effective internal control over financial reporting in all material respects as of
December 31, 2025, in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations.
Disclosure of the internal control audit report Disclosed
Date of full disclosure of the internal control audit report April 29, 2026
CNINFO: Robam Appliances 2025 Internal Control Audit
Disclosure reference for the full internal control audit report
Report
Type of opinion on the internal control audit report Standard unqualified opinion
Whether there are material weaknesses in non-financial report No
Whether the accounting firm issued a non-standard internal control audit opinion
□ Yes No
Whether the internal control audit opinion issued by the accounting firm is consistent with the Board of Directors’ self-assessment
opinion
Yes □No
Whether a non-standard audit opinion on internal control was issued for the reporting period or the previous year
□ Yes No
XIV. Self-inspection and Rectification of Issues Identified in the Special Action on
Governance of Listed Companies
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Based on the above criteria for identifying deficiencies in internal control over financial reporting, the
Company did not have material weaknesses and significant deficiencies in internal control over financial
reporting during the reporting period. For general deficiencies identified in internal control over financial
reporting, the Company has implemented or is in the process of implementing rectification measures, with
continuous tracking of progress under a closed-loop management mechanism. The risks arising from general
deficiencies in internal control over financial reporting remain within a controllable range and do not have a
substantive impact on the achievement of the Company’s internal control objectives.
Based on the above criteria for identifying deficiencies in internal control over non-financial reporting, no
material weaknesses and significant deficiencies in the Company's internal control over non-financial reporting
were identified during the reporting period. For general deficiencies identified in internal control over non-
financial reporting, the Company has implemented or is in the process of implementing rectification measures,
with continuous tracking of progress under a closed-loop management mechanism. The risks arising from
general deficiencies in internal control over non-financial reporting remain within a controllable range and do
not have a substantive impact on the achievement of the Company’s internal control objectives.
XV. Disclosure of Environmental Information
Whether the listed company and its major subsidiaries are included in the list of entities required to disclose environmental
information in accordance with laws and regulations
□ Yes No
XVI. Social Responsibility
For details, please refer to the 2025 Environmental, Social and Governance (ESG) Report disclosed by the Company on the
designated information disclosure platform (CNINFO).
XVII. Consolidation and Expansion of Poverty Alleviation Achievements and Rural
Revitalization
For details, please refer to the 2025 Environmental, Social and Governance (ESG) Report disclosed by the Company on the
designated information disclosure platform (CNINFO).
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 5 Significant Matters
I. Performance in Fulfilling Commitments
Company itself and other relevant parties already fulfilled during the reporting period and not yet
fulfilled at the end of the reporting period
Applicable □Not applicable
Commitm
Committing Commitme Time of
Commitment Content of Commitment ent Performance
Party nt Type Commitment
Duration
Upon the expiration of the
above 36-month restricted
sales period, the shares
Directors,
transferred by any of them
supervisors and
Commitment Commitme each year shall not exceed
senior
made during nt on 25% of the total shares of the Long-term
management November Strictly
initial public restriction Company held directly or commitme
directly and 23, 2010 performed
offering or re- for sales of indirectly by him/her; and nt
indirectly
financing shares shall not transfer the shares of
holding shares
the Company held directly or
of the Company
indirectly by him/her within
half year after leaving the
Company.
and enterprises controlled by
the Company/individual do not
currently and will not in the
future, directly or indirectly,
engage in any activities that
constitute horizontal
competition with the existing
or future businesses of Robam
Appliances and its
subsidiaries; 2) If any business
Hangzhou Commitme opportunity obtained from a
Commitment
Robam nt on third party by the
made during Long-term
Industrial avoiding Company/individual or November Strictly
initial public commitme
Group Co., horizontal enterprises controlled thereby 23, 2010 performed
offering or re- nt
Ltd.; Ren competitio constitutes or may constitute
financing
Jianhua n substantial competition with
the business of Robam
Appliances, the
Company/individual will
promptly notify Robam
Appliances and transfer such
business opportunity to Robam
Appliances; 3) The
Company/individual and
enterprises controlled thereby
undertake not to provide any
commercial secrets such as
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
technical information,
production processes, or sales
channels to any companies,
enterprises, organizations or
individuals whose businesses
compete with those of Robam
Appliances.
Whether
commitments
have been Yes
performed on
schedule
If any
commitments
are overdue and
not yet
fulfilled,
detailed N/A
explanation of
reasons and
next-step work
plan shall be
made
during the reporting period, explanation has been made, of whether such forecasts have been achieved
and the reasons
□Applicable Not applicable
□Applicable Not applicable
II. Non-operating Occupation of Funds of the Listed Company by the Controlling
Shareholder and Other Affiliated Parties
□Applicable Not applicable
There was no non-operating occupation of funds of the listed company by the controlling shareholder and other affiliated parties
during the reporting period.
III. Illegal External Guarantee
□Applicable Not applicable
There is no illegal external guarantee during the reporting period.
VI. Statements of the Board of Directors on the “Non-standard Audit Report” for the Last
Year
□Applicable Not applicable
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
V. Statements of the Board of Directors and the Independent Directors (if any) on the “Non-
standard Audit Report” Issued by the Accounting Firm for the Reporting Period
□Applicable Not applicable
VI. Explanation of Changes in Accounting Policies, Accounting Estimates or Corrections of
Material Accounting Errors Compared with the Previous Year's Financial Report
□Applicable Not applicable
During the reporting period, there were no changes in accounting policies or estimates, nor any correction of material accounting
errors.
VII. Explanation of Changes in the Scope of Consolidated Financial Statements Compared
with the Previous Year's Financial Report
Applicable □Not applicable
During the year, the scope of consolidation increased by three wholly owned subsidiaries newly established by the Company,
and one additional controlled subsidiary was formed through the demerger of a subsidiary. Details are as follows:
On July 11, 2025, Robam Appliances (Hong Kong) Holding Co., Ltd., a subsidiary of the Company, established Robam
Appliances International Trading (Malaysia) Co., Ltd., with a registered capital of MYR 1,000 and a 100% equity interest. Its
business scope covers the sales and after-sales services of kitchen appliances. As of the end of the reporting period, the registered
capital had not yet been paid in and the company had not commenced operations.
On September 26, 2025, the Company established Hangzhou Robam Commercial Kitchen Technology Co., Ltd., with a
registered capital of RMB 50 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of
kitchen appliances. The registered capital has been fully paid.
On September 26, 2025, the Company established Hainan Robam Intelligent Technology Co., Ltd., with a registered capital
of RMB 200 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of kitchen appliances.
As of the end of the reporting period, the registered capital had not yet been paid in and the company had not commenced
operations.
VIII. Appointment and Dismissal of Accounting Firm
Accounting firm currently engaged
ShineWing Certified Public Accountants (Special General
Name of domestic accounting firm
Partnership)
Compensation of the domestic accounting firm (in RMB
Number of consecutive years of audit services provided by the
domestic accounting firm
Name of certified public accountant of the domestic accounting
Liu Yu, Tian Chuan
firm
Number of consecutive years of auditing services provided by
certified public accountants of the domestic accounting firm
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Whether to change the accounting firm during the period
□ Yes No
Engagement of internal control audit accounting firms, financial advisors or sponsors
Applicable □Not applicable
ShineWing Certified Public Accountants (Special General Partnership) acted as the Company's internal control auditor for the year
million was for the audit of internal control.
IX. Delisting Risk after Disclosure of The Annual Report
□Applicable Not applicable
X. Matters Related to Bankruptcy Reorganization
□Applicable Not applicable
The Company did not have any matters related to bankruptcy reorganization during the reporting period.
XI. Material Litigation and Arbitration
□Applicable Not applicable
The Company had no material litigation and arbitration during the reporting period.
X. Penalties and Rectification
□Applicable Not applicable
There was no penalty or rectification during the reporting period.
XIII. Integrity Conditions of the Company and Its Controlling Shareholders and Actual
Controllers
□Applicable Not applicable
XIV. Major Connected Transactions
□Applicable Not applicable
The Company had no connected transactions concerning daily operations during the reporting period.
□Applicable Not applicable
The Company had no connected transactions related to the acquisition or sales of assets or equity during the reporting period.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
The Company had no connected transactions related to joint outward investment during the reporting period.
□Applicable Not applicable
The Company had no connected transactions on credit and debt during the reporting period.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the Company and connected finance companies and
affiliates.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between finance companies controlled by the Company and
affiliates.
□Applicable Not applicable
There were no other major connected transactions during the reporting period.
XV. Major Contracts and Their Performance
(1) Entrustment
□Applicable Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□Applicable Not applicable
There was no contracting during the reporting period.
(3) Leasing
□Applicable Not applicable
There was no leasing during the reporting period.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
The Company had no material guarantee during the reporting period.
(1) Entrusted financial management
Applicable □Not applicable
Overview of entrusted financial management during the reporting period
Unit: RMB 10,000
Balance of entrusted finance Overdue amount not
Product category Risk profile
during the reporting period recovered
Bank financial products R1-R3 283,000 0
Trust financial management
R5 40,000 0
product
Specific circumstances where the Company, as a single principal, entrusts financial institutions with asset management, or invests
in high-risk financial management products with lower safety and liquidity
□Applicable Not applicable
(2) Entrusted loans
□Applicable Not applicable
There were no entrusted loans during the reporting period.
□Applicable Not applicable
The Company had no other material contracts during the reporting period.
XVI. Use of the Raised Funds
□Applicable Not applicable
The Company did not use the raised funds during the reporting period.
XVII. Explanation of Other Significant Matters
□Applicable Not applicable
The Company had no other significant matters that need to be explained during the reporting period.
XVIII. Significant Matters of Subsidiaries of the Company
□Applicable Not applicable
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 6 Changes in Shares and Shareholders
I. Changes in Shares
Unit: share
Before change Change (+. -) After change
Shares
Issue
converted
Percenta of Bonus Percenta
Quantity from Others Subtotal Quantity
ge (%) new shares ge (%)
capital
shares
reserve
I. Shares subject
to sales 1.21% 11,387,129 1.21%
restrictions
by the state
by the state-
owned legal
persons
by other domestic 1.21% 11,387,129 1.21%
investors
Including:
shares held by
domestic legal
persons
Including:
shares held by 11,387,1
domestic natural 29
persons
by overseas
investors
Including:
shares held by
overseas legal
persons
Shares held
by overseas
natural persons
II. Shares without 933,395,
sales restrictions 037
ordinary shares 037
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Domestically
listed foreign
shares
listed foreign
shares
III. Total shares 156,750 156,750 944,938,916 100.00%
Reason for share changes
□Applicable Not applicable
Approval of changes in shares
□Applicable Not applicable
Transfer of ownership of changes in shares
□Applicable Not applicable
The impact of changes in shareholding on the financial indicators such as basic earnings per share (EPS), diluted EPS, and net
assets per share attributable to common shareholders for the latest year and the latest period.
□Applicable Not applicable
Other information deemed necessary by the Company or required to be disclosed by securities regulatory authorities.
□Applicable Not applicable
□Applicable Not applicable
II. Securities Issuance and Listing
□Applicable Not applicable
changes in the structure of the Company's assets and liabilities
□Applicable Not applicable
□Applicable Not applicable
III. Shareholders and Actual Controllers
Unit: share
Total number of Total Total Total number of preference
common number number of shareholders with voting
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
shareholders at of preference rights recovered at the end
the end of the common shareholders of the previous month
reporting period sharehol with voting before the disclosure date of
ders at rights the annual report (if any)
the end recovered at (see Note 8)
of the the end of
previous the
month reporting
before period (if
the any) (see
disclosu Note 8)
re date
of the
annual
report
Shareholdings of shareholders holding more than 5% of the Company’s shares or top 10 shareholders (excluding share lent through
refinancing)
Numb Pledged, marked or
Number of er of frozen shares
Number of
shares held Change shares
Shareho shares not
Name of Nature of at the end of during the subjec
lding subject to
shareholder shareholder the reporting t to
ratio sales Status Quantity
reporting period sales
restrictions
period restric
tions
Domestic
Hangzhou Robam
non-state- Not
Industrial Group 49.90% 471,510,000 0 0 471,510,000 0
owned Applicable
Co., Ltd.
corporation
Hong Kong
Securities
Overseas Not
Clearing 6.65% 62,815,238 -41,382,827 0 62,815,238 0
corporation Applicable
Company
Limited
China Merchants
Bank Co., Ltd. -
ICBC Credit
Not
Suisse Value Others 1.61% 15,259,526 15,259,526 0 15,259,526 0
Applicable
Selected Hybrid
Securities
Investment Fund
Domestic Not
Shen Guoying 1.30% 12,240,000 0 0 12,240,000 0
natural person Applicable
China Life
Insurance
(Group)
Company -
Traditional -
Ordinary Not
Others 0.94% 8,906,200 602,500 0 8,906,200 0
Insurance Applicable
Products - Hong
Kong Stock
Connect
(Innovative
Strategy)
Agricultural Bank Not
Others 0.75% 7,079,953 436,153 0 7,079,953 0
of China Co., Ltd. Applicable
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
- CSI 500
Exchange Traded
Fund
Hangzhou Domestic
Jinchuang non-state- Not
Investment Co., owned Applicable
Ltd. corporation
China Pacific
Life Insurance
Co., Ltd. －
Not
Traditional － Others 0.69% 6,534,300 1,300,000 0 6,534,300 0
Applicable
Ordinary
Insurance
Products
Schroder
Investment
Management
(Hong Kong)
Overseas Not
Limited - 0.68% 6,435,300 -7,780,055 0 6,435,300 0
corporation Applicable
Schroder Global
Equity Fund
China A-Shares
(Exchange)
Hangzhou Domestic
Yinchuang non-state- Not
Investment Co., owned Applicable
Ltd. corporation
Strategic investor or general legal
person who becomes one of the top
N/A
(if any) (see Note 3)
Mr. Ren Jianhua is the actual controller of the controlling shareholder of the Company -
Description of the associated
Hangzhou Robam Industrial Group Co., Ltd., and the shareholder of the Company -
relationship or consistent actions of
Hangzhou Jinchuang Investment Co., Ltd.; and the natural person shareholder, Shen Guoying,
the above shareholders
is his wife. Therefore, there is a possibility that these shareholders will act in concert.
Statements of the above
shareholders on proxy/trustee
N/A
voting rights and abstention from
voting rights
Special note on the presence of
repurchase accounts among the top
N/A
Shareholdings of the top 10 shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive
locked shares)
Type of share
Number of shares without sales restrictions held at the end of the
Name of shareholder Type of
reporting period Quantity
share
RMB
Hangzhou Robam Industrial Group 471,510,
Co., Ltd. 000
shares
RMB
Hong Kong Securities Clearing 62,815,2
Company Limited 38
shares
China Merchants Bank Co., Ltd. - 15,259,526 RMB 15,259,5
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
ICBC Credit Suisse Value Selected ordinary 26
Hybrid Securities Investment Fund shares
RMB
Shen Guoying 12,240,000 ordinary
shares
China Life Insurance (Group)
Company - Traditional - Ordinary RMB
Insurance Products - Hong Kong 8,906,200 ordinary
Stock Connect (Innovative shares
Strategy)
Agricultural Bank of China Co., RMB
Ltd. - CSI 500 Exchange Traded 7,079,953 ordinary
Fund shares
RMB
Hangzhou Jinchuang Investment 6,640,08
Co., Ltd. 5
shares
China Pacific Life Insurance Co., RMB
Ltd. － Traditional － Ordinary 6,534,300 ordinary
Insurance Products shares
Schroder Investment Management
RMB
(Hong Kong) Limited - Schroder 6,435,30
Global Equity Fund China A- 0
shares
Shares (Exchange)
RMB
Hangzhou Yinchuang Investment 6,318,00
Co., Ltd. 0
shares
Description on associated
relationship or consistent actions
Mr. Ren Jianhua is the actual controller of the controlling shareholder of the Company -
among the top 10 unrestricted
Hangzhou Robam Industrial Group Co., Ltd., and the shareholder of the Company -
circulating shareholders and
Hangzhou Jinchuang Investment Co., Ltd.; and the natural person shareholder, Shen Guoying,
between the top 10 holders of
is his wife. Therefore, there is a possibility that these shareholders will act in concert.
unrestricted circulating shares and
the top 10 common shareholders
Description on the top 10 common
shareholders engaging in securities N/A
margin trading (if any) (see Note 4)
Shares lending through refinancing involving shareholders holding more than 5% of the shares, the top 10 shareholders, and the
top 10 holders of unrestricted circulating shares
□Applicable Not applicable
Compared to the previous period, the change is due to the top 10 shareholders and the top 10 holders of unrestricted circulating
shares lending/returning shares for refinancing purposes.
□Applicable Not applicable
Did any of the top 10 common shareholders and the top 10 common shareholders not subject to sales restrictions of the Company
have any agreed repurchase trading during the reporting period:
□ Yes No
There was no agreed repurchase trading between the top 10 common shareholders and the top 10 common shareholders not subject
to sales restrictions of the Company during the reporting period.
Nature of controlling shareholder: controlled by natural person
Type of controlling shareholder: legal entity
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Legal
Name of controlling Unified social credit Main business
representative/person Date of establishment
shareholder code activities
in charge
Hangzhou Robam Industrial investment,
Industrial Group Co., Ren Jianhua March 22, 1995 913301101438402503 import and export of
Ltd. goods
Equity interests held by
the controlling
shareholder in other
Serves as the controlling shareholder of Hangzhou Nbond Nonwovens Co., Ltd., and as a shareholder
domestic and overseas
of Zhejiang CFMOTO Power Co., Ltd. and Hangzhou Fortune Gas Cryogenic Group Co., Ltd.
listed companies
during the reporting
period
Changes in the controlling shareholder during the reporting period
□Applicable Not applicable
There was no change in the controlling shareholder of the Company during the reporting period.
Nature of actual controller: domestic natural person
Type of actual controller: natural person
Whether permanent residency
Relationship with actual
Name of actual controller Nationality in other countries/regions is
controller
obtained
Ren Jianhua Self China No
Main occupation and position See the biographies of the Company's directors
Listed companies controlled
Actual controller of Hangzhou Robam Appliances Co., Ltd. and Hangzhou Nbond Nonwovens
in the past 10 years (domestic
Co., Ltd.
and overseas)
Changes in the actual controller during the reporting period
□Applicable Not applicable
There was no change in the actual controller of the Company during the reporting period.
Diagram of equity ownership and control relationship between the Company and the actual controller
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Ren Jianhua
Robam Group Jinchuang Investment
Hangzhou Robam Appliances Co., Ltd.
Whether the actual controller controls the Company through trusts or other asset management arrangements
□Applicable Not applicable
and persons acting in concert account for 80% or more of their shareholding in the Company
□Applicable Not applicable
□Applicable Not applicable
and other commitment parties
□Applicable Not applicable
IV. Specific Implementation of Share Repurchases During the Reporting Period
Progress in the implementation of shares repurchase
□Applicable Not applicable
Progress of transferring repurchased shares by means of centralized bidding transactions
□Applicable Not applicable
V. Information on Preferred Shares
□Applicable Not applicable
The Company had no preferred shares during the reporting period.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 7 Bonds
□Applicable Not applicable
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Section 8 Financial Report
I. Audit Report
Type of audit opinion Standard unqualified opinion
Date of signing of the audit report April 28, 2026
ShineWing Certified Public Accountants (Special General
Name of audit institution
Partnership)
Audit report No. XYZH/2026BJAA8B0102
Name of certified public accountants Liu Yu, Tian Chuan
Main body of the audit report
To all shareholders of Hangzhou Robam Appliances Co., Ltd.
Audit opinion
We have audited the financial statements of Hangzhou Robam Appliances Co., Ltd. (hereinafter referred to as “Robam
Appliances” or the “Company”), which comprise the consolidated balance sheet and the balance sheet of parent company as of
December 31, 2025, consolidated income statement and income statement of parent company, consolidated cash flow statement
and cash flow statement of parent company, consolidated statement of change in equity and statement of change in equity of
parent company for the year 2025 and notes to relevant financial statements.
In our opinion, the accompanying financial statements have been prepared, in all material respects, in accordance with the
requirements of the Accounting Standards for Business Enterprises, and fairly present the consolidated and parent company
financial position of Robam Appliances as of December 31, 2025, and its consolidated and parent company operating results and
cash flows for the year 2025.
Basis for audit opinion
We conducted our audit in accordance with the Chinese Standards on Auditing for Certified Public Accountants. Our
responsibilities under these standards are further described in the "Certified Public Accountants’ Responsibilities for the Audit of
the Financial Statements" section of the audit report. In accordance with the Independence Standard for Chinese Certified Public
Accountants and the independence requirements applicable to audits of financial statements of public interest entities under the
Code of Ethics for Chinese Certified Public Accountants, we are independent of Robam Appliances and have fulfilled our other
ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Key audit matters
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements for the current period. These matters were addressed in the context of our audit of the financial statements as a whole
and in forming our audit opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matters Response in audit
Refer to Note III. 26 and Note V. 39 Operating Income and Our audit procedures in relation to revenue recognition under
Operating Costs to the financial statements. the agency sales model and developer channel sales mainly
For the year 2025, Robam Appliances recorded operating included:
income of RMB 10,116.0694 million, representing a decrease of
RMB 1,096.5848 million compared with 2024. Among this,
recognition and evaluate and test the effectiveness of internal
revenue from the agency sales model amounted to RMB
control design and implementation;
amounted to RMB 1,074.7972 million, together accounting for 2. Review the information on the shareholders and key
related-party relationships exist;
Given the significant proportion of revenue derived from the
agency sales model and developer channel sales, and that revenue 3. Examine major sales contracts to identify clauses relating to
is a key performance indicator of the Company, there is an inherent the transfer of the principal risks and rewards of ownership of
risk that management may recognize revenue inappropriately to goods, and evaluate whether the timing of revenue recognition
achieve specific or expected targets. Therefore, we identified complies with the Accounting Standards for Business
revenue recognition as a key audit matter. Enterprises;
income and gross margins by channel, customer, and product
to identify significant or unusual fluctuations and analyze
underlying causes;
from major customers based on revenue recognition policies
and settlement processes, to assess the authenticity and
accuracy of revenue recognition;
procedures to confirm sales amounts with major customers;
such as delivery notes and acceptance records for revenue
recognized around the balance sheet date, to assess whether
revenue was recognized in the appropriate period;
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
has been properly presented and disclosed in the financial
statements.
Key audit matters Response in audit
Refer to Note III. 11 and Note V. 4 Accounts Receivable to Our audit procedures in relation to expected credit losses on
the financial statements. accounts receivable mainly included:
As of December 31, 2025, Robam Appliances reported
accounts receivable of RMB 2,074.0128 million, with the bad debt
and evaluate and test the effectiveness of internal control
provision of RMB 572.2382 million.
design and implementation;
Due to the significant balance of accounts receivable at period-end,
and the need for management to apply significant accounting
revenue transactions to understand settlement terms and
estimates and judgment in determining recoverable amounts, we
analyze the causes of receivables, and assess customers’
identified expected credit losses on accounts receivable as a key
repayment capacity based on their operating and financial
audit matter.
conditions;
standards to receivables, including assessing the
appropriateness of the expected credit loss model adopted by
the Company and the reasonableness of estimates,
recalculating expected credit losses at the balance sheet date,
and assessing whether provisions are adequate;
confirmation procedures and subsequent collections,
corroborating the reasonableness of expected credit loss
estimates;
from major customers, record the amount of accounts
receivable that have been recovered after the period, and check
the recovered amounts to the supporting documents, such as
bank receipts;
has been properly presented and disclosed in the financial
statements.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other information
Management of Hangzhou Robam Appliances Co., Ltd. (hereinafter referred to as “management”) is responsible for the
other information. The other information comprises the information included in the 2025 annual report of Robam Appliances, but
does not include the financial statements and the audit report.
Our audit opinion on the financial statements does not cover other information, and we do not express any form of assurance
conclusion thereon.
In conjunction with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or with the knowledge we obtained
during the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements in accordance with the Accounting Standards for
Business Enterprises so as to achieve fair presentation, and for designing, implementing, and maintaining such internal control as
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing matters related to going concern (where applicable), and using the going concern basis of accounting unless
management either intends to liquidate the Company, cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Certified public accountants’ responsibilities for the audit of the financial statements
Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an audit report that includes an audit opinion. Reasonable assurance is a
high level of assurance, but does not provide assurance that an audit performed in accordance with auditing standards will always
detect a material misstatement when it exists. Misstatements, which may be due to fraud or error, are generally considered to be
material if they could reasonably be expected, individually or in the aggregate, to affect the economic decisions of users of
financial statements on the basis of the financial statements.
As part of an audit conducted in accordance with auditing standards, we exercise professional judgment and maintain
professional skepticism throughout the audit. At the same time, we also perform the following tasks:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures to address those risks, and obtain sufficient and appropriate audit evidence to provide a
basis for our audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than that
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Understand internal controls relevant to the audit in order to design appropriate audit procedures.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
Conclude on the appropriateness of management's use of the going concern assumption. At the same time, based on the
audit evidence obtained, determine whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, auditing standards require us to draw the attention of users of the statements to the relevant disclosures in the
financial statements in our audit report; if such disclosures are not adequate, we are required to modify our opinion. Our
conclusions are based on information available as of the date of the audit report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements and whether the financial statements
present fairly the underlying transactions and events.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities
within the Company to express an audit opinion on the financial statements. We are responsible for directing,
supervising and performing the Group's audits, and for the audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements for the current period and are therefore key audit matters. We describe these
matters in our audit report unless laws or regulations preclude public disclosure about the matter or, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.
II. Financial Statements
The financial statement notes are represented in RMB.
Prepared by: Hangzhou Robam Appliances Co., Ltd.
December 31, 2025
In RMB
Item Ending balance Beginning balance
Current assets:
Cash and cash equivalents 1,236,257,860.53 1,631,776,094.27
Deposit reservation for balance
Lendings to banks and other financial
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
institutions
Financial assets held for trading 3,230,000,000.00 2,180,000,000.00
Derivative financial assets
Notes receivable 578,435,043.55 817,563,424.67
Accounts receivable 1,501,774,623.23 1,963,710,151.61
Accounts receivable financing
Prepayments 186,281,708.91 161,690,670.71
Receivable premium
Reinsurance accounts receivable
Reinsurance contract reserves
receivable
Other receivables 73,533,704.37 86,729,886.98
Inc: Interests receivable
Dividends receivable 400,000.00
Redemptory monetary capital for sale
Inventory 1,360,022,769.09 1,214,012,761.29
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year 499,143,689.50 899,560,428.08
Other current assets 88,468,071.99 1,411,059,496.48
Total current assets 8,753,917,471.17 10,366,102,914.09
Non-current assets:
Loans and advances
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 4,395,119.95 10,561,060.79
Investment in other equity instruments 2,116,023.22 2,116,023.22
Other non-current financial assets 800,451,400.00 300,000,000.00
Investment properties 81,013,670.91 85,850,636.19
Fixed assets 2,173,675,186.21 1,611,144,579.04
Construction in process 46,511,377.40 457,357,111.28
Biological assets for production
Oil & gas assets
Right-of-use assets 8,102,992.49 10,275,253.96
Intangible assets 196,406,397.41 205,881,656.70
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term prepaid expenses 3,252,717.83 4,756,409.65
Deferred income tax assets: 325,584,003.83 355,443,564.81
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other non-current assets 4,812,636,753.73 3,633,769,072.60
Total non-current assets 8,454,145,642.98 6,677,155,368.24
Total assets 17,208,063,114.15 17,043,258,282.33
Current liabilities:
Short-term borrowings 97,738,579.05 93,239,299.06
Borrowings from the central bank
Borrowings from banks and other
financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payables 1,102,064,932.55 1,061,073,856.74
Accounts payable 2,655,136,329.40 2,830,095,046.91
Advance receipts
Contract liabilities 932,559,161.31 867,810,932.52
Financial assets sold for repurchase
Deposits from customers and
interbank
Receivings from vicariously traded
securities
Receivings from vicariously traded
securities
Payroll payable 179,852,713.89 188,410,062.92
Taxes payable 121,036,736.76 189,784,241.67
Other payables 294,434,125.10 285,326,671.78
Inc: Interests payable
Dividends payable
Fees and commissions payable
Dividends payable for reinsurance
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 102,759,019.62 95,808,311.01
Total current liabilities 5,487,549,488.98 5,613,684,966.25
Non-current liabilities:
Reserves for insurance contracts
Long-term loans
Bonds payable
Inc: Preferred shares
Perpetual bonds
Lease liabilities 7,867,003.07 10,197,520.49
Long-term accounts payable
Long-term payroll payable
Estimated liabilities
Deferred income 100,318,829.17 114,504,272.72
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Deferred income tax liabilities 40,433,744.03 38,784,781.76
Other non-current liabilities
Total non-current liabilities 148,619,576.27 163,486,574.97
Total liabilities 5,636,169,065.25 5,777,171,541.22
Owner’s equity:
Capital stock 944,938,916.00 944,782,166.00
Other equity instruments
Inc: Preferred shares
Perpetual bonds
Capital reserve 245,855,894.16 237,627,547.19
Less: treasury share
Other comprehensive income -99,859,332.25 -99,551,592.95
Special reserve
Surplus reserve 474,516,412.50 474,516,412.50
General risk reserves
Undistributed profits 9,932,003,800.67 9,621,062,910.45
Total owners’ equity attributable to the
parent company
Minority interests 74,438,357.82 87,649,297.92
Total owners’ equity 11,571,894,048.90 11,266,086,741.11
Total liabilities and owner’s equity 17,208,063,114.15 17,043,258,282.33
Legal representative: Ren Jianhua Person in charge of accounting: Zhang Guofu Head of the accounting body: Zhang Guofu
In RMB
Item Ending balance Beginning balance
Current assets:
Cash and cash equivalents 918,874,104.42 1,277,125,731.09
Financial assets held for trading 3,150,000,000.00 2,180,000,000.00
Derivative financial assets
Notes receivable 523,249,511.10 725,250,200.92
Accounts receivable 1,602,061,559.51 1,950,848,879.74
Accounts receivable financing
Prepayments 165,128,922.34 141,838,575.60
Other receivables 46,373,203.37 54,938,787.51
Inc: Interests receivable
Dividends receivable 400,000.00
Inventory 1,236,807,100.71 1,101,560,745.84
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year 499,143,689.50 899,560,428.08
Other current assets 85,399,390.87 1,408,135,339.71
Total current assets 8,227,037,481.82 9,739,258,688.49
Non-current assets:
Debt investment
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other debt investment
Long-term account receivable
Long-term equity investment 359,003,369.68 305,726,881.00
Investment in other equity instruments 2,116,023.22 2,116,023.22
Other non-current financial assets 800,000,000.00 300,000,000.00
Investment properties 5,844,077.68 6,160,828.32
Fixed assets 2,014,588,155.12 1,439,118,833.45
Construction in process 46,511,377.40 457,357,111.28
Biological assets for production
Oil & gas assets
Right-of-use assets
Intangible assets 138,595,427.42 144,362,791.26
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term prepaid expenses 1,293,597.65 2,039,913.58
Deferred income tax assets: 303,767,891.68 338,574,461.95
Other non-current assets 4,812,563,358.50 3,633,575,072.60
Total non-current assets 8,484,283,278.35 6,629,031,916.66
Total assets 16,711,320,760.17 16,368,290,605.15
Current liabilities:
Short-term borrowings 2,078,878.91
Financial liabilities held for trading
Derivative financial liabilities
Notes payables 1,039,112,638.02 995,772,872.14
Accounts payable 2,506,156,790.78 2,581,653,678.97
Advance receipts
Contract liabilities 868,921,179.27 774,230,830.83
Payroll payable 142,644,938.67 152,840,544.42
Taxes payable 104,865,287.45 156,521,588.05
Other payables 269,282,117.78 257,629,203.33
Inc: Interests payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 94,783,314.31 84,060,358.81
Total current liabilities 5,025,766,266.28 5,004,787,955.46
Non-current liabilities:
Long-term loans
Bonds payable
Inc: Preferred shares
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Perpetual bonds
Lease liabilities
Long-term accounts payable
Long-term payroll payable
Estimated liabilities
Deferred income 69,101,835.67 81,363,483.02
Deferred income tax liabilities 35,534,453.35 32,893,834.92
Other non-current liabilities
Total non-current liabilities 104,636,289.02 114,257,317.94
Total liabilities 5,130,402,555.30 5,119,045,273.40
Owner’s equity:
Capital stock 944,938,916.00 944,782,166.00
Other equity instruments
Inc: Preferred shares
Perpetual bonds
Capital reserve 245,810,911.29 237,582,564.32
Less: treasury share
Other comprehensive income -100,157,634.16 -100,157,634.16
Special reserve
Surplus reserve 474,516,412.50 474,516,412.50
Undistributed profits 10,015,809,599.24 9,692,521,823.09
Total owners’ equity 11,580,918,204.87 11,249,245,331.75
Total liabilities and owner’s equity 16,711,320,760.17 16,368,290,605.15
In RMB
Item 2025 2024
I. Total operating income 10,116,069,396.20 11,212,654,220.22
Inc: Operating income 10,116,069,396.20 11,212,654,220.22
Interest income
Earned premium
Fee and commission income
II. Total operating costs 8,794,040,843.46 9,574,831,422.71
Inc: Operating costs 5,038,637,589.19 5,644,826,327.72
Interest expenses
Fee and commission expenses
Surrender value
Net payments for insurance
claims
Net amount of reserves for
insurance contract liabilities appropriated
Policy dividend expenditures
Reinsurance expenses
Taxes and surcharges 87,030,661.25 109,124,685.49
Sales expenses 2,923,421,261.24 3,078,798,259.84
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Administrative expenses 515,134,293.64 508,849,021.04
R&D expenses 367,949,907.26 413,659,448.81
Financial expenses -138,132,869.12 -180,426,320.19
Including: Interest expenses 4,589,922.10 5,244,416.98
Interest income 149,264,427.90 187,364,396.26
Add: other income 114,042,694.11 158,366,990.73
Investment income (“-” for
losses)
Including: Income from
investment in joint ventures and -5,765,941.04 -5,054,357.08
affiliated enterprises
Gains on
derecognition of financial assets
measured at amortized cost
Exchange gains (“-” for losses)
Net exposure hedging gains (“-”
for losses)
Gains from changes in fair value
(“-” for losses)
Losses from credit impairment
-62,273,336.05 -70,748,315.78
(“-” for losses)
Losses from asset impairment (“-
-19,744,464.84 -68,193,162.23
” for losses)
Gains on disposal of assets (“-”
-5,856,912.16 -4,462,199.53
for losses)
III. Operating profits (“-” for losses) 1,437,292,329.89 1,790,131,800.20
Add: non-operating income 6,068,255.02 2,236,216.91
Less: non-operating expenditure 13,558,971.70 8,139,163.72
IV. Total profits (“-” for total losses) 1,429,801,613.21 1,784,228,853.39
Less: income tax expenses 190,949,211.14 228,728,811.96
V. Net profits (“-” for losses) 1,238,852,402.07 1,555,500,041.43
(I) By operational sustainability
operations (“-” for net losses)
operations (“-” for net losses)
(II) By ownership
shareholders of the parent company
-17,027,404.15 -21,900,553.31
losses
VI. After-tax net amount of other
-347,794.86 643,012.67
comprehensive income
After-tax net amount of other
comprehensive income attributable to the -307,739.30 606,041.21
owners of parent company
(I) Other comprehensive income
that cannot be reclassified into gains and
losses
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
defined benefit plans
which cannot be transferred into gains or
losses under the equity method
investment in other equity instruments
credit risk of the Company
(II) Other comprehensive income
which will be reclassified into gains and -307,739.30 606,041.21
losses
which can be transferred into gains and
losses under the equity method
debt investments
reclassified into other comprehensive
income
of other debt investments
-307,739.30 606,041.21
currency statements
After-tax net amount of other
comprehensive income attributable to -40,055.56 36,971.46
minority shareholders
VII. Total comprehensive income 1,238,504,607.21 1,556,143,054.10
Total comprehensive income
attributable to owners of the parent 1,255,572,066.92 1,578,006,635.95
company
Total comprehensive income
-17,067,459.71 -21,863,581.85
attributable to minority shareholders
VIII. Earnings per share (EPS)
(I) Basic EPS 1.33 1.67
(II) Diluted EPS 1.33 1.67
In the case of merger of enterprises under the same control in the current period, the net profit realized by the merged party before
the merger is: RMB 0.00, and the net profit realized by the merged party in the previous period is: RMB 0.00.
Legal representative: Ren Jianhua Person in charge of accounting: Zhang Guofu Head of the accounting body: Zhang Guofu
In RMB
Item 2025 2024
I. Operating income 8,862,717,394.70 10,016,048,118.11
Less: Operating costs 4,659,220,206.20 5,259,702,199.84
Taxes and surcharges 73,954,236.52 92,229,308.51
Sales expenses 2,157,303,521.62 2,358,363,267.58
Administrative expenses 418,452,627.54 402,214,913.76
R&D expenses 376,817,574.07 411,738,248.41
Financial expenses -141,787,693.43 -184,570,426.66
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Including: Interest expenses 935,611.02 1,585,823.43
Interest income 147,051,588.79 185,678,157.14
Add: other income 106,692,381.24 147,373,798.12
Investment income (“-” for
losses)
Including: Income from
investment in joint ventures and -229,514.39 -2,583,849.09
affiliated enterprises
Gains on derecognition
of financial assets measured at amortized
cost (“-” for losses)
Net exposure hedging gains (“-”
for losses)
Gains from changes in fair value
(“-” for losses)
Losses from credit impairment
-38,723,512.15 -69,423,712.10
(“-” for losses)
Losses from asset impairment (“-
-17,543,240.94 -54,370,276.70
” for losses)
Gains on disposal of assets (“-”
-5,856,129.74 -4,462,199.53
for losses)
II. Operating profits (“-” for losses) 1,457,683,640.38 1,824,737,515.76
Add: non-operating income 5,796,463.70 1,854,448.37
Less: non-operating expenditure 10,021,603.16 6,673,097.99
III. Total profits (“-” for total losses) 1,453,458,500.92 1,819,918,866.14
Less: income tax expenses 185,231,808.77 221,970,152.02
IV. Net profits (“-” for net losses) 1,268,226,692.15 1,597,948,714.12
(I) Net profits from going concern (“-”
for net losses)
(II) Net profits from discontinued
operations (“-” for net losses)
V. After-tax net amount of other
comprehensive income
(I) Other comprehensive income
that cannot be reclassified into gains and
losses
defined benefit plans
which cannot be transferred into gains or
losses under the equity method
investment in other equity instruments
credit risk of the Company
(II) Other comprehensive income
which will be reclassified into gains and
losses
which can be transferred into gains and
losses under the equity method
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
debt investments
reclassified into other comprehensive
income
of other debt investments
currency statements
VI. Total comprehensive income 1,268,226,692.15 1,597,948,714.12
VII. Earnings per share (EPS)
(I) Basic EPS
(II) Diluted EPS
In RMB
Item 2025 2024
I. Cash flow from operating activities:
Cash received for the sale of goods
and rendering of services
Net increase in customers’ deposits
and deposits from banks and other
financial institutions
Net increase in borrowings from the
central bank
Net increase in borrowings from other
financial institutions
Cash received from receiving
insurance premium of the original
insurance contract
Net cash from receiving reinsurance
premium
Net increase in deposits and
investment of insured persons
Cash received from interests, fees and
commissions
Net increase in borrowed funds
Net increase in repurchase business
funds
Net cash received from vicariously
traded securities
Refunds of taxes 20,203,107.66 45,755,849.75
Cash received relating to other
operating activities
Subtotal of cash inflow from operating
activities
Cash paid for purchased products and
received services
Net increase in loans and advances to
customers
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Net increase in deposits with the
central bank and other financial
institutions
Cash paid for claims of original
insurance contract
Net increase in lending funds
Cash paid for interests, fees and
commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees
Cash paid for taxes 760,085,559.21 908,921,674.35
Cash paid related to other operating
activities
Subtotal of cash outflow from operating
activities
Net cash flow from operating activities 1,597,826,676.68 1,660,251,710.71
II. Cash flow from investment activities:
Cash received from return of
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 113,342.84 88,151.15
long-term assets
Net cash received from disposal of
subsidiaries and other business entities
Cashes received related to other
investment activities
Subtotal of cash inflow from investment
activities
Cash paid for purchase and
construction of fixed assets, intangible 250,223,806.46 257,803,831.33
assets and other long-term assets
Cash paid to investments 5,258,000,000.00 2,016,290,000.00
Net increase in pledged loans
Net cash from subsidiaries and other
operating entities
Cash paid related to other investment
activities
Subtotal of cash outflow from investment
activities
Net cash flow from investment activities -1,009,643,620.84 -637,226,945.90
III. Cash flow from financing activities:
Cash from acquiring investments 7,637,963.60 31,888,670.80
Including: Cash received by
subsidiaries from investments of 3,874,378.60 776,142.00
minority shareholders
Cash from acquiring debts 123,600,000.00 93,812,523.35
Other cashes received in relation to
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for repayments of debts 117,026,048.98 81,004,505.94
Cash paid for distribution of 947,998,932.11 1,418,983,928.25
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
dividends, profits or interest expenses
Including: Dividends or profits paid by
subsidiaries to minority shareholders
Other cashes paid in relation to
financing activities
Subtotal of cash outflow from financing
activities
Net cash flow from financing activities -936,295,580.63 -1,383,023,685.48
IV. Effect of change in exchange rate on
-946,342.93 136,119.47
cash and cash equivalents
V. Net increase in cash and cash
-349,058,867.72 -359,862,801.20
equivalents
Plus: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
In RMB
Item 2025 2024
I. Cash flow from operating activities:
Cash received for the sale of goods
and rendering of services
Refunds of taxes 20,166,569.81 45,755,849.75
Cash received relating to other
operating activities
Subtotal of cash inflow from operating
activities
Cash paid for purchased products and
received services
Cash paid to and on behalf of
employees
Cash paid for taxes 646,148,000.62 804,756,539.19
Cash paid related to other operating
activities
Subtotal of cash outflow from operating
activities
Net cash flow from operating activities 1,570,043,334.72 1,568,581,697.11
II. Cash flow from investment activities:
Cash received from return of
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 112,242.84 195,164.23
long-term assets
Net cash received from disposal of
subsidiaries and other business entities
Cashes received related to other
investment activities
Subtotal of cash inflow from investment
activities
Cash paid for purchase and
construction of fixed assets, intangible 247,828,014.05 253,848,822.85
assets and other long-term assets
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Cash paid to investments 4,933,235,095.00 2,052,414,675.00
Net cash from subsidiaries and other
operating entities
Cash paid related to other investment
activities
Subtotal of cash outflow from investment
activities
Net cash flow from investment activities -980,759,026.38 -680,598,278.46
III. Cash flow from financing activities:
Cash from acquiring investments 3,763,585.00 13,563,055.00
Cash from acquiring debts
Other cashes received in relation to
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for repayments of debts
Cash paid for distribution of
dividends, profits or interest expenses
Other cashes paid in relation to
financing activities
Subtotal of cash outflow from financing
activities
Net cash flow from financing activities -941,175,331.00 -1,405,304,069.09
IV. Effect of change in exchange rate on
-771,970.61 120,107.98
cash and cash equivalents
V. Net increase in cash and cash
-352,662,993.27 -517,200,542.46
equivalents
Plus: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
Current amount
In RMB
Owners’ equity attributable to the parent company
Other equity Othe
instruments r Total
Gene Undi Min own
Item Capi Less: com Spec Surp ority
Capi ral strib ers’
Prefe Perp tal treas preh ial lus Othe Subt inter
tal risk uted equit
rred etual Othe reser ury ensiv reser reser rs otal ests
stock reser profi y
share bond rs ve share e ve ve
ves ts
s s inco
me
I.
Closi
- 11,1 11,2
ng 944, 237, 474, 9,62 87,6
bala 782, 627, 516, 1,06 49,2
nce 166. 547. 412. 2,91 97.9
of 00 19 50 0.45 2
last
year
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
P
lus:
Chan
ges
in
acco
untin
g
polic
ies
C
orrec
tion
of
error
s of
the
previ
ous
perio
d
O
thers
II.
Ope
- 11,1 11,2
ning 944, 237, 474, 9,62 87,6
bala 782, 627, 516, 1,06 49,2
nce 166. 547. 412. 2,91 97.9
of 00 19 50 0.45 2
this
year
III.
Chan
ge in
curre - 310, 319, 305,
nt 307, 940, 018, 807,
perio 739. 890. 247. 307.
d (“- 30 22 89 79
” for
decr
ease)
(I)
Total
com - 1,25 1,25 1,23
preh 307, 5,87 5,57 8,50
ensiv 739. 9,80 2,06 4,60
e 6.22 6.92 7.22
inco
me
(II)
Capi 12,2
tal 41,6
inves 16.5
ted 7
and
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
decr
ease
d by
the
own
ers
Com
mon
share
s 156, 3,48 3,63 3,85 7,49
inves 750. 0,75 7,50 6,51 4,02
ted 00 2.50 2.50 9.60 2.10
by
the
own
ers
Capi
tal
inves
ted
by
hold
ers
of
other
equit
y
instr
ume
nts
Amo
unt
of
share
base
d
pay
ment
s
reco
gniz
ed in
own
ers’
equit
y
Othe
rs
(III) - - -
Profi 944, 944, 944,
t 938, 938, 938,
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
distri 916. 916. 916.
butio 00 00 00
n
With
draw
al of
surpl
us
reser
ve
Appr
opria
tion
of
gene
ral
risk
reser
ve
Distr
ibuti
- - -
on to
own
ers
(or
share
hold
ers)
Othe
rs
(IV)
Inter
nal
carry
forw
ard
of
own
ers’
equit
y
Capi
tal
reser
ve
conv
erted
into
capit
al (or
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
capit
al
stock
)
Surp
lus
reser
ve
conv
erted
into
capit
al (or
capit
al
stock
)
Surp
lus
reser
ves
maki
ng
up
for
losse
s
Chan
ges
of
defin
ed
bene
fit
plans
carri
ed
forw
ard
to
retai
ned
earni
ngs
Othe
r
com
preh
ensiv
e
inco
me
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
carri
ed
forw
ard
to
retai
ned
earni
ngs
Othe
rs
(V)
Spec
ial
reser
ve
With
draw
n in
curre
nt
perio
d
Used
in
curre
nt
perio
d
(VI)
Othe
rs
IV.
Closi
ng
- 11,4 11,5
bala 944, 245, 474, 9,93 74,4
nce 938, 855, 516, 2,00 38,3
of 916. 894. 412. 3,80 57.8
curre 00 16 50 0.67 2
nt
perio
d
Amount in the previous period
In RMB
Owners’ equity attributable to the parent company Total
Min
Item Other equity Capi Less: Othe Spec Surp Gene Undi own
Capi ority
instruments tal treas r ial lus ral strib Othe Subt ers’
tal inter
Othe reser ury com reser reser risk uted rs otal equit
stock Prefe Perp ests
rs ve share preh ve ve reser profi y
rred etual
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
share bond ensiv ves ts
s s e
inco
me
I.
Closi
- 10,5 10,6
ng 949, 411, 199, 474, 8,98 107,
bala 024, 778, 995, 516, 7,77 657,
nce 050. 214. 742. 412. 3,43 316.
of 00 22 59 50 1.71 25
last
year
P
lus:
Chan
ges
in
acco
untin
g
polic
ies
Corr
ectio
n of
error
s of
the
previ
ous
perio
d
Othe
rs
II.
Ope
- 10,5 10,6
ning 949, 411, 199, 474, 8,98 107,
bala 024, 778, 995, 516, 7,77 657,
nce 050. 214. 742. 412. 3,43 316.
of 00 22 59 50 1.71 25
this
year
III.
Chan
ge in
- - -
curre - 633, 655, 635,
nt 4,24 289, 498, 490,
perio 1,88 478. 711. 693.
d (“- 4.00 74 51 18
” for
decr
ease)
(I) -
Total 606, 21,8
com 041. 63,5
preh 21 81.8
ensiv 5
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
e
inco
me
(II)
Capi
tal
inves
- -
ted - 21,6 23,4
and 4,24 03,1 58,7
decr 1,88 91.5 55.0
ease 4.00 6 8
d by
the
own
ers
Com
mon
share
s 687, 1,85
inves 250. 5,56
ted 00 3.52
by
the
own
ers
Capi
tal
inves
ted
by
hold
ers
of
other
equit
y
instr
ume
nts
Amo
unt
of
share
- - -
base 189, 199, 5,91 5,91
d 147, 995, 9,21 9,21
pay 394. 742. 3.83 3.83
ment 76 59
s
reco
gniz
ed in
own
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
ers’
equit
y
Othe
rs
(III)
- - -
Profi
t
distri
butio
n
With
draw
al of
surpl
us
reser
ve
Appr
opria
tion
of
gene
ral
risk
reser
ve
Distr
ibuti
- - -
on to
own
ers
(or
share
hold
ers)
Othe
rs
(IV)
Inter
nal
carry
forw
ard
of
own
ers’
equit
y
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Capi
tal
reser
ve
conv
erted
into
capit
al (or
capit
al
stock
)
Surp
lus
reser
ve
conv
erted
into
capit
al (or
capit
al
stock
)
Surp
lus
reser
ves
maki
ng
up
for
losse
s
Chan
ges
of
defin
ed
bene
fit
plans
carri
ed
forw
ard
to
retai
ned
earni
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
ngs
Othe
r
com
preh
ensiv
e
inco
me
carri
ed
forw
ard
to
retai
ned
earni
ngs
Othe
rs
(V)
Spec
ial
reser
ve
With
draw
n in
curre
nt
perio
d
Used
in
curre
nt
perio
d
(VI)
Othe
rs
IV.
Closi
ng
- 11,1 11,2
bala 944, 237, 474, 9,62 87,6
nce 782, 627, 516, 1,06 49,2
of 166. 547. 412. 2,91 97.9
curre 00 19 50 0.45 2
nt
perio
d
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Current amount
In RMB
Other equity instruments Other
compr Total
Item Capit Less: Specia Surplu Undist
Preferr Perpet Capital ehensi owners
al treasur l s ributed Others
ed ual Others reserve ve ’
stock y share reserve reserve profits
shares bonds incom equity
e
I.
Closing 944,7 237,58 474,51 9,692, 11,249
balance 82,16 2,564. 6,412. 521,82 ,245,3
of last 6.00 32 50 3.09 31.75
year
Plu
s:
Change
s in
account
ing
policies
Correcti
on of
errors
of the
previou
s period
Others
II.
Openin -
g 100,15
balance 7,634.
of this 16
year
III.
Change
in
current 156,7 8,228,
period 50.00 346.97
(“-” for
decreas
e)
(I)
Total 1,268, 1,268,
compre 226,69 226,69
hensive 2.15 2.15
income
(II)
Capital
invested
and
decreas
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
ed by
the
owners
Commo
n shares 156,7 3,480, 3,637,
invested 50.00 752.50 502.50
by the
owners
Capital
invested
by
holders
of other
equity
instrum
ents
Amount
of
share-
based
paymen
ts
recogni
zed in
owners’
equity
Others
(III) - -
Profit 944,93 944,93
distribut 8,916. 8,916.
ion 00 00
Withdra
wal of
surplus
reserve
Distribu
- -
tion to
owners
(or
shareho
lders)
ers
(IV)
Internal
carry-
forward
of
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
owners’
equity
Capital
reserve
convert
ed into
capital
(or
capital
stock)
Surplus
reserve
convert
ed into
capital
(or
capital
stock)
Surplus
reserves
making
up for
losses
Change
s of
defined
benefit
plans
carried
forward
to
retained
earning
s
compre
hensive
income
carried
forward
to
retained
earning
s
ers
(V)
Special
reserve
Withdra
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
wn in
current
period
in
current
period
(VI)
Others
IV.
Closing -
balance 100,15
of 7,634.
current 16
period
Amount in the previous period
In RMB
Other equity instruments Other
compr
Item Less: Specia Surplu Undist Total
Capital Preferr Perpet Capital ehensi Othe
treasur l s ributed owners’
stock ed ual Others reserve ve rs
y share reserve reserve profits equity
shares bonds incom
e
I.
Closin
g 949,02 411,38 199,99 474,51 9,038, 10,573,4
balanc 4,050. 9,124. 5,742. 6,412. 684,22 60,434.9
e of 00 26 59 50 4.97 8
last
year
Pl
us:
Chang
es in
accoun
ting
policie
s
Correc
tion of
errors
of the
previo
us
period
Others
II.
Openi
ng 949,02 411,38 199,99 474,51 9,038, 10,573,4
balanc 4,050. 9,124. 5,742. 6,412. 684,22 60,434.9
e of 00 26 59 50 4.97 8
this
year
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
III.
Chang
e in
- -
current - 653,83
period 4,241, 7,598.
(“-” 884.00 12
for
decrea
se)
(I)
Total
compr 1,597,
ehensi 948,71
ve 4.12
incom
e
(II)
Capital
investe - -
d and 173,80 199,99 21,947,2
decrea 6,559. 5,742. 98.65
sed by 94 59
the
owners
Comm
on
shares 687,25 16,028,0
,834.8
investe 0.00 84.82
d by
the
owners
Capital
investe
d by
holder
s of
other
equity
instru
ments
Amou
nt of
share-
based - -
payme 189,14 199,99 5,919,21
nts 7,394. 5,742. 3.83
recogn 76 59
ized in
owners
’
equity
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Others
(III) -
Profit 944,11
distrib 1,116.
ution 00
Withdr
awal
of
surplus
reserve
Distrib
ution -
to 944,11
owners 1,116.
(or 00
shareh
olders)
hers
(IV)
Interna
l carry-
forwar
d of
owners
’
equity
Capital
reserve
conver
ted
into
capital
(or
capital
stock)
Surplu
s
reserve
conver
ted
into
capital
(or
capital
stock)
Surplu
s
reserve
s
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
makin
g up
for
losses
Chang
es of
define
d
benefit
plans
carried
forwar
d to
retaine
d
earnin
gs
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
d
earnin
gs
hers
(V)
Specia
l
reserve
Withdr
awn in
current
period
Used
in
current
period
(VI)
Others
IV.
Closin 944,78 237,58 474,51 9,692, 11,249,2
g 2,166. 2,564. 6,412. 521,82 45,331.7
balanc 00 32 50 3.09 5
e of
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
current
period
III. Basic Information of the Company
Hangzhou Robam Appliances Co., Ltd. (hereinafter referred to as ROBAM or the Company) is an incorporated company
established by overall changing Hangzhou Robam Home Appliances Co., Ltd. on November 7, 2000. Approved by China
Securities Regulatory Commission (ZJXK [2010] No.1512) in 2010, the Company for the first time offered 40 million ordinary
shares in RMB to the public on November 23, 2010 (stock code: 002508), with the par value per share of RMB 1 and the issue
price per share of RMB 24.00.
As of December 31, 2025, the total capital stocks of the Company reached 944,938,916 shares, with a registered capital of
RMB 949,024,050. The Company’s unified social credit code is 91330000725252053F; the legal representative is Ren Jianhua;
and the registered address is No. 592, Linping Avenue, Linping Economic and Technological Development Zone, Linping District,
Hangzhou City, Zhejiang Province. The RMB-denominated A-shares issued by the Company have been listed on the Shenzhen
Stock Exchange.
The Company is a manufacturing company, with major businesses covering research & development, production, sales and
comprehensive services of kitchen appliances. Its main products include range hoods, gas stoves, disinfection cabinets, steam
ovens, baking ovens, dishwashers, water purifiers, microwave ovens, integrated stoves, and purification sinks.
These financial statements were approved for issuance by the Board of Directors of the Company on 28 April 2026.
IV. Basis for Preparation of Financial Statements
The Group's financial statements are prepared based on actual transactions and events, in accordance with the Accounting
Standards for Business Enterprises and its application guidelines, interpretations, and other relevant regulations issued by the
Ministry of Finance (hereinafter collectively referred to as "Accounting Standards for Business Enterprises"), the disclosure
requirements of the China Securities Regulatory Commission (hereinafter "CSRC") under the Preparation Rules for Information
Disclosure by Companies Offering Securities to the Public No. 15—General Provisions on Financial Reports (2023 Revision).
The Group has assessed its ability to continue as a going concern for the 12 months following December 31, 2025, and has
not identified any significant doubts about its ability to continue operating. These financial statements are prepared on a going
concern basis.
V. Significant Accounting Policies and Estimates
Notes on specific accounting policies and accounting estimates:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Notes on specific accounting policies and accounting estimates: Specific accounting policies and accounting estimates
formulated by the Group in accordance with the actual production and operation characteristics include bad debt provision for
receivables, provision for inventory write-down, depreciation of fixed assets, amortization of intangible assets, conditions for
capitalization of research and development expenses, and recognition and measurement of revenue.
The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, and truthfully
and completely reflect the financial status of the Group as of December 31, 2025, as well as its business results, cash flow and
other relevant information for 2025.
The Group’s accounting period starts on January 1 and ends on December 31 on the Gregorian calendar.
The normal operating cycle of the Company shall be one year (12 months).
The Company adopts RMB as the bookkeeping base currency.
Subsidiaries of the Group determine their respective base currencies for bookkeeping in accordance with the major
economic environments in which they operate. In preparing the financial statements, such foreign currencies are translated into
RMB in accordance with the methods described in III. Significant Accounting Policies and Accounting Estimates - 10. Foreign
currency business and conversion of foreign currencies in financial statements.
Applicable □Not applicable
Item Significance standards
Significant accounts receivable with individual bad debt
Individual amount exceeding RMB 10 million
provisions
Significant amount of bad debt provisions to be recovered or
Individual amount exceeding RMB 5 million
reversed for receivables during the reporting period
Significant receivables write-offs/debt investment write-
Individual amount exceeding RMB 5 million
offs/other debt investment write-offs in the reporting period
Significant accounts payable with an aging over one year Individual amount exceeding RMB 5 million
Significant contract liabilities with an aging over one year Individual amount exceeding RMB 10 million
Significant other payables with an aging over one year Individual amount exceeding RMB 5 million
Increase, decrease, or ending balance of a single project
Significant projects under construction
exceeding RMB 20 million in the year
Significant investment activities Individual investment amount exceeding RMB 50 million
Significant non-wholly owned subsidiaries/joint ventures/joint Investments in a single company exceeding RMB 50 million;
operations and important overseas entities/structured entities or income, net profit, net assets, or total assets of a single entity
included in the consolidation scope exceeding 5% of the relevant items in the consolidated
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
financial statements
Business combinations under common control
A business combination involving entities that are ultimately controlled by the same party or parties both before and after
the combination, and where such control is not temporary, is accounted for as a business combination under common control.
The assets and liabilities acquired by the Group as the combining party in a business combination under common control
shall be measured at the carrying value of the combined party in the final controller’s consolidated statements on the combination
date. The capital reserve shall be adjusted against the difference between the carrying value of the net assets acquired by the
combining party and the carrying value of the combination consideration paid by it. If the capital reserve is insufficient to offset
the difference, the retained earnings shall be adjusted.
Business combinations not under common control
A business combination involving entities that are not ultimately controlled by the same party or parties before and after the
combination is accounted for as a business combination not under common control.
As the acquirer, the Group measures the identifiable assets, liabilities and/or contingent liabilities of the acquiree at their fair
values at the acquisition date in a business combination not under common control. If the combination cost is greater than the fair
value share of the acquiree’s identifiable net assets acquired from the acquiree in the combination, the case is recognized as
goodwill. Where the combination cost is less than the fair value share of the identifiable net assets acquired from the acquiree, the
fair values of the identifiable assets, liabilities and/or contingent liabilities as well as the combination cost acquired in the
combination shall be rechecked first, and then in case the combination cost is less than the fair value shares of the identifiable net
assets acquired from the acquiree, the difference shall be included in the non-operating income in the period of the combination.
The scope of the consolidated financial statements of the Group is determined on the basis of control, including the
Company and all subsidiaries controlled by the Company. The criteria for determining control by the group is that the Group has
the power over the investees, enjoys variable returns by participating in the investees' relevant activities, and has the ability to
influence the amount of returns through its power over the investees.
The financial statements of subsidiaries are adjusted in accordance with the accounting policies and accounting period of the
Company when preparing the consolidated financial statements, where the accounting policies and accounting periods are
inconsistent between the Company and its subsidiaries.
All intra-group transactions between the Company and its subsidiaries, and among subsidiaries, and their effects on the
consolidated financial statements are eliminated on consolidation. The portion of owner’s equity of subsidiaries not held by the
parent company and net current profit & loss, other comprehensive incomes and the portion of total comprehensive incomes
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
belonging to minority equity are presented under “minority equity, minority interest income, other comprehensive incomes
belonging to minority shareholders and total comprehensive incomes belonging to minority shareholders, respectively”.
For a subsidiary acquired from a business combination under common control, its operating results and cash flows are
included into the consolidated financial statements since the beginning of the consolidation period. When the comparable
consolidated financial statements are being prepared, relevant items in the financial statements of the last year are adjusted with
the stated party formed after merging deemed to exist from the time of the ultimate controlling party starting to control.
For a subsidiary acquired through business combinations not under the same control, its operating results and cash flows
shall be included into the consolidated financial statement since the date when the Group obtains control. When preparing the
consolidated financial statements, the subsidiary's financial statements shall be adjusted on basis of the fair value of all identifiable
assets, liabilities and contingent liabilities ascertained on the purchasing date.
The Group's joint venture arrangements include joint operations and joint ventures. A joint operation means a joint
arrangement in which the joint venturers have rights to the assets and obligations for the liabilities associated with the arrangement.
A joint venture is a joint arrangement in which the venturers have rights only to the net assets of the arrangement.
For jointly-operated projects, the Group, as a joint operator, recognizes assets held and liabilities assumed individually, and assets
held and liabilities assumed on a share basis. It recognizes the related income and expenses either individually or on a share basis
in accordance with the relevant agreements. For transactions involving the purchase or sale of assets with a joint operation that do
not constitute a business, only the portion of gains or losses attributable to other parties to the joint operation is recognized.
Cash presented in the Group’s cash flow statement refers to cash on hand and deposits that are available for payment
at any time. Cash equivalents presented in the cash flow statement refer to short-term investments (not exceeding three months)
with high liquidity and that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in
value.
Foreign currency transactions
Foreign currency transactions of the Group are converted into the base currency at the spot exchange rates
prevailing on the transaction dates upon initial recognition. At the balance sheet date, foreign currency monetary items are
converted at the spot exchange rate on that date. Exchange differences arising therefrom are recognized in gains or losses for the
current period, except for those arising from specific foreign currency borrowings for the acquisition or construction of qualifying
assets, which are capitalized in accordance with the relevant accounting policy. Foreign currency non-monetary items measured at
historical cost continue to be converted at the spot exchange rate on the transaction date, with no change to their base currency
amounts. Foreign currency non-monetary items measured at fair value are converted at the spot exchange rate on the date the fair
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
value is determined; the resulting difference between the converted amount and the original base currency amount is treated as a
change in fair value (including exchange differences) and recognized in gains or losses for the current period. Capital contributions
received from investors in foreign currencies are converted at the spot exchange rate on the transaction date, and no exchange
differences arise between the foreign currency capital contribution and the corresponding monetary items.
Conversion of foreign currencies in financial statements
In preparing consolidated financial statements, the financial statements of foreign operations are converted into RMB as
follows: assets and liabilities in the foreign currency balance sheet are converted at the spot exchange rate at the balance sheet date;
owners’ equity items, except for retained earnings, are converted at the spot exchange rates on the transaction dates; income and
expense items in the income statement are converted at the spot exchange rates on the transaction dates. The difference arising
from the above translation is presented separately under other comprehensive income. Cash flows denominated in foreign
currencies are converted at the spot exchange rates on the dates of the cash flows. The effect of exchange rate changes on cash is
presented separately in the cash flow statement.
(1) Recognition and derecognition of financial instruments
The Group shall recognize a financial asset or a financial liability when it becomes a party to a financial instrument contract.
A financial asset (or part thereof, or part of a group of similar financial assets) is derecognized when one of the following
conditions is met, and the asset is removed from the accounts and the balance sheet: 1) the rights to receive cash flows from the
financial asset expire; 2) the rights to receive cash flows from the financial asset are transferred or the obligation to pay the cash
flows received to a third party in full and in a timely manner is assumed under a pass-through agreement; and substantially all of
the risks and rewards of ownership of the financial asset are transferred or, although substantially all of the risks and rewards of
ownership of the financial asset are neither transferred nor retained, control over the financial asset has been relinquished.
A financial liability is derecognized if the obligation for the financial liability has been discharged, cancelled or expires.
Where an existing financial liability is replaced by another from the same creditor on substantially different terms, or the terms of
an existing liability are substantially modified in almost its entirety, such replacement or modification is accounted for a
derecognition of the original liability and the recognition of a new liability, with the difference recognized in profit and loss for the
current period.
The purchase and sale of financial assets on a regular basis is recognized and derecognized on a trade date accounting basis.
(2) Classification and measurement of financial assets
Upon initial recognition, the Group classifies its financial assets based on the business model for management of financial
assets and the contractual cash flow characteristics of financial assets into three types: 1) the financial asset measured at amortized
cost; 2) the financial asset measured at fair value through other comprehensive income; and 3) and the financial asset measured at
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
fair value through profit and loss. Financial assets are reclassified only when, and only if, the Group changes its business model for
managing financial assets, and such reclassification is applied to all affected financial assets.
In assessing the business model, the Group considers, among other factors, how the performance of financial assets is
evaluated and reported to key management personnel, the risks affecting the performance of financial assets and how those risks
are managed, and how the management of the business is compensated. In determining whether the objective is to collect
contractual cash flows, the Group analyses the reasons for, timing, frequency and value of sales of financial assets prior to
maturity.
In assessing contractual cash flow characteristics, the Group determines whether the contractual cash flows are solely
payments of principal and interest on the principal amount outstanding. When assessing modifications to the time value of money,
the Group evaluates whether such modifications result in significant differences compared with benchmark cash flows. For
financial assets containing prepayment features, the Group assesses whether the fair value of the prepayment feature is
insignificant.
Financial assets are initially measured at fair value. However, accounts receivable or notes receivable arising from the sale
of goods or provision of services that do not contain a significant financing component, or where the financing component is not
considered if it is less than one year, are initially measured at the transaction price.
For financial assets measured at fair value through profit and loss, the related transaction costs are recognized directly in the
current profit and loss; for other categories of financial assets, the related transaction costs are included in their initial recognition
amounts.
The subsequent measurement of a financial asset depends on its classification:
The financial assets meeting all of the following conditions shall be classified as those measured at amortized cost: ① the
Company adopts the business management mode of financial assets for the purpose of collecting contractual cash flow. ② the
contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding. The Group's financial assets in this classification mainly include: Cash and cash equivalents, accounts
receivable, notes receivable and other receivables.
Where the following conditions are met at the same time, the financial assets can be classified as those measured at fair
value through other comprehensive income: ① the asset is held within a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets; ② the contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding. Interest income is recognized on such
financial assets using the effective interest method. Changes in fair value are recognized in other comprehensive income, except
for interest income, impairment losses and exchange differences, which are recognized in the current profit and loss. Upon
derecognition of the financial assets, the accumulated gains or losses previously recognized in other comprehensive incomes shall
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
be transferred out of such other comprehensive incomes and included into the current profit and loss. The Group's financial assets
in this classification mainly include: other debt investments, receivables financing.
The Group has irrevocably designated certain investments in non-trading equity instruments as financial assets at fair value
through other comprehensive income, and the designation, once made, cannot be revoked. The Group recognizes only the related
dividend income (except for dividend income clearly representing a recovery of part of the investment cost) in profit and loss for
the current period, and subsequent changes in fair value are recognized in other comprehensive income without provision for
impairment. Upon derecognition, the accumulated gains or losses previously included into other comprehensive incomes are
transferred from other comprehensive incomes and included into retained earnings. The Group's financial assets in this
classification are other equity instrument investments.
Except for the financial assets classified or designated to be measured at the amortized cost and those measured at fair value
through other comprehensive income, other financial assets are classified by the Group as those measured at fair value through
profit and loss. Such financial assets are subsequently measured at fair value, with all changes in fair value recognized in the
current profit and loss except those relating to hedge accounting. The Group's financial assets in this classification mainly include:
financial assets held for trading.
The financial assets formed by the contingent consideration or confirmed by the Group in a business combination not under
common control are classified as those measured at fair value through profit and loss.
(3) Classification, recognition and measurement of financial liability
The Group's financial liabilities, except for financial guarantee contracts issued, loan commitments at below-market interest
rates and financial liabilities arising from transfers of financial assets that do not meet the conditions for derecognition or from
continuing involvement in the transferred financial assets, are classified upon initial recognition as follows: financial liabilities
measured at fair value through profit and loss, and financial liabilities at amortized cost. For financial liabilities measured at fair
value through profit and loss, the related transaction costs are recognized directly in profit and loss, and for financial liabilities
measured at amortized cost, the related transaction costs are included in their initial recognition amount.
The subsequent measurement of financial liabilities depends on their classification:
Such financial liabilities are measured subsequently at the amortized cost by adopting the effective interest method.
Financial liabilities measured at fair value through profit and loss (including derivatives that are financial liabilities)
comprise financial liabilities held for trading and financial liabilities designated to be measured at fair value through profit and loss
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
upon initial recognition. Financial liabilities held for trading (including derivatives that are financial liabilities) are subsequently
measured at fair value, with all changes in fair value recognized in the current profit and loss (except those relating to hedge
accounting). For financial liabilities measured at fair value through profit and loss, subsequent measurement is performed at fair
value, and changes in fair value are recognized in profit and loss, except for the portion attributable to changes in the Group’s own
credit risk, which is recognized in other comprehensive income. However, if recognizing the effect of changes in own credit risk in
other comprehensive income would create or enlarge an accounting mismatch in profit and loss, all changes in fair value
(including the effect of changes in own credit risk) are recognized in profit and loss.
(4) Impairment of financial instruments
The Group impairs and recognizes a loss provision on the basis of expected credit losses for financial assets measured at
amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables,
loan commitments and financial guarantee contracts.
The expected credit loss is a weighted average of credit losses on financial instruments weighted at the risk of default. Credit
loss refers to the difference between all contractual cash flows discounted as per the original effective interest rate and receivable
from the contract and all cash flows expected to be received by the Group, namely, the present value of a shortage of cash. The
Group considers the measurement of expected credit losses by reflecting the following elements: ① an unbiased probability-
weighted average amount determined by evaluating a range of possible outcomes; ② the time value of money; and ③ reasonable
and supportable information about past events, current conditions and forecasts of future economic conditions that is not subject to
undue additional cost or available at the balance sheet date.
The Group assesses expected credit losses on financial instruments on an individual and portfolio basis. When assessing on a
portfolio basis, the Group categorizes financial instruments into groups based on common credit risk characteristics. The Group
uses common credit risk characteristics including: type of financial instrument, credit risk rating, geographical location of the
debtor, industry in which the debtor operates, past due information and ageing of receivables.
The impairment of financial instruments and contract assets is assessed by the Group using the expected credit loss model,
which requires to make significant judgment and estimation, taking account into all reasonable and supportable information,
including forward-looking information. In making these judgments and estimates, the Group extrapolates the expected changes in
debtors' credit risk based on historical repayment data combined with economic policies, macroeconomic indicators, industry risks
and other factors. Different estimates may affect the provision for impairment, and the provision for impairment that has been
made may not equal the actual amount of future impairment losses.
For accounts receivable, notes receivable, accounts receivable financing, contract assets and other receivables that do not
contain significant financing components and that arise from ordinary operating activities, such as sales of goods and rendering of
services, the Group applies a simplified measurement methodology to measure the allowance for losses at an amount equal to the
expected credit losses over the entire period of existence.
For lease receivables, receivables with significant financing components and contract assets, the Group applies a simplified
approach to measure the allowance for losses at an amount equal to the expected credit losses over the entire period of existence.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Company, based on the acceptor credit risk of the notes receivable as common risk characteristics, divides the notes
receivable into different portfolios and determines the accounting estimation policy of expected credit loss.
Portfolio
Basis for classification Provision method
classification
The Company believed that there was no significant credit risk
Banker’s acceptance The acceptor is a banking financial in the banker's acceptance bills held by the Company and there
bill portfolio institution. will be no significant loss due to the default of the bank; the
expected credit loss rate is 0.
Commercial The acceptor is a non-bank financial The Company shall measure the bad-debt provision of
acceptance bill institution or enterprise like a finance receivable commercial acceptance bill based on the expected
portfolio company. credit loss during the entire period of existence.
For receivables, except for those that are individually assessed as credit-impaired, the Company generally evaluates
expected credit losses on a portfolio basis grouped by shared credit risk characteristics. Taking into account the elements required
under the expected credit loss measurement framework and historical credit loss experience, the Company develops an aging
schedule matrix correlating accounts receivable aging with loss rates to calculate expected credit losses. If the credit risk
characteristics of a customer are significantly different from those of other customers in the portfolio, or if there is a significant
change in the credit risk characteristics of the customer, for example, the customer is in severe financial difficulty, the expected
credit loss rate on receivables from the customer has been significantly higher than the expected credit loss rate in the ageing and
overdue ranges in which the customer is located, the Group makes a provision for losses on the basis of a single loss provision for
the receivables from the customer.
The Group's accounts receivable (and contract assets) are grouped according to the similarity and relevance of credit risk
characteristics based on the ageing, nature of the amount, credit risk exposure, and history of repayment of accounts receivable
(and contract assets), which are summarized as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
For receivables classified as an aging-based portfolio, the Company calculates expected credit losses by referring to
historical credit loss experience and preparing a table comparing the age of the receivables with the expected credit loss rate over
the entire duration of the receivables, taking into account current conditions and forecasts of future economic conditions. The
comparison table is based on historical default rates observed over the expected repayment period of the accounts receivable,
adjusted for forward-looking estimates. Observed historical default rates are updated at each reporting date and analyzed for
changes in forward-looking estimates.
The Company's accounting estimation policy for measuring expected credit losses is based on actual credit losses in prior
years, taking into account forward-looking information in the current period:
Aging Expected rates of credit loss
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Within 1 year 5.00%
Over 5 years 100.00%
The Company's other receivables mainly include account current, deposits, margin deposits, cash reserves and third-party
collections. Depending on the nature of the receivables and the credit risk characteristics of different counterparties, the
Company's other receivables are individually subject to a bad-debt provision and an expected credit loss is recognized for the
individual other receivable when there is objective evidence that the other receivable has suffered credit impairment. The
remaining other receivables are grouped according to the similarity and correlation of credit risk characteristics based on
information such as ageing, nature of the amount, credit risk exposure, and history of repayment as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
The Company divides the process of credit impairment of other receivables into three stages and adopts different accounting
treatment methods for the impairment of other receivables in different stages:
Credit risk has not increased significantly since initial recognition (Stage I).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
in the next 12 months.
Credit risk has increased significantly since initial recognition but has not been impaired (Stage II).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Credit impairment after initial recognition (Stage III).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
For debt investments and other debt investments, the Company calculates expected credit losses by the nature of the
investment, based on the various types of counterparties and risk exposures, through default exposures and expected credit loss
rates within the next 12 months or over the entire period of existence.
When the Company no longer reasonably expects to recover all or part of the contractual cash flows from a financial asset,
the asset is written off upon approval. The carrying amount of the financial asset is reduced directly by the approved write-off
amount. Subsequent recoveries of previously written-off financial assets are recognized as reversals of impairment losses and
recorded in profit and loss for the period in which the recovery occurs.
(5) Recognition basis and measurement method for transfer of financial assets
For transactions involving the transfer of financial assets, the Group accounts for them as follows: Where substantially all
the risks and rewards of ownership of the financial asset have been transferred to the transferee, the financial asset is derecognized;
where substantially all the risks and rewards of ownership are retained, the financial asset is not derecognized; where substantially
neither the risks nor the rewards of ownership are transferred nor retained: If control over the financial asset has been relinquished,
the financial asset is derecognized and any resulting assets and liabilities are recognized; if control is retained, the Group
recognizes the financial asset to the extent of its continuing involvement in the transferred asset and recognizes the corresponding
liability.
For a transfer of a financial asset in its entirety that meets the criteria for derecognition, the difference between (i) the
carrying value of the financial asset at the derecognition date and (ii) the sum of the consideration received and the portion
attributable to the derecognized part of the cumulative fair value changes previously recognized in other comprehensive income
(applicable where the transferred financial asset meets both of the following conditions: ① the business model is both to collect
contractual cash flows and to sell the asset; and ② contractual cash flows consist solely of payments of principal and interest on
the outstanding principal) is recognized in profit and loss for the current period.
For a partial transfer of a financial asset that meets the criteria for derecognition, the carrying value of the entire financial
asset is allocated between the derecognized portion and the retained portion based on their respective relative fair values. The
difference between (i) the sum of the consideration received and the portion attributable to the derecognized part of the cumulative
fair value changes previously recognized in other comprehensive income (applicable where the transferred financial asset meets
both of the following conditions: ① the business model is both to collect contractual cash flows and to sell the asset; and ②
contractual cash flows consist solely of payments of principal and interest on the outstanding principal) and (ii) the allocated
carrying value of the derecognized portion is recognized in profit and loss for the current period.
Where the Group continues to be involved in a transferred financial asset by providing a financial guarantee, an asset arising
from continuing involvement is recognized at the lower of the carrying value of the financial asset and the amount of the financial
guarantee. The amount of the financial guarantee refers to the maximum amount of consideration received that the Group could be
required to repay.
(6) Distinction and relevant treatment methods of financial liabilities and equity instruments
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Group distinguishes between financial liabilities and equity instruments according to the following principles: (1)
Where the Group cannot unconditionally avoid fulfilling certain contractual obligation by delivering cash or other financial assets,
then such contractual obligation is in line with the definition of the financial liability. Although certain financial instruments do not
expressly contain terms and conditions for the contractual obligation to deliver cash or other financial instruments, the contractual
obligation may be indirectly formed according to other terms and conditions. (2) Where a financial instrument must or is able to be
settled by the Group’s own equity instrument, the Group shall consider whether the its own equity instrument as the settlement
instrument is a substitute of cash or other financial assets, or the residual interest in the assets of an entity after deducting all of its
liabilities. If it is the first case, the instrument shall be the financial liability of the issuer. If it is the latter case, the instrument shall
be the equity instrument of the issuer. Under some circumstances, the contract of a financial instrument may require that the
financial instrument must or is able to be settled by the Group’s own equity instrument. The amount of contractual right or
contractual obligation equals to the amount of its own equity instrument receivable or payable multiplied by its fair value at the
time of settlement. Whether the amount of such contractual right or obligation is fixed, or varies, wholly or partially, based on
variables other than the market value of the Group’s own equity instrument (such as interest rates, the price of a commodity or the
price of a financial instrument), such contract is classified as financial liability.
In classifying financial instruments (or components) in the consolidated statements, the Group shall take into account all the
terms and conditions agreed between members of the Group and holders of the financial instruments. If the Group, as a whole,
undertakes the obligation to deliver cash, other financial assets or settle in other ways that cause the financial instrument to
become a financial liability, the instrument shall be classified as a financial liability.
The Group classifies these financial instruments or their components as financial assets, financial liabilities or equity
instruments at initial recognition, based on the contractual terms of the preferred shares and perpetual bonds issued and the
economic substance reflected therein, combined with the definitions of financial assets, financial liabilities and equity instruments.
If a financial instrument or any of its components is a financial liability, the relevant interests, dividends, gains or losses, and
gains or losses from redemption or re-financing and so on are included in the current profits & losses of the Group.
If a financial instrument or its component belongs to an equity instrument, for its issue (including re-financing), repurchase,
sale or cancellation, the Group will treat it as a change in equity and will not recognize the change in fair value of equity
instruments.
(7) Derivative financial instruments
The Group uses derivative financial instruments such as foreign exchange forward contracts, commodity forward contracts
and interest rate swaps to hedge exchange rate risk, commodity price risk and interest rate risk, respectively. Derivative financial
instruments are initially measured at fair value at the date the derivative transaction contract is entered into and subsequently
measured at their fair value. Derivative financial instruments with positive fair values are recognized as assets while those with
negative fair values are recognized as liabilities.
Except for those related to hedge accounting, gains or losses arising from changes in the fair value of derivatives are
recognized directly in profit and loss for the current period.
(8) Offsetting financial assets and financial liabilities
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Financial assets and liabilities of the Group are presented separately in the balance sheet without offsetting. However, the net
amount resulting from the offsetting between financial assets and financial liabilities shall be presented in the balance sheet only if
all of the following criteria are met: (1) The Group has the statutory right to set off recognized amounts which is currently
enforceable. (2) The Group intends either to settle on a net basis, or to realize the financial assets and pay off the financial
liabilities simultaneously.
The Company, based on the acceptor credit risk of the notes receivable as common risk characteristics, divides the notes
receivable into different portfolios and determines the accounting estimation policy of expected credit loss.
Portfolio
Basis for classification Provision method
classification
The Company believed that there was no significant credit risk
Banker’s acceptance The acceptor is a banking financial in the banker's acceptance bills held by the Company and there
bill portfolio institution. will be no significant loss due to the default of the bank; the
expected credit loss rate is 0.
Commercial The acceptor is a non-bank financial The Company shall measure the bad-debt provision of
acceptance bill institution or enterprise like a finance receivable commercial acceptance bill based on the expected
portfolio company. credit loss during the entire period of existence.
For receivables, except for those that are individually assessed as credit-impaired, the Company generally evaluates
expected credit losses on a portfolio basis grouped by shared credit risk characteristics. Taking into account the elements required
under the expected credit loss measurement framework and historical credit loss experience, the Company develops an aging
schedule matrix correlating accounts receivable aging with loss rates to calculate expected credit losses. If the credit risk
characteristics of a customer are significantly different from those of other customers in the portfolio, or if there is a significant
change in the credit risk characteristics of the customer, for example, the customer is in severe financial difficulty, the expected
credit loss rate on receivables from the customer has been significantly higher than the expected credit loss rate in the ageing and
overdue ranges in which the customer is located, the Group makes a provision for losses on the basis of a single loss provision for
the receivables from the customer.
The Group's accounts receivable (and contract assets) are grouped according to the similarity and relevance of credit risk
characteristics based on the ageing, nature of the amount, credit risk exposure, and history of repayment of accounts receivable
(and contract assets), which are summarized as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
For receivables classified as an aging-based portfolio, the Company calculates expected credit losses by referring to
historical credit loss experience and preparing a table comparing the age of the receivables with the expected credit loss rate over
the entire duration of the receivables, taking into account current conditions and forecasts of future economic conditions. The
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
comparison table is based on historical default rates observed over the expected repayment period of the accounts receivable,
adjusted for forward-looking estimates. Observed historical default rates are updated at each reporting date and analyzed for
changes in forward-looking estimates.
The Company's accounting estimation policy for measuring expected credit losses is based on actual credit losses in prior
years, taking into account forward-looking information in the current period:
Aging Expected rates of credit loss
Within 1 year 5.00%
Over 5 years 100.00%
The Company's other receivables mainly include account current, deposits, margin deposits, cash reserves and third-party
collections. Depending on the nature of the receivables and the credit risk characteristics of different counterparties, the
Company's other receivables are individually subject to a bad-debt provision and an expected credit loss is recognized for the
individual other receivable when there is objective evidence that the other receivable has suffered credit impairment. The
remaining other receivables are grouped according to the similarity and correlation of credit risk characteristics based on
information such as ageing, nature of the amount, credit risk exposure, and history of repayment as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
The Company divides the process of credit impairment of other receivables into three stages and adopts different accounting
treatment methods for the impairment of other receivables in different stages:
Credit risk has not increased significantly since initial recognition (Stage I).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
in the next 12 months.
Credit risk has increased significantly since initial recognition but has not been impaired (Stage II).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Credit impairment after initial recognition (Stage III).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Contract asset refers to the rights of the Group to receive consideration for goods transferred to the customer, which depend
on other factors except for the lapse of time. Where the Group sells two clearly distinguished commodities to the customer and has
the right to collect the payment because one commodity is delivered and the payment relies on the delivery of the other commodity,
the Group will treat the collection rights as the contract assets.
The Group impairs and recognizes a loss provision on the basis of expected credit losses for financial assets measured at
amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables,
loan commitments and financial guarantee contracts.
The expected credit loss is a weighted average of credit losses on financial instruments weighted at the risk of default. Credit
loss refers to the difference between all contractual cash flows discounted as per the original effective interest rate and receivable
from the contract and all cash flows expected to be received by the Group, namely, the present value of a shortage of cash. The
Group considers the measurement of expected credit losses by reflecting the following elements: ① an unbiased probability-
weighted average amount determined by evaluating a range of possible outcomes; ② the time value of money; and ③ reasonable
and supportable information about past events, current conditions and forecasts of future economic conditions that is not subject to
undue additional cost or available at the balance sheet date.
The Group assesses expected credit losses on financial instruments on an individual and portfolio basis. When assessing on a
portfolio basis, the Group categorizes financial instruments into groups based on common credit risk characteristics. The Group
uses common credit risk characteristics including: type of financial instrument, credit risk rating, geographical location of the
debtor, industry in which the debtor operates, past due information and ageing of receivables.
The impairment of financial instruments and contract assets is assessed by the Group using the expected credit loss model,
which requires to make significant judgment and estimation, taking account into all reasonable and supportable information,
including forward-looking information. In making these judgments and estimates, the Group extrapolates the expected changes in
debtors' credit risk based on historical repayment data combined with economic policies, macroeconomic indicators, industry risks
and other factors. Different estimates may affect the provision for impairment, and the provision for impairment that has been
made may not equal the actual amount of future impairment losses.
For accounts receivable, notes receivable, accounts receivable financing, contract assets and other receivables that do not
contain significant financing components and that arise from ordinary operating activities, such as sales of goods and rendering of
services, the Group applies a simplified measurement methodology to measure the allowance for losses at an amount equal to the
expected credit losses over the entire period of existence.
For lease receivables, receivables with significant financing components and contract assets, the Group applies a simplified
approach to measure the allowance for losses at an amount equal to the expected credit losses over the entire period of existence.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Company, based on the acceptor credit risk of the notes receivable as common risk characteristics, divides the notes
receivable into different portfolios and determines the accounting estimation policy of expected credit loss.
Portfolio
Basis for classification Provision method
classification
The Company believed that there was no significant credit risk
Banker’s acceptance The acceptor is a banking financial in the banker's acceptance bills held by the Company and there
bill portfolio institution. will be no significant loss due to the default of the bank; the
expected credit loss rate is 0.
Commercial The acceptor is a non-bank financial The Company shall measure the bad-debt provision of
acceptance bill institution or enterprise like a finance receivable commercial acceptance bill based on the expected
portfolio company. credit loss during the entire period of existence.
For receivables, except for those that are individually assessed as credit-impaired, the Company generally evaluates
expected credit losses on a portfolio basis grouped by shared credit risk characteristics. Taking into account the elements required
under the expected credit loss measurement framework and historical credit loss experience, the Company develops an aging
schedule matrix correlating accounts receivable aging with loss rates to calculate expected credit losses. If the credit risk
characteristics of a customer are significantly different from those of other customers in the portfolio, or if there is a significant
change in the credit risk characteristics of the customer, for example, the customer is in severe financial difficulty, the expected
credit loss rate on receivables from the customer has been significantly higher than the expected credit loss rate in the ageing and
overdue ranges in which the customer is located, the Group makes a provision for losses on the basis of a single loss provision for
the receivables from the customer.
The Group's accounts receivable (and contract assets) are grouped according to the similarity and relevance of credit risk
characteristics based on the ageing, nature of the amount, credit risk exposure, and history of repayment of accounts receivable
(and contract assets), which are summarized as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
For receivables classified as an aging-based portfolio, the Company calculates expected credit losses by referring to
historical credit loss experience and preparing a table comparing the age of the receivables with the expected credit loss rate over
the entire duration of the receivables, taking into account current conditions and forecasts of future economic conditions. The
comparison table is based on historical default rates observed over the expected repayment period of the accounts receivable,
adjusted for forward-looking estimates. Observed historical default rates are updated at each reporting date and analyzed for
changes in forward-looking estimates.
The Company's accounting estimation policy for measuring expected credit losses is based on actual credit losses in prior
years, taking into account forward-looking information in the current period:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Aging Expected rates of credit loss
Within 1 year 5.00%
Over 5 years 100.00%
The Company's other receivables mainly include account current, deposits, margin deposits, cash reserves and third-party
collections. Depending on the nature of the receivables and the credit risk characteristics of different counterparties, the
Company's other receivables are individually subject to a bad-debt provision and an expected credit loss is recognized for the
individual other receivable when there is objective evidence that the other receivable has suffered credit impairment. The
remaining other receivables are grouped according to the similarity and correlation of credit risk characteristics based on
information such as ageing, nature of the amount, credit risk exposure, and history of repayment as follows:
Portfolio classification Basis for classification Provision method
Measurement of bad debt provisions
Accounts receivable with the same aging
Aging-based portfolio based on expected credit losses over the
have similar credit risk characteristics
entire period of existence
Related-party portfolio within Receivables from related parties within
No provision for bad debts
consolidation scope the scope of consolidation
The Company divides the process of credit impairment of other receivables into three stages and adopts different accounting
treatment methods for the impairment of other receivables in different stages:
Credit risk has not increased significantly since initial recognition (Stage I).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
in the next 12 months.
Credit risk has increased significantly since initial recognition but has not been impaired (Stage II).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Credit impairment after initial recognition (Stage III).
For the financial instruments in this stage, the Company shall measure the loss provisions based on the expected credit loss
during the entire period of existence.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
For debt investments and other debt investments, the Company calculates expected credit losses by the nature of the
investment, based on the various types of counterparties and risk exposures, through default exposures and expected credit loss
rates within the next 12 months or over the entire period of existence.
When the Company no longer reasonably expects to recover all or part of the contractual cash flows from a financial asset,
the asset is written off upon approval. The carrying amount of the financial asset is reduced directly by the approved write-off
amount. Subsequent recoveries of previously written-off financial assets are recognized as reversals of impairment losses and
recorded in profit and loss for the period in which the recovery occurs.
Inventories of the Group mainly include raw materials, low-value consumables, goods in-process, finished goods and goods
on consignment.
Inventories are initially measured by cost. Inventory costs include purchase costs, processing costs, and other costs. The
Group adopts a perpetual inventory system. The actual cost of inventories issued or consumed is determined using the first-in,
first-out (FIFO) method. Low-value consumables and packaging materials are amortized using one-off amortization method.
At the balance sheet date, inventories are measured at the lower of cost and net realizable value. If the cost of inventories is
higher than their net realizable value, a provision for decline in value of inventories is made and recognized in profit and loss for
the current period. Net realizable value is the estimated selling price of inventories in the ordinary course of activities, less costs
estimated to be incurred to completion, estimated selling expenses and related taxes.
For raw materials and finished goods, the Group assesses inventory write-downs on an item-by-item basis. In determining
net realizable value: For finished goods, goods in-process, and materials held for sale, net realizable value is determined based on
the estimated selling price less estimated selling expenses and related taxes; for materials held for production, net realizable value
is determined based on the estimated selling price of the finished goods, less estimated costs to completion, estimated selling
expenses, and related taxes.
For raw and auxiliary materials with large quantities and low unit values, provisions for inventory write-down are
determined on a portfolio basis. Net realizable value is determined based on the overall estimated selling price of the inventory
portfolio less estimated selling expenses and related taxes.
The Group classifies non-current assets or disposal groups as held for sale when the primary means of recovering their
carrying value is through sale (including non-monetary exchanges with commercial substance) rather than through continued use.
The Group classifies non-current assets or disposal groups as held for sale when they meet the following conditions: ① the
asset or disposal group can be immediately sold in its current condition, based on customary practices for similar transactions; ②
the sale is highly probable, with a definitive commitment from a buyer and an expectation that the sale will be completed within
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
one year. The sale of items that require approval from relevant authorities or regulatory departments must obtain the necessary
approval. If the carrying value of non-current assets or disposal groups held by the Group (except for financial assets, deferred tax
assets, investment properties measured at fair value, and assets resulting from employee compensation...) is higher than the fair
value less costs to sell, the carrying value is written down to the fair value less costs to sell. The amount of the write-down is
recognized as an asset impairment loss, which is recognized in profit and loss for the current period, and a provision for
impairment of assets held for sale is also recognized.
If the Group loses control over a subsidiary due to reasons such as selling the investment in the subsidiary, regardless of
whether the Group retains part of the equity investment after the sale, if the investment in the subsidiary meets the classification
criteria for held-for-sale, the entire investment in the subsidiary is classified as held-for-sale in the parent company's individual
financial statements. In the consolidated financial statements, all assets and liabilities of the subsidiary are classified as held-for-
sale.
Non-current assets or non-current assets within a disposal group classified as held-for-sale are not subject to depreciation or
amortization. However, the interest and other expenses related to liabilities within a disposal group held-for-sale continue to be
recognized.
Upon the derecognition of non-current assets or disposal groups classified as held-for-sale, any unrecognized gains or losses
are included in the current profit and loss.
Long-term equity investment of the Group includes the investment to the subsidiaries, and the equity investment to
associated enterprises and joint ventures.
Determination of significant influence and joint control
Equity investments over which the Group has significant influence are classified as investments in associates. Significant
influence refers to that the Group has the power to participate in the decision-making process with respect to the financial and
operating policies of the investee, but does not have the ability to control, or jointly control with other parties, the formulation of
those policies. The Company is generally considered to have significant influence over an investee when it owns, directly or
indirectly through its subsidiaries, more than 20% but less than 50% of the investee's voting power, unless there is clear evidence
that the Group is unable to participate in the investee's production and operation decision-making or to develop control over the
investee.
An equity investment in an investee in which the Group, together with other joint venturers, exercises joint control over the
investee and has rights to the net assets of the investee is an investment in a joint venture. Joint control refers to the contractually
agreed sharing of control, requiring unanimous consent of all parties sharing control for decisions about relevant activities. The
Group follows the basis to judge the joint control: all the participants or group of participants collectively control the arrangements,
and the decisions for activities related to such arrangement must be agreed by all such participants.
Accounting treatment
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Group initially measures long-term equity investments acquired at initial investment cost.
For long-term equity investments acquired through business combinations under common control, the initial investment cost
is measured at the share of the carrying value of the acquiree’s net assets in the consolidated financial statements of the ultimate
controlling party at the acquisition date. If the carrying value of net assets is negative, the initial investment cost is recognized as
zero.
For long-term equity investments acquired through business combinations not under common control, the combined cost is
used as the initial investment cost;
Where a business combination not under common control is achieved in stages and does not constitute a package transaction,
the initial investment cost is the sum of the carrying value of previously held equity interests and the cost of additional investment.
For long-term equity investments acquired other than through business combinations, those acquired by cash are initially
measured at the actual purchase price paid plus directly attributable costs, taxes, and other necessary expenditures. Those acquired
through issuance of equity securities are measured at the fair value of the equity securities issued.
The Company's investments in subsidiaries are accounted for using the cost method in certain financial statements. When the
cost method is used, long-term equity investments are measured at initial investment cost. When additional investments are made,
the carrying value of the cost of long-term equity investments is increased by the fair value of the cost amount paid for the
additional investment and the related transaction costs incurred. The cash dividends or profits declared to be distributed by the
investee shall be recognized as the current investment income to the extent of the Group’s entitlement.
The Group's investments in joint ventures and associates are accounted for using the equity method. When the equity
method is adopted, if the initial investment cost of a long-term equity investment exceeds the share of the fair value of the
identifiable net assets of the investee at the time of investment, no adjustment is made to the carrying value of the long-term equity
investment; if the initial investment cost of a long-term equity investment is less than the share of the fair value of the identifiable
net assets of the investee at the time of investment, the difference is adjusted to the carrying value of the long-term equity
investment, and at the same time is recognized in profit and loss for the current period.
For long-term equity investment calculated by equity method in subsequent measurement, the carrying value of the long-
term equity investment shall be increased or decreased accordingly with the changes in owner’s equity of the investee. In
recognizing the Group’s share of the investee’s net profit and loss, such amount is determined based on the fair values of the
investee’s identifiable assets and liabilities at the acquisition date, and in accordance with the Group’s accounting policies and
accounting period. In addition, unrealized profits and losses arising from transactions between the Group and its associates and
joint ventures that do not constitute a business are eliminated to the extent of the Group’s attributable interest, and the investee’s
net profit is adjusted accordingly before recognition. However, where such unrealized losses represent impairment losses on assets,
they are recognized in full. The Group recognizes net losses incurred by an investee to the extent that the carrying value of the
long-term equity investment and other long-term interests that in substance constitute net investments in the investee are written
down to zero, except to the extent that the Group has an obligation to assume additional losses.
When disposing the long-term equity investment, the balance between the carrying value and the acquired price actually
shall be included in the current profit and loss.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(In the case of full disposal of long-term equity investments accounted for under the equity method) Long-term equity
investments accounted for under the equity method, the related other comprehensive income previously recognized under the
equity method is accounted for, upon cessation of the equity method, on the same basis as would apply if the investee had directly
disposed of the related assets or liabilities. In addition, any changes in the investee’s equity—other than net profit and loss, other
comprehensive income, and profit distribution—that had been recognized in equity under the equity method are reclassified in full
to investment income for the current period when the equity method is discontinued.
(In the case that a long-term equity investment accounted for under the equity method remains accounted for under the
equity method after partial disposal of the long-term equity investment accounted for under the equity method) If the remaining
equity interest after partial disposal of the long-term equity investment is still accounted for under the equity method, the portion
of other comprehensive income previously recognized under the equity method is accounted for on the same basis as would apply
if the investee had directly disposed of the related assets or liabilities, and is reclassified to profit and loss on a pro rata basis.
Similarly, changes in the investee’s equity—other than net profit and loss, other comprehensive income, and profit distribution—
that had been recognized in equity are reclassified to investment income for the current period on a proportionate basis.
(In the case of partial disposal of long-term equity investments accounted for under the equity method and then converted to
financial instruments) If the loss of joint control or significant influence over the investee is caused by the disposal of a portion of
the equity interest, the remaining equity interest after disposal is accounted for by applying the Accounting Standard for Business
Enterprises (ASBE) No. 22 - Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No. 7). The difference
between the fair value and the carrying amount of the remaining equity interest at the date of loss of joint control or significant
influence is recognized in profit and loss for the current period.
(In the case that the remaining portion after partial disposal of equity interests in subsidiaries is accounted for under the
equity method) If control over the investee is lost as a result of the disposal of a portion of the long-term equity investment, and if
the remaining equity interests after disposal enables the Group to exercise joint control or significant influence over the investee,
the equity interests will be reclassified to be accounted for under the equity method, with the difference between the carrying value
of the equity interests disposed of and the consideration for the disposal being recognized in investment income, and such
remaining equity interests will be treated as if they were accounted for using the equity method from the time of their acquisition.
If the remaining equity interest after disposal does not provide joint control or significant influence over the investee, the
accounting treatment of Accounting Standard for Business Enterprises No. 22 - Recognition and Measurement of Financial
Instruments (Cai Kuai [2017] No. 7) is applied, and the difference between the carrying value of the equity interest disposed of
and the consideration for the disposal is included in the investment income, and the difference between the fair value and carrying
value of the remaining equity interest at the date of loss of control is recognized in profit and loss for the current period.
(Where there are multiple transactions of stepwise disposal of equity interests in subsidiaries resulting in loss of control) The
Group separately accounts for each transaction of stepwise disposal of equity interests to loss of controlling interest if the
transactions are not part of a package. In case of package transaction, all transactions shall be calculated as one transaction of
disposing subsidiaries and losing control power for accounting treatment. However, the difference between disposal cost of each
transaction and carrying value of long-term equity investment corresponding to equity disposed before losing control power shall
be recognized as other comprehensive income and then shall be transferred into current profits and losses of losing control power
upon such loss.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Measurement model of investment real estate
Measurement by cost method
Depreciation or amortization methods
Investment properties held by the Group refer to real estate held for the purpose of earning rental income, capital
appreciation, or both. Measurement is carried out by cost model.
The investment real estates of the Group are depreciated or amortized by the composite life method. The estimated service
life, net residual value ratio and annual depreciation (amortization) rate of the investment real estate are as follows:
Estimated residual value Annual depreciation rate
Category Depreciation period (year)
ratio (%) (%)
Buildings and structures 20 years 5.00 4.75
Land use right 50 years 0.00 2.00
(1) Recognition conditions
The Group's fixed assets are tangible assets held for the production of goods, provision of services, rental or business
management, with service life of more than one year and a unit value of more than RMB 5,000.00.
Fixed assets are recognized when the economic benefits related thereto are likely to flow into the Group and their costs can be
measured reliably. The Group's fixed assets include buildings and structures, machinery and equipment, electronic equipment,
transportation equipment and other equipment.
(2) Depreciation method
Annual depreciation
Category Depreciation method Depreciation method Residual value rate
rate
Buildings and
Straight-line method 20-30 years 5.00% 3.17%-4.75%
structures
Machinery and
Straight-line method 10 years 5.00% 9.50%
equipment
Transportation
Straight-line method 5 years 5.00% 19.00%
equipment
Other equipment Straight-line method 5 years 5.00% 19.00%
Construction in progress is measured at actual construction cost, including all necessary expenditures incurred during the
construction period, borrowing costs that should be capitalized before the asset reaches its intended usable condition, and other
related costs.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Construction in progress is transferred to fixed assets upon reaching the intended usable condition. Based on project budgets,
construction costs, or actual project costs, it is carried forward at an estimated value and depreciation is commenced from the
following month. After completion of the final settlement procedures, any differences in the original carrying amount of the fixed
assets are adjusted accordingly.
Construction in progress is transferred to fixed assets upon reaching the intended usable state, based on the following criteria:
Item Standard for carrying forward fixed assets
(1) Physical construction, including installation work, has been fully completed or substantially completed;
(2) Expenditures incurred on the buildings and structures under construction are minimal or have substantially
ceased; (3) The constructed buildings and structures have achieved the design specifications or contractual
Buildings and
requirements, or are substantially in conformity therewith;
structures
(4) Where a construction project has reached its intended usable condition but the final settlement procedures
have not yet been completed, it is transferred to property, plant and equipment at an estimated value based on
actual construction cost from the date it reaches the intended usable condition.
The equipment management department and the equipment manufacturer are jointly responsible for the
Machinery and installation and commissioning of the equipment, including hardware debugging and process condition
equipment adjustments. Once commissioning is completed and the equipment has reached its predetermined usable state, it
will be transferred to fixed assets after the approval process is completed.
Transportation
Transferred to fixed assets upon reaching the intended usable condition and completion of approval procedures.
equipment
Other equipment Transferred to fixed assets upon reaching the intended usable condition and completion of approval procedures.
The Group capitalizes borrowing costs directly attributable to the construction or production of qualifying assets and
includes them in the cost of the related assets. Other borrowing costs are expensed and recognized in profit and loss for the current
period. Qualifying assets identified by the Group include fixed assets, investment properties, and inventories that necessarily take a
substantial period of time, typically more than one year, to get ready for their intended use or sale. Capitalization of borrowing
costs commences when expenditures for the asset have been incurred, borrowing costs have been incurred, and activities necessary
to prepare the asset for its intended use or sale have begun. Capitalization ceases when the asset is ready for its intended use or sale,
and subsequent borrowing costs are recognized in profit and loss for the current period. Where the acquisition, construction or
production of a qualifying asset are interrupted abnormally and such interruption lasts for more than three consecutive months,
capitalization of borrowing costs is suspended until the activities necessary to prepare the asset for its intended use or sale resume.
During each accounting period of the capitalization period, the amount of borrowing costs to be capitalized is determined as
follows: for specific borrowings, the amount is based on the actual interest expense incurred during the period, less any interest
income earned from the temporary investment of the unused borrowed funds or from deposits with banks; for general borrowings,
the amount is determined by applying a capitalization rate to the weighted average of accumulated expenditures in excess of the
amount financed by specific borrowings, where the capitalization rate is calculated based on the weighted average interest rate of
the general borrowings.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Service life and its determination basis, estimation situation, amortization method or review procedure
The Group's intangible assets, including land use rights, software, trademarks and domain names, and patented technologies,
are measured at actual cost at the time of acquisition, of which the actual cost is based on the price actually paid for the intangible
assets acquired and other related expenses; the actual cost of the intangible assets invested by investors is based on the value
agreed in the investment contract or agreement, but if the value agreed in the contract or agreement is not fair, then the actual cost
shall be determined based on fair value. However, for intangible assets acquired in a business combination not under common
control that were owned by the acquiree but not recognized in its financial statements, such intangible assets are initially
recognized and measured at fair value.
Service life and its determination basis, estimation situation, amortization method or review procedure
The service life, its determination basis and the amortization method for each category of intangible assets of the Group are
as follows:
Amortization
No. Category Amortization period Basis of determination
method
Straight-line
method 50 years Land grant term
Straight-line The shortest of the estimated service life, contractual
method benefit period, and statutory validity period
Straight-line The shortest of the estimated service life, contractual
method benefit period, and statutory validity period
Trademark or domain Straight-line The shortest of the estimated service life, contractual
name method benefit period, and statutory validity period
The amortized amount is allocated to the cost of related assets and to current profit and loss according to its beneficiaries.
The estimated service life and amortization methods for intangible assets with finite service life are reviewed at the end of each
fiscal year, and any changes are treated as changes in accounting estimates.
(2) Scope of attribution of R&D expenditure and related accounting treatment
The scope of the Group's R&D expenditures primarily includes employee compensation for R&D personnel, direct input
costs, depreciation and amortization expenses, design fees, equipment commissioning expenses, commissioned external research
and development expenses, and other expenditures.
The internal R&D expenditures of the Group can be divided into expenditures incurred during the research stage and those
incurred during the development stage, depending on the nature of the expenditure and the extent of uncertainty on whether the
R&D activities will finally form intangible assets.
Expenditures incurred during the research stage are recognized in current profit and loss as incurred. Expenditures incurred
during the development stage are capitalized only when all of the following conditions are satisfied simultaneously: the Group has
demonstrated the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Group has
the intention to complete and use or sell the intangible asset; the intangible asset is expected to generate economic benefits for the
Group; the Group has adequate technical, financial, and other resources to complete the development of the intangible asset and
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
has the ability to use or sell the intangible asset; and the expenditures attributable to the development stage of the intangible asset
can be measured reliably. Expenditures incurred during the development stage that fail to meet the above conditions shall be
included in the current profit and loss as incurred.
The development expenditures previously included in the profit and loss statement will not be recognized as assets in
subsequent periods. The expenditures incurred and capitalized at the development stage are recorded as development expenditures
on the balance sheet and will be carried over as the intangible asset on the date when the project is ready for its intended use.
If the expenditures made at the research and development stages cannot be distinguished, all the R&D expenditures incurred
will be fully included in the current profits and losses. The costs of the intangible assets generated by internal development
activities only include the total expenditures incurred from the time when the capitalization conditions are met to the point when
the intangible assets are used for their intended purposes; for expenditures that are already recorded as such in the profit and loss
statement before the capitalization conditions are met during development of the same intangible asset, no adjustments will be
made.
The Group examines long-term equity investments, investment properties measured using the cost model, fixed assets,
construction in progress, right-of-use assets, and intangible assets with finite service life at each balance sheet date, and performs
impairment testing when there are indications of impairment. Goodwill, intangible assets with indefinite service life, and
development expenditures not yet ready for intended use are tested for impairment at the end of each reporting period, regardless
of whether impairment indicators exist.
(1) Impairment of non-current assets other than financial assets (excluding goodwill)
When conducting impairment testing, the Group determines the recoverable amount of an asset as the higher of: (i) the net
amount of fair value less costs of disposal; and (ii) the present value of estimated future cash flows expected to be generated by the
asset. If, after impairment testing, the carrying amount of the asset exceeds its recoverable amount, the excess is recognized as an
impairment loss.
The Group estimates the recoverable amount on an individual asset basis. If it is difficult to estimate the recoverable amount
of an individual asset, the recoverable amount is determined based on the asset group to which the asset belongs. An asset group is
identified based on whether the major cash inflows generated by the asset group are largely independent of the cash inflows from
other assets or asset groups.
The net amount of fair value less costs of disposal is determined with reference to the sales agreement price of similar assets
in arm’s-length transactions or observable market prices, less incremental costs directly attributable to the disposal of the asset. In
determining the present value of estimated future cash flows, management is required to estimate the future cash flows expected to
be generated by the asset or asset group and select an appropriate discount rate to determine the present value of those future cash
flows.
(2) Goodwill impairment
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
For goodwill arising from business mergers, the Group allocates its carrying value to the relevant asset groups in a
reasonable manner from the acquisition date. If it is difficult to allocate goodwill to the relevant asset groups, it is allocated to the
relevant group of asset groups. When conducting impairment testing on asset groups or combinations of asset groups that include
goodwill, if there are indications of impairment related to the asset group or combination of asset groups with goodwill, firstly
conducting impairment testing on the asset group or combination of asset groups without goodwill, calculating the recoverable
amount, and comparing it with the carrying amount to determine the corresponding impairment loss. Then, conducting impairment
testing on the asset group or combination of asset groups with goodwill, comparing the carrying amount with the recoverable
amount, and if the recoverable amount is lower than the carrying amount, the impairment loss amount is firstly offset against the
carrying amount of goodwill in the asset group or combination of asset groups, and then proportionally offset against the carrying
amount of other assets in the asset group or combination of asset groups, excluding goodwill, based on the proportion of their
carrying amounts.
The methodology, parameters and assumptions used in the goodwill impairment testing are described in Note V. Notes to
Major Items of the Consolidated Financial Statements—25. Goodwill
Once recognized, impairment losses for the above assets shall not be reversed in subsequent accounting periods.
The Group's long-term deferred expenses are expenses that have already been paid but are to be amortized over the current
and future periods with an amortization period exceeding one year. Such expenses are amortized on a straight-line basis over the
respective benefit periods. If long-term deferred expense items no longer provide economic benefits to the future accounting
periods, the amortized value of such items yet to be amortized shall be fully transferred into the current profits and losses.
Contract liabilities reflect the obligations of the Group to transfer goods to the customer for which consideration is received
or receivable from the customers. Before the Group transfers goods to the customer, and the customer has paid the consideration in
the contract or the Group has obtained the right of unconditionally collecting the consideration, the contract liabilities are
recognized according to the received or receivable amount either at the time of actual payment by the customer or when the
payment is due―whichever is earlier.
(1) Accounting treatment method of short-term compensation
Short-term compensation mainly includes wages, bonuses, allowances and subsidies, employee welfare, housing funds,
labor union funds, employee education funds, medical insurance premiums, industrial injury insurance premiums, and maternity
insurance premiums. In the accounting period during which the employee has rendered service, the actual short-term compensation
incurred is recognized as a liability and recorded in the current profits and losses or related asset costs based on the beneficiary.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(2) Accounting treatment method of post-employment benefits
Post-employment benefits primarily include basic pension insurance contributions, unemployment insurance contributions,
enterprise annuity contributions, and other related benefits. Based on the risks and obligations assumed by the Company, such
benefits are classified as defined contribution plans. Under defined contribution plans, contributions payable to an independent
fund or entity in exchange for employee services rendered during the accounting period are recognized as liabilities at the balance
sheet date and charged to current profit or loss or the cost of related assets according to the beneficiaries of the services.
(3) Accounting treatment method of termination benefits
Termination benefits arise from the termination of employment relationships with employees before the expiration of their
employment contracts by the Company. Employee compensation liabilities arising from termination benefits are recognized and
included in current profit or loss at the earlier of: (i) the date on which the Company can no longer unilaterally withdraw the
termination benefit plan or redundancy proposal; and (ii) the date on which the Company recognizes costs or expenses related to a
restructuring involving the payment of termination benefits. Compensation amounts payable more than one year after the balance
sheet date are discounted and recognized in current profit and loss at their present value.
(4) Accounting treatment method of other long-term employee benefits
Other long-term benefits mainly include long-term incentive plans and long-term benefits. The Company conducts
accounting treatment according to relevant provisions of the defined contribution plans.
When obligations relating to contingencies such as external guarantee, pending litigation or arbitration, product quality
assurance and similar matters also meet the following conditions, the Group recognizes it as a liability: the obligation is currently
being undertaken by the Group; there is a high possibility that the fulfillment of the obligation will result in the outflow of
economic benefits from the enterprise; and the amount of the obligation can be reliably measured.
Provisions are initially measured according to the best estimate of the expenditure required to settle the present obligation,
taking into account factors relating to contingencies such as risks, uncertainties and the time value of money. On the balance sheet
date, the Group reviews the current best estimates and adjusts the carrying amount of the provisions.
For acquired entities, not under common control, in business mergers, contingent liabilities are initially measured at fair
value. After initial recognition, subsequent measurement is based on the higher of the amount recognized as a provision or the
remaining balance after deducting cumulative amortization determined by revenue recognition principles from the initial
recognition amount.
Equity-settled share-based payments made in exchange for the service of employees are measured at the fair value on the
date at which the equity instrument is granted to employees. If excisable immediately after the grant, the fair value of the equity
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
instruments shall be included in the relevant costs or expenses on the granting date, and the capital reserve shall be increased
accordingly. Where vesting is conditional upon the completion of service during a vesting period or the achievement of specified
performance conditions, at each balance sheet date during the vesting period, based on the best estimate of the number of equity
instruments expected to vest, the Group recognizes the services received during the current period in the relevant costs or expenses
and capital reserve based on the fair value of the equity instruments at the grant date. If the terms of equity-settled share-based
payments are modified, the services received are recognized at least as if the terms had not been modified. In addition,
modifications that increase the fair value of equity instruments granted, or are beneficial to employees measured at the date of
modification, are recognized as an additional service received.
If equity-settled share-based payments are cancelled, they are treated as accelerated exercise on the date of cancellation and
the unrecognized amount is recognised immediately. If an employee or another party chooses not to fulfill a non-vesting condition
during the vesting period, this is treated as a cancellation of the equity-settled share-based payment. However, if new equity
instruments are granted and it is determined on the grant date that these new equity instruments are intended to replace the
canceled ones, then the replacement equity instruments are treated in the same manner as a modification of the terms and
conditions of the original equity instruments.
Cash-settled share-based payments shall be measured at the fair value of liabilities, and recognized on the basis of share
options or other equity instruments undertaken by the Group. If excisable immediately after the grant, the fair value of the
liabilities assumed shall be included in the relevant costs or expenses on the granting date, and the liabilities shall be increased
accordingly. If it is necessary to complete the services in the waiting period or achieve the specified performance conditions before
the right is excisable, on each balance sheet date of the waiting period, the services acquired in the current period shall be included
in the cost or expense based on the best estimation of the excisable right, and the liabilities shall be adjusted accordingly according
to the fair values of the liabilities assumed by the Group. On each balance sheet date and settlement date prior to the settlement of
relevant liabilities, the fair value of the liabilities will be re-measured, with any changes recorded in the profits and losses at the
current period.
Disclose the accounting policies adopted for revenue recognition and measurement by business type
The Group recognizes the revenue upon fulfillment of its performance obligations within the contract, that is, when the
customer obtains control of the relevant goods or services. Acquisition of control over relevant goods or services means the ability
to manage the use of such goods or the provision of services and to receive almost all economic benefits therefrom.
(1) General recognition principle
The contract is evaluated at the contract inception date, identifying each individual performance obligation included in that
contract and determining whether each individual performance obligation is to be performed over a period of time or at a point in
time, and then revenue is recognized separately when each individual performance obligation has been satisfied.
A performance obligation is fulfilled over time if one of the following conditions is met; otherwise, the performance
obligation is fulfilled at a point in time:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
the performance obligations;
Company has the right to collect partial payments for the cumulative performance obligations that have been fulfilled so far within
the contract period.
For performance obligations that are to be fulfilled within a certain period of time, the Company shall recognize revenue
over that period of time based on the progress of performance, unless the progress of performance is not reasonably determinable.
If the performance progress cannot be reasonably determined and the costs incurred by the Company are expected to be
compensated, the revenue shall be ascertained according to the costs incurred, until the performance progress can be reasonably
determined.
If the performance obligations are performed at the specified time point, the Company shall recognize the revenue at the
time when the customer obtains control over the relevant goods. In judging whether the customer has obtained control over goods,
the Company shall consider the following signs:
the goods;
goods;
goods;
has acquired the principal risks and rewards of ownership of the goods;
(2) Measurement principles
The Company shall measure revenue based on the transaction price apportioned to each individual performance obligation.
If the contract contains two or more performance obligations, the Company shall apportion the transaction price to each individual
performance obligation in the relative proportion of the standalone selling price of the promised goods associated with each
individual performance obligation on the commencement date of the contract. In determining the transaction price, the Company
considers the following factors:
consideration using either the expected value method or the most likely amount method; however, the transaction price that
includes variable consideration shall not exceed the amount for which it is highly probable that a significant reversal in cumulative
recognized revenue will not occur when the relevant uncertainty is subsequently resolved;
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
amount that the customer would have paid in cash if payment had been made when control of the goods was transferred to the
customer;
value of the non-cash consideration; and
customer), such consideration shall reduce the transaction price and be recognized as a reduction of current-period revenue at the
later of: (i) the recognition of the related revenue; or (ii) the payment or commitment to pay such consideration to the customer,
unless the consideration payable to the customer is in exchange for other distinct goods or services obtained from the customer.
The situation involves different revenue recognition methods and measurement methods for similar businesses using different
operating models.
Operating income of the Company are mainly from sales of goods and transferring right to use assets.
The Company sells electrical appliances, spare parts, materials, and other products. Such sales constitute performance
obligations satisfied at a point in time.
Revenue recognition conditions for domestic sales: The Company has delivered the product to the customer according to the
contract terms and the customer has received the product; the payment has been collected or the receipt voucher has been provided
and relevant economic profits might flow into the Company; main risks and remuneration as for the ownership of the goods have
been transferred; and legal ownership and control right of the goods have been transferred.
Revenue recognition conditions for exported sales: The Company has declared the product to the customs and the product
has been delivered according to the contract terms; the bill of lading has been obtained, the payment has been collected or the
receipt voucher has been provided and relevant economic profits might flow into the Company; main risks and remuneration as for
the ownership of the goods have been transferred; and legal ownership and control right of the goods have been transferred.
Contracts between the Company and customers relating to the leasing of properties constitute performance obligations
satisfied over time. Revenue is recognized over the lease term based on the progress toward satisfaction of the performance
obligations. The situation involves different revenue recognition methods and measurement methods for similar businesses using
different operating models.
(1) Methods for determining asset amount related to contract cost
The Group’s assets related to the contract cost comprise the costs to fulfill a contract and the costs to obtain a contract.
Depending on their liquidity, costs to fulfill a contract are presented under inventories or other non-current assets, while costs to
obtain a contract are presented under other current assets or other non-current assets.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Costs to fulfill a contract refer to costs incurred by the Group in fulfilling a contract that are outside the scope of other
relevant accounting standards governing inventories, fixed assets, intangible assets, and similar items, and that simultaneously
satisfy all of the following conditions, in which case they are recognized as assets related to contract fulfillment costs: the costs are
directly related to a specific current or expected contract, including direct labor, direct materials, manufacturing overheads (or
similar costs), costs explicitly borne by the customer, and other costs incurred solely due to the contract; the costs enhance the
Group's resources for fulfilling future performance obligations; and the costs are expected to be recoverable.
Costs to obtain a contract refer to the incremental costs incurred by the Group for the purpose of securing a contract, which
will be recognized in the form of contract acquisition cost as an asset if it is expected to be recovered. If the amortization period of
such asset does not exceed one year, the Group opts for the simplified treatment of current profit and loss when incurred.
Incremental cost refers to the cost which will not incur unless a contract is secured (e.g. sales commission, etc.). Other costs (such
as the travel expense, whether or not the contract will be acquired, except the incremental cost which can be recovered as expected)
incurred by the Group for purpose of acquiring the contract shall be included in the current profit and loss at the time of
occurrence, unless those clearly specified to be borne by the customer.
(2) Amortization of assets related to contract cost
The Group’s assets related to contract costs are amortized on the same basis as revenue recognition of goods related to the
asset and recorded in the current profits and losses.
(3) Impairment of assets related to contract cost
Where the carrying amount of assets related to contract costs exceeds the difference between the following two amounts, the
Group recognizes an impairment provision for the excess and records it as an asset impairment loss: ① the remaining
consideration that the enterprise expects to receive in exchange for transferring the goods related to the asset; and ② the estimated
costs to be incurred in transferring the related goods.
Government subsidies are recognized when the conditions attached to them are met and it is probable that the subsidies will
be received. If a government subsidy is a monetary asset, it will be measured at the amount received; for the subsidy appropriated
according to the fixed quota or for the subsidy where there is concrete evidence showing that the Company is qualified to receive
governmental financial support and will be able to receive the support by the end of the period, the subsidy will be measured at the
receivable; if the government subsidy is a non-monetary asset, it will be measured at the fair value, or measured at its nominal
amount (RMB 1) if the fair value cannot be obtained reliably.
Asset-related government subsidies refer to government subsidies obtained by the Group for purchasing and acquiring long-
term assets or forming long-term assets by other ways. Income-related government subsidies refer to those other than asset-related
government subsidies. In case the purpose of a subsidy is not expressly stipulated in the government document, the Group will
categorize the subsidy according to these above principles. If it is difficult to categorize the subsidy, it will be categorized as the
income-related government subsidy.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
If a government subsidy relating to assets is recognized as deferred income, such subsidy is recognized in the current profit
and loss based on equal division within the service life of the relevant asset. If the relevant asset has been sold, transferred, retired
or damaged before the end of the service life, the balance of the relevant deferred income that has not been allocated will be
transferred into the current profit and loss of asset disposal.
Government subsidies relating to income that compensate future costs, expenses or losses are recognized as deferred income,
and recognized in the current profit and loss in the period of reporting the related costs, expenses or losses. The government
subsidies relating to the ordinary activities are included in other income or deducted against relevant costs and expenses according
to the nature of the accounting event, otherwise, they are included in non-operating income. Government subsidies unrelated to
daily activities will be included in non-operating income.
Where the Group obtains interest subsidies on policy-based preferential loans, the accounting treatment differs depending on
whether the fiscal authority disburses the interest subsidy funds to the lending bank or directly to the Group, and is accounted for
in accordance with the following principles: (1) Where the fiscal authority disburses the interest subsidy funds to the lending bank,
and the lending bank provides loans to the Group at a policy-based preferential interest rate, the Group recognizes the actual
amount of borrowings received as the carrying amount of the loan and calculates the related borrowing costs based on the loan
principal and the policy-based preferential interest rate. (2) Where the fiscal authority directly disburses the interest subsidy funds
to the Group, the Group offsets the corresponding interest subsidy against the related borrowing costs.
Deferred income tax assets and deferred income tax liabilities of the Company are recognized based on the differences
between the tax bases of assets and liabilities and their carrying amounts, as well as the differences (temporary differences)
between the tax bases and carrying amounts of items that are not recognized as assets or liabilities but whose tax bases can be
determined in accordance with tax laws.
The Company recognizes deferred income tax liabilities for all taxable temporary differences except: (1) temporary
differences arising from the initial recognition of goodwill or the initial recognition of assets or liabilities arising from transactions
other than business combinations that affect neither the accounting profit nor taxable income (or deductible losses); (2) taxable
temporary differences related to investments in subsidiaries, associates and joint ventures, where the Company is able to control
the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the
foreseeable future.
The Company recognizes deferred income tax assets for deductible temporary differences, deductible losses and tax credits to
the extent that it is probable that future taxable income will be available against which the deductible temporary differences,
deductible losses and tax credits can be utilized, except: (1) the temporary differences arising from the initial recognition of assets
or liabilities in a transaction that is not a business combination that affects neither the accounting profit nor taxable income (or
deductible losses); and (2) deductible temporary differences associated with investments in subsidiaries, associates and joint
ventures, unless both of the following conditions are satisfied simultaneously: the temporary differences are probable to reverse in
the foreseeable future, and sufficient taxable income will probably be available in the future against which the deductible
temporary differences can be utilized.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Company recognizes deferred income tax assets for all unused deductible losses to the extent that it is probable that
sufficient taxable income will be available against which the deductible losses can be utilized. Management exercises significant
judgment in estimating the timing and amount of future taxable income and, together with tax planning strategies, determines the
amount of deferred income tax assets to be recognized; accordingly, uncertainties exist.
On the balance sheet date, the deferred income tax asset and liability are measured at the applicable tax rates during the
period when the asset is realized or the liability is settled as expected.
Deferred income tax assets and deferred income tax liabilities are presented at net amounts after offsetting when the
following conditions are simultaneously met: the Company has the legal right to settle current income tax assets and current
deferred income tax liabilities on a net basis; the deferred income tax assets and deferred income tax liabilities are related to
income taxes levied by the same tax authority on the same taxable entity or on different taxable entities but will not be realized in
future periods. In each period in which significant deferred income tax assets and deferred income tax liabilities are reversed, the
taxable entity involved intends to either settle the current income tax assets and current income tax liabilities on a net basis or to
realize the assets and settle the liabilities at the same time.
(1) Accounting treatment of the lease as lessee
The Group as the lessee
Except for short-term leases and leases of low-value assets, the Company recognizes right-of-use assets and lease liabilities
for leases on the lease commencement date.
The right-of-use asset refers to the right of the Company, as a lessee, to use the leased assets during the lease term and is
initially measured at cost. The cost includes: ① initial measurement amount of lease liabilities; ② the amount of lease payment
made on or before commencement date of lease term, less any lease incentives received; ③ the initial direct cost incurred; ④ costs
expected to be incurred to disassemble and remove the leased assets, restore the site where the leased assets are located or restore
the leased assets to the conditions as agreed under the terms of the lease (excluding costs incurred to produce the inventory).
Where the Company remeasures the lease liabilities according to relevant provisions of the lease criterion, the carrying value of
the use-of-right asset shall be adjusted correspondingly.
The Company depreciates right-of-use assets on a straight-line basis based on the manner in which the economic benefits
associated with the right-of-use asset are expected to be consumed. Where ownership of the leased asset is reasonably certain to be
obtained at the end of the lease term, depreciation is provided over the remaining service life of the leased asset. Where it is not
reasonably certain that the ownership of the lease assets can be obtained upon expiry of lease term, the lease assets shall be
depreciated over the shorter of the lease term and the remaining service life of the lease assets. The accrued depreciation amount
shall be recognized as the cost of relevant assets or current profit and loss according to the purpose of the right-of-use assets.
The Company shall initially measure the lease liabilities according to the present value of the lease payment unpaid on the
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
commencement date of the lease term. Lease payments include: ① fixed payments and substantially fixed payments, net of
amounts related to lease incentives; ② variable lease payments that depend on indices or ratios; ③ the exercise price of the
purchase option in the event that the Company reasonably determines that the purchase option will be exercised; ④ payments to
be made upon exercise of the termination option in the event that the lease term reflects that the Company will exercise its
termination option; and ⑤ payments expected to be made based on the residual value of the guarantees provided by the Company.
In calculating the present value of the lease payments, the Company adopts the interest rate embedded in the lease as the
discount rate. If the Company is unable to determine the interest rate embedded in the lease, it will adopt the incremental
borrowing rate as the discount rate. The interest expenses of lease liabilities in each period of the lease term are calculated by the
Company in accordance with the fixed periodic interest rate, and are included in the current profit and loss, unless capitalization is
required.
After the commencement date of the lease term, the carrying amount of the lease liability is increased to reflect interest on the
lease liability and reduced to reflect lease payments made. Where there are changes in in-substance fixed payments, changes in
expected amounts payable under residual value guarantees, changes in the indices or ratios used to determine lease payments, or
changes in the assessment or actual exercise of purchase options, renewal options, or termination options, the Company
remeasures the lease liability based on the present value of the revised lease payments.
Lease change refers to the change in lease scope, lease consideration and lease term beyond the terms of the original contract,
including increasing or terminating the right to use one or more leased assets, extending or shortening the lease term stipulated in
the contract, etc. The effective date of lease change refers to the date when the Parties reach the agreement on lease change.
When the lease changes and meets the following conditions, the Company will treat it as a separate lease: ① the lease change
expands the lease scope by adding one or more right-of-use leased assets or extended leases; ② the increased consideration is
equivalent to the single price of the expanded lease scope or extension of lease term adjusted according to the contract.
In case where accounting treatment is not made for lease change as a single lease, on the effective date of lease change, the
Company will appropriate the consideration of the changed contract according to the relevant provisions of the lease criteria and
redefine the updated lease term. In addition, the Company will discount the changed lease payment according to the revised
discount rate, so as to remeasure the lease liabilities. With regard to the impact of the above adjustment of lease liabilities, the
Company adopts accounting methods in the following situations: ① in the event that the lease scope is narrowed down or the lease
term is shortened as a result of the lease change, the lessee shall reduce the carrying value of the right-of-use assets, and the
relevant gains or losses from the partial or complete termination of the lease shall be included into the current profit and loss. ②
for the lease liabilities remeasured due to other lease changes, the lessee shall adjust the carrying value of the right-of-use assets
accordingly.
For short-term leases with a lease term of no more than 12 months and low-value asset leases at a low value when
individual leased assets are brand new, the Company chooses not to recognize the right-of-use assets and lease liabilities. Lease
payments under short-term leases and leases of low-value assets are recognized by the Company on a straight-line basis or other
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
systematic and reasonable basis over the lease term, and included into the cost of the related assets or the current profit and loss.
The Company, as the seller and lessee in a sale and leaseback transaction, evaluates whether the transfer of the relevant
underlying asset constitutes a sale, based on Note V. X. Lease. Where the Company determines that the transfer does not constitute
a sale, the Company continues to recognize the transferred asset and recognizes a financial liability equal to the transfer proceeds
received. Where the transfer constitutes a sale, the Company measures the right-of-use asset arising from the leaseback at the
proportion of the previous carrying amount of the asset that relates to the right of use retained through the leaseback, and
recognizes only the amount of any gain or loss relating to the rights transferred to the lessor.
(2) Accounting treatment of the lease as lessor
（1） The Company as the lessor
The Company, as lessor, classifies a lease as a finance lease if it transfers substantially all the risks and rewards incidental to
ownership of the leased asset; otherwise it is classified as an operating lease.
On the commencement date of lease term, the Company recognizes finance lease receivables for finance lease and
derecognizes finance lease assets. Upon initial measurement of finance lease accounts receivable, the Company takes net
investment in lease as entry value of finance lease accounts receivable.
Net investment in lease is the sum of unsecured residual value and the present value of outstanding lease receipts discounted
on interest rate implicit in lease on the commencement date of the lease term. The Company calculates and recognizes the interest
income in each period of the lease term according to the fixed periodic rate. Variable lease payments acquired by the Company that
are not included in the measurement of the net investment in leases are recognized in profit and loss when they are actually
incurred.
The Company adopts the straight-line method or other systematic and reasonable methods to recognize the lease receipts
from operating leases as rental income during all periods within the lease term.
The initial direct costs incurred by the Company related to the operating lease are capitalized to the cost of leased underlying
asset and shall be included in current profits and losses on the same basis as recognition of rental income during the lease term.
Variable lease payments acquired by the Company in connection with operating leases that are not included in the lease receipts
are recognized in the current profits and losses when actually incurred.
In case of changes in the operating lease, the Company will treat it as a new lease as of the effective date of the change, and
the lease advance or accounts receivable related to the lease before the change will be regarded as the amount received from the
new lease.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
When the Company acts as the buyer and lessor in a sale and leaseback transaction and the control of the related underlying
assets has not been transferred to the Company, the Company does not recognize the transferred assets but recognizes a financial
asset equal to the proceeds from the transfer; when the control of the related underlying assets has been transferred to the
Company and the transfer of the assets constitutes a sale, the Company accounts for the purchase of the assets and the lease of the
assets in accordance with the aforementioned policy.
When preparing financial statements, the Company’s management shall make estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ
from these estimates. The Company’s management continuously evaluates the key assumptions and uncertainties involved in these
estimates. The impact of changes in accounting estimates is recognized in the current period and future periods.
The following accounting estimates and key assumptions present significant risks that could lead to substantial adjustments
to the carrying amounts of assets and liabilities in future periods:
(1) Impairment of financial assets
The impairment of financial assets is assessed using the expected credit loss (ECL) model, which requires to make
significant judgment and estimation. The ECL model takes into account all reasonable and supportable information, including
forward-looking information. When making these judgments and estimations, the Company considers historical data with factors
such as economic policies, macroeconomic indicators, industry risks, external market environment, technological environment,
and changes in customer circumstances to infer expected changes in the credit risk of debtors.
(2) Inventory impairment provision
The determination basis of the net realizable value of inventory: for inventories directly available for sale, such as finished
goods and materials intended for sale, the net realizable value is determined based on the estimated selling price of the inventory
minus the estimated selling expenses and related taxes. For inventories held to fulfill sales contracts or service contracts, the net
realizable value is calculated based on the contract price. If the quantity of inventory held exceeds the quantity ordered under the
sales contract, the net realizable value of the excess inventory is determined based on the general selling price.
Method of provision for inventory impairment: Inventories are valued at the lower of cost or net realizable value at the end
of the period. Based on a comprehensive physical count of inventory at period-end, a provision for inventory write-down is made
for the portion of inventory that is damaged, partially or completely obsolete, or whose selling price is lower than its cost, making
the cost unrecoverable.
If the factors that caused the inventory value to be written down in previous years no longer exist, the amount written down
should be reversed. The reversal amount is limited to the amount originally written down and is recognized in the current profit
and loss.
(3) Accounting estimates for goodwill impairment provision
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
The Company conducts an annual impairment testing for goodwill. The recoverable amount of the asset group or
combination of asset groups that include goodwill is determined based on the present value of the expected future cash flows,
which requires the use of accounting estimates.
If management revises the gross margin used in calculating the future cash flows of the asset group or group of asset groups
and the revised gross margin is lower than the current one, the Company will need to increase the impairment provision for
goodwill.
If the management revises the pre-tax discount rate applied to discounted cash flows, and the revised pre-tax discount rate is
higher than the current discount rate, the Company needs to make provision for impairment of goodwill.
If the actual gross profit margin or pre-tax discount rate is higher or lower than the management's estimate, the Company
cannot reverse the previously recognized impairment loss of goodwill.
(4) Accounting estimates for impairment provisions of fixed assets
The Company conducts impairment testing on fixed assets such as buildings and machinery that show signs of impairment
on the balance sheet date. The recoverable amount of fixed assets is the higher of the present value of their estimated future cash
flows or the net amount of the asset's fair value minus disposal costs, which requires the use of accounting estimates.
If management revises the gross margin used in calculating the future cash flows of the asset group or group of asset groups
and the revised gross margin is lower than the current one, the Company will need to increase the impairment provision for fixed
assets.
If the management revises the pre-tax discount rate applied to discounted cash flows, and the revised pre-tax discount rate is
higher than the current discount rate, the Company needs to make provision for impairment of fixed assets.
If the actual gross profit margin or pre-tax discount rate is higher or lower than the management's estimate, the Company
cannot reverse the previously recognized impairment loss of fixed assets.
(5) Accounting estimate for recognition of deferred income tax assets
The estimation of deferred income tax assets requires an estimation of the taxable income for each future year and the
applicable tax rate. The realization of deferred income tax assets depends on whether the group is likely to obtain sufficient taxable
income in the future. Changes in future tax rates and the timing of the reversal of temporary differences can also affect income tax
expenses (benefits) and the balance of deferred taxes. Changes in these estimates may lead to significant adjustments to deferred
income tax assets.
(6) The service life of fixed assets and intangible assets
The Company reviews the estimated service lives of fixed assets and intangible assets at least at the end of each fiscal year. The
expected service life is determined by the management based on the historical experience of similar assets, reference to the
estimates commonly used in the same industry, and the expected technological updates. When there are significant changes in the
previous estimates, the depreciation and amortization expenses for future periods are adjusted accordingly.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Significant accounting policy changes
□Applicable Not applicable
(2) Significant accounting estimate changes
□Applicable Not applicable
(3) Relevant financial statement items at the beginning of 2025 when the adjustments stipulated in the new accounting
standards apply for the first time
□Applicable Not applicable
VI. Taxation
Category Tax base Tax rate
Revenue from sales of goods, installation
VAT 13.00%, 9.00%, 6.00%, 5.00%
work, technical services, house lease
City maintenance and construction tax Turnover tax payable 7.00%
Business income tax Taxable income 15%, 25%, 20%
Education surcharge Turnover tax payable 3.00%
Local education surcharge Turnover tax payable 2.00%
Property tax 1.20%, 12.00%
rental income
Land use tax Total land area RMB 1.5-20/m2
Disclosure of taxpayers with different corporate income tax rates
Name of taxpayer Income tax rate
Hangzhou Robam Appliances Co., Ltd. 15%
Shanghai Robam Appliances Sales Co., Ltd. 25%
Beijing Robam Appliances Sales Co., Ltd. 25%
Hangzhou MingQi Electric Co., Ltd. 25%
Shengzhou Kinde Intelligent Kitchen Appliances Co., Ltd. 15%
Shengzhou Dijia Technology Co., Ltd. 20%
De Dietrich Household Appliances Trading (Shanghai) Co.,
Ltd.
Hangzhou Jinhe Electric Appliances Co., Ltd. 25%
Hangzhou Robam Fuchuang Investment Management Co., Ltd. 20%
Robam Appliances Holding (HK) Co., Ltd. (Note 1) Two-tiered tax system
Robam International (HK) Trading Co., Ltd. (Note 1) Two-tiered tax system
Robam Appliances U.S. Holding Co., Ltd. (Note 2) Fixed + variable tax system
Robam Appliances Los Angeles Trade LLC (Note 3) Fixed + variable tax system
Robam Appliances (HK) Excellence Co., Ltd. (Note 1) Two-tiered tax system
Indonesia Robam Appliances LLC 22%
Robam Appliances International Trading (Malaysia) Co., Ltd. 24%
Hangzhou Robam E-commerce Co., Ltd. 25%
Chengdu Robam Innovation Technology Co., Ltd. 20%
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Ningbo Jinhe E-commerce Co., Ltd. 20%
Hangzhou Yuhang Jinhe E-commerce Co., Ltd. 20%
Chengdu Robam E-commerce Co., Ltd. 25%
Qingdao MingQi E-commerce Co., Ltd. 20%
Wuhan Jinhe E-commerce Co., Ltd. 20%
Hangzhou Robam Commercial Kitchen Technology Co., Ltd. 20%
Hainan Robam Intelligent Technology Co., Ltd. 20%
Preferential income tax policy
The Company obtained the Certificate of High-Tech Enterprise (Certificate No.: GR202333003384) jointly issued by
Department of Science and Technology of Zhejiang Province, Zhejiang Provincial Department of Finance, Zhejiang Provincial
Tax Service, State Taxation Administration, on December 8, 2023. The certificate is valid for 3 years. According to the relevant
provisions, after being identified as a high-tech enterprise, the Company will enjoy the relevant preferential policies of the state on
high-tech enterprises for three consecutive years (i.e., the Company is entitled to the preferential income tax policy from January
The subsidiary of the Company, Shengzhou Kinde Intelligent Kitchen Appliances Co., Ltd., obtained the Certificate of
High-tech Enterprise (Certificate No.: GR202533001951) jointly issued by Department of Science and Technology of Zhejiang
Province, Zhejiang Provincial Department of Finance, and Zhejiang Provincial Tax Service, State Taxation Administration on
December 19, 2025. After the recognition, it will enjoy the preferential tax policy of the state on high-tech enterprises for three
consecutive years (i.e., it is entitled to the preferential income tax policy from January 1, 2025 to December 31, 2027), and its
corporate income tax shall be levied at the tax rate of 15%.
The Company's subsidiaries, Hangzhou Robam Fuchuang Investment Management Co., Ltd., Shengzhou Dijia Technology
Co., Ltd., De Dietrich Household Appliances Trading (Shanghai) Co., Ltd., Chengdu Robam Innovation Technology Co., Ltd.,
Ningbo Jinhe E-commerce Co., Ltd., Hangzhou Yuhang Jinhe E-commerce Co., Ltd., Qingdao MingQi E-commerce Co., Ltd.,
Wuhan Jinhe E-commerce Co., Ltd., and Hangzhou Robam Commercial Kitchen Technology Co., Ltd. are entitled to the
preferential tax policy for small and low-profit enterprises pursuant to Announcement No. 12 [2023] of the Ministry of Finance
and the State Taxation Administration, Announcement on Further Supporting the Development of Small and Micro Enterprises
and Individually Owned Businesses Through Tax and Fee Policies. Under this policy, taxable income is calculated at 25% of the
taxable income amount, and enterprise income tax is levied at a rate of 20%. The policy will continue to be implemented through
December 31, 2027.
Preferential VAT policy
According to the Notice on Value-Added Tax Policies for Software Products Issued by the Ministry of Finance and the State
Taxation Administration (Cai Shui [2011] No. 100), the Company's sales of embedded software products are eligible for
immediate VAT refund after collection.
According to the Announcement No. 43 of 2023 issued by the Ministry of Finance and the State Administration of Taxation,
Announcement on the Additional Value-Added Tax Credit Policy for Advanced Manufacturing Enterprises, the Company will
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
enjoy the policy of incremental deduction of 5% of the payable value-added tax amount by advanced manufacturing enterprises
based on the deductible input tax amount for the period from January 1, 2023 to December 31, 2027.
The Company's subsidiaries, Robam Appliances Holding (HK) Co., Ltd., Robam International (HK) Trading Co., Ltd., and
Robam Appliances (HK) Excellence Co., Ltd. are subject to the Hong Kong Profits Tax regime. Under the two-tiered tax system,
taxable profits up to HKD 2.00 million are subject to a tax rate of 8.25%, while the portion of taxable profits exceeding HKD 2.00
million is taxed at a rate of 16.50%.
Note 2: The Company's indirectly controlled subsidiary, Robam Appliances U.S. Holding Co., Ltd. is subject to the tax
policies of the State of Delaware, United States, which apply a fixed tax rate plus variable tax amount/rate system. The applicable
tax amounts are as follows:
Total annual gross revenue (USD) Fixed tax rate Variable tax amount + rate (USD)
＜50,000 8.7% 15%
≥18,333,333 8.7% 6,416,667 + 35% of the excess over 18,333,333
Note 3: Robam Appliances Los Angeles Trade LLC, an indirectly controlled subsidiary of the Company, is subject to the tax
policies of the State of California, United States, which apply a fixed tax plus variable tax system. The applicable tax amounts are
as follows:
Total annual gross revenue (USD) Fixed tax amount (USD) Variable tax amount (USD)
＜250,000 800
≥5,000,000 800 11,790
VII. Notes to items in the consolidated financial statements
In RMB
Item Ending balance Beginning balance
Cash in hand 90,657.72 191,720.15
Deposit in bank 1,167,338,722.58 1,515,116,946.44
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other cash and cash equivalents 68,828,480.23 116,467,427.68
Total 1,236,257,860.53 1,631,776,094.27
Including: total amount of funds
deposited overseas
Other description:
Note: The other cash and cash equivalents are RMB 68,828,480.23, including the L/G margin deposit of RMB
limited; and the Alipay and WeChat wallet balance is RMB 1,814,308.87, which can be withdrawn without any limit at any time.
In RMB
Item Ending balance Beginning balance
Financial assets measured at fair value
through profit and loss
Including:
Structured deposits 1,800,000,000.00 1,300,000,000.00
Financial products 1,430,000,000.00 880,000,000.00
Including:
Total 3,230,000,000.00 2,180,000,000.00
(1) Classified presentation of notes receivable
In RMB
Item Ending balance Beginning balance
Banker’s acceptance 577,431,523.95 812,310,089.60
Trade acceptance 1,056,336.42 5,529,826.40
Less: provision for bad debts -52,816.82 -276,491.33
Total 578,435,043.55 817,563,424.67
(2) Classification of disclosure according to the bad debt provision method
In RMB
Ending balance Beginning balance
Book balance Bad debt reserve Book balance Bad debt reserve
Categor Percenta Percenta
y Carrying Carrying
Percenta ge of value Percenta ge of value
Amount Amount Amount Amount
ge (%) provisio ge (%) provisio
n n
Includ
ing:
Notes
receivab 100.00% 0.01% 100.00% 0.03%
le with
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
provisio
n for bad
debts on
a
collectiv
e basis
Includ
ing:
Banker’s
acceptan 99.82% 99.32%
ce
Commer
cial 1,056,33 52,816.8 1,003,51 5,529,82 276,491. 5,253,33
acceptan 6.42 2 9.60 6.40 33 5.07
ce bill
Total 100.00% 0.01% 100.00% 0.03%
Notes receivable with provision for bad debts on a collective basis
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Banker’s acceptance 577,431,523.95
Commercial acceptance bill 1,056,336.42 52,816.82 5.00%
If provision for bad debts of notes receivable is made according to the general model of expected credit loss:
□Applicable Not applicable
(3) Bad debt provision, and its recovery or reversal in the current period
Bad debt provision in the current period:
In RMB
Amount of change in the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-off Others
reversal
Bad debt
provision for
notes
receivable
Total 276,491.33 223,674.51 52,816.82
Significant recoveries or reversals of provisions for bad debts during the reporting period:
□Applicable Not applicable
(1) Disclosure by aging of accounts
In RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 1,229,707,366.34 1,485,619,671.85
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Over 3 years 329,461,925.46 600,756,000.34
Over 5 years 19,714,599.26 7,816,642.56
Total 2,074,012,802.51 3,019,699,858.81
(2) Classification of disclosure according to the bad debt provision method
In RMB
Ending balance Beginning balance
Book balance Bad debt reserve Book balance Bad debt reserve
Categor Percenta Percenta
y Carrying Carrying
Percenta ge of value Percenta ge of value
Amount Amount Amount Amount
ge (%) provisio ge (%) provisio
n n
Account
s
receivab
le with
provisio 772,629, 466,600, 306,028, 1,469,63 948,705, 520,925,
n for bad 500.18 596.37 903.81 1,507.36 525.01 982.35
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio 1,301,38 105,637, 1,195,74 1,550,06 107,284, 1,442,78
n for bad 3,302.33 582.91 5,719.42 8,351.45 182.19 4,169.26
debts on
a
collectiv
e basis
Includ
ing:
Aging-
based 62.75% 8.12% 51.33% 6.92%
portfolio
Total 100.00% 27.59% 100.00% 34.97%
Provision for bad debts on an individual basis: Provision for bad debts on an individual basis
In RMB
Beginning balance Ending balance
Name
Book balance Bad debt reserve Book balance Bad debt reserve Percentag Reasons for
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
e of provision
provision
Expected to be
Unit 1 210,521,513.99 84,754,236.00 182,374,947.60 87,850,013.32 48.17% difficult to fully
recover
Expected to be
Unit 2 96,569,954.48 61,994,216.22 94,692,708.65 65,299,506.65 68.96% difficult to fully
recover
Expected to be
Unit 3 268,924,199.48 80,677,259.84 89,342,910.96 26,845,843.67 30.05% difficult to fully
recover
Expected to be
Unit 4 78,360,541.23 78,360,541.23 71,896,103.57 71,896,103.57 100.00% difficult to
recover
Expected to be
Unit 5 29,119,062.94 10,394,103.97 30,605,439.56 13,917,042.04 45.47% difficult to fully
recover
Expected to be
Unit 6 41,443,548.30 19,757,309.66 22,235,928.00 14,842,515.85 66.75% difficult to fully
recover
Expected to be
Unit 7 22,113,876.84 14,170,945.84 22,008,442.37 14,471,075.41 65.75% difficult to fully
recover
Expected to be
Unit 8 29,777,855.31 9,697,560.92 18,944,330.41 7,918,549.92 41.80% difficult to fully
recover
Expected to be
Unit 9 13,604,360.56 7,556,003.93 14,153,466.07 8,329,895.14 58.85% difficult to fully
recover
Expected to be
Unit 10 14,496,568.66 4,037,272.96 13,606,994.12 4,578,551.52 33.65% difficult to fully
recover
Expected to be
Unit 11 13,352,120.83 7,829,472.76 11,666,204.38 7,101,201.84 60.87% difficult to fully
recover
Expected to be
Unit 12 10,697,891.45 7,488,524.02 9,785,174.12 6,849,621.88 70.00% difficult to fully
recover
Expected to be
Unit 13 25,778,392.36 11,241,222.53 8,074,303.95 3,771,733.81 46.71% difficult to fully
recover
Expected to be
Unit 14 5,654,408.59 2,326,917.02 6,149,051.83 4,304,336.28 70.00% difficult to fully
recover
Expected to be
Unit 15 6,429,558.45 4,044,430.92 5,729,564.29 3,684,795.00 64.31% difficult to fully
recover
Expected to be
Unit 16 5,559,103.37 5,559,103.37 5,614,577.37 5,614,577.37 100.00% difficult to
recover
Expected to be
Unit 17 10,980,639.05 4,616,469.03 5,286,419.66 2,378,888.85 45.00% difficult to fully
recover
Expected to be
Unit 18 5,182,323.08 5,182,323.08 100.00% difficult to
recover
Summary 586,247,911.47 534,199,934.79 155,280,610.19 111,764,021.16 71.98% Expected to be
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
of other difficult to fully
companies recover
Total 1,469,631,507.36 948,705,525.01 772,629,500.18 466,600,596.36
Provision for bad debts on a collective basis: bad debt provision for accounts receivable is provided by account age
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 1,088,716,421.29 54,435,821.05 5.00%
Over 5 years 6,480,187.12 6,480,187.12 100.00%
Total 1,301,383,302.33 105,637,582.91
If provision for bad debts of accounts receivable is made according to the general model of expected credit loss:
□Applicable Not applicable
(3) Bad debt provision, and its recovery or reversal in the current period
Bad debt provision in the current period:
In RMB
Amount of change in the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-off Others
reversal
Bad debt
reserves for 1,055,991,741.
accounts 84
receivable
Total 124,229,240.54 71,314,775.15 504,420,762.38 32,247,265.57 572,238,179.28
Significant recoveries or reversals of provisions for bad debts during the reporting period:
In RMB
Basis and
reasonableness of
determining the
Unit Recovery or reversal Reason for reversal Recovery method
original provision
ratio for bad
debts
Amount of accounts Amount of provision for Reasons for reversal or
Unit
receivable bad debts recovery\Methods
Unit 1 180,770,635.53 54,231,190.66 Bank transfer, offset
Unit 2 26,167,361.70 4,330,861.69 Bank transfer
Total 206,937,997.23 58,562,052.35 —
(4) Accounts receivable actually written off in the current period
In RMB
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Item Amounts written off
Accounts receivable actually written off 504,420,762.38
In RMB
Whether the
Write-off
Nature of accounts Amounts written Reason for write- amount arises from
Unit procedures
receivable off offs a connected
performed
transaction
Expected to be
Unit 1 Payment for goods 452,376,997.98 Board resolution No
irrecoverable
Expected to be
Unit 2 Payment for goods 24,368,544.00 Board resolution No
irrecoverable
Total 476,745,541.98
(5) Top five debtors with the largest ending balances of accounts receivable and contract assets
In RMB
Proportion in the Closing balance of
Closing balance of total ending provision for bad
Ending balance of
Ending balance of accounts balance of debts on accounts
Unit accounts
contract assets receivable and accounts receivable and
receivable
contract assets receivable and impairment of
contract assets contract assets
Unit 1 380,265,783.56 380,265,783.56 18.33%
Unit 2 120,778,504.58 120,778,504.58 5.82%
Unit 3 98,252,660.25 98,252,660.25 4.74%
Unit 4 55,987,747.71 55,987,747.71 2.70%
Unit 5 41,869,335.19 41,869,335.19 2.02%
Total 697,154,031.29 697,154,031.29 33.61%
In RMB
Item Ending balance Beginning balance
Dividends receivable 400,000.00
Other receivables 73,133,704.37 86,729,886.98
Total 73,533,704.37 86,729,886.98
(1) Dividends receivable
In RMB
Item (or investee) Ending balance Beginning balance
Zhejiang Tingshuo Brand Operation
Management Co., Ltd.
Total 400,000.00
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
(2) Other accounts receivable
In RMB
Book balance at the beginning of the
Nature of receivable Book balance at the end of the period
period
Collections by a third party 40,881,838.97 59,038,372.30
Margin deposits/deposits 29,981,876.29 29,725,519.68
Proxy holding of project mortgage
properties
Withholdings 4,047,262.25 4,351,612.44
Cash reserve 4,720,272.88 2,868,628.69
Others 3,803,557.29 2,879,205.71
Total 97,972,461.68 104,121,782.82
In RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 68,817,484.17 80,644,607.15
Over 3 years 16,334,664.86 13,005,366.08
Over 5 years 7,386,773.00 5,835,874.94
Total 97,972,461.68 104,121,782.82
Applicable □Not applicable
In RMB
Ending balance Beginning balance
Book balance Bad debt reserve Book balance Bad debt reserve
Categor Percenta Percenta
y Carrying Carrying
Percenta ge of value Percenta ge of value
Amount Amount Amount Amount
ge (%) provisio ge (%) provisio
n n
Provisio
n for bad
debts on 15.06% 45.83% 5.36% 37.78%
an
individu
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
al basis
Incl
uding:
Provisio
n for bad
debts on 83,213,1 18,075,1 65,137,9 98,538,1 15,282,2 83,255,8
a 07.68 13.01 94.67 00.58 09.20 91.38
collectiv
e basis
Incl
uding:
Aging-
based 84.94% 21.72% 94.64% 15.51%
portfolio
Total 100.00% 25.35% 100.00% 16.70%
Provision for bad debts on an individual basis: Other receivables with provision for bad debts on an individual basis
In RMB
Beginning balance Ending balance
Name Bad debt Bad debt Percentage of Reasons for
Book balance Book balance
reserve reserve provision provision
Expected
Unit 1 9,976,291.00 4,489,330.95 45.00%
impairment
Expected
Unit 2 800,000.00 280,000.00 1,892,194.00 851,487.30 45.00%
impairment
Expected
Unit 3 1,205,059.00 542,276.55 45.00%
impairment
Expected
Unit 4 657,783.00 230,224.05 657,783.00 296,002.35 45.00%
impairment
Expected
Unit 5 636,327.00 222,714.45 636,327.00 286,347.15 45.00%
impairment
Expected
Unit 6 3,164,334.00 1,107,516.90 170,000.00 76,500.00 45.00%
impairment
Expected to be
Unit 7 103,000.00 103,000.00 103,000.00 103,000.00 100.00% difficult to
recover
Expected to be
Unit 8 45,200.00 45,200.00 45,200.00 45,200.00 100.00% difficult to
recover
Expected to be
Unit 9 20,000.00 20,000.00 20,000.00 20,000.00 100.00% difficult to
recover
Expected to be
Unit 10 20,000.00 20,000.00 20,000.00 20,000.00 100.00% difficult to
recover
Expected to be
Unit 11 10,000.00 10,000.00 10,000.00 10,000.00 100.00% difficult to
recover
Expected to be
Unit 12 10,000.00 10,000.00 10,000.00 10,000.00 100.00% difficult to
recover
Expected to be
Unit 13 20,000.00 20,000.00 10,000.00 10,000.00 100.00% difficult to
recover
Unit 14 3,500.00 3,500.00 3,500.00 3,500.00 100.00% Expected to be
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
difficult to
recover
Unit 15 50,010.00 15,003.00
Unit 16 30,000.00 9,000.00
Unit 17 13,528.24 13,528.24
Total 5,583,682.24 2,109,686.64 14,759,354.00 6,763,644.30
Provision for bad debts on a collective basis: other receivables with provision for bad debts on a collective basis
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 55,628,105.99 2,779,154.19 5.00%
Over 5 years 8,164,407.18 8,164,407.18 100.00%
Total 83,213,107.68 18,075,113.01
Provision for bad debts according to the general model of expected credit loss:
In RMB
Phase I Phase II Phase III
Expected credit loss Expected credit loss
Bad debt reserve Expected credit loss Total
over the entire period over the entire period
over the next 12
of existence (without of existence (with
months
credit impairment) credit impairment)
Balance as of January
Balance on January 01,
period
Provision in the current
period
Reversal in the current
period
Write-offs in the
current period
Derecognition/write-
offs in the current 1,631,342.73 504,334.00 2,135,676.73
period
Balance as of
December 31, 2025
Basis of classification in different stages and percentage of provision for bad debts
Changes in the book balance with significant change in amount of the loss provision in the current period
□Applicable Not applicable
Bad debt provision in the current period:
In RMB
Category Beginning Amount of change in the current period Ending balance
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
balance Recovery or
Provision Write-offs Others
reversal
Bad debt
provision for
other
receivables
Total 17,391,895.84 12,263,506.89 2,680,961.72 2,135,683.70 24,838,757.31
In RMB
Item Amounts written off
The actual write-off of other receivables 2,135,676.73
In RMB
Proportion in the
total ending
Nature of Ending balance of
Unit Ending balance Aging balance of other
receivable bad debt reserves
accounts
receivable
Zhejiang Tmall
Collections by a
Technology Co., 18,622,657.70 Within 1 year 19.01% 964,842.83
third party
Ltd.
Proxy holding of
Liuxu project mortgage 9,976,291.00 Within 1 year 10.18% 4,489,330.95
properties
Beijing Jingdong Collections by a
Century Trading third 8,395,684.97 0-5 years 8.57% 737,032.59
Co., Ltd. party/deposits
Beijing Jingdong
Collections by a
Commerce Co., 3,696,710.67 Within 1 year 3.77% 184,835.53
third party
Ltd. (platform
store)
Other receivables -
withholding from
Withholdings 3,671,259.99 Within 1 year 3.75% 183,563.00
housing provident
fund
Total 44,362,604.33 45.28% 6,559,604.90
(1) Advance payments presented by age
In RMB
Ending balance Beginning balance
Aging
Amount Percentage (%) Amount Percentage (%)
Within 1 year 171,506,990.75 92.07% 159,754,888.14 98.80%
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Over 3 years 116,614.59 0.06% 9,668.01 0.01%
Total 186,281,708.91 161,690,670.71
(2) Top five payers with the largest ending balances of advance payments
The ending balances of advance payments of the top five payers by the end of the year totaled RMB 99,935,997.52,
accounting for 53.65% of the total.
Whether the company is subject to disclosure requirements for the real estate industry
No
(1) Classification of inventories
In RMB
Ending balance Beginning balance
Provision
for
Provision for
obsolete
obsolete
inventory
Item inventory or for
or for
Book balance impairment of Carrying value Book balance Carrying value
impairment
the cost of
of the cost
contract
of contract
performance
performanc
e
Raw
materials
Products in
process
Finished 33,877,028
goods .02
Contract
performanc 94,994,339.86 0.00 94,994,339.86 29,442,537.83 0.00 29,442,537.83
e costs
Goods on
consignme 704,650,720.50 46,786,601.01 657,864,119.49 707,907,872.94 663,394,084.49
.45
nt
Low-value
consumabl 28,668,045.56 0.00 28,668,045.56 10,163,408.39 0.00 10,163,408.39
es
Total 1,431,500,664.86 71,477,895.77 1,360,022,769.09 1,292,403,577.76 1,214,012,761.29
.47
(2) Provision for obsolete inventory or for impairment of the cost of contract performance
In RMB
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Increased amount in the current Decreased amount in the current
Beginning period period
Item Ending balance
balance Reversals or
Provision Others Others
write-off
Raw materials 0.00 7,298,549.03 435,144.58 6,863,404.45
Products in
process
Finished goods 33,877,028.02 537,575.82 16,586,713.53 17,827,890.31
Contract
performance 0.00 0.00
costs
Goods on
consignment
Total 78,390,816.47 10,108,937.41 17,021,858.11 71,477,895.77
In RMB
Item Ending balance Beginning balance
Fixed time deposits maturing within one
year
Accrued interest on fixed time deposits
maturing within one year
Total 499,143,689.50 899,560,428.08
In RMB
Item Ending balance Beginning balance
Prepaid taxes 3,068,681.12 2,924,156.77
Fixed-term deposit within one year 84,345,600.00 1,344,695,600.00
Accrued interest on fixed time deposits
within one year
Total 88,468,071.99 1,411,059,496.48
In RMB
Reason for
Gains Loss Gains Loss being
recognized recognized recognized recognized designated
in other in other in other in other Recognized to be
Name of Ending Beginning comprehen comprehen comprehen comprehen dividends measured
item balance balance sive sive sive sive income in at fair
income for income for income at income at the period value
the current the current the end of the end of through
period period the period the period other
comprehen
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
sive
income
Shanghai
MXCHIP
Information
Technology
Co., Ltd.
Total
In RMB
Increase/decrease in the current period
Invest
Openi ment
Beginn Adjust Ending
ng profit Cash Ending
ing ment balanc
balanc and divide balanc
balanc of e of
Investe e of Additi Negati loss Other nds or Impair e
e other impair
e impair onal ve recogn change profits ment （carr
（carr compr Others ment
ment invest invest ized s in declare provisi ying
ying ehensi provisi
provisi ment ment using equity d and on value)
value) ve on
on the distrib
incom
equity uted
es
metho
d
I. Joint venture
De
Dietric
h
Trade 1,185,
(Shang 328.28
hai)
Co.,
Ltd.
Zhejia
ng
Cooki
ngfutu -
re 5,165,
Techn 872.83
ology
Co.,
Ltd.
Subtot 6,351,
al 201.11
II. Associated enterprises
Zhejia
ng
Tingsh
uo
Brand
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Operat
ion
Manag
ement
Co.,
Ltd.
Shaoxi
ng
Shuaig
e
Kitche
n and 3,017, 2,646,
Bathro 365.02 811.40
om
Techn
ology
Co.,
Ltd.
Subtot 4,209, 585,26 400,00 4,395,
al 859.68 0.27 0.00 119.95
Total ,060.7 5,765,
Recoverable amount is determined as fair value less costs of disposal
□Applicable Not applicable
The recoverable amount is determined as the present value of the estimated future cash flows
□Applicable Not applicable
In RMB
Item Ending balance Beginning balance
Classification of financial assets
measured at fair value through profit and 800,451,400.00 300,000,000.00
loss
Total 800,451,400.00 300,000,000.00
(1) Investment real estate under the cost measurement mode
Applicable □Not applicable
In RMB
Construction in
Item Buildings Land use right Total
process
I. Original carrying value
balance
in the current period
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Outsourcing
(2) Transfer
from inventories/fixed
assets/construction in
progress
(3) Increased
amount in business
combination
in the current period
(1) Disposal
(2) Other
transfer-out
II. Accumulated
depreciation and
amortization
balance
in the current period
(1) Accrual or
amortization
in the current period
(1) Disposal
(2) Other
transfer-out
III. Impairment provision
balance
in the current period
(1) Provision
in the current period
(1) Disposal
(2) Other
transfer-out
IV. Carrying value
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
value
carrying value
Recoverable amount is determined as fair value less costs of disposal
□Applicable Not applicable
The recoverable amount is determined as the present value of the estimated future cash flows
□Applicable Not applicable
In RMB
Item Ending balance Beginning balance
Fixed assets 2,173,620,976.82 1,611,144,579.04
Disposal of fixed assets 54,209.39
Total 2,173,675,186.21 1,611,144,579.04
(1) Fixed assets
In RMB
Buildings and Machinery and Transportation
Item Other equipment Total
structures equipment equipment
I. Original
carrying value:
balance
amount in the 704,138,679.66 9,074,711.86 6,421,084.49 4,377,057.59 724,011,533.60
current period
(1)
Purchase
(2)
Transfer from
construction in
progress
(3)
Increased amount
in business
combination
amount in the 975,092.60 344,948.71 4,923.89 2,137,449.88 3,462,415.08
current period
(1)
Disposal or 975,092.60 344,948.71 4,923.89 2,137,449.88 3,462,415.08
retirement
balance
II. Accumulated
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
depreciation
balance
amount in the 78,649,042.84 65,040,245.80 2,002,634.90 15,734,369.61 161,426,293.15
current period
(1)
Provision
amount in the 316,750.64 736,776.59 327,701.27 1,972,343.91 3,353,572.41
current period
(1)
Disposal or 316,750.64 736,776.59 327,701.27 1,972,343.91 3,353,572.41
retirement
balance
III. Impairment
provision
balance
amount in the
current period
(1)
Provision
amount in the
current period
(1)
Disposal or
retirement
balance
IV. Carrying value
carrying value
carrying value
(2) Fixed asset without certificate of title
In RMB
Reasons for failure to obtain the
Item Carrying value
certificate of title
Robam Building 673,716,040.70 In process
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(3) Disposal of fixed assets
In RMB
Item Ending balance Beginning balance
Machinery and equipment 54,209.39
Total 54,209.39
In RMB
Item Ending balance Beginning balance
Construction in process 46,511,377.40 457,357,111.28
Total 46,511,377.40 457,357,111.28
(1) Construction in progress
In RMB
Ending balance Beginning balance
Item Impairme
Impairment
Book balance Carrying value Book balance nt Carrying value
provision
provision
Robam
Building 41,762,075.08 41,762,075.08 428,449,911.96 428,449,911.96
project
Project of the
First
Production
Department
Project of the
Third
Production
Department
Project of the
Second
Production
Department
Project of the
Fourth
Production
Department
Customized
management 1,444,624.32 1,444,624.32 1,189,282.86 1,189,282.86
software
Other
miscellaneous 596,208.50 596,208.50 2,280,291.98 2,280,291.98
projects
Total 46,511,377.40 46,511,377.40 457,357,111.28 457,357,111.28
(2) Current changes in major projects under construction
In RMB
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Prop
Amo ortio Inclu
Intere
unt n of Accu ding:
Incre st
transf Other accu mulat capit
ased capit
erred decre mulat ed alize
amou Proje alizat
Begi into ases Endi ive amou d
Nam nt in ct ion
Budg nning fixed in the ng const nt of intere
e of the progr rate Funding source
et balan assets curre balan ructio capit sts in
item curre ess in the
ce in the nt ce n alize the
nt (%) curre
curre perio inves d curre
perio nt
nt d tment intere nt
d perio
perio in the st perio
d
d budg d
et
Roba
m
Build 13,62 87.47 95.00
ing 4.64 % %
proje
ct
Total 50,80 49,91 76,50 50,71 2,075
(3) Impairment testing of construction in progress
□Applicable Not applicable
(1) Right-of-use assets
In RMB
Item Buildings and structures Total
I. Original carrying value
period
period
II. Accumulated depreciation
period
(1) Provision 2,172,261.47 2,172,261.47
period
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Disposal
III. Impairment provision
period
(1) Provision
period
(1) Disposal
IV. Carrying value
(1) Intangible assets
In RMB
Non-
patented
Item Land use right Patent right Software Trademark right Total
technolo
gy
I. Original
carrying
value
Beginning 224,593,935.95 7,300,000.00 71,870,928.35 24,624,622.64 328,389,486.94
balance
Increased
amount in 3,822,057.13 3,822,057.13
the current
period
(1)
Purchase
(2)
Internal
research and
development
(3)
Increased
amount in
business
combination
Transfer 1,135,037.58 1,135,037.58
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
from
construction
in progress
Decreased
amount in 8,689,061.63 8,689,061.63
the current
period
(1)
Disposal
Ending 224,593,935.95 7,300,000.00 67,003,923.85 24,624,622.64 323,522,482.44
balance
II.
Accumulated
amortization
Beginning 43,351,284.62 7,300,000.00 55,866,118.86 15,990,426.76 122,507,830.24
balance
Increased
amount in 4,497,812.08 6,337,042.10 2,462,462.24 13,297,316.42
the current
period
(1)
Provision
Decreased
amount in 8,689,061.63 8,689,061.63
the current
period
(1)
Disposal
Ending 47,849,096.70 7,300,000.00 53,514,099.33 18,452,889.00 127,116,085.03
balance
III.
Impairment
provision
Beginning
balance
Increased
amount in
the current
period
(1)
Provision
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Decreased
amount in
the current
period
(1)
Disposal
Ending
balance
IV. Carrying
value
Ending
carrying
value
Beginning
carrying
value
Intangible assets formed through in-house research and development at the end of the period as a percentage of the balance of
intangible assets.
(2) Data resources recognized as intangible assets
□Applicable Not applicable
(3) Impairment testing of construction in progress
□Applicable Not applicable
(1) Original carrying value of goodwill
In RMB
Name of Increase in the current period Decrease in current period
investee or item Beginning Generated by Ending balance
that generates balance business Disposal
goodwill combination
Kinde
Intelligent
Total 80,589,565.84 80,589,565.84
(2) Goodwill impairment provision
In RMB
Name of Increase in the current period Decrease in current period
Beginning
investee or item Ending balance
balance Provision Disposal
that generates
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
goodwill
Kinde
Intelligent
Total 80,589,565.84 80,589,565.84
In RMB
Increased amount Amount of
Item Beginning balance in the current amortization in the Other decreases Ending balance
period current period
Service fee 4,136,093.63 524,949.00 2,187,139.13 2,473,903.50
Advertisement
expenses
Tooling cost 0.00 486,725.67 45,424.24 441,301.43
Others 161,810.32 278,981.93 103,279.35 337,512.90
Total 4,756,409.65 1,290,656.60 2,794,348.42 3,252,717.83
(1) Deferred income tax assets before offset
In RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets: differences assets:
Unrealized profits of
internal transactions
Credit impairment
provision
Loss from assets
impairment
Income that should be
recognized according
to tax laws but have 227,843,758.87 34,176,563.83 153,733,838.73 23,060,075.81
not been confirmed by
the accountant yet
Those recognized
based on the
provisional estimated
expenses
Deferred income 69,101,835.67 10,365,275.35 81,363,483.00 12,204,522.45
Changes in the fair
value of other equity 117,832,510.80 17,674,876.62 117,832,510.80 17,674,876.62
instrument investments
Equity incentive 20,209,550.94 3,120,512.36 15,553,988.49 2,407,757.80
Lease liabilities 1,841,496.02 460,374.01 3,171,164.59 535,525.21
Total 2,107,035,778.73 325,584,003.83 2,318,982,074.50 355,507,881.29
(2) Deferred income tax liabilities before offset
In RMB
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
Appreciation arising
from asset valuation in
a business combination 10,661,295.26 1,599,194.29 13,531,056.26 2,029,658.44
not under common
control
Temporary taxable
difference incurred
from pre-tax deduction
of fixed assets
Interest accrued on
deposits not yet 172,075,927.98 25,811,389.20 144,816,770.53 21,722,515.58
matured
Right-of-use assets 109,594.14 5,479.71 1,370,978.98 68,548.95
Total 269,631,356.17 40,433,744.03 259,907,974.21 38,849,098.24
(3) Deferred income tax assets or liabilities presented in net amount after offset
In RMB
Amount of deferred Initial amount of
Ending balance of Beginning balance of
income tax assets deferred income tax
deferred income tax deferred income tax
Item offset against deferred assets offset against
assets or liabilities after assets or liabilities after
income tax liabilities at deferred income tax
offset offset
the end of the period liabilities
Deferred income tax
assets:
Deferred income tax
liabilities
(4) Presentation of unrecognized deferred income tax assets
In RMB
Item Ending balance Beginning balance
Deductible temporary differences 35,378,023.90 20,751,821.76
Deductible tax losses 90,925,810.39 86,142,898.16
Total 126,303,834.29 106,894,719.92
(5) The deductible losses of unrecognized deferred income tax assets will be due in the following years
In RMB
Year Ending amount Beginning amount Remarks
Total 90,925,810.39 86,142,898.16
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
In RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Fixed time
deposits over 0.00 0.00
one year
Interest on
fixed time
deposits over
one year
Prepayments
for equipment 13,628,039.50 0.00 13,628,039.50 11,845,297.88 0.00 11,845,297.88
purchase
Prepayment for
house purchase
Commercial
properties held 213,656,936.74 96,145,621.53 117,511,315.21 50,563,312.17 17,697,159.26 32,866,152.91
for sale
Total 116,041,343.93 68,310,184.75
In RMB
Ending of the period Beginning of the period
Item Book Carrying Type of Restriction Book Carrying Type of Restriction
balance value restriction s balance value restriction s
Cash and
cash
equivalents
Fixed 159,412,36 128,700,13 Mortgage 152,993,15 132,330,39 Mortgage
assets 8.74 5.64 loan 1.92 6.56 loan
Intangible 58,626,799. 51,620,046. Mortgage
assets 92 12 loan
Bank Bank
Cash and
cash
equivalents
deposit deposit
Cash and
ETC ETC
cash 14,000.00 14,000.00 13,000.00 13,000.00
deposit deposit
equivalents
Cash and
Litigation 57,605,500. 51,947,796.
cash 40,252.34 40,252.34
freeze 00 50
equivalents
Total
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Short-term borrowing classification
In RMB
Item Ending balance Beginning balance
Mortgage loan 97,600,000.00 91,000,000.00
Credit borrowings 138,579.05 160,420.15
Accounts receivable factoring 2,078,878.91
Total 97,738,579.05 93,239,299.06
In RMB
Type Ending balance Beginning balance
Banker’s acceptance 1,102,064,932.55 1,061,073,856.74
Total 1,102,064,932.55 1,061,073,856.74
(1) Presentation of accounts payable
In RMB
Item Ending balance Beginning balance
Payment for materials 1,138,496,064.99 1,268,548,184.88
Payment for expenses 1,314,267,726.79 1,461,869,344.61
Payment for construction 198,859,801.32 90,406,506.85
Payment for equipment 3,512,736.30 9,271,010.57
Total 2,655,136,329.40 2,830,095,046.91
(2) Important accounts payable with an age of more than one year or in arrears
In RMB
Reasons for outstanding or carried-
Item Ending balance
forward balances
Outstanding payables for materials,
service fees and construction costs not 303,698,297.20 Not yet settled
yet settled
Total 303,698,297.20
(3) Whether there are overdue unpaid amounts due to SMEs
Whether the entity qualifies as a large enterprise
□ Yes No
In RMB
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Item Ending balance Beginning balance
Other payables 294,434,125.10 285,326,671.78
Total 294,434,125.10 285,326,671.78
(1) Other payables
In RMB
Item Ending balance Beginning balance
Security deposits payable 274,086,791.21 268,864,301.66
Collections by a third party 7,020,719.71 5,427,566.47
Guarantee deposits payable 5,953,773.95 5,560,537.97
Others 7,372,840.23 5,474,265.68
Total 294,434,125.10 285,326,671.78
In RMB
Reasons for outstanding or carried-
Item Ending balance
forward balances
Sales deposit 62,300,000.00
Total 62,300,000.00
In RMB
Item Ending balance Beginning balance
Advances on sales 932,559,161.31 867,810,932.52
Total 932,559,161.31 867,810,932.52
Significant contract liabilities with an aging over one year
In RMB
Reasons for outstanding or carried-
Item Ending balance
forward balances
Payments for goods not yet accepted 27,864,375.12 Not yet accepted
Total 27,864,375.12
(1) Presentation of employee compensation payable
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
I. Short-term
compensation
II. Post-employment
benefits - defined
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
contribution plan
III. Termination
benefits
IV. Other benefits due
within one year
Total 188,410,062.92 1,101,681,939.61 1,110,239,288.64 179,852,713.89
(2) Presentation of short-term compensation
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
subsidies and 176,745,384.52 874,664,125.35 883,544,904.09 167,864,605.78
allowances
Including:
medical insurance
Work-
related injury insurance
Maternity
insurance
funds
staff education 645,859.59 13,128,412.95 13,107,910.58 666,361.96
expenses
Total 181,928,609.65 1,016,315,596.77 1,025,347,333.16 172,896,873.26
(3) Presentation of the defined contribution plans
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
insurance
Total 6,481,453.27 82,227,311.48 81,970,005.42 6,738,759.33
In RMB
Item Ending balance Beginning balance
VAT 67,418,099.86 115,704,829.54
Business income tax 16,554,366.22 32,050,600.18
Individual income tax 6,098,883.58 4,714,843.49
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
City maintenance and construction tax 4,749,489.91 8,171,225.67
Property tax 15,322,296.22 15,388,122.46
Land use tax 5,674,367.50 5,695,675.50
Stamp tax 1,815,714.01 2,222,469.65
Education surcharge 2,035,495.68 3,501,885.02
Local education surcharge 1,356,997.22 2,334,590.16
Other taxes 11,026.56 0.00
Total 121,036,736.76 189,784,241.67
In RMB
Item Ending balance Beginning balance
Lease liabilities due within one year 1,967,891.30 2,136,543.64
Total 1,967,891.30 2,136,543.64
In RMB
Item Ending balance Beginning balance
Output VAT to be carried forward 102,759,019.62 95,808,311.01
Total 102,759,019.62 95,808,311.01
In RMB
Item Ending balance Beginning balance
Lease payment amount 10,966,863.79 14,028,368.86
Unrecognized financial expenses -1,131,969.42 -1,694,304.73
Non-current liabilities due within one
-1,967,891.30 -2,136,543.64
year after reclassification
Total 7,867,003.07 10,197,520.49
In RMB
Increase in the Decrease in
Item Beginning balance Ending balance Cause of formation
current period current Period
Government
subsidies
Total 114,504,272.72 6,820,000.00 21,005,443.55 100,318,829.17 --
In RMB
Increase and decrease of this change (+, -)
Beginning Ending
balance Issue of new Shares balance
Bonus shares Others Subtotal
shares converted
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
from capital
reserve
Total number 944,782,166. 944,938,916.
of shares 00 00
Other description:
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
Capital (stock)
premium
Other capital reserves 15,553,988.29 28,352,841.80 23,605,247.33 20,301,582.76
Total 237,627,547.19 31,833,594.30 23,605,247.33 245,855,894.16
In RMB
Amount of the current period
Less:
Less:
amount
amount
included in
included in
other
Amount other
comprehen Net income Net income
incurred comprehen
Beginning sive after tax after tax Ending
Item before sive Less:
balance incomes attributable attributable balance
income tax incomes income tax
previously to the to minority
in the previously expenses
and then parent shareholder
current and then
transferred company s
period transferred
into the
into current
current
retained
profit and
earnings
loss
I. Other
comprehen
sive
incomes - -
that cannot 100,157,63 100,157,63
be 4.16 4.16
reclassified
into profit
and loss
Chang
es in the
fair value
- -
of other
equity
instrument
investment
s
(II) Other 606,041.21 - - -40,055.56 298,301.91
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
comprehen 347,794.86 307,739.30
sive
income
which will
be
reclassified
into gains
and losses
Conve
rted
difference - -
in foreign 347,794.86 307,739.30
currency
statements
Total of
other - -
- -
comprehen 99,551,592. -40,055.56 99,859,332.
sive 95 25
incomes
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
Statutory surplus
reserve
Total 474,516,412.50 474,516,412.50
In RMB
Item Current period Previous period
Undistributed profit at the end of
previous period before adjustment
Undistributed profit at the beginning of
the period after adjustment
Add: Net profits attributable to owners of
the parent company in the current period
Dividends payable for ordinary
shares
Undistributed profit at the end of the
period
In RMB
Amount of the current period Amount of the previous period
Item
Income Cost Income Cost
Main business 9,814,261,679.32 4,917,039,686.79 10,927,951,599.01 5,522,747,460.78
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other businesses 301,807,716.88 121,597,902.40 284,702,621.21 122,078,866.94
Total 10,116,069,396.20 5,038,637,589.19 11,212,654,220.22 5,644,826,327.72
Whether the lower of the audited total profit, net profit, and net profit after deduction of non-recurring gains and losses for the
reporting period is negative:
□ Yes No
In RMB
Item Amount of the current period Amount of the previous period
City maintenance and construction tax 34,171,937.05 46,957,043.90
Education surcharge 24,408,518.00 33,359,052.32
Property tax 16,367,484.41 16,814,207.65
Land use tax 5,541,991.68 5,754,971.28
Vehicle and vessel usage tax 21,596.32 28,848.40
Stamp tax 6,189,735.64 6,171,477.63
Environmental protection tax 15,555.93
Increment tax on land value 131,650.05
Others 182,192.17 39,084.31
Total 87,030,661.25 109,124,685.49
In RMB
Item Amount of the current period Amount of the previous period
Employees compensation 276,826,553.28 278,245,759.43
Depreciation and amortization 71,117,442.79 86,429,259.80
Consulting service fees 57,297,757.13 48,599,874.12
Material consumption 22,308,829.56 8,523,801.36
Office expenses 21,241,119.37 19,596,564.83
Rental and property fees 17,629,231.04 13,981,077.29
Business hospitality cost 10,114,931.46 7,572,414.60
Maintenance expenses 6,420,086.51 9,081,688.99
Communication expense 5,631,390.50 4,534,797.01
Costs of equity incentive 5,170,154.44 7,835,601.21
Travel expenses 3,121,043.54 2,419,269.87
Travel expenses 2,633,535.91 3,827,695.14
Others 15,622,218.11 18,201,217.39
Total 515,134,293.64 508,849,021.04
In RMB
Item Amount of the current period Amount of the previous period
Marketing service expenses 1,229,244,685.89 1,280,694,269.71
Advertisement expenses 700,263,031.09 712,058,633.70
Employees compensation 454,352,071.09 423,506,220.54
Booth decoration expenses 265,490,058.23 338,980,228.54
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Promotional activity expenses 92,174,052.58 114,996,381.69
Material consumption 62,879,079.43 79,219,870.23
Intermediary service fees 26,911,257.79 26,966,711.07
Travel expenses 25,733,469.73 37,086,648.69
Business hospitality cost 18,015,399.99 14,083,702.14
Office expenses 17,840,265.37 17,330,997.20
Rental fees 14,656,748.28 17,074,675.58
Others 15,861,141.77 16,799,920.75
Total 2,923,421,261.24 3,078,798,259.84
In RMB
Item Amount of the current period Amount of the previous period
Employees compensation 212,300,051.65 245,232,960.20
Direct input 116,688,932.99 132,233,420.53
Other expenses 19,491,804.38 18,376,133.26
Depreciation and amortization 14,762,875.65 13,594,644.14
Design fees 4,706,242.59 4,222,290.68
Total 367,949,907.26 413,659,448.81
In RMB
Item Amount of the current period Amount of the previous period
Interest expenses 4,589,922.10 5,244,416.98
Less: Interest income -149,264,427.90 -187,364,396.26
Add: foreign exchange gain/loss 3,289,204.21 -1,244,109.79
Add: other expenses 3,252,432.47 2,937,768.88
Total -138,132,869.12 -180,426,320.19
In RMB
Sources generating other incomes Amount of the current period Amount of the previous period
VAT and additional tax deduction 42,316,445.73 42,201,493.02
Amortization of deferred income 21,005,443.55 20,565,225.00
Embedded software tax refund 19,276,254.27 45,127,299.75
Financial support fund to boost the
corporate development
Special fiscal funds 6,481,885.00 15,535,100.00
Post allowance and social insurance
allowance
Special funds for industrial development 3,082,175.00 2,156,400.00
Performance Award by Finance Bureau
of Hongkou District, Shanghai
R&D subsidies 1,440,975.00 640,754.71
Handling fee refund 1,243,598.63 580,829.41
Training subsidies 888,759.10 629,400.00
Patent awards 200,000.00 200,870.00
Other subsidies 752,804.35 1,744,843.00
Total 114,042,694.11 158,366,990.73
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
In RMB
Item Amount of the current period Amount of the previous period
Income from long-term equity
investments accounted for using the -5,765,941.04 -5,054,357.08
equity method
Investment income from disposal of
financial assets held for trading
Gains on remeasurement of remaining
equity at fair value after loss of control
Total 89,095,796.09 137,345,689.50
In RMB
Item Amount of the current period Amount of the previous period
Bad debt losses on notes receivable 223,674.51 44,602.23
Bad debt losses from accounts receivable -52,914,465.39 -71,087,018.27
Bad debt losses of other receivables -9,582,545.17 294,100.26
Total -62,273,336.05 -70,748,315.78
In RMB
Item Amount of the current period Amount of the previous period
I. Loss from obsolete inventory and from
impairment of the cost of contract 5,488,774.64 -28,123,066.09
performance
X. Impairment loss on goodwill -12,223,271.67
XII. Other -25,233,239.48 -27,846,824.47
Total -19,744,464.84 -68,193,162.23
In RMB
Sources of asset disposal income Amount of the current period Amount of the previous period
Non-current asset disposal income -5,856,912.16 -4,462,199.53
Including: Gains on disposal of non-
-5,795,617.06 -4,225,267.72
current assets classified as held for sale
Gains on disposal of non-current assets
-61,295.10 -236,931.81
not classified as held for sale
Including: income from disposal of fixed
-61,295.10 -236,931.81
assets
Total -5,856,912.16 -4,462,199.53
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
In RMB
Amount included in the
Amount of the previous
Item Amount of the current period current non-recurring profit
period
and loss
Gains from non-current asset
damage or retirement
Liquidated damages and fines 5,609,120.95 644,568.55 5,609,120.95
Others 457,364.16 1,582,080.48 457,364.16
Total 6,068,255.02 2,236,216.91 6,068,255.02
In RMB
Amount included in the
Amount of the previous
Item Amount of the current period current non-recurring profit
period
and loss
Donations to external entities 7,976,000.00 5,070,065.06 7,976,000.00
Losses from non-current asset
damage or retirement
Overdue fine 2,436,107.10 115,574.04 2,436,107.10
Abnormal loss 1,203,561.42 1,468,106.78 1,203,561.42
Amercement outlay 1,053,352.57 17,286.30 1,053,352.57
Liquidated damages and
compensation
Others 638,896.64 806,789.91 638,896.64
Total 13,558,971.70 8,139,163.72 13,558,971.70
(1) Presentation of income tax expenses
In RMB
Item Amount of the current period Amount of the previous period
Current income tax expenses 159,489,989.60 210,908,318.13
Deferred income tax expenses 31,459,221.54 17,820,493.83
Total 190,949,211.14 228,728,811.96
(2) Adjustment of accounting profit and income tax expense
In RMB
Item Amount of the current period
Total profit 1,429,801,613.21
Income tax expense calculated based on statutory/applicable
tax rate
Effects of the subsidiaries’ application of different tax rates 2,997,651.37
Effects of the adjustment of income tax in previous period 6,499,688.95
Effects of the non-taxable income 864,891.16
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Effects of the non-deductible costs, expenses and losses 16,685,021.29
Effects of using deductible losses of unrecognized deferred
-7,733,882.20
income taxes in the previous period
Effects of the deductible temporary differences or deductible
losses of unrecognized deferred income tax assets in the current 5,548,771.94
period
Change in the opening balance of deferred tax asset/liability
due to tax rate adjustments
Impact of additional tax deduction for R&D expenses -47,971,449.19
Impact of additional tax deduction for wages paid to disabled
-207,887.51
employees
Unrealized profits and losses of internal transactions -401,770.09
Others 24,887.25
Income tax expense 190,949,211.14
See Note VII. 36 Other Comprehensive Incomes for details.
(1) Cash related to operating activities
Other cash received relating to operating activities
In RMB
Item Amount of the current period Amount of the previous period
Government subsidies 38,290,955.85 94,156,489.83
Deposits and margin deposits 29,384,958.49 25,374,892.98
Cash reserve 1,370,450.50 10,852,221.46
Revenue collected and payment made on
behalf of other agencies
Interest revenue on deposits 15,430,542.29 3,512,221.54
Other payments 21,089,906.55 17,609,766.37
Total 110,200,648.92 155,385,267.31
Description of other cash received relating to operating activities:
Other cash paid relating to operating activities
In RMB
Item Amount of the current period Amount of the previous period
Related-party transactions 0.00
Expenses during the period 2,785,785,189.48 2,955,890,525.62
Revenue collected and payment made on
behalf of other agencies
Letter of credit and acceptance bill
margin
Deposits and margin deposits 20,111,243.97 5,542,077.61
Cash reserve 12,007,765.60 1,562,054.94
Others 23,221,913.09 10,768,802.87
Total 2,884,027,216.27 3,022,208,050.27
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(2) Cash related to investment activities
Other cash received in relation to investment activities
In RMB
Item Amount of the current period Amount of the previous period
Fixed time deposit and interest 2,329,178,795.47 3,217,561,206.77
Total 2,329,178,795.47 3,217,561,206.77
Other cash paid relating to investment activities
In RMB
Item Amount of the current period Amount of the previous period
Fixed tine deposit 1,635,286,400.00 4,453,924,300.00
Total 1,635,286,400.00 4,453,924,300.00
(3) Cash related to financing activities
Other cash received in relation to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Income from accounts receivable
factoring
Total 4,578,878.91
Other cash paid in relation to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Attached refund of recourse factoring 7,287,429.00
Rental 2,508,563.14 6,027,895.35
Total 2,508,563.14 13,315,324.35
Changes in liabilities arising from financing activities
□Applicable Not applicable
(1) Supplementary information of Cash Flow Statement
In RMB
Supplementary information Current amount Amount in the previous period
flow from operating activities
Net profit 1,238,852,402.07 1,555,500,041.43
Add: Asset impairment provision 19,744,464.84 68,193,162.23
Depreciation of fixed assets,
depreciation of oil and gas assets, and
depreciation of productive biological
assets
Depreciation of right-of-use
assets
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Amortization of intangible assets 15,773,559.68 14,242,173.16
Amortization of long-term
deferred expenses
Losses arising from disposal of
fixed assets, intangible assets and other
long-term assets (gains expressed with "-
")
Losses on disposal of fixed assets
(gains indicated with "-")
Losses from fair value change
(gains expressed with “-”)
Financial expenses (profit shall
be indicated with"-")
Investment losses (gains
-89,095,796.09 -137,345,689.50
expressed with “-”)
Decrease in deferred income tax
assets (increase shall be indicated with “- 29,859,560.98 7,454,277.08
”)
Increase in deferred income tax
liabilities (decrease shall be indicated 1,648,962.27 10,366,216.75
with “-”)
Decrease in inventories (increase
-139,097,087.10 308,984,442.06
shall be indicated with “-”)
Decrease in operating receivables
(increase shall be indicated with “-”)
Increase in operating payables
-204,859,735.38 -108,971,645.01
(decrease expressed with "-")
Others 52,164,578.93 70,748,315.78
Net cash flow from operating
activities
investing and financing activities
Conversion of debt into capital
Convertible bonds due within one year
Fixed assets acquired under financing
leases
equivalents:
Ending balance of cash 1,169,244,689.17 1,518,303,556.89
Less: cash beginning balance 1,518,303,556.89 1,878,166,358.09
Add: ending balance of cash
equivalents
Less: cash equivalents at the beginning
of the period
Net increase in cash and cash
-349,058,867.72 -359,862,801.20
equivalents
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(2) Composition of cash and cash equivalents
In RMB
Item Ending balance Beginning balance
I. Cash 1,169,244,689.17 1,518,303,556.89
Including: cash on hand 90,657.72 191,720.15
deposits available for payment at
any time
other cash and cash equivalents
available for payment at any time
III. Closing balance of cash and cash
equivalents
(1) Foreign currency monetary item
In RMB
Ending balance in foreign
Item Exchange rate for conversion Ending balance in RMB
currency
Cash and cash equivalents
Including: USD 5,643,518.77 7.0288 39,667,164.73
EUR 1,448.54 8.2355 11,929.45
HKD 21.90 0.90322 19.78
AUD 3.86 4.6892 18.10
MYR (Malaysian ringgit) 64,800.00 1.73193 112,229.06
IDR (Indonesian rupiah) 255,440,539.00 0.000418 106,774.15
Accounts receivable
Including: USD 3,489,860.94 7.0288 24,529,534.58
EUR
HKD 8,204,700.58 0.90322 7,410,649.66
IDR (Indonesian rupiah)
Long-term loans
Including: USD
EUR
HKD
VIII. R&D expenditure
In RMB
Item Amount of the current period Amount of the previous period
R&D expenditure 367,949,907.26 413,659,448.81
Total 367,949,907.26 413,659,448.81
Including: expensed R&D expenditure 367,949,907.26 413,659,448.81
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
IX. Changes in the Scope of Consolidated Financial Statements
(1) Business combination not under common control occurring in the current period
During the year, the scope of consolidation increased by three wholly owned subsidiaries newly established by the Company,
and one additional controlled subsidiary was formed through the demerger of a subsidiary. Details are as follows:
On July 11, 2025, Robam Appliances (Hong Kong) Holding Co., Ltd., a subsidiary of the Company, established Robam
Appliances International Trading (Malaysia) Co., Ltd., with a registered capital of MYR 10 million and a 100% equity interest. Its
business scope covers the sales and after-sales services of kitchen appliances. As of the end of the reporting period, the registered
capital had not yet been paid in and the company had not commenced operations.
On September 26, 2025, the Company established Hangzhou Robam Commercial Kitchen Technology Co., Ltd., with a
registered capital of RMB 50 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of
kitchen appliances. The registered capital has been fully paid.
On September 26, 2025, the Company established Hainan Robam Intelligent Technology Co., Ltd., with a registered capital
of RMB 200 million and a 100% equity interest. Its business scope includes the R&D, production, and sales of kitchen appliances.
As of the end of the reporting period, the registered capital had not yet been paid in and the company had not commenced
operations.
X. Interests in Other Entities
(1) Composition of the Robam Group
In RMB
Principal Shareholding ratio
Registered Registration Nature of Acquisition
Subsidiary place of
capital place business Direct Indirect method
business
Beijing Businesses
Robam Sales of combination
Appliances 5,000,000.00 Beijing Beijing kitchen 100.00% under
Sales Co., appliances common
Ltd. control
Shanghai Businesses
Robam Sales of combination
Appliances 5,000,000.00 Shanghai Shanghai kitchen 100.00% under
Sales Co., appliances common
Ltd. control
Hangzhou Acquisition
Sales of
MingQi upon its
Electric Co., establishmen
appliances
Ltd. t
De Dietrich Sales of Acquisition
Household kitchen upon its
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Appliances appliances establishmen
Trading t
(Shanghai)
Co., Ltd.
Shengzhou
Business
Kinde Production
combination
Intelligent and sales of
Kitchen kitchen
common
Appliances appliances
control
Co., Ltd.
Hangzhou
Robam Asset, Acquisition
Fuchuang investment upon its
Investment management, establishmen
Management etc. t
Co., Ltd.
Hangzhou Acquisition
Sales of
Jinhe Electric upon its
Appliances establishmen
appliances
Co., Ltd. t
Robam
Asset, Acquisition
Appliances
Hong investment upon its
Holding 2,250,000.00 Hong Kong 100.00%
Kong management, establishmen
(HK) Co.,
etc. t
Ltd.
Robam
Acquisition
International Sales of
Hong upon its
(HK) 500,000.00 Hong Kong kitchen 100.00%
Kong establishmen
Trading Co., appliances
t
Ltd.
Robam Asset, Acquisition
Appliances Los investment upon its
U.S. Holding Angeles management, establishmen
Co., Ltd. etc. t
Robam Acquisition
Sales of
Appliances Los upon its
Los Angeles Angeles establishmen
appliances
Trade LLC t
Chengdu
Acquisition
Robam Software
upon its
Innovation 5,000,000.00 Chengdu Chengdu development 100.00%
establishmen
Technology services
t
Co., Ltd.
Hangzhou Acquisition
Sales of
Robam E- upon its
commerce establishmen
appliances
Co., Ltd. t
Acquisition
Ningbo Jinhe Sales of
upon its
E-commerce 5,000,000.00 Ningbo Ningbo kitchen 100.00%
establishmen
Co., Ltd. appliances
t
Hangzhou
Acquisition
Yuhang Sales of
upon its
Jinhe E- 5,000,000.00 Hangzhou Hangzhou kitchen 100.00%
establishmen
commerce appliances
t
Co., Ltd.
Chengdu 5,000,000.00 Chengdu Chengdu Sales of 100.00% Acquisition
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Robam E- kitchen upon its
commerce appliances establishmen
Co., Ltd. t
Qingdao Acquisition
Sales of
MingQi E- upon its
commerce establishmen
appliances
Co., Ltd. t
Acquisition
Wuhan Jinhe Sales of
upon its
E-commerce 5,000,000.00 Wuhan Wuhan kitchen 100.00%
establishmen
Co., Ltd. appliances
t
Robam
Acquisition
Appliances Sales of
Hong upon its
(HK) 50,000.00 Hong Kong kitchen 100.00%
Kong establishmen
Excellence appliances
t
Co., Ltd.
Indonesia Acquisition
Sales of
Robam upon its
Appliances establishmen
appliances
LLC t
(2) Major non-wholly owned subsidiaries
In RMB
Gains/losses Dividend declared and
Proportion of shares
attributable to minority distributed to minority Shengzhou Kinde
Subsidiary held by minority
shareholders in the shareholders in the Intelligent Kitchen
shareholders
current period current period
Shengzhou Kinde
Intelligent Kitchen 49.00% -15,668,390.53 72,441,764.87
Appliances Co., Ltd.
Robam Appliances Los
Angeles Trade LLC
(3) Main financial information of important partially-owned subsidiaries
In RMB
Ending balance Beginning balance
Subsid Curren Non- Curren Non-
Non- Total Non- Total
iary Curren Total t current Curren Total t current
current liabiliti current liabiliti
t assets assets liabiliti liabiliti t assets assets liabiliti liabiliti
assets es assets es
es es es es
Sheng
zhou
Kinde
Intellig
ent 49,942 284,68 334,62 150,67 36,110 186,78 69,571 317,04 386,61 159,77 39,027 198,79
Kitche ,501.0 4,103. 6,604. 5,463. ,804.4 6,268. ,473.4 2,813. 4,286. 0,138. ,504.0 7,643.
n 8 59 67 74 7 21 8 22 70 96 7 03
Applia
nces
Co.,
Ltd.
Robam 30,190 3,186, 33,377 25,516 25,516 18,965 2,966, 21,932 14,269 14,269
Applia ,452.9 560.16 ,013.0 ,101.1 ,101.1 ,345.4 780.56 ,126.0 ,017.1 ,017.1
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
nces 2 8 7 7 9 5 3 3
Los
Angele
s
Trade
LLC
In RMB
Amount of the current period Amount of the previous period
Subsidiary Total Total
Operating Operating Operating Operating
Net profit consolidate Net profit consolidate
income cash flow income cash flow
d income d income
Shengzhou
Kinde
- - - - - -
Intelligent 66,760,967. 98,696,182.
Kitchen 62 28
Appliances
Co., Ltd.
Robam
Appliances - - - - -
Los 4,996,668.4 5,130,187.5 5,650,421.2 5,527,183.0 12,075,926.
Angeles 3 0 7 8 02
Trade LLC
(1) Summary of the financial information of minor joint ventures and associates
In RMB
Ending balance/amount incurred in Beginning balance/amount incurred in
current period previous period
Joint ventures:
Total carrying value of investment 6,351,201.11
Totals of the following items calculated
as per respective shareholding proportion
- Net profit -6,351,201.11 -5,158,495.91
- Total comprehensive income -6,351,201.11 -5,158,495.91
Associates:
Total carrying value of investment 4,395,119.95 4,209,859.68
Totals of the following items calculated
as per respective shareholding proportion
- Net profit 585,260.27 104,138.83
- Total comprehensive income 585,260.27 104,138.83
XI. Government subsidies
□Applicable Not applicable
Reasons for not receiving the projected amount of government subsidies at the projected point in time
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
Applicable □Not applicable
In RMB
Amount
Added included in Amount
subsidy non- transferred to Other Related to
Beginning Ending
Account amount in operating other income changes this assets/incom
balance balance
the current income in the in the current period e
period current period
period
Deferred 114,504,272. 21,005,443.5 100,318,829. Related to
income 72 5 17 assets
Applicable □Not applicable
In RMB
Account Amount of the current period Amount of the previous period
Other income 114,042,694.11 158,366,990.73
XII. Risks Relating to Financial Instruments
The Group is exposed to a variety of financial instrument risks in its day-to-day activities, including market risk (such as
exchange rate risk, interest rate risk and commodity price risk), credit risk and liquidity risk. Risks related to these financial
instruments and risk management policies adopted by the Group to reduce such risks are outlined as follows. The management of the
Group manages and monitors such risk exposures to ensure to keep the risks above within limited scope.
Risk management conducted by the Group is to properly balance risk and income, minimize negative impacts of the risks on the
Group’s business performance and maximize benefits of the shareholders and other equity investors. Based on the objective of risk
management, the Group’s basic risk management policy is to determine and analyze all kinds of risks faced by the Group, establish
appropriate risk bottom line for risk management, and monitor all risks promptly and reliably to keep risks within a limited range.
（1） Market risk
The Group's exposure to exchange rate risk is mainly related to U.S. dollars and Hong Kong dollars. Except for a few
subsidiaries of the Group which make purchases and sales in U.S. dollars, the Group's other major business activities are
denominated and settled in Renminbi. As at December 31, 2025, except for the U.S. dollar-denominated balances of assets and
liabilities and the insignificant balances denominated in Euro and Hong Kong dollar as disclosed in Note V.56 Items to the
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Consolidated Financial Statements-Foreign Currency Monetary Item, the Group’s assets and liabilities were denominated in
Renminbi. Exchange rate risk arising from such U.S. dollar-denominated assets and liabilities may affect the Group’s performance.
Since the Group sells its products at market prices, it may be affected by such price fluctuations.
（2） Credit risk
The Group manages credit risk by portfolio classification. Credit risk arises primarily from cash and cash equivalents, notes
receivable, accounts receivable, and other receivables.
To reduce credit risk, the Group has established a dedicated department responsible for determining the credit limits, conducting
credit approval and implementing other monitoring procedures, to ensure that necessary measures are taken to recover due debt. In
addition, the Group reviews the recovery of each account payable on each balance sheet date, so as to ensure sufficient bad debt
provisions for unrecoverable accounts. Therefore, the management of the Group holds that the credit risk faced by the Group has
been significantly reduced.
The credit risk of the Group’s liquid capital is low since it is deposited at banks with relatively high credit rating.
Because the risk exposures of the Group are related to multiple contracting parties and multiple customers, the Group has no
major credit risk concentration. The Group adopts necessary policies to ensure all of the customers involved in the sales of our
products have good credit record. The Group has no major credit risk concentration.
（3） Liquidity risk
Liquidity risk is faced by the Group where it cannot meet its financial obligations as they fall due. The Group manages the
liquidity risk by ensuring capital liquidity to fulfill its due obligations to avoid unacceptable losses or damages to corporate
reputation. The Group management has closely examined the liquid assets of the Group and regularly analyzed the liability
structure/term and bank lines and so on to endure fund sufficiency. It is concluded that the Group has sufficient funds to meet the
demands of short-term loans and capital expenditure of the Group.
remained is made as follows:
Amount at the end of the year
Item Over 5
Within 1 year 1-2 years 2-5 years Total
years
Financial assets
Cash and cash
equivalents
Financial assets
held for trading
Notes receivable 578,435,043.55 0.00 0.00 0.00 578,435,043.55
Accounts
receivable
Other receivables 73,533,704.37 0.00 0.00 0.00 73,533,704.37
Non-current
assets due within 499,143,689.50 0.00 0.00 0.00 499,143,689.50
one year
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Other current
assets
Other non-current
financial assets
Other non-current
assets
Financial
liabilities
Short-term
borrowings
Notes payables 1,102,064,932.55 0.00 0.00 0.00 1,102,064,932.55
Accounts payable 2,655,136,329.40 0.00 0.00 0.00 2,655,136,329.40
Other payables 294,434,125.10 0.00 0.00 0.00 294,434,125.10
Payroll payable 179,852,713.89 0.00 0.00 0.00 179,852,713.89
Non-current
liabilities due 1,967,891.30 0.00 0.00 0.00 1,967,891.30
within one year
Lease liabilities 0.00 6,129,458.89 1,737,544.18 0.00 7,867,003.07
(continued)
Amount at the beginning of the year
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Financial assets
Cash and cash
equivalents
Financial assets
held for trading
Notes
receivable
Accounts
receivable
Other
receivables
Non-current
assets due 899,560,428.08 0.00 0.00 0.00 899,560,428.08
within one year
Other current
assets
Other non-
current 0.00 300,000,000.00 0.00 0.00 300,000,000.00
financial assets
Other non-
current assets
Financial
liabilities
Short-term
borrowings
Notes payables 1,061,073,856.74 0.00 0.00 0.00 1,061,073,856.74
Accounts
payable
Other payables 285,326,671.78 0.00 0.00 0.00 285,326,671.78
Payroll payable 188,410,062.92 0.00 0.00 0.00 188,410,062.92
Other current
liabilities
Non-current
liabilities due
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
within one year
Lease liabilities 0.00 2,330,517.42 6,129,458.89 1,737,544.18 10,197,520.49
The Group applies sensitivity analysis techniques to assess the potential impact of reasonably possible changes in risk variables
on the current profit or loss or shareholders’ equity. As changes in any individual risk variable rarely occur independently and
correlations among variables may significantly affect the ultimate impact of changes in a particular risk variable, the following
analysis is conducted on the assumption that each variable changes independently.
（1） Sensitivity analysis of foreign exchange risk
The foreign exchange risk sensitivity analysis assumes that all hedges of net investments in foreign operations and cash flow
hedges are highly effective.
Based on the above assumptions, the after-tax effect on current profit and loss and equity of a reasonable possible change in
exchange rates, with all other variables held constant, would be as follows: The Company's exposure to exchange rate risk relates
primarily to currencies such as the U.S. dollar, Euro and Australian dollar. The foreign exchange risk borne by the Company is
mainly associated with USD. As of June 30, 2023, except for the foreign currency balances of assets and liabilities disclosed in Note
V.56 Items to the Consolidated Financial Statements-Foreign Currency Monetary Item, the Company’s assets and liabilities were
denominated in Renminbi. Exchange risk resulting from the assets and liabilities whose balances are in foreign currency may affect
the Company’s performance.
The Company pays close attention to the impact of change in exchange rate on the Company’s exchange risk. Currently, the
Company hasn’t adopted any measures to avoid foreign exchange risk.
XIII. Disclosure of Fair Value
In RMB
Ending fair value
Item Fair value Fair value Fair value
Total
measurement (Level 1) measurement (Level 2) measurement (Level 3)
Continuous fair value
-- -- -- --
measurement
(I) Financial assets
held for trading
measured at fair value 3,230,000,000.00 3,230,000,000.00
through profit and loss
(2) Investment in
equity instruments
Financial products 3,230,000,000.00 3,230,000,000.00
Other non-current
financial assets
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Total assets measured
continuously at fair 4,032,567,423.22 4,032,567,423.22
value
II. Non-continuous fair
-- -- -- --
value measurement
for the items involved in Level 3 continuous and non-continuous fair value measurement
Relationship
Significant between
Item Ending fair value Valuation techniques unobservable unobservable
value value and fair
value
Financial products 4,030,451,400.00 Optimal fair value estimation Investment cost —
Investment in other equity
instruments
XIV. Related Party and Related Party Transactions
Proportion of
Proportion of the Company's shares
Parent company Registration place Nature of business Registered capital voting right of the held by the parent
parent company company in the
Company
Hangzhou Robam Investment and
Hangzhou,
Industrial Group industrial RMB 60 million 49.90% 49.90%
Zhejiang
Co., Ltd. management
Description of the parent company
The ultimate controlling party of the Company is Ren Jianhua.
Details of the Company's subsidiaries can be found in Note X.1. Equity in subsidiaries.
Name of other related parties Relation between other related parties and the Company
Hangzhou Amblem Household Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou Robam Fuel Station Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou Nbond Nonwovens Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou Bonyee Daily Necessity Technology Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou Guoguang Touring Commodity Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou Seazons Health Care Product Co., Ltd. Controlled by the same ultimate controlling party
Hangzhou City Garden Hotel Co., Ltd. Other related parties
Shaoxing Kinde Electric Appliances Co., Ltd. Other related parties
Hangzhou Linping ROBAM Charity Foundation Other related parties
Hangzhou Runqun Hardware Co., Ltd. Other related parties
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(1) Related transactions regarding purchasing and selling goods and providing and accepting labor
services
Table of the purchasing of goods and receiving of labor services
In RMB
Whether exceeds
Description of the
Amount of the Trading limit the approved Amount of the
Related parties related
current period approved limited or not previous period
transactions
(Y/N)
Hangzhou Runqun
Hardware Co., Purchase of goods 83,502.69 No 11,529,974.36
Ltd.
Hangzhou
Amblem
Purchase of goods 73,561,340.59 110,000,000.00 No 9,213,993.79
Household Co.,
Ltd.
Hangzhou Seazons
Health Care Purchase of goods 6,635,592.89 No 2,818,849.68
Product Co., Ltd.
Hangzhou Robam
Fuel Station Co., Purchase of goods 790,448.58 No 940,500.64
Ltd.
Hangzhou City
Receiving of labor
Garden Hotel Co., 197,873.88 No 900,293.26
services
Ltd.
De Dietrich Trade
(Shanghai) Co., Purchase of goods 0.00 No 136,741.59
Ltd.
Zhejiang Tingshuo
Brand Operation
Purchase of goods 0.00 No 131,132.08
Management Co.,
Ltd.
Hangzhou Nbond
Nonwovens Co., Purchase of goods 23,892.94 No 70,297.35
Ltd.
Hangzhou
Guoguang Touring
Purchase of goods -3,211.47 No 34,469.05
Commodity Co.,
Ltd.
Hangzhou Bonyee
Daily Necessity
Purchase of goods 75,240.12 No 1,097.35
Technology Co.,
Ltd.
Zhejiang
Cookingfuture
Purchase of goods 4,864,569.46 No 0.00
Technology Co.,
Ltd.
Zhejiang
Cookingfuture Receiving of labor
Technology Co., services
Ltd.
Shaoxing Shuaige
Purchase of goods 72,319.47 No 0.00
Kitchen and
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Bathroom
Technology Co.,
Ltd.
Total 86,316,569.15 No 25,777,349.15
Goods sales/labor service provision
In RMB
Description of the related Amount of the previous
Related parties Amount of the current period
transactions period
Hangzhou Linping ROBAM
Sale of goods 4,595,451.38 3,685,439.93
Charity Foundation
Hangzhou Amblem
Sale of goods 319,958.25 1,644,853.40
Household Co., Ltd.
Zhejiang Cookingfuture
Provision of services 152,756.08 354,092.93
Technology Co., Ltd.
Hangzhou Runqun Hardware
Sale of goods 0.00 24,601.77
Co., Ltd.
Hangzhou Nbond Nonwovens
Sale of goods 30,318.59 18,989.63
Co., Ltd.
Shaoxing Shuaige Kitchen
and Bathroom Technology Provision of services 101,966.00 0.00
Co., Ltd.
Total 5,200,450.30 5,727,977.66
Description of related transactions regarding purchasing and selling goods and providing and accepting labor services
(2) Related lease
The Company acts as the lessor:
In RMB
Rental income recognized in Lease income recognized in
Lessee Type of leased asset
the current period the prior period
Hangzhou Robam Industrial
Housing 28,800.00 28,800.00
Group Co., Ltd.
Zhejiang Cookingfuture
Housing 1,176,152.30 1,414,458.71
Technology Co., Ltd.
Shaoxing Shuaige Kitchen
and Bathroom Technology Housing 536,345.88 585,104.59
Co., Ltd.
The Company acts as the lessee:
In RMB
Rental expenses Variable lease
for simplified payments not
Interest expense
short-term leases included in the Increased right-of-
Rental paid incurred on lease
and leases of low- measurement of use assets
Type of liabilities
value assets (if lease liabilities (if
Lessor leased applicable) applicable)
asset
Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
t of the t of the t of the t of the t of the t of the t of the t of the t of the t of the
current previou current previou current previou current previou current previou
period s period period s period period s period period s period period s period
Robam Housin 550,024 550,024
Industri g .59 .57
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
al
Group
Co.,
Ltd.
(3) Borrowings from related parties
In RMB
Related parties Amount of borrowing Commencement date Maturity date Description
Borrowings obtained
Borrowings granted
De Dietrich Trade
(Shanghai) Co., Ltd.
(4) Compensation of key management personnel
In RMB
Item Amount of the current period Amount of the previous period
Total compensation 12,309,453.17 15,603,082.50
(1) Accounts receivable
In RMB
Ending balance Beginning balance
Name of item Related parties
Book balance Bad debt reserve Book balance Bad debt reserve
De Dietrich Trade
Accounts
(Shanghai) Co., 1,051,825.87 1,051,825.87
receivable
Ltd.
Zhejiang
Accounts Cookingfuture
receivable Technology Co.,
Ltd.
Hangzhou
Accounts Amblem
receivable Household Co.,
Ltd.
Shaoxing Shuaige
Kitchen and
Accounts
Bathroom 276,326.16 0.00
receivable
Technology Co.,
Ltd.
Hangzhou
Amblem
Prepayments 0.00 5,974,284.34
Household Co.,
Ltd.
Zhejiang
Cookingfuture
Prepayments 648,688.86 0.00
Technology Co.,
Ltd.
Prepayments Hangzhou 6,549.45 0.00
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Guoguang Touring
Commodity Co.,
Ltd.
Total 3,350,642.91 7,425,735.21
(2) Accounts payable
In RMB
Book balance at the end of the Book balance at the beginning
Name of item Related parties
period of the period
Hangzhou Runqun Hardware
Accounts payable 0.00 3,630,103.44
Co., Ltd.
Hangzhou Robam Fuel
Accounts payable 5,692,970.67 4,799,763.69
Station Co., Ltd.
Hangzhou Amblem
Accounts payable 11,871,917.49
Household Co., Ltd.
Hangzhou Seazons Health
Accounts payable 1,596,387.50 443,534.71
Care Product Co., Ltd.
Hangzhou Guoguang Touring
Accounts payable 0.00 7,900.00
Commodity Co., Ltd.
Hangzhou Bonyee Daily
Accounts payable Necessity Technology Co., 21,935.83 9.38
Ltd.
Shaoxing Shuaige Kitchen
Accounts payable and Bathroom Technology 178,517.43
Co., Ltd.
Hangzhou Runqun Hardware
Other payables 0.00 200,000.00
Co., Ltd.
Hangzhou Seazons Health
Other payables 2,000.00
Care Product Co., Ltd.
Hangzhou Amblem
Other payables 5,000.00 5,000.00
Household Co., Ltd.
Hangzhou Guoguang Touring
Other payables 2,000.00 2,000.00
Commodity Co., Ltd.
Total 19,370,728.92 9,088,311.22
XV. Share-based Payment
Applicable □Not applicable
In RMB
Category of Awarded during the Unlocking in the current Expired in the current
Exercise during the period
grant period period period
recipients Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Manageme
nt 606.00 2,719.73 15.68 42.26 357.12 2,701.55
personnel
Total 606.00 2,719.73 15.68 42.26 357.12 2,701.55
Stock options or other equity instruments issued at the end of the period and held by external parties
□Applicable Not applicable
Other description:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Applicable □Not applicable
In RMB
The Company evaluates the fair value of stock options using
Method for determining the fair value of equity instruments on
the internationally recognized Black-Scholes option pricing
the grant date
model.
Important parameters for determining the fair value of equity
Best estimate of the number of vested equity instruments
instruments on the grant date
basis for determining the number of vested equity instruments N/A
Reasons for material differences between the current estimate
N/A
and the previous estimate
Cumulative amount of equity-settled share-based payments
included in the capital reserve
Total expense recognized for equity-settled share-based
payments in the current period
□Applicable Not applicable
Applicable □Not applicable
In RMB
Equity-settled share-based payment Cash-settled share-based payment
Category of grant recipients
expense expense
Management personnel 5,170,154.44 5,919,213.83
Total 5,170,154.44 5,919,213.83
Other description:
XVI. Commitments and Contingencies
(1) Major commitments on the balance sheet date
The Company committed to investing RMB 4 million in Zhejiang Tingshuo Brand Operation Management Co., Ltd., of
which RMB 2 million has been paid in, accounting for 40% of the shares. The remaining RMB 2 million has not been paid in.
XVII. Events after the Balance Sheet Date
In RMB
Impact on financial position Reasons why the impact
Item Content
and results of operations cannot be estimated
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
As at the reporting date, the
Company newly entered into
accounts receivable
settlement agreements
through debt-for-asset
arrangements amounting to
RMB 12.2007 million, of
which RMB 6.3576 million
had completed online filing
and property delivery
Significant debt restructuring
procedures; for debt
settlement agreements entered
into in 2025 and prior years,
the amount for which online
filing and property delivery
procedures were completed
during the period from the
balance sheet date to the
reporting date amounted to
RMB 83.4462 million.
The proposed dividend per 10 shares (RMB) 5
The proposed number of bonus shares per 10 shares (shares) 0
The proposed number of additional shares per 10 shares
(shares)
The dividend per 10 shares declared and approved for
distribution (RMB)
The number of bonus shares per 10 shares declared and
approved for distribution (shares)
The number of additional shares per 10 shares declared and
approved for distribution (shares)
On April 28, 2026, pursuant to the Proposal on the 2025 Profit
Distribution Plan approved at the 21st meeting of the 6th
Board of Directors of the Company, the Company proposed to
distribute a cash dividend of RMB 5 (tax inclusive) for every
Profit distribution 10 shares to all shareholders based on a total share capital of
dividend of RMB 472,469,458.00. The proposal is subject to
approval at the Company's 2025 Annual General Meeting of
Shareholders.
Cancellation of certain stock options under the 2023, 2024 and 2025 Stock Option Incentive Plans
On April 28, 2026, the 21st meeting of the 6th Board of Directors of the Company reviewed and approved the Proposal on
the Cancellation of Certain Stock Options under the 2023 Stock Option Incentive Plan, the Proposal on the Cancellation of
Certain Stock Options under the 2024 Stock Option Incentive Plan, and the Proposal on the Cancellation of Certain Stock Options
under the 2025 Stock Option Incentive Plan, among other related proposals:
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Under the 2023 Stock Option Incentive Plan, 10 incentive recipients no longer satisfied the eligibility requirements due to
resignation. Accordingly, the Company will cancel a total of 68,000 stock options that had been granted to but not yet exercised by
the aforesaid 10 recipients. In addition, as the exercise conditions for the third exercise period under the 2023 Stock Option
Incentive Plan were not satisfied, the Company will cancel 1,968,000 stock options granted to 286 incentive recipients for the third
exercise period that did not meet the exercise conditions. A total of 2,036,000 stock options will therefore be cancelled.
Under the 2024 Stock Option Incentive Plan, 13 incentive recipients no longer satisfied the eligibility requirements due to
resignation. Accordingly, the Company will cancel a total of 182,000 stock options that had been granted to but not yet exercised
by the aforesaid 13 recipients. In addition, as the exercise conditions for the second exercise period under the 2024 Stock Option
Incentive Plan were not satisfied, the Company will cancel 1,572,000 stock options granted to 311 incentive recipients for the
second exercise period that did not meet the exercise conditions. A total of 1,754,000 stock options will therefore be cancelled.
Under the 2025 Stock Option Incentive Plan, 17 incentive recipients no longer satisfied the eligibility requirements due to
resignation. Accordingly, the Company will cancel a total of 250,000 stock options that had been granted to but not yet exercised
by the aforesaid 17 recipients. In addition, as the exercise conditions for the second exercise period under the 2024 Stock Option
Incentive Plan were not satisfied, the Company will cancel 1,572,000 stock options granted to 311 incentive recipients for the
second exercise period that did not meet the exercise conditions. A total of 1,754,000 stock options will therefore be cancelled.
Apart from the above-mentioned matters, the Company has no other significant subsequent events.
XVIII. Other Significant Events
As of December 31, 2025, the Company's situation regarding the signing of the project mortgage property agreement and the
completion of procedures for purchasing houses through online signing is as follows:
Including: Completion of
Amount required in case of
procedures for online signing
Amount of debt repayment unfinished procedures for
Item and delivery of houses
agreement signed online signing or delivery of
Amount required for the
houses
procedures
Real estate customers 659,728,412.30 363,855,208.46 295,873,203.84
Total 659,728,412.30 363,855,208.46 295,873,203.84
The Company signed an agreement on project mortgage properties with the aforementioned real estate customers, involving
a total accounts receivable balance of RMB 659,728,400. The procedures for online signing and delivery of the portion of RMB
value of the real estate used for debt repayment at the time point of debt restructuring is presented in the item of other non-current
assets, with a fair value of the portion of RMB 375,683,200 confirmed through public market inquiry. The Company paid a price
difference of RMB 11,828,000 in cash. At the time point of debt restructuring, there was no profit and loss from the restructuring.
The procedures for online signing and filing of the houses have not yet been completed for the remaining portion of RMB
debt provision at an expected credit loss rate of 45%.
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
XIX. Notes to Main Items of the Financial Statements of the Parent Company
(1) Disclosure by aging of accounts
In RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 1,315,707,930.22 1,471,330,296.27
Over 3 years 259,820,318.39 596,065,429.50
Over 5 years 15,960,326.46 4,625,346.20
Total 2,085,491,718.24 2,921,276,600.36
(2) Classification of disclosure according to the bad debt provision method
In RMB
Ending balance Beginning balance
Book balance Bad debt reserve Book balance Bad debt reserve
Categor Percenta Percenta
y Carrying Carrying
Percenta ge of value Percenta ge of value
Amount Amount Amount Amount
ge (%) provisio ge (%) provisio
n n
Account
s
receivab
le with
provisio 701,551, 395,523, 306,028, 1,395,51 874,622, 520,895,
n for bad 989.42 085.61 903.81 8,815.38 840.75 974.63
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio 1,383,93 87,907,0 1,296,03 1,525,75 95,804,8 1,429,95
n for bad 9,728.82 73.12 2,655.70 7,784.98 79.87 2,905.11
debts on
a
collectiv
e basis
Includ
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
ing:
Aging-
based 48.09% 8.76% 46.64% 7.03%
portfolio
Related-
party
portfolio
within 18.27% 5.59%
consolid
ation
scope
Total 100.00% 23.18% 100.00% 33.22%
Provision for bad debts on an individual basis: 1) Accounts receivable are provided for bad debts on an individual basis
In RMB
Beginning balance Ending balance
Name Percentag Reasons
Book balance Bad debt reserve Book balance Bad debt reserve e of for
provision provision
Unit 1 452,376,997.98 452,376,997.98
Expected
to be
Unit 2 268,881,331.31 80,664,399.39 89,281,524.70 26,784,457.41 30.00% difficult
to fully
recover
Expected
to be
Unit 3 210,503,483.99 84,736,206.00 182,356,917.60 87,831,983.32 48.16% difficult
to fully
recover
Expected
to be
Unit 4 96,569,954.48 61,994,216.22 94,692,708.65 65,299,506.65 68.96% difficult
to fully
recover
Expected
to be
Unit 5 41,443,548.30 19,757,309.66 22,235,928.00 14,842,515.85 66.75% difficult
to fully
recover
Expected
to be
Unit 6 29,777,855.31 9,697,560.92 18,944,330.41 7,918,549.92 41.80% difficult
to fully
recover
Expected
to be
Unit 7 29,119,062.94 10,394,103.97 30,605,439.56 13,917,042.04 45.47% difficult
to fully
recover
Expected
to be
Unit 8 25,778,392.36 11,241,222.53 8,074,303.95 3,771,733.81 46.71% difficult
to fully
recover
Unit 9 24,368,544.00 24,368,544.00
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Expected
to be
Unit 10 22,113,876.84 14,170,945.84 22,008,442.37 14,471,075.41 65.75% difficult
to fully
recover
Expected
to be
Unit 11 14,496,568.66 4,037,272.96 13,606,994.12 4,578,551.52 33.65% difficult
to fully
recover
Expected
to be
Unit 12 13,604,360.56 7,556,003.93 14,153,466.07 8,329,895.14 58.85% difficult
to fully
recover
Expected
to be
Unit 13 13,352,120.83 7,829,472.76 11,666,204.38 7,101,201.84 60.87% difficult
to fully
recover
Unit 14 11,825,693.10 3,114,642.31
Expected
to be
Unit 15 10,980,639.05 4,616,469.03 5,286,419.66 2,378,888.85 45.00% difficult
to fully
recover
Expected
to be
Unit 16 10,697,891.45 7,488,524.02 9,785,174.12 6,849,621.88 70.00% difficult
to fully
recover
Expected
to be
Unit 17 9,180,961.06 9,180,961.06 9,166,561.06 9,166,561.06 100.00%
difficult
to recover
Expected
to be
Unit 18 6,429,558.45 4,044,430.92 5,729,564.29 3,684,795.00 64.31% difficult
to fully
recover
Unit 19 5,949,923.37 2,307,625.27
Expected
to be
Unit 20 5,654,408.59 2,326,917.02 6,149,051.83 4,304,336.28 70.00% difficult
to fully
recover
Expected
to be
Unit 21 5,559,103.37 5,559,103.37 5,614,577.37 5,614,577.37 100.00%
difficult
to recover
Unit 22 4,058,752.31 2,543,173.40
Unit 23 3,882,861.84 481,268.79
Unit 24 3,616,362.19 1,265,726.77
Unit 25 3,549,789.02 2,556,618.19
Unit 26 3,475,565.50 880,955.19
Unit 27 3,208,841.65 1,269,459.26
Unit 28 2,954,453.20 192,989.36
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Unit 29 2,859,354.95 1,608,715.47
Unit 30 2,700,142.96 907,181.08
Unit 31 2,536,093.04 1,775,265.13
Expected
to be
Unit 32 5,182,323.08 5,182,323.08 100.00%
difficult
to recover
Expected
Summary of to be
other 54,012,322.72 33,678,558.95 147,012,058.20 103,495,469.17 70.40% difficult
companies to fully
recover
Total 1,395,518,815.38 874,622,840.75 701,551,989.42 395,523,085.61
Provision for bad debts on a collective basis: bad debt provision for accounts receivable is provided by account age
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 800,707,411.61 40,035,370.58 5.00%
Over 5 years 5,156,722.19 5,156,722.19 100.00%
Total 1,002,976,016.01 87,907,073.13
If provision for bad debts of accounts receivable is made according to the general model of expected credit loss:
□Applicable Not applicable
(3) Bad debt provision, and its recovery or reversal in the current period
Bad debt provision in the current period:
In RMB
Amount of change in the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-off Others
reversal
Bad debt
reserves for
accounts
receivable
Total 970,427,720.62 106,658,560.63 70,963,372.45 490,466,543.42 32,226,206.65 483,430,158.73
Significant recoveries or reversals of provisions for bad debts during the reporting period:
In RMB
Basis and
reasonableness of
Unit Recovery or reversal Reason for reversal Recovery method determining the
original provision ratio
for bad debts
Unit 1 54,231,190.66 Bank transfer, offset
Unit 2 11,324,007.44 Bank transfer
Total 65,555,198.10
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
(4) Accounts receivable actually written off in the current period
In RMB
Item Amounts written off
Accounts receivable actually written off 490,466,543.42
Important accounts receivable write-offs:
In RMB
Whether the
Write-off
Nature of accounts Amounts written Reason for write- amount arises from
Unit procedures
receivable off offs a connected
performed
transaction
Expected to be
Unit 1 Payment for goods 452,376,997.98 Board resolution No
irrecoverable
Expected to be
Unit 2 Payment for goods 24,368,544.00 Board resolution No
irrecoverable
Total 476,745,541.98
Description of accounts receivable write-off:
(5) Top five debtors with the largest ending balances of accounts receivable and contract assets
In RMB
Proportion in the Closing balance of
Closing balance of total ending provision for bad
Ending balance of
Ending balance of accounts balance of debts on accounts
Unit accounts
contract assets receivable and accounts receivable and
receivable
contract assets receivable and impairment of
contract assets contract assets
Unit 1 254,093,558.85 254,093,558.85 12.18% 12,704,677.94
Unit 2 120,760,474.58 120,760,474.58 5.79% 55,232,063.11
Unit 3 89,281,524.70 89,281,524.70 4.28% 26,784,457.41
Unit 4 55,987,747.71 55,987,747.71 2.68% 39,191,423.40
Unit 5 41,279,964.46 41,279,964.46 1.98% 18,717,106.37
Total 561,403,270.30 561,403,270.30 26.91% 152,629,728.23
In RMB
Item Ending balance Beginning balance
Dividends receivable 400,000.00
Other receivables 45,973,203.37 54,938,787.51
Total 46,373,203.37 54,938,787.51
(1) Dividends receivable
In RMB
Item (or investee) Ending balance Beginning balance
Zhejiang Tingshuo Brand Operation 400,000.00
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Management Co., Ltd.
Total 400,000.00
(2) Other accounts receivable
In RMB
Book balance at the beginning of the
Nature of receivable Book balance at the end of the period
period
Related-party balances within the
consolidation scope
Collections by a third party 15,728,131.10 33,664,722.89
Margin deposits/deposits 17,754,456.88 19,611,571.10
Proxy holding of project mortgage
properties
Withholdings 3,389,076.99 3,412,167.55
Cash reserve 4,358,656.39 2,542,121.45
Others 2,967,667.63 1,868,056.02
Total 62,849,642.99 70,421,083.01
In RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 43,318,441.78 50,737,600.09
Over 3 years 10,215,685.35 11,694,239.73
Over 5 years 4,299,936.00 7,781,457.94
Total 62,849,642.99 70,421,083.01
In RMB
Ending balance Beginning balance
Book balance Bad debt reserve Book balance Bad debt reserve
Categor Percenta Percenta
y Carrying Carrying
Percenta ge of value Percenta ge of value
Amount Amount Amount Amount
ge (%) provisio ge (%) provisio
n n
Provisio
n for bad
debts on 23.13% 45.00% 7.47% 35.00%
an
individu
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
al basis
Includ
ing:
Provisio
n for bad
debts on 48,311,9 10,334,4 37,977,4 65,162,6 13,641,8 51,520,7
a 88.99 95.32 93.67 39.01 40.10 98.91
collectiv
e basis
Includ
ing:
Aging-
based 76.87% 21.39% 92.53% 20.94%
portfolio
Total 100.00% 26.85% 100.00% 21.99%
Provision for bad debts on an individual basis: Other receivables with provision for bad debts on an individual basis
In RMB
Beginning balance Ending balance
Name Bad debt Bad debt Percentage of Reasons for
Book balance Book balance
reserve reserve provision provision
Expected
Unit 1 9,976,291.00 4,489,330.95 45.00%
impairment
Expected
Unit 2 800,000.00 280,000.00 1,892,194.00 851,487.30 45.00%
impairment
Expected
Unit 3 1,205,059.00 542,276.55 45.00%
impairment
Expected
Unit 4 657,783.00 230,224.05 657,783.00 296,002.35 45.00%
impairment
Expected
Unit 5 636,327.00 222,714.45 636,327.00 286,347.15 45.00%
impairment
Expected
Unit 6 3,164,334.00 1,107,516.90 170,000.00 76,500.00 45.00%
impairment
Total 5,258,444.00 1,840,455.40 14,537,654.00 6,541,944.30
Provision for bad debts on a collective basis: other receivables with provision for bad debts on a collective basis
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 31,094,897.78 1,489,838.72 5.00%
Over 5 years 4,299,936.00 4,299,936.00 100.00%
Total 48,311,988.99 10,334,495.32
Description on basis for determining portfolio;
Provision for bad debts according to the general model of expected credit loss:
In RMB
Phase I Phase II Phase III
Bad debt reserve Expected credit loss Expected credit loss Expected credit loss Total
over the next 12 over the entire period over the entire period
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
months of existence (without of existence (with
credit impairment) credit impairment)
Balance as of January
Balance on January 01,
period
Provision in the current
period
Reversal in the current
period
Derecognition/write-
offs in the current 1,149,356.66 504,334.00 1,653,690.66
period
Balance as of
December 31, 2025
Basis of classification in different stages and percentage of provision for bad debts
Changes in the book balance with significant change in amount of the loss provision in the current period
□Applicable Not applicable
Bad debt provision in the current period:
In RMB
Amount of change in the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-offs Others
reversal
Bad debt
provision for
other
receivables
Total 15,482,295.50 5,205,822.90 2,157,988.12 1,653,690.66 16,876,439.62
In RMB
Item Amounts written off
The actual write-off of other receivables 1,653,690.66
In RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Investments in 377,655,061.13 20,400,000.00 357,255,061.13 323,749,058.06 20,400,000.00 303,349,058.06
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
subsidiaries
Investments in
joint ventures
and associated
companies
Total 379,403,369.68 20,400,000.00 359,003,369.68 326,126,881.00 20,400,000.00 305,726,881.00
(1) Investment in subsidiaries
In RMB
Beginning Opening Increase/decrease in the current period Ending Ending
balance balance of balance balance of
Investee Additional Negative Impairment
（carrying impairment Others （carrying impairment
value) provision investment investment provision value) provision
Beijing
Robam
Appliances 0.00 0.00 0.00 0.00 0.00 0.00
Sales Co.,
Ltd.
Shanghai
Robam
Appliances 0.00 0.00 0.00 0.00 0.00 0.00
Sales Co.,
Ltd.
Hangzhou
MingQi 52,617,391. 1,285,409.3 52,929,348.
Electric 29 9 56
Co., Ltd.
Shengzhou
Kinde
Intelligent 162,320,00 162,320,00
Kitchen 0.00 0.00
Appliances
Co., Ltd.
De Dietrich
Household
Appliances 20,400,000. 20,400,000.
Trading 00 00
(Shanghai)
Co., Ltd.
Hangzhou
Robam
Fuchuang 10,000,000. 10,000,000.
Investment 00 00
Manageme
nt Co., Ltd.
Hangzhou
Jinhe
Electric 0.00 175,955.42 106,281.25 0.00 0.00 0.00
Appliances
Co., Ltd.
Robam
Appliances 16,003,575. 3,235,095.0 19,238,670.
Holding 00 0 00
(HK) Co.,
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Ltd.
Chengdu
Robam
Innovation 0.00 237,942.06 63,768.75 0.00 0.00 0.00
Technolog
y Co., Ltd.
Hangzhou
Robam E- 10,000,000. 10,071,939.
commerce 00 57
Co., Ltd.
Ningbo
Jinhe E- 5,000,000.0 5,000,000.0
commerce 0 0
Co., Ltd.
Hangzhou
Yuhang
Jinhe E- 0.00 43,163.75 0.00 0.00 0.00 0.00
commerce
Co., Ltd.
Chengdu
Robam E- 5,000,000.0 5,000,000.0
commerce 0 0
Co., Ltd.
Qingdao
MingQi E- 5,000,000.0 5,000,000.0
commerce 0 0
Co., Ltd.
Wuhan
Jinhe E- 5,000,000.0 5,000,000.0
commerce 0 0
Co., Ltd.
Hangzhou
Robam
Commercia 50,000,000. 50,000,000.
l Kitchen 00 00
Technolog
y Co., Ltd.
Shengzhou
Dijia
Technolog
y Co., Ltd.
Hainan
Robam
Intelligent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Technolog
y Co., Ltd.
Total 0.00 0.00
(2) Investment in joint ventures and associated companies
In RMB
Beginn Openi Increase/decrease in the current period Ending Ending
Investe ing ng Additi Negati Invest Adjust Other Cash Impair balanc balanc
e balanc balanc onal ve ment ment change divide ment Others e e of
e e of invest invest profit of s in nds or provisi （carr impair
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
（carr impair ment ment and other equity profits on ying ment
ying ment loss compr declare value) provisi
value) provisi recogn ehensi d and on
on ized ve distrib
using incom uted
the es
equity
metho
d
I. Joint venture
De
Dietric
h
Trade 1,185,
(Shang 328.28
hai)
Co.,
Ltd.
Subtot 1,185,
al 328.28
II. Associated enterprises
Zhejia
ng
Tingsh
uo
Brand
Operat
ion
Manag
ement
Co.,
Ltd.
Subtot 1,192, 955,81 400,00 1,748,
al 494.66 3.89 0.00 308.55
Total 229,51
Recoverable amount is determined as fair value less costs of disposal
□Applicable Not applicable
The recoverable amount is determined as the present value of the estimated future cash flows
□Applicable Not applicable
Reasons for significant inconsistencies between the information or external information used in the aforementioned impairment
testing and that used in prior years
Reasons for significant inconsistencies between the information used in the Company’s impairment testing in prior years and the
actual circumstances of the current year
In RMB
Amount of the current period Amount of the previous period
Item
Income Cost Income Cost
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
Main business 8,589,890,825.66 4,539,600,275.64 9,754,843,467.85 5,135,867,665.21
Other businesses 272,826,569.04 119,619,930.56 261,204,650.26 123,834,534.63
Total 8,862,717,394.70 4,659,220,206.20 10,016,048,118.11 5,259,702,199.84
In RMB
Item Amount of the current period Amount of the previous period
Income from long-term equity
investments accounted for using the -229,514.39 -2,583,849.09
equity method
Investment income from disposal of
financial assets held for trading
Total 94,357,219.79 129,249,299.30
XX. Supplementary Information
Breakdown of non-recurring profits and losses in the current period
Applicable □Not applicable
In RMB
Item Amount Description
Gains and losses on disposal of non-
-5,877,227.41
current assets
Government subsidies included in
current gains and losses (excluding
government subsidies closely related to
the Company's normal business, in line
with national policy, enjoyed according
to established standards, and having a
sustained impact on the Company's gains
and losses).
Reversal of impairment provision for
accounts receivable tested for 71,314,775.15
impairment separately
Other non-operating revenues and
-7,470,401.43
expenses except the above items
Less: Affected amount of income tax 16,653,215.85
Affected amount of minority
shareholders’ equity (after tax)
Total 92,184,431.84 --
Other items of gains and losses meeting the definition of non-recurring gains and losses:
□Applicable Not applicable
The Company does not have other items of gains and losses meeting the definition of non-recurring gains and losses
Explanation on the circumstance where items of the non-recurring gains and losses enumerated in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains and Losses
(referred to as “Announcement No.1”) are defined as recurring gains and losses
Full Text of 2025 Annual Report
Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
EPS
Profit within the Reporting Weighted average return on
Period net assets Basic earnings per share
Diluted EPS (RMB/share)
(EPS) (RMB/share)
Net profit attributable to
common stockholders of the 10.64% 1.33 1.33
Company
Net profit attributable to
common shareholders of the
Company after deducting 9.86% 1.23 1.23
non-recurring profits and
losses
