Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Hangzhou Robam Appliances Co., Ltd.
Semi-Annual Report 2026
August 2026
Full Text of Semi-Annual Report 2026, 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 Semi-Annual Report (“the Report”), and are severally and
jointly liable for the authenticity, accuracy and completeness of the
information contained herein.
Ren Fujia, the head of the Company, Zhang Guofu, the person in charge
of the Company’s accounting, and Zhang Guofu, the head of the accounting
department (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 a Board meeting during which they reviewed
the Report.
The Company’s profit distribution plan approved by the Board of
Directors is as follows: based on the total of 944,992,916 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 Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Contents
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Documents Available for Inspection
I. Financial statements bearing signatures and seals of the legal representative, the person in
charge of accounting affairs and the head of the accounting body.
II. Original copies of documents and announcements of the Company published in the newspaper
designated by China Securities Regulatory Commission during the Reporting Period.
III. The Semi-Annual Report 2026 signed by the legal representative.
IV. Other information.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Interpretations
Item refer(s) to Contents
The Company, Company, Robam Appliances refer(s) to Hangzhou Robam Appliances Co., Ltd.
Hangzhou Robam Industrial Group Co., Ltd.,
Robam Group refer(s) to
controlling shareholder of the Company
MingQi refer(s) to Hangzhou MingQi Electric Co., Ltd.
Shengzhou Kinde Intelligent Kitchen Appliances Co.,
Kinde Subsidiary refer(s) to
Ltd.
Jinhe Electric Appliances refer(s) to Hangzhou Jinhe Electric Appliances Co., Ltd.
The reporting period refer(s) to The first half of 2026
AVC refer(s) to Beijing All View Cloud Data Technology Co., Ltd.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 2 Company Profile and Major Financial Indicators
I. Company Profile
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 (if any)
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 Fujia
Company
II. Contact Person and Contact Information
Secretary of the Board of Directors Representative of securities affairs
Name Chen Xiaofeng Tao Yidi
No. 592, Linping Avenue, Linping No. 592, Linping Avenue, Linping
Contact address District, Hangzhou City, Zhejiang District, Hangzhou City, Zhejiang
Province Province
Telephone 0571-86187810 0571-86187810
Fax 0571-86187769 0571-86187769
E-mail wg@robam.com wg@robam.com
III. Other Information
Whether the registered address, office address and zip code as well as the website and email address of the Company changed
during the reporting period
□Applicable Not applicable
There were no changes in the registered address, office address and zip code as well as the website and email address of the
Company during the reporting period. For details, please refer to the Annual Report 2025.
Whether the information disclosure and filing locations changed during the reporting period
□Applicable Not applicable
During the reporting period, there were no changes in the website of stock exchange and name and website of media designated
for information disclosure of the semi-annual report and the location for filing the semi-annual report of the Company. For details,
please refer to the Annual Report 2025.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Whether other relevant information changed during the reporting period
□Applicable Not applicable
IV. Key Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□ Yes No
The reporting period The same period last year YoY change
Operating income (RMB) 3,972,387,199.38 4,607,524,703.26 -13.78%
Net profit attributable to
shareholders of the listed 578,235,101.90 711,640,958.19 -18.75%
company (RMB)
Net profit attributable to
shareholders of the listed
company after deducting non-
recurring gains/losses (RMB)
Net cash flow from operating
-362,290,925.91 511,206,760.85 -170.87%
activities (RMB)
Basic earnings per share
(EPS) (RMB/share)
Diluted EPS (RMB/share) 0.61 0.75 -18.67%
Weighted average return on A decrease of 1.26 percentage
net assets points
End of the reporting period End of last year Change
Total assets (RMB) 16,551,968,719.72 17,208,063,114.15 -3.81%
Net assets attributable to
shareholders of the listed 11,610,674,719.67 11,497,455,691.08 0.98%
company (RMB)
V. 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:
□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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
VI. Items and Amounts of Non-recurring Gains and Losses
Applicable □Not applicable
In RMB
Item Amount Description
Gains and losses on disposal of non-
current assets (including the written-off
-595,431.49
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 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 69,941,235.67
impairment separately
Other non-operating revenues and
expenses except the above items
Less: Affected amount of income tax 14,465,231.17
Affected amount of minority
shareholders’ equity (after tax)
Total 76,026,210.72
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 Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 3 Management Discussion and Analysis
I. Main Businesses during the Reporting Period
In the first half of 2026, as government subsidies for kitchen appliances were phased out, coupled with a slow
recovery in consumer spending and continued pressure on the real estate market, the domestic kitchen appliance
market entered a new phase dominated by existing demand. The overall market size contracted somewhat, with a
divergence in performance between essential and upgrade-driven product categories, and the structure of online and
offline channels underwent accelerated adjustments. The industry’s focus shifted further toward creating value for
users, refining operations, and enhancing endogenous growth capabilities. In the retail channel, according to the
monthly monitoring report on the offline market by AVC (hereinafter referred to as the “AVC Offline Report”), retail
sales value of range hoods and gas stoves decreased by 17.8% and 22.6% respectively, compared with the same
period last year. In the e-commerce channel, according to the monthly monitoring report on the online market by
AVC (hereinafter referred to as the “AVC Online Report”), retail sales value of range hoods and gas stoves increased
by 0.3% and decreased by 8.1% respectively, compared with the same period last year. In the developer channel,
according to the AVC Summary Report on China’s Finely Decorated Real Estate Market for the First Half of 2026
(hereinafter referred to as the “AVC Real Estate Report”), 362 new finely decorated residential projects were
launched, totaling 161,000 units—a YoY decline of 25.5%. The penetration rate for finely decorated units stood at
In response to changing market demands and the evolving competitive landscape of the industry, the Company
has adhered to a development strategy that integrates technology and humanistic values. Guided by this year’s
business philosophy of “Building Dreams and Embarking on a Journey, Break Through to Thrive—Advancing the
Development of a Culinary Superbrand and Enhancing Operational Quality,” the Company is seizing the opportunity
presented by the launch of its new three-year strategy. Centered on building a culinary superbrand, the Company is
driving the transformation of its business model, achieving breakthroughs in core operations, and strengthening
organizational capabilities, with a focus on enhancing operational quality and sustainable development capacity.
According to AVC Offline Report, the Robam brand held market shares of 31.5% in retail sales value and 24.8% in
retail sales volume for range hoods, and 31.3% in retail sales value and 24.1% in retail sales volume for gas stoves,
ranking first in the industry by a significant margin; according to AVC Online Report, the Robam brand held market
shares of 24.7% in retail sales value and 18.5% in retail sales volume for kitchen appliance packages, both of which
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
firmly maintained the top position in the industry. In the first half of 2026, the Company achieved a revenue of RMB
company was RMB 578 million, a YoY decrease of 18.75%.
As of June 30, 2026, 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 Built-in
Built-in Disinfection Integrated
Range hood Gas stove combi-steam Dishwasher electric steam
electric oven cabinet stove
oven oven
As of June 30, 2026, 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:
Range hood Gas stove of range hood appliance combi-steam electric steam Dishwasher
and stove package oven oven
As of June 30, 2026, according to AVC Real Estate Report, the market share of Robam range hoods in the fine
decoration channel was 28.2%, ranking No.2 in the industry.
In the first half of 2026, the technology sector, driven by the IPD 3.0 framework and centered on the “Shishen”
(Culinary Master) large model, focused on key areas such as speech perception, visual understanding, intelligent
decision-making, and device execution. It refined a unified technical foundation for intelligent agents, driving the
expansion of AI capabilities from isolated functions to collaborative applications across products, services, and
business scenarios. The Company is accelerating the integration of advanced technologies into its kitchen appliances,
driving the orderly launch of new product lines across categories such as range hoods and stoves, steamers and ovens,
and dishwashers and dryers. It is also gradually applying these capabilities to existing appliances, innovative
hardware, customer service, and after-sales support, while continuing to explore the integration of health management
with personalized cooking services. The Company’s National Enterprise Technology Center successfully passed the
re-evaluation conducted by the National Development and Reform Commission. As of June 30, 2026, the Company
had led and participated in the development of a total of 171 standards. Among these, the Company led the
development of 48 standards, including 2 international standard proposals, 7 national standards, 3 industry standards,
and 36 group standards; it also participated in the development of 123 standards, including 54 national standards, 19
industry standards, and 50 group standards. The Company holds a total of 7,640 valid patents, including 1,012
invention patents; in the first half of 2026, 561 valid patents were added, including 171 invention patents. During the
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
reporting period, the Company’s digital smart range hoods and the smart cooking speaker won the iF Design Award,
and the project “Research, Development, and Industrialization of Key Technologies for the Ultra-Thin, Smart-
Controlled, High-Suction Range Hood” received the First Prize in the Science and Technology Progress Award from
the China National Light Industry Council, and invention patents related to centrifugal fans and range hoods were
awarded the Third Prize in the Zhejiang Provincial Intellectual Property Award (Patent Category). The Company’s
capabilities in technological innovation and the commercialization of research outcomes continue to receive
recognition.
In the first half of 2026, in terms of marketing, the Company remained committed to user value as its core focus,
restructuring its customer engagement system, user relationships, and organizational capabilities around the user
journey to strengthen the foundation of its core business amid competition in the existing market. In the retail channel,
the Company remained committed to “rebuilding growth momentum based on user needs,” maintaining its leading
position in core product categories and continuously optimizing its high-end product mix. By upgrading in-store
experiences, building a home decoration ecosystem, engaging existing customers, and expanding into local lifestyle
platforms, the Company was strengthening the operational resilience of the existing market. For e-commerce
channels, the Company strengthened user insights, content-driven promotion, and synergy with on-site conversion to
drive the development of a high-end product portfolio and the growth of emerging categories, while enhancing the
level of refined operations. For the developer channel, the Company continued to deepen the “Cabinet-Appliance
Integration” strategy, focused on achieving breakthroughs in high-end projects and optimizing the customer base, and
enhanced the capabilities in providing comprehensive kitchen appliance solutions for the entire home. For the
overseas channels, the Company deepened the global footprint and localized operations, strengthened operational
synergy between its subsidiaries in Indonesia and Malaysia, steadily expanded into key markets in Asia and Africa,
and enhanced the capabilities in cross-border operations and regional market development. The service system
showed gradual improvements, with user satisfaction remaining at the industry-leading level. The Company
accelerated the adoption of smart tools, refined proactive service and tiered management of existing users, driving
synergistic improvements in both the service experience and business conversion. At the same time, the Company
accelerated its strategy to popularize the brand “MingQi”, strengthening synergy between online and offline channels
and expanding its distribution network, enriching its portfolio of value-for-money products, and further refining the
differentiated positioning of its “Robam” and “MingQi” dual-brand strategy. In the commercial kitchen business, the
Company leveraged its professional expertise and industrial foundation in the kitchen appliance sector to focus on
developing three key business segments: government and corporate clients, restaurant chains, and e-commerce. The
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Company offered comprehensive end-to-end solutions for commercial kitchens, covering independent R&D and
manufacturing, customized development, technical certification, and service support. These solutions have already
been implemented in settings such as government and corporate cafeterias and restaurant chains, and the Company’s
nationwide market expansion is proceeding in an orderly manner.
In the first half of 2026, in terms of the production, the Company focused on flexible supply, full-chain
coordination, cost leadership, and quality improvement to drive the transformation of the supply chain from delivery
assurance to value creation and accelerate the development of a flexible, ecosystem-based supply chain. In response
to the trends toward market diversification and fragmented orders, the Company implemented flexible changes to its
production model to enhance its manufacturing and delivery capabilities for a wide variety of products in small
batches, thereby meeting diverse demands while keeping production costs under control. It strengthened end-to-end
coordination across production, supply, and sales, improved rapid response mechanisms and planning management
systems, advanced the development of integrated information systems and planning and scheduling capabilities,
enhanced planning accuracy and facilitated efficient coordination among demand, procurement, production,
inventory, and shipping. The Company shifted from single-point cost control to end-to-end optimal cost management,
strengthening cost coordination across procurement, manufacturing, logistics, and delivery. Through refined
operations, it optimized its cost structure and solidified its cost competitiveness. The Company refined the end-to-end
quality management mechanisms around user touchpoints, extended quality management from the product side to the
user side, and improved the full-process management chain covering product design, manufacturing, product delivery,
and user feedback, thereby continuously enhancing product reliability and user satisfaction.
In the first half of 2026, in terms of brand, the Company focused on building a premier culinary brand, adhering
to a dual-engine strategy of “technology + humanistic care” to evolve its brand positioning from a traditional kitchen
appliance expert to “your cooking partner.” The Company has adhered to a pragmatic approach of “no flashy
technology, just real-world solutions,” focusing on genuine culinary needs to advance the commercialization and
practical application of cutting-edge technologies, and promoting the value proposition of “restoring culinary
freedom to people.” The Company unveiled its smart cooking glasses at AWE 2026 and made an appearance at the
World AI Conference as a representative of the smart cooking sector. By showcasing its smart cooking products and
application achievements at key industry trade shows and technology platforms, the Company strengthened its
brand’s reputation for technological innovation and professional image. In terms of cultural and content development,
the Company has partnered with Xiaohongshu to continue building the “Quest for Freshness” brand IP. Through
initiatives such as the Quest for Fresh Longjing and slow livestreams, the Company has collaborated with users to
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
explore regional flavors and the joys of cooking. These activities have garnered over 500 million impressions across
all platforms and generated more than 80,000 user-generated content posts. At the same time, the Company has
become an official partner of the 2026 Michelin Guide for Mainland China, integrating the culinary expertise of
professional chefs into the “Culinary Master” and digital kitchen appliance experiences, thereby further solidifying
the brand’s professional credibility in the culinary field. Through the mutual reinforcement of technological
experiences, content operations, and ecosystem partnerships, the Company has continued to enrich the brand’s
essence—“cooking freedom, joy of creation, and fulfillment of a better life”—while deepening its emotional
connection with users and enhancing its brand influence and social value.
In the first half of 2026, the Company continued to improve its corporate governance, information disclosure,
employee incentive, and shareholder return mechanisms. The Company received an “A” (Excellent) in the
Information Disclosure Rating for Listed Companies by Shenzhen Stock Exchange, marking the twelfth consecutive
year for receiving this rating. In terms of employee incentives, the exercise conditions for the first exercise period of
the Company’s 2025 Stock Option Incentive Plan were met, further solidifying the implementation of the regular
incentive mechanism. Regarding shareholder returns, in accordance with the Shareholder Return Plan (2024–2026),
the Company has continued its dividend strategy of “annual dividends in the first half of the year + interim dividends
in the second half of the year.” The 2025 profit distribution and the 2026 interim dividend amounted to a cash
dividend of RMB 5.00 (including tax) per 10 shares, with total cash dividends for the year expected to reach RMB
II. 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, R&D capability for continuous innovation, comprehensive
and efficient operation capability, as shown in the Annual Report 2025.
III. Analysis of Main Business
Overview
See the relevant content in the “I. Main Businesses during the Reporting Period”.
Year-on-year changes in key financial data
In RMB
The reporting period The same period last YoY change Reason for change
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
year
Operating income 3,972,387,199.38 4,607,524,703.26 -13.78%
Operating costs 1,964,839,571.74 2,283,762,522.42 -13.96%
Sales expenses 1,089,904,534.74 1,249,377,013.90 -12.76%
Administrative
expenses
Financial expenses -61,649,345.41 -69,676,130.73 11.52%
Income tax expense 104,883,916.74 134,376,892.39 -21.95%
This was primarily due
Net cash flow from to a decline in sales
-362,290,925.91 511,206,760.85 -170.87%
operating activities and a decrease in
payment collection.
This was primarily due
to an increase in funds
Net cash flow from recovered from
investment activities maturing bank fixed
term deposits and
financial products.
Net cash flow from
-466,095,619.64 -464,932,229.86 -0.25%
financing activities
This was primarily due
Net increase in cash to the combined effect
and cash equivalents of changes in various
cash flow items.
Major changes on profit composition or profit resources in reporting period
□Applicable Not applicable
No major changes on profit composition or profit resources occurred in reporting period
Composition of operating income
In RMB
The reporting period The same period last year
% of operating % of operating YoY change
Amount Amount
income income
Total operating
income
By industry
Kitchen and
bathroom 3,856,285,331.43 97.08% 4,498,866,991.01 97.64% -14.28%
appliances
Other operating
income
By product
Environment
product line:
Range hood 1,971,708,236.17 49.64% 2,205,199,571.60 47.86% -10.59%
Cooking appliance
line:
Gas stove 988,230,835.36 24.88% 1,156,313,826.74 25.10% -14.54%
Combi-steam oven 285,239,744.06 7.18% 299,806,829.45 6.51% -4.86%
Integrated stove 36,134,462.19 0.91% 100,243,773.64 2.18% -63.95%
Steam oven 8,909,145.20 0.22% 17,267,264.88 0.37% -48.40%
Baking oven 7,419,520.27 0.19% 14,236,952.79 0.31% -47.89%
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Cleaning and
storage product
line:
Dishwasher 270,967,874.16 6.82% 337,558,765.74 7.33% -19.73%
Water heater 100,673,927.75 2.53% 106,570,335.60 2.31% -5.53%
Disinfection
cabinet
Water purifier 9,020,035.53 0.23% 14,310,042.80 0.31% -36.97%
Other Categories
Kitchen cabinet 77,379,470.97 1.95% 102,049,473.06 2.21% -24.17%
Other small
appliances
Other operating
income
By region
East China 1,647,049,699.62 41.47% 2,148,385,617.34 46.63% -23.34%
South China 480,801,254.09 12.10% 551,644,073.12 11.97% -12.84%
Central China 494,580,143.91 12.45% 450,059,047.37 9.77% 9.89%
North China 552,537,467.69 13.91% 562,967,521.52 12.22% -1.85%
Northeast China 220,121,959.20 5.54% 229,029,942.36 4.97% -3.89%
Northwest China 293,896,574.66 7.40% 291,781,638.55 6.33% 0.72%
Southwest China 231,595,050.56 5.83% 330,009,393.98 7.16% -29.82%
Overseas 51,805,049.65 1.30% 43,647,469.02 0.95% 18.69%
Industries, products and regions 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
Gas stove 988,230,835.36 422,296,463.03 57.27% -14.54% -18.73% 2.21%
By region
East China 1,647,049,699.62 725,748,412.38 55.94% -23.34% -23.54% 0.12%
South
China
North
China
Main business data of the Company in the 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
IV. Analysis of Non-core Business
□Applicable Not applicable
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
V. Analysis of Assets and Liabilities
In RMB
End of the reporting period End of last year
Note on
% of Change in
% of total significant
Amount total Amount percentage
assets changes
assets
Cash and cash
equivalents
Accounts
receivable
Inventory 1,418,951,648.01 8.57% 1,360,022,769.09 7.90% 0.67%
Investment
properties
Long-term
equity 3,998,179.24 0.02% 4,395,119.95 0.03% -0.01%
investment
Fixed assets 2,131,092,604.48 12.88% 2,173,675,186.21 12.63% 0.25%
Construction in
process
Right-of-use
assets
Short-term
borrowings
Contract
liabilities
Lease liabilities 6,927,697.49 0.04% 7,867,003.07 0.05% -0.01%
□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 3,230,000,0 2,640,000,0
assets 00.00 00.00
(excluding
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
derivative
financial
assets)
equity
instrument
investment
s
Subtotal of 3,230,000,0 2,642,116,0
the above 00.00 23.22
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
In RMB
Ending balance
Item
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
Fixed assets 152,993,151.92 121,382,819.33 Mortgage loan —
Intangible assets 34,367,725.00 29,847,674.90 Mortgage loan —
Total 251,470,688.55 215,340,305.86 — —
VI. Analysis of Investment
□Applicable Not applicable
□Applicable Not applicable
□Applicable Not applicable
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(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.
□Applicable Not applicable
The Company did not use the raised funds during the reporting period.
VII. Sale of Major Assets and Equities
□Applicable Not applicable
The Company did not sell major assets during the reporting period.
□Applicable Not applicable
VIII. 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
In RMB
Company Company Main Registered Operating Operating
Total assets Net assets Net profit
name type business capital income profit
Beijing
Sales of
Robam
kitchen
Appliances Subsidiary 5,000,000.00 49,219,668.99 22,432,322.52 107,759,364.89 -5,677,434.42 -5,702,980.18
applianc
Sales Co.,
es
Ltd.
Shanghai
Sales of
Robam
kitchen
Appliances Subsidiary 5,000,000.00 72,549,378.60 -29,754,651.76 167,302,501.24 114,110.20 122,965.72
applianc
Sales Co.,
es
Ltd.
Hangzhou Sales of
MingQi kitchen
Subsidiary 50,000,000.00 237,330,097.04 58,055,190.55 238,447,750.98 7,294,985.49 7,385,993.13
Electric Co., applianc
Ltd. es
Shengzhou Subsidiary Producti 24,653,061.00 314,643,848.19 132,412,451.78 24,584,328.69 -6,250,737.68 -6,365,783.71
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Kinde on and
Intelligent sales of
Kitchen kitchen
Appliances applianc
Co., Ltd. es
Hangzhou
Sales of
Jinhe
kitchen
Electric Subsidiary 10,000,000.00 106,298,380.50 34,731,991.06 157,099,848.59 1,419,561.38 1,036,056.10
applianc
Appliances
es
Co., Ltd.
Hangzhou Sales of
Robam E- kitchen
Subsidiary 10,000,000.00 181,835,272.19 24,823,713.04 452,548,768.61 8,963,988.95 6,085,879.29
commerce applianc
Co., Ltd. es
Acquisition and disposal of subsidiaries during the reporting period
□Applicable Not applicable
Description of main holding and joint-stock companies
IX. Structured Entities Controlled by the Company
□Applicable Not applicable
X. Risks Faced and Countermeasures Taken by the Company
(1) Risk of fluctuations in the real estate market
The Company has been engaged in the kitchen appliances business for a long time, offering various kitchen appliances, such
as range hoods, gas stoves, dishwashers, combi-steam oven, disinfection cabinets, integrated stoves, etc. The demands for kitchen
appliances are closely related to the kitchen decoration, with certain “decoration” and “furniture” attributes. At present, the
demand for our main products is still to some extent related to the real estate market. The Company is able to resist the market
fluctuations by virtue of its market leadership, although fluctuations in the real estate market will still have an impact on the
Company’s operating performances.
(2) Risk of price fluctuation of raw materials
The main raw materials of the Company’s equipment are stainless steel, cold-rolled sheet, copper and glass, etc., whose price
fluctuations will directly affect the cost of the Company’s products and in turn have an impact on its profitability.
(3) Risk of intensified market competition
In recent years, due to the tightening macro environment of the kitchen appliance industry, the continuous increase in
industry concentration, the comprehensive brands' and e-commerce brands' increasing investment in the kitchen appliance market
and the decline in people’ consumption willingness, the market competition in the kitchen appliances industry has become
increasingly fierce, and the intensification of market competition will have a certain impact on the Company’s operating
performances.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
XI. 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
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.
XII. 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
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 Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 4 Corporate Governance, Environment and Society
I. Changes in Directors or Senior Management During the Reporting Period:
□Applicable Not applicable
There was no change in directors and senior management of the Company during the reporting period. For details, please refer to
the Annual Report 2025.
II. 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) 944,992,916
Cash dividend amount (RMB) (including tax) 472,496,458.00
Cash dividend amount by other means (e.g., share repurchase)
(RMB)
Total cash dividend amount (including other methods) (RMB) 472,496,458.00
Distributable profit (RMB) 10,131,941,794.29
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 a cash dividend of RMB 5 (including tax) per 10 shares to all shareholders, based on the
total share capital of 944,992,916 shares. The total amount of dividends to be distributed is RMB 472,496,458.00.
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.
III. Implementation of the Equity Incentive Plan, Employee Stock Ownership Plan or other
Employee Incentives
Applicable □Not applicable
I. Overview of the Company’s 2023 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
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 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.
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.
Full Text of Semi-Annual Report 2026, 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 2023
Stock Option Incentive Plan and other proposals.
Incentive Plan.
Proposal on the Cancellation of Part of the Stock Options under the 2023 Stock Option Incentive Plan and other proposals. The
Board of Directors' Compensation and Evaluation Committee verified this and expressed its concurring opinion.
II. 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
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.
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
Incentive Plan.
Proposal on the Cancellation of Part of the Stock Options under the 2024 Stock Option Incentive Plan and other proposals. The
Board of Directors' Compensation and Evaluation Committee verified this and expressed its concurring opinion.
III. Overview of the Company’s 2025 stock option incentive plan
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.
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 Targets of the Stock Option Incentive Plan in 2025 and Explanation on the Publicity.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
by Insiders and Incentive Targets of the Stock Option Incentive Plan in 2025.
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 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.
Incentive Plan.
Proposal on the Cancellation of Part of the Stock Options under the 2025 Stock Option Incentive Plan and other proposals. The
Board of Directors' Compensation and Evaluation Committee verified this and expressed its concurring opinion.
Proposal on the Achievement of Exercise Conditions for the First Exercise Period of the 2025 Stock Option Incentive Plan and
other proposals. The Board of Directors’ Compensation and Evaluation Committee verified this and issued its opinion.
□Applicable Not applicable
Applicable □Not applicable
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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, which 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.
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.
IV. 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
V. 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).
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 5 Significant Matters
I. Commitments made by the Company’s actual controllers, shareholders, affiliates,
purchasers and the 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
There were no commitments made by the Company’s actual controllers, shareholders, affiliates, purchasers and the Company
itself and other relevant parties already fulfilled during the reporting period and not yet fulfilled at the end of the reporting period
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.
IV. Appointment and Dismissal of Accounting Firm
Whether the semi-annual financial report has been audited
□ Yes No
The semi-annual financial report of the Company has not been audited.
V. Statements of the Board of Directors on the “Non-standard Audit Report” Issued by the
Accounting Firm for the Reporting Period
□Applicable Not applicable
VI. Statements of the Board of Directors on the “Non-standard Audit Report” for the Last
Year
□Applicable Not applicable
VII. Matters Related to Bankruptcy Reorganization
□Applicable Not applicable
The Company did not have any matters related to bankruptcy reorganization during the reporting period.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
VIII. Litigation Matters
Material litigation and arbitration
□Applicable Not applicable
The Company had no material litigation and arbitration during the reporting period.
Other litigation matters
□Applicable Not applicable
IX. Punishment and Rectification
□Applicable Not applicable
There was no penalty or rectification during the reporting period.
X. Integrity Conditions of the Company and its Controlling Shareholders
□Applicable Not applicable
XI. 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.
□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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
□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.
XII. 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.
□Applicable Not applicable
The Company had no material guarantee during the reporting period.
Applicable □Not applicable
Unit: RMB 10,000
Balance of entrusted finance Overdue amount not
Product category Risk profile
during the reporting period recovered
Bank financial products Low to Moderate Risk 224,000 0
Other Categories Moderate risk 40,000 0
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
The Company had no other material contracts during the reporting period.
XIII. Registration Form for Receiving Researches, Communications, Interviews and Other
Activities during the Reporting Period
Applicable □Not applicable
Key topics and
Ways of Type of
Date Location Participants materials Reference
reception participants
provided
See “Investor See “Investor
Online Relations Relations
Panorama
May 13, 2026 communication Individual Individual Activity Record Activity Record
Network
via platform (May 13, (May 13,
See “Investor See “Investor
Relations Relations
May 21, 2026 In the Company On-site visit Organization Organization Activity Record Activity Record
(May 21, (May 21,
XIV. Explanation of Other Significant Matters
□Applicable Not applicable
The Company had no other significant matters that need to be explained during the reporting period.
XV. Significant Matters of Subsidiaries of the Company
□Applicable Not applicable
Full Text of Semi-Annual Report 2026, 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 of converted
Percentag Bonus Percentag
Quantity new from Others Subtotal Quantity
e (%) shares e (%)
shares capital
reserve
I. Shares
subject to
sales 1.21% 1.21%
restriction
s
Shares
held by
the state
Shares
held by
the state-
owned
legal
persons
Shares
held by 11,387,12 11,387,12
other 9 9
domestic
investors
Inclu
ding:
shares
held by
domestic
legal
persons
Inclu
ding:
shares
held by 1.21% 1.21%
domestic
natural
persons
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Shares
held by
overseas
investors
Inclu
ding:
shares
held by
overseas
legal
persons
Shar
es held by
overseas
natural
persons
II. Shares
without
sales 98.79% 45,000 45,000 98.79%
restriction
s
RMB 933,551,7 933,596,7
ordinary 87 87
shares
Domestic
ally listed
foreign
shares
Overseas
listed
foreign
shares
Others
III. Total 944,938,9 944,983,9
shares 16 16
Reason for share changes
Applicable □Not applicable
This was due to the exercise of 45,000 shares by the incentive targets in the 2025 Stock Option Incentive Plan.
Approval of changes in shares
□Applicable Not applicable
Transfer of ownership of changes in shares
□Applicable Not applicable
Progress in the implementation of shares repurchase
□Applicable Not applicable
Progress of transferring repurchased shares by means of centralized bidding
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
□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
III. Number of Shareholders of the Company and Their Shareholdings
Unit: share
Total number of preference
Total number of common
shareholders with voting rights
shareholders at the end of the 46,067 0
recovered at the end of the reporting
reporting period
period (if any) (see Note 8)
Shareholdings of shareholders holding more than 5% of the Company’s shares or top 10 shareholders (excluding share lent through
refinancing)
Number Pledged, marked or
Number of
Shar Number of shares Change of shares frozen shares
shares not
Name of Nature of ehol held at the end of during the subject to
subject to
shareholder shareholder ding the reporting reporting sales Quantit
sales Status
ratio period period restriction y
restrictions
s
Hangzhou Domestic
Robam non-state- 49.9 Not
Industrial owned 0% Applicable
Group Co., Ltd. corporation
Hong Kong
Securities -
Overseas 4.11 Not
Clearing 38,799,656 24,015,58 0 38,799,656
corporation % Applicable
Company 2
Limited
China
Merchants
Bank Co., Ltd. -
ICBC Credit
Suisse Value Others 15,473,952 214,426 0 15,473,952
% Applicable
Selected Hybrid
Securities
Investment
Fund
Domestic
Shen Guoying natural 12,240,000 0 0 12,240,000
% Applicable
person
Industrial State-owned 0.97 9,193,000 4,296,500 0 9,193,000 Not
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Securities Co., corporation % Applicable
Ltd.
China Life
Insurance
(Group)
Company -
Traditional -
Ordinary 0.94 Not
Others 8,906,200 0 0 8,906,200
Insurance % Applicable
Products -
Hong Kong
Stock Connect
(Innovative
Strategy)
China Pacific
Life Insurance
Co., Ltd. －
Traditional － Others 6,786,700 252,400 0 6,786,700
% Applicable
Ordinary
Insurance
Products
Hangzhou Domestic
Jinchuang non-state- 0.70 Not
Investment Co., owned % Applicable
Ltd. corporation
Schroder
Investment
Management
(Hong Kong)
Limited - Overseas 0.68 Not
Schroder corporation % Applicable
Global Equity
Fund China A-
Shares
(Exchange)
Hangzhou Domestic
Yinchuang non-state- 0.67 Not
Investment Co., owned % Applicable
Ltd. corporation
Strategic investor or general
legal person who becomes one
of the top 10 shareholders due N/A
to rights issue (if any) (see
Note 3)
Description of the associated Mr. Ren Jianhua is the actual controller of the controlling shareholder of the Company -
relationship or consistent Hangzhou Robam Industrial Group Co., Ltd., and the shareholder of the Company - Hangzhou
actions of the above Jinchuang Investment Co., Ltd.; and the natural person shareholder, Shen Guoying, is his wife.
shareholders 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
N/A
top 10 shareholders (if any)
(see Note 11)
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Quantit
reporting period
share y
RMB
Hangzhou Robam Industrial 471,510
Group Co., Ltd. ,000
shares
RMB
Hong Kong Securities Clearing 38,799,
Company Limited 656
shares
China Merchants Bank Co.,
RMB
Ltd. - ICBC Credit Suisse 15,473,
Value Selected Hybrid 952
shares
Securities Investment Fund
RMB
Shen Guoying 12,240,000 ordinary
shares
RMB
Industrial Securities Co., Ltd. 9,193,000 ordinary
shares
China Life Insurance (Group)
Company - Traditional - RMB
Ordinary Insurance Products - 8,906,200 ordinary
Hong Kong Stock Connect shares
(Innovative Strategy)
China Pacific Life Insurance RMB
Co., Ltd. － Traditional － 6,786,700 ordinary
Ordinary Insurance Products shares
RMB
Hangzhou Jinchuang 6,640,0
Investment Co., Ltd. 85
shares
Schroder Investment
Management (Hong Kong) RMB
Limited - Schroder Global 6,435,300 ordinary
Equity Fund China A-Shares shares
(Exchange)
RMB
Hangzhou Yinchuang 6,318,0
Investment Co., Ltd. 00
shares
Description on associated
relationship or consistent
actions among the top 10
Mr. Ren Jianhua is the actual controller of the controlling shareholder of the Company -
shareholders not subject to
Hangzhou Robam Industrial Group Co., Ltd., and the shareholder of the Company - Hangzhou
sales restrictions and between
Jinchuang Investment Co., Ltd.; and the natural person shareholder, Shen Guoying, is his wife.
the top 10 shareholders not
Therefore, there is a possibility that these shareholders will act in concert.
subject to sales restrictions and
the top 10 common
shareholders
Description on the top 10
common shareholders engaging
N/A
in securities 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
□Applicable Not applicable
Compared to the previous period, a change existed 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.
IV. Changes in Shares Held by Directors and Senior Management
□Applicable Not applicable
There was no change in the shareholdings of directors and senior management of the Company during the reporting period. For
details, please refer to the Annual Report 2025.
V. Changes in the Controlling Shareholder and the Actual Controller
If the Company has previously disclosed that its actual controller is planning a change in control but the change has not yet been
completed, please describe the progress of the change in control.
□Applicable Not applicable
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.
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.
VI. Information on Preferred Shares
□Applicable Not applicable
The Company had no preferred shares during the reporting period.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 7 Bonds
□Applicable Not applicable
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Section 8 Financial Report
I. Audit Report
Whether the semi-annual report has been audited
□ Yes No
The semi-annual financial report of the Company has not been audited.
II. Financial Statements
The financial statement notes are represented in RMB.
Prepared by: Hangzhou Robam Appliances Co., Ltd.
June 30, 2026
In RMB
Item Ending balance Beginning balance
Current assets:
Cash and cash equivalents 1,569,931,346.24 1,236,257,860.53
Deposit reservation for balance
Lendings to banks and other financial
institutions
Financial assets held for trading 2,640,000,000.00 3,230,000,000.00
Derivative financial assets
Notes receivable 535,809,020.34 578,435,043.55
Accounts receivable 1,600,748,816.27 1,501,774,623.23
Accounts receivable financing
Prepayments 193,531,858.61 186,281,708.91
Receivable premium
Reinsurance accounts receivable
Reinsurance contract reserves
receivable
Other receivables 108,769,365.44 73,533,704.37
Inc: Interests receivable
Dividends receivable 400,000.00
Redemptory monetary capital for sale
Inventory 1,418,951,648.01 1,360,022,769.09
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year 3,300,412,030.50 499,143,689.50
Other current assets 83,464,762.36 88,468,071.99
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Total current assets 11,451,618,847.77 8,753,917,471.17
Non-current assets:
Loans and advances
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 3,998,179.24 4,395,119.95
Investment in other equity instruments 2,116,023.22 2,116,023.22
Other non-current financial assets 800,451,400.00
Investment properties 78,650,988.15 81,013,670.91
Fixed assets 2,131,092,604.48 2,173,675,186.21
Construction in process 28,427,693.17 46,511,377.40
Biological assets for production
Oil & gas assets
Right-of-use assets 7,014,165.53 8,102,992.49
Intangible assets 190,192,871.41 196,406,397.41
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term prepaid expenses 15,961,590.31 3,252,717.83
Deferred income tax assets: 353,367,501.53 325,584,003.83
Other non-current assets 2,289,528,254.91 4,812,636,753.73
Total non-current assets 5,100,349,871.95 8,454,145,642.98
Total assets 16,551,968,719.72 17,208,063,114.15
Current liabilities:
Short-term borrowings 105,220,163.89 97,738,579.05
Borrowings from the central bank
Borrowings from banks and other
financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payables 910,139,795.24 1,102,064,932.55
Accounts payable 2,200,075,762.05 2,655,136,329.40
Advance receipts
Contract liabilities 905,147,385.40 932,559,161.31
Financial assets sold for repurchase
Deposits from customers and
interbank
Receivings from vicariously traded
securities
Receivings from vicariously traded
securities
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Payroll payable 34,640,108.59 179,852,713.89
Taxes payable 177,999,114.59 121,036,736.76
Other payables 289,581,022.37 294,434,125.10
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 96,883,559.92 102,759,019.62
Total current liabilities 4,721,402,731.90 5,487,549,488.98
Non-current liabilities:
Reserves for insurance contracts
Long-term loans
Bonds payable
Inc: Preferred shares
Perpetual bonds
Lease liabilities 6,927,697.49 7,867,003.07
Long-term accounts payable
Long-term payroll payable
Estimated liabilities
Deferred income 92,402,790.19 100,318,829.17
Deferred income tax liabilities 48,787,305.39 40,433,744.03
Other non-current liabilities
Total non-current liabilities 148,117,793.07 148,619,576.27
Total liabilities 4,869,520,524.97 5,636,169,065.25
Owner’s equity:
Capital stock 944,983,916.00 944,938,916.00
Other equity instruments
Inc: Preferred shares
Perpetual bonds
Capital reserve 255,677,185.02 245,855,894.16
Less: treasury share
Other comprehensive income -102,272,238.42 -99,859,332.25
Special reserve
Surplus reserve 474,516,412.50 474,516,412.50
General risk reserves
Undistributed profits 10,037,769,444.57 9,932,003,800.67
Total owners’ equity attributable to the
parent company
Minority interests 71,773,475.08 74,438,357.82
Total owners’ equity 11,682,448,194.75 11,571,894,048.90
Total liabilities and owner’s equity 16,551,968,719.72 17,208,063,114.15
Legal representative: Ren Fujia Person in charge of accounting: Zhang Guofu Head of the accounting body: Zhang Guofu
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
In RMB
Item Ending balance Beginning balance
Current assets:
Cash and cash equivalents 1,294,122,780.40 918,874,104.42
Financial assets held for trading 2,610,000,000.00 3,150,000,000.00
Derivative financial assets
Notes receivable 532,527,772.22 523,249,511.10
Accounts receivable 1,559,946,532.86 1,602,061,559.51
Accounts receivable financing
Prepayments 146,657,260.02 165,128,922.34
Other receivables 57,097,798.34 46,373,203.37
Inc: Interests receivable
Dividends receivable 400,000.00
Inventory 1,256,925,249.66 1,236,807,100.71
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year 3,300,412,030.50 499,143,689.50
Other current assets 82,633,645.41 85,399,390.87
Total current assets 10,840,323,069.41 8,227,037,481.82
Non-current assets:
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 375,626,387.84 359,003,369.68
Investment in other equity instruments 2,116,023.22 2,116,023.22
Other non-current financial assets 800,000,000.00
Investment properties 5,685,702.36 5,844,077.68
Fixed assets 1,978,080,262.66 2,014,588,155.12
Construction in process 28,427,693.17 46,511,377.40
Biological assets for production
Oil & gas assets
Right-of-use assets
Intangible assets 134,235,476.38 138,595,427.42
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term prepaid expenses 1,477,112.04 1,293,597.65
Deferred income tax assets: 295,800,174.50 303,767,891.68
Other non-current assets 2,288,796,466.52 4,812,563,358.50
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Total non-current assets 5,110,245,298.69 8,484,283,278.35
Total assets 15,950,568,368.10 16,711,320,760.17
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payables 893,939,795.24 1,039,112,638.02
Accounts payable 1,973,947,688.66 2,506,156,790.78
Advance receipts
Contract liabilities 784,117,483.30 868,921,179.27
Payroll payable 19,204,786.20 142,644,938.67
Taxes payable 118,366,010.61 104,865,287.45
Other payables 265,795,601.43 269,282,117.78
Inc: Interests payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 81,759,146.32 94,783,314.31
Total current liabilities 4,137,130,511.76 5,025,766,266.28
Non-current liabilities:
Long-term loans
Bonds payable
Inc: Preferred shares
Perpetual bonds
Lease liabilities
Long-term accounts payable
Long-term payroll payable
Estimated liabilities
Deferred income 62,147,694.79 69,101,835.67
Deferred income tax liabilities 44,373,470.77 35,534,453.35
Other non-current liabilities
Total non-current liabilities 106,521,165.56 104,636,289.02
Total liabilities 4,243,651,677.32 5,130,402,555.30
Owner’s equity:
Capital stock 944,983,916.00 944,938,916.00
Other equity instruments
Inc: Preferred shares
Perpetual bonds
Capital reserve 255,632,202.15 245,810,911.29
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 10,131,941,794.29 10,015,809,599.24
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Total owners’ equity 11,706,916,690.78 11,580,918,204.87
Total liabilities and owner’s equity 15,950,568,368.10 16,711,320,760.17
In RMB
Item The first half of 2026 The first half of 2025
I. Total operating income 3,972,387,199.38 4,607,524,703.26
Inc: Operating income 3,972,387,199.38 4,607,524,703.26
Interest income
Earned premium
Fee and commission income
II. Total operating costs 3,408,030,684.17 3,856,874,131.23
Inc: Operating costs 1,964,839,571.74 2,283,762,522.42
Interest expenses
Fee and commission expenses
Surrender value
Net payments for insurance
claims
Net allotment of reserves for
insurance liabilities
Policy dividend expenditures
Reinsurance expenses
Taxes and surcharges 21,982,994.50 27,865,265.95
Sales expenses 1,089,904,534.74 1,249,377,013.90
Administrative expenses 235,361,486.07 206,605,747.81
R&D expenses 157,591,442.53 158,939,711.88
Financial expenses -61,649,345.41 -69,676,130.73
Including: Interest expenses 1,833,305.15 1,817,820.74
Interest income 69,902,801.73 73,328,708.38
Add: other income 81,392,197.02 57,093,555.90
Investment income (“-” for
losses)
Including: Income from
investment in joint ventures and -396,940.73 -6,437,701.16
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
(“-” for losses)
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Losses from asset impairment (“-
-41,120,659.20 3,783,969.51
” for losses)
Gains on disposal of assets (“-”
-591,998.67 -3,797,996.87
for losses)
III. Operating profits (“-” for losses) 679,333,174.24 840,200,588.82
Add: non-operating income 3,414,476.34 1,015,943.00
Less: non-operating expenditure 2,248,327.62 3,867,742.03
IV. Total profits (“-” for total losses) 680,499,322.96 837,348,789.79
Less: income tax expenses 104,883,916.74 134,376,892.39
V. Net profits (“-” for net losses) 575,615,406.22 702,971,897.40
(I) By operational sustainability
operations (“-” for net losses)
operations (“-” for net losses)
(II) By ownership
shareholders of the parent company (“-” 578,235,101.90 711,640,958.19
for net losses)
-2,619,695.68 -8,669,060.79
losses (“-” for net losses)
VI. After-tax net amount of other
-2,458,093.23 -398,030.76
comprehensive income
After-tax net amount of other
comprehensive income attributable to the -2,412,906.17 -387,130.35
owners of parent company
(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 -2,412,906.17 -387,130.35
losses
which can be transferred into gains and
losses under the equity method
debt investments
reclassified into other comprehensive
income
of other debt investments
-2,412,906.17 -387,130.35
currency statements
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
After-tax net amount of other
comprehensive income attributable to -45,187.06 -10,900.41
minority shareholders
VII. Total comprehensive income 573,157,312.99 702,573,866.64
Total comprehensive income
attributable to owners of the parent 575,822,195.73 711,253,827.84
company
Total comprehensive income
-2,664,882.74 -8,679,961.20
attributable to minority shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS 0.61 0.75
(II) Diluted EPS 0.61 0.75
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 Fujia Person in charge of accounting: Zhang Guofu Head of the accounting body: Zhang Guofu
In RMB
Item The first half of 2026 The first half of 2025
I. Operating income 3,473,771,907.44 4,060,211,446.03
Less: Operating costs 1,871,756,776.10 2,137,740,574.34
Taxes and surcharges 17,014,535.57 22,994,807.41
Sales expenses 711,584,942.66 884,188,940.64
Administrative expenses 185,124,539.84 159,648,381.97
R&D expenses 162,772,953.06 163,548,602.29
Financial expenses -63,603,738.16 -71,109,440.73
Including: Interest expenses 55,527.44
Interest income 69,510,979.68 72,075,069.52
Add: other income 72,294,366.42 52,300,832.02
Investment income (“-” for
losses)
Including: Income from
investment in joint ventures and 468,484.80 -2,846,136.10
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
(“-” for losses)
Losses from asset impairment (“-
-41,115,902.98 3,783,969.51
” for losses)
Gains on disposal of assets (“-”
-591,379.21 -3,797,214.45
for losses)
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
II. Operating profits (“-” for losses) 691,413,616.43 859,308,819.87
Add: non-operating income 2,981,928.61 957,115.20
Less: non-operating expenditure 1,269,065.00 2,652,147.26
III. Total profits (“-” for total losses) 693,126,480.04 857,613,787.81
Less: income tax expenses 104,524,826.99 133,084,761.58
IV. Net profits (“-” for net losses) 588,601,653.05 724,529,026.23
(I) Net profits from continuing
operations (“-” 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
debt investments
reclassified into other comprehensive
income
of other debt investments
currency statements
VI. Total comprehensive income 588,601,653.05 724,529,026.23
VII. EPS:
(I) Basic EPS
(II) Diluted EPS
In RMB
Item The first half of 2026 The first half of 2025
I. Cash flow from operating activities:
Cash received for the sale of goods
and rendering of services
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 48,804,088.19 13,660,908.41
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
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 232,461,537.27 351,113,323.34
Cash paid related to other operating
activities
Subtotal of cash outflow from operating
activities
Net cash flow from operating activities -362,290,925.91 511,206,760.85
II. Cash flow from investment activities:
Cash received from return of
investments
Cash received from return on
investments
Net cash received from disposal of 2,864.96 66,977.35
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
fixed assets, intangible assets and other
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 100,619,237.52 124,713,474.39
assets and other long-term assets
Cash paid to investments 2,290,100,000.00 2,000,000,990.00
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 1,166,565,207.76 -345,226,983.28
III. Cash flow from financing activities:
Cash from acquiring investments 6,159,891.20
Including: Cash received by
subsidiaries from investments of 2,396,306.20
minority shareholders
Cash from acquiring debts 84,100,000.00 94,600,000.00
Other cashes received in relation to
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for repayments of debts 76,614,342.27 91,660,278.92
Cash paid for distribution of
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 -466,095,619.64 -464,932,229.86
IV. Effect of change in exchange rate on
-1,601,816.77 -227,519.05
cash and cash equivalents
V. Net increase in cash and cash
equivalents
Plus: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
In RMB
Item The first half of 2026 The first half of 2025
I. Cash flow from operating activities:
Cash received for the sale of goods 3,724,143,563.40 4,816,982,368.90
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
and rendering of services
Refunds of taxes 48,769,142.02 13,626,004.77
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 189,832,312.90 293,362,457.93
Cash paid related to other operating
activities
Subtotal of cash outflow from operating
activities
Net cash flow from operating activities -249,334,301.55 500,528,101.75
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 884.96 66,977.35
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 99,492,784.62 123,907,338.44
assets and other long-term assets
Cash paid to investments 2,225,490,240.00 1,953,235,095.00
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 1,101,565,602.79 -347,694,766.13
III. Cash flow from financing activities:
Cash from acquiring investments 3,763,585.00
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 -472,469,458.00 -468,705,873.00
IV. Effect of change in exchange rate on -977,114.71 -182,555.45
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
cash and cash equivalents
V. Net increase in cash and cash
equivalents
Plus: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
Current amount
In RMB
The first half of 2026
Owners’ equity attributable to the parent company
Other equity Oth Tota
instruments Less er Und l
Gen Min
Item Capi Capi : com Spe Surp istri ority own
Pref Perp eral
tal tal treas preh cial lus bute Oth Subt inter ers’
erre etua risk
stoc Oth rese ury ensi rese rese d ers otal ests equi
d l rese
k ers rve shar ve rve rve prof ty
shar bon rves
e inco its
es ds me
- 11,4 11,5
I. Closing 99,8 97,4 71,8
balance of 59,3 55,6 94,0
last year 32.2 91.0 48.9
Plus:
Changes in
accounting
policies
Co
rrection of
errors of the
previous
period
Ot
hers
- 11,4 11,5
II. Opening 99,8 97,4 71,8
balance of 59,3 55,6 94,0
this year 32.2 91.0 48.9
III. Change - 105, 113, - 110,
in current 2,41 765, 219, 2,66 554,
period ("-" 2,90 643. 028. 4,88 145.
for decrease) 6.17 90 59 2.74 85
- 578, 575, - 573,
(I) Total
comprehensi
ve income
(II) Capital 45,0 9,82 9,86 9,86
invested and 00.0 1,29 6,29 6,29
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
decreased by 0 0.86 0.86 0.86
the owners
shares
invested by
the owners
invested by
holders of
other equity
instruments
share-based
payments
recognized in
owners’
equity
- - -
(III) Profit
distribution
Withdrawal
of surplus
reserve
Appropriatio
n of general
risk reserve
- - -
Distribution
to owners (or
shareholders)
(IV) Internal
carry-
forward of
owners’
equity
reserve
converted
into capital
(or capital
stock)
reserve
converted
into capital
(or capital
stock)
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
reserves
making up
for losses
of defined
benefit plans
carried
forward to
retained
earnings
comprehensi
ve income
carried
forward to
retained
earnings
(V) Special
reserve
Withdrawn
in current
period
current
period
(VI) Others
- 10,0 11,6 11,6
IV. Closing 944, 255, 474, 71,7
balance of 983, 677, 516, 73,4
current 916. 185. 412. 75.0
period 00 02 50 8
Amount of last year
In RMB
The first half of 2025
Owners’ equity attributable to the parent company
Other equity Oth Tota
instruments Less er Und Min l
Gen
Item Capi Capi : com Spe Surp istri ority own
Pref Perp eral
tal tal treas preh cial lus bute Oth Subt inter ers’
erre etua risk
stoc Oth rese ury ensi rese rese d ers otal ests equi
d l rese
k ers rve shar ve rve rve prof ty
shar bon rves
e inco its
es ds me
- 11,1 11,2
I. Closing 99,5 78,4 66,0
balance of 51,5 37,4 86,7
last year 92.9 43.1 41.1
Plus:
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Changes in
accounting
policies
Co
rrection of
errors of the
previous
period
Ot
hers
- 11,1 11,2
II. Opening 99,5 78,4 66,0
balance of 51,5 37,4 86,7
this year 92.9 43.1 41.1
III. Change 13,2 - 239, 252, - 245,
in current 17,3 387, 171, 158, 6,28 874,
period ("-" 94.3 130. 500. 514. 3,65 859.
for decrease) 4 35 19 18 5.00 18
- 711, 711, - 702,
(I) Total
comprehensi
ve income
(II) Capital 13,2 13,3 15,7
invested and 17,3 74,1 70,4
decreased by 94.3 44.3 50.5
the owners 4 4 4
shares
invested by
the owners
invested by
holders of
other equity
instruments
share-based 10,1 10,1 10,1
payments 59,2 59,2 59,2
recognized in 01.8 01.8 01.8
owners’ 4 4 4
equity
- - -
(III) Profit
distribution
Withdrawal
of surplus
reserve
Appropriatio
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
n of general
risk reserve
- - -
Distribution
to owners (or
shareholders)
(IV) Internal
carry-
forward of
owners’
equity
reserve
converted
into capital
(or capital
stock)
reserve
converted
into capital
(or capital
stock)
reserves
making up
for losses
of defined
benefit plans
carried
forward to
retained
earnings
comprehensi
ve income
carried
forward to
retained
earnings
(V) Special
reserve
Withdrawn
in current
period
current
period
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(VI) Others
- 11,4 11,5
IV. Closing 944, 250, 474, 9,86 81,3
balance of 938, 844, 516, 0,23 65,6
current 916. 941. 412. 4,41 42.9
period 00 53 50 0.64 2
Current amount
In RMB
The first half of 2026
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item Capita Prefer Perpet l treasu ehensi l s ribute owner
Others
l stock red ual Others reserv ry ve reserv reserv d s’
shares bonds e share incom e e profits equity
e
- 10,01 11,58
I. Closing 944,9 245,8 474,5
balance of 38,91 10,91 16,41
last year 6.00 1.29 2.50
Plus:
Changes in
accounting
policies
Co
rrection of
errors of the
previous
period
Ot
hers
- 10,01 11,58
II. Opening 944,9 245,8 474,5
balance of 38,91 10,91 16,41
this year 6.00 1.29 2.50
III. Change
in current 45,00
period ("-" 0.00
for decrease)
(I) Total 588,6 588,6
comprehensi 01,65 01,65
ve income 3.05 3.05
(II) Capital
invested and 45,00
decreased by 0.00
the owners
shares 45,00 678,6 723,6
invested by 0.00 00.00 00.00
the owners
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
invested by
holders of
other equity
instruments
share-based
payments
recognized in
owners’
equity
- -
(III) Profit 472,4 472,4
distribution 69,45 69,45
Withdrawal
of surplus
reserve
Distribution 472,4 472,4
to owners (or 69,45 69,45
shareholders) 8.00 8.00
(IV) Internal
carry-
forward of
owners’
equity
reserve
converted
into capital
(or capital
stock)
reserve
converted
into capital
(or capital
stock)
reserves
making up
for losses
of defined
benefit plans
carried
forward to
retained
earnings
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
comprehensi
ve income
carried
forward to
retained
earnings
(V) Special
reserve
Withdrawn
in current
period
current
period
(VI) Others
IV. Closing - 10,13 11,70
balance of 100,1 1,941, 6,916,
current 57,63 794.2 690.7
period 4.16 9 8
Amount of last year
In RMB
The first half of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item Capita Prefer Perpet l treasu ehensi l s ribute owner
Others
l stock red ual Others reserv ry ve reserv reserv d s’
shares bonds e share incom e e profits equity
e
- 11,24
I. Closing 944,7 237,5 474,5 9,692,
balance of 82,16 82,56 16,41 521,8
last year 6.00 4.32 2.50 23.09
Plus:
Changes in
accounting
policies
Co
rrection of
errors of the
previous
period
Ot
hers
- 11,24
II. Opening 944,7 237,5 474,5 9,692,
balance of 82,16 82,56 16,41 521,8
this year 6.00 4.32 2.50 23.09
III. Change 13,21 252,0 265,4
in current 7,394. 59,56 33,71
period ("-" 34 8.23 2.57
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
for decrease)
(I) Total 724,5 724,5
comprehensi 29,02 29,02
ve income 6.23 6.23
(II) Capital
invested and 156,7
decreased by 50.00
the owners
shares 156,7
invested by 50.00
the owners
invested by
holders of
other equity
instruments
share-based
payments
recognized in
owners’
equity
- -
(III) Profit 472,4 472,4
distribution 69,45 69,45
Withdrawal
of surplus
reserve
Distribution 472,4 472,4
to owners (or 69,45 69,45
shareholders) 8.00 8.00
(IV) Internal
carry-
forward of
owners’
equity
reserve
converted
into capital
(or capital
stock)
reserve
converted
into capital
(or capital
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
stock)
reserves
making up
for losses
of defined
benefit plans
carried
forward to
retained
earnings
comprehensi
ve income
carried
forward to
retained
earnings
(V) Special
reserve
Withdrawn
in current
period
current
period
(VI) Others
IV. Closing - 11,51
balance of 100,1 4,679,
current 57,63 044.3
period 4.16 2
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
As of June 30, 2026, the total capital stocks of the Company reached 944,983,916 shares, with a registered capital of RMB
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 27 August 2026.
IV. Basis for Preparation of Financial Statements
The Company'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 Company 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:
Notes on specific accounting policies and accounting estimates: Specific accounting policies and accounting estimates
formulated by the Company 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 Company as of June 30, 2026, as well as its business results, cash flow and other
relevant information for the first half of 2026.
The Company’s accounting period starts on January 1 and ends on December 31 on the Gregorian calendar.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company 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 during the reporting period Individual amount exceeding RMB 5 million
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
Investments in a single company exceeding RMB 50 million;
Significant non-wholly owned subsidiaries/joint ventures/joint
or income, net profit, net assets, or total assets of a single entity
operations and important overseas entities/structured entities
exceeding 5% of the relevant items in the consolidated
included in the consolidation scope
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 Company as the combining party in a business combination under common control
shall be measured at the book 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company measures the identifiable assets, liabilities and/or contingent liabilities of the acquiree at their
fair values on 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 Company is determined on the basis of control, including the
Company and all subsidiaries controlled by the Company. The criteria for determining control by the Company is that the
Company 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
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 Company 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 Company’s joint 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
For jointly-operated projects, the Company, as a joint operator, recognizes assets held and liabilities assumed individually,
as well as assets held and liabilities assumed on a share basis, and 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 Company’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 Company are converted into the base currency at the spot exchange rates prevailing on
the transaction dates upon initial recognition. On 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 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 on 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
The Company 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 Company 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 fair value through profit and loss. Financial assets are reclassified only when, and only if, the Company changes its
business model for managing financial assets, and such reclassification is applied to all affected financial assets.
In assessing the business model, the Company 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 Company analyzes the reasons for, timing, frequency and value of sales of financial assets prior to
maturity.
In assessing contractual cash flow characteristics, the Company 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 Company evaluates whether such modifications result in significant differences compared with benchmark cash flows. For
financial assets containing prepayment features, the Company 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company'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
be transferred out of such other comprehensive incomes and included into the current profit and loss. The Company's financial
assets in this classification mainly include: other debt investments, receivables financing.
The Company 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 Company 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 Company'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 Company 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
current profit and loss except those relating to hedge accounting. The Company's financial assets in this classification mainly
include: financial assets held for trading.
The financial asset formed by the contingent consideration confirmed during business combination not under the same
control are classified as those measured by its fair value by the Company, with changes included into current profits and losses.
(3) Classification, recognition and measurement of financial liability
The Company'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
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 Company’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 Company 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 Company, namely, the present value of a shortage of cash. The
Company considers the measurement of expected credit losses by reflecting the following elements: ① an unbiased probability-
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 on the balance sheet date.
The Company assesses expected credit losses on financial instruments on an individual and portfolio basis. When assessing
on a portfolio basis, the Company categorizes financial instruments into groups based on common credit risk characteristics. The
Company 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 Company 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 Company 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 Company 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 Company 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.
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 classification Basis for classification Provision method
The Company believed that there was no significant credit risk
Banker’s acceptance bill The acceptor is a banking financial in the banker's acceptance bills held by the Company and there
portfolio institution. will be no significant loss due to the default of the bank; the
expected credit loss rate is 0.
The acceptor is a non-bank The Company shall measure the bad-debt provision of
Commercial acceptance bill
financial institution or enterprise receivable commercial acceptance bill based on the expected
portfolio
like a finance 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company makes a provision for losses on the basis of a single loss provision
for the receivables from the customer.
The Company'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 on 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%
Determination and accounting method for expected credit loss of other accounts receivable
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
Contract asset refers to the rights of the Company to receive consideration for goods transferred to the customer, which
depend on other factors except for the lapse of time. Where the Company 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 Company will treat the collection rights as the contract assets.
The Company'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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 on 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%
Inventories of the Company 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.
On 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 Company 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Long-term equity investment of the Company includes the investment to the subsidiaries, and the equity investment to
associated enterprises and joint ventures.
(1) Determination of significant influence and joint control
Equity investments over which the Company has significant influence are classified as investments in associates. Significant
influence refers to that the Company 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 Company 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 Company, 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 Company 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.
(2) Accounting treatment method
The Company 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 on 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company'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 Company’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 on the acquisition date, and in accordance with the Company’s accounting policies and
accounting period. In addition, unrealized profits and losses arising from transactions between the Company and its associates and
joint ventures that do not constitute a business are eliminated to the extent of the Company’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 Company 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 Company 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.
(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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 on 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 on 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
Company 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.
Investment real estates held by the Company refer to real estates 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 Company 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 Company’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.
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Fixed assets are recognized when the economic benefits related thereto are likely to flow into the Company and their costs can be
measured reliably. The Company'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.
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
The Company 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 or loss for the current
period. Qualifying assets identified by the Company 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.
(1) 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 Company
are as follows:
Amortization
No. Category Amortization period Basis of determination
method
Straight-line
method
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(2) Scope of attribution of R&D expenditure and related accounting treatment
The scope of the Company'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 Company 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 Company
has demonstrated the technical feasibility of completing the intangible asset so that it will be available for use or sale; the
Company has the intention to complete and use or sell the intangible asset; the intangible asset is expected to generate economic
benefits for the Company; the Company has adequate technical, financial, and other resources to complete the development of the
intangible asset and 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 Company 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 on 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 Company 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 Company 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
For goodwill arising from business mergers, the Company allocates its carrying amount 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 VII. Notes to
Items in the Consolidated Financial Statements—18. Goodwill
Once recognized, impairment losses for the above assets shall not be reversed in subsequent accounting periods.
The Company'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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Contract liabilities reflect the obligations of the Company to transfer goods to the client for which consideration is received
or receivable from the client. Before the Company transfers goods to the client, and the client has paid the consideration in the
contract or the Company 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 client 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.
(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 on 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.
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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 Company recognizes it as a liability: the obligation is
currently being undertaken by the Company; 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 Company 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
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, on 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 on 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 on 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 Company. 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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
to the fair values of the liabilities assumed by the Company. 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 Company recognizes the income upon fulfillment of its performance obligations within the contract, that is, when the
client 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 on the commencement date of the contract, 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:
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;
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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;
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
(4) where the Company pays consideration to a customer (or to a third party that purchases the Company’s goods from the
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.
(3) Specific confirmation methods
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
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 Company’s assets related to the contract cost comprise the contract performance cost and the contract acquisition cost.
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.
Costs to fulfill a contract refer to costs incurred by the Company 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
Company's resources for fulfilling future performance obligations; and the costs are expected to be recoverable.
The contract acquisition cost refers to the incremental cost incurred by the Company 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 Company 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 the Company for purpose of acquiring the contract shall be included in the current profit or 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 Company’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 or losses.
(3) Impairment of assets related to contract cost
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Where the carrying amount of assets related to contract costs exceeds the difference between the following two amounts, the
Company 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 Company 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
Company 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.
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 Company 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 Company, 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 Company at a policy-based preferential interest rate, the Company
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 Ministry of Finance directly appropriate
the interest subsidy to the Company, the Company will deduct the corresponding interest subsidy against the 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)
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
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
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 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
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 financial lease accounts receivable, the Company takes net
investment in lease as entry value of financial lease accounts receivable.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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.
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.
(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 2026 when the adjustments stipulated in the new accounting
standards apply for the first time
□Applicable Not applicable
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
VI. Taxation
Category Tax base Tax rate
Revenue from sales of goods, installation
VAT 13%, 9%, 6%, 5%
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%
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%
Robam Appliances Investment (HK) Co., Ltd. (Note 1) Two-tiered tax system
(1) Preferential income tax policy
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
According to the Announcement of the State Taxation Administration on the Implementation of Preferential Income Tax
Policy for Hi-tech Enterprises (Announcement 2017 No. 24 of the State Taxation Administration), an enterprise shall prepay the
income tax temporarily at the rate of 15% before passing the re-certification in the year when the enterprise's Certificate of High-
Tech Enterprise expires, and if it still fails to obtain the qualification as a high-tech enterprise before the end of the year, it shall
make up for the taxes of the corresponding period in accordance with the regulations The Company has reapplied for the
qualification of high-tech enterprise. Before the recognition is approved, the corporate income tax will be temporarily prepaid at a
tax rate of 15% in 2026
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. and Hainan Robam
Intelligent 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.
(2) 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 (CS [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
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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Note 1: The Company's subsidiaries, Robam Appliances Holding (HK) Co., Ltd., Robam International (HK) Trading Co.,
Ltd., Robam Appliances (HK) Excellence Co., Ltd. and Robam Appliances Investment (HK) 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
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 102,922.02 90,657.72
Deposit in bank 1,504,839,595.49 1,167,338,722.58
Other cash and cash equivalents 64,988,828.73 68,828,480.23
Total 1,569,931,346.24 1,236,257,860.53
Including: total amount of funds 12,060,140.86 10,894,779.09
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
deposited overseas
Other description
The other cash and cash equivalents are RMB 64,988,828.73, including the L/G margin deposit of RMB 59,235,811.47, the bill
acceptance margin of RMB 4,860,000.16 and the ETC margin of RMB 14,000.00, the uses of which are limited; and the Alipay
and WeChat wallet balance is RMB 879,017.10, 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 1,100,000,000.00 1,800,000,000.00
Financial products 1,540,000,000.00 1,430,000,000.00
Including:
Total 2,640,000,000.00 3,230,000,000.00
(1) Classified presentation of notes receivable
In RMB
Item Ending balance Beginning balance
Banker’s acceptance 535,068,020.34 577,431,523.95
Trade acceptance 780,000.00 1,056,336.42
Less: provision for bad debts 39,000.00 52,816.82
Total 535,809,020.34 578,435,043.55
(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
Notes
receivab
le with
an
individu 0.00 0.00% 0.00 0.00% 0.00 0.00 0.00% 0.00 0.00% 0.00
al bad
debt
provisio
n
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Includ
ing:
Notes
receivab
le with
provisio
n for bad 100.00% 0.01% 100.00% 0.01%
debts on
a
collectiv
e basis
Includ
ing:
Banker’s
acceptan 99.85% 0.00 0.00% 99.82% 0.00 0.00%
ce
Trade
acceptan 0.15% 5.00% 0.18% 5.00%
ce
Total 100.00% 0.01% 100.00% 0.01%
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 52,816.82 0.00 13,816.82 0.00 0.00 39,000.00
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) 1,348,804,179.53 1,229,707,366.34
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Over 3 years 426,314,803.52 329,461,925.46
Over 5 years 65,347,877.26 19,714,599.26
Subtotal 2,140,585,686.58 2,074,012,802.51
Less: provision for bad debts 539,836,870.31 572,238,179.28
Total 1,600,748,816.27 1,501,774,623.23
(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 654,884, 414,292, 240,592, 772,629, 466,600, 306,028,
n for bad 981.47 307.72 673.75 500.18 596.37 903.81
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio 1,485,70 125,544, 1,360,15 1,301,38 105,637, 1,195,74
n for bad 0,705.11 562.59 6,142.52 3,302.33 582.91 5,719.42
debts on
a
collectiv
e basis
Includ
ing:
Aging-
based 69.41% 8.45% 62.75% 8.12%
portfolio
Total 100.00% 25.22% 100.00% 27.59%
Category by individual bad debt provision:
In RMB
Beginning balance Ending balance
Name
Book balance Bad debt reserve Book balance Bad debt reserve Percenta Reasons for
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
ge of provision
provisio
n
Expected to be
Unit 1 182,374,947.60 87,850,013.32 139,487,225.91 69,870,478.34 50.09% difficult to fully
recover
Expected to be
Unit 2 94,692,708.65 65,299,506.65 94,423,248.00 64,840,631.32 68.67% difficult to fully
recover
Unit 3 71,896,103.57 71,896,103.57 71,808,376.05 71,808,376.05
% difficult to recover
Expected to be
Unit 4 89,342,910.96 26,845,843.67 42,062,439.02 12,618,731.71 30.00% difficult to fully
recover
Expected to be
Unit 5 30,605,439.56 13,917,042.04 34,677,639.87 16,767,582.26 48.35% difficult to fully
recover
Expected to be
Unit 6 22,008,442.37 14,471,075.41 22,281,046.87 14,661,898.56 65.80% difficult to fully
recover
Expected to be
Unit 7 22,235,928.00 14,842,515.85 20,793,789.68 13,833,019.03 66.52% difficult to fully
recover
Expected to be
Unit 8 14,153,466.07 8,329,895.14 13,098,654.75 7,729,027.21 59.01% difficult to fully
recover
Expected to be
Unit 9 11,666,204.38 7,101,201.84 11,082,229.31 6,831,522.30 61.64% difficult to fully
recover
Expected to be
Unit 10 9,785,174.12 6,849,621.88 9,785,174.12 6,849,621.88 70.00% difficult to fully
recover
Expected to be
Unit 11 6,149,051.83 4,304,336.28 6,149,051.83 4,304,336.28 70.00% difficult to fully
recover
Expected to be
Unit 12 5,729,564.29 3,684,795.00 5,454,207.48 3,492,045.24 64.02% difficult to fully
recover
Summary Expected to be
of other 211,989,558.78 141,208,645.72 183,781,898.58 120,685,037.54 65.67% difficult to fully
companies recover
Total 772,629,500.18 466,600,596.37 654,884,981.47 414,292,307.72
Category for bad debt provision on a collective basis: account age
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 1,255,275,531.49 62,767,098.57 5.00%
Over 5 years 10,741,843.14 10,741,843.14 100.00%
Total 1,485,700,705.11 125,544,562.59
Description on basis for determining portfolio：
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 572,238,179.28 38,392,866.80 32,606,523.74 852,940.10 37,334,711.93 539,836,870.31
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
The debtor experiences
cash flow difficulties,
Collection of accounts
Unit 1 47,715,404.44 Bank transfer, offset and it is expected to be
receivable
difficult to fully
recover
Total 47,715,404.44
(4) Accounts receivable actually written off in the current period
In RMB
Item Amounts written off
Accounts receivable actually written off 852,940.10
(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 1 463,171,450.54 0.00 463,171,450.54 21.64% 23,155,439.41
Unit 2 81,476,358.38 0.00 81,476,358.38 3.81% 37,564,127.32
Unit 3 69,945,762.56 0.00 69,945,762.56 3.27% 3,497,288.13
Unit 4 55,987,747.71 0.00 55,987,747.71 2.62% 39,191,423.40
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Unit 5 44,795,558.46 0.00 44,795,558.46 2.09% 12,860,608.97
Total 715,376,877.65 0.00 715,376,877.65 33.43% 116,268,887.23
In RMB
Item Ending balance Beginning balance
Dividends receivable 400,000.00
Other receivables 108,769,365.44 73,133,704.37
Total 108,769,365.44 73,533,704.37
(1) Dividends receivable
In RMB
Item (or investee) Ending balance Beginning balance
Zhejiang Tingshuo Brand Operation
Management Co., Ltd.
Total 400,000.00
□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 72,447,193.01 40,881,838.97
Margin deposits/deposits 28,800,940.34 29,981,876.29
Proxy holding of project mortgage
properties
Withholdings 7,092,836.68 4,047,262.25
Cash reserve 8,760,565.05 4,720,272.88
Others 4,730,897.65 3,803,557.29
Less: provision for bad debts 27,603,493.52 24,838,757.31
Total 108,769,365.44 73,133,704.37
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) 106,175,024.13 68,817,484.17
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Over 3 years 17,463,051.07 16,334,664.86
Over 5 years 9,614,609.68 7,386,773.00
Less: provision for bad debts 27,603,493.52 24,838,757.31
Total 108,769,365.44 73,133,704.37
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 14,755,8 6,760,14 7,995,70 14,759,3 6,763,64 7,995,70
an 54.00 4.30 9.70 54.00 4.30 9.70
individu
al basis
Including:
Provisio
n for bad
debts on 121,617, 20,843,3 100,773, 83,213,1 18,075,1 65,137,9
a 004.96 49.22 655.74 07.68 13.01 94.67
collectiv
e basis
Including:
Aging-
based 89.18% 17.14% 84.94% 21.72%
portfolio
Total 100.00% 20.24% 100.00% 25.35%
Category by individual bad debt provision:
In RMB
Beginning balance Ending balance
Name Bad debt Percentage Reasons for
Book balance Bad debt reserve Book balance
reserve of provision provision
Expected
Unit 1 9,976,291.00 4,489,330.95 9,976,291.00 4,489,330.95 45.00%
impairment
Expected
Unit 2 1,892,194.00 851,487.30 1,892,194.00 851,487.30 45.00%
impairment
Expected
Unit 3 1,205,059.00 542,276.55 1,205,059.00 542,276.55 45.00%
impairment
Unit 4 657,783.00 296,002.35 657,783.00 296,002.35 45.00% Expected
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
impairment
Expected
Unit 5 636,327.00 286,347.15 636,327.00 286,347.15 45.00%
impairment
Expected
Unit 6 170,000.00 76,500.00 170,000.00 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 10,000.00 10,000.00 10,000.00 10,000.00 100.00% difficult to
recover
Unit 14 3,500.00 3,500.00
Total 14,759,354.00 6,763,644.30 14,755,854.00 6,760,144.30
Category for bad debt provision on a collective basis: account age
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within 1 year 94,424,766.48 4,723,074.01 5.00%
Over 5 years 9,443,123.33 9,443,123.33 100.00%
Total 121,617,004.96 20,843,349.22
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
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 1,
period
Provision in the current 2,809,838.61 2,809,838.61
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
period
Derecognition/write-
offs in the current 45,102.40 45,102.40
period
Balance as of June 30,
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 24,838,757.31 2,809,838.61 45,102.40 27,603,493.52
In RMB
Item Amounts written off
The actual write-off of other receivables 45,102.40
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
Collections by a
Unit 1 third 20,027,026.13 0-2 14.69% 1,054,286.82
party/deposits
Proxy holding of
Unit 2 project mortgage 9,976,291.00 Within 1 year 7.32% 4,489,330.95
properties
Collections by a
Unit 3 third 24,010,940.21 0-5 years 17.61% 1,577,985.49
party/deposits
Collections by a
Unit 4 4,670,989.23 Within 1 year 3.43% 233,549.46
third party
Unit 5 Collections by a 6,866,511.82 0-5 years 5.04% 369,590.59
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
third
party/deposits
Total 65,551,758.39 48.09% 7,724,743.31
(1) Advance payments presented by age
In RMB
Ending balance Beginning balance
Aging
Amount Percentage (%) Amount Percentage (%)
Within 1 year 184,987,638.57 95.58% 171,506,990.75 92.07%
Over 3 years 261,958.85 0.14% 116,614.59 0.06%
Total 193,531,858.61 186,281,708.91
(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 this year totaled RMB 65,950,437.85,
accounting for 34.08% 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 or inventory or
Item for for
Book balance Carrying value Book balance Carrying value
impairment impairment of
of the cost of the cost of
contract contract
performance performance
Raw materials 66,551,585.88 9,156,978.54 57,394,607.34 58,592,833.63 6,863,404.45 51,729,429.18
Products in
process
Finished goods 407,404,209.28 21,033,570.49 386,370,638.79 462,122,415.82 17,827,890.31 444,294,525.51
Contract
performance 160,123,712.67 160,123,712.67 94,994,339.86 0.00 94,994,339.86
costs
Goods on
consignment
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Low-value
consumables
Total 1,495,002,697.19 76,051,049.18 1,418,951,648.01 1,431,500,664.86 71,477,895.77 1,360,022,769.09
(2) Provision for obsolete inventory or for impairment of the cost of contract performance
In RMB
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 6,863,404.45 2,550,298.30 0.00 256,724.20 0.00 9,156,978.55
Finished goods 17,827,890.31 3,205,680.18 0.00 0.00 0.00 21,033,570.49
Goods on
consignment
Total 71,477,895.77 5,755,978.48 0.00 1,182,825.07 0.00 76,051,049.18
Reasons for Reversal or
Item Specific Basis for Determining Net Realizable Value Write-off in This Reporting
Period
Determined based on industry and market conditions, taking into
Shipped Goods, Inventory
account the estimated selling price, sales expenses, liquidation Sales transfer out
Goods
costs, and related taxes and fees.
Determined based on industry and market conditions, taking into
Raw materials, products in account the estimated selling price of the products to be
Production issuance
progress manufactured and the estimated costs and expenses to be
incurred until completion.
In RMB
Item Ending balance Beginning balance
Fixed term deposits maturing within one
year
Accrued interest on fixed term deposits
maturing within one year
Total 3,300,412,030.50 499,143,689.50
(1) Debt investments due within one year
□Applicable Not applicable
(2) Other debt investments due within one year
□Applicable Not applicable
In RMB
Item Ending balance Beginning balance
Prepaid taxes 731,116.95 3,068,681.12
Fixed-term deposit within one year 81,830,800.00 84,345,600.00
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Accrued interest on fixed term deposits
within one year
Total 83,464,762.36 88,468,071.99
In RMB
Reason for
being
Gains Loss Gains Loss designated
recognized recognized recognized recognized to be
in other in other in other in other Recognized measured
Name of Beginning comprehen comprehen comprehen comprehen dividends Ending at fair
item balance sive sive sive sive income in balance value
income for income for income at income at the period through
the current the current the end of the end of other
period period the period the period comprehen
sive
income
Suzhou
Industrial
Park
Ruican
Investment
Enterprise
(Limited
Partnership
)
Shanghai
MXCHIP
Informatio 2,116,023.2 17,832,510. 2,116,023.2
n 2 78 2
Technolog
y Co., Ltd.
Total
In RMB
Increase/decrease in the current period
Ope
ning Invest
Begin bala ment Adjust Ending
Cash Ending
ning nce profit ment balanc
divide balanc
balanc of and of e of
Additi Negati Other nds or Impair e
Investee e imp loss other impair
onal ve change profits ment （carr
（carr airm recogn compr Others ment
invest invest s in declare provisi ying
ying ent ized ehensi provisi
ment ment equity d and on value)
value) prov using ve on
distrib
isio the incom
uted
n equity es
metho
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
d
I. Joint venture
II. Associated enterprises
Zhejiang
Tingshuo
Brand 1,748,
Operation 308.5
Managem 5
ent Co.,
Ltd.
Shaoxing
Shuaige
Kitchen
and 1,781,
Bathroom 385.89
Technolo
gy Co.,
Ltd.
Subtotal 119.9 396,94
Total 119.9 396,94
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
Financial products 800,451,400.00
Total 800,451,400.00
(1) Investment real estate under the cost measurement mode
Applicable □Not applicable
In RMB
Item Buildings Land use right Construction in process Total
I. Original carrying
value
balance
amount in the current
period
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(1)
Outsourcing
(2) Transfer
from inventories/fixed
assets/construction in
progress
(3) Increased
amount in business
combination
amount in the current
period
(1) Disposal
(2) Other
transfer-out
II. Accumulated
depreciation and
amortization
balance
amount in the current 2,352,055.31 10,627.45 2,362,682.76
period
(1) Accrual
or amortization
amount in the current
period
(1) Disposal
(2) Other
transfer-out
III. Impairment
provision
balance
amount in the current
period
(1) Provision
amount in the current
period
(1) Disposal
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(2) Other
transfer-out
IV. Carrying value
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 2,131,088,542.33 2,173,620,976.82
Disposal of fixed assets 4,062.15 54,209.39
Total 2,131,092,604.48 2,173,675,186.21
(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 36,697.24 26,522,201.69 230,292.72 17,241,045.35 44,030,237.00
current period
(1)
Purchase
(2)
Transfer from
construction in
progress
(3)
Increased amount
in business
combination
amount in the 1,178,808.87 13,292.29 1,171,149.53 2,363,250.69
current period
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(1)
Disposal or 1,178,808.87 1,171,149.53 2,349,958.40
retirement
(2) Other
decreases
balance
II. Accumulated
depreciation
balance
amount in the 51,811,535.34 25,177,591.30 800,945.29 8,436,086.51 86,226,158.44
current period
(1)
Provision
amount in the 13,451.33 1,049,413.50 1,917.21 961,955.60 2,026,737.64
current period
(1)
Disposal or 13,451.33 1,049,413.50 961,955.60 2,024,820.43
retirement
(2) Other
decreases
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(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
(3) Disposal of fixed assets
In RMB
Item Ending balance Beginning balance
Machinery and equipment 4,062.15 54,209.39
Total 4,062.15 54,209.39
In RMB
Item Ending balance Beginning balance
Construction in process 28,427,693.17 46,511,377.40
Total 28,427,693.17 46,511,377.40
(1) Construction in progress
In RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Robam
Building 19,915,668.84 19,915,668.84 41,762,075.08 41,762,075.08
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 3,545,045.93 3,545,045.93 1,444,624.32 1,444,624.32
software
Other smaller
projects
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Total 28,427,693.17 28,427,693.17 46,511,377.40 46,511,377.40
(2) Current changes in major projects under construction
In RMB
Amou Propor
Includi
nt tion of Accum Interes
ng:
Increas transfe Other accum ulated t
capital
Beginn ed rred decrea ulative amoun capital
Ending Project ized Fundin
Name ing amoun into ses in constr t of ization
Budget balanc progre interes g
of item balanc t in the fixed the uction capital rate in
e ss (%) ts in source
e current assets current invest ized the
the
period in the period ment interes current
current
current in the t period
period
period budget
Robam
Buildi 1,483, 87.65 97.24
ng 398.44 % %
project
Total 0,800. ,075.0 ,804.6 ,668.8
(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 1,088,826.96 1,088,826.96
period
Full Text of Semi-Annual Report 2026, 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 Trademark
Item Land use right 3. Patent right Software Total
technology right
I. Original
carrying value
Beginning 224,593,935.95 7,300,000.00 67,003,923.85 24,624,622.64 323,522,482.44
balance
Increased
amount in the
current period
(1)
Purchase
(2)
Internal
research and
development
(3)
Increased
amount in
business
combination
Decreased
amount in the
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
current period
(1)
Disposal
balance
II.
Accumulated
amortization
Beginning 47,849,096.70 7,300,000.00 53,514,099.33 18,452,889.00 127,116,085.03
balance
Increased
amount in the
current period
(1)
Provision
Decreased
amount in the
current period
(1)
Disposal
balance
III. Impairment
provision
Beginning
balance
Increased
amount in the
current period
(1)
Provision
Decreased
amount in the
current period
(1)
Disposal
balance
IV. Carrying
value
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
carrying value
Beginning 176,744,839.25 13,489,824.52 6,171,733.64 196,406,397.41
carrying value
(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
investee or item Beginning
Ending balance
that generates balance Provision Disposal
goodwill
Kinde
Intelligent
Total 80,589,565.84 80,589,565.84
(3) Information regarding the asset group or portfolio of asset groups to which the goodwill relates
Composition of the Asset
Operating Segment and Basis Is This Consistent with
Name Group or Portfolio and the
for Classification Previous Years?
Basis Therefor
The asset groups to which The asset groups to which
goodwill is allocated at the goodwill is allocated at the
end of this period are the end of this period are the
same as those recognized same as those recognized
Kinde Intelligent Yes
upon goodwill impairment upon goodwill impairment
tests conducted on the date of tests conducted on the date of
acquisition and in previous acquisition and in previous
year. year.
Other description
The Company calculates the present value model of Kinde Intelligent’s future cash flows based on the five-year financial
budget for 2025–2029 approved by the management, using the going-concern assumption, and performs goodwill impairment tests
by using the higher of the asset’s fair value less costs of disposal and the present value of the asset’s projected future cash flows.
Based on testing, the Kinde Intelligent asset group continues to show signs of impairment, and the Company has fully provisioned
for the impairment of the RMB 80,589,600 in goodwill arising from its acquisition of Kinde Intelligent.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(4) Specific methods for determining the recoverable amount
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
(5) Fulfillment of performance commitments and corresponding goodwill impairments
Performance commitments existed at the time goodwill was recognized, and the current reporting period or the preceding reporting
period fell within the performance commitment period.
□Applicable Not applicable
In RMB
Increased amount Amount of
Item Beginning balance in the current amortization in the Other decreases Ending balance
period current period
Service fee 2,473,903.50 609,638.28 761,123.30 2,322,418.48
Advertisement
expenses
Tooling cost 441,301.43 30,371.69 410,929.74
Others 337,512.90 789,675.91 116,701.13 1,010,487.68
Total 3,252,717.83 15,550,257.59 2,841,385.11 15,961,590.31
(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:
Asset impairment
provision
Unrealized profits of
internal transactions
Loss from credit
impairment
Income that should be
recognized according
to tax laws but have 174,506,826.53 26,176,023.98 227,843,758.87 34,176,563.83
not been confirmed by
the accountant yet
Those recognized
based on the
provisional estimated
expenses
Deferred income 62,147,694.67 9,322,154.20 69,101,835.67 10,365,275.35
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 29,352,241.80 4,597,044.64 20,209,550.94 3,120,512.36
Lease liabilities 1,785,034.32 446,258.58 1,841,496.02 460,374.01
Total 2,181,279,722.62 353,367,501.53 2,107,035,778.73 325,584,003.83
(2) Deferred income tax liabilities before offset
In RMB
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 9,222,823.13 1,383,423.47 10,661,295.26 1,599,194.29
not under common
control
Temporary taxable
difference incurred
from pre-tax deduction
of fixed assets
Interest accrued on
deposits not yet 235,607,804.80 35,341,170.72 172,075,927.98 25,811,389.20
matured
Right-of-use assets 49,058.72 12,264.68 109,594.14 5,479.71
Total 325,215,996.79 48,787,305.39 269,631,356.17 40,433,744.03
(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 34,534,008.52 35,378,023.90
Deductible tax losses 107,602,591.65 90,925,810.39
Total 142,136,600.17 126,303,834.29
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(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 107,602,591.65 90,925,810.39
In RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Fixed term
deposits over
one year
Interest on
fixed term
deposits over
one year
Prepayments
for equipment 14,602,633.46 14,602,633.46 13,628,039.50 13,628,039.50
purchase
Prepayment for
house purchase
Commercial
properties held 285,880,146.41 128,646,065.88 157,234,080.53 213,656,936.74 96,145,621.53 117,511,315.21
for sale
Total 142,918,490.63 116,041,343.93
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 152,993,15 121,382,81 Mortgage 159,412,36 128,700,13 Mortgage
assets 1.92 9.33 loan 8.74 5.64 loan
Intangible 34,367,725. 29,847,674. Mortgage 58,626,799. 51,620,046. Mortgage
assets 00 90 loan 92 12 loan
Cash and Bank Bank
cash acceptance acceptance
equivalents bill margin bill margin
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
deposit deposit
Cash and
ETC ETC
cash 14,000.00 14,000.00 14,000.00 14,000.00
deposit deposit
equivalents
Cash and
Litigation
cash 40,252.34 40,252.34
freeze
equivalents
Total
(1) Short-term borrowing classification
In RMB
Item Ending balance Beginning balance
Mortgage loan 105,100,000.00 97,600,000.00
Others 120,163.89 138,579.05
Total 105,220,163.89 97,738,579.05
Description on the classification of short-term borrowings:
Kinde Intelligent, a subsidiary of the Company, entered into a secured loan agreement with the Shaoxing Shengzhou Branch
of Bank of Communications Co., Ltd., securing a credit line of RMB 80,000,000 from Bank of Communications. During the
current year, RMB 68,500,000 of the credit line was utilized, with an interest rate ranging from 2.97% to 3.02%. The collateral for
this loan is its Factory No. 1 building and the land located at 888 Ruanpeng Road, Shengzhou City, with a combined net value of
RMB 110,875,900. Kinde Intelligent, a subsidiary of the Company, entered into a secured loan agreement with the Shaoxing
Shengzhou Branch of China Minsheng Bank Co., Ltd., securing a credit line of RMB 40,000,000 from Minsheng Bank. During the
current year, the Company utilized RMB 36,600,000 of this credit line, with an interest rate ranging from 2.80% to 3.00%. The
collateral for this loan is its Factory No. 3 building and the land located at 888 Ruanpeng Road, Shengzhou City, with a combined
net value of RMB 40,354,600.
In RMB
Type Ending balance Beginning balance
Banker’s acceptance 910,139,795.24 1,102,064,932.55
Total 910,139,795.24 1,102,064,932.55
(1) Presentation of accounts payable
In RMB
Item Ending balance Beginning balance
Payment for materials 933,283,257.56 1,138,496,064.99
Payment for expenses 1,149,133,874.14 1,314,267,726.79
Payment for construction 98,836,886.63 198,859,801.32
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Payment for equipment 18,821,743.72 3,512,736.30
Total 2,200,075,762.05 2,655,136,329.40
(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 80,582,496.59 Not yet due for settlement
yet settled
Total 80,582,496.59
In RMB
Item Ending balance Beginning balance
Security deposits payable 275,859,819.48 274,086,791.21
Collections by a third party 3,245,728.39 7,020,719.71
Guarantee deposits payable 2,716,021.00 5,953,773.95
Others 7,759,453.50 7,372,840.23
Total 289,581,022.37 294,434,125.10
(1) Other payables
In RMB
Item Ending balance Beginning balance
Other payables 289,581,022.37 294,434,125.10
Total 289,581,022.37 294,434,125.10
In RMB
Reasons for outstanding or carried-
Item Ending balance
forward balances
Sales deposit 62,740,000.00 In a long-term partnership
Total 62,740,000.00
In RMB
Item Ending balance Beginning balance
Advances on sales 905,147,385.40 932,559,161.31
Total 905,147,385.40 932,559,161.31
Significant contract liabilities with an aging over one year
In RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Reasons for outstanding or carried-
Item Ending balance
forward balances
Payments for goods not yet accepted 28,120,371.75 Not yet accepted
Total 28,120,371.75
(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 6,738,759.33 43,945,539.71 48,903,259.61 1,781,039.43
contribution plan
III. Termination
benefits
Total 179,852,713.89 454,627,915.54 599,840,520.84 34,640,108.59
(2) Presentation of short-term compensation
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
subsidies and 167,864,605.78 338,812,372.94 479,205,762.20 27,471,216.52
allowances
Including:
medical insurance
Work-
related injury insurance
funds
staff education 666,361.96 10,928,895.74 8,602,767.26 2,992,490.44
expenses
Total 172,896,873.26 409,488,234.98 549,691,837.70 32,693,270.54
(3) Presentation of the defined contribution plans
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
insurance
Total 6,738,759.33 43,945,539.71 48,903,259.61 1,781,039.43
In RMB
Item Ending balance Beginning balance
VAT 81,940,613.20 67,418,099.86
Business income tax 84,187,944.63 16,554,366.22
Individual income tax 2,314,087.24 6,098,883.58
City maintenance and construction tax 4,565,808.75 4,749,489.91
Property tax 18,256.60 15,322,296.22
Land use tax 5,674,367.50
Stamp tax 1,709,635.45 1,815,714.01
Education surcharge 1,956,015.94 2,035,495.68
Local education surcharge 1,304,517.31 1,356,997.22
Other taxes 2,235.47 11,026.56
Total 177,999,114.59 121,036,736.76
In RMB
Item Ending balance Beginning balance
Lease liabilities due within one year 1,715,819.85 1,967,891.30
Total 1,715,819.85 1,967,891.30
In RMB
Item Ending balance Beginning balance
Output VAT to be carried forward 96,883,559.92 102,759,019.62
Total 96,883,559.92 102,759,019.62
In RMB
Item Ending balance Beginning balance
Lease payment amount 9,534,054.59 10,966,863.79
Unrecognized financial expenses -890,537.25 -1,131,969.42
Non-current liabilities due within one
-1,715,819.85 -1,967,891.30
year after reclassification
Total 6,927,697.49 7,867,003.07
In RMB
Item Beginning balance Increase in the Decrease in Ending balance Cause of formation
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
current period current Period
Government
subsidies
Total 100,318,829.17 7,916,038.98 92,402,790.19
In RMB
Increase and decrease of this change (+, -)
Beginning Shares Ending
balance Issue of new converted balance
Bonus shares Others Subtotal
shares from capital
reserve
Total number 944,938,916. 944,983,916.
of shares 00 00
In RMB
Increase in the current Decrease in current
Item Beginning balance Ending balance
period Period
Capital (stock)
premium
Other capital reserves 20,301,582.76 9,142,690.86 29,444,273.62
Total 245,855,894.16 9,821,290.86 255,677,185.02
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 100,157,63 100,157,63
that cannot 4.16 4.16
be
reclassified
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
into profit
and loss
Changes in
the fair
value of
- -
other
equity
instrument
investment
s
(II) Other
comprehen
sive
income - - -
which will 298,301.91 2,458,093.2 2,412,906.1 -45,187.06 2,114,604.2
be 3 7 6
reclassified
into gains
and losses
Conve
rted
- - -
difference
in foreign
currency
statements
Total of
other - - - -
comprehen 99,859,332. 2,458,093.2 2,412,906.1 -45,187.06 102,272,23
sive 25 3 7 8.42
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 3,856,285,331.43 1,907,371,654.26 4,498,866,991.01 2,225,624,008.17
Other businesses 116,101,867.95 57,467,917.48 108,657,712.25 58,138,514.25
Total 3,972,387,199.38 1,964,839,571.74 4,607,524,703.26 2,283,762,522.42
Breakdown of operating income and operating costs:
In RMB
Contract Amount of the current period Amount of the previous period
categories Operating income Operating costs Operating income Operating costs
Industry 3,972,387,199.38 1,964,839,571.74 4,607,524,703.26 2,283,762,522.42
Kitchen and
bathroom 3,856,285,331.43 1,907,371,654.26 4,498,866,991.01 2,225,624,008.17
appliances
Other
businesses
Product
category
Range hood 1,971,708,236.17 929,446,723.65 2,205,199,571.60 1,027,472,744.29
Gas stove 988,230,835.36 422,296,463.03 1,156,313,826.74 519,651,653.74
Other 1,246,011,304.92 736,638,124.39
products
Region 3,972,387,199.38 1,964,839,571.74 4,607,524,703.26 2,283,762,522.42
East China 1,647,049,698.62 725,748,412.38 2,148,385,617.34 949,234,266.57
South China 480,801,254.09 270,675,280.48 551,644,073.12 307,422,092.92
North China 552,537,467.68 280,393,643.53 562,967,521.52 296,556,086.26
Central China 494,580,143.91 278,942,622.27 450,059,047.37 244,508,844.18
Southwest
China
Other regions 565,823,584.52 299,517,732.83 564,459,049.93 302,162,758.96
Channels 3,972,387,199.38 1,964,839,571.74 4,607,524,703.26 2,283,762,522.42
Direct sales 1,928,263,325.28 860,560,685.88 2,009,164,217.47 912,053,111.84
Sales by
proxy
Developer 651,359,170.21 372,826,017.14
channel
Other 37,725,673.95 11,056,615.06
channels
Total 3,972,387,199.38 1,964,839,571.74 4,607,524,703.26 2,283,762,522.42
As of the end of the reporting period, revenue corresponding to performance obligations under contracts that have been
signed but have not yet been fulfilled or have not yet been fully fulfilled amounted to RMB 905,147,385.40, of which RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
In RMB
Item Amount of the current period Amount of the previous period
City maintenance and construction tax 10,135,458.19 13,700,731.55
Education surcharge 7,238,463.91 9,784,737.37
Property tax 1,489,264.73 1,191,102.58
Land use tax 38,466.24 353,985.29
Stamp tax 2,773,853.67 2,756,188.41
Vehicle and vessel tax 6,099.84 5,619.84
Environmental protection tax 8,506.48
Others 292,881.44 72,900.91
Total 21,982,994.50 27,865,265.95
In RMB
Item Amount of the current period Amount of the previous period
Employees compensation 109,842,687.29 96,582,472.53
Depreciation and amortization 43,097,666.52 36,908,190.28
Consulting service fees 25,516,947.47 21,179,158.72
Material consumption 8,404,978.53 9,883,126.78
Office expenses 12,988,567.53 9,138,338.13
Rental and property fees 4,101,246.62 5,239,804.89
Business hospitality cost 6,444,280.73 4,286,357.11
Maintenance expenses 4,427,787.95 1,913,452.45
Communication expense 2,376,332.45 2,797,982.43
Costs of equity incentive 9,142,690.86 10,159,201.78
Travel expenses 1,605,535.55 1,306,584.06
Travel expenses 1,528,111.98 1,160,024.46
Others 5,884,652.59 6,051,054.19
Total 235,361,486.07 206,605,747.81
In RMB
Item Amount of the current period Amount of the previous period
Marketing service expenses 506,098,562.04 594,828,538.99
Advertisement expenses 202,871,055.80 313,257,521.30
Employees compensation 182,297,754.88 174,257,272.44
Booth decoration expenses 95,212,307.83 46,888,303.90
Promotional activity expenses 23,544,702.36 38,342,764.13
Material consumption 34,780,101.04 27,817,794.82
Intermediary service fees 6,002,827.19 10,799,797.12
Travel expenses 14,136,926.69 12,649,155.59
Business hospitality cost 6,280,054.49 6,762,389.99
Office expenses 4,230,500.04 7,764,500.01
Rental fees 5,694,116.54 7,005,201.68
Others 8,755,625.84 9,003,773.93
Total 1,089,904,534.74 1,249,377,013.90
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
In RMB
Item Amount of the current period Amount of the previous period
Employees compensation 87,944,985.99 85,394,386.08
Direct input 55,002,045.58 57,971,604.10
Other expenses 5,310,718.92 1,837,129.72
Depreciation and amortization 7,738,446.15 7,323,019.35
Design fees 1,595,245.89 6,413,572.63
Total 157,591,442.53 158,939,711.88
In RMB
Item Amount of the current period Amount of the previous period
Interest expenses 1,833,305.15 1,817,820.74
Less: Interest income 69,902,801.73 73,328,708.38
Add: foreign exchange gain/loss 5,476,211.70 187,003.57
Add: other expenses 943,939.47 1,647,753.34
Total -61,649,345.41 -69,676,130.73
In RMB
Sources generating other incomes Amount of the current period Amount of the previous period
VAT and additional tax deduction 11,515,074.15 14,011,359.51
Amortization of deferred income 7,916,038.98 11,121,043.72
Embedded software tax refund 47,937,631.76 12,792,704.77
Financial support fund to boost the
corporate development
Post allowance and social insurance
allowance
Special funds for industrial development 7,983,850.00 4,980,950.00
R&D subsidies 0.00 640,975.00
Handling fee refund 1,012,715.90 1,186,583.09
Training subsidies 2,400.00 0.00
Patent awards 2,107,300.00 421,900.94
Other subsidies 2,025,022.71 379,821.10
Total 81,392,197.02 57,093,555.90
In RMB
Item Amount of the current period Amount of the previous period
Income from long-term equity
investments accounted for using the -396,940.72 -6,437,701.16
equity method
Investment income from disposal of
financial assets held for trading
Total 47,351,275.36 17,324,530.35
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
In RMB
Item Amount of the current period Amount of the previous period
Bad debt losses on notes receivable 13,816.82 216,982.79
Bad debt losses from accounts receivable 23,519,688.59 16,979,494.27
Bad debt losses of other receivables 4,412,339.11 -2,050,519.16
Total 27,945,844.52 15,145,957.90
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 -4,829,877.60 17,867,109.74
performance
XII. Other -36,290,781.60 -14,083,140.23
Total -41,120,659.20 3,783,969.51
In RMB
Sources of asset disposal income Amount of the current period Amount of the previous period
Non-current asset disposal income -591,998.67 -3,797,996.87
Including: Gains on disposal of non-
-391,036.69 -3,701,893.51
current assets classified as held for sale
Gains on disposal of non-current assets
-200,961.98 -96,103.36
not classified as held for sale
Including: income from disposal of fixed
-200,961.98 -96,103.36
assets
Total -591,998.67 -3,797,996.87
In RMB
Amount included in the
Amount of the previous
Item Amount of the current period current non-recurring profit
period
and loss
Gains on exchange of non-
monetary assets
Gains from non-current asset
damage or retirement
Liquidated damages and fines 80.00
Others 3,414,467.49 1,015,863.00 3,414,467.49
Total 3,414,476.34 1,015,943.00 3,414,476.34
Other description:
Full Text of Semi-Annual Report 2026, 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
Donations to external entities 1,023,500.00 2,120,000.00 1,023,500.00
Losses from non-current asset
damage or retirement
Abnormal loss 244,773.20 1,518,446.34 244,773.20
Amercement outlay 389,274.80 82,179.97 389,274.80
Liquidated damages and
compensation
Others 585,202.79 131,354.25 585,202.79
Total 2,248,327.62 3,867,742.03 2,248,327.62
(1) Presentation of income tax expenses
In RMB
Item Amount of the current period Amount of the previous period
Current income tax expenses 117,747,173.58 171,572,394.25
Deferred income tax expenses -12,863,256.84 -37,195,501.86
Total 104,883,916.74 134,376,892.39
(2) Adjustment of accounting profit and income tax expense
In RMB
Item Amount of the current period
Total profit 680,499,322.96
Income tax expense calculated based on statutory/applicable
tax rate
Effects of the subsidiaries’ application of different tax rates 3,396,636.18
Effects of the adjustment of income tax in previous period -245,245.28
Effects of the non-deductible costs, expenses and losses 1,220,752.99
Effects of using deductible losses of unrecognized deferred
-415,629.46
income taxes in the previous period
Effects of the deductible temporary differences or deductible
losses of unrecognized deferred income tax assets in the current 1,180,273.67
period
Unrealized profits and losses of internal transactions -2,327,769.80
Income tax expense 104,883,916.74
For further details, see Note VII. Notes to Items in the Consolidated Financial Statements—36. Other comprehensive incomes.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(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 11,832,740.24 18,133,729.14
Deposits and margin deposits 6,414,939.32 9,022,818.14
Cash reserve 0.00 952,540.03
Revenue collected and payment made on
behalf of other agencies
Interest revenue on deposits 3,663,549.10 8,692,154.10
Other payments 4,659,439.03 3,870,685.36
Total 27,576,736.26 46,269,735.27
Other cash paid relating to operating activities
In RMB
Item Amount of the current period Amount of the previous period
Expenses during the period 1,322,784,693.86 1,325,427,136.03
Revenue collected and payment made on
behalf of other agencies
Letter of credit and acceptance bill
margin
Deposits and margin deposits 10,002,959.54 10,452,605.41
Cash reserve 1,737,959.48 2,538,268.61
Others 830,253.32 1,193,290.15
Total 1,337,499,468.02 1,352,422,258.15
(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 term deposit and interest 105,780,968.46 1,454,835,086.78
Total 105,780,968.46 1,454,835,086.78
Other cash paid relating to investment activities
In RMB
Item Amount of the current period Amount of the previous period
Fixed term deposit 283,073,600.00 950,000,000.00
Total 283,073,600.00 950,000,000.00
(3) Cash related to financing activities
Other cash paid in relation to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Rental 1,109,049.00 1,056,237.08
Total 1,109,049.00 1,056,237.08
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 575,615,406.22 702,971,897.40
Add: Asset impairment provision 41,120,659.20 -3,783,969.51
Depreciation of fixed assets,
depreciation of oil and gas assets, and
depreciation of productive biological
assets
Depreciation of right-of-use
assets
Amortization of intangible assets 6,213,526.00 6,715,739.02
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
-56,222,359.95 66,634,765.63
be indicated with“-”)
Investment losses (gains
-47,351,275.36 -17,324,530.35
expressed with “-”)
Decrease in deferred income tax
assets (increase shall be indicated with “- -27,783,497.70 -41,242,805.69
”)
Increase in deferred income tax
liabilities (decrease shall be indicated 8,353,561.36 1,429,390.97
with “-”)
Decrease in inventories (increase
-63,502,032.34 -42,194,983.14
shall be indicated with “-”)
Decrease in operating receivables
-61,262,130.69 91,739,738.61
(increase shall be indicated with “-”)
Increase in operating payables
-802,641,431.76 -321,808,721.01
(decrease expressed with “-”)
Others -27,945,844.52 -15,139,611.11
Net cash flow from operating
-362,290,925.91 511,206,760.85
activities
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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 1,505,821,534.61 1,219,123,585.55
Less: cash beginning balance 1,169,244,689.17 1,518,303,556.89
Add: ending balance of cash
equivalents
Less: cash equivalents at the beginning
of the period
Net increase in cash and cash
equivalents
(2) Composition of cash and cash equivalents
In RMB
Item Ending balance Beginning balance
I. Cash 1,505,821,534.61 1,169,244,689.17
Including: cash on hand 102,922.02 90,657.72
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 6,460,536.80 6.8109 44,002,070.09
EUR 1,148.54 7.7671 8,920.83
HKD 1,021.90 0.86855 887.57
AUD 3.86 4.6804 18.07
MYR (Malaysian ringgit) 686,492.50 1.67342 1,148,790.28
IDR (Indonesian rupiah) 616,853,148.00 0.000381 235,021.05
Accounts receivable
Including: USD 8,742,404.70 6.8109 59,543,644.17
IDR (Indonesian rupiah) 690,869,917.19 0.000381 263,221.44
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
MYR (Malaysian ringgit) 1,994,478.73 1.67342 3,337,600.60
(2) The nature of currency non-convertibility and its financial implications, the spot rates used and the
process for estimating them, and the risks faced by the entity due to currency non-convertibility
□Applicable Not applicable
(3) Description for overseas operating entities, including the disclosure of the main business location
overseas, bookkeeping base currency and selection basis for the important business entity overseas as
well as the reason for the change of bookkeeping base currency (if any).
□Applicable Not applicable
(4) Cases where the bookkeeping base currency of a foreign operation is not convertible into the entity’s
presentation currency
□Applicable Not applicable
VIII. R&D expenditure
In RMB
Item Amount of the current period Amount of the previous period
Total 157,591,442.53 158,939,711.88
Total 157,591,442.53 158,939,711.88
Including: Expensed R&D expenditure 157,591,442.53 158,939,711.88
IX. 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
Shanghai Businesses
Robam Sales of combination
Appliances 5,000,000.00 Shanghai Shanghai kitchen 100.00% under
Sales Co., appliances common
Ltd. control
Beijing Businesses
Robam Sales of combination
Appliances 5,000,000.00 Beijing Beijing kitchen 100.00% under
Sales Co., appliances common
Ltd. control
Hangzhou Acquisition
Sales of
MingQi 50,000,000.0 upon its
Hangzhou Hangzhou kitchen 100.00%
Electric Co., 0 establishmen
appliances
Ltd. t
Shengzhou 32,653,061.0 Shaoxing Shaoxing Production 51.00% Business
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Kinde 0 and sales of combination
Intelligent kitchen not under
Kitchen appliances common
Appliances control
Co., Ltd.
Shengzhou Production
Establishmen
Dijia and sales of
Technology kitchen
subsidiary
Co., Ltd. appliances
De Dietrich
Household Acquisition
Sales of
Appliances 80,000,000.0 upon its
Shanghai Shanghai kitchen 51.00%
Trading 0 establishmen
appliances
(Shanghai) t
Co., Ltd.
Hangzhou Acquisition
Sales of
Jinhe Electric 10,000,000.0 upon its
Hangzhou Hangzhou kitchen 100.00%
Appliances 0 establishmen
appliances
Co., Ltd. t
Hangzhou
Robam Asset, Acquisition
Fuchuang 10,000,000.0 investment upon its
Hangzhou Hangzhou 100.00%
Investment 0 management, establishmen
Management etc. t
Co., Ltd.
Robam
Asset, Acquisition
Appliances
investment upon its
Holding 2,250,000.00 Hong Kong Hong Kong 100.00%
management, establishmen
(HK) Co.,
etc. t
Ltd.
Robam
Acquisition
International Sales of
upon its
(HK) 500,000.00 Hong Kong Hong Kong kitchen 100.00%
establishmen
Trading Co., appliances
t
Ltd.
Robam Asset, Acquisition
Appliances investment upon its
U.S. Holding management, establishmen
Co., Ltd. etc. t
Robam
Acquisition
Appliances Sales of
upon its
Los Angeles 2,500,000.00 Los Angeles Los Angeles kitchen 70.00%
establishmen
Trade Co., appliances
t
Ltd.
Robam
Asset, Acquisition
Appliances
investment upon its
(HK) 50,000.00 Hong Kong Hong Kong 100.00%
management, establishmen
Excellence
etc. t
Co., Ltd.
Indonesia Acquisition
Sales of
Robam upon its
Appliances establishmen
appliances
LLC t
Robam Acquisition
Sales of
Appliances Kuala Kuala upon its
International Lumpur Lumpur establishmen
appliances
Trading t
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(Malaysia)
Co., Ltd.
Hangzhou Acquisition
Sales of
Robam E- 10,000,000.0 upon its
Hangzhou Hangzhou kitchen 100.00%
commerce 0 establishmen
appliances
Co., Ltd. t
Chengdu
Acquisition
Robam Software
upon its
Innovation 5,000,000.00 Chengdu Chengdu development 100.00%
establishmen
Technology services
t
Co., Ltd.
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 Acquisition
Sales of
Robam E- upon its
commerce establishmen
appliances
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
Hangzhou
Robam Acquisition
Sales of
Commercial 50,000,000.0 upon its
Hangzhou Hangzhou kitchen 100.00%
Kitchen 0 establishmen
appliances
Technology t
Co., Ltd.
Hainan
Acquisition
Robam Sales of
Intelligent Haikou Haikou kitchen 100.00%
Technology appliances
t
Co., Ltd.
Robam
Asset, Acquisition
Appliances
investment upon its
Investment 10,000.00 Hong Kong Hong Kong 100.00%
management, establishmen
(HK) Co.,
etc. t
Ltd.
(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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Shengzhou Kinde
Intelligent Kitchen 49.00% -3,718,357.66 68,723,407.21
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 49,457 274,40 323,86 148,95 34,656 183,61 49,942 284,68 334,62 150,67 36,110 186,78
Kitche ,557.7 9,113. 6,671. 8,154. ,665.3 4,819. ,501.0 4,103. 6,604. 5,463. ,804.4 6,268.
n 3 56 29 54 4 88 8 59 67 74 7 21
Applia
nces
Co.,
Ltd.
Robam
Applia
nces
Los 1,278, 3,186,
,151.1 ,119.0 ,781.6 0.00 ,781.6 ,452.9 ,013.0 ,101.1 0.00 ,101.1
Angele 967.90 560.16
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 24,584,328. 32,899,556.
Kitchen 69 79
Appliances
Co., Ltd.
Robam
Appliances - - -
Los 2,197,549.6 1,026,475.8 1,026,475.8
Angeles 3 9 9
Trade LLC
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
(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 1,808,918.87
Totals of the following items calculated
as per respective shareholding proportion
- Net profit -5,929,180.03 -4,542,282.24
- Total comprehensive income -5,929,180.03 -4,542,282.24
Associates:
Total carrying value of investment 3,998,179.24 4,366,896.36
Totals of the following items calculated
as per respective shareholding proportion
- Net profit -4,117,526.16 157,036.68
- Total comprehensive income -4,117,526.16 157,036.68
X. Government subsidies
□Applicable Not applicable
Reasons for not receiving the projected amount of government subsidies at the projected point in time
□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 100,318,829. 92,402,790.1 Related to
income 17 9 assets
Applicable □Not applicable
In RMB
Account Amount of the current period Amount of the previous period
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Other income 81,392,197.02 57,093,555.90
XI. Risks Relating to Financial Instruments
The Company 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 Company to reduce such risks are outlined as follows. The management
of the Company manages and monitors such risk exposures to ensure to keep the risks above within limited scope.
Risk management conducted by the Company is to properly balance risk and income, minimize negative impacts of the risks on
the Company’s business performance and maximize benefits of the shareholders and other equity investors. Based on the risk
management objective, the Company’s basic risk management policy is to determine and analyze all kinds of risks faced by the
Company, 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 Company's exposure to exchange rate risk is mainly related to U.S. dollars, the Malaysian ringgit, and the Indonesian rupiah.
Except for a few subsidiaries of the Company which make purchases and sales in U.S. dollars, the Company's other major business
activities are denominated and settled in Renminbi. As at June 30, 2026, except for the U.S. dollar-, ringgit- and rupiah-denominated
balances of assets and liabilities and the insignificant balances denominated in Euro and Hong Kong dollar as disclosed in Note VII.
Notes to Items in the Consolidated Financial Statements—56. Foreign currency monetary items, the Company’s assets and liabilities
were denominated in Renminbi. Exchange risk resulting from the assets and liabilities whose balances are in U.S. dollars may affect
the Company’s performance.
Since the Company sells its products at market prices, it may be affected by such price fluctuations.
（2） Credit risk
The Company 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 Company 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 Company 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 Company holds that the credit risk faced
by the Company has been significantly reduced.
The credit risk of the Company’s liquid capital is low since it is deposited at banks with relatively high credit rating.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Because the risk exposures of the Company are related to multiple contracting parties and multiple clients, the Company has no
major credit risk concentration. The Company adopts necessary policies to ensure all of the clients involved in the sales of our
products have good credit record. The Company has no major credit risk concentration.
（3） Liquidity risk
Liquidity risk is faced by the Company where it cannot meet its financial obligations as they fall due. Company manages the
liquidity risk by ensuring capital liquidity to fulfill its due obligations to avoid unacceptable losses or damages to corporate
reputation. The Company management has closely examined the liquid assets of the Company and regularly analyzed the liability
structure/term and bank lines and so on to endure fund sufficiency. It is concluded that the Company has sufficient funds to meet the
demands of short-term loans and capital expenditure of the Company.
obligations remained is made as follows:
Ending amount
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 535,809,020.34 0.00 0.00 0.00 535,809,020.34
Accounts receivable 1,600,748,816.27 0.00 0.00 0.00 1,600,748,816.27
Other receivables 108,769,365.44 0.00 0.00 0.00 108,769,365.44
Non-current assets
due within one year
Other current assets 83,464,762.36 0.00 0.00 0.00 83,464,762.36
Other non-current
assets
Financial liabilities
Short-term
borrowings
Notes payables 910,139,795.24 0.00 0.00 0.00 910,139,795.24
Accounts payable 2,200,075,762.05 0.00 0.00 0.00 2,200,075,762.05
Other payables 289,581,022.37 0.00 0.00 0.00 289,581,022.37
Payroll payable 34,640,108.59 0.00 0.00 0.00 34,640,108.59
Non-current
liabilities due within 1,715,819.85 0.00 0.00 0.00 1,715,819.85
one year
Lease liabilities 0.00 1,949,664.40 4,978,033.09 0.00 6,927,697.49
(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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Financial assets held
for trading
Notes receivable 578,435,043.55 0.00 0.00 0.00 578,435,043.55
Accounts receivable 1,501,774,623.23 0.00 0.00 0.00 1,501,774,623.23
Other receivables 73,533,704.37 0.00 0.00 0.00 73,533,704.37
Non-current assets due
within one year
Other current assets 88,468,071.99 0.00 0.00 0.00 88,468,071.99
Other non-current
financial assets
Other non-current
assets
Financial liabilities
Short-term borrowings 97,738,579.05 0.00 0.00 0.00 97,738,579.05
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
Other current
liabilities
Non-current liabilities
due within one year
Lease liabilities 0.00 6,129,458.89 1,737,544.18 0.00 7,867,003.07
The Company 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, 2026, except for the foreign currency balances of assets and liabilities disclosed in Note
VII. Notes to Items in the Consolidated Financial Statements—56. Foreign currency monetary items, 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
XII. 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 2,640,000,000.00 2,640,000,000.00
through profit and loss
(4) Financial products 2,640,000,000.00 2,640,000,000.00
(III) Investment in
other equity 2,116,023.22 2,116,023.22
instruments
Total assets measured
continuously at fair 2,642,116,023.22 2,642,116,023.22
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 2,640,000,000.00 Optimal fair value estimation Investment cost —
Investment in other equity
instruments
XIII. 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.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
For details regarding the Company’s subsidiaries, please refer to Note IX. Interests in Other Entities—1. Equity in subsidiaries.
For details on the Company’s significant joint ventures and associates, see Note IX. Interests in Other Entities—2. Equity in joint
ventures or associates.
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
Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd. Other related parties
Zhejiang Cookingfuture Technology Co., Ltd. Other related parties
(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
Amblem
Purchase of goods 15,338,629.32 150,000,000.00 No 25,933,529.67
Household Co.,
Ltd.
Hangzhou Seazons
Health Care Purchase of goods 2,799,257.26 2,658,410.14
Product Co., Ltd.
Hangzhou Robam
Fuel Station Co., Purchase of goods 334,927.86 381,938.26
Ltd.
Hangzhou City
Receiving of labor
Garden Hotel Co., 0.00 101,413.81
services
Ltd.
Hangzhou Runqun
Hardware Co., Purchase of goods 0.00 83,502.69
Ltd.
Hangzhou Bonyee Purchase of goods 20,227.73 27,605.13
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Daily Necessity
Technology Co.,
Ltd.
Shaoxing Shuaige
Kitchen and
Bathroom Purchase of goods 184,615.04 206,140.71
Technology Co.,
Ltd.
Zhejiang
Cookingfuture Receiving of labor
Technology Co., services
Ltd.
De Dietrich Trade
(Shanghai) Co., Purchase of goods 0.00 134,338.94
Ltd.
Hangzhou
Guoguang Touring
Purchase of goods 7,919.45 -1,675.66
Commodity Co.,
Ltd.
Hangzhou Yuhang
Receiving of labor
Yaguang Spray 0.00 23.36
services
Coating Factory
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 1,845,119.23 2,295,858.44
Charity Foundation
Hangzhou Amblem
Sale of goods 410,000.85 -93,709.02
Household Co., Ltd.
Zhejiang Cookingfuture
Provision of services 1,274,025.51 87,090.08
Technology Co., Ltd.
Shaoxing Shuaige Kitchen
and Bathroom Technology Provision of services 561,687.96 0.00
Co., Ltd.
Hangzhou Nbond Nonwovens
Sale of goods 0.00 29,203.54
Co., Ltd.
Hangzhou Runqun Hardware
Sale of goods 0.00 37,755.07
Co., Ltd.
（2） Related lease
The Company acts as the lessor:
Rental income recognized in Lease income recognized in the
Lessee Type of leased asset
the current period prior period
Hangzhou Robam Appliances Co., Ltd. Housing 14,400.00 14,400.00
Shengzhou Kinde Intelligent Kitchen
Housing 641,537.61 641,537.61
Appliances Co., Ltd.
Shengzhou Kinde Intelligent Kitchen
Housing 268,172.94 292,552.29
Appliances Co., Ltd.
The Company acts as the lessee:
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
Industri
al Housin 275,012
Group g .28
Co.,
Ltd.
(3) Benefits of key management personnel
In RMB
Item Amount of the current period Amount of the previous period
Total compensation 2,666,500.00 4,134,000.00
(4) Other related transactions
(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 661,244.00 276,326.16
receivable
Technology Co.,
Ltd.
Hangzhou Linping
Accounts
ROBAM Charity 1,720,014.72
receivable
Foundation
Prepayments Zhejiang 3,177,643.32 648,688.86
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Cookingfuture
Technology Co.,
Ltd.
Hangzhou
Guoguang Touring
Prepayments 6,549.45
Commodity Co.,
Ltd.
De Dietrich Trade
Other receivables (Shanghai) Co., 2,867,534.74
Ltd.
(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 Robam Fuel
Accounts payable 4,071,439.14 5,692,970.67
Station Co., Ltd.
Hangzhou Amblem
Accounts payable 4,099,024.35 11,871,917.49
Household Co., Ltd.
Hangzhou Seazons Health
Accounts payable 1,405,472.31 1,596,387.50
Care Product Co., Ltd.
Hangzhou Guoguang Touring
Accounts payable 1,370.00 0.00
Commodity Co., Ltd.
Hangzhou Bonyee Daily
Accounts payable Necessity Technology Co., 10,168.81 21,935.83
Ltd.
Shaoxing Shuaige Kitchen
Accounts payable and Bathroom Technology 100,977.11 178,517.43
Co., Ltd.
Zhejiang Cookingfuture
Accounts received in advance 2,900.00 0.00
Technology Co., Ltd.
Hangzhou Seazons Health
Other payables 2,000.00 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.
Shaoxing Shuaige Kitchen
Other payables and Bathroom Technology 2,000.00 0.00
Co., Ltd.
XIV. Share-based Payment
Applicable □Not applicable
Awarded during the Exercise during the Unlocking in the Expired in the
period period current period current period
Category
of grant Quantity Quantity Quantity Quantity
Amount Amount Amount Amount
recipients (in (in (in (in
(in RMB (in RMB (in RMB (in RMB
shares) shares) shares) shares)
Managem
ent
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Awarded during the Exercise during the Unlocking in the Expired in the
period period current period current period
Category
of grant Quantity Quantity Quantity Quantity
Amount Amount Amount Amount
(in (in (in (in
recipients (in RMB (in RMB (in RMB (in RMB
shares) shares) shares) shares)
personnel
Total 0.00 0.00 4.50 16.88 168.60 632.25 409.70 3084.78
Stock options or other equity instruments issued at the end of the period and held by external parties
□Applicable Not applicable
Other description
On April 28, 2026, the Company held the 21st meeting of the 6th Board of Directors, 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. A total
of 2,036,000 stock options were canceled, with a total value of RMB 12,419,600. On May 7, 2026, the cancellation of part of the
stock options under the Stock Option Incentive Plan was completed.
On April 28, 2026, the Company held the 21st meeting of the 6th Board of Directors, 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. A total
of 1,754,000 stock options, with a value of RMB 17,276,900, were canceled. On May 7, 2026, the cancellation of part of the stock
options under the Stock Option Incentive Plan was completed.
On April 28, 2026, the Company held the 21st meeting of the 6th Board of Directors, which reviewed and approved the
Proposal on the Cancellation of Part of the Stock Options under the 2025 Stock Option Incentive Plan and other proposals. A total
of 307,000 stock options, with a value of RMB 1,151,300, were canceled. On May 8, 2026, the cancellation of part of the stock
options under the Stock Option Incentive Plan was completed.
On May 22, 2026, the Company held the 22nd meeting of the 6th Board of Directors, which reviewed and approved
Proposal on the Achievement of Exercise Conditions for the First Exercise Period of the 2025 Stock Option Incentive Plan and
other proposals. The number of stock options eligible for exercise in this exercise period is 1,686,000, with a total value of RMB
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
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
□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 9,142,690.86
Total 9,142,690.86
Other description
XV. 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.
Apart from the above-mentioned commitments, the Company has no other significant commitments.
(1) Major contingencies on the balance sheet date
As of the balance sheet date, the Company had no material contingent liabilities that required disclosure.
(2) It’s also necessary to make it clear hereby that the Company has no major contingencies that need to
be disclosed
The Company has no significant or pending matters that need to be disclosed.
XVI. 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
As on the reporting date, the
Company newly entered into
Debt restructuring matters
accounts receivable
after the period
settlement agreements
through debt-for-asset
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
arrangements amounting to
RMB 2.2761 million, of
which RMB 0.00 had
completed online filing and
house delivery procedures;
for debt settlement
agreements entered into in the
first half of 2026 and prior
years, the amount for which
online filing and house
delivery procedures were
completed during the period
from the balance sheet date to
the reporting date amounted
to RMB 9.1363 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 August 27, 2026, pursuant to the Proposal on the
Implementation of 2026 Interim Dividend Distribution Plan
approved at the 2nd meeting of the 7th Board of Directors of
the Company, the Company proposed to distribute a cash
Profit distribution
dividend of RMB 5 (including tax) per 10 shares to all
shareholders based on a total share capital of 944,992,916
shares, amounting to a total proposed cash dividend of RMB
XVII. Other Significant Events
As of June 30, 2026, the Company’s situation regarding the signing of the agreement on project mortgage properties and the
completion of procedures for purchasing houses through online signing and filing is as follows:
Including: Completion of
Amount required in case of
procedures for online filing and
Amount of debt repayment unfinished procedures for
Item delivery of houses
agreement signed online filing or delivery of
Amount required for the
houses
procedures
Real estate customers 749,804,984.13 466,145,466.11 283,659,518.02
Total 749,804,984.13 466,145,466.11 283,659,518.02
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
The Company signed an agreement on project mortgage properties with the aforementioned real estate customers, involving
a total accounts receivable balance of RMB 749,805,000. The procedures for online filing and house delivery of the portion of
RMB 466,145,500 has been completed, and the recognition of creditor's rights on accounts receivable has been terminated. The
fair 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 483,386,000 confirmed through public market inquiry. The Company paid a
price difference of RMB 17,240,500 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 283,659,500. The Company has not terminated the recognition of the creditor's rights on accounts receivable and has made a
bad debt provision at an expected credit loss rate of 45%.
XVIII. 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) 1,298,111,626.24 1,315,707,930.22
Over 3 years 352,870,700.01 259,820,318.39
Over 5 years 39,669,538.84 15,960,326.46
Subtotal 2,011,965,479.57 2,085,491,718.24
Less: provision for bad debts 452,018,946.71 483,430,158.73
Total 1,559,946,532.86 1,602,061,559.51
(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 29.08% 58.88% 33.64% 56.38%
provisio
n for bad
debts on
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio 1,426,87 107,517, 1,319,35 1,383,93 87,907,0 1,296,03
n for bad 1,020.55 161.44 3,859.11 9,728.82 73.12 2,655.70
debts on
a
collectiv
e basis
Includ
ing:
Aging-
based 60.67% 8.81% 48.09% 8.76%
portfolio
Related-
party
portfolio
within 10.25% 18.27%
consolid
ation
scope
Total 100.00% 22.47% 100.00% 23.18%
Category by individual bad debt provision:
In RMB
Beginning balance Ending balance
Percent
Name age of Reasons for
Book balance Bad debt reserve Book balance Bad debt reserve
provisio provision
n
Expected to be
Unit 1 182,356,917.60 87,831,983.32 139,487,225.91 69,870,478.33 50.09% difficult to fully
recover
Expected to be
Unit 2 94,692,708.65 65,299,506.65 94,423,248.00 64,840,631.32 68.67% difficult to fully
recover
Expected to be
Unit 3 89,281,524.70 26,784,457.41 42,062,439.02 12,618,731.71 30.00% difficult to fully
recover
Expected to be
Unit 4 30,605,439.56 13,917,042.04 34,677,639.87 16,767,582.26 48.35% difficult to fully
recover
Expected to be
Unit 5 22,008,442.37 14,471,075.41 22,281,046.87 14,661,898.56 65.80% difficult to fully
recover
Expected to be
Unit 6 22,235,928.00 14,842,515.85 20,793,789.68 13,833,019.03 66.52% difficult to fully
recover
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Expected to be
Unit 7 14,153,466.07 8,329,895.14 13,098,654.75 7,729,027.21 59.01% difficult to fully
recover
Expected to be
Unit 8 11,666,204.38 7,101,201.84 11,082,229.31 6,831,522.30 61.64% difficult to fully
recover
Expected to be
Unit 9 9,785,174.12 6,849,621.88 9,785,174.12 6,849,621.88 70.00% difficult to fully
recover
Expected to be
Unit 10 9,166,561.06 9,166,561.06 9,166,561.06 9,166,561.06 difficult to
%
recover
Expected to be
Unit 11 6,149,051.83 4,304,336.28 6,149,051.83 4,304,336.28 70.00% difficult to fully
recover
Expected to be
Unit 12 5,729,564.29 3,684,795.00 5,454,207.48 3,492,045.24 64.02% difficult to fully
recover
Expected to be
Summary of
other clients
recover
Total 701,551,989.42 395,523,085.61 585,094,459.02 344,501,785.27
Category for bad debt provision 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 1,017,581,780.76 50,879,089.39 5.00%
Over 5 years 8,160,760.28 8,160,760.28 100.00%
Total 1,220,687,732.97 107,517,161.44
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 483,430,158.73 39,371,851.53 32,606,523.74 841,827.88 37,334,711.93 452,018,946.71
Significant recoveries or reversals of provisions for bad debts during the reporting period:
In RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Basis and
reasonableness of
Unit Recovery or reversal Reason for reversal Recovery method determining the
original provision ratio
for bad debts
The debtor is
experiencing cash flow
Collection of accounts
Suning 47,715,404.44 Bank transfer, offset difficulties, and it is
receivable
unlikely to recover the
full amount.
Total 47,715,404.44
(4) Accounts receivable actually written off in the current period
In RMB
Item Amounts written off
Accounts receivable actually written off 841,827.88
(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 1 391,359,664.10 0.00 391,359,664.10 19.45% 19,567,983.21
Unit 2 81,458,328.38 0.00 81,458,328.38 4.05% 37,546,097.32
Unit 3 62,837,390.19 0.00 62,837,390.19 3.12% 0.00
Unit 4 55,987,747.71 0.00 55,987,747.71 2.78% 39,191,423.40
Unit 5 53,084,942.06 0.00 53,084,942.06 2.64% 2,654,247.10
Total 644,728,072.44 0.00 644,728,072.44 32.04% 98,959,751.03
In RMB
Item Ending balance Beginning balance
Dividends receivable 400,000.00
Other receivables 57,097,798.34 45,973,203.37
Total 57,097,798.34 46,373,203.37
(1) Dividends receivable
In RMB
Item (or investee) Ending balance Beginning balance
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Zhejiang Tingshuo Brand Operation
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 28,081,094.04 15,728,131.10
Margin deposits/deposits 17,231,811.07 17,754,456.88
Proxy holding of project mortgage
properties
Withholdings 6,665,853.10 3,389,076.99
Cash reserve 5,287,303.14 4,358,656.39
Others 3,791,188.46 2,967,667.63
Subtotal 79,708,903.81 62,849,642.99
Less: provision for bad debts 22,611,105.47 16,876,439.62
Total 57,097,798.34 45,973,203.37
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) 56,266,764.19 43,318,441.78
Over 3 years 14,662,766.56 10,215,685.35
Over 5 years 9,488,541.53 4,299,936.00
Subtotal 79,708,903.81 62,849,642.99
Less: provision for bad debts 22,611,105.47 16,876,439.62
Total 57,097,798.34 45,973,203.37
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
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Provisio
n for bad
debts on 14,537,6 6,541,94 7,995,70 14,537,6 6,541,94 7,995,70
an 54.00 4.30 9.70 54.00 4.30 9.70
individu
al basis
Includ
ing:
Aging-
based
portfolio
Provisio
n for bad
debts on 65,171,2 16,069,1 49,102,0 48,311,9 10,334,4 37,977,4
a 49.81 61.17 88.64 88.99 95.32 93.67
collectiv
e basis
Includ
ing:
Aging-
based 81.70% 24.66% 76.87% 21.39%
portfolio
Related-
party
portfolio
within 0.06%
consolid
ation
scope
Total 100.00% 28.37% 100.00% 26.85%
Category by individual bad debt provision:
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 9,976,291.00 4,489,330.95 45.00%
impairment
Expected
Unit 2 1,892,194.00 851,487.30 1,892,194.00 851,487.30 45.00%
impairment
Expected
Unit 3 1,205,059.00 542,276.55 1,205,059.00 542,276.55 45.00%
impairment
Expected
Unit 4 657,783.00 296,002.35 657,783.00 296,002.35 45.00%
impairment
Expected
Unit 5 636,327.00 286,347.15 636,327.00 286,347.15 45.00%
impairment
Expected
Unit 6 170,000.00 76,500.00 170,000.00 76,500.00 45.00%
impairment
Total 14,537,654.00 6,541,944.30 14,537,654.00 6,541,944.30
Category for bad debt provision on a collective basis:
In RMB
Ending balance
Name
Book balance Bad debt reserve Percentage of provision
Within one year 44,553,220.19 2,226,399.28 5.00%
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Over 5 years 9,488,541.53 9,488,541.53 100.00%
Total 65,121,249.81 16,069,161.17
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
Balance as of June 30,
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 16,876,439.62 5,734,665.85 22,611,105.47
The aggregate amount of the top five debtors with the largest ending balances of other accounts receivable was RMB
the bad debt provision was RMB 9,375,815.44.
In RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Ending balance Beginning balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Investments in
subsidiaries
Investments in
joint ventures
and associated
companies
Total 396,026,387.84 20,400,000.00 375,626,387.84 379,403,369.68 20,400,000.00 359,003,369.68
(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
Sales Co.,
Ltd.
Shanghai
Robam
Appliances
Sales Co.,
Ltd.
Hangzhou
MingQi 52,929,348. 53,341,981.
Electric 56 04
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 59,987.10
Appliances
Co., Ltd.
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Robam
Appliances
Holding
(HK) Co.,
Ltd.
Chengdu
Robam
Innovation 119,263.74
Technolog
y Co., Ltd.
Hangzhou
Robam E- 10,071,939. 10,117,195.
commerce 57 83
Co., Ltd.
Ningbo
Jinhe E- 5,000,000.0 5,000,000.0
commerce 0 0
Co., Ltd.
Hangzhou
Yuhang
Jinhe E- 27,153.78
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
Technolog
y Co., Ltd.
Total
(2) Investment in joint ventures and associated companies
In RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
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
Invest e of Additi Negati loss Other nds or Impair e
e other impair
or impair onal ve recogn change profits ment (carryi
(carryi compr Others ment
ment invest invest ized s in declare provisi ng
ng 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
II. Associated enterprises
Zhejia
ng
Tingsh
uo
Brand
Operat
ion
Manag
ement
Co.,
Ltd.
Subtot 1,748, 468,48 2,216,
al 308.55 4.80 793.35
Total
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
Amount of the current period Amount of the previous period
Item
Income Cost Income Cost
Main business 3,374,441,259.30 1,826,371,129.26 3,957,912,907.59 2,083,649,957.54
Other businesses 99,330,648.14 45,385,646.84 102,298,538.44 54,090,616.80
Total 3,473,771,907.44 1,871,756,776.10 4,060,211,446.03 2,137,740,574.34
As of the end of the reporting period, the revenue amount corresponding to performance obligations arising from contracts that had
been signed but had not yet been fulfilled or had not yet been fully fulfilled was RMB 784,117,483.30, of which RMB
In RMB
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Item Amount of the current period Amount of the previous period
Income from long-term equity
investments accounted for using the 468,484.80 -2,846,136.10
equity method
Investment income from disposal of
financial assets held for trading
Total 47,482,863.01 20,876,281.61
XIX. Supplementary Information
Applicable □Not applicable
In RMB
Item Amount Description
Gains and losses on disposal of non-
-595,431.49
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 69,941,235.67
impairment separately
Other non-operating revenues and
expenses except the above items
Less: Affected amount of income tax 14,465,231.17
Affected amount of minority
shareholders’ equity (after tax)
Total 76,026,210.72 --
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
Profit within the Reporting Weighted average return on EPS
Full Text of Semi-Annual Report 2026, Hangzhou Robam Appliances Co., Ltd.
Period net assets Basic earnings per share
Diluted EPS (RMB/share)
(EPS) (RMB/share)
Net profit attributable to
common stockholders of the 4.91% 0.61 0.61
Company
Net profit attributable to
common shareholders of the
Company after deducting 4.26% 0.53 0.53
non-recurring profits and
losses
(1) Differences of net profits and net assets in the Financial Report disclosed as per the IAS and CAS
□Applicable Not applicable
(2) Differences of net profits and net assets in the Financial Report disclosed as per the foreign
accounting standard and CAS
□Applicable Not applicable
(3) Explanation of the reasons of accounting data differences under domestic and foreign accounting
standards shall be made, and where data audited by an overseas audit institution has been adjusted
based on the differences, the name of the overseas institution shall be indicated.
□Applicable Not applicable
