Company Reports

Supor's first-half revenue fell 1% year on year due to weak demand from overseas markets. Operating profit was flat, with the gross margin pickup offset by higher marketing costs. The firm set a target of distributing over 60% of annual profit to shareholders through 2028.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distribution. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products and the absence of subsidies for kitchen appliances, Supor’s namesake brand is poised to gradually upgrade its domestic sales mix, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distribution. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products and the absence of subsidies for kitchen appliances, Supor’s namesake brand is poised to gradually upgrade its domestic sales mix, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Supor's revenue climbed 2% year on year in the first quarter of 2026, as both China and overseas markets saw resilient demand for small kitchen appliances. Operating margin expanded by 50 basis points to 11.0% amid ongoing product premiumization, partly offset by higher marketing costs.

Supor's revenue rose 2% but operating profit dropped 4% year on year in 2025, consistent with preliminary results. A gross margin uptick was more than offset by rising marketing costs, resulting in a 70-basis-point operating margin contraction. The firm maintained a 100% dividend payout ratio.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distribution. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products and the absence of subsidies for kitchen appliances, Supor’s namesake brand is poised to gradually upgrade its domestic sales mix, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products and absence of subsidies for kitchen appliances, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

China's National Development and Reform Commission announced renewed subsidies for home appliance purchases in 2026. The updated scheme cuts eligible categories to six from 12 in 2025, and subsidies will cover 15% of the selling price for grade 1 energy-efficient products, down from 20% last year.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, and ongoing national subsidies should bode well for product premiumization, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Supor's revenue and operating profit declined by 2% and 16% year on year, respectively, in the third quarter of 2025. Operating margin contracted by 150 basis points to 9.6%, mainly due to operating deleverage and overseas gross margin compression driven by tariff headwinds.

Supor posted a 4% and 1% year-on-year growth in revenue and operating profit, respectively, for the first half of 2025, in line with preliminary results. Gross margin contracted to 23.6% from 24.4% for the year-ago period due to an unfavorable sales mix shift to overseas and higher production costs.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, and ongoing national subsidies should bode well for product premiumization, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, and ongoing national subsidies should bode well for product premiumization, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Supor reported a 7.6% year-on-year revenue growth for the first quarter of 2025, with sales value in China returning to a 3%-4% growth from a low-single-digit decline in 2024. The firm's operating profit climbed by 6.1%, implying a mild margin contraction.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, and ongoing national subsidies should bode well for product premiumization, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Supor's 2024 results are consistent with its preliminary earnings release, with revenue and net profit growing by a respective 5% and 3% year on year. Additionally, the firm's 100% dividend payout ratio for 2024 translates to a dividend yield of 5%.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products, Supor’s namesake brand is on track to gradually upgrade its domestic sales mix, and ongoing national subsidies should bode well for product premiumization, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.

Narrow-moat Supor announced preliminary 2024 results with revenue up 5.3% and net profit up 2.3%-3.7% year on year. Despite a slight decline in domestic sales, its basic earnings per share have remained stable compared with the 2023 level due to strong export income, said management.

China's National Development and Reform Commission shared the impact of government subsidies on home appliances on Nov. 19 and vowed to ramp up support. In particular, domestic home appliance and audiovisual equipment sales surged by 40% year on year in October, with 90% of home appliances sold being first-class energy-efficient. We believe that subsidies should drive material improvements in home appliance sales in the fourth quarter, and we've factored in mid- to high-single-digit 2024 domestic revenue growth for top manufacturers such as Midea and Haier. While we expect the government to extend subsidies in 2025, we keep our long-run forecasts unchanged amid uncertainty about their scale. We also think demand brought forward by current subsidies may compress subsequent sales. Hence, we maintain our fair value estimates on our China home appliance coverage. Our preferred name remains Midea as we like its product mix upgrade, effective cost optimization, and the 5% upside to our valuation.

Founded in 1994, Supor has leveraged high brand equity and product quality to maintain leadership in China’s kitchen appliance and cookware markets over the past decade. We attribute Supor’s robust product sales growth to strong research and development capabilities, as well as extensive geographical coverage through omnichannel distributions. While the domestic cooking appliance sector features stiff competition, we view Supor as more resilient to price cuts than most peers, given its high brand awareness among consumers. Despite a heavy exposure to value-oriented products for the mass market, Supor’s namesake brand is on track to gradually upgrade its domestic product mix, in our view. Since Groupe SEB acquired a majority stake of Supor in 2007, the company has also introduced SEB’s premium brands, such as Tefal and WMF, to the China market.