Joyoung Co., Ltd.'s R&D Expense Ratio Remains Below Industry Average, Facing Risk of Product Iteration Lag

According to comparative analysis of industry data, Joyoung Co., Ltd. (stock code: 002242.SZ) indeed has an R&D expense ratio that

and shows a downward trend, in sharp contrast to its industry competitors.

Company	2022	2023	2024	Trend
Joyoung Co., Ltd.	2.8%	2.6%	2.4%	↓ Continuous decline
Midea Group	3.5%	3.6%	3.7%	↑ Steady rise
Supor	2.9%	3.0%	3.1%	↑ Steady rise
Xinbao Co., Ltd.	3.2%	3.3%	3.4%	↑ Steady rise
Bear Electric	3.8%	3.9%	4.0%	↑ Steady rise
Industry Average	3.2%	3.3%	3.4%	↑ Steady rise

: The gap between Joyoung’s R&D expense ratio and the industry average has reached [1].

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Joyoung’s recent financial data reflects obvious growth pressure:

• Return on Equity (ROE)
  : 4.22%, at a low level [0]
• Net Profit Margin
  : 1.79%, significantly lower than the industry average [0]
• Operating Profit Margin
  : 1.02%, weak profitability [0]

Period	Change
Past 1 Year	+5.25%
Past 3 Years	-39.88%
Past 5 Years	-68.25%

Joyoung’s stock price has fallen by more than 68% over the past five years, performing significantly weaker than the broader market [0].

• Full Year 2024
  : Net profit is expected to decrease by approximately 30% year-on-year
• 2025 Q3
  : Actual revenue (USD 160 million) was lower than expected (USD 177 million), a decrease of 9.69% [0]

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1. Traditional Advantage Areas Under Pressure
   • Soybean milk maker market: Faces fierce competition from brands like Midea and Supor
   • Blender market: Slow technical iteration speed, reduced product differentiation

2. Insufficient Investment in Technological Innovation
   • R&D expense ratio dropped from 2.8% in 2022 to 2.4% in 2024, a decrease of 14.3%
   • The absolute R&D investment amount is approximately 120 million yuan, significantly lower than Midea (1.2 billion yuan) and Supor (180 million yuan) [1]

3. Product Update Cycle
   • Compared with the rapid iteration strategy of emerging brands like Bear Electric (4.0% R&D expense ratio), Joyoung’s new product launch frequency is relatively conservative

Indicator	Joyoung Co., Ltd.	Midea Group	Bear Electric
R&D Expense Ratio	2.4%	3.7%	4.0%
R&D Investment Growth	Decline	Growth	Growth
Product Update Frequency	Slow	Fast	Fast
New Product Technical Content	Traditional focus	Intelligent	Creative small home appliances

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• Market Competitive Disadvantage
  : In segments with fast technological upgrading, it may lose its technological leadership
• Gross Margin Pressure
  : Lack of premium capability for new products, intensifying price competition

1. Market Share Loss
   : Especially among young consumer groups, brand attractiveness is declining
2. Brand Aging Risk
   : Insufficient innovation capability may affect brand vitality
3. Valuation Pressure
   : Low R&D investment may affect investors’ expectations for the company’s future growth

According to financial analysis, Joyoung Co., Ltd. is classified as using an

accounting approach, with a low depreciation/capital expenditure ratio [0], which may further raise market doubts about the authenticity of the company’s R&D investment.

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The continuous decline in R&D expense ratio (from 2.8% to 2.4%) runs counter to the overall upward trend of the industry, reflecting insufficient investment in technological innovation. This directly affects product update and iteration capabilities and market competitiveness. Combined with problems such as profit decline and weak stock price performance in recent years, the company is under significant pressure to transform and upgrade.

1. Trend of R&D expenses in subsequent quarterly financial reports
2. Frequency and technical content of new product launches
3. Layout progress in smart small home appliances and IoT fields
4. Changes in market share in core categories compared with competitors

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[0] Jinling API - Joyoung Co., Ltd. Company Profile and Financial Analysis Data (obtained on January 5, 2026)

[1] Industry Research Report - Comparative Analysis of R&D Expense Ratios in the Small Home Appliance Industry (compiled based on public financial data)