老板电器:杭州老板电器股份有限公司2026年第三季度报告-英文

Stock code: 002508 Stock name: Robam Appliances Announcement No.: 2026-058

Hangzhou Robam Appliances Co., Ltd.

Q3 2026 Report

Hangzhou Robam Appliances Co., Ltd. (the Company) and all members of its Board of Directors hereby guarantee that there
are no false representations, misleading statements or material omissions in this Quarterly Report (“the Report”), and the

information contained herein is authentic, accurate and complete.

Important Notes

1. The Board of Directors and the directors, and senior management of the Company hereby guarantee that there are no false
representations, misleading statements or material omissions in the Report, and are severally and jointly liable for the authenticity,
accuracy and completeness of the information contained herein.

2. The head of the Company, the person in charge of the Company’s accounting and the head of the accounting body (the
accountant in charge) hereby declare and warrant that the financial report contained in the Report is authentic, accurate, and
complete.

3. Whether the Q3 financial report has been audited

□ Yes No

I. Key Financial Data

(I) Key Accounting Data and Financial Indicators

Whether the Company needs to retroactively adjust or restate the accounting data of previous years

□ Yes No

From the beginning of

The reporting period YoY change the year to the end of YoY change

the reporting period

Operating Income 2,288,560,248.12 -15.37% 6,260,947,447.50 -14.37%
(RMB)
Net profit attributable

to shareholders of the 260,424,371.47 -41.57% 838,659,473.37 -27.53%
listed company (RMB)
Net profit attributable
to shareholders of the

listed company after 239,550,267.47 -42.66% 741,759,158.66 -30.01%
deducting non-
recurring gains/losses
(RMB)
Net cash flow from

operating activities — — -98,609,652.78 -113.52%
(RMB)
Basic earnings per

share (EPS) 0.28 -40.43% 0.89 -27.05%
(RMB/share)

Diluted EPS 0.28 -40.43% 0.89 -27.05%
(RMB/share)

Weighted average 2.22% A decrease of 1.60 perc 7.04% A decrease of 2.94
return on net assets entage points percentage points
End of the reporting End of last year Change

period

Total assets (RMB) 16,620,807,867.60 17,208,063,114.15 -3.41%
Owner's equity

attributable to 11,876,252,288.73 11,497,455,691.08 3.29%
shareholders of the
listed company (RMB)

(II) Items and Amounts of Non-recurring Gains and Losses

Applicable □Not applicable

In RMB
Amount for the current Amount from the beginning

Item reporting period of the year to the end of the Description

reporting period

Gains and losses on disposal
of non-current assets

(including the written-off -1,466,691.95 -2,062,123.44

part of the provision for asset

impairment accrued)

Government subsidies 14,140,866.68 35,067,641.89

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 17,405,212.15 87,346,447.81

receivable tested for
impairment separately
Other non-operating income

and expenses excluding the -4,520,642.38 -3,351,060.84

items listed above

Less: Affected amount of 4,003,985.97 18,469,217.14

income tax

Affected amount of

minority shareholders’ equity 680,654.53 1,631,373.57

(after tax)

Total 20,874,104.00 96,900,314.71 --

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 listed in the Explanatory Announcement No. 1

on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Profits and Losses (referred to

as “Announcement No.1”) are defined as recurring profits and losses

Applicable □Not applicable

Item Amount (in RMB) Reasons

VAT exemption, reduction or refund 59,520,677.35 National tax policy, regular business

Refund of individual income tax 1,012,715.90 National tax policy, regular business

handling fee

Total 60,533,393.25

(III) Changes in Major Accounting Data and Financial Indicators and Their Reasons

Applicable □ Not applicable

Balance sheet items September 30, 2026 January 01, 2026 Percentage Reason for change

of change

Non-current assets 3,743,512,085.44 499,143,689.50 649.99% Mainly due to the maturity of bank
due within one year fixed term deposits.

Other non-current Mainly due to the redemption of

financial assets 800,451,400.00 -100.00% matured bank wealth management
products.

Construction in Mainly due to the transfer of

progress 31,329,276.82 46,511,377.40 -32.64% equipment to fixed assets upon

acceptance.

Long-term deferred Mainly due to an increase in deferred
expenses 12,187,719.49 3,252,717.83 274.69% expenses over periods exceeding one
year.

Other non-current Mainly due to a decrease in

assets 2,300,036,918.49 4,812,636,753.73 -52.21% unmatured fixed term deposits with
maturities exceeding one year.

Payroll payable 37,129,332.86 179,852,713.89 -79.36% Mainly due to the full payment of the
previous year's year-end bonuses.

Non-current liabilities 1,334,827.22 1,967,891.30 -32.17% Mainly due to a decrease in lease

due within one year liabilities due within one year.

Deferred income tax 53,335,869.82 40,433,744.03 31.91% Mainly due to an increase in accrued
liabilities interest on fixed term deposits.

Income statement From the beginning of The same period last Percentage

items the year to the end of year of change Reason for change

the reporting period

Other income 95,601,035.14 66,048,899.97 44.74% Mainly due to an increase in tax

refunds on embedded software.

Investment income Mainly due to an increase in income
from associates and 860,629.81 -6,943,313.88 112.40% from equity investments.

joint ventures

Loss from credit Mainly due to the reversal of

impairment 38,931,101.28 56,444,113.25 -31.03% provisions for impairment losses on
receivables.

Mainly due to an increase in

Loss from assets provisions for inventory write-downs
impairment -51,639,137.86 -4,100,322.49 -1159.39% and a higher provision rate following
the recovery of properties received in

settlement of debts.

Gains on asset Mainly due to a decrease in losses on
disposals -2,062,132.29 -5,753,401.49 64.16% the sale of properties received in

settlement of debts.

Minority shareholders' -8,087,659.23 -12,811,597.89 36.87% Mainly due to a decrease in losses

gains and losses incurred by subsidiaries.

Cash flow statement From the beginning of The same period last Percentage

items the year to the end of year of change Reason for change

the reporting period

Net cash flow from -98,609,652.78 729,194,650.22 -113.52% Mainly due to a decline in sales and a
operating activities decrease in cash collected.

Net cash flow from Mainly due to an increase in proceeds
investment activities 422,217,558.34 -724,683,270.28 158.26% from maturing fixed term deposits and
wealth management products.

Net cash flow from Mainly due to differences in the

financing activities -467,421,295.97 -934,845,721.92 50.00% timing of interim dividend

distributions.

II. Shareholder Information

(I) Total Number of Common Shareholders and Preferred Shareholders with the Voting Rights

Recovered and Shareholding of the Top 10 Shareholders

Unit: share

Total number of common Total number of preferred shareholders with the

shareholders at the end of the 45,129 voting rights recovered at the end of reporting period 0

reporting period (if any)

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Number of Pledged, marked or frozen shares

Name of Nature of Shareholding Number of shares subject

shareholder shareholder ratio shares to sales Status Quantity

restrictions

Hangzhou Domestic non-

Robam state-owned 49.89% 471,510,000 0 Not Applicable 0

Industrial corporation

Group Co., Ltd.

China CITIC

Bank Others 2.36% 22,345,047 0 Not Applicable 0

Corporation

Limited – E
Fund CSI 100
Value
Exchange-
Traded Fund
China
Merchants
Bank Co., Ltd.
– ICBC Credit

Suisse Value Others 1.39% 13,133,679 0 Not Applicable 0
Select Mixed
Securities
Investment
Fund

Shen Guoying Domestic 1.30% 12,240,000 0 Not Applicable 0
natural person

Hong Kong

Securities Overseas

Clearing corporation 1.27% 11,969,736 0 Not Applicable 0
Company
Limited
China Life
Insurance
(Group)
Company –
Traditional –

General Others 0.94% 8,906,200 0 Not Applicable 0
Insurance
Products –
Stock Connect
(Innovative
Strategy)
China Pacific
Life Insurance
Co., Ltd. –

Traditional – Others 0.77% 7,271,500 0 Not Applicable 0
General
Insurance
Products

Hangzhou Domestic non-

Jinchuang state-owned 0.70% 6,640,085 0 Not Applicable 0
Investment Co., corporation
Ltd.
Invesco Great
Wall Fund –
China Life
Insurance
Company
Limited –
Participating
Insurance –

Invesco Great Others 0.68% 6,462,712 0 Not Applicable 0
Wall Fund
China Life New
Value Equity
Portfolio
Single-Asset
Management
Plan
(Participating

Insurance)

Hangzhou Domestic non-

Yinchuang state-owned 0.67% 6,318,000 0 Not Applicable 0
Investment Co., corporation
Ltd.

Shareholdings of the top 10 shareholders not subject to sales restrictions (excluding shares lent through refinancing and

executive
locked shares)

Type of share and number of

Name of shareholder Number of shares not subject to sales restrictions shares

Type of share Quantity

Hangzhou Robam Industrial 471,510,000 RMB ordinary 471,510,000
Group Co., Ltd. shares

China CITIC Bank Corporation RMB ordinary

Limited – E Fund CSI 100 Value 22,345,047 shares 22,345,047
Exchange-Traded Fund

China Merchants Bank Co., Ltd. – RMB ordinary

ICBC Credit Suisse Value Select 13,133,679 shares 13,133,679
Mixed Securities Investment Fund

Shen Guoying 12,240,000 RMB ordinary 12,240,000
shares

Hong Kong Securities Clearing 11,969,736 RMB ordinary 11,969,736
Company Limited shares

China Life Insurance (Group)

Company – Traditional – General 8,906,200 RMB ordinary 8,906,200
Insurance Products – Stock shares

Connect (Innovative Strategy)

China Pacific Life Insurance Co., RMB ordinary

Ltd. – Traditional – General 7,271,500 shares 7,271,500
Insurance Products

Hangzhou Jinchuang Investment 6,640,085 RMB ordinary 6,640,085
Co., Ltd. shares

Invesco Great Wall Fund – China

Life Insurance Company Limited

– Participating Insurance – RMB ordinary

Invesco Great Wall Fund China 6,462,712 shares 6,462,712
Life New Value Equity Portfolio
Single-Asset Management Plan
(Participating Insurance)

Hangzhou Yinchuang Investment 6,318,000 RMB ordinary 6,318,000
Co., Ltd. shares

Mr. Ren Jianhua is the actual controller of the controlling shareholder of

Description of the associated relationship or the Company - Hangzhou Robam Industrial Group Co., Ltd., and the

consistent actions of the above shareholders shareholder of the Company - Hangzhou Jinchuang Investment Co., Ltd.;
and the natural person shareholder, Shen Guoying, is his wife. Therefore,
there is a possibility that these shareholders will act in concert.

Description of the top 10 shareholders engaging in None

securities margin trading (if any)

Shares lending through refinancing involving shareholders holding more than 5% of the shares, the top 10 shareholders, and the

top 10 shareholders of unrestricted circulating shares

□Applicable Not applicable

Compared to the previous period, the change is due to the top 10 shareholders and the top 10 unrestricted circulating shareholders

lending/returning shares for refinancing purposes.
□Applicable Not applicable

(II) Total Number of the Company’s Preferred Shareholders and Shareholding of the Top 10 Preferred

Shareholders
□Applicable Not applicable
III. Other Significant Matters
□Applicable Not applicable
IV. Quarterly Financial Statements
(I) Financial Statements
1. Consolidated balance sheet

Prepared by: Hangzhou Robam Appliances Co., Ltd.

September 30, 2026

In RMB
Item Ending balance Beginning balance

Current assets:

Cash and cash equivalents 1,083,515,092.95 1,236,257,860.53
Deposit reservation for balance

Lendings to banks and other financial

institutions

Financial assets held for trading 2,960,000,000.00 3,230,000,000.00
Derivative financial assets

Notes receivable 532,066,889.66 578,435,043.55
Accounts receivable

1,433,122,046.83 1,501,774,623.23
Accounts receivable financing

Prepayments 210,997,906.48 186,281,708.91
Receivable premium
Reinsurance accounts receivable
Reinsurance contract reserves
receivable

Other receivables 69,786,891.59 73,533,704.37
Inc: Interests receivable

Dividends receivable 400,000.00
Redemptory monetary capital for sale

Inventory 1,424,091,746.91 1,360,022,769.09
Including: Data resources
Contract assets
Assets held for sale

Non-current assets due within one year 3,743,512,085.44 499,143,689.50
Other current assets 82,962,113.35 88,468,071.99
Total current assets 11,540,054,773.21 8,753,917,471.17
Non-current assets:
Loans and advances
Creditors investment
Other debt investment
Long-term account receivable

Long-term equity investment 4,912,453.38 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 77,441,746.83 81,013,670.91
Fixed assets 2,107,773,577.97 2,173,675,186.21
Construction in process 31,329,276.82 46,511,377.40
Biological assets for production
Oil & gas assets

Right of use assets 6,469,752.05 8,102,992.49
Intangible assets 188,573,158.35 196,406,397.41
Including: Data resources
Development expenditure

Including: Data resources
Goodwill

Long-term prepaid expenses 12,187,719.49 3,252,717.83
Deferred income tax assets: 349,912,467.79 325,584,003.83
Other non-current assets 2,300,036,918.49 4,812,636,753.73
Total non-current assets 5,080,753,094.39 8,454,145,642.98
Total assets 16,620,807,867.60 17,208,063,114.15
Current liabilities:

Short-term borrowings 104,610,725.51 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 805,756,397.11 1,102,064,932.55
Accounts payable 2,247,543,844.03 2,655,136,329.40
Advance receipts

Contract liabilities 811,066,029.37 932,559,161.31
Financial assets sold for repurchase

Deposits from customers and
interbank
Receivings from vicariously traded
securities
Receivings from vicariously traded
securities

Payroll payable 37,129,332.86 179,852,713.89
Taxes payable 152,668,207.97 121,036,736.76
Other payables 281,347,708.42 294,434,125.10
Inc: Interests payable

Dividends payable

Fees and commissions payable
Dividends payable for reinsurance
Liabilities held for sale

Non-current liabilities due within one 1,334,827.22 1,967,891.30
year

Other current liabilities 88,452,810.89 102,759,019.62
Total current liabilities 4,529,909,883.38 5,487,549,488.98
Non-current liabilities:
Reserves for insurance contracts
Long-term loans
Bonds payable

Inc: Preferred shares

Perpetual bonds

Lease liabilities 6,517,429.75 7,867,003.07
Long-term accounts payable
Long-term payroll payable
Estimated liabilities

Deferred income 88,485,869.04 100,318,829.17
Deferred income tax liabi

lities 53,335,869.82 40,433,744.03
Other non-current liabilities

Total non-current liabilities 148,339,168.61 148,619,576.27
Total liabilities 4,678,249,051.99 5,636,169,065.25
Owner’s equity:

Capital stock 945,022,916.00 944,938,916.00
Other equity instruments

Inc: Preferred shares

Perpetual bonds

Capital reserve 260,836,650.45 245,855,894.16
Less: treasury share

Other comprehensive income -102,317,506.26 -99,859,332.25
Special reserve

Surplus reserve 474,516,412.50 474,516,412.50
General risk reserves

Undistributed profits 10,298,193,816.04 9,932,003,800.67
Total owners’ equity attributable to the 11,876,252,288.73 11,497,455,691.08
parent company

Minority interests 66,306,526.88 74,438,357.82
Total owners’ equity 11,942,558,815.61 11,571,894,048.90
Total liabilities and owner’s equity 16,620,807,867.60 17,208,063,114.15
Legal representative: Ren Fujia Person in charge of accounting: Zhang Guofu Head of the accounting body: Zhang Guofu

2. Consolidated income statement from the beginning of the year to the end of the reporting period

In RMB

Item Amount of the current period Amount of the previous period

I. Total operating income 6,260,947,447.50 7,311,736,717.86
Inc: Operating income 6,260,947,447.50 7,311,736,717.86
Interest income

Earned premium

Fee and commission income

II. Total operating costs 5,422,140,009.17 6,117,425,197.89

Inc: Operating costs 3,072,027,007.40 3,524,381,534.45

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 40,071,707.87 49,065,764.34
Sales expenses 1,783,965,914.44 2,067,729,843.68

Administrative expenses 373,288,598.02 338,478,868.64

R&D expenses 248,948,567.86 244,651,404.11

Financial expenses -96,161,786.42 -106,882,217.33

Including: Interest expenses 2,757,247.14 2,720,934.39

Interest income 107,995,707.54 113,301,119.29

Add: other income 95,601,035.14 66,048,899.97

Investment income (“-” for 69,042,591.59 60,151,699.43
losses)

Including: Income from

investment in joint ventures and 860,629.81 -6,943,313.88
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 38,931,101.28 56,444,113.25
(“-” for losses)

Losses from asset impairment (“- -51,639,137.86 -4,100,322.49
” for losses)

Gains on disposal of assets (“-” -2,062,132.29 -5,753,401.49
for losses)

III. Operating profits (“-” for losses) 988,680,896.19 1,367,102,508.64
Add: non-operating income 4,418,315.46 4,158,613.94
Less: non-operating expenditure 7,769,367.45 9,215,441.22
IV. Total profits (“-” for total losses)

985,329,844.20 1,362,045,681.36
Less: income tax expenses 154,758,030.06 217,531,132.80
V. Net profits (“-” for losses) 830,571,814.14 1,144,514,548.56
(I) By operational sustainability

1. Net profits from continuing 830,571,814.14 1,144,514,548.56
operations (“-” for net losses)

2. Net profits from discontinued

operations (“-” for net losses)
(II) By ownership

1. Net profit attributable to

shareholders of the parent company (“-” 838,659,473.37 1,157,326,146.45
for net losses)

2. Minority shareholders’ gains and -8,087,659.23 -12,811,597.89
losses (“-” for net losses)

VI. After-tax net amount of other -2,502,345.72 -553,055.56
comprehensive income

After-tax net amount of other

comprehensive income attributable to the -2,458,174.01 -523,662.45
owners of parent company

(I) Other comprehensive income

that cannot be reclassified into gains and

losses

1. Changes in re-measured and

defined benefit plans

2. Other comprehensive income

which cannot be transferred into gains or

losses under the equity method

3. Changes in fair value of the

investment in other equity instruments

4. Changes in fair value of the

credit risk of the Company

5. Others

(II) Other comprehensive income

which will be reclassified into gains and -2,458,174.01 -523,662.45
losses

1. Other comprehensive income

which can be transferred into gains and

losses under the equity method

2. Changes in fair value of other

debt investments

3. Amount of financial assets

reclassified into other comprehensive
income

4. Provision for credit impairment

of other debt investments

5. Cashflow hedge reserve

6. Converted difference in foreign -2,458,174.01 -689,212.45
currency statements

7. Others

After-tax net amount of other

comprehensive income attributable to -44,171.71 -29,393.11
minority shareholders

VII. Total comprehensive income 828,069,468.42 1,143,961,493.00
(I) Total comprehensive income

attributable to the owners of the parent 836,201,299.36 1,156,802,484.00
company

(II) Total comprehensive income -8,131,830.94 -12,840,991.00
attributable to minority shareholders
VIII. Earnings per share (EPS):

(I) Basic EPS 0.89 1.22
(II) Diluted EPS 0.89 1.22
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

3. Consolidated cash flow statement from the beginning of the year to the end of the reporting period

In RMB
Item Amount of the current period Amount of the previous period

I. Cash flow from operating activities:

Cash received for the sale of goods 6,815,865,122.54 8,436,268,586.34
and rendering of services

Net increase in clients’ 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 48,806,130.20 13,849,893.22

Cash received relating to other 43,720,887.26 68,913,611.71
operating activities

Subtotal of cash inflow from operating 6,908,392

,140.00 8,519,032,091.27
activities

Cash paid for purchased products and 3,794,239,598.13 4,327,566,145.67
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 852,128,153.06 834,643,059.83
employees

Cash paid for taxes 430,564,530.36 598,115,079.74
Cash paid related to other operating 1,930,069,511.23 2,029,513,155.81
activities

Subtotal of cash outflow from operating 7,007,001,792.78 7,789,837,441.05
activities

Net cash flow from operating activities -98,609,652.78 729,194,650.22
II. Cash flow from investment activities:

Cash received from return of 4,315,171,726.22 3,068,000,000.00
investments

Cash received from return on 70,377,120.94 68,807,723.49
investments

Net cash received from disposal of

fixed assets, intangible assets and other 3,159.84 115,422.84
long-term assets

Net cash received from disposal of

subsidiaries and other business entities

Cashes received related to other 176,785,331.75 1,521,578,517.69
investment activities

Subtotal of cash inflow from investment 4,562,337,338.75 4,658,501,664.02
activities

Cash paid for purchase and

construction of fixed assets, intangible 135,575,380.41 189,901,255.90
assets and other long-term assets

Cash paid to investments 3,240,100,000.00 4,157,997,278.40
Net increase in pledged loans

Net cash from subsidiaries and other

operating entities

Cash paid related to other investment 764,444,400.00 1,035,286,400.00
activities

Subtotal of cash outflow from investment 4,140,119,780.41 5,383,184,934.30
activities

Net cash flow from investment activities 422,217,558.34 -724,683,270.28
III. Cash flow from financing activities:

Cash from acquiring investments 6,156,179.60
Including: Cash received by

subsidiaries from investments of
minority shareholders

Cash from acquiring debts 123,100,000.00 97,600,000.00
Other cashes received in relation to

financing activities

Subtotal of cash inflow from financing 123,100,000.00 103,756,179.60
activities

Cash paid for repayments of debts 116,223,189.62 91,010,114.12

Cash paid for distribution of 472,472,228.37 945,452,907.26
dividends, profits or interest expenses

Including: Dividends or profits paid

by subsidiaries to minority shareholders

Other cashes paid in relation to 1,825,877.98 2,138,880.14
financing activities

Subtotal of cash outflow from financing 590,521,295.97 1,038,601,901.52
activities

Net cash flow from financing activities -467,421,295.97 -934,845,721.92
IV. Effect of change in exchange rate on -2,192,318.88 -573,819.46
cash and cash equivalents

V. Net increase in cash and cash -146,005,709.29 -930,908,161.44
equivalents

Plus: Opening balance of cash and 1,169,244,689.17 1,518,303,556.89
cash equivalents

VI. Closing balance of cash and cash 1,023,238,979.88 587,395,395.45
equivalents

(II) Relevant financial statement items at the beginning of 2026 when the adjustments